Rhodia Back to Positive Net Income in Second Quarter
2006年7月28日 - 9:11PM
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Rhodia (NYSE:RHA) -- Net Sales(a) up 4.5%, at 1,321 million euros
-- Recurring EBITDA(b) Margin of 14.2%; an increase of 18% in
recurring EBITDA to 188 million euros from 159 million euros in the
second quarter 2005 -- Strong growth in Operating Profit, to 100
million euros from 35 million euros in the second quarter 2005 --
Net Income of 78 million euros, compared to a 196 million euros
loss in the second quarter 2005. Summary income statement -0- *T Q2
2005 Q2 2006 % Variation In millions of euros After impact of
discontinued operations
----------------------------------------------------------------------
Net Sales(a) 1,264 1,321 +4.5%
----------------------------------------------------------------------
Recurring EBITDA(b) 159 188 +18%
----------------------------------------------------------------------
Recurring EBITDA Margin 12.6% 14.2% -
----------------------------------------------------------------------
Operating Profit 35 100 +186%
----------------------------------------------------------------------
Income/(loss) before income tax (70) 45 -
----------------------------------------------------------------------
Profit/(loss) from continuing operations (96) 90 -
----------------------------------------------------------------------
Discontinued operations (100) (12) -
----------------------------------------------------------------------
Net Income/(loss) (196) 78 -
----------------------------------------------------------------------
*T 1. Results in line with 2006 objectives Rhodia (NYSE:RHA)
reported net sales(a) up 4.5% to 1,321 million euros in the second
quarter 2006 from 1,264 million euros a year earlier, primarily
reflecting the impact of a 3.2% increase in prices. Operating
performance improved, with recurring EBITDA(b) up 18% at 188
million euros compared with 159 million euros in the second quarter
2005. Recurring EBITDA Margin rose to 14.2%, illustrating the
Group's ability to pass on price increases to offset the rise in
the cost of raw materials. Operating Profit grew strongly to 100
million euros from 35 million euros in the second quarter 2005. The
Financial Result showed a significant improvement at (55) million
euros in the second quarter 2006, compared to (105) million euros
in the prior-year period. Interest expenses decreased by 19 million
euros. In the second quarter 2005, the Financial Result had also
been impacted by non-recurring items amounting to 28 million euros.
Net Income stood at 78 million euros compared to a net loss of 196
million euros in the second quarter 2005. Net Income in the second
quarter 2006 included the recognition of 60 million euros of
deferred tax assets, due to a favourable outlook for future
profitability in the USA; a further positive impact of 56 million
euros is expected in the second half of the year. 2. Consolidated
net debt stable at 2.1 billion euros Capital Expenditure totaled 66
million euros in the second quarter 2006. The Working Capital
Requirement increased by 30 million euros, in preparation for
maintenance shutdowns scheduled in the third quarter. The ratio of
Working Capital Requirement to total sales improved significantly
to 12.8% from 14.3% at June 30, 2005. Free Cash Flow(c) was
negative at (38) million euros taking into account 24 million euros
of restructuring cash costs. Consolidated Net Debt was stable at
2.1 billion euros at June 30, 2006 compared with the March 31, 2006
figure. 3. Continued refocusing of the business portfolio With the
strategy of Rhodia Polyamide focusing on "Intermediates" and
"Engineering Plastics", the Group has reclassified the European
"Industrial Fibers" business under "Discontinued operations". The
recurring EBITDA generated by this business, amounting to 7 million
euros for the second quarter 2006 and 25 million euros for the full
year 2005, is no longer included in the calculation of the Group's
recurring EBITDA. 4. Outlook In the second half of the year, market
conditions should remain satisfactory in the Group's businesses and
operating regions. In an environment of high raw material and
energy costs, Rhodia is continuing its policy of increasing prices.
The usual seasonality is expected in the third quarter. The Group
remains confident it will meet its 2006 objectives: -- A recurring
EBITDA Margin of at least 13%. -- A positive Net Income for 2006.
-- A ratio of Net Debt to recurring EBITDA of less than 2.9 times.
