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ASKING MORE 2015 Annual Report PROFILE SUSTAINABLE VALUE CREATION Our strategy is a virtuous circle in which positive actions interact to create enriching contributions centered around a single goal: creating a future with more potential. MORE talent BY ACTING RESPONSIBLY BY INNOVATING Asking from chemistry MORE MORE innovative commitment sustainable solutions BY CONTRIBUTING TO SOCIETY € 12.4 bn 30,900 145 NET SALES EMPLOYEES INDUSTRIAL SITES AND A PRESENCE IN 53 COUNTRIES Who we are An international chemical and advanced materials company, Solvay assists its customers in innovating, developing, and delivering high-value, sustainable products and solutions that consume less energy and reduce CO2 emissions, optimize the use of resources and improve the quality of life. Solvay serves diversified global end markets including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction, as well as industrial applications. Solvay is headquartered in Brussels with about 30,000 employees spread across 53 countries. It generated pro forma net sales of €12.4 bn in 2015, with 90% made from activities where it ranks among the world’s top 3 players. Solvay SA (SOLB.BE) is listed on Euronext in Brussels and Paris (Bloomberg: SOLB.BB – Reuters: SOLB.BR). SOLVAY 2015 ANNUAL REPORT Asking from chemistry The 2015 Solvay Annual Report takes you inside our journey of transformation. We’re implementing an ambitious strategy to build a new model of sustainable chemistry that addresses the environmental and societal factors impacting our world. The challenge we have set ourselves is to achieve these strategic targets while continuing to drive value creation and profitable growth in a responsible way. We’re reshaping our portfolio to include advanced solutions that contribute to sustainable development and help make our customers more competitive. At the same time, we’re focused on operational excellence across the organization in areas such as supply chain, purchasing, manufacturing, and capital spending. We're accelerating the pace of innovation. Sustainable development has been placed at the heart of our business to drive innovation. We focus our attention on a selected number of acquisitions and strategic investments. Finally, we pay special attention to the diversity of our workforce to make sure it reflects the diversity of our customers. See how we’re asking more from chemistry by asking more from ourselves. More content For even greater insight, please consult the online version of our annual report. www.annualreport2015.solvay.com Contents 02 Key figures 13 More Talent 28 Spirit of innovation 04 Strategic decisions 14 Diversity & Inclusion in our operating segments 16 The Executive Committee 29 Governance and financial 17 The Leadership Team and extra-financial 05 More Commitment information 06 Cytec acquisition 19 More Sustainable 30 Corporate governance 08 The Chairmen's message Solutions 72 Financial & extra-financial 10 Interview with Jean-Pierre Clamadieu 20 Innovation information 12 Five commitments by 2025 22 Our markets SUSTAINABLE VALUE CREATION SOLVAY PRO FORMA 2015 * (unaudited, including Cytec) — NORTH AMERICA EUROPE 6,700 47 6 27% 15,300 59 10 30% employees industrial major R&I of total employees industrial major R&I of total sites centers net sales sites centers net sales 02 LATIN AMERICA ASIA PACIFIC and rest of the world 2,700 9 1 10% 6,200 30 4 33% employees industrial major R&I of total employees industrial major R&I of total sites center net sales sites centers net sales KEY DATA* 12,378 2,336 492 10,578 1,955 387 Net sales REBITDA Free Cash Flow (in € million) (in € million) (in € million) Solvay stand-alone * Following the acquisition of Cytec at year end 2015 and in order to provide a reference frame for the Group’s performance going forward, Solvay presents pro forma information for the year 2015 both on an IFRS and Underlying basis. These unaudited figures represent a situation as if the acquisition had taken place on January 1, 2015. SOLVAY 2015 ANNUAL REPORT SOLVAY (excluding Cytec) — As of December 31, 2015 1,955 656 1,783 1,611 487 6.9 6.9 6.9 387 2013 2014 2015 2013 2014 2015 2013 2014 2015 REBITDA Free Cash Flow CFROI (in € million) (in € million) (as percentage) 477 3.30* 3.01 3.20 378 7.26 03 156 2015 8.08 2014 8.84 2013 2014 2015 2013 2014 2015 2013 Adjusted Net Income, Solvay Share Dividend** Greenhouse gas intensity (in € million) (in €) (Kg CO2 eq. per € REBITDA) 0.77 33 75 2015 0.97 2015 25 2015 1.06 2014 72 20 19 2014 2013 2015 2013 2013 Occupational accidents Employees involved Sustainable solutions Employee engagement index at Group sites in societal actions (SPM) (as percentage) (rate of accidents with medical (as percentage) (as percentage of net