2004 Annual Results: Rhodia Meets Its Commitments; Group's Recovery Continues.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Following a meeting of its Board of Directors on February February: see month. 28, Rhodia The word Rhodia has several uses. It may refer to:
See: New York Stock Exchange : RHA RHA Residence Hall Association RHA Regional Health Authority RHA Road Haulage Association RHA Rental Housing Association RHA Royal Horse Artillery (a British Regiment) RHA Royal Hibernian Academy ) today released its audited financial results for 2004. Highlights for the year included: E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]--Improving operating performance, led by growth in volumes and price increases E[acute accent]--22.3% improvement in EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become before restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs, on a constant perimeter The boundary of a system or network, which defines the inside and outside. It is typically determined by firewalls and addresses. See DMZ. and exchange rate basis, from 364 million euros in 2003 to 445 million euros in 2004 E[acute accent]--117 million euros fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). savings in 2004 E[acute accent]--791 million euros in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the completed divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). plan E[acute accent]--25% reduction in total net debt (3,240 million euros at the end of 2003 to 2,418 million euros at the end of 2004) E[acute accent]--Successful implementation of the refinancing Refinancing An extension and/or increase in amount of existing debt. plan and extension of bond maturities
Simplified income statement
In millions of euros
2003 2003
Reported Restated* 2004
----------------------------------------------------------------------
5,453 4,946 Net sales 5,281
----------------------------------------------------------------------
435 364 EBITDA before restructuring costs 445
----------------------------------------------------------------------
8% 7.4% EBITDA margin before restructuring 8.4%
----------------------------------------------------------------------
364 294 EBITDA after restructuring costs 212
----------------------------------------------------------------------
6.7% 5.9% EBITDA margin after restructuring cost 4%
----------------------------------------------------------------------
(159) (153) Operating loss (348)
----------------------------------------------------------------------
Net loss
(1,351) - after amortization of goodwill (625)
----------------------------------------------------------------------
*Restated to account for divestitures completed in 2004 and at current
exchange rates
E[acute accent]--Improving operating performance, led by growth in volumes and price increases
Fourth quarter advancement
In millions of euros
4th Quarter 2003
Reported Restated* 4th Quarter 2004
----------------------------------------------------------------------
1,318 1,115 Net sales 1,233
----------------------------------------------------------------------
112 89 EBITDA before restructuring 109
----------------------------------------------------------------------
8.5% 8% EBITDA margin before restructuring 8.8%
----------------------------------------------------------------------
*Restated to account for divestitures completed in 2004 and at current
exchange rates
E[acute accent]Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fourth quarter stood at 1,233 million euros, a 10.6% increase over the same period in 2003 on the same basis (constant structure and exchange rates). This performance reflects the strong emphasis in 2004 on raising selling prices which resulted in a 7.7% increase in prices in the fourth quarter of 2004 compared with the fourth quarter of 2003, excluding transactional exchange rate effects. Over the same period, volumes rose 4.1% compared to 2003. For the fourth quarter, EBITDA before restructuring increased 22.5% to 109 million euros, on the same basis (constant structure and exchange rates). E[acute accent]--Continuous improvement in operational performance in 2004 E[acute accent]Rhodia reported net sales of 5,281 million euros for 2004, a 3% decline from 2003 reflecting the impact of divestitures during the year (-6.3%) and currency effects (-3%). On the same basis (comparable perimeter and exchange rates), net sales rose 6.8% for the year. E[acute accent]Sales grew 2.7% from price increases, excluding transactional exchange rate effects (-1.2%). Higher pricing offset 70% of the increase in raw material costs for the full year and nearly 90% of the increase during the fourth quarter. E[acute accent]At the same time, volumes rose 5.3% over 2003 in an environment of sustained demand in most of the Group's markets, particularly in Asia, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . E[acute