Looking further ahead, the Group reiterates its medium-term
objectives. -0- *T (a) Excluding other revenues (b) Before
restructuring, amortization and depreciation, other operating
income and expense, and capital gains and losses on divestments (c)
Defined as "net cash provided by operating activities" less
"additions to property, plant and equipment" and "other capital
investments" This press release and a presentation of the second
quarter results are available on www.rhodia.com *T This press
release contains elements that are not historical facts including,
without limitation, certain statements on future expectations and
other forward-looking statements. 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.
Rhodia is a global specialty chemicals company recognized for its
strong technology positions in the Performance Materials,
Functional Chemicals and Organics and Services clusters. Partnering
with major players in the automotive, electronics, pharmaceuticals,
agrochemicals, consumer care, tires, and paints and coatings
markets, Rhodia offers tailor-made solutions combining original
molecules and technologies to respond to customers' needs. Rhodia
subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with
stakeholders. Rhodia generated sales of 5 billion euros in 2005 and
employs around 19,500 people worldwide. Rhodia is listed on
Euronext Paris and the New York Stock Exchange. -0- *T Results Fact
Sheet: Q2 2006 (Note new discontinued operations: Polyamide
European industrial fibers placed in discontinued operations as of
June 30th, 2006 representing a reclassification of 7million euros
of Recurring EBITDA in Q2 06) Income Statement
----------------------------------------------------------------------
Million euros Q2 2005 Q2 2006 Variation
----------------------------------------------------------------------
Net Sales 1,264 1,321 4.5%
----------------------------------------------------------------------
Other revenue 93 98
----------------------------------------------------------------------
Recurring EBITDA 159 188 18.2% Recurring EBITDA Margin (a) 12.6%
14.2%
----------------------------------------------------------------------
Depreciation & Amortization (86) (81) Other Gains and Losses
(15) - Restructuring Costs (23) (7)
----------------------------------------------------------------------
Operating Profit 35 100
----------------------------------------------------------------------
Financial Results (105) (55)
----------------------------------------------------------------------
Income/(loss) before income tax (70) 45
----------------------------------------------------------------------
Income tax (26) 45 Income/(loss) from continuing operations (96) 90
Income/(loss) from discontinued operations (100) (12) Net
Income/(loss) (196) 78
----------------------------------------------------------------------
Net Income/(loss) (Group Share) (197) 77
----------------------------------------------------------------------
Minority interests 1 1
----------------------------------------------------------------------
----------------------------------------------------------------------
Million euros H1 2005 H1 2006 Variation
----------------------------------------------------------------------
Net Sales 2,457 2,631 7.1%
----------------------------------------------------------------------
Other revenue 231 258
----------------------------------------------------------------------
Recurring EBITDA 322 366 13.7% Recurring EBITDA Margin (a) 13.1%
13.9%
----------------------------------------------------------------------
Depreciation & Amortization (172) (171) Other Gains and Losses
(15) (6) Restructuring Costs (28) (12)
----------------------------------------------------------------------
Operating Profit 107 177
----------------------------------------------------------------------
Financial Results (229) (114)
----------------------------------------------------------------------
Income/(loss) before income tax (122) 63
----------------------------------------------------------------------
