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"value": "Financial statements1. CONSOLIDATED FINANCIAL STATEMENTSSolvay SA/NV (the \u201cCompany\u201d or \u201cSolvay\u201d) is a public limited liability company governed by Belgian law and listed on Euronext Brussels and Euronext Paris. The principal activities of the Company, its subsidiaries, joint operations, joint ventures and associates (jointly the \u201cGroup\u201d) are described in note F1 Revenue and Segment Information.The Solvay Group operates in 45 industrial sites and 6 research centers and over 40 countries, employs approximately 9,000 employees and delivered net sales of \u20ac4.9 billion in 2023. Solvay SA/NV is the Solvay Group\u2019s ultimate parent with its registered office located at Rue Ransbeek 310, B-1120 Brussels, Belgium.On March 12, 2024, the Board of Directors authorized the consolidated financial statements for issuance. MAIN EVENTS AND CHANGES IN THE CONSOLIDATION SCOPEPartial Demerger of the Specialty BusinessesOn March 15, 2022, the Group announced that it was reviewing plans to separate into two independent, publicly traded companies: \u00b7 \u201cEssentialCo\u201d, which comprised the leading mono-technology businesses in the Group\u2019s Chemicals segment and the Special Chem business.Following the Partial Demerger (as defined below), the Group consists of EssentialCo. \u00b7 \u201cSpecialtyCo\u201d (now renamed to \u201cSyensqo\u201d or the \u201cSyensqo Group\u201d), which comprises the Group's Materials segment, and the majority of theGroup\u2019s Solutions segment: Novecare, Technology Solutions, Aroma Performance, and Oil and Gas (together the \u201cSpecialty Businesses\u201d). The separation was effected by means of a partial demerger (\u201cscission partielle\u201d) of Solvay SA/NV, under Belgian law, whereby the shares and other interests the Company held in the legal entities operating the so-called \u201cSpecialty Businesses,\u201d its rights and obligations under the agreements entered into with those legal entities, as well as certain other assets and liabilities were contributed under a universal succession regime (\u201ctransmission \u00e0 titre universel\u201d) to Syensqo SA/NV (the \u201cPartial Demerger\u201d). The Partial Demerger was approved by Solvay SA/NV\u2019s shareholders at the extraordinary general meeting held on December 8, 2023. The Partial Demerger became effective on December 9, 2023, at 00:00 a.m. CET. In connection with the Partial Demerger, Syensqo became a public company, independent from Solvay, with its ordinary shares trading on the regulated markets of Euronext in Brussels and Paris starting on December 11, 2023. As a consequence, the Group presents the Specialty Businesses as discontinued operations: \u00b7 In the consolidated income statement for the periods prior to, and until the effectiveness of, the Partial Demerger \u2013 that is the previous year\u2019sfinancial performance figures (the comparatives) have been restated. For 2023 financial year, the discontinued operations are included for theperiod until December 8, 2023. \u00b7 In the consolidated statement of financial position, the assets and liabilities related to the Specialty Businesses have been derecognized from the consolidated statements as a part of the deconsolidation of the Specialty Businesses from the Group; the amounts in the consolidated statement of financial position of the previous year are presented in line with the previous method of presentation and are not restated in accordance withIFRS 5. \u00b7 In the consolidated statement of cash flows, the cash-flows were not restated and present both continuing and discontinued operations in theprimary statement. For 2023 financial year, the cash flows from discontinued operations are included for the period until December 8, 2023,However, below the statement, Solvay separately presented the consolidated cash flows from discontinued operations.Further information on the accounting treatment of Partial Demerger is provided in note F8.The Separation AgreementSolvay SA/NV and Syensqo SA/NV entered into a Separation Agreement on December 4, 2023, and effective from the completion of the Partial Demerger, to govern certain practical aspects of the separation of the two groups, as well as the allocation of certain liabilities, including environmental liabilities. The Separation Agreement will be effective until the thirtieth anniversary of December 9, 2023, except with respect to claims relating to environmental liabilities, which can be made until 12 months after the relevant statute of limitations expires. The Separation Agreement may not be terminated early without written consent of each party.The Separation Agreement governs certain aspects of the separation of Syensqo from the Solvay Group, including, among other arrangements, those relating to: \u00b7 (i) the settlement and termination of certain intercompany balances and arrangements \u2013 see note F37 Related parties, note F32 Financialinstruments; \u00b7 (ii) the substitution, removal or release of legal entities that are part of the Solvay Group or the Syensqo Group, as applicable, in respect of certain third-party credit or other support obligations, as well as the provision of counter guarantees \u2013 see note F32 Financial instruments and note F36Contingent liabilities; \u00b7 (iii) the allocation of certain fees, costs and expenses incurred in connection with the Partial Demerger \u2013 see note F8; \u00b7 (iv) the transfer to the other party of any assets (identified within 24 months of the completion of the Partial Demerger) allocated erroneously tothe Syensqo Group or the Solvay Group; \u00b7 (v) the transfer of all rights and obligations to Syensqo in relation to certain transferred employees\u2019 supplementary pension schemes in Belgium\u2013 see note F30 Employee benefits.The Separation Agreement contains provisions to allocate to the Solvay Group or the Syensqo Group environmental liabilities for certain operating, closed or divested sites, including sites for which provisions have been established in the Solvay Group\u2019s consolidated financial statements, and cross-indemnity obligations applicable where a party incurs claims, liabilities or expenses for sites allocated to the other party in the Separation Agreement.Under the cross-indemnity provisions, each of the Solvay Group, on the one hand, and the Syensqo Group, on the other hand, have agreed to indemnify the other party for certain environmental liabilities allocated to the other party. The Separation Agreement includes provisions regarding the management of environmental claims, remediation obligations and related actions. The Separation Agreement also provides that claims will be deemed to have been made, automatically, under the cross-indemnity provisions for specifically allocated environmental liabilities that are the subject of existing provisions as set forth in the Solvay Group consolidated financial statements as of and for the six-month period ended June 30, 2023. For all other environmental liabilities that are subject to the cross-indemnity provisions, claims may be submitted for up to 12 months following the expiry of the relevant statute of limitations. The Separation Agreement also contains customary provisions aimed at avoiding double recoveries. See note F31 Provisions for further details on provisions.U.S. Tax Matters AgreementThe rules for determining whether a distribution such as the Partial Demerger and the internal separation of the U.S. Specialty Businesses and the U.S. Essential Businesses (the \u201cU.S. Spin-Off\u201d) qualify for tax-free treatment for U.S. federal income tax purposes are complex and depend on all the relevant facts and circumstances. Solvay intends for the Partial Demerger and the U.S. Spin-Off to each qualify as a tax-free reorganization under Sections 368(a)(1)(D) and 355 of the U.S. Internal Revenue Code of 1986, as amended (the \u201cU.S. IRC\u201d). Solvay has received a private letter ruling from the U.S. Internal Revenue Service (the \u201cIRS\u201d) confirming such qualification (except with respect to certain requirements under Section 355 of the U.S. IRC on which the IRS does not rule). Solvay also received a tax opinion from US tax counsel addressing those matters upon which the IRS would not rule, and relying on the IRS\u2019 ruling as to matters covered by the ruling.In connection with the U.S. Spin-Off and the Partial Demerger, Solvay and Syensqo entered into a U.S. Tax Matters Agreement (the \u201cU.S. TMA\u201d) intended to (among other things) preserve the tax-free treatment of the Partial Demerger and the U.S. Spin-Off for U.S. federal income tax purposes. Under the U.S. TMA, Solvay and Syensqo will generally be required to indemnify the other for any U.S. taxes and certain related losses resulting from (or relating to) the failure of the U.S. Spin-Off and the Partial Demerger (and certain associated transactions) to qualify for their intended U.S. tax treatment, where such taxes or losses are attributable to (1) untrue representations and breaches of covenants made in connection with the U.S. Spin-Off, the Partial Demerger or the U.S. TMA (including in the IRS ruling and tax opinion described above), (2) the application of certain provisions of U.S. federal income tax law to the U.S. Spin-Off or the Partial Demerger (for example, in connection with a change of control of either party) or (3) other actions or omissions within the party\u2019s control which give rise to U.S. taxes (or related losses) in connection with the U.S. Spin-Off and thePartial Demerger. Under the U.S. TMA, Solvay and Syensqo are prohibited from taking actions that are reasonably expected to cause the Partial Demerger or U.S. Spin-Off (or certain associated transactions) to fail to qualify for their intended U.S. tax treatment, or that could jeopardize the conclusions of, or that are inconsistent with, the IRS ruling or the tax opinion discussed above. Additionally, the parties are generally prohibited (subject to certain exceptions in the U.S. TMA), for the two-year period following completion of the Partial Demerger, from engaging in certain acquisitions, mergers, liquidations, sales, and redemption transactions with respect to their respective stock and assets that could jeopardize the tax-free status of the Partial Demerger or the U.S. Spin-Off for U.S. federal income tax purposes. Neither Solvay\u2019s nor Syensqo\u2019s obligations under the U.S. TMA are limited in amount or subject to any cap.As of December 31, 2023, Solvay was not aware of any breach or alleged breach by it of its obligations under the U.S. TMA, and had not received any notice from Syensqo relating to a breach or alleged breach thereof.The Transition Services AgreementSolvay SA/NV and Syensqo SA/NV entered into a transition services agreement (the \u201cTSA\u201d), effective from the completion of the Partial Demerger for a non-renewable term of 24 months, whereby the Solvay Group and the Syensqo Group will, to the extent that certain business functions and corporate functions have not been separated prior to the completion of the Partial Demerger, each provide to the other (or the other\u2019s respective subsidiaries) various services and support on an interim transitional basis. In particular, given that the Syensqo Group will not have certain internal corporate functions fully in place upon completion of the Partial Demerger (such as finance, legal, tax, human resources, payroll, information technology and other support services), the Solvay Group will provide support with such matters under the terms of the TSA. Upon termination of the TSA, the Syensqo Group will bear wind-down charges covering certain restructuring costs incurred by the Solvay Group.From the completion of the Partial Demerger and going forward, the fees payable by the Syensqo Group to the Solvay Group have been determined internally using a limited mark-up, in line with the Solvay Group\u2019s practice for internal servicing, and have not been the subject of independent bids. It is expected that, based on the assumed scope of services and related underlying cost structure, the annual aggregate fees for the services provided by the Solvay Group under the TSA will amount to between \u20ac150 million and \u20ac200 million.See note F37 Related Parties for further details on related party transactions.Restructuring provisionIn the context of the Group\u2019s plan to separate into two independent publicly traded companies, new restructuring initiatives were launched in 2023. These initiatives lead to the net suppression of approximately 224 roles at the end of 2023. As a consequence, a restructuring provision of \u20ac83 million was recognized in 2023, prior to the Partial Demerger date out of which \u20ac67 million for continuing operations.Group portfolio management RusVinyl equity investmentRusVinyl is a former Russian joint venture in chlorovinyls in which Solvay held a 50% equity interest, together with Sibur who held the remaining 50% equity interest. On March 24, 2023, the Group announced the completion of the sale of its 50% stake in RusVinyl, to its joint venture partner, Sibur. At the time of closing, the Group received \u20ac432 million in cash proceeds in Belgium, which have been reported as cash flow from investing activities in Q1 2023. A capital loss of \u20ac176 million has been recognized in Q1 2023, mainly reflecting recycling of the historical currency translation balances to the consolidated income statement.Liability managementPrior to the Partial Demerger, Solvay undertook various liability management exercises in respect of certain of its outstanding debt securities. The purpose of the liability management exercises was to repurchase or redeem certain debt securities, and to transfer liability for the remaining relevant debt securities or related guarantees to the Syensqo Group upon the Partial Demerger becoming effective. The liability management exercises were also intended to amend certain contractual provisions in certain of the debt securities to facilitate the implementation of the Partial Demerger.On September 4 and 5, 2023, Solvay announced the results of liability management transactions relating to certain senior and hybrid bonds denominated in euros. The transactions included: \u00b7 a request for consent of bondholders to the substitution, effective upon completion of the Partial Demerger, of Syensqo SA/NV for Solvay SA/NV as issuer of (i) the \u20ac500,000,000 Undated Deeply Subordinated Fixed to Reset Rate Perp-NC5.5 Bonds with first call date on December 2, 2025 (ISIN: BE6324000858) (the \u201c2025 Hybrid Bonds\u201d), and (ii) the \u20ac500,000,000 2.750% Fixed Rate Bonds due December 2, 2027 (ISIN: BE6282460615) (the \u201c2027 Bonds\u201d). \u00b7 a tender offer relating to the \u20ac500,000,000 Undated Deeply Subordinated Fixed to Reset Rate Bonds with first optional redemption date of June 3, 2024 (ISIN: XS1323897725) (the \u201c2024 Hybrid Bonds\u201d) issued by Solvay Finance S.A. and irrevocably guaranteed on a subordinated basis by Solvay (the \u201cTender Offer\u201d). The 2025 Hybrid Bonds, the 2027 Bonds and the 2024 Hybrid BondsAt the meeting in respect of the 2025 Hybrid Bonds, the necessary quorum was achieved, the relevant extraordinary resolution was passed and the relevant condition was satisfied. As a result, Syensqo SA/NV was substituted for Solvay SA/NV as issuer of the 2025 Hybrid Bonds, effective upon completion of the Partial Demerger, and subject to the satisfaction or waiver of certain conditions set out in the consent solicitation notice.At the meeting of the holders of the 2027 Bonds, the necessary quorum was achieved, the relevant extraordinary resolution was passed and the relevant condition was satisfied. As a result, Syensqo SA/NV was substituted for Solvay SA/NV as issuer of the 2027 Bonds, effective upon completion of the Partial Demerger, and subject to the satisfaction or waiver of certain conditions set out in the consent solicitation notice.On September 8, 2023, Solvay Finance S.A. accepted all validly tendered 2024 Hybrid Bonds pursuant to the Tender Offer for purchase in cash in an aggregate principal amount of \u20ac452,613,000 (representing approximately 90.52% in aggregate nominal amount of the outstanding 2024 Hybrid Bonds). Because it has purchased more than 90% of the initial aggregate principal amount of the 2024 Hybrid Bonds, Solvay Finance S.A. had the option, pursuant to the terms and conditions of the 2024 Hybrid Bonds, at any time, to redeem all of the remaining outstanding 2024 Hybrid Bonds that were not validly tendered for purchase pursuant to the Tender Offer at their principal amount together with any accrued and unpaid interest (including any deferred interest) up to the redemption date. Solvay Finance S.A. exercised this option on September 6, 2023, and redeemed the relevant 2024 Hybrid Bonds on September 13, 2023, in cash and for an aggregate principal amount of \u20ac47,387,000.The redemption of the 2024 Hybrid Bonds was financed with proceeds drawn under Solvay\u2019s bridge facility (\u20ac520 million). The corresponding obligations remained at Solvay and were not transferred to Syensqo SA/NV at the date of the Partial Demerger.The 2029 BondsSolvay SA/NV has exercised its issuer make-whole call under the terms and conditions of the \u20ac600,000,000 0.500% Fixed Rate Bonds due September 6, 2029 (ISIN: BE6315847804) (the \u201c2029 Bonds\u201d). The redemption of the 2029 Bonds was funded with a new bridge facility. The additional funding cost for the anticipated long-term refinancing of the 2029 Bonds is estimated at approximately \u20ac20 million per year (after tax). The redemption notice was delivered on September 7, 2023, announcing the redemption date of October 9, 2023, in accordance with the terms and conditions of the 2029 Bonds. The outstanding amount of the 2029 Bonds (\u20ac597 million) were settled on October 9, 2023, with the proceeds from the Group\u2019s bridge facility. The obligations under the bridge facility corresponding to the amount used for the redemption of the 2029 Bonds were transferred to Syensqo SA/NV upon completion of the Partial Demerger.USD 2025 Bonds Solvay SA/NV announced on September 27, 2023, that it intends to exercise its issuer make-whole call option under the terms of the indenture governing the 4.450% Senior Notes due 2025 issued by Solvay Finance (America), LLC for an amount outstanding of USD$800,000,000 and guaranteed by Solvay SA/NV(CUSIP: 834423 AB1 / U8344P AB5) (the \u201cUSD 2025 Bonds\u201d). The redemption took place on November 15, 2023, for an amount of \u20ac753 million and was funded with drawdowns on Solvay\u2019s bridge facility. The obligations under the bridge facility corresponding to the amount used for the redemption of the USD 2025 Bonds were transferred to Syensqo SA/NV upon completion of the Partial Demerger.Cytec 2025 Bonds The 3.95% Senior Notes due 2025 issued by Cytec Industries Inc. (CUSIP: 232820 AK6) (the \u201cCytec 2025 Bonds\u201d) were transferred to the Syensqo Group upon completion of the Partial Demerger, as Cytec Industries Inc. is now an indirect subsidiary of Syensqo SA/NV. The Cytec 2025 Bonds are outstanding for an amount of USD$163.5 million. A counter guarantee was issued by Syensqo SA/NV in favor of Solvay SA/NV as Solvay SA/NV remained the original guarantor under the Cytec 2025 Bonds. Redemption of \u20ac500 million Undated Deeply Subordinated Fixed to Reset Rate Perp-NC10 BondsSolvay SA/NV announced on October 5, 2023, that its subsidiary Solvay Finance SA will redeem its \u20ac500 million Undated Deeply Subordinated Fixed to Reset Rate Perp-NC10 Bonds irrevocably guaranteed on a subordinated basis by Solvay SA/NV (ISIN: XS0992293901) on the first call date (being November 12, 2023). This perpetual deeply subordinated bond, bearing an annual interest rate of 5.425%, was treated as equity under IFRS rules. As November 12, 2023, falls on a non-business day, repayment, in accordance with the terms and conditions, occurred on November 13, 2023. The redemption amount equaled the principal amount (\u20ac500 million) plus interest accrued and unpaid up to, but excluding, the redemption date (\u20ac27 million). The redemption was financed with proceeds drawn under Solvay\u2019s bridge facility and Solvay\u2019s obligations in respect of the amount of such drawings were not transferred to Syensqo SA/NV at the time of the Partial Demerger.Redemption of \u20ac300 million Undated Deeply Subordinated Fixed to Reset Rate Perp-NC5.25 BondsSolvay SA/NV announced on October 20, 2023, that it will redeem its \u20ac300 million Undated Deeply Subordinated Fixed to Reset Rate Perp-NC5.25 Bonds (ISIN: BE6309987400) on December 4, 2023, as per its issuer general call option. This perpetual deeply subordinated bond, bearing an annual interest rate of 4.25%, was treated as equity under IFRS rules. The redemption amount equaled the principal amount (\u20ac300 million) plus interest accrued and unpaid up to, but excluding, the redemption date (\u20ac9.7 million). The redemption was financed with proceeds drawn under Solvay\u2019s bridge facility and Solvay\u2019s obligations in respect of the amount of such drawings were not transferred to Syensqo SA/NV at the time of the Partial Demerger.2. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSIFRS GENERAL ACCOUNTING POLICIESBasis of preparationThis information was prepared in accordance with European Regulation (EC) 1606/2002 on the application of international accounting standards dated July 19, 2002. The Group\u2019s consolidated financial statements for the year ended December 31, 2023, were prepared in accordance with IFRS (International Financial Reporting Standards) as published by the International Accounting Standards Board (IASB), and endorsed by the European Union.The accounting standards applied in the consolidated financial statements for the year ended December 31, 2023, are consistent with those used to prepare the consolidated financial statements for the year ended December 31, 2022. The Group has not early adopted any other standards, interpretations or amendments that have been issued but is not yet effective.Standards, interpretations and amendments applicable for the first time in 2023The standards, interpretations and amendments that became effective as of January 1, 2023, and which are relevant to the Group are presented below. An assessment was made that these amendments had no material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe amendments to IAS 12 Income Taxes narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The Group assessed that the amendments had no material impact on its year-end report.Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting PoliciesThe amendments provide guidance on the application of materiality judgments to accounting policy disclosures. In IAS 1, the amendments replace the requirement to disclose \u201csignificant\u201d accounting policies with a requirement to disclose \u201cmaterial\u201d accounting policies. Guidance and illustrative examples are added in the Practice Statement 2 to assist in the application of the materiality concept when making judgments about accounting policy disclosures. The Group assessed that the amendments had no material impact on its year-end report.Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting EstimatesThe amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.The amendments had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model RulesOn May 23, 2023, the IASB issued the amendments to clarify the application of IAS 12 requirements to income taxes arising from tax law enacted or substantively enacted to implement the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes).The amendments introduce: \u00b7 A mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u00b7 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after January 1, 2023.The Group applied the mandatory temporary exception to the accounting for deferred taxes. The management is currently assessing the accounting implications and the jurisdictions that could give rise to additional taxation as a result of the implementation of the Pillar Two Model Rules in national laws, which is not expected to be material for the Group. See more information on International Tax Reform in Note F7.A.There are other IFRS amendments applicable for the first time in 2023, but do not have a material impact on, or are not relevant for, the consolidated financial statements of the Group and therefore have not been disclosed.Standards, interpretations and amendments applicable for the first time after 2023 The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements and which may have an impact on the Group are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback On September 22, 2022, the IASB issued Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The amendments clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments are effective for annual periods beginning on or after January 1, 2024, and are not yet endorsed by the EU. The Group is currently assessing the impact the amendments will have on its current accounting practices.Amendments to IAS 1: Classification of Liabilities as Current or Non-current These amendments provide a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments were originally effective for annual reporting periods beginning on or after January 1, 2023, however, their effective date has been delayed to January 1, 2024. The amendments are not yet endorsed by the EU. This amendment is not expected to have a material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier Finance Arran-gementsIn May 2023, the IASB issued amendments to IAS 7 and IFRS 7 to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted, but will need to be disclosed. The Group is still assessing the impact the amendments will have on its current accounting practices and disclosures. These amendments are not yet endorsed by the EU.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability On August 15, 2023, the IASB issued the amendments to IAS 21 which are effective for annual periods beginning on or after January 1, 2025, and specify when a currency is exchangeable into another currency and, consequently, when it is not, how an entity determines the exchange rate to apply when a currency is not exchangeable, and the disclosures an entity provides when a currency is not exchangeable. The Group is still assessing the impact the amendments will have on its current accounting practices and disclosures. These amendments are not yet endorsed by the EU.Basis of measurement and presentationThe consolidated financial statements are presented in millions of euros, which is also the functional currency of the parent company. Rounding differences may occur in respect of individual amounts or percentages. The preparation of the consolidated financial statements requires the use of estimates and assumptions that have an impact on the application of accounting policies and the measurement of amounts recognized in the consolidated financial statements. The areas for which the estimates and assumptions are material with respect to the consolidated financial statements are presented in the section Critical accounting judgments and Key sources of estimation uncertainty.Principles of consolidation2.1. Consolidation scope2.1.1. GeneralThe consolidated financial statements incorporate the financial statements of the Company, and: \u00b7 entities controlled by the Company (including through its subsidiaries) and that hence qualify as subsidiaries (see 3.1.2. below); \u00b7 arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint operations (see 3.1.3. below); \u00b7 arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint ventures (see 3.1.4. below); \u00b7 entities over which the Company (including through its subsidiaries) has significant influence and that hence qualify as associates (see 3.1.4. below).Where necessary, adjustments are made to the financial statements of the investees so as to align their accounting policies with those of the Group.In accordance with the principle of materiality, certain companies, which are not of a significant size, have not been included in the consolidation scope. Companies are deemed not to be significant when, during two consecutive years, they do not exceed any of the three following thresholds in terms of their contribution to the Group\u2019s accounts: \u00b7 sales of \u20ac30 million; \u00b7 total assets of \u20ac15 million; \u00b7 headcount of 150 persons.Companies that do not meet these criteria are, nevertheless, consolidated where the Group believes that they have a potential for rapid development, or where they hold shares in other companies that are consolidated based on the above criteria.In the aggregate, the non-consolidated companies have an immaterial impact on the consolidated financial statements of the Group.The full list of companies can be obtained at the Company\u2019s head office.2.1.2. Investments in subsidiariesA subsidiary is an entity over which the Group has control. Control is achieved when the Group has (a) power over an investee, (b) exposure, or rights, to variable returns from its involvement with the investee, and (c) the ability to use its power over the investee to affect the amount of the investor\u2019s returns. To assess whether the Group has control, potential voting rights are taken into account. Subsidiaries are fully consolidated. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.Intra-group transactions, balances, income and expenses are eliminated on consolidation.Non-controlling interests in subsidiaries are presented separately from the Group\u2019s equity. Non-controlling interests are initially measured, either at fair value (full goodwill method), or at the non-controlling interests\u2019 proportionate share in the recognized amounts of the acquiree\u2019s identifiable net assets (proportionate goodwill method). The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to the acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.Changes in the Group\u2019s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest, and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognized in other comprehensive income in relation to the subsidiary are accounted for (i.e. Reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is considered to be the fair value on initial recognition for subsequent accounting in accordance with IFRS 9 or, when applicable, the cost on initial recognition of an investment in an associate or joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures.2.1.3. Investments in joint operationsA joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control. In its consolidated financial statements, the Group recognizes its contractual share of the joint operations\u2019 assets, liabilities, revenue and expenses, which is generally aligned with the ownership interest in the joint operations.2.1.4. Investments in associates and joint venturesAn associate is an entity over which the Group has significant influence and that is neither a subsidiary, nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control.The results, assets and liabilities of associates and joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, on initial recognition, investments in associates and joint ventures are recognized in the consolidated statement of financial position at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of the associate or joint venture, less any impairment of the value of individual investments. Losses of an associate or joint venture in excess of the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and (contingent) liabilities of the associate or joint venture recognized at the date of acquisition is goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of that investment. Where a Group entity transacts with an associate or joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate or joint venture.After application of the equity method, the Group reviews its investments in associates and joint ventures for impairment. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group performs its analysis and calculates any impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss in the consolidated income statement.Foreign currenciesThe individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group entity are expressed in euros (EUR), which is the presentation currency of the Group\u2019s consolidated financial statements.In preparing the financial statements of the individual entities, transactions in currencies other than the entities\u2019 functional currency are recognized at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the closing rate. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rate when the fair value was measured. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions.Exchange differences are recognized in profit or loss in the period in which they arise except for: \u00b7 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income under \u201ccurrency translation differences;\u201d and \u00b7 exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note F32 Financial instruments and financial risk management for hedge accounting policies). The main exchange rates used are:Year-end rate Average rate1 Euro =December 31, 2023 December 31, 2022 2023 2022Brazilian Real BRL 5.3612 5.6354 5.4010 5.4391Yuan Renminbi CNY 7.8383 7.4199 7.6608 7.0781Pound Sterling GBP 0.8690 0.8870 0.8698 0.8526Indian Rupee INR 91.9678 88.3019 89.3107 82.6910Japanese Yen JPY 156.3416 140.7248 151.9821 138.0176Korean Won KRW 1,423.3871 1,349.6641 1,412.4780 1,357.2278Mexican Peso MXN 18.7359 20.8811 19.1854 21.1921US Dollar USD 1.1052 1.0674 1.0813 1.0531Government grantsGovernment grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.Government grants relating to the purchase of property, plant and equipment are deducted from the cost of those assets. They are recognized in the consolidated statement of financial position at their expected value at the moment of initial recognition. The grant is recognized in profit or loss over the depreciation period of the underlying assets as a reduction of depreciation expense.Other government grants are recognized as income on a systematic basis over the periods in which the related costs, which they are intended to compensate for, are recognized. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable.Climate changeIn preparing the consolidated financial statements, management has considered the impacts of climate change, particularly in the context of the disclosures included in the Risk Report and Extra-financial Statements and the Group\u2019s progression towards the ambitious 2030 goals to reduce scope 1 and 2 greenhouse gas emissions from our operations by 30% and to achieve carbon neutrality by 2050.Between 2021 and 2040, Solvay plans to invest up to \u20ac200 million to reach carbon neutrality for all its businesses other than Soda Ash with an additional investment of \u20ac1 billion identified for Soda Ash until 2040 to pave its path towards full carbon neutrality for the Group by 2050 (with approximately \u20ac250 million spent of the more than \u20ac600 million already engaged between Soda Ash and the rest). These investments are partially supported by external parties through equity-accounted investments and include non-recourse financing and government subsidies, enabling Solvay to remain competitive. Further studies on technology innovation will determine the future investment needs beyond 2040. Since 2015 the Group has adopted an internal carbon price and it has imputed that as an input cost into all investment decisions, irrespective of prevailing market prices. The internal cost was originally set at \u20ac25 per metric ton in 2015, and was doubled to \u20ac50 in 2019. In 2021 it was then decided to be raised to \u20ac100 per metric ton of CO with implementation in 2022. This approach ensures that all investments contribute positively to 2the resilience of the Group in the face of climate change risk and are also oriented towards achieving carbon neutrality.In addition to the strategic direction, policies and commitments, it is important to note that Solvay is taking concrete actions aligned with its climate change commitments. These are extensively developed in the Sustainability Report. As an example of the Group\u2019s commitment to phase out of coal in the Soda Ash business, several projects were initiated comprising: \u00b7 The construction of two waste-wood boilers accounted for as finance leases in Rheinberg, Germany; the first of the two boilers was commissioned in 2021. The second boiler will enter into operation by the end of 2024. \u00b7 In Devnya, Bulgaria, a variety of renewable sources including sunflower husk pellets will be used to power production processes at our largest soda ash European site and reduce emissions related to energy production by 20%. As a consequence of this investment 130 kt CO were not 2emitted in 2023. \u00b7 Already equipped with a waste to energy power plant since 2006, we recently further invested to modernize our gas cogeneration unit in Bernburg, Germany, to maintain our low CO footprint at the site.2 \u00b7 In Green River, Wyoming, USA, our calciners and boilers are switching from coal to gas, a readily-available local resource, which will save 280 kilotons of CO per year. This is in addition to the new project Solvay launched to deploy a new breakthrough technology that will abate greenhouse gas 2emissions originating from Trona mining operations. This will reduce the site\u2019s greenhouse gas emissions by 28% while growing its capacity. It will also make Solvay the first company to implement regenerative thermal oxidation technology to cut emissions from a trona mine. In 2023, about 100 kt CO emissions were avoided.2 \u00b7 An equity investment in Dombasle Energy, France, of which Solvay has a 10% share. The project is largely financed through non-recourse debt executed in February 2022 and government subsidies. Included in the investment are two refuse derived fuel boilers. The project is expected to be fully deployed in 2025.When such investments are made, the Group verifies the useful life of the assets that are replaced and adjusts the estimated useful life if necessary.The Group is also actively working on sourcing its energy needs from more environmentally friendly resources including long-term renewable energy generation solutions both onsite and offsite at certain facilities. These include long-term solar and wind power purchase agreements generally accounted for as executory own use contracts. In addition, the Group has entered into long-term contracts to purchase Renewable Energy Certificates, which will cover almost one quarter of the electricity purchased and consumed in the United States. The latter are recorded in operating expenses. In 2023, 100% of our operations in China are still supplied by renewable electricity (1.3 PJ) (see Chapter 4.2 Energy of the extra-financial statements). From 6.3% of our renewable energy purchased versus our total amount of energy purchased in 2022, Solvay has improved its figure and has acquired 8.2% renewable energy purchased in 2023 versus total amount of energy purchased. In addition the Star Factory program that embeds the design and execution of the ESG roadmap of each industrial sites including a specific effort on energy efficiency initiatives on the top of Energy transition projects. It was decided to extend the methodology of Star Factory to include other shared function (Supply Chain & Procurement particularly) in order to develop the complementary roadmaps to tackle Scope 3 emission on the top of improving competitiveness.Management has also considered the impact of climate change in making some key estimates within the consolidated financial statements, including the execution of the Solvay One Planet strategy, which is included in the budgets, mid-term plan and long-term forecasts, which are used to: \u00b7 estimate future cash flows used in impairment assessments of the carrying value of non-current assets (such as intangible assets and goodwill) (see Note F23 Impairment); \u00b7 estimate future profitability used in the assessment of the recoverability of deferred tax assets (see Note F7.C. Deferred taxes in the consolidated statement of financial position); \u00b7 estimate provisions (see Note F31); \u00b7 estimate the long-term accounting assumptions, including CO emission rights and energy prices for the energy intensive Soda Ash GBU (see 2Note F23 Impairment).The Group\u2019s CO emission rights and energy prices (gas/electricity/coal) are an important element of the cost structure, especially for the Soda Ash 2business. The Group has hedged a significant portion of its expected use through 2030. The hedges were taken into consideration in the goodwill impairment test performed and the long-term assumptions considered the higher capital expenditure required by the energy transition of the business after the hedged period. Considering the significant headroom on the Soda Ash CGU, no sensitivity is provided. See Note F23 Impairment.The same exercise was done for the other cash generating units and management believes there are no realistic scenarios regarding climate change today, which would lead to an impairment of these assets.In summary, the Group\u2019s climate change considerations mentioned above did not have a material impact on the financial reporting judgments and estimates during the year. Further, the Group concludes that the climate change risk does not impact the going concern assessment for December 2023. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYCritical accounting judgmentsPartial Demerger of SyensqoOn March 15, 2022, the Group announced its plan to separate into two independent publicly traded companies. On December 9, 2023, the separation was effectuated through the means of the Partial Demerger. The Specialty Businesses were classified as discontinued operations following the approval of Partial Demerger by the shareholders and the net assets were distributed. The 2022 Consolidated Statement of Income was restated to reflect this classification. Solvay applied IFRIC 17 Distribution of Non cash-Assets to Owners to determine how to present the Partial Demerger which included estimating the fair value of the distribution. Solvay estimated the fair value of Syensqo by taking an average of the closing price of the first 30 days of trading activity of Syensqo to prevent distortions from short-term trading activity in the first weeks of trading. This being a fair value with observable inputs and was considered to be representative of the fair value at the distribution date.The fair value was determined to be \u20ac9.5 billion which resulted in a gain of \u20ac1.65 billion over the then carrying amount of the net assets. The impact was recorded to the consolidated income statement in discontinued operations.No other critical accounting judgments have been identified for the year ended December 31, 2023.Key sources of estimation uncertaintyImpairmentThe Group performs annual impairment tests on (groups of) CGUs to which goodwill has been allocated, and each time there are indicators that their carrying amount might be higher than their recoverable amount. This analysis requires management to estimate the future cash flows expected to be generated by the CGUs and a suitable discount rate in order to calculate present value. The recoverable amount is highly sensitive to discount and growth rates. Further details are provided in note F19 Goodwill and Business Combinations and F23 Impairment.Deferred tax assetsDeferred tax assets (DTA) are recognized for unused tax losses to the extent that it is probable that taxable profits will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits.The Group has \u20ac1,520 million (2022: \u20ac5,203 million) of tax losses carried forward for which no deferred tax assets were recognized. These losses relate to subsidiaries that have a history of losses, do not expire, and may not be used to offset taxable income elsewhere in the Group. The subsidiaries do not have any taxable temporary differences that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on these tax losses carried forward.The goals referred to in Climate Change note may have an impact on the estimate of future probability used in the DTA recoverability assessment \u2013 see the note, above.Further details are provided in Note F7.C. Deferred taxes in the consolidated statement of financial position and F7.D Other Information.Defined benefit obligations \u2013 GeneralThe actuarial assumptions used in determining the defined benefit obligations at December 31 as well as the annual cost can be found in note F30 Provisions for employee benefits. All main employee benefits plans are assessed annually by independent actuaries. Discount rates and inflation rates are defined centrally by management. The other assumptions (such as future salary increases and expected rates of medical care cost increases) are defined at a local level. All plans are supervised by the Group\u2019s central Human Resources department with the help of a central actuary to check the reasonableness of the results and ensure consistency in reporting. All assumptions are reviewed at each reporting date.Further details are provided in note F30 Employee benefits.Environmental provisionsEnvironmental provisions are managed and coordinated jointly by the Environmental Rehabilitation department and the Finance department. In case of environmental impacts stemming from historical production activities, generally, no provision is recognized for remediation works beyond the 20 years due to the inherent high level of uncertainty as to the timing and amount.The forecasts of expenses are discounted to their present value. The discount rates fixed by geographical area correspond to the average risk-free rate on 10-year government bonds or the inflation rate if higher. These rates are set annually by the Finance department and can be revised based on the evolution of economic parameters of the country involved. To reflect the passage of time, the provisions are increased each year at the discount rates described above.Further details are provided in note F31 Provisions.Provisions for