accent]In 2004, the Group initiated a fixed cost reduction program that saved 117 million euros over the year. E[acute accent]Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk mainly to fixed costs reduction. On the same basis (comparable perimeter and exchange rates), EBITDA margin before restructuring increased to 8.4% from 7.4% in 2003. E[acute accent]The consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. totalled 348 million euros versus 153 million euros in 2003, on the same basis (comparable perimeter and exchange rates). It reflects amortization (410 million euros), as well as exceptional items related to 2004 restructuring provisions (163 million euros), the revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of environmental liabilities to 2020 (69 million euros) and depreciation of tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. (150 million euros). E[acute accent]Net financial expense (263 million euros) comprised 178 million euros in interest expense, 60 million euros in non-recurring costs related to refinancing and 25 million euros in other financial charges. E[acute accent]Other gains and losses stood at 259 million euros of which 232 million euros was for capital gains from divestitures. E[acute accent]Net loss amounted to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 625 million versus a loss of 1,351 million euros in 2003 and includes equity in earnings of affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. of -58 million euros (Nylstar), a tax charge of 56 million euros and the exceptional amortization of goodwill (133 million euros) announced January January: see month. 19. -- A 25% reduction in total net debt in 2004 E[acute accent]Rhodia carefully manages its capital expenditures, which totaled 199 million euros in 2004 versus 233 million euros in 2003, and is continuing to improve management of its Operating Working Capital needs, which represented 12.6% of net sales at December December: see month. 31, 2004 versus 13.6% a year earlier. E[acute accent]Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. * amounted to 43 million euros in 2004, while free cash flow was a negative 271 million euros at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. due to restructuring costs (115 million euros) and capital expenditures over the period (199 million euros). E[acute accent]Consolidated net debt totalled 1,929 million euros at December 31, 2004, compared with 2,567 million euros at the end of 2003. Total net debt, including off-balance sheet items, stood at 2,418 million euros, a reduction of 25% compared with the end of 2003. E[acute accent]As of December 31, 2004, the Group's liquidity, including available bank facilities, exceeded 1 billion euros. E[acute accent]-- Rhodia met its commitments in 2004 E[acute accent]-- Refinancing E[acute accent]The success of the 471 million euros rights issue, the May 2004 issue of 700 million euros in bonds and the renegotiation of a new bank facility enabled Rhodia to achieve its refinancing plan. In addition, the 500 million euros senior notes issue in February 2005 extended the maturity of the Group's bond debt to 2010. E[acute accent]-- Divestment divestment to strip one's investment from an entity. program E[acute accent]The 2004 divestiture target was exceeded, with proceeds, net of transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). , of 791 million euros for the year. E[acute accent]-- Resizing the organization and reducing costs E[acute accent]In 2004, cost reduction plans generated savings of 117 million euros. E[acute accent]As of December 31, 2004, 61% of the two year support function reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. had been completed, with the elimination of more than 800 of the 1,329 jobs identified as redundant Repetitive. See redundancy. worldwide. E[acute accent]At the same time, the industrial restructuring programs led by the Enterprises are proceeding in line with objectives, with dedicated action plans underway. E[acute accent]In France, these restructuring plans are being implemented as part of the framework agreement signed by all of the Group's unions, which is designed to harmonize the consultation process and conditions of departure offered to the people affected. E[acute accent]*Net cash flows from operating activities before restructuring costs, capital expenditures and the securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. program change. E[acute accent]-- Rhodia is dedicated to strengthening its corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. E[acute accent]The appointment of new independent directors from different backgrounds --Jerome Contamine, Francis Mer Francis Mer (may 25th, 1939, in Pau) is a French businessman, industrialist and politician. A former alumnus of the Ecole polytechnique, he was hired in 1970 by the Saint-Gobain group. In 1982, he became chairman of the board of Pont-à-Mousson SA. and Aldo Aldo Comes from old German and means old. Aldo may refer to:
named after Gaston Michel, a French surgeon (1875-1937). Michel clip metal skin sutures in various sizes from 8 to 16 mm long. Each clip is a 2 mm wide band of metal with a downturned sharp prong at each end. de Fabiani for the Compensation and Selection Committee and Francis Mer for the Strategic Committee. E[acute accent]In addition, the renewal of the senior management team has led to the appointment of Bruno Mouclier as Group Executive Vice President and Chief Financial Officer and of Jean-Pierre Jean-Pierre may refer to:
E[acute accent]-- Rhodia reconfigured to meet the challenge of competitiveness E[acute accent]Rhodia has streamlined its organization and refocused its portfolio on competitive technologies and businesses. More than 60% of 2004 sales generated an aggregate EBITDA margin above the Group's 2006 target of 13%. E[acute accent]Businesses having an adverse impact on margins have been identified and specific action plans are being implemented and are progressing in line with objectives. E[acute accent]In addition, Rhodia has continued to strengthen its positions in fast growing regions A growing region is an area suited by climate and soil conditions to the cultivation of a certain type of crop. Most crops are cultivated not in one place only, but in several distinct regions in diverse parts of the world. like Latin America and Asia, especially China. Activity in China increased by 29% in 2004. China accounted for 5% of the Group's consolidated sales. With nearly 3,150 employees, China today represents the Group's third largest country in terms of employees, after France and Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. . The local manufacturing base is being strengthened, including through construction of a new engineering plastics plant in Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. . E[acute accent]During a year shaped by profound transformations, safety standards Safety standards are standards designed to ensure the safety of products, activities or processes, etc. They may be advisory or compulsory and are normally laid down by an advisory or regulatory body that may be either voluntary or statutory. were improved across the organization in 2004 with a rate of lost-time accidents per million hours worked of 0.9, ranking Rhodia among the top five chemical companies worldwide in the area of workplace safety. E[acute accent]--Outlook E[acute accent]The first-half 2005 economic environment is expected to be driven by sustained demand, particularly in Asia, the United States and Latin America, high raw materials prices and an unfavorable euro/dollar exchange rate. First-quarter business indicators have confirmed these trends. E[acute accent]Rhodia is staying the course in 2005 by continuing to implement its restructuring plan, improve its margins and control its debt. E[acute accent]Rhodia confirms its 2006 objectives (under French GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ): E[acute accent]-- A recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. EBITDA margin of at least 13%. E[acute accent]-- A return to positive net income in 2006. E[acute accent]-- A ratio of consolidated net debt to EBITDA of less than 3.5. E[acute accent]This press release and a detailed presentation of the 2004 results will be available at www.rhodia.com as of 7:30 this morning. E[acute accent]This press release contains elements that are not historical facts including, without limitation, certain statements on future expectations and other forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated. E[acute accent]Rhodia is a global specialty chemicals A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. company recognized for its strong technology positions in applications chemistry, specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. materials & services and fine chemicals. Partnering with major players in the automotive, electronics, fibers, pharmaceuticals, agrochemicals, consumer care, tires and paints & coatings markets, Rhodia offers tailor-made tai·lor-made adj. 1. Made by a tailor. 2. Perfectly fitted to a condition, preference, or purpose; made or as if made to order: tailor-made renovations. n. solutions combining original molecules and technologies to respond to customers' needs. Rhodia subscribes to the principles of Sustainable Development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union communicating its commitments and performance openly with stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. . Rhodia generated net sales of 5.3 billion euros in 2004 and employs 20,000 people worldwide. Rhodia is listed on the Paris and New York stock exchanges New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. .