Income tax (34) 33 Income/(loss) from continuing operations (156)
96 Income/(loss) from discontinued operations (114) (53) Net
Income/(loss) (270) 43
----------------------------------------------------------------------
Net Income/(loss) (Group Share) (269) 41
----------------------------------------------------------------------
Minority interests (1) 2
----------------------------------------------------------------------
Net Sales Recurring EBITDA Million euros Q2 2005 Q2 2006 Variation
Q2 2005 Q2 2006 Variation
--------------------------------------------------------------------
RHODIA 1,264 1,321 4.5% 159 188 18.2% POLYAMIDE 441 478 8.4% 71 77
8.5% ACETOW 105 113 7.6% 27 26 (3.7)% NOVECARE 239 239 28 26 (7.1)%
SILCEA 211 214 1.4% 25 38 52.0% ECO SERVICES 55 60 9.1% 18 23 27.8%
ORGANICS 225 229 1.8% 8 21 162.5% ENERGY SERVICES 7 3 CORPORATE
& Others (12) (12) (25) (26) 4.0%
--------------------------------------------------------------------
Operating Profit Million euros Q2 2005 Q2 2006
-------------------------------- RHODIA 35 100 POLYAMIDE 38 51
ACETOW 18 21 NOVECARE 20 17 SILCEA 4 21 ECO SERVICES 12 19 ORGANICS
(6) 8 ENERGY SERVICES 5 3 CORPORATE & Others (56) (40)
-------------------------------- (all figures are in million euros
after discontinued operations) Sales and Recurring EBITDA of new
discontinued operations: Polyamide European industrial fibers Q1 05
Q2 05 Q3 05 Q4 05 FY 05 Q1 06 Q2 06
----------------------------------------------------------------------
Net Sales 45 45 34 39 163 44 44 Recurring EBITDA 6 6 5 8 25 7 7
----------------------------------------------------------------------
Net Financial Debt December 31, 2005 March 31, 2006 June 30, 2006
----------------------------------------------------------------------
2,089 2,107 2,070 2006 Targets Mid term Targets
----------------------------------------------------------------------
Recurring EBITDA margin* Recurring EBITDA margin* (greater than)
13% (greater than) 15%(b) Positive Net Income Net Debt / Recurring
EBITDA (less than) 2.2x(b) Net Debt / Recurring EBITDA (less than)
2.9x
----------------------------------------------------------------------
(a) Calculated as recurring EBITDA / Net Sales (b) Excluding CER
projects Results Fact Sheet: Q2 2006 (all figures are in million
euros after discontinued operations)
----------------------------------------------------------------------
-- Strong volumes & sustained growth in Intermediates and
Engineering Plastics POLYAMIDE -- Price increases in local currency
+4m euros offset raw materials -3m euros -- Further price increases
underway
----------------------------------------------------------------------
ACETOW -- Price rises offset most of raw material cost increases
----------------------------------------------------------------------
-- Price rises offset raw material cost increases NOVECARE -- Slow
volumes in agro market -- Further fixed cost savings
----------------------------------------------------------------------
-- Strong volumes SILCEA -- Favourable pricing more than offset raw
material cost increases
----------------------------------------------------------------------
ECO SERVICES -- Positive impact of price indexation mechanism on
natural gas
----------------------------------------------------------------------
-- Restructuring delivers further significant fixed ORGANICS cost
reduction -- Price rises more than offset raw material cost
increases
----------------------------------------------------------------------
-- Trading platform JV with Societe Generale now in place -- CER
projects on schedule ENERGY SERVICES
------------------------------------------------------ -- No
cogeneration activity (seasonal) Q2 2006 -- Continuing focus on
energy supply optimization
----------------------------------------------------------------------
Net Foreign Net Sales Foreign Exchange Sales Q2 Exchange Volume
Selling transaction Q2 2005 Scope conversion & mix Price effect
2006
----------------------------------------------------------------------
