2019 Annual Integrated Report
2019 a year of notable progress
Solvay's 2019 Annual Integrated Report is out. Last year, our Group demonstrated its resilience, delivering on our financial and environmental commitments in a challenging environment by focusing on customers, cost discipline and cash management. We took major steps to unleash Solvay’s full potential, defining our G.R.O.W. strategy —aligned with our newly unveiled Purpose, a new Group operating model and revising our key policies accordingly. These major steps, that are outlined in this Annual Integrated Report, along with our continued integrated management progress, will help Solvay navigate through the heightened uncertainty related to the COVID-19 global pandemic.
Furthermore, this year’s report takes integration even further by introducing our Purpose and how it meshes with our model and our medium-term strategy. It also outlines our value chain, giving an overview of Solvay’s core business activities in leading end-markets, and strengthens our stakeholder engagement by showcasing our response to their needs. We set bolder objectives to solve key environmental and societal challenges through science and innovation. Together with our customers, we will create sustainable shared value for all. This is Progress Beyond. This is G.R.O.W..
What a year! 2019 had its share of challenges and it helped to bring us together as a ONE Solvay team, to propel us forward and deliver fast at the service of customers, employees, communities and shareholders. Thank you.
Built-in resilience to unleash the Group’s full potential
The one just past, was a year of outstanding progress, in which we delivered on our financial and sustainability commitments in a challenging market environment by focusing on customers, cost discipline and cash management. We also made step changes on three fronts – strategy, structure and culture.
Last year, a new chapter in the story of our Group began. Ilham Kadri, our CEO, has been writing its first pages, bringing a fresh viewpoint to a comprehensive review of our strategy and culture. Thanks to an unprecedented and largest listening effort of our teams, investors and customers, she has worked with them to put on paper Solvay’s Purpose – the why that unites us all and gives us a shared direction.
The 2019 Annual Integrated Report shares those pages and details how they dovetail with our complex and fast-changing business environment. How they have shaped our new G.R.O.W. strategy and new sustainability program (Solvay ONE Planet), our new operating model (Solvay ONE), our new employee engagement model (Solvay ONE Team), our governance and our sustainable value creation model.
Bold steps in sustainability
Sustainability is already at the heart of our operations at Solvay, and with Solvay One Planet we are now setting our bar even higher across our entire value chain, with a new policy that extends our focus to our impact on climate, resources, and a better life for our employees and communities. This bolder approach to sustainability is in the hearts of the 24,000 people working across our Group to build a better future for the generations to come. We see sustainability as one of our key assets, driving the success of our strategy, our innovation and performance, and a top priority for all of our people.
In step with powerful business megatrends
In 2019, several end-markets remained volatile, displaying contrasting dynamics: challenging in automotive, electronics and oil & gas; supportive in aerospace, soda ash and peroxide. As the world faces a paradigm shift, Solvay’s fundamentals enable us to look toward with confidence. We have been transforming our portfolio and today we are focused on fast-growing end-markets, benefiting from reduced exposure to business cycles and a balanced geographical footprint.
Our businesses are aligned through three business segments — materials, solutions and chemicals, to address six powerful global megatrends: electrification, healthcare, IoT and digitalization, eco-friendly materials, lightweight solutions, resource efficiency. Our core technologies, skills and expertise have allowed us to build robust positions on fast-growing markets, where we hold a number one or two position and where our innovative and competitive solutions can bring value and support our customers in meeting their challenges.
Looking ahead, every day, we seek to “progress beyond”. We look into the microscope, to 2020 and to the imperative of overcoming our short term challenges and, at the same time, we look into the telescope, at our mid-term targets, and our long-term aspiration to unleash our potential, fast. We owe it to our stakeholders today, tomorrow and to the generations that will follow.