Solvay's net sales for 2013 stood at €9.9bn down 5% on 2012 and REBITDA was at €1.7bn down from €1.9bn, although Solvay says overall this is flat allowing for CER phase out, exceptional guar effects and Chemlogics.

 

Jean-Pierre Clamadieu CEO of Solvay said: "In 2013, Solvay made headway in creating a higher growth, less cyclical and more valuable company, while keeping a healthy balance sheet and generating solid free cash flows. The numerous excellence programs, ranging from manufacturing to innovation and marketing and sales, have started to bear fruit. In 2014, the Group will continue its transformation with a specific focus on the completion of initiated projects."

 

Solvay says that it is continuing to upgrade its portfolio, integrating Chemlogics which it bought for $1.3bn (€950m) in October 2013 to expand its offering of chemicals for the oil and gas industry. It also reports that it is progressing with a €4.3bn joint venture with Ineos to combine its European PVC activities.

 

The company says, despite its annual results and although it remains cautious, some of the end markets have shown early signs of improvement in 2014 and it is confident that this year will see REBITDA growth.