RHODIA 1,264 (16) 31 21 40 (19) 1,321 POLYAMIDE 441 (3) 26 28 4
(18) 478 ACETOW 105 0 2 1 4 1 113 NOVECARE 239 (9) 1 1 9 (2) 239
SILCEA 211 (8) 2 5 5 (1) 214 ECO SERVICES 55 0 0 (4) 9 0 60
ORGANICS 225 (3) 1 (4) 9 1 229 ENERGY SERVICES CORPORATE &
Others (12) 7 (1) (6) 0 0 (12)
----------------------------------------------------------------------
Recurring Foreign Volume EBITDA Scope Exchange & mix Q2 2005
conversion
-------------------------------------------------------------
RHODIA 159 (1) 5 6 POLYAMIDE 71 (3) 5 11 ACETOW 27 0 0 0 NOVECARE
28 (2) 0 (2) SILCEA 25 1 0 3 ECO SERVICES 18 0 0 (1) ORGANICS 8 (1)
0 (1) ENERGY SERVICES 7 0 0 0 CORPORATE & Others (25) 4 0 (4)
-------------------------------------------------------------
Recurring Raw Recurring EBITDA Selling materials Fixed EBITDA
Margin(b) Price(a) & Energy Costs Q2 2006 Q2 2006
---------------------------------------------------------------
RHODIA 20 (12) 11 188 14.2% POLYAMIDE (13)(a) 11(a) (5) 77 16.1%
ACETOW 4 (5) 0 26 23.0% NOVECARE 7 (8) 3 26 10.9% SILCEA 5 (4) 8 38
17.8% ECO SERVICES 8 (1) (1) 23 38.3% ORGANICS 9 (2) 8 21 9.2%
ENERGY SERVICES 0 (3) (1) 3 CORPORATE & Others 0 0 (1) (26)
---------------------------------------------------------------
(a)Including FX transaction effect (b) Calculated as recurring
EBITDA / Net Sales a: Polyamide: Local currency price increases +4m
euros Local currency raw material costs -3m euros Results Fact
Sheet: H1 2006 overview (all figures are in million euros after
discontinued operations) Net Sales H1 2005 H1 2006 Variation
--------------------------------------------------- RHODIA 2,457
2,631 7.1% POLYAMIDE 860 942 9.5% ACETOW 197 222 12.7% NOVECARE 467
485 3.9% SILCEA 406 430 5.9% ECO SERVICES 103 116 12.6% ORGANICS
453 461 1.8% ENERGY SERVICES CORPORATE & Others (29) (25)
(13.8)% ---------------------------------------------------
Recurring EBITDA Operating Profit H1 2005 H1 2006 Variation H1 2005
H1 2006
----------------------------------------------------------------------
RHODIA 322 366 13.7% 107 177 POLYAMIDE 145 134 (7.6)% 90 83 ACETOW
50 56 12.0% 33 42 NOVECARE 56 55 (1.8)% 39 38 SILCEA 50 70 40.0% 15
36 ECO SERVICES 29 37 27.6% 18 26 ORGANICS 26 38 46.2% 12 ENERGY
SERVICES 9 25 20 CORPORATE & Others (43) (49) 14.0% (88) (80)
----------------------------------------------------------------------
Net Foreign Net Sales Foreign Exchange Sales H1 Exchange Volume
Selling transaction H1 2005 Scope conversion & mix Price effect
2006
----------------------------------------------------------------------
RHODIA 2,457 (29) 121 49 67 (34) 2,631 POLYAMIDE 860 (6) 79 58 (10)
(39) 942 ACETOW 197 0 7 4 11 3 222 NOVECARE 467 (17) 15 1 20 (1)
485 SILCEA 406 (14) 9 17 11 1 430 ECO SERVICES 103 (1) 5 (6) 15 0
116 ORGANICS 453 (4) 8 (18) 20 2 461 ENERGY SERVICES CORPORATE
& Others (29) 13 (2) (7) 0 0 (25)
----------------------------------------------------------------------
Recurring Foreign Volume Selling EBITDA Scope Exchange & mix
Price(a) H1 2005 conversion
--------------------------------------------------------------------
RHODIA 322 (1) 17 21 32 POLYAMIDE 145 (6) 14 18 (47) ACETOW 50 (1)
2 2 14 NOVECARE 56 (4) 3 (5) 18 SILCEA 50 0 2 9 12 ECO SERVICES 29
1 2 (2) 13 ORGANICS 26 (5) 1 (9) 22 ENERGY SERVICES 9 10 0 7 0
CORPORATE & Others (43) 2 (5) 1 0
--------------------------------------------------------------------
Recurring Raw Recurring EBITDA materials Fixed EBITDA Margin(b)
& Energy Costs H1 2006 H1 2006
----------------------------------------------------------- RHODIA
(42) 17 366 13.9% POLYAMIDE 20 (10) 134 14.2% ACETOW (12) 1 56
25.2% NOVECARE (19) 6 55 11.3% SILCEA (8) 5 70 16.3% ECO SERVICES
(3) (3) 37 31.9% ORGANICS (17) 20 38 8.2% ENERGY SERVICES (3) 2 25
CORPORATE & Others 0 (4) (49)
----------------------------------------------------------- (a)
Including FX transaction effect (b) Calculated as recurring EBITDA
/ Net Sales Results Fact Sheet: H1 05 & 06 results adjusted for
Q2 06 discontinued operations RHODIA Q1 2005 Q1 2006 Q2 2005 Q2
2006 H1 2005 H1 2006