CONSOLIDATED INCOME STATEMENT
-----------------------------
(French GAAP)
----------------------------------------------------------------------
(Million Euros) Q4 2003 Q4 2004
----------------------------------------------------------------------
----------------------------------------------------------------------
Net Sales 1,318 1,233
----------------------------------------------------------------------
----------------------------------------------------------------------
EBITDA before restructuring 112 109
----------------------------------------------------------------------
----------------------------------------------------------------------
EBITDA 85 -17
----------------------------------------------------------------------
----------------------------------------------------------------------
Operating Profit -17 -268
----------------------------------------------------------------------
----------------------------------------------------------------------
Equity in earnings of affiliated companies -17 -31
----------------------------------------------------------------------
----------------------------------------------------------------------
Interest expenses -141 -61
----------------------------------------------------------------------
----------------------------------------------------------------------
Other gains and losses -33 8
----------------------------------------------------------------------
----------------------------------------------------------------------
Income Tax 41 22
----------------------------------------------------------------------
----------------------------------------------------------------------
Minority Interests -1 -2
----------------------------------------------------------------------
----------------------------------------------------------------------
Goodwill amortization -5 -137
----------------------------------------------------------------------
----------------------------------------------------------------------
Net result after minorities -172 -468
(after goodwill amortization)
----------------------------------------------------------------------
----------------------------------------------------------------------
Earning/(loss) per share (euro)*
(after goodwill amortization) -0.96 -0.75
----------------------------------------------------------------------
* calculated on the base of 627 582 158 shares
CONSOLIDATED BALANCE SHEET
------------------------------------
September 04 December 04
------------------------------------
(Million Euros)
----------------------------------------------------------------------
Fixed Assets 3,467 3,110
----------------------------------------------------------------------
----------------------------------------------------------------------
Current Net Assets 399 256
----------------------------------------------------------------------
----------------------------------------------------------------------
Total Assets 3,866 3,366
----------------------------------------------------------------------
----------------------------------------------------------------------
Shareholders' Equity* 590 93
----------------------------------------------------------------------
----------------------------------------------------------------------
Long Term & Short Term Liabilities 1,228 1,344
----------------------------------------------------------------------
----------------------------------------------------------------------
Net Debt 2,048 1,929
----------------------------------------------------------------------
----------------------------------------------------------------------
Total Liabilities 3,866 3,366
----------------------------------------------------------------------
* including minority interests
(Million Euros) Q4 2003 Q4 2003 Q4 2004 %
----------------------------------------------------------------------
restated
---------------------------
RHODIA (consolidated) (A) (B) (B)/(A)
----------------------------------------------------------------------
Net Sales 1,318 1,115 1,233 111%
----------------------------------------------------------------------
EBITDA before restruct. 112 89 109 122%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 8.5% 8.0% 8.8%
----------------------------------------------------------------------
EBITDA 85 59 -17 N/A
----------------------------------------------------------------------
---------------------------
HPCII
----------------------------------------------------------------------
Net Sales 146 134 144 107%
----------------------------------------------------------------------
EBITDA before restruct. 18 15 17 113%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 12.1% 11.5% 11.9%
----------------------------------------------------------------------
EBITDA 16 14 16 114%
----------------------------------------------------------------------
---------------------------
PPF
----------------------------------------------------------------------
Net Sales 257 85 95 112%
----------------------------------------------------------------------
EBITDA before restruct. 17 1 5 500%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 6.7% 1.2% 5.1%
----------------------------------------------------------------------
EBITDA 14 0 -9 N/A
----------------------------------------------------------------------
---------------------------
RE3S
----------------------------------------------------------------------
Net Sales 177 173 188 109%
----------------------------------------------------------------------
EBITDA before restruct. 18 16 19 119%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 9.9% 9.4% 10.0%
----------------------------------------------------------------------
EBITDA 14 10 16 160%
----------------------------------------------------------------------
---------------------------
PPMC
----------------------------------------------------------------------
Net Sales 123 115 131 114%
----------------------------------------------------------------------
EBITDA before restruct. 11 9 14 156%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 8.5% 8.2% 10.5%
----------------------------------------------------------------------
