? Underlying EBITDA was stable over the year, in line with expectations. Positive
forex impact offset a modest decrease on an organic [2] basis.
? Double digit volume growth in Composite Materials, higher pricing in Performance
Chemicals and strong focus on cost discipline helped mitigate demand headwinds
in the automotive, electronics and oil & gas markets throughout the year.
? Underlying EBITDA margin maintained at 23% for 2019, reflecting the resilience of
Solvay’s businesses in a challenging market environment.
? Strong demand for composites from aerospace customers contributed to delivery of a
record performance in 2019, despite an anticipated slowdown in the fourth quarter due to
reduced 737MAX build rates.
? Specialty Polymers significantly impacted by market headwinds, particularly in automotive
and electronics; despite headwinds, maintained leading position across all key markets.
Resilient performance in coatings, agro, personal care, flavors and fragrances offset by
softer mining environment and increasingly challenging conditions in the oil & gas market.
? Cost measures partly mitigated the impact of lower volumes.
In a supportive market environment, higher prices were achieved in soda ash and
peroxide leading to a strong full year performance.
Underlying EPS [3]
from continuing operations
FY: €8.02 -4.7%
? Underlying EPS [3] from continuing operations reflects the lower EBITDA, higher depreciation and tax rate, partly offset by lower financial charges following debt optimization measures.
Strong free cash flow, driven by the Company’s renewed focus on cash and
disciplined working capital management.
? Record total cash generation led to operational deleveraging of net financial debt of €414 million, and provisions of €157 million.
The free cash flow conversion [4] improvement reflects higher than forecast cash
generation.
Stable returns largely reflect sustained investments for future growth.
Stable total dividend recommended of €3.75 gross per share. This leads to a final gross dividend of €2.25 payable on May 20, 2020, following the payment of the interim gross dividend of €1.50 per share in January 2020.

T- LOOK
2020 full year outlook
? Solvay expects organic underlying EBITDA growth [2]
between 0% and -3% on a year over year basis, free cash flow conversion of 28% and ROCE to be stable around 8%.

CEO Ilham Kadri commented:
“We delivered record total free cash flow and cash conversion in 2019, allowing us to deleverage substantially. Our focus on
customers and costs amid the challenging market backdrop enabled us to achieve stable EBITDA. As we look ahead, we are taking additional efficiency measures to further align our structure to our G.R.O.W. strategy and confront continuing headwinds.
Today, we also released our Solvay ONE Planet sustainability goals, which, together with our new Purpose, will enable us to create long-term value for our shareholders in line with our G.R.O.W. strategy.”

see & read more on
https://www.solvay.com/sites/g/files/srpend221/files/2020-02/Press-Release-2019-Q4-and-Full-Year-Results-EN_0.pdf