----------------------------------------------------------------------
(M Euros) Net Sales 1,193 1,310 1,264 1,321 2,457 2,631 Recurring
EBITDA 163 178 159 188 322 366 % Sales(a) 13.7% 13.6% 12.6% 14.2%
13.1% 13.9% Operating Profit 72 77 35 100 107 177
----------------------------------------------------------------------
----------------------------------------------------------------------
POLYAMIDE (M Euros) Net Sales 419 464 441 478 860 942 Recurring
EBITDA 74 57 71 77 145 134 % Sales(a) 17.7% 12.3% 16.1% 16.1% 16.9%
14.2% Operating Profit 52 32 38 51 90 83
----------------------------------------------------------------------
ACETOW (M Euros) Net Sales 92 109 105 113 197 222 Recurring EBITDA
23 30 27 26 50 56 % Sales(a) 25.0% 27.5% 25.7% 23.0% 25.4% 25.2%
Operating Profit 15 21 18 21 33 42
----------------------------------------------------------------------
NOVECARE (M Euros) Net Sales 228 246 239 239 467 485 Recurring
EBITDA 28 29 28 26 56 55 % Sales(a) 12.3% 11.8% 11.7% 10.9% 12.0%
11.3% Operating Profit 19 21 20 17 39 38
----------------------------------------------------------------------
SILCEA (M Euros) Net Sales 195 216 211 214 406 430 Recurring EBITDA
25 32 25 38 50 70 % Sales(a) 12.8% 14.8% 11.8% 17.8% 12.3% 16.3%
Operating Profit 11 15 4 21 15 36
----------------------------------------------------------------------
ECO SERVICES (M Euros) Net Sales 48 56 55 60 103 116 Recurring
EBITDA 11 14 18 23 29 37 % Sales(a) 22.9% 25.0% 32.7% 38.3% 28.2%
31.9% Operating Profit 6 7 12 19 18 26
----------------------------------------------------------------------
ORGANICS (M Euros) Net Sales 228 232 225 229 453 461 Recurring
EBITDA 18 17 8 21 26 38 % Sales(a) 7.9% 7.3% 3.6% 9.2% 5.7% 8.2%
Operating Profit 6 4 (6) 8 0 12
----------------------------------------------------------------------
ENERGY SERVICES (M Euros) Recurring EBITDA 2 22 7 3 9 25 Operating
Profit (5) 17 5 3 0 20
----------------------------------------------------------------------
CORPORATE & OTHERS (M Euros) Sales & intercompany sales
eliminations (17) (13) (12) (12) (29) (25) Recurring EBITDA (18)
(23) (25) (26) (43) (49) Operating Profit (32) (40) (56) (40) (88)
(80)
----------------------------------------------------------------------
(a) Calculated as recurring EBITDA / Net Sales Results Fact Sheet:
2005 Enterprise quarterly results adjusted for Q2 06 discontinued
operations RHODIA Q1 2005 Q2 2005 Q3 2005 Q4 2005 FY 2005
------------------------------------------------------------ (M
Euros) Net Sales 1,193 1,264 1,179 1,286 4,922 Recurring EBITDA 163
159 113 134 569 % Sales(a) 13.7% 12.6% 9.6% 10.4% 11.6% Operating
Profit 72 35 14 (38) 83
------------------------------------------------------------
------------------------------------------------------------
POLYAMIDE (M Euros) Net Sales 419 441 406 444 1,710 Recurring
EBITDA 74 71 46 52 243 % Sales(a) 17.7% 16.1% 11.3% 11.7% 14.2%
Operating Profit 52 38 21 24 135
------------------------------------------------------------ ACETOW
(M Euros) Net Sales 92 105 104 109 410 Recurring EBITDA 23 27 27 23
100 % Sales(a) 25.0% 25.7% 26.0% 21.1% 24.4% Operating Profit 15 18
18 14 65
------------------------------------------------------------
NOVECARE (M Euros) Net Sales 228 239 226 242 935 Recurring EBITDA
28 28 20 20 96 % Sales(a) 12.3% 11.7% 8.8% 8.3% 10.3% Operating
Profit 19 20 4 10 53
------------------------------------------------------------ SILCEA
(M Euros) Net Sales 195 211 203 201 810 Recurring EBITDA 25 25 25
27 102 % Sales(a) 12.8% 11.8% 12.3% 13.4% 12.6% Operating Profit 11
4 0 5 20
------------------------------------------------------------ ECO
SERVICES (M Euros) Net Sales 48 55 55 51 209 Recurring EBITDA 11 18
18 10 57 % Sales(a) 22.9% 32.7% 32.7% 19.6% 27.3% Operating Profit
6 12 13 5 36
------------------------------------------------------------
ORGANICS (M Euros) Net Sales 228 225 205 254 912 Recurring EBITDA
18 8 (3) 11 34 % Sales(a) 7.9% 3.6% (1.5)% 4.3% 3.7% Operating
Profit 6 (6) 3 (26) (23)
------------------------------------------------------------ ENERGY