litigationsAny significant litigations (post M&A and other, including threat of litigation) are reviewed by Solvay\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every quarter together with the Finance and Insurance Departments. This review includes an assessment of the need to recognize provisions, disclose contingent liabilities and/or contingent assets. Further details are provided in note F31 Provisions and F36 Contingent assets, liabilities and financial guarantees.Leases \u2013 Identifying whether a contract includes a leaseThe Group enters into various contracts to obtain goods and services. Determining whether those contracts include a lease requires judgment. Elements that are considered include assessing whether or not there is an identified asset. To make the determination the Group considers whether or not it has the right to obtain substantially all of the economic benefit of the asset(s) throughout the period of use. Additionally, the Group assesses the extent of its decision-making rights and the existence of any substantive substitution rights. All facts and circumstances relevant to the assessment are considered and the identification of a lease is determined with the support of the departments that have the relevant knowledge, and which mainly includes the GBU management. Refer to note F21 Right-of-use assets and lease obligations for the leases that were identified by the Group and accounted for in accordance with IFRS 16 Leases.Leases \u2013 Assessment of lease termDetermining the lease term requires judgment. Elements that are considered include assessing the probability that early termination options or extension options will be exercised. All facts and circumstances relevant to the assessment are considered, and the main ones have been described in note F21 Right-of-use assets and lease obligations. Lease terms are determined with the support of the departments that have the relevant knowledge, and that mainly includes the Purchasing department, and the Facilities department.NON-IFRS (UNDERLYING) METRICSIn addition to IFRS accounts, Solvay also presents alternative performance indicators to provide a more consistent and comparable indication of the Group\u2019s underlying financial performance and financial position, as well as cash flows. These indicators provide a balanced view of the Group\u2019s operations and are considered useful to investors, analysts and credit rating agencies as these measures provide relevant information on the Group\u2019s past or future performance, position or cash flows. These indicators are generally used in the sector it operates in and therefore serve as a useful aid for investors to compare the Group\u2019s performance with its peers.See note F1 Revenue and Segment Information for the reconciliation of the underlying EBITDA measure. Further information on definitions of adjustments (IFRS vs Underlying metrics) can be found in Glossary, and more information about reconciliation of non-IFRS (underlying) metrics with IFRS figures in Business Review.NOTES TO THE CONSOLIDATED INCOME STATEMENTPreliminary comment: consistent with the presentation in the consolidated income statement, the notes to the consolidated income statement as presented hereafter do not include the consolidated income statement impacts from discontinued operations that are presented on a separate line. Those are disclosed in note F8 Discontinued operations. NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyIFRS 15 establishes a five-step model to account for revenue arising from contracts with customers: \u00b7 Identify the contract, \u00b7 Identify the performance obligations, \u00b7 Determine the transaction price, \u00b7 Allocate the transaction price to the performance obligations in the contract, and \u00b7 Recognize revenue when or as the Group satisfies a performance obligation.Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Sale of goods: Contracts can be short term (including based only on a purchase order) or long term, some have minimum off-take requirements. Contracts that contain take-or-pay provisions obligate customers to pay shortfall payments if the required volumes, as defined in the contracts, are not purchased. Shortfall payments are recognized as revenues when the likelihood of the customer purchasing the minimum volume becomes remote subject to renegotiation of the contract and collectability. As the Group is in the business of selling essential chemicals, and performance chemicals, contracts with customers generally concern the sale of goods. As a result, revenue recognition generally occurs at a point in time when control of the chemicals is transferred to the customer, generally on delivery of the goods.Distinct elements: a good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e. The good or service is capable of being distinct); and (b) the Group\u2019s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. The promise to transfer the good or service is distinct within the context of the contract).The revenue of the Group consists mainly of sales of chemicals, which qualify as separate performance obligations. Value-added services \u2013 mainly customer assistance services \u2013 corresponding to Solvay\u2019s know-how are rendered predominantly over the period that the corresponding goods are sold to the customer. Variable consideration: some contracts with customers provide trade discounts or volume rebates. Trade discounts and volume rebates give rise to variable consideration under IFRS 15, and are required to be estimated at contract inception and subsequently at each reporting date. IFRS 15 requires the estimated variable consideration to be constrained to prevent overstatement of revenue. Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset. Substantially all revenue stems from performance obligations satisfied at a point in time, i.e. The sale of goods. Revenue recognition for those takes into account the following: \u00b7 The Group has a present right to payment for the asset; \u00b7 The customer has legal title to the asset; \u00b7 The Group has transferred physical possession of the asset; \u00b7 The customer has the significant risks and rewards of ownership of the asset (in this respect, incoterms are considered); and \u00b7 The customer has accepted the asset.Products sold to customers generally cannot be returned, other than for performance deficiencies. Customer acceptance clauses are in many cases a formality that would not affect the Group\u2019s determination of when the customer has obtained control of the goods. Revenue from services is recognized in the period those services have been rendered.The Group sells its chemicals to its customers, (a) directly, (b) through distributors, and (c) with the assistance of agents. When the Group delivers a product to distributors for sale to end customers, the Group evaluates whether that distributor has obtained control of the product at that point in time. No revenue is recognized upon delivery of a product to a customer or distributor if the delivered product is held on consignment. Indicators of consignment inventory include: \u00b7 The product is controlled by the Group until a specified event occurs, such as the sale of the product to a customer of the distributor or until a specified period expires; \u00b7 The Group is able to require the return of the product or transfer the product to a third party (such as another distributor); and \u00b7 The distributor does not have an unconditional obligation to pay for the product (although he might be required to pay a deposit). \u00b7 Agents facilitate sales and do not purchase and resell the goods to the end customer. Warranties: warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Substantially all warranties do not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, and are hence accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Licensing: In case of performance obligations relating to licensing intellectual property (IP), the Group assesses if it grants a right to access the IP as it exists throughout the license period or a right to use the IP as it exists at the point in time at which the license is granted. If the performance obligation is to grant a right to access, then the related revenue is recognized over the license period; otherwise, it is recognized at a point in time, i.e. when the license period starts or when the customer starts using the IP. The Group assesses if the license provided can be considered as being distinct in the context of the contract. If not, the license will have to be bundled with other goods or services provided in the contract. Currently the Group grants a right to use IP, which means that revenue recognition occurs at a point in time.An Operating Segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker and for which discrete financial information is available.GeneralFollowing the completion of the Partial Demerger of the Specialty Businesses on December 9, 2023, the structure of the internal organization changed what impacted the composition of the segments. Consequently, Solvay restructured its operating segments to better align with the Group\u2019s strategy and is organized in the following reportable segments \u00b7 Basic Chemicals: host chemical intermediate businesses focused on mature and resilient markets. Solvay is a world leader in soda ash, bicarbonate, and peroxides. These global businesses share similar economic characteristics and serve major markets that include building and construction, consumer goods, and food. \u00b7 Performance Chemicals: hosts a wider range of products (in our Silica, Coatis and Special Chem businesses) that are subject to customization based on unique formulations and application expertise. These businesses share similar economic characteristics and are also high-quality assets with strong positions in their markets. \u00b7 Corporate: comprises corporate and other business services, such as Group research & innovation. Solvay organizes its structure and groups the businesses around their similarities in financial performance which is systematically reviewed by the Chief Operational Decision Maker, products and production processes. Solvay\u2019s chief operating decision maker is the Chief Executive Officer.Prior year results were restated to align with the new reportable segments.2.2. External net sales by cluster The comparative figures for 2022 are restatedIn \u20acmillion 2023 2022Soda Ash & Derivatives 2,093 2,221Peroxides 633 773Basic Chemicals 2,726 2,994Silica 583 631Coatis 646 870Special Chem 919 1,040Performance Chemicals 2,148 2,542CBS and NBD 6 4Corporate & Business Services 6 4Total 4,880 5,540There are no individual customers that contribute 10% or more to the Group\u2019s revenue or any individual segment\u2019s revenue in either 2023 or 2022.Sales by marketSales by market are presented in the Business Review, see note B1. Net sales by country and region The sales disclosed below are allocated based on the customers\u2019 location. The table presents restated information for 2022.The comparative figures for 2022 are restatedIn \u20acmillion2023 % 2022 %Belgium 92 2% 139 3%Germany 449 9% 461 8%Italy 267 5% 272 5%France 236 5% 242 4%Netherlands 55 1% 51 1%Spain 130 3% 122 2%European Union \u2013 Other 415 9% 428 8%European Union 1,645 34% 1,717 31%Europe \u2013 Other 108 2% 113 2%United States 830 17% 943 17%Canada 58 1% 54 1%North America 888 18% 997 18%Brazil 610 13% 806 15%Mexico 156 3% 131 2%Latin America \u2013 Other 149 3% 235 4%Latin America 914 19% 1,171 21%Australia 27 1% 30 1%China 298 6% 305 6%Egypt 43 1% 65 1%India 55 1% 63 1%Indonesia 65 1% 86 2%Israel 34 1% 46 1%Japan 100 2% 107 2%Malaysia 66 1% 83 1%Russia 0 0% 8 0%Saudi Arabia 99 2% 121 2%South Africa 32 1% 52 1%South Korea 115 2% 105 2%Thailand 139 3% 154 3%Turkey 38 1% 46 1%Vietnam 48 1% 54 1%Other 164 3% 218 4%Asia and rest of the world 1,325 27% 1,541 28%Total 4,880 100% 5,539 100%Information per segment The comparative figures for 2022 are restatedBasic Performance Corporate & Group Total2023 \u2013 In \u20acmillionChemicalsChemicalsBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 2,777 2,152 6 4,935\u2014 Inter-segment sales -51 -4 0 -55Net sales 2,726 2,148 6 4,880Revenue from non-core activities 577 29 538 1,144Gross margin 847 489 46 1,382Depreciation and amortization 192 157 69 418Earnings from associates and joint ventures 45 0 8 53(1)Underlying EBITDA916 405 -75 1,246EBIT 712 186 -620 278Net financial charges -98Income taxes -208Profit for the year from discontinued operations 2,132Profit/(loss) for the year 2,105Basic Performance Corporate & Business Group TotalDecember 31, 2023 \u2013 In \u20acmillionChemicalsChemicalsServicesStatement of financial position and other items (2)Capital expenditures 294 120 35 450(3)Investments 4 5 -427 -418Working capital\u2014 Inventories 325 289 28 642\u2014 Trade receivables 459 264 118 841\u2014 Trade payables 412 260 181 853(1) Underlying EBITDA is a key performance indicator followed by management and includes other elements than those presented above. See below for the reconciliation between Underlying EBITDA and EBIT. See Business Review section for reconciliation of other Underlying measures with IFRS figures.(2) Capital expenditures from continuing operations include acquisitions of property, plant and equipment, acquisition of intangible assets and acquisition of Right of use assets.(3) The negative figure of \u20ac(427) million relates to RusVinyl sale of investment.Basic Performance Corporate Group Total2022 \u2013 In \u20acmillionChemicalsChemicals& Business ServicesIncome statement items Net sales (including inter-segment sales) 3,064 2,554 4 5,622\u2014 Inter-segment sales -70 -12 0 -82Net sales 2,994 2,542 4 5,539Revenue from non-core activities 937 24 1,478 2,439Gross margin 837 510 76 1,423Depreciation and amortization 195 66 40 301Earnings from associates and joint ventures 36 1 117 153(1)Underlying EBITDA859 414 86 1,359EBIT 638 342 141 1,121Net financial charges 11Income taxes -228Profit for the year from discontinued operations 1,030Profit/(loss) for the year 1,934Corporate Basic Performance Specialty Group December 31, 2022 \u2013 In \u20acmillion& Business ChemicalsChemicalsBusinessesTotalServicesStatement of financial position and other items (2)Capital expenditures235 101 74 612 1,022Investments 1 0 5 8 15Working capital\u2014 Inventories 354 351 21 1,382 2,108\u2014 Trade receivables 522 277 229 998 2,026\u2014 Trade payables 569 288 515 924 2,296(1) Underlying EBITDA is a key performance indicator followed by management and includes other elements than those presented above. See below for the reconciliation between Underlying EBITDA and EBIT. See Business Review section for reconciliation of other Underlying measures with IFRS figures.(2) Capital expenditures include acquisitions of property, plant and equipment, acquisition of intangible assets and acquisition of Right of use assets.Reconciliation of Underlying EBITDAThe 2022 figures are restated2023 \u2013 In \u20acmillion Basic Chemicals Performance Corporate & Business Group TotalChemicalsServicesEBIT 712 186 -620 278Administrative costs 68 68Other operating gains and (losses) -14 -14Earnings from associates and joint ventures -7 -7Depreciation and amortization 191 94 36 321Results from portfolio management and major restructuring 13 126 461 600Results from legacy remediation and major litigationsUnderlying EBITDA 916 405 -76 1,246The reconciliation items \u201cResult from portfolio management and major restructuring and results from legacy remediation and major litigations,\u201d mainly include the loss on RusVinyl disposal and the restructuring and other costs incurred for the project aimed at the separation of the Group into two independent, publicly listed companies and other restructuring initiatives, and the environmental provisions accrued. The item depreciation and amortization exclude \u20ac102 million consisting of \u20ac7 million of the non-cash impact of purchase price allocation (PPA), amortization charges on intangible assets, and \u20ac95 million to adjust for the impact of impairment of other non-performing assets. The amount of \u20ac68 million includes the pure corporate costs related to the project aimed at the separation of the Group into two independent listed companies.2022 \u2013 In \u20acmillion Basic Chemicals Performance Corporate & Business Group TotalChemicalsServicesEBIT 638 342 141 1,121Administrative costs 71 71Other operating gains and (losses) -313 -313Earnings from associates and joint ventures -10 -10Depreciation and amortization 192 89 40 321Results from portfolio management and major restructuring and28 -14 158 172Results from legacy remediation and major litigationsUnderlying EBITDA 859 416 86 1,361NON-CURRENT ASSETS, CAPITAL EXPENDITURES AND INVESTMENTS BY COUNTRY AND REGION In \u20acmillionNon-current assets Capital expenditures and investmentsDecember December %% 2023 % 2022 %31, 202331, 2022Belgium 272 7% 288 2% -26 2% -32 3%Germany 338 9% 438 4% -56 5% -55 5%Italy 259 7% 655 5% -131 12% -125 12%France 653 18% 2,876 24% -318 28% -242 23%Spain 128 3% 130 1% -12 1% -13 1%European Union \u2013 Other710 19% 314 3% -33 3% -37 4%European Union 2,359 63% 4,702 38% -577 51% -504 49%Europe \u2013 Other 6 0% 150 1% -16 1% -20 2%United States 709 19% 5,273 43% -390 34% -348 34%Canada 0 0% 175 1% -19 2% -12 1%North America 709 19% 5,448 45% -409 36% -360 35%Brazil 276 7% 277 2% -41 4% -34 3%Latin America \u2013 Other11 0% 22 0% -5 0% -5 1%Latin America 287 8% 299 2% -46 4% -39 4%Russia 0 0% 432 4% 0 0% 0 0%Thailand 72 2% 91 1% -5 0% -5 0%China 102 3% 588 5% -54 5% -79 8%South Korea 50 1% 73 1% -5 0% -7 1%India 0 0% 233 2% -12 1% -8 1%Singapore 0 0% 3 0% -1 0% -3 0%Japan 15 0% 19 0% -3 0% -3 0%Other 125 3% 186 2% -4 0% -6 1%Asia and rest of the world 364 10% 1,624 13% -84 7% -112 11%Total 3,726 100% 12,223 100% -1,132 100% -1,036 100%Non-current assets are those other than deferred tax assets, loans and other assets, and other financial instruments. Capital expenditures and investments include acquisitions of property, plant and equipment, right-of-use assets, intangible assets and investments in subsidiaries and other investments (joint operations, joint ventures and associates). Both exclude discontinued operations. NOTE F2 CONSOLIDATED INCOME STATEMENT BY NATUREThe comparative figures for 2022 are restatedIn \u20acmillionNotes 2023 2022Net sales(F1) 4,880 5,539Revenue from non-core activities(F3)1,145 2,439Raw materials, utilities and consumables used-2,802 -4,790Changes in inventories-78 76Personnel expenses-835 -827\u2014 Wages and direct social benefits -623 -620\u2014 Employer's contribution for social insurance -163 -145\u2014 Pensions and insurance benefits -26 -48\u2014 Other personnel expenses -22 -14Amortization, depreciation and impairment(F11)-423 -301Other variable logistics expenses-568 -695Other fixed expenses-412 -350Addition and reversal of provisions (excluding employee benefit provisions)(F31)-279 -138Significant income related to prior years(F4)0 97M&A costs and gains and losses on disposals(F5)-404 -83Earnings from associates and joint ventures(F22)53 153EBIT278 1,121Other fixed expenses mainly include costs of services, licenses, and professional fees.The change in raw materials, utilities, and consumables used is largely explained by the decrease in energy prices, and lower volume.NOTE F3 REVENUE FROM NON-CORE ACTIVITIESThis revenue primarily comprises commodity and utility third party transactions, non-core licensing transactions, and other revenue, considered to not correspond to Solvay\u2019s core business (mainly in France and Italy). The decrease compared to 2022 is mainly related to the reduction in gas and electricity price.NOTE F4 OTHER OPERATING GAINS AND LOSSESIn \u20acmillion2023 2022Start-up and preliminary study costs -2 -3Capital gains/losses on sales of property, plant and equipment and intangible assets 3 3Net foreign exchange gains and losses 2 10Amortization of intangible assets resulting from PPA -7 -8Gain (loss) on CO hedge management (1) -14 3222Financial result linked to operational activities 14 3Other 19 -4Other operating gains and losses 15 323The comparative figures for 2022 are restated.(1) In 2022, the gain of \u20ac322 million relates to the change in accounting treatment of the entire portfolio of CO emission rights following the reconsideration of the IFRS 9 2own use exemption. NOTE F5 RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and major restructurings include: \u00b7 gains and losses on the sale of subsidiaries, joint operations, joint ventures, and associates that do not qualify as discontinued operations; \u00b7 acquisition costs of new businesses; \u00b7 one-off operating costs related to internal management of portfolio (carve-out of major lines of businesses); \u00b7 gains and losses on the sale of real estate not directly linked to an operating activity; \u00b7 restructuring charges driven by portfolio management and by major reorganizations of business activities, including impairment losses resulting from the shutdown of an activity or a plant; \u00b7 impairment losses (reversals) resulting from testing of CGUs. Results from legacy remediation and major litigations include: \u00b7 the remediation costs not generated by on-going production facilities (shut-down of sites, discontinued productions, previous years\u2019 pollution); and \u00b7 the impact of significant litigations.Results from portfolio management and major restructuringIn \u20acmillion2023 2022Restructuring costs and impairment -146 15Impairment-95 28Restructuring costs-51 -13M&A costs and gains and losses on disposals -404 -83Results from portfolio management and major restructuring -550 -68The comparative figures for 2022 are restated.In 2023, the impairment includes goodwill impairment of energy CGU \u20ac(38) million, and impairment in the Special Chem CGU for Fluor Gases in Europe for \u20ac(48) million \u2013 see note F23 for further details on the impairment.The restructuring costs are mainly linked to the separation plan of the Solvay Group \u20ac(35) million. In 2023, M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group \u20ac(218) million, and the recycling of RusVinyl of currency Translation Adjustment reserve \u20ac(176) million. In 2022, impairment includes the reversal of impairment losses in the Special Chem CGU for Fluor Gases in Europe for \u20ac37 million, impairment losses of other non-performing assets for \u20ac(9) million. The 2022 increase in M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group. For the movement in restructuring and remediation costs please refer to the note F31 Provisions.RESULTS FROM LEGACY REMEDIATION AND MAJOR LITIGATIONSIn \u20acmillion 2023 2022Major litigations -12 -30Remediation costs and other costs related to non-ongoing activities -38 -71Results from legacy remediation and major litigations -50 -101The comparative figures for 2022 are restated.For the movement in litigation costs and remediation costs, please refer to the note F31. Provisions.NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions). NOTE F7INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the consolidated income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for all taxable temporary differences. No deferred tax liabilities are recognized following the initial recognition of goodwill. In addition, no deferred tax assets or liabilities are recognized with respect to the initial recognition of an asset or liability in a transaction which is not a business combination and affects neither accounting profit nor taxable profit.Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, joint operations, joint ventures, and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets other than tax loss carryforwards are analyzed on a case by case basis, taking into account all relevant facts and circumstances. For example, a zero taxable profit, after deducting the amounts paid to retirees under a defined benefit plan and for which a deductible temporary difference existed, can justify the recognition of the underlying deferred tax assets. Recognition of deferred tax assets for tax loss carryforwards requires a positive taxable profit during the year that enables the utilization of tax losses that originated in the past. Because of uncertainties inherent to predicting such positive taxable profit, recognition of deferred tax assets from tax loss carryforwards is based on a case by case analysis, which is usually based on five-year profit forecasts, except with respect to any financial company for which ten-year financial profit forecasts are considered highly predictable and are consequently used. The corporate tax reporting team, which monitors the Group deferred tax positions, is involved in assessing deferred tax assets.Further details are provided in note F7.C.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and when the Group intends to settle its current tax assets and liabilities on a net basis.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized as an expense or income in profit or loss, except when they relate to items that are recognized outside profit or loss (whether in other comprehensive income or directly in equity), in which case the tax is also recognized outside profit or loss, or when they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in the accounting for the business combination.Exception to the above, as from January 1, 2019, the Group applies the amendments to IAS 12, that apply to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period, i.e. January 1, 2018. In 2018, the income tax consequences of the coupons on perpetual hybrid bonds classified as equity were recognized in equity. As a result of the adoption of the amendment, those income tax consequences are now recognized in profit or loss.F7.A. Income taxesThe income taxes (net expense) recognized in the consolidated income statement decreased by \u20ac29 million in 2023 compared to 2022. The income taxes (net expense) recognized in other comprehensive income decreased by \u20ac58 million in 2023 compared to 2022, mainly due to the movement in employee benefit provisions (see note F30 Employee benefits) and due to the variation of the CO emission rights contracts (see note F32 Financial 2instruments and Financial risk management).In \u20acmillion 2023 2022Current taxes related to current year -180 -107Provisions for tax litigations 1 11Other current taxes related to prior years 5 4Current taxes -174 -92Changes in unrecognized deferred tax assets (a) -91 -7Deferred tax income on amortization of PPA step-ups 2 3Deferred tax impact of changes in the nominal tax rates 2 4Deferred taxes related to prior years -5 3Other deferred taxes (b) 59 -138Deferred taxes -34 -135Income taxes recognized in the consolidated income statement -208 -228Income taxes on items recognized in other comprehensive income 2 -66The current taxes (net expense) related to the current year increased by \u20ac(73) million due to higher taxable profits in countries with high effective tax rates (e.g. Italy, Belgium, and Germany) slightly offset by the reversal of provisions for tax litigation.(a) In 2023, the change in unrecognized deferred tax assets amounted to \u20ac91 million resulting mainly from a revision of the forecasted taxable results mainly due to the exit from the tax unit in France as a consequence of the Partial Demerger of the Group. (b) In 2023, the other deferred taxes (\u20ac63 million) mainly relate to provisions other than employee benefits and tangible assets. Developments in International TaxationSolvay SA/NV is closely monitoring the laws which the various jurisdictions are adopting following the Organization for Economic Co-operation and Development (OECD) and EU-initiatives regarding the Pillar Two Global Minimum Tax of 15% and the potential impact thereof. A preliminary assessment of this potential impact, which has been conducted with support of an independent advisor using financial information of financial year 2022 of Solvay SA/NV (prior to the partial demerger of December 8, 2023), indicated that no material tax impact is reasonably to be expected. Because of the complexity of the Pillar Two rules, the continued further guidance and supplementation of the legislation and the complexity of Solvay\u2019s partial demerger from both a financial and transactional perspective, the financial year 2023 is considered not a suitable reference and the impact assessment will continue in the course of 2024.Solvay SA/NV will continue to conduct tax technical analyses and further develop its tools and processes over the next few months and continue to involve, inform and educate key stakeholders, both internal and external.F7.B. Reconciliation of the income tax expenseThe effective income tax expense has been reconciled with the theoretical tax expense obtained by applying to the pre-tax profit of each Group entity the nominal tax rate prevailing in the country in which it operates.In \u20acmillion 2023 2022Profit/(Loss) for the year before taxes 180 1,132Earnings from associates and joint ventures 53 153Profit/(Loss) for the year before taxes excluding earnings from associates and joint ventures 127 979Reconciliation of the tax income/(expense) Total tax income/(expense) of the Group entities computed on the basis of the respective local nominal -27 -222ratesWeighted average nominal rate 21% 25%Withholding taxes -31 -21Tax effect of changes in nominal tax rates 2 4Changes in unrecognized deferred tax assets -91 -7Tax effect of permanent differences -36 17Gain and losses with no tax expense and income -20 -12Provisions for tax litigations 1 11Other tax effect of current and deferred tax adjustments related to prior years 0 7Tax effect on distribution of dividends -4 -4Effective tax income/(expense) -208 -227Effective tax rate 116% 20%The weighted average nominal rate decreased from 2022 (25%) to 2023 (21%).The higher effective tax rate is mainly due to the changes in recognition of deferred tax assets in France and the impact of the RusVinyl disinvestment. F7.C. Deferred taxes in the consolidated statement of financial position2023 \u2013 In \u20acmillion Opening Recognized Recognized Exchange Other ac-Other Partial Closing balancein income in other com-rate quisition / Demer-balancestatementprehensive effectdisposalgerincomeTemporary differencesEmployee benefits obligations 234 -90 -47 0 -1 1 98Provisions other than employee 175 24 1 -1 -164 35benefitsProperty, plant and equipment -234 34 11 145 -44Intangible assets -196 28 -3 178 7Right-of-use assets -81 4 1 35 -40Lease liabilities 82 -4 -1 -34 43Goodwill 58 0 -1 -57 0Other temporary differences -66 2 49 0 4 -3 -14Tax losses 375 -17 0 -1 -257 99Tax credits 27 -16 0 -9 2Total (net amount) 374 -34 2 8 2 -166 1862022 \u2013 In \u20acmillion Opening Recognized Recognized Exchange Other Transfer Closing balancein income in other com-rate effectacquisition to assets balancestatementprehensive / disposalheld for incomesaleTemporary differencesEmployee benefits obligations 289 7 -68 5 1 234Provisions other than employee benefits 208 -42 9 0 0 175Property, plant and equipment -225 7 -15 0 -1 -234Intangible assets -274 96 -17 0 -196Right-of-use assets -74 -4 -2 0 0 -81Lease liabilities 75 4 3 0 82Goodwill 3 56 -1 58Other temporary differences 20 -84 1 -3 0 0 -66Tax losses 263 109 3 0 375Tax credits 33 -7 1 27Total (net amount) 318 141 -66 -18 0 0 374The significant components of the deferred tax assets and deferred tax liabilities at the end of 2023 and 2022 are as follows:In \u20acmillion 2023Deferred tax Deferred tax Net deferred Write-down of Net deferred assetsliabilitiestaxes before deferred tax taxeswrite-downassets (unrecog- nized portion)Employee benefits obligations 208 -25 182 -84 98Provisions other than employee benefits 165 -57 108 -73 35Property, plant and equipment 56 -108 -52 8 -44Intangible assets 14 -16 -1 8 7Right-of-use assets -6 -42 -47 7 -40Lease liabilities 52 -1 51 -8 43Goodwill 0 0 0 0 0Other 200 -211 -10 -3 -14Temporary differences 689 -459 230 -145 85Operational losses 218 0 218 -165 53Non-operational losses 58 0 58 -13 46Tax losses 276 0 276 -178 99Tax credits carried forward 2 0 2 0 2Netting deferred taxes -328 328 0 0 0Deferred taxes 639 -131 508 -322 186In \u20acmillion 2022Deferred tax Deferred tax Net deferred Write-down of Net deferred assetsliabilitiestaxes before deferred tax taxeswrite-downassets (unrecog- nized portion)Employee benefits obligations 328 -94 234 0 234Provisions other than employee benefits 241 -66 174 1 175Property, plant and equipment 69 -275 -207 -28 -234Intangible assets 261 -381 -120 -76 -196Right-of-use assets 0 -82 -81 0 -81Lease liabilities 80 2 82 0 82Goodwill 58 0 58 0 58Other 175 -238 -63 -3 -66Temporary differences 1,211 -1,133 76 -105 -29Operational losses 1,479 0 1,479 -1,187 292Non-operational losses 308 0 308 -225 83Tax losses 1,787 0 1,787 -1,412 375Tax credits carried forward 81 1 81 -55 27Netting deferred taxes -575 575 0 0 0Deferred taxes 2,504 -557 1,945 -1,572 374The evolution of the net deferred taxes between 2023 and 2022 mainly relates to the following items: \u00b7 The total net deferred taxes of \u20ac186 million at year-end 2023 are \u20ac188 million lower than in 2022. \u00b7 The main changes in 2023 are related to the following items: \u00b7 Deferred taxes on employee benefit obligations: \u20ac98 million at year-end 2023 - \u20ac136 million lower than in 2022, explained by the non-recognition of deferred taxes in France (\u20ac(48) million in income statement and \u20ac(28) million in other comprehensive income) and by the decrease of post-employment benefits obligations mainly in France. \u00b7 Deferred taxes on provisions other than employee benefits: \u20ac35 million at year-end 2023 - \u20ac140 million lower than in 2022; mainly due to the Partial Demerger (\u20ac164 million) \u00b7 Deferred taxes on intangible assets: \u20ac7 million at year-end 2023 - \u20ac203 million lower than in 2022. The decrease in these liabilities in 2023 is mainly due to the Partial Demerger (\u20ac178 million) \u00b7 deferred taxes on operational and non-operational tax losses: \u20ac99 million at year-end 2023 - \u20ac276 million lower than in 2022 mainly due to the Partial Demerger (\u20ac257 million) and less recognition in Belgium (\u20ac6 million). \u00b7 Deferred tax assets on other temporary differences: \u20ac(14) million at year-end 2023 - \u20ac52 million lower than in 2022 mainly due to the derecognition of the CO emission rights contracts in several legal entities.2 \u00b7 Deferred tax liabilities on unremitted earnings were recognized in the Other Temporary differences for \u20ac(16) million at year-end 2023 (\u20ac(56) million at year-end 2022). The amounts of deferred tax liabilities not recognized, provided that the Group controls the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future were \u20ac36 million at year-end 2023 (\u20ac32 million at year-end 2022).Recognized deferred taxes for which utilization depends on future taxable profits in excess of the profit arising from the reversal of existing taxable temporary differences within entities that have suffered a tax loss in either current or preceding years in the related tax jurisdiction, amount to \u20ac187 million (\u20ac134 million in 2022). This recognition is supported by favorable expectations of future taxable profits.F7.D. Other informationFor the majority of the Group\u2019s tax loss carryforwards, no deferred tax assets have been recognized. The unrecognized tax losses are mainly located in countries where they can be carried forward indefinitely. The tax losses carried forward generating deferred tax assets are given below by expiration date.In \u20acmillion 2023 2022Within 1 year 13 0Within 2 years 7 1Within 3 years 2 1Within 4 years 0 0Within 5 or more years 53 12No time limit 316 1,402Total of losses carried forward which have generated recognized deferred tax assets 391 1,417Tax losses carried forward for which deferred tax assets were written-down 1,520 5,203Total of tax losses carried forward 1,911 6,620The tax losses carried forward of \u20ac391 million (\u20ac1,417 million in 2022) have generated deferred tax assets for \u20ac100 million (\u20ac375 million in 2022). The decrease of tax losses carried forward which have generated a reduction of tax assets, is largely due to the Partial Demerger of the Group NOTE F8DISCONTINUED OPERATIONS AND PARTIAL DEMERGERAccounting policyA discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u00b7 represents a separate major line of business or geographical area of operations; \u00b7 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u00b7 is a subsidiary acquired exclusively with a view to resale.A component of the Group consists of operations and cash flows, which can be clearly distinguished operationally and for financial reporting purposes, from the rest of the Group.In the consolidated statement of comprehensive income, the consolidated statement of cash flows, and disclosures, discontinued operations are restated for prior periods presented.In accordance with IFRIC 17 Distribution of Non-cash Assets to Owners, and IFRS 10 Consolidated Financial Statements \u2013 chapter on loss of control \u2013 Solvay measures the profit on distribution in the form of demerger as the excess amount of the fair value of the distributed net assets over the then-carrying value of the net assets of the distributed businesses, adjusted for the related NCI. The recognition of the fair value of the distributed net assets may require the use of valuation techniques. Solvay uses the observable values as input for such valuation techniques.Solvay applies IFRS 5 requirements after intercompany elimination. F8.A. Partial Demerger of the Specialty BusinessesOn March 15, 2022, the Group announced that it was reviewing plans to separate into two independent, publicly traded companies. Effective December 9, 2023, at 00:00 a.m. CET, the Group\u2019s Materials segment, and the majority of the Group\u2019s Solutions segment (i.e., Novecare, Technology Solutions, Aroma Performance, and Oil and Gas) (together the \u201cSpecialty Businesses\u201d) were separated from Solvay SA/NV by way of a partial demerger of Solvay SA/NV under Belgian law (the \u201cPartial Demerger\u201d), whereby the shares and other interests held by Solvay SA/NV in the legal entities operating the Specialty Businesses, Solvay SA/NV\u2019s rights and obligations under the agreements entered into with those legal entities, as well as certain other assets and liabilities were contributed to Syensqo SA/NV.The Partial Demerger had not satisfied the criteria of discontinued operations until the decision of the extraordinary shareholders\u2019 meeting held on December 8, 2023, to approve the Partial Demerger. In consequence, the Specialty Businesses were not presented as discontinued operations in the Group\u2019s 2022 annual integrated report. As mentioned above, the effective date of the Partial Demerger was December 9, 2023.Discontinued operations include the operational results of the Specialty Businesses, mentioned above, certain corporate activities attributable to these businesses business prior to the Partial Demerger, and the gain on non-cash distribution of Specialty Businesses to Syensqo shareholders. The operations of Specialty Businesses are presented as discontinued operations in these financial statements. The energy and CO contracts related to the Specialty Businesses were transferred during the Partial Demerger.2Solvay SA/NV and Syensqo SA/NV entered into a Separation Agreement on December 4, 2023, to govern (i) certain practical aspects of the separation of the two groups, as well as the (ii) creation of cross indemnities to adjust, where necessary, the allocation of certain liabilities resulting from the legal structuring, and (iii) the allocation of certain liabilities, including environmental liabilities. Please refer to \u201cMain Events and Changes in the Consolidation Scope\u201d for further details on the \u201cSeparation Agreement\u201d and \u201cLiability management.\u201dThe Partial Demerger impacted the market value of all of the issued and outstanding shares of Solvay SA and the options on these shares. This includes the shares held by Solvay Stock Option Management SRL (\u201cSSOM\"), a wholly owned subsidiary of Solvay, for the purposes of hedging its exposure under LTI plans. For each share of Solvay SA/NV held by SSOM upon completion of the Partial Demerger, SSOM received one newly issued share of Syensqo SA/NV; the newly issued Syensqo shares were classified as investments at fair value through profit or loss and reclassified out of equity. The details on treasury shares and equity investments at fair value through profit or loss are provided in Notes F30 Equity, and F32 Financial Instruments.The profit from discontinued operations in the consolidated income statement is analyzed as follows (2023 \u2013 from January 1, 2023, to December 8, 2023):In \u20acmillion2023 2022Sales 6,656 8,092\u2014 of which revenue from non-core activities 167 205\u2014 of which net sales 6,489 7,887Cost of goods sold -4,357 -5,489Gross margin 2,299 2,604Commercial costs -272 -222Administrative costs -466 -617Research and development costs -318 -312Other operating gains and (losses) -132 -152Earnings from associates and joint ventures 18 18Results from portfolio management and major restructuring -53 -37Results from legacy remediation and major litigations -274 -182EBIT 802 1,100Cost of borrowings -54 -63Interest on loans and short term deposits 14 1Other gains and (losses) on net indebtedness -22 -24Cost of discounting provisions -20 18Result from equity instruments measured at fair value 3 -13Profit/(loss) for the year before taxes 723 1,019Income taxes -242 11Profit for the year from discontinued operations 481 1,030Gain on Partial Demerger according to IFRIC 17 1,651 Profit for the year from discontinued operations with the gain on the Partial Demerger 2,132 1,030The gain on Partial Demerger is analyzed below. F8.B. Partial Demerger - other related information Net assets of the demerged Specialty Businesses:In \u20acmillion Upon completion of the Partial Demerger (Dec. 9, 2023)ASSETS Intangible assets 1,678Goodwill 2,637Property, plant and equipment 3,481Right-of-use assets 189Equity instruments measured at fair value 79Investments in associates and joint ventures 202Other investments 4Deferred tax assets 884Loans and other assets 178Other financial instruments 30Non-current assets 9,362Inventories 1,256Trade receivables 1,083Income tax receivables 55Other financial instruments 56Other receivables 320Cash and cash equivalents 1,143Current assets 3,913Total assets 13,274LIABILITIES Provisions for employee benefits 333Other provisions 303Deferred tax liabilities 718Financial debt 816Other liabilities 22Non-current liabilities 2,192Other provisions 315Financial debt 1,472Trade payables 923Income tax payables 52Other liabilities 401Current liabilities 3,163Total liabilities 5,355Net assets directly associated with disposal group 7,920Gain on Partial Demerger according to IFRIC 17:In \u20acmillionFair value of the distribution 9,546Net assets -7,920Other adjustments 7Non-controlling interest associated with the net assets of Specialty 17BusinessesGain on the Partial Demerger 1,651The fair value of the distribution was measured by reference to the average of the closing price of the first 30 days of trading activity of Syensqo shares, following the Partial Demerger. This being a fair value measured with observable inputs, was considered to be representative of the fair value of the assets and liabilities effected by the demerger at the distribution date.F8.C. Other information relevant to discontinued operationsEdisonIn February 2023, Solvay Specialty Polymers Italy S.p.A., a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, received compensation of \u20ac91.6 million after decisions by the International Chamber of Commerce's Arbitration Court, the Swiss Supreme Court, and the Milan Court of Appeal, all of which ruled in favor of Solvay Specialty Polymers Italy S.p.A. The compensation relates to losses, damages and costs incurred up to the end of 2016 in relation to certain environmental issues at the Spinetta Marengo and Bussi sites, previously owned and operated by (Mont)Edison S.p.A. and Ausimont S.p.A. The compensation received in 2023 was included within discontinued operations in the Consolidated Income Statement.Environmental liabilitiesOn June 28, 2023, Solvay Specialty Polymers USA, LLC, a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, and the New Jersey Department of Environmental Protection (NJDEP) announced they reached a settlement resolving certain PFAS-related claims in New Jersey. As a result of this settlement, Solvay increased its existing provision by around US$250 million as of June 30, 2023, with US$175 million cash out in 2024 and the balance over a 30-year period. There were no further changes prior to the Partial Demerger. The provision was derecognized as a part of the Partial Demerger and transferred to Syensqo as from December 9, 2023.NOTE F9EARNINGS PER SHAREAccounting policyThe basic earnings per share are obtained by dividing profit for the year by the weighted average number of ordinary shares outstanding during the reporting period. The weighted average number of ordinary shares excludes the treasury shares held by the Group over the reporting period.The diluted earnings per share are obtained by dividing profit for the year, adjusted for the effects of dilutive potential ordinary shares, by the weighted average number of ordinary shares, also adjusted by the number of dilutive potential ordinary shares attached to the issuance of share options. The number of dilutive potential ordinary shares is calculated for the weighted average number of share options outstanding during the reporting period as the difference between the average market price of ordinary shares during the reporting period and the exercise price of the share option. Share options have a dilutive effect only when the average market price is above the exercise price (share options are \u201cin the money\u201d).For the purpose of calculating diluted earnings per share, there were no adjusting elements to the profit for the year (Solvay share).Basic and diluted amounts per share for discontinued operations are presented in the consolidated income statement.Number of shares (in units)2023 2022Weighted average number of ordinary shares (basic) 104,160,774 103,744,461Dilution effect 1,288,845 398,745Weighted average number of ordinary shares (diluted) 105,449,619 104,143,2062023 2022Basic Diluted Basic DilutedProfit/(loss) for the year (Solvay share) including discontinued 2,092,753 2,092,753 1,905,417 1,905,417operations (in \u20acthousands)Profit/(loss) for the year (Solvay share) excluding -37,172 -37,172 890,040 890,040discontinued operations (in \u20acthousands)Earnings per share (including discontinued operations) (in \u20ac) 20.09 19.85 18.37 18.30Earnings per share (excluding discontinued operations) (in \u20ac) -0.36 -0.35 8.58 8.55The 2022 figures were restated.More information regarding shares, including dividend per share, can be found in the Business Review section.The average market price during 2023 was \u20ac26.93 per share. In connection with the listing of Syensqo SA/NV following completion of the Partial Demerger, Euronext Brussels restated the quotation data for 2023. For the purpose of calculating the average, we based on this restated data. The following share options were out of the money, and therefore antidilutive for the period presented, but could potentially dilute basic earnings per share in the future (see note F29 Share-based payments):Antidilutive share options per plans Date granted Exercise Number of share Number of share options price (in \u20ac)options grantedoutstanding2016 February 24, 2016 13.11 696,144 168,4292017 February 23, 2017 19.19 316,935 216,7092018 \u2013 1February 27, 2018 19.51 400,704 260,6112018 \u2013 2July 30, 2018 18.69 72,078 53,6402019 February 27, 2019 16.74 438,107 175,1092020 February 26, 2020 16.52 405,670 171,4272021 February 24, 2021 16.49 265,433 105,5942022 September 28, 2022 84.34 386,867 102,336Total 2,981,938 1,253,855The 2022 plan has not been split and the underlying is a combined instrument of Solvay SA/NV and Syensqo SA/NV shares. Consequently, the strike price (\u20ac84.34) has not been adjusted.NOTES TO THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMENOTE F10 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEAccounting policyIn accordance with IAS 1 Presentation of Financial Statements, the Group elected to present two statements, i.e. a consolidated income statement immediately followed by a consolidated statement of comprehensive income.The components of other comprehensive income (OCI) are presented before related tax effects with one amount shown for the aggregate amount of income tax relating to those components. Tax impacts are further disclosed in this note.Presentation of the tax effect relating to each item of other comprehensive incomeNote: the below table presents the total other comprehensive income items for the aggregate of the shares of Solvay and the non-controlling interests. 