EBITDA 9 8 -4 N/A
----------------------------------------------------------------------
---------------------------
POLYAMIDE
----------------------------------------------------------------------
Net Sales 348 341 421 123%
----------------------------------------------------------------------
EBITDA before restruct. 52 53 59 111%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 15.0% 15.4% 14.0%
----------------------------------------------------------------------
EBITDA 51 51 45 88%
----------------------------------------------------------------------
---------------------------
ACETOW
----------------------------------------------------------------------
Net Sales 99 97 95 98%
----------------------------------------------------------------------
EBITDA before restruct. 23 22 19 86%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 23.1% 23.1% 20.1%
----------------------------------------------------------------------
EBITDA 23 22 19 86%
----------------------------------------------------------------------
---------------------------
ECO SERVICES
----------------------------------------------------------------------
Net Sales 49 45 44 98%
----------------------------------------------------------------------
EBITDA before restruct. 3 2 2 100%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 5.1% 3.4% 5.5%
----------------------------------------------------------------------
EBITDA 2 1 2 200%
----------------------------------------------------------------------
---------------------------
PPA
----------------------------------------------------------------------
Net Sales 93 91 85 93%
----------------------------------------------------------------------
EBITDA before restruct. 5 5 6 120%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 5.9% 5.7% 6.8%
----------------------------------------------------------------------
EBITDA 5 5 -1 N/A
----------------------------------------------------------------------
---------------------------
RPS
----------------------------------------------------------------------
Net Sales 65 58 56 97%
----------------------------------------------------------------------
EBITDA before restruct. 4 3 -3 N/A
----------------------------------------------------------------------
EBITDA margin bef. rest. % 6.7% 5.9% -4.8%
----------------------------------------------------------------------
EBITDA 5 4 -7 N/A
----------------------------------------------------------------------
----------------------------------------------------------------------
inter company Sales -38 -24 -26 108%
----------------------------------------------------------------------
---------------------------
CORPORATE & OTHERS
----------------------------------------------------------------------
EBITDA before restruct. -38 -38 -29 76%
----------------------------------------------------------------------
EBITDA -54 -56 -95 170%
----------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT
-----------------------------
(French GAAP)
----------------------------------------------------------------------
(Million Euros)
2003 2004
----------------------------------------------------------------------
----------------------------------------------------------------------
Net Sales 5,453 5,281
----------------------------------------------------------------------
----------------------------------------------------------------------
EBITDA before restructuring 435 445
----------------------------------------------------------------------
----------------------------------------------------------------------
EBITDA 364 212
----------------------------------------------------------------------
----------------------------------------------------------------------
Operating Profit -159 -348
----------------------------------------------------------------------
----------------------------------------------------------------------
Equity in earnings of affiliated companies -95 -58
----------------------------------------------------------------------
----------------------------------------------------------------------
Interest expenses -250 -263
----------------------------------------------------------------------
----------------------------------------------------------------------
Other gains and losses -98 259
----------------------------------------------------------------------
----------------------------------------------------------------------
Income Tax -142 -56
----------------------------------------------------------------------
----------------------------------------------------------------------
Minority Interests -5 -9
----------------------------------------------------------------------
----------------------------------------------------------------------
Goodwill amortization -602 -150
----------------------------------------------------------------------
----------------------------------------------------------------------
Net result after minorities -1,351 -625
(after goodwill amortization)
----------------------------------------------------------------------
----------------------------------------------------------------------
Earning/(loss) per share (euro) -7.53* -1.33**
(after goodwill amortization)
----------------------------------------------------------------------
* calculated on the base of 179 309 188 shares
** calculated on the base of 471 607 727 shares (average number of
shares in circulation)
CONSOLIDATED BALANCE SHEET
------------------------------
December 03 December 04
------------------------------
(Million Euros)
----------------------------------------------------------------------
Fixed Assets 3,968 3,110
----------------------------------------------------------------------
----------------------------------------------------------------------
Current Net Assets 200 256
----------------------------------------------------------------------
----------------------------------------------------------------------
Total Assets 4,168 3,366
----------------------------------------------------------------------
----------------------------------------------------------------------
