Solvay: 17% growth in annual FCF

(CercleFinance.com) - Solvay reports 2023 underlying net income from continuing operations of E588m, compared with E740m previously, while free cash flow rose 17.
3% to E561m, representing a record FCF conversion rate of 45.4%.

The Belgian chemicals group's underlying EBITDA was stable (+0.2%) in organic terms at nearly E1.25bn, with positive net pricing and lower fixed costs offsetting lower volumes.

Its underlying EBITDA margin thus improved by one point to 25.5% on net sales of E4.88bn, down 12.6% organically, mainly due to a contraction in volumes.

A total gross dividend of E2.43 per share will be proposed to the AGM on 28 May. For 2024, Solvay forecasts an organic decline in underlying EBITDA of -10% to -20%, as well as FCF of at least E260m.


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