2023 Before-tax Tax expense Net of tax In \u20acmillionamount(-)/incomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge-208 49 -159Recycling to the income statement-20 -20Gains and losses on hedging instruments in a cash flow hedge (see note F32) -228 49 -179Currency translation differences arising during the year-423 -423Recycling of currency translations differences relating to foreign operations disposed of 287 287in the yearOther movement of currency translation differences (NCI) relating to foreign operations -1 -1Currency translation differences \u2013 Subsidiaries and joint operations -138 -138Currency translation differences arising during the year23 23Recycling of currency translations differences relating to foreign operations disposed of 179 179in the yearShare of other comprehensive income of associates and joint ventures 202 202Recyclable components-164 49 -115Gains and losses on equity instruments measured at fair value through other 0 0 0comprehensive incomeRemeasurements of the net defined benefit liability (see notes F7 & F30) -30 -47 -77Non-recyclable components-30 -47 -77Other comprehensive income/(loss) -194 2 -192In 2023, the recycling of the currency translation differences was mainly due to the Partial Demerger \u20ac(292) million and due to derecognition of RusVinyl \u20ac(169) million.2022Before-tax Tax expense Net of tax In \u20acmillionamount(-)/incomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge 305 -7 298Recycling to the income statement -226 -226Gains and losses on hedging instruments in a cash flow hedge (see note F32) 79 -7 72Currency translation differences arising during the year 285 285Recycling of currency translations differences relating to foreign operations disposed of -1 -1in the yearOther movement of currency translation differences (NCI) relating to foreign operations 0 0Currency translation differences \u2013 Subsidiaries and joint operations 284 284Share of other comprehensive income of associates and joint ventures 22 22Recyclable components385 -7 377Gains and losses on equity instruments measured at fair value through other -25 6 -19comprehensive incomeRemeasurements of the net defined benefit liability (see note F30) 155 -66 89Non-recyclable components130 -60 70Other comprehensive income/(loss) 515 -67 447Currency translation differencesAccounting policyFor the purpose of presenting consolidated financial statements at the end of each reporting period, the assets and liabilities of the Group\u2019s foreign operations are expressed in euros using closing rates. Income and expense items are translated at the average exchange rates for the period except when the impact of applying the average rate is materially different from applying the spot rate at the respective transactions\u2019 dates, in which case the latter is applied. Exchange differences arising, if any, are recognized in other comprehensive income as \u201ccurrency translation differences\u201d.Currency translation differences are reclassified from equity to profit or loss, on: \u00b7 A disposal of the Group\u2019s entire interest in a foreign operation. In this case, all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognized, but they are not reclassified to profit or loss.At the end of 2023, the carrying amount of Currency Translation consists of \u20ac(288) million on BRL, \u20ac(211) linked to the conversion of Member States\u2019 currencies to Euro, and \u20ac256 million on USD.NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS(CONTINUING AND DISCONTINUED OPERATIONS)NOTE F11 DEPRECIATION, AMORTIZATION AND IMPAIRMENTSThe depreciation, amortization and impairment losses (reversal) amount to \u20ac994 million in 2023 (\u20ac923 million in 2022), of which \u20ac500 million related to discontinued operations (\u20ac622 million in 2022).The table below presents the amounts of the total depreciation, amortization and impairment losses (reversals) of continuing operations included in the various headings of the Consolidated Statements of Income.In \u20acmillion 2023 2022Cost of goods sold 269 264Administrative costs 37 42Research and development costs 12 10Other operating gains and (losses) 10 13\u2014 Of which PPA (see Note F4)7 8Total depreciation and amortization 328 329Goodwill Impairment 38 0Other net Impairment 57 -28Total depreciation, amortization and impairment losses (reversal)423 301The comparative figures for 2022 are restated.In 2023, the impairments include the \u20ac38 million of impaired Energy CGU\u2019s goodwill and an impairment of \u20ac48 million of underperforming site within Special Chem CGU.NOTE F12 OTHER NON-OPERATING AND NON-CASH ITEMSThe other non-operating and non-cash items for 2023 of \u20ac(1,481) million mainly comprise the result linked to the Partial Demerger \u20ac(1,651) million (see Note F8 for the details), reduced by recycling of CTA of RusVinyl \u20ac176 million.In 2022, (\u20ac43) million mainly relate to non-cash capital gains and other results for M&A deals. NOTE F13 INCOME TAXES IN THE STATEMENT OF CASH FLOWSIncome tax expense in 2023 amounts to \u20ac450 million (\u20ac217 million in 2022). Income tax paid in 2023 amounts to \u20ac434 million (\u20ac305 million in 2022). The income tax paid has increased compared to previous years due to increased profits mainly in China, the US and Italy.The major components of Income taxes are discussed in note F7 income taxes in income statement and statement of financial position. NOTE F14 CHANGES IN WORKING CAPITALIn \u20acmillion 2023 2022Inventories 215 -300Trade receivables 122 -193Trade payables -495 115Other receivables/payables 79 -197Changes in working capital -78 -576Of which discontinued operations -55 -268The decrease in trade payables in 2023 results mainly from lower energy prices and the process of the Partial Demerger.NOTE F15ADDITIONS, REVERSALS AND USE OF PROVISIONSIn \u20acmillion 2023 2022Additions and reversal of employee benefits and other provisions 644 336Of which: \u2014 Employee benefits 44 63\u2014 Restructuring 104 32\u2014 Environment 346 177Payments related to employee benefits and use of provisions -304 -328Of which: \u2014 Employee benefits -85 -101\u2014 Restructuring -92 -106\u2014 Environment -72 -90Use of provisions for additional voluntary contributions -116 -155(pension plans)See note F31 for more information. NOTE F16CASH FLOWS FROM INVESTING ACTIVITIES \u2013 ACQUISITION/DISPOSAL OF ASSETS AND INVESTMENTSThe cash-flows in the table below present both continuing and discontinued operations.2023 \u2013 In \u20acmillion Acquisitions Disposals TotalInvestments -12 -718 -730\u2014 Subsidiaries 433 433\u2014 Cash in Partial Demerger -1,151 -1,151\u2014 Other -12 -12Property, plant and equipment/Intangible assets -1,063 7 -1,057Total -1,075 -711 -1,7862022 \u2013 In \u20acmillion Acquisitions Disposals TotalTotal investments -14 95 81\u2014 Subsidiaries 94 95\u2014 Other -14 -14Property, plant and equipment/Intangible assets -909 21 -888Total -923 116 -8072023In 2023, the amounts related to investment in subsidiaries related to the sale of RusVinyl. In regard to cash in the Partial Demerger, this is a result of the cash position in the demerged subsidiaries of Syensqo SA/NV. The acquisition includes the following main projects: \u00b7 Soda Ash & Derivatives: Soda ash capacity increase in Green River (USA) \u00b7 Soda Ash & Derivatives: Coal phase-out in Green River (USA) \u00b7 Peroxides: Hydrogen Peroxide capacity increase in Antwerp (Belgium) \u00b7 Silica: New electric furnace in Collonges (France) to reduce CO emissions2 \u00b7 Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacity increase in Tavaux (France) \u00b7 Specialty Polymers: DCDPS monomer capacity increase in Augusta (USA) \u00b7 Specialty Polymers: Udel polysulfone capacity increase in Marietta (USA) \u00b7 Specialty Polymers: Compounding capacity increase at Changshu (PRC) \u00b7 Specialty Polymers: Waste water treatment units at Tavaux (France) and Changshu (PRC) \u00b7 Novecare: internalization of IRIS intermediate chemical production in Melle (France) \u00b7 Aroma performance: internalization of natural vanillin fermentation (Portugal) and purification (France) \u00b7 Technology Solutions: Aldoxime capacity increase in Mount Pleasant (USA) \u00b7 O&G: Friction reducers production capacity in West Texas (USA)2022The other acquisitions (\u20ac(14) million) mainly relate to several investments of the Corporate Venturing portfolio (New Business Development). The disposal of subsidiaries (\u20ac95 million) mainly relates to the proceeds after taxes related to the final price adjustments for the disposal of the Barium Strontium business and the joint venture with Chemicals Products Corporation, the Polyamide business and the disposal of the Novecare Alkoxylation plant in Singapore.The acquisition of property, plant and equipment and intangible assets (\u20ac(909) million) includes the following main projects: \u00b7 Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacity increase in Tavaux (France) and Changshu (PRC) \u00b7 Soda Ash & Derivatives: Soda ash capacity increase in Green River (USA) \u00b7 Novecare: internalization of IRIS intermediate chemical production in Melle (France) \u00b7 Technology Solutions: Aldoxime capacity increase in Mount Pleasant (USA) \u00b7 Aroma performance: internalization of natural vanillin purification in Saint Fons (France) \u00b7 Specialty Polymers: DCDPS monomer capacity increase in Augusta (USA) \u00b7 Specialty Polymers: Udel polysulfone capacity increase in Marietta (USA) \u00b7 Soda Ash & Derivatives: methane emissions abatement in Green River (USA)NOTE F17OTHER CASH FLOWS FROM FINANCING ACTIVITIESThe \u20ac(337) millions of other cash flows from financing activities in 2023 (\u20ac112 million in 2022) mainly relate to margin calls on hedging instruments as part of Energy Services\u2019 activities for \u20ac(317) million (\u20ac128 million in 2022).For trading in futures of different commodities (CO, power, gas, coal), Energy Services uses brokers. These deals are subject to margin calls. To 2cover the credit risk of the counterparty, brokers pay a margin call to Solvay in case the instrument is in the money for Solvay. If the instrument is out of the money for Solvay, Solvay pays a margin call to the brokers. The margin calls are presented as part of financial debt (see note F33 Net indebtedness). Cash flows from margin calls are recognized as financing cash flows that fluctuate with the fair value of the instrument. The actual settlement of these commodity derivatives is net of margin calls and the gross amount (including margin calls that are reclassified from financing cash flows) is recognized in operating cash flows.NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITIONNOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for prospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets \u2013 Technologies 5-20 yearsAmortization expense is included in the consolidated income statement within the cost of goods sold, administrative costs, research and development costs and other operating gains and losses.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.Research and development costsResearch costs are expensed in the period in which they are incurred.Development costs are capitalized if, and only if, all the following conditions are fulfilled: \u00b7 the cost of the asset can be reliably measured; \u00b7 the technical feasibility of the product has been demonstrated; \u00b7 the product or process will be placed on the market or used internally; \u00b7 the assets will generate future economic benefits (a potential market exists for the product or, where it is to be used internally, its future utility has been demonstrated); \u00b7 the technical, financial and other resources required to complete the project are available.Development costs comprise employee expenses, the cost of materials and services directly attributable to the projects, and an appropriate share of directly attributable fixed costs including, and where applicable, borrowing costs. The intangible assets are amortized as from the moment they are available for use, i.e. When they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Development costs, which do not satisfy the above conditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired through business combinations. Customer relationships consist of customer lists.Other intangible assetsOther intangible assets mainly include technology acquired separately or in a business combination.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.Development Patents and Customer Other TotalIn \u20acmillioncoststrademarksrelationshipsintangible assetsGross carrying amount December 31, 2021 517 1,686 1,973 739 4,914Additions 67 3 24 94Disposals and closures -22 -16 -5 -43Increase through business combinations 0 0 0 0Currency translation differences 7 60 93 22 183Other 7 11 -15 3December 31, 2022 577 1,744 2,066 765 5,152Additions 71 1 33 105Disposals and closures -66 -74 -100 -239Increase through business combinations 0 0 0 0Currency translation differences -3 -25 -37 -14 -80Partial Demerger -482 -1,079 -1,781 -582 -3,924Other 1 5 -9 -3December 31, 2023 98 572 248 92 1,010Accumulated amortization December 31, 2021 -233 -1,047 -941 -590 -2,812Amortization -63 -97 -90 -14 -265Impairment 0 0 0 0 0Reversal of impairment 0 0 8 8Disposals and closures 22 16 5 43Currency translation differences -2 -26 -29 -21 -78Other 0 0 0 0December 31, 2022 -277 -1,155 -1,061 -611 -3,104Amortization -54 -72 -85 -17 -228Impairment 0 0 0 0 0Reversal of impairment 0 0 0 0Disposals and closures 61 74 100 235Currency translation differences 1 13 16 13 43Partial Demerger 223 651 887 485 2,246Other 0 24 -25 -1December 31, 2023 -45 -466 -244 -55 -809Net carrying amount December 31, 2021 283 638 1,031 149 2,100December 31, 2022 300 589 1,005 153 2,048December 31, 2023 52 107 5 37 201On December 31, 2023, intangibles mainly relate to the intangibles acquired through the acquisitions of Rhodia.NOTE F19Goodwill and business combinationsAccounting policyGoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.Goodwill \u2013 overviewIn \u20acmillionTotalDecember 31, 2021 3,379Currency translation differences 94Disposals 0December 31, 2022 3,472Addition 2Currency translation differences -36Disposals 0Impairment -38Partial Demerger -2,637December 31, 2023 764In 2023 and 2022, the currency translation differences mainly relate to goodwill expressed in US dollars. Most of the goodwill expressed in US dollars are located in Specialty Businesses.Regarding the impairment, see note F23 for more details.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that business combination.As a result of the Partial Demerger of the Specialty Business the Group realigned its Operating Segments as detailed in note F1 Revenue and Segment Information. The realignment resulted in the reallocation of segment level goodwill of \u20ac186 million (see column Transfer). The goodwill was reallocated to the CGUs using a relative value approach (respective fair values). The reallocation did not have any significant impact on the impairment analysis performed.At beginning Additions Impairment Currency Transfer Partial At the In \u20acmillionof the periodtranslation Demergerend of the differencesperiodOperating segments \u2013 Groups of CGUs\u2014 Materials 341 -341 0\u2014 Chemicals 121 -121 0\u2014 Solutions 264 -65 -199 0(Groups of) CGUs \u2014 Composite Materials 591 -15 -577 0\u2014 Novecare 565 2 -3 -564 0\u2014 Technology Solutions 734 -17 -716 0\u2014 Special Chem 210 0 65 275\u2014 Specialty Polymers 181 -1 -180 0\u2014 Soda Ash and Derivatives 162 75 237\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 -49 0\u2014 Energy Services 50 -38 -12 0\u2014 Hydrogen Peroxide Europe 21 17 37\u2014 Hydrogen Peroxide Mercosul 14 14 27\u2014 Hydrogen Peroxide Nafta 7 8 15\u2014 Hydrogen Peroxide Asia 11 0 8 19Total goodwill 3,472 2 -38 -35 0 -2,637 7642022At beginning of Disposals Currency At the end of In \u20acmillionthe periodtranslation the perioddifferencesOperating segments \u2013 Groups of CGUs\u2014 Materials 341 341\u2014 Chemicals 121 121\u2014 Solutions 264 264(Groups of) CGUs\u2014 Composite Materials 555 37 591\u2014 Novecare 553 0 12 565\u2014 Technology Solutions 690 43 734\u2014 Special Chem 210 0 210 1\u2014 Specialty Polymers 179181\u2014 Soda Ash and Derivatives 162 162\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 49\u2014 Energy Services 50 50\u2014 Hydrogen Peroxide Europe 21 21\u2014 Hydrogen Peroxide Mercosul 14 14\u2014 Hydrogen Peroxide Nafta 7 7\u2014 Hydrogen Peroxide Asia 11 0 11Total goodwill 3,379 0 94 3,472See note F23 Impairment. NOTE F20PROPERTY, PLANT AND EQUIPMENTAccounting policyGeneralProperty, plant and equipment are tangible items that: \u00b7 are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and \u00b7 are expected to be used during more than one period.The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions are satisfied: \u00b7 it is probable that the future economic benefits associated with the asset will flow to the Group; \u00b7 the cost of the asset can be measured reliably.Items of property, plant and equipment are initially measured at cost. The cost of an item of property, plant and equipment comprises its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. If applicable, the cost comprises borrowing costs during the construction period.After initial recognition, items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. The components of an item of property, plant and equipment with different useful lives are depreciated separately. Land is not depreciated. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also taking into account the potential impact of climate change including the execution of the Solvay One Planet Strategy (see Note on Climate Change in the IFRS general accounting policies). Any changes in estimates are accounted for prospectively.Within Land and Buildings group\u2014 Buildings30-40 Within Fixtures and equipment group\u2014 IT equipment3-5 \u2014 Machinery and equipment 10-20 \u2014 Transportation equipment5-20 Depreciation expense is included in the consolidated income statement within cost of goods sold, administrative costs, and R&D costs.The asset is tested for impairment if there is a trigger for impairment (see note F23 Impairment).Items of property, plant and equipment are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss which arises from derecognition of an item of property, plant and equipment is recognized in profit or loss at the moment of derecognition.Subsequent expenditureSubsequent expenditure related to items of property, plant and equipment is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred. Subsequent expenditure incurred for the replacement of a component of an item of property, plant and equipment is only recognized as an asset when it satisfies the recognition criteria mentioned above. The carrying amount of replaced items is derecognized.Repair and maintenance costs are recognized in the consolidated income statement as incurred.Regarding its industrial activity, Solvay incurs expenditure for major repairs over several years for most of its sites. The purpose of this expenditure is to maintain the proper working order of certain installations without altering their useful life. This expenditure is considered as a specific component of the item of property, plant and equipment and is depreciated over the period during which the economic benefits are expected to be obtained, i.e. the major repairs\u2019 intervals.Dismantling and restoration costsDismantling and restoration costs are included in the cost of an item of property, plant and equipment if the Group has a legal or constructive obligation to dismantle or restore. They are depreciated over the useful life of the items to which they pertain.Generally, Solvay\u2019s obligation to dismantle and/or restore its operating sites is only likely to arise upon the discontinuation of a site\u2019s activities. A provision for dismantling of discontinued sites or installations is recognized when there is a legal obligation (due to a request or injunction from the relevant authorities), or when there is no technical alternative than to dismantle, so as to ensure the safety compliance of the discontinued sites or installations.