Press Release
Inside/regulated information
Brussels, 23rd February 2023
- The 2022 dividend of € 5.58 per share is increasing by 2.6 % compared to 2021 (see point 5 on page 2).
- The cash revenue1, powered by the inflow of dividends from its participation in Solvay, came to € 125.6 million higher than the 2021 revenue (€ 122.3 million) and is increasing compared to last year thanks to the rise of the Solvay dividend per share, as shown in the table below:
| 2021 | 2022 | |
| Solvay dividend per share – January (in EUR) | 1.50 | 1.50 |
| Number of Solvay shares held by Solvac (in million) | 32.6 | 32.6 |
| Solvay dividend received in January (in million EUR) (a) | 48.9 | 48.9 |
| Solvay dividend per share – May (in EUR) | 2.25 | 2.35 |
| Number of Solvay shares held by Solvac (in million) | 32.6 | 32.6 |
| Solvay dividend received in May (in million EUR) (b) | 73.4 | 76.7 |
| Cash revenue (a) + (b)1 (in million EUR) | 122.3 | 125.6 |
| Administrative costs2 | -1,8 | -2,0 |
| Cost of borrowing (in million EUR) | -3.1 | -2.9 |
| Cash income1 (in million EUR) | 117.4 | 120.7 |
Insofar as the company statutory accounts authorise, it is on the basis of cash income1, that the Board of Directors determines the dividend amounts proposed for distribution by Solvac.
- The Board of Directors has prepared the Solvac consolidated financial statements at December 31, 2022. These accounts have been submitted to the Statutory Auditor. They are presented according to IFRS standards.
Consolidated income statement
| EUR million | 2021 | 2022 |
| Profit / (Loss) from investments accounted for under the equity method | 298,3 | 599.0 |
| Operating expenses | -1.8 | -2.0 |
| Cost of borrowings | -3.1 | -2.9 |
| Net income | 293.4 | 594.1 |
| Net earnings and diluted earnings per share (EUR)2 | 13.7 | 27.8 |
1 Solvac uses certain non-IFRS performance indicators that are defined here:
- Cash revenue refers to income received during the period. It is defined as the cash flow obtained by the payment of dividends received from Solvay.
- Cash income means the cash revenue reduced by the interest charges and other income and expenses (financial/operational). It is on the basis of this indicator that the Board of Directors determines the amounts proposed for distribution by Solvac. See detail of calculation in note 15, page 16 of current press release.
2 The net income per share and the net diluted income per share are identical. The average weighted number of shares used for the calculation
per share was 21,375,033 in 2021 and in 2022
Solvac recorded for the year end December 31, 2022 net consolidated income of € 594.1 million (namely, € 27.8 per share) versus € 293.4 million (namely, € 13.7 per share) in 2021, as a result of the change in income from applying the equity method to Solvay.
The 2022 net result of the participation in Solvay calculated by the equity method is higher than the result in 2021. This improvement is mainly due to the increase in 2022 in sales prices in a context where volumes globally remained stable.
Furthermore, Solvac recalls that in its Press Release of March 15, 2022, the Company expressed its full support for Solvay's plan to explore its separation into two independent listed companies.
- The Board of Directors reports the figures of the statutory accounts of Solvac SA in 2022 :
| EUR thousand | 2021 | 2022 | ||
| Financial result | 119,187 | 123,966 | ||
| Operating result | -1,812 | -1,946 | ||
| Profit before tax | 117,375 | 122,020 | ||
| Profit after tax | 117,375 | 122,020 | ||
| Gross payment to shareholders | 116,280 | 119,273 | ||
| Retained earnings | -1,095 | -2,747 |
The 2022 net income is € 122.0 million (versus € 117.4 million in 2021). The increase of € 4.6 million mainly comes from the increase of the total dividend per share obtained from Solvay (€ 3.85 per share in 2022 compared to € 3.75 per share in 2021).
- Two interim dividend payments were made, respectively on August 17, 2022 and on December 30, 2022, the second representing in principle the balance due, which the General Shareholders Meeting will be asked to approve. In total, each share received in 2022 a gross compensation increasing by 2.60 % compared to 2021 :
| EUR | 2021 | 2022 | |
| A first deposit | 3.26 | 3.26 | |
| A second deposit | 2.18 | 2.32 | |
| Gross dividend per share | 5.44 | 5.58 |
- The Board of Directors of Solvay decided on February 21, 2023 to pay on May 19, 2023 the balance due on the dividend for the financial year 2022, which comes to € 2.51 gross per share.
Taking into account the interim dividend of € 1.54 paid on January 18 2023, the gross dividend of Solvay sets at
€ 4.05 for the fiscal year 2022, an increase of € 0.20 per share compared to the gross dividend for the fiscal year 2021.
The Board of Directors of Solvac took note of the increase of the Solvay dividend compared to 2021.
NOTES
1. Report of the statutory auditor
EY confirmed that its audit work on the consolidated financial statements of Solvac SA, in accordance with International Financial Reporting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium, is substantially completed. The statutory auditor, EY Réviseurs d'Entreprises SRL, represented by Marie Kaisin, has confirmed that its audit work, which is substantively completed, did not reveal any material adjustment in the consolidated income statement, statement of consolidated comprehensive income, consolidated cash flow statement, consolidated statement of financial position or consolidated statement of changes in equity for the year ended December 31, 2022 included in this press release."
2. Content
This press release contains regulated information and is drafted in compliance with the applicable IFRS standards. The risk management analysis is included in the notes to the consolidated financial statements as well as in the annual report, which will be available on the Internet (www.solvac.be).
3. Solvac shares
| 2021 | 2022 | ||
| Number of shares issued at the end of the period | 21,375,033 | 21,375,033 | |
| Average number of shares for calculating IFRS earnings per share | 21,375,033 | 21,375,033 | |
| Average number of shares for calculating IFRS diluted earnings per share | 21,375,033 | 21,375,033 |
4. Statement by the responsible persons
M. Jean-Marie Solvay, Chairman of the Board of Directors and M. John Kraft de la Saulx, member of the Board of Directors, confirm that to the best of their knowledge:
a) the annual financial statements, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, the financial position and the profit or loss of the issuer and of the undertakings included in the consolidation;
b) the management report includes a fair review of the development and performance of the business and the position of the issuer and of the undertakings included in the consolidation, together with a description of the principal risks and uncertainties that it faces;
Key dates for financial communications
• March 31, 2023: Publication of the 2022 annual report on www.solvac.be
• May 9, 2023: Ordinary General Meeting of the Shareholders (2:30 pm)
• August 3, 2023: Result from the first half of 2023 and announcement of the first interim dividend for financial year 2023
• August 24, 2023: Payment of the first interim dividend for financial year 2023
• December 14, 2023: Announcement of the second interim dividend for financial year 2023
• December 29, 2023: Payment of the second interim dividend for financial year 2023
For more information, please contact:
SOLVAC S.A.
Investor Relations
Champs Elyséesstreet, 43
B - 1050 Brussels
Tel.: 32/2/639 66 30
Fax: 32/2/639 66 31
Email: Investor.relations@solvac.be
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