SERVICES (M Euros) Recurring EBITDA 2 7 1 15 25 Operating Profit
(5) 5 1 12 13
------------------------------------------------------------
CORPORATE & OTHERS (M Euros) Sales & intercompany sales
eliminations (17) (12) (20) (15) (64) Recurring EBITDA (18) (25)
(21) (24) (88) Operating Profit (32) (56) (46) (82) (216)
------------------------------------------------------------ (a)
Calculated as recurring EBITDA / Net Sales Consolidated income
statements as of June 30, 2006 (in millions Second quarter First
semester Full year of euros) ended June 30, ended June 30,
----------------------------------------------------------------------
2006(a) 2005(a) 2006 2005 2005
----------------------------------------------------------------------
Net sales 1,321 1,264 2,631 2,457 4,922
----------------------------------------------------------------------
Other revenue 98 93 258 231 454
----------------------------------------------------------------------
Cost of sales (1,140)(1,106) (2,356) (2,200) (4,482) Administrative
and selling expenses (139) (140) (277) (270) (561) Research and
development expenses (33) (32) (61) (62) (121) Restructuring costs
(7) (28) (12) (33) (86) Other operating income/(expenses) (16) (6)
(16) (43)
----------------------------------------------------------------------
Operating profit/(loss) 100 35 177 107 83 Financial income 30 23 68
61 127 Finance costs (86) (104) (184) (237) (496) Foreign exchange
gains/(losses) 1 (24) 2 (53) (67) Share of profit/(losses) of
associates
----------------------------------------------------------------------
Income/(loss) before income tax 45 (70) 63 (122) (353) Income tax
expense 45 (26) 33 (34) (53)
----------------------------------------------------------------------
Income/(loss) from continuing operations 90 (96) 96 (156) (406)
loss from discontinued operations (12) (100) (53) (114) (209)
----------------------------------------------------------------------
Net Income/(loss) 78 (196) 43 (270) (615)
----------------------------------------------------------------------
Attributable to: Equity holders of Rhodia SA 77 (197) 41 (269)
(616) Minority interests 1 1 2 (1) 1
----------------------------------------------------------------------
Income/(loss) per share from continuing operations (in euro) -
basic and diluted 0.08 (0.25) (0.63) Income/(loss) per share (in
euro) - basic and diluted 0.03 (0.43) (0.95)
---------------------------------------------------------------------
Weighted average number of shares before dilution 1,186,857,342
627,582,158 645,635,891 Weighted average number of shares after
dilution 1,179,544,778 627,582,158 645,635,891
---------------------------------------------------------------------
(a) unaudited Consolidated balance sheets as of June 30, 2006
Assets
----------------------------------------------------------------------
(in millions of euros) June 30 2006 December 30 2005
----------------------------------------------------------------------
Property, plant & equipment 1,958 2,135 Goodwill 227 244 Other
intangible assets 180 154 Investments in associates 4 4 Other
non-current financial assets 165 164 Deferred tax assets 129 83
----------------------------------------------------------------------
Non-current assets 2,663 2,784
----------------------------------------------------------------------
Inventories 653 630 Income tax receivable 25 20 Trade and other
receivables 1,085 1,188 Derivative financial instruments 23 42
Other current financial assets 10 5 Cash and cash equivalents 351
920 Assets classified as held for sale 173 57
----------------------------------------------------------------------
Current assets 2,320 2,862
----------------------------------------------------------------------
TOTAL ASSETS 4,983 5,646
----------------------------------------------------------------------
Liabilities and shareholders' equity
----------------------------------------------------------------------
(in millions of euros) June 30 2006 December 30 2005
----------------------------------------------------------------------