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.In \u20acmillionLand and Fixtures and Other tangible Property, plant and Totalbuildingsequipmentassetsequipment under constructionGross carrying amount 2,941 10,187 418 688 14,235December 31, 2021Additions 28 103 8 715 854Disposals and closures -28 -132 -19 0 -179Increase through business 0 0 0 0 0combinationsCurrency translation differences 44 206 8 15 273Other 35 284 11 -385 -553,021 10,648 425 1,033December 31, 202215,128Additions 77 136 7 777 998Disposals and closures -23 -216 -17 -3 -258Increase through business 0 1 0 0 1combinationsCurrency translation differences -35 -126 -4 -16 -181Partial Demerger -1,516 -5,458 -186 -955 -8,115Other 68 393 20 -354 1281,593 5,379 246 483 7,700December 31, 2023Accumulated depreciation -1,580 -7,375 -337 -9,291December 31, 2021Depreciation -80 -464 -27 -570Impairment 0 -6 0 -6Reversal of impairment 8 21 0 29Disposals and closures 26 130 19 175Currency translation differences -25 -151 -7 -183Other 3 26 0 30-1,648 -7,818 -351 -9,816December 31, 2022Depreciation -76 -459 -22 -557Impairment -11 -44 -2 -57Reversal of impairment 0 0 0 0Disposals and closures 18 214 16 249Currency translation differences 16 87 3 105Partial Demerger 694 3,788 153 4,634Other -19 -90 -5 -114December 31, 2023 -1,027 -4,323 -206 0 -5,556Net carrying amount December 31, 2021 1,361 2,813 81 688 4,943December 31, 2022 1,373 2,830 75 1,033 5,311December 31, 2023 566 1,056 39 483 2,144The additions and depreciation figures include the amounts related to the Specialty Businesses until the Partial Demerger on December 8, 2023. Please see Note F1 for the split of the capital expenditure by segments.In 2023 and 2022, no borrowing costs were capitalized.The line \u201cOther\u201d mainly includes changes following portfolio transactions and reclassification of property, plant and equipment under construction to the appropriate categories when they are ready for intended use, excluding the movements related to the Partial Demerger. NOTE F21 RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides with the date the contract is signed, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.An asset is typically identified by being explicitly specified in a contract. However, an asset can also be identified by being implicitly specified at the time that the asset is made available for use by the customer. If the supplier has a substantive substitution right, then the asset is not identified. A substantive substitution right means that (a) the supplier has the practical ability to substitute the asset throughout the period of use, and (b) would economically benefit from doing so. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether, throughout the period of use, it has: \u00b7 the right to obtain substantially all of the economic benefits from use of the identified asset; and \u00b7 the right to direct the use of the identified asset. This is generally the case when the Group has the decision-making rights regarding how and for what purpose the asset is used. The Group\u2019s leased assets relate mainly to buildings, transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellable period of a lease, together with both: \u00b7 periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and \u00b7 periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of the following factors (non-exhaustive): \u00b7 contractual terms and conditions for the optional periods, compared with market rates; \u00b7 significant leasehold improvements undertaken (or expected to be undertaken) over the term of the contract; \u00b7 costs relating to the termination of the lease, including relocation costs, costs of identifying another underlying asset suitable for the Group\u2019s needs, costs of integrating a new asset into the Group\u2019s operations, and termination penalties; \u00b7 the importance of that underlying asset to the Group\u2019s operations, including the availability of suitable alternatives; \u00b7 conditionality associated with exercising the option (i.e. When the option can be exercised only if one or more conditions are met), and the likelihood that those conditions will exist; and \u00b7 past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a lease liability at the lease commencement date, which is the date that the lessor makes the asset available for use by the Group except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The right-of-use assets are presented separately in the consolidated statement of financial position, and the lease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises: \u00b7 the amount of the initial measurement of the lease liability; \u00b7 any lease payments made at or before the commencement date, less any lease incentive received; and \u00b7 any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment losses. Right-of-use assets are depreciated using the straight-line depreciation method, from the commencement date to (a) the end of the useful life of the underlying asset, in case the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the lease contains a purchase option that the Group is reasonably certain to exercise, or (b) the earlier of the end of the useful life and the end of the lease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the respective Group entity\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: \u00b7 fixed payments, less any lease incentives receivable; \u00b7 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u00b7 amounts expected to be payable by the Group under residual value guarantees; \u00b7 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u00b7 payments of penalties for early terminating the lease, if the Group is reasonably certain to exercise an option to early terminate the lease.Service components (e.g. utilities, maintenance, insurance) are excluded from the measurement of the lease liability. After the commencement date, the lease liability is measured by: \u00b7 increasing the carrying amount to reflect interest on the lease liability; \u00b7 reducing the carrying amount to reflect the lease payments made; and \u00b7 remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect the impact from a revised index or rate.Leasing of PalladiumThe Group uses palladium, a precious metal, for certain of its operations. Next to purchasing this palladium, the Group also enters into various \u201cleasing\u201d agreements with financial institutions that give the Group the right to use palladium for a certain period and then return it at the end of the \"lease\". Based on our analysis of these agreements, these contracts are not in the scope of IFRS 16 Leases or IFRS 9 Financial Instruments. Due to the lack of clear IFRS guidance, the Group applied judgment to determine whether these rights and obligations shall be accounted for on a gross or a net basis. Considering that the Group bears no price risk during the \"lease\" term and is not in full control of the asset (in accordance with the IFRS Conceptual Framework), the Group believes a net presentation gives a better view on the economic substance of the transaction. As a result, only accruals are recorded for the production losses and regeneration costs and the \u201clease\u201d fee is recognized within cost of sales. In \u20acmillionLand Buildings Transportation Industrial equip-Other tangible TotalequipmentmentassetsGross carrying amount 19 266 248 251 11 795December 31, 20210 8 46 27 5Additions860 -38 -28 -11 -3Disposals and closures-79Currency translation 0 7 8 5 021differences0 7 15 5 1Other28Transfer to assets held 0 0 0 0 00for sale19 250 289 279 16 852December 31, 20220 17 62 15 7Additions1010 -25 -16 -18 -2Disposals and closures-62Currency translation 0 -3 -7 -3 0-14differences-11 -170 -82 -133 -12Partial Demerger-4090 5 15 -10 1Other11Transfer to assets held 0for sale8 73 261 128 8 479December 31, 2023Accumulated depreciation-4 -115 -127 -75 -8 -329December 31, 2021-1 -33 -46 -34 -3Depreciation-1170 -3 0 0 0Impairment-30 38 28 11 3Disposals and closures 79Currency translation 0 -3 -4 -2 0-9differences-5 -115 -148 -100 -9 -377December 31, 2022-1 -31 -47 -32 -3Depreciation-1140 -1 0 0 0Impairment-10 16 16 18 2Disposals and closures 53Currency translation 0 2 3 1 06differences4 90 54 67 5Partial Demerger219-2 -39 -122 -45 -5 -213December 31, 2023Net carrying amount December 31, 2021 15 151 121 176 3 466December 31, 2022 14 134 141 178 6 474December 31, 2023 6 34 139 83 3 267The figures contain the amounts related to Specialty Businesses until December 8, 2023.The Group primarily leases buildings that include office buildings, and warehouses. Those leases are generally long-term leases and may include extension options. Next, the Group leases transportation equipment that mainly consists of railcars and containers to transport the Group\u2019s products. Industrial equipment mainly relates to utility assets. In 2023, additions include \u20ac15 million for industrial equipment, \u20ac46 million for transportation and \u20ac17 million for buildings.Generally, lease contracts are negotiated by the local teams, and contain a wide range of different terms and conditions. Many lease contracts contain extension options and/or early termination options to provide the Group with operational flexibility. Such options are taken into account when determining the lease term and the lease liability when it is reasonably certain that they will be exercised. If the Group exercised its extension options not currently included in the lease liability, the present value of additional payments would amount to \u20ac42 million at December 31, 2023 (\u20ac100 million at December 31, 2022). Lease contracts signed not yet commenced amount to \u20ac210 million at December 31, 2023 (\u20ac137 million for 2022) and mainly relate to a second waste wood boiler, steam turbine and auxiliaries in Germany, industrial equipment in France and rail cars in the United States. Total cash outflows for leases amount to \u20ac134 million for 2023, of which \u20ac112 million related to payment of lease liabilities and \u20ac22 million of interest expenses (including the discontinued operations of \u20ac11 million). Information on the corresponding lease liabilities (after the demerger, long-term part of \u20ac243 million and short-term part of \u20ac63 million) can be found in the note F32 Financial Instruments. Information on the finance expense related to lease liabilities can be found in note F6 Net financial charges. LEASE OF PALLADIUMAt the end of 2023, the total (gross) value of palladium leased still to be returned amounted to \u20ac33 million (end of 2022: \u20ac59 million). The difference is mainly due to the change of the market price of the commodity.NOTE F22 INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the note F40 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equity method of accounting.In \u20acmillion December 31, 2023 December 31, 2022Associates Joint ventures Total Associates Joint ventures TotalInvestments in associates and joint 42 188 230 18 790 809venturesEarnings from associates and joint 3 53 53 0 153 153venturesINVESTMENTS IN ASSOCIATESIn \u20acmillion 2023 2022January 1 18 18Profit for the year 4 1Dividends received -1 -1Currency translation differences 0 0Partial Demerger 20 December 31 42 18The amount in Partial Demerger results mainly from loss of control due to demerger and the change of the consolidation scope from full consolidation to equity accounting.The figures contain the amounts related to Specialty Businesses until December 8, 2023.The tables below present the summarized financial information of the associates together with the major one. The associates had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.In \u20acmillionDecember 31, 2023 December 31, 2022Total Of which Quingdao Of which Solvay Total Of which Quingdao Hiwin Solvay Chemicals(Zhenjiang) ChemicalsHiwin Solvay ChemicalsOwnership interest 30% 9% 30%Operating Segment Performance Chemicals Basic Chemicals Performance ChemicalsStatement of financial positionNon-current assets 163 24 130 38 29Current assets 231 20 202 39 18Cash and cash equivalents 139 4 135 6 1Non-current liabilities 4 2 1 5 2Non-current financial debt 2 0 0 2 0Current liabilities 86 20 61 31 22Current financial debt 4 4 0 6 6Net asset 304 23 270 42 23Carrying Amount of the interest 42 7 257in the Associate18 Income statement 2023 2022Sales 69 54 102 61Depreciation and amortization 3 3 3 3Interest on loans and short term 2 0 0 0depositsProfit for the year from 3 1 4 2continuing operationsProfit for the year 3 1 4 2Total comprehensive income 4 1 4 2Dividends received 1 0 1INVESTMENTS IN JOINT VENTURESIn \u20acmillion 2023 2022January 1 790 619Additions 0 0Capital increase / (decrease) -3 -5Profit for the year 67 170Dividends received -24 -18Currency translation differences -13 24Impairment reversal 0 0Other -3 1Sale of RusVinyl -428 Partial Demerger -197 December 31 188 790The figures contain the amounts related to Specialty Businesses until December 8, 2023.The amount in Partial Demerger mainly consists of demerged Strata Solvay Advanced Materials and Hindustan Gum & Chemicals.The tables below present the summarized financial information of the material joint ventures. The joint ventures had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.December 31, 2023 Peroxidos do Brasil Ltda Shandong Huatai Interox Aqua Pharma Group Shinsol Advanced Chemical Co. LtdChemicalsIn \u20acmillionOwnership interest 69.40% 50% 50% 51.0%Operating Segment Basic Chemicals Basic Chemicals Basic Chemicals Performance ChemicalsStatement of financial position Non-current assets 121 7 24 22Current assets 144 28 20 6Cash and cash 84 22 9 6equivalentsNon-current liabilities 8 - 2 4Non-current financial 1 0 0 4debtCurrent liabilities 50 10 5 2Current financial debt 6 0 0 0Net asset 206 25 38 23Carrying amount of the interest in the joint 143 12 19 12venture2023 income statementSales 195 40 32 0Depreciation and -7 -1 -3 0amortizationCost of borrowings 0 0 0 0Interest on loans and 8 0 0 0short-term depositsIncome taxes -23 -3 -2 0Profit for the year from 56 8 -2 -2continuing operationsProfit for the year 56 8 -2 -2Other comprehensive 4 0 -3 0incomeTotal comprehensive 61 8 -5 -2incomeDividends received 18 2 0 0Other comprehensive income mainly comprises the currency translation differences. December 31, RusVinyl Peroxidos Strata \u2013 Shandong Hindustan Aqua EECO Shinsol Cogenera-2022OOOdo Brasil Solvay Huatai Gum & Pharma Holding Advanced tion LtdaAdvanced Interox Chemicals Groupand sub-ChemicalsRosignanoMaterial Chemical LtdsidiariesJVCo. LtdIn \u20acmillionOwnership 50% 69.4% 50% 50% 50% 50% 33.3% 51.0% 25.4%interestCorporate Corporate Operating Performance Basic Specialty Basic Specialty Basic Performance & Business & Business SegmentChemicalsChemicalsBusinessesChemicalsBusinessesChemicalsChemicalsServicesServicesStatement of financial positionNon-current 668 105 69 7 9 29 33 17assetsCurrent assets 294 128 19 24 307 19 38 16 9Cash and cash 226 57 17 17 276 11 11 16 6equivalentsNon-current 59 9 - - 9 2 18 13liabilitiesNon-current 12 4 -0 0 0 0 18 13financial debtCurrent 41 54 2 10 14 4 20 1liabilitiesCurrent 3 10 - 0 0 0 19 0financial debtNet asset 862 169 87 21 292 42 33 16 12 Carrying Amount of the interest 431 118 43 11 146 21 9 8 3 in the Joint Venture2022 income statementSales 609 209 24 39 73 31 0 0Depreciation and -53 -7 0 -1 -1 -4 -4 -3amortizationCost of -14 0 0 0 0 0 -2 0borrowings Interest on loans and 15 5 0 0 13 0 1 0short-term depositsIncome taxes -58 -23 0 -2 -3 -1 -2 0Profit for the year from 233 48 18 4 12 1 10 2continuing operationsProfit for the 233 48 18 4 12 1 10 2yearOther com-prehensive 22 9 0 0 -8 0 0 incomeTotal com-prehensive 255 57 18 4 4 1 0 0incomeDividends 0 12 0 2 2 -1 0 0receivedOther comprehensive income mainly comprises the currency translation differences. NOTE F23IMPAIRMENT Accounting policyGeneralAt the end of each reporting period, the Group reviews whether there is any indication that assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified.The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Future cash flows are adjusted for risks not incorporated into the discount rate. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. An impairment loss recognized for goodwill shall not be reversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, the recoverable amount of property, plant and equipment, intangible assets, right-of-use assets, CGUs or groups of CGUs, including goodwill, and equity method investees corresponds to the higher of their fair value less costs of disposal, and their value in use. The latter equals the present value of the future cash flows expected to be derived from each asset, CGU or group of CGUs, and equity method investees and is determined using the following inputs: \u00b7 business plan approved by management based on growth and profitability assumptions, taking into account past performances, forecast changes in the economic environment and expected market developments, including opportunity and risks resulting from climate change (taking into account the Solvay One Planet strategy \u2013 see note Climate change in the IFRS general accounting policies) and environmental regulations such as products phasing out. For further details, refer to the Risk Management Section. Such business plan generally covers five years, unless management is confident that projections over a longer period are reliable; \u00b7 consideration of a terminal value determined based on the cash flows generally obtained by extrapolating the cash flows of the last years of the business plan referred to above, affected by a long-term growth rate deemed appropriate for the activity and the location of the assets; \u00b7 discounting of expected cash flows at a rate determined using the weighted average cost of capital formula.Discount rateWeighted average cost of capital (WACC) was computed using a consistent methodology to account for the separation, new reference peers, and an extensive benchmarking. The short term WACC is utilized to discount the expected cash flows of the initial four years, and is computed based on prevailing discount rates. The long term WACC is utilized to discount the expected cash flows starting from the fifth year and for the Terminal Value. The long term WACC is based on the three-year averages of key parameters (risk free rates, betas, spreads). In 2022, a rolling eight-year average of historical short term WACCs was used to calculate the long term WACC.2023 2022Short term discount rate (WACC) 9.9% 6.6%Long term discount rate (WACC) 8.2% 6.5%The increase in the WACCs is mainly due to the increase in the risk free rate reflecting tightening of monetary conditions by central banks and continued high inflation expectations. These WACCs are in the low range of the observed Peers\u2019 WACC estimates.Long-term growth ratesThe long-term growth rates used in 2023 are based on the comprehensive review of the entire business portfolio performed in 2019 with the definition of the G.R.O.W. Strategy when each CGU was assigned to one of business segments with different growth opportunities, consistent with the long term growth rates of the market they serve and the Group competitive position in those markets; and on the long term growth remains very strong.After the reassessment of the long-term growth prospects the Group concluded that the prior year rates are still applicable, are consistent with the rates communicated during the capital market day in November 2023, and were thus set at: \u00b7 Coatis \u2013 0% \u00b7 Peroxides \u2013 1% \u00b7 Silica \u2013 0% \u00b7 Soda Ash \u2013 1% \u00b7 Spec Chem \u2013 1%Other key assumptions are specific to each CGU (utility price, volumes, margin, etc.).Impairment test 2023The impairment tests performed at CGU level at December 31, 2023, were based on the budget 2024 and the Mid Term Plan 2025-2028. With the exception of the Energy CGU the tests did not lead to any impairment of assets, as the recoverable amounts of the (groups of) CGUs were higher than their carrying amounts. More specifically, in all cases, the difference between the (groups of) CGUs\u2019 value in use and their carrying amount (headroom) represented in all a percentage of the carrying amount significantly exceeding 10%. As a result, for these (groups of) CGUs, a reasonable change in a key assumption relating to the recoverable amount for which the (groups of) CGUs is based, would not result in an impairment loss. Given the significant headroom no sensitivities were performed.Due to the significant volatility in the Energy markets, the Group has decided to exit its external energy business. The Group\u2019s decision resulted in \u20ac38 million full impairment of the Energy CGU\u2019s goodwill. The impairment was recorded within results from portfolio management and major restructuring in the Consolidated Income Statement. The discount rate used was consistent with the Group model. As a result of the Partial Demerger of the Specialty Business the Group realigned its Operating Segments as detailed in note F1 Revenue and Segment Information. The realignment resulted in the reallocation of segment level goodwill of \u20ac186 million. The goodwill was reallocated to the CGUs based on a relative value approach. The reallocation did not have any significant impact on the impairment analysis performed. For additional information on the reallocation of goodwill see note F19 Goodwill and Business Combinations.Climate related matters were considered in the 2023 impairment analysis, however, it did not give rise to any impairments. More specifically, the group considered capital expenditures of over \u20ac1 billion within its Soda Ash and Derivatives CGU related to its carbon neutrality initiative within annual impairment testing. As detailed in the note on climate change, the management has considered the impact of climate change, and more specifically the impact of the execution of the Solvay One Planet strategy, in the assessment of impairment. Furthermore, the long-term accounting assumptions, including CO emission rights and energy prices for the energy intensive Soda Ash GBU have been considered together with applied relevant hedges. 