Quote of Jean-Pierre Clamadieu, CEO
Solvay delivered solid REBITDA growth for 2015, while seasonality was more pronounced than usual in the fourth quarter due to intensified headwinds in oil and gas and steep inventory adjustments in smart devices at the end of the year. Excellence programs, which continued to contribute strongly, combined with the benefit from foreign exchange movements more than offset lower volumes. Investments to support growth peaked during the year; nevertheless cash generation was sound. Our portfolio transformation accelerated with the acquisition of Cytec to boost our growth engines and with the creation of the INOVYN joint venture to prepare for the exit from European chlorovinyls. The high quality of our portfolio and our strong fundamentals give us firm confidence for the future, and lead us to recommend a dividend increase of 3.3% for 2015.