sales) treatment, with or without work stoppage) (per million hours worked) * Recommended to the Ordinary Shareholders' Meeting scheduled on May 10, 2016. ** The 2013 and 2014 historical data have been ajusted for the bonus factor of 0.9398 resulting from Solvay's right issue completed in 2015. FOCUS STRATEGIC DECISIONS IN OUR OPERATING SEGMENTS — To achieve our strategy, we’re on a permanent quest to upgrade our portfolio, strengthen our growth engines, and enhance our resilience, profitability, and returns. We invest selectively to accelerate our organic growth and innovation capabilities. In 2015, we took major steps to optimize our portfolio and deliver greater operational excellence. LEVERAGING SELECTIVE ― The Functional Polymers GROWTH DRIVERS INVESTMENTS AND Segment continued to deploy ONGOING OPTIMIZATION ongoing cost competitive ― As the Group’s growth engines, optimization strategies. In July 2015, Advanced Formulations and Advanced ― In Performance Chemicals, the Inovyn European joint venture Materials received most of our capital selective investments were made between Solvay and Ineos in investments in 2015. There were in 2015 to support regional chlorovinyls started operations. eight new manufacturing sites were business opportunities. One was Solvay has announced its intention commissioned, all of them addressing Southeast Asia’s largest sodium to exit the joint venture by the end 04 an increasing demand for high-added- bicarbonate plant, built in Thailand of 2016, earlier than was originally value, sustainable solutions. The plants to meet local growing demand. In forseen. The Energy Services GBU are chiefly located in growth regions, Saudi Arabia, construction of a new of the Corporate & Business Ser- such as Asia and Eastern Europe. mega plant (the 3rd of this type) vices Segment continued to lead the ― The two recent acquisitions, is almost completed at the Group-wide effort to optimize energy Ryton and Flux, were successfully Sadara Chemical Complex. It will efficiency by 10% by 2020 and integrated into Advanced Materials. produce H2O2 for the production reduce greenhouse gas intensity The new Global Business Unit (GBU), of Propylene Oxide. by 40% by 2025. Special Chem, was created to leverage greater scale and innovative power, and its portfolio was upgraded by divesting its refrigerant activities 20% and pharma propellants to Daikin. Advanced Formulations 30% ― The Cytec acquisition was a Performance Chemicals step change in our transformation, reinforcing the Group portfolio, most notably in sustainable solutions for lightweighting transportation. REBITDA* The acquisition gave birth to € 2,336 million two new Global Business Units. Composite Materials GBU brings together Cytec’s aerospace and 8% industrial composite business which Functional Polymers is now part of Advanced Materials. 42% Technology Solutions GBU combines Advanced Materials Cytec’s In Process Separation, polymer additives and formulated resins activities * Pro forma 2015, unaudited, including Cytec with Solvay’s Novecare phosphorus- based intermediates, and is now part of Advanced Formulations. MORECOMMITMENT In 2015, our transformation 05 continued thanks to dynamic portfolio management, organic growth, innovation for more sustainable chemistry, and a strong culture of excellence. 2015 HIGHLIGHT CYTEC ACQUISITION Becoming a heavyweight in lightweighting ― In December 2015, 06 we successfully completed the acquisition of the U.S.-based company Cytec. NEW HORIZONS FOR GROWTH AND INNOVATION % +10 € 100 m ― With this deal, Solvay becomes the world’s second largest player in aerospace composite materials. Moreover, it helps us strengthen our Advanced Materials growth engine and push into THE ANNUAL GROWTH ANNUAL SYNERGIES other markets for composites such as high-end EXPECTED FOR LIGHTWEIGHT EXPECTED WITHIN automobiles. Our advanced formulations for the COMPOSITE MATERIALS THREE YEARS. mining industry are significantly strengthened thanks WITH CYTEC. to our on-site support. “Cytec represents a decisive milestone in Solvay’s transformation and opens up new horizons for growth and innovation,” says CEO Jean-Pierre Clamadieu. SOLVAY 2015 ANNUAL REPORT MORE COMMITMENT A large team of Solvay and Cytec employees has been mobilized to ensure that cost synergies are delivered as quickly as possible. LIGHTWEIGHTING IS THE KEY 07 ― The global trend towards CO2 reduction and resource efficiency are driving greater demand for Delivering value lightweight composite materials. We expect the use of lightweight materials to grow significantly across from the first day all industries. The aerospace industry is currently of the merger the biggest user, while the automotive industry is massively increasing
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