2Considering the significant headroom on the Soda Ash CGU, the management believes that this headroom is enough to absorb climate change scenarios. Consequently, no sensitivity is provided. The same exercise was done for the other cash generating units and management believes there are no realistic scenarios regarding climate change today, which would lead to an impairment of these assets.Other small groups of assets (Performance Chemicals)In 2023, The Group impaired the tangible assets of the underperforming production assets within the Special Chem CGU for Fluor Gases in Europe (\u20ac48 million; Operating Segment: Performance Chemicals). Following a price improvement in 2021-2022, the 2020 impairment related to Fluor Gases was partially reversed in 2022. However, in 2023, due to stronger competition, deterioration in Agro market, and volume demand reduction, the impairment was re-recognized. The impairment was recorded within Results from portfolio management and major restructuring in the Consolidated Income Statement. The discount rate used was consistent with the Group model. NOTE F24INVENTORIESAccounting policyCost of inventories includes the purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. The cost of inventories is generally determined by using the weighted average cost method except for CO emission rights (see 2below).Inventories are measured at the lower of purchasing cost (raw materials and merchandise) or production cost (work in progress and finished goods) and net realizable value. Net realizable value represents the estimated selling price, less all estimated costs of completion and the estimated costs necessary to make the sale.CO emission rights2With respect to the mechanism set up by the European Union to encourage manufacturers to reduce their greenhouse gas emissions, carbon dioxide (CO) emission rights are granted to the Group for free. 2In the absence of any IFRS regulating the accounting treatment of CO emission rights, the Group applies the Trade/Production model, 2according to which CO emission rights are presented as inventories if they will be consumed in the production process within the next 212 months, or as derivatives if they are held for trading. Energy Services is involved in CO emission rights\u2019 trading, arbitrage and hedging 2activities. In the inventory, each batch of EUA is tracked separately and the cost recognition formula is based on specific identification. The net income or expense from these activities is recognized in \u201cother operating gains and losses\u201d (a) for the industrial component, where Energy Services sells the excess CO emission rights generated by Solvay or where a Group deficit is recognized, as well as (b) for the trading 2component, where Energy Services acts as a trader/broker with respect to those CO emission rights.2In light of its centralized CO emission rights\u2019 portfolio management, for emission rights that are substitutable between subsidiaries, the 2Group\u2019s financial statements reflect the Group\u2019s net position. If this net position is negative, a provision is recognized, measured based on the market price of the CO emission rights at the reporting date.2Energy savings certificates (ESCs)Energy savings certificates are presented as inventory items in finished goods. They are measured at weighted average cost. As their cost is not separately identifiable, and as they are a by-product, they are measured at their net realizable value upon initial recognition.In \u20acmillion December 31, 2023 December 31, 2022Finished goods 373 1,352Raw materials and supplies 296 838Work in progress 4 21Total 673 2,211Write-downs -31 -102Net total 642 2,109The decrease of inventory is linked to the Partial Demerger (see Note F8)The CO emission rights amount to \u20ac49 million at the end of 2023 \u2013 this includes \u20ac12 million related to 2023 obligations and is included in inventory, 2and \u20ac38 million related to obligations after 2023 what is included in Other non-current assets. See Note F32 Financial instruments for further details on CO hedging.2Inventory write-downs are included in cost-of-goods-sold in the consolidated income statement.NOTE F25 OTHER RECEIVABLES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022VAT and other taxes 202 398Advances to suppliers 37 149Financial instruments \u2013 operational 56 929Insurance premiums 36 31Loan receivables 5 43Other 125 79Other current receivables462 1,629The reduction of the Other current receivables is mainly explained by the Partial Demerger.The main differences relate to the Partial Demerger and changes in energy (gas and electricity) prices. The row Other contains a pending insurance reimbursement of \u20ac32 million which will be transferred to Syensqo (see also Note F34 Other liabilities) and Fluor quotas of \u20ac16 million.Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments). NOTE F26ASSETS HELD FOR SALEAt the end of 2023 and 2022, there were no assets and liabilities classified as held for sale. NOTE F27EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance of new share capital are directly recognized in equity as a deduction, net of tax, from the equity issuance proceeds.ReservesThe reserves include: \u00b7 treasury shares; \u00b7 perpetual hybrid bonds that qualify as equity absent any unavoidable contractual obligation to repay the principal and interest of the perpetual hybrid bonds (no maturity, interest is payable annually but can be deferred indefinitely at the issuer\u2019s discretion); \u00b7 retained earnings; \u00b7 currency translation differences from the consolidation process relating to the translation of the financial statements of foreign operations prepared in a non-euro functional currency to the euro presentation currency; \u00b7 the impacts of the fair value re-measurement of equity instruments measured at fair value through other comprehensive income; \u00b7 the impacts of the fair value re-measurement of financial instruments documented as hedging instruments in cash flow hedges; \u00b7 actuarial gains and losses related to defined benefit plans.Non-controlling interestsThose represent the share of non-controlling interests in the net assets and comprehensive income of subsidiaries of the Group, and correspond to the interests in subsidiaries that are not held by the Company or its subsidiaries.NUMBER OF SHARES (IN UNITS)December 31, 2023 December 31, 2022Shares issued and fully paid 105,876,416 105,876,416Treasury shares held 868,490 2,107,752The treasury shares held by the Group have been deducted from consolidated shareholders\u2019 equity. The shares issued by Solvay have no par value. Treasury sharesDuring 2023, Solvay has sold \u20ac50 million treasury shares in order to fulfill its employee benefits commitments. As part of the Partial Demerger, the treasury shares held by a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, at their carrying amount of \u20ac79 million, were transferred to Syensqo SA/NV as part of the Specialty Businesses.As a result of the Partial Demerger, for each treasury share held by Solvay Stock Option Management SRL (\u201cSSOM\u201d), a wholly owned subsidiary of Solvay, for the purposes of hedging its exposure under LTI plans, SSOM received one Syensqo share. Consequently, Solvay reclassified part of the equity (\u20ac81 million) related to treasury shares to equity investments at fair value through profit or loss. Perpetual hybrid bondsIn connection with the Partial Demerger, all perpetual hybrid bonds were either transferred to Syensqo (\u20ac0.5 billion) or paid in full (\u20ac1.3 billion). For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1. NOTE F28NON-CONTROLLING INTERESTS The amounts disclosed below are fully consolidated amounts and do not reflect the impacts from elimination of intragroup transactions.At the end of 2023, the following most material subsidiaries have non-controlling interests (NCI) totaling \u20ac35 million out of total NCI of \u20ac42 million. In \u20acmillionSolvay Lantian (Quzhou) Salzgewinnungsgezellschaft ChemicalsWestfalenNon-controlling ownership interest 45% 35%Statement of financial positionNon-current assets 26 55Current assets 47 22Non-current liabilities 3 41Current liabilities 15 4Income statement Sales 89 11Profit for the year 10 7Other comprehensive income -2 -1Total comprehensive income 8 6Dividends paid to non-controlling interests 3 0Share of non-controlling interest in the profit for the year 4 2Accumulated non-controlling interests 24 11(i) Solvay Lantian (Quzhou) Chemicals was Zhejiang Lansol in 2022.At the end of 2022, the following subsidiaries had non-controlling interests totaling \u20ac49 million, out of a total of \u20ac61 million. In \u20acmillionZhejiang Lansol Solvay Hengchang Salzgewinnungsgezellschaft Zhangjiagang Special Chem WestfalenNon-controlling ownership interest 45% 30% 35%Statement of financial position Non-current assets 28 17 56Current assets 47 72 12Non-current liabilities 2 1 40Current liabilities 17 34 3Income statement Sales 93 168 11Profit for the year 9 36 4Other comprehensive income -3 -3 2Total comprehensive income 6 32 6Dividends paid to non-controlling interests 0 6 0Share of non-controlling interest in the profit for the 4 11 1yearAccumulated non-controlling interests 24 16 9During 2022 the Group purchased the remaining outstanding ownership interest in Solvay Soda Ash (20% for US$120 million) and Solvay Special Chem Japan (33% for \u20ac3.55 million) with the difference between the consideration paid and the net book value of the non-controlling interest being recorded as a component of equity (loss of \u20ac88 million on the purchase of Solvay Soda Ash and a gain of \u20ac9.5 million on the purchase of Special Chem Japan).NOTE F29SHARE-BASED PAYMENTSAccounting policySolvay has set up compensation plans, including equity-settled and cash-settled share-based compensation plans.In its equity-settled plans, the Group receives services as consideration for its own equity instruments (namely through the issuance of share options). The fair value of services rendered by employees in consideration for the granting of equity-instruments represents an expense. This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these equity-instruments with the recognition of a corresponding adjustment in equity. The fair value of services rendered is measured based on the fair value of the equity-instruments on the grant date. It is not subsequently remeasured. At each reporting date, the Group re-estimates the number of share options likely to vest. The impact of the revised estimates is recognized in profit or loss against a corresponding adjustment in equity.In its cash-settled plans, the Group acquires services by incurring a liability to transfer to its employees rendering those services amounts that are based on the price (or value) of equity instruments (including shares or share options) of the Group (namely through the issuance of performance share units). The fair value of services rendered by employees in consideration for the granting of share-based payments represents an expense. This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these share-based payments with the recognition of a corresponding adjustment in liabilities. At each reporting date, the Group re-estimates the number of options likely to vest, with the impact of the revised estimates recognized in profit or loss. The Group measures the services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the Group remeasures the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note F9 Earnings per share).Awards on shares of Syensqo SA/NVThe awards granted on shares of the Syensqo Group are not in scope of IFRS 2 Share Based Payments. Therefore the Management has established the accounting policy for these awards. For the awards granted on Syensqo Group shares, a liability is recognized and measured based on the fair value of the Syensqo Group awards at each reporting date. On initial recognition of the liability at the Partial Demerger date, a corresponding entry is recognized in equity for the vesting period that has passed to date and the remaining amount is recognized as Other Receivables. This asset represents the services that have yet to be rendered by the beneficiaries. The asset will be amortized to the consolidated income statement over the remaining vesting period of the plans.The costs of the awards related to the Syensqo Group are presented within operational (Administrative) expenses. The fair value fluctuation on the liability will be presented in Financial Results together with the fair value fluctuation on the hedging options/shares, which will partially hedge the impact.The liability will be remeasured to its fair value at each reporting date. This applies equally to vested plans so long as there remains outstanding (unexercised) options.The liabilities related to the fully vested plans are disclosed as current given that the beneficiaries may exercise their awards at any time. The liabilities related to the unvested plans are disclosed as non-current..Effects of the Partial Demerger \u2013 amendments to the plansAs part of the Partial Demerger, the Solvay Board approved the amendments to the existing long term incentive plans (LTI). The LTIs were adjusted based on the following approaches: \u00b7 1. Shareholder approach \u2013 The existing awards were adjusted to entitle beneficiaries to receive one share option of Solvay SA/NV and one share option of Syensqo SA/NV. \u00b7 2. Employer approach \u2013 The existing awards were adjusted to entitle beneficiaries to receive a certain number of awards of their future employer (i.e. either the Syensqo Group or the Solvay Group). \u00b7 3. Basket approach \u2013 The existing awards were modified to entitle beneficiaries to receive an option on both Solvay SA/NV and Syensqo SA/NV.Stock option plans (shareholder approach)All outstanding stock options were converted into options on both the Solvay Group and Syensqo Group shares, as described above. The options can be exercised individually on each Group\u2019s shares with the exception of the 2022 SOP, which is a basket option i.e. the option is exercised on both shares of Solvay and Syensqo simultaneously.The 2022 SOP is no longer classified as an equity settled plan due to the basket option feature. This plan will be treated similarly to the awards on Syensqo\u2019s shares. At the date of the Partial Demerger, the fair value of the 2022 SOP was recalculated using the Monte Carlo model and the plan was reclassified. A liability of \u20ac4 million was recognized, with corresponding entries to equity (\u20ac0.6 million) and Other Receivables (\u20ac0.4 million).The exercise prices of all the stock options (excluding the 2022 SOP) were reset at the Partial Demerger date taking into consideration the Solvay and Syensqo closing share prices at December 11, 2023. As per Belgian law requirements, the sum of new exercise prices of the Solvay and Syensqo options equal the original exercise price of the plans.2022 Performance Share Unit (PSU) plan (shareholder approach)The performance metrics were measured for the full year 2022 and 2023. The PSUs were converted to RSUs by applying an extrapolation method to the third performance year (2024). The vesting period remains unchanged. The RSUs will vest at the end of December 2024 and the shares of Solvay and Syensqo Goup will be delivered to the beneficiaries in Q1 2025.2023 PSU and Restricted Share Unit (RSU) (employer approach)The performance metrics were measured for the full year 2023. For the performance years 2024 and 2025, new KPIs were approved by the Group\u2019s Board. The vesting period remains unchanged. The PSUs and RSUs will vest at the end of December 2025 and the Solvay shares will be delivered to the beneficiaries in Q1 2026.To ensure the beneficiaries were not disadvantaged by the amendments to the plan, the number of PSUs and RSUs per beneficiary was adjusted taking into account the 30 trading-days post-demerger average share price of Solvay and Syensqo.2022 Employee Stock Purchase Plan (ESPP) (employer approach)To ensure the beneficiaries were not disadvantaged by the amendments to the plan, the number of free and matching shares per beneficiary was adjusted taking into account the 30 trading-days post-demerger average share price of Solvay. The vesting period remains unchanged. The ESPP free and matching shares will vest at the end of September 2024.Awards on Solvay Group sharesFor the awards granted on Syensqo shares, a liability is recognized at the Partial Demerger date based on the fair value of the Syensqo Group awards, and it was re-measured on December 31 to \u20ac36 million. A corresponding entry is recognized in equity (\u20ac25 million) for the vesting period that has passed to date and the remaining amount is recognized as Other Receivables (\u20ac4 million). This asset represents the services that have yet to be rendered by the beneficiaries. The asset will be amortized to operational (Administrative) expenses in the consolidated income statement over the remaining vesting period of the plans.The costs of the awards related to the Syensqo (\u20ac3 million) are presented within operational (administrative) expenses in the Consolidated Income statement. The fair value fluctuation on the liability (\u20ac4 million) is presented in Financial Results. Modification accountingIn accordance with the requirements of IFRS 2 modification accounting, the Group obtained updated fair values using Black-Scholes models of all the share based payment plans at the date of the Partial Demerger based on (i) the original terms but updated to the Partial Demerger date, and (ii) the modified terms. The fair values were compared and where there was an increase in fair value under the modified terms, the Group will recognize this additional cost over the remaining vesting period for the unvested plans. The additional cost related to vested plans was recognized in full in Administrative Expenses for the year ended December 31, 2023. The impact of the incremental fair value for both unvested and vested plans was not material to the Group.The Partial DemergerAs part of the Partial Demerger, Solvay transferred to Syensqo its rights and obligations under its outstanding incentive plans (including the PO2 SOP plan), in each case to the extent the beneficiaries of such plans (including members of the ELT before the Partial Demerger Date) are employed by Syensqo or one of its affiliates following completion of the Partial Demerger. Specific adjustments were made to the 2023 PSU and RSU plans for such beneficiaries.Stock Option PlansPrior to the Partial Demerger, all the stock option plans were equity settled. Following the Partial Demerger, the Group also has to account for awards granted on Syensqo shares (see the Shareholder approach). The table below includes both the options on Solvay shares as well as Syensqo shares. There was no stock option plan granted in 2023.Share option plans 2021 2020 2019 2018 \u2013 2 2018 \u2013 1 2017 2016 2015Number of share options granted and still outstanding 259,001 395,164 429,103 72,078 391,280 308,450 497,845 332,409at December 31, 2022Granted share options Forfeitures of rights and -44,531 -15,041 -50,005 -6,425 -25,228 -23,505 -25,263 -332,409expiriesShare options exercised -96,959 -12,013 -19,277 -22,152 -389,437 1)Partial Demerger of Syensqo -108,876 -208,696 -116,300 -86,164 -46,084 -14,210 Number of Solvay share options at December 31, 105,594 171,427 165,839 53,640 260,611 216,709 68,935 2023Solvay share options exercisable at December 31, 165,839 53,640 260,611 216,709 68,935 2023Exercise price (in \u20ac) 16.49 16.52 16.74 18.69 19.51 19.19 13.11 Fair value of options at 4.56 4.42 4.16 2.68 2.68 2.25 6.30 measurement date (in \u20ac)Number of Syensqo share options at December 9, 105,594 171,427 177,109 65,653 279,888 238,861 220,140 2)2023 Share options exercised -51,711 Number of Syensqo share options at December 31, 105,594 171,427 177,109 65,653 279,888 238,861 168,429 2023Syensqo share options exercisable at December 31, 177,109 65,653 279,888 238,861 168,429 2023Exercise price (in \u20ac) 79.09 79.28 80.31 89.69 93.60 92.08 62.87 Fair value of options at 22.45 21.76 20.5 13.37 13.37 11.27 31.22measurement date (in \u20ac)1) This row presents the number of plan participants that were Syensqo Group employees.2) On December 9, 2023, following the Partial Demerger, the number of options on Solvay SA/NV was equal to the number of options on shares of Syensqo SA/NV \u2013 see the Shareholder approach. Starting from that date, under the Shareholder approach, the participants are able to exercise the options on Solvay SA/NV shares and the options on Syensqo shares separately. Share option plans 2022Number of share options granted and still outstanding at December 31, 2022 386,867Granted share options Forfeitures of rights and expiries -88,389Share options exercised Partial Demerger of Syensqo -196,142Number of basket share options at December 31, 2023 102,336Basket share options exercisable at December 31, 2023 Exercise price (in \u20ac) 84.34Fair value of options at measurement date (in \u20ac) 30.58The options in 2022 SOP have a higher exercise price compared to other SOPs because this plan was converted using the Basket approach and for each option exercised, the holder will acquire one Solvay SA/NV share and one Syensqo SA/NV share against payment of the exercise price. 