Shareholders' Equity* 275 93
----------------------------------------------------------------------
----------------------------------------------------------------------
Long Term & Short Term Liabilities 1,326 1,344
----------------------------------------------------------------------
----------------------------------------------------------------------
Net Debt 2,567 1,929
----------------------------------------------------------------------
----------------------------------------------------------------------
Total Liabilities 4,168 3,366
----------------------------------------------------------------------
* including minority interests
(Million Euros) 2003 2003 2004 %
----------------------------------------------------------------------
restated
---------------------------
RHODIA (consolidated) (A) (B) (B)/(A)
----------------------------------------------------------------------
Net Sales 5,453 4,946 5,281 107%
----------------------------------------------------------------------
EBITDA before restruct. 435 364 445 122%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 8.0% 7.4% 8.4%
----------------------------------------------------------------------
EBITDA 364 294 212 72%
----------------------------------------------------------------------
---------------------------
HPCII
----------------------------------------------------------------------
Net Sales 609 558 608 109%
----------------------------------------------------------------------
EBITDA before restruct. 74 65 76 117%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 12.1% 11.6% 12.5%
----------------------------------------------------------------------
EBITDA 71 62 74 119%
----------------------------------------------------------------------
---------------------------
PPF
----------------------------------------------------------------------
Net Sales 1,108 737 796 108%
----------------------------------------------------------------------
EBITDA before restruct. 92 48 72 150%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 8,3% 6,6% 9,1%
----------------------------------------------------------------------
EBITDA 75 35 55 157%
----------------------------------------------------------------------
---------------------------
RE3S
----------------------------------------------------------------------
Net Sales 721 703 748 106%
----------------------------------------------------------------------
EBITDA before restruct. 58 55 53 96%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 8.0% 7.8% 7.1%
----------------------------------------------------------------------
EBITDA 53 46 50 109%
----------------------------------------------------------------------
---------------------------
PPMC
----------------------------------------------------------------------
Net Sales 523 494 527 107%
----------------------------------------------------------------------
EBITDA before restruct. 38 34 25 74%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 7.2% 6.8% 4.8%
----------------------------------------------------------------------
EBITDA 28 24 7 29%
----------------------------------------------------------------------
---------------------------
POLYAMIDE
----------------------------------------------------------------------
Net Sales 1,373 1,347 1,559 116%
----------------------------------------------------------------------
EBITDA before restruct. 157 155 180 116%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 11.4% 11.5% 11.5%
----------------------------------------------------------------------
EBITDA 150 149 161 108%
----------------------------------------------------------------------
---------------------------
ACETOW
----------------------------------------------------------------------
Net Sales 424 415 393 95%
----------------------------------------------------------------------
EBITDA before restruct. 100 98 90 92%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 23.5% 23.5% 22.9%
----------------------------------------------------------------------
EBITDA 99 97 90 93%
----------------------------------------------------------------------
ECO SERVICES
----------------------------------------------------------------------
Net Sales 213 193 201 104%
----------------------------------------------------------------------
EBITDA before restruct. 69 64 56 104%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 32.5% 33.0% 27.6%
----------------------------------------------------------------------
EBITDA 68 63 55 87%
----------------------------------------------------------------------
---------------------------
PPA
----------------------------------------------------------------------
Net Sales 366 359 343 96%
----------------------------------------------------------------------
EBITDA before restruct. 22 22 14 64%
----------------------------------------------------------------------
EBITDA margin bef. rest. % 6.0% 6.1% 4.0%
----------------------------------------------------------------------
EBITDA 22 22 -14 N/A
----------------------------------------------------------------------
---------------------------
RPS
----------------------------------------------------------------------
Net Sales 260 249 236 95%
----------------------------------------------------------------------
EBITDA before restruct. -26 -27 -15 56%
----------------------------------------------------------------------
EBITDA margin bef. rest. % -9.9% -10.9% -6.5%
----------------------------------------------------------------------
EBITDA -30 -31 -35 113%
----------------------------------------------------------------------
----------------------------------------------------------------------
inter company Sales -143 -109 -130 119%
----------------------------------------------------------------------
---------------------------
CORPORATE &OTHERS
----------------------------------------------------------------------
EBITDA before restruct. -148 -150 -105 70%
----------------------------------------------------------------------
EBITDA -172 -173 -231 134%
----------------------------------------------------------------------
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