Share capital 1,204 1,177 Additional paid-in capital 22 570 Other
reserves 140 141 Deficit (1,839) (2,580)
----------------------------------------------------------------------
Equity attributable to equity holders of Rhodia SA (473) (692)
Minority interests 25 26
----------------------------------------------------------------------
Total equity (448) (666)
----------------------------------------------------------------------
Borrowings 1,930 1,975 Retirement benefits and similar obligations
1,122 1,269 Provisions 280 297 Deferred tax liabilities 23 34 Other
non-current liabilities 65 46
----------------------------------------------------------------------
Non-current liabilities 3,420 3,621
----------------------------------------------------------------------
Borrowings 501 1,039 Derivative financial instruments 14 14
Retirement benefits and similar obligations 64 81 Provisions 140
204 Income tax payable 34 31 Trade and other payables 1,086 1,271
Liabilities associated with assets classified as held for sale 172
51
----------------------------------------------------------------------
Current liabilities 2,011 2,691
----------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 4,983 5,646
----------------------------------------------------------------------
Consolidated statements of cash flows as of June 30, 2006 First
semester ended June 30,
----------------------------------------------------------------------
(in millions of euros) 2006 2005
----------------------------------------------------------------------
Net loss (Group Share) 43 (270) Adjustments for: Depreciation,
amortization and impairment of long-term assets 177 280 Net
increase/(decrease) in provisions and employee benefits (46) (21)
Net increase/(decrease) in financial provisions 2 32 Share of
profit/(loss) of associates 0 Dividends received from associates 0
Other income and expense 2 (5) Gain/(loss) on disposal of
non-current assets 19 3 Income tax expense/(income) (53) 15 Foreign
exchange losses/(gains) (3) 71
----------------------------------------------------------------------
Cash flow from operating activities before changes in working
capital 141 105
----------------------------------------------------------------------
Changes in working capital - (Increase)/decrease in inventories and
work in progress (61) (10) - (Increase)/decrease in trade and other
receivables 17 17 - Increase/(decrease) in trade and other payables
(74) (70) - Increase/(decrease) in other current assets and
liabilities (5) (147)
----------------------------------------------------------------------
Net cash from operating activities 18 (105)
----------------------------------------------------------------------
Purchases of property, plant and equipment (113) (109) Purchases of
other non-current assets (19) (12) Proceeds on disposal of
non-current assets 32 28 (Purchases of)/repayments of loans and
financial investments 4 (10)
----------------------------------------------------------------------
Net cash (used by) / from investing activities (96) (103)
----------------------------------------------------------------------
Proceeds from issue of shares, net of costs 36 0 Dividends paid (2)
0 New long-term borrowings, net of costs 4 645 Repayments of
non-current borrowings, net of costs (502) (473) Net
increase/(decrease) in current borrowings (21) (183)
----------------------------------------------------------------------
Net cash (used by) / from financing activities (485) (11)
----------------------------------------------------------------------
Effect of foreign exchange rate changes (5) 32
----------------------------------------------------------------------
Net increase/(decrease) in cash and cash equivalents (568) (187)
----------------------------------------------------------------------
Cash and cash equivalents at the beginning of the year 920 612 Cash
and cash equivalents at the end of the year 352 425
----------------------------------------------------------------------
*T
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