2023 2022Number of share Weighted average Number of share Weighted average optionsexercise priceoptionsexercise priceJanuary 1 3,072,197 102.45 2,919,955 104.54Granted during the year 386,867 84.34Forfeitures of rights and expiries during the year -610,796 28.22 -7,246 96.49Exercised during the year -539,838 14.36 -227,379 98.57Partial Demerger of Syensqo -776,472 December 31 1,145,091 21.82 3,072,197 102.45Exercisable at December 31 765,734 1,602,062 Shareholder approach \u2014 Options on Solvay Shares 1,042,755 17.74\u2014 Solvay share options exercisable at 765,734 December 31, 2023\u2014 Options on Syensqo Shares 1,258,672 83.54\u2014 Syensqo share options exercisable at 929,940December 31, 2023Basket approach \u2014 Basket options 102,336 84.34\u2014 Basket share options exercisable at December 0 31, 20231) Before the Partial Demerger, only options on Solvay shares existed.2) Following the completion of the Partial Demerger, the Shareholder approach or Basket approach were applied to SOP plans.In 2023, the share options resulted in an expense of \u20ac3 million, which includes the impact of the plan amendments, and is recognized in the consolidated income statement as part of administrative costs. The carrying amount of the liability for stock options on Syensqo shares at December 31, 2023 is \u20ac28 million.The updated valuation of the stock option plan of 2022 is based on: \u00b7 the price of the underlying asset (sum of the Solvay and Syensqo share): \u20ac109.45 at December 11, 2023; \u00b7 the time outstanding until option maturity: exercisable from January 1, 2026, until December 31, 2027, taking into account the fact that some of them will be exercised before the option maturity; \u00b7 the option exercise price: \u20ac84.34; \u00b7 the risk-free return: 2.52% (on average); \u00b7 the average volatility of the underlying yield, estimated based on the option price: 27.0%; \u00b7 an average dividend yield of 3.7%.The performance condition has already been met and therefore is not factored into the model. Weighted average remaining contractual life of the share option plans: WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFEIn years 2023 20222015 0.22016 0.2 1.22017 1.2 2.22018-1 2.2 3.22018-2 2.6 3.62019 3.2 4.22020 4.2 5.22021 5.1 6.12022 4.0 5.0Performance Share Units Plan (PSU)In 2023, the Board of Directors offered to executive staff a Performance Share Unit Plan, with the objective of promoting long-term success and to increase the focus on sustainable performance for the benefit of the Solvay Group and its stakeholders. All the managers involved subscribed to the PSU offered to them in 2023 with a grant date fair value of \u20ac108.56 representing the average stock market price of the share for the 30 days prior to the offer. In accordance with IFRS 2 requirements, the fair value of each PSU in this plan has been updated to \u20ac23.98, being the initial grant date fair value adjusted by the weighted average closing price of both Groups for the 30 days post the Partial Demerger (22% of the initial grant date fair value allocated to Solvay). The PSU plan 2023 is an equity-settled share-based plan with a three-year vesting period, after which shares will be issued, if vesting conditions are met.The following table on the PSU plans contains the information as the plans were before the Partial Demerger.Performance Plan 2023 Plan 2022 Plan 2021share unitsNumber of 190,156 196,605 194,130PSUsGrant date 07/03/2023 17/05/2022 23/02/2021Vesting date 01/01/2026 01/01/2025 01/01/2024Vesting period 07/03/2023 to 31/12/2025 17/05/2022 to 31/12/2024 31/03/2021 to 31/12/2023Performance 40% of the initial granted PSUs 40% of the initial granted PSUs are 40% of the initial granted PSUs are subject conditionsare subject to the achievement of subject to the achievement of Year over to the achievement of Year over Year Year over Year Underlying EBITDA Year Underlying EBITDA growth target Underlying EBITDA growth target for each growth target for each of the 3 for each of the 3 (2022, 2023, 2024) of the 3 (2021, 2022, 2023) performance (2023, 2024, 2025) performance performance years ending on December years ending on December 31, 2023years ending on December 31, 31, 2024202540% of the initial granted PSUs 40% of the initial granted PSUs are 40% of the initial granted PSUs are subject are subject to the sustained and subject to the sustained and /or to the sustained and /or improved ROCE /or improved ROCE % of the improved ROCE % of the Company % of the Company for each of the 3 (2021, Company for each of the 3 (2023, for each of the 3 (2022, 2023, 2024) 2022, 2023) performance years2024, 2025) performance yearsperformance years20% of the initial granted PSUs are 20% of the initial granted PSUs are 20% of the initial granted PSUs are subject to the reduction of GHG subject to the reduction of GHG subject to the reduction of GHG absolute absolute emissions during the absolute emissions during the same 3 emissions during the same 3 years (2021, same 3 years (2023, 2024, 2025)years (2022, 2023, 2024)2022, 2023)Achievement of the plan is Achievement of the plan is measured Achievement of the plan is measured measured for each separate for each separate performance year. The for each separate performance year. The performance year. The score score achieved for each individual year score achieved for each individual year achieved for each individual year is acquired definitively, whatever the is acquired definitively, whatever the is acquired definitively, whatever achievement of the other yearsachievement of the other yearsthe achievement of the other yearsValidation of By the Board of Directors By the Board of Directors By the Board of Directorsperformance conditionsFor the PSU plan 2023, the participants who are also members of the Executive Leadership Team (including the CEO) on the grant date must achieve an additional performance condition. If achievement of the performance conditions outlined in the above table is positive (above zero), delivery of the PSUs is subject to further adjustment based on the Total Shareholder Return (TSR) performance of the Group in comparison to the TSR of the Stoxx 600 index companies for the period equal to the Performance Period.The TSR performance condition was met at the end of 2023.The PSU plan 2021 is a cash settled plan with a three year vesting period that vested on December 31, 2023. The payout was determined on the basis of the Solvay Group average share price (\u20ac104.29) during a 10-day trading period ending on November 30, 2023. At December 31, 2023, cumulative liability was (\u20ac9 million). At December 31, 2022, there was a liability of \u20ac39 million (this relates to all the plan members before the Partial Demerger) with the difference when compared to 2023 consists of the settlement of the 2020 PSU plan. In 2023, the impact on the consolidated income statement regarding PSUs (net of hedging \u2013 see note F32 Financial instruments) amounts to a cost of \u20ac(12) million compared to a cost of \u20ac(20) million in 2022. Included in the 2023 PSU cost is \u20ac2 million related to the equity-settled plan.At December 31, 2023, there were 57,410 outstanding PSUs for the 2023 equity settled plan and 67,304 for the 2021 cash-settled plan.As mentioned above, the PSU plan 2022 has been converted to an RSU plan at the Partial Demerger date, consequently, there are no more performance share units left in PSU 2022.Restricted Share Units (RSU)In 2023 prior to the Partial Demerger, the Board of Directors offered to executive staff two Restricted Share Unit Plans, with the objective of encouraging beneficiaries to remain employed by the Group by allowing them to become shareholders of the Group. All the managers involved subscribed to the RSUs offered to them in 2023 with a grant date fair value of \u20ac108.56 representing the average Solvay Group stock market price of the share for the 30 days prior to the offer. In accordance with IFRS 2 requirements, the fair value of each RSU in these plans has been updated to \u20ac23.98, being the initial grant date fair value adjusted by the weighted average closing price of both Groups for the 30 days post the Partial Demerger (22% of the initial grant date fair value allocated to Solvay).The Restricted Share Units are equity-settled share-based plans with a vesting date of December 31, 2025, after which shares will be issued, if vesting conditions are met.In 2023, the impact on the consolidated income statement of the RSUs amounts to a cost of \u20ac8 million and includes the cost of the converted 2022 PSU plan post the Partial Demerger. The carrying amount of the liability for the 2022 RSU plan on awards on Solvay Group shares amounts to \u20ac8 million at the end of 2023.At December 31, 2023, there were 25,654 RSUs 2023 options outstanding, and 85,428 RSUs 2022 options outstanding, what includes the transfer from PSU 2022 plan. Employee Stock Purchase Plan (ESPP)In September 2022, Solvay launched its first employee share purchase plan. By participating in the plan, employees have the opportunity to purchase Solvay Group shares on preferential terms. The grant date fair value was \u20ac82.85 representing the average stock market price of the share for the 30 days prior to the offer. In accordance with IFRS 2 requirements, the fair value of the ESPP has been updated to \u20ac18.23, being the initial grant date fair value adjusted by the weighted average closing price of both Groups for the 30 days post the Partial Demerger (22% of the initial grant date fair value allocated to Solvay). These employees will receive one free Solvay Group share for joining the plan as well as one matching share for every two shares purchased. The ESPP is an equity-settled share-based plan with a vesting date of September 30, 2024, after which the free and matching shares will be issued, if vesting conditions are met.On December 31, 2023, 24,493 shares are expected to be granted to the employees. The impact on the consolidated income statement of the ESPP amounts to a cost of \u20ac2 million.There was no effect of the Partial Demerger on the ESPP plan because the plan was already fully settled.HedgingAll hedging with call options on PSU, RSU and ESPP have been unwound in cash at the end September 2023. NOTE F30EMPLOYEE BENEFITSAccounting policyGeneralThe Group\u2019s employees are offered various post-employment benefits, other long-term employee benefits, and termination benefits as a result of legislation applicable in certain countries, and contractual agreements entered into by the Group with its employees or constructive obligations.The post-employment benefits are classified as defined contribution or defined benefit plans.Defined contribution plansDefined contribution plans involve the payment of fixed contributions to a separate entity, and release the employer from any subsequent obligation, as this separate entity is solely responsible for paying the amounts due to the employee. The expense is recognized when an employee has rendered services to the Group during the period.Defined benefit plansDefined benefit plans concern all plans other than defined contribution plans, and include: \u00b7 post-employment benefits: pension plans, other post-employment obligations and supplemental benefits such as post-employment medical plans.Taking into account projected final salaries on an individual basis, post-employment benefits are measured by applying a method (projected unit credit method) using assumptions involving discount rate, life expectancy, turnover, wages, annuity revaluation and medical cost inflation. The assumptions specific to each plan take into account the local economic and demographic contexts.The discount rates are interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation.The amount recognized under post-employment obligations corresponds to the difference between the present value of future obligations and the fair value of the plan assets funding the plan, if any. If this calculation gives rise to a deficit, an obligation is recognized in liabilities. Otherwise, a net asset limited to the lower of the surplus in the defined benefit plan and the present value of any future plan refunds or any reduction in future contributions to the plan is recognized. Therefore the amount at which such an asset is recognized in the statement of financial position may be subject to a ceiling.The defined benefit cost consists of service cost and net interest expense (based on discount rate) on the net liability or asset, both recognized in profit or loss, and remeasurements of the net liability or asset, recognized in other comprehensive income.Service cost consists of current service cost, past service cost resulting from plan amendments or curtailments and settlement gains or losses.The interest expenses arising from the reverse discounting of the benefit obligations, the financial income on plan assets (determined by multiplying the fair value of the plan assets by the discount rate) as well as interest on the effect of the asset ceiling are recognized on a net basis in the net financial charges (cost of discounting of provisions).Remeasurements of the net liability or asset consist of: \u00b7 actuarial gains and losses on the benefit obligations arising from experience adjustments and/or changes in actuarial assumptions (including the effect of changes in the discount rate) recognized in other comprehensive income; \u00b7 changes as a consequence of plan amendments, recognized in profit or loss; \u00b7 the return on plan assets (excluding amounts in net interest) and changes in the limitation of the net asset recognized.Other long-term employee and termination benefitsOther long-term employee benefits related to long service benefits granted to employees according to their seniority in the Group. Termination benefits include early pension plans. Other long-term employee and termination benefits are accounted for in the same way as post-employment benefits but remeasurements are fully recognized in the net financial charges during the period in which they occur.The actuarial calculations of the main post-employment obligations and other long-term benefits are performed by independent actuaries.Overview PROVISIONS BY TYPE OF BENEFITSIn \u20acmillion December 31, 2023 December 31, 2022Post-employment benefits 705 873Other long-term benefits 47 136Termination benefits 42 49Total employee benefits 794 1,057POST-EMPLOYMENT BENEFITSA. Defined contribution plansFor defined contribution plans, Solvay pays contributions to publicly or privately administered pension funds or insurance companies. B. Defined benefit plansDefined benefit plans can be either funded via outside pension funds or insurance companies (\u201cfunded plans\u201d) or financed within the Group (\u201cunfunded plans\u201d). Unfunded plans have no plan assets dedicated to them. The net liability results from the net of the provisions and the asset plan surplus.In \u20acmillion December 31, 2023 December 31, 2022Provisions 705 873Asset plan surplus (included in non-current loans and other assets) -90 -62Net liability 614 810 2023 2022Operational expense 31 18Finance expense 34 12The operating expense includes current service cost for \u20ac28 million (\u20ac15 million in 2022) (see also B.3.). The 2022 figures were restated.B.1. Management of risksOver recent years, the Group has reduced its exposure to defined benefit plan obligations stemming from future services by converting existing plans into pension plans with a lower risk profile (hybrid plans, cash balance plans and defined contribution plans) or by closing them to new entrants.Solvay continuously monitors its risk exposure, focusing on the following risks:Asset volatilityEquity instruments, even though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. To mitigate this risk, the allocation to equity instruments is monitored using Assets and Liabilities Management techniques, to ensure it remains appropriate given the respective schemes\u2019 and Group\u2019s long term objectives.Changes in bond yieldsA decrease in corporate bond yields will increase the carrying amount of the plans\u2019 liabilities. For funded schemes this impact will be partially offset by an increase in the fair value of the plan assets.Corporate bond yields are highly dependent on global and local market situations, the decisions of central banks and the political situation. Events that are currently impacting the financial markets are: \u00b7 the perspective of slow growth in the world with a fragmentation by geographic zones; \u00b7 the anticipation of a decrease of rates by the US and European central banks; \u00b7 a reduction of the inflation but with signs of resistance of some elements of the underlying inflation; \u00b7 continuing political instability due to the war in Gaza, Ukraine and tension with China plus US elections.Consequently, yields in the major currency zones (Eurozone, the UK, and the US) are decreasing since Q4 2023 and are close or below levels at the end of 2022 (see Actuarial assumptions used in determining the liability). The result is an increase in the Group's defined benefit obligations in 2023. Inflation riskThe defined benefit obligations are linked to inflation, and as a result, higher inflation may lead to an increase in the benefit obligation (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). A limited part of the assets are either unaffected by or only partially correlated with inflation, meaning that an increase in inflation will also increase the plans\u2019 net liabilities.The inflation rate in each country is based on the Global Economic Consensus Forecast (GCF) with the exception of the UK, where the information is derived from the Bank of England. Long-term inflation assumptions have limited downward variation in the Eurozone in comparison to 2022. In the UK, the outlook for the retail price index and consumer price index has decreased slightly from 2022. Life expectancyThe majority of the schemes\u2019 obligations are to provide benefits for the life of the member. Increases in life expectancy will therefore increase the plans\u2019 liabilities.Regulatory riskEspecially with respect to funded plans, the Group is exposed to the risk of external funding following regulatory constraints. This should not impact the defined benefit obligation but could expose the Group to a potential significant cash outlay.B.2. Description of obligationsThe provisions have been set up to cover post-employment benefits granted by most Group companies in line, either with local rules and /or with established practices, which generate constructive obligations.The largest post-employment plans in 2023 are in the United Kingdom, the United States, France, Germany, Belgium and Brazil. These six countries represent 91% of the total defined benefit obligations and represent 98% of the total recognized plan assets.December 31, 2023 In \u20acmillionDefined bene-In % Recognized Net liability/In % Ratio plan assets of which asset surplus fit obligationsplan assets(asset)on defined bene-recognized in the fit obligationsbalance sheetUnited Kingdom 142 8% 139 3 0% 98% 12United States 231 13% 207 24 4% 89% 10France 632 34% 288 344 56% 46% 33Germany 388 21% 190 199 32% 49% 0Belgium 274 15% 292 -18 -3% 107% 34Brazil 129 7% 90 39 6% 70% 0Other countries 38 2% 16 23 4% 41% 2Total 1,836 100% 1,222 614 100% 67% 90The asset surplus represents an economic benefit for the Group or can revert to the company in case of wind up of the plans. The main countries where recognized assets are surplus are in Belgium and France. In Belgium the surplus can be used to offset employer contributions. For France the surplus relates to receivables for pensioners with annuity that are administered by the Group but are partially born by third party companies.December 31, 2022 In \u20acmillionDefined In % Recognized Net liability/In % Ratio plan assets of which asset surplus benefit plan assets(asset)on defined benefit recognized in the balance obligationsobligationssheetUnited Kingdom 1,045 27% 1,031 14 2% 99% 0United States 1,097 29% 984 113 14% 90% 0France 722 19% 309 414 51% 43% 32Germany 399 10% 201 198 24% 50% 0Belgium 328 9% 330 -2 0% 101% 23Brazil 114 3% 85 29 4% 74%Other countries 95 3% 51 44 5% 54% 7Total 3,801 100% 2,990 810 100% 79% 62United KingdomBefore the Partial Demerger, Solvay sponsored a few defined benefit plans in the United Kingdom; the largest one being the Rhodia Pension Fund. It was closed to new entrants in 2003 and replaced by a defined contribution plan.After the Partial Demerger, one defined benefit plans remains with Solvay, the Solvay Defined Benefits Pension Fund. It is a final salary funded pension plan, with entitlement to accrue a percentage of salary per year of service. It was closed to new entrants in 2005 and replaced by a defined contribution plan. At December 31, 2023, about 9% of the liabilities are attributable to current employees, 25% to former employees and 66% to current pensioners.Pension funds in the UK function and comply with local legislation under a large regulatory framework. The Pensions Regulator has a risk-based approach to regulation and a code of practice, which provides practical guidance to trustees and employers of defined benefit schemes on how to comply with the scheme funding requirements. In accordance with UK legislation, pension funds are subject to Scheme Specific Funding, which requires that pension plans are funded prudently.Each pension fund is governed by a Board of Trustees. They manage the fund with prudent and fair judgment. The Trustees determine the liabilities used for Statutory Funding Objectives based on prudent actuarial and economic assumptions. Any shortfall or deficit once these liabilities have been deducted from the fund\u2019s assets must be reduced by additional contributions and in a time frame determined in accordance with the employer\u2019s ability to pay and the strength of covenant or contingent security being offered by the employer.Pension funds are subject to a triennial valuation cycle for funding purposes. This valuation is performed by the scheme actuary in line with UK regulations and is discussed between the Trustees and the sponsoring employer to agree the valuation assumptions and a funding plan. For the Rhodia Pension Fund the last completed valuation was as of July 1, 2021. It established a fixed contribution rate of pensionable pay for active members plus a deficit recovery plan. Recovery contributions have been increased so that the plan is expected to be fully funded by the end of 2027 in accordance with local regulations. In December 2023, before the plan was demerged, Solvay made a voluntary contribution (\u00a375 million).For the Solvay Defined Benefits Pension Fund, the last completed valuation was as of March 31, 2022, which established a fixed contribution rate of pensionable pay for active members plus a deficit recovery plan. The current recovery plan foresees recovery contributions until June 2023. In May 2023 a voluntary contribution was paid to the fund (\u00a310 million).FranceSolvay sponsors several defined benefit plans in France. The largest plans are the French compulsory retirement indemnity plan and three closed top hat plans. Solvay retains most of the liabilities for the defined benefit plans after Partial Demerger.The main plan is for all former Rhodia employees who contributed to the plan prior to its closure in the 1970s. It offers a full benefit guarantee based on the end-of-career salary; more than 99% of the liabilities are attributable to current pensioners. The plan is partially funded. At the end of December 2023, an additional voluntary contribution was paid to the plan (\u20ac18 million).In accordance with French legislation, adequate guarantees have been provided.United StatesBefore the Partial Demerger, Solvay sponsored four defined benefit pension plans in the United States, one qualified plan and three non-qualified plans. After the Partial Demerger, Solvay retains liabilities for members of the qualified plan and for members of one non-qualified plan. A qualified plan is an employer-sponsored retirement plan that qualifies for special tax treatment under Section 401(a) of the Internal Revenue Code. The defined benefit plans are closed to new entrants where newly hired employees are eligible to participate in a defined contribution plan. The qualified defined benefit pension plan is funded while the non-qualified defined benefit pension plan is unfunded. The qualified plan makes up most of the pension liabilities as of December 31, 2023.Solvay's plans are in compliance with local laws regarding audited financial statements, governmental filings, and Pension Benefit Guaranty Corporation insurance premiums where applicable. The plans are reviewed and monitored locally by fiduciary committees for purposes of plan investments and administrative matters.For the qualified plan, Solvay\u2019s contributions take into account minimum (tax-deductible) funding requirements as well as maximum tax-deductible contributions, both regulated by the tax authorities.Certain eligible participants may elect to receive their pension in a single lump sum payment instead of a monthly payment.At year-end, about 47% of the liabilities are attributable to current employees, 6% to former employees for whom benefit payments have not yet commenced and 47% to current pensioners.GermanySolvay sponsors various defined benefit plans in Germany. The largest plans are a closed final-pay plan and an open cash balance plan. Most of the liabilities were retained by Solvay after the Partial Demerger. At December 31, 2023, broadly about 78% of the liabilities are attributable to current pensioners. The plans are partially funded.BelgiumSolvay sponsors two defined benefit plans in Belgium. These are funded pension plans. The plan for executives has been closed since the end of 2006, and the plan for the white and blue collars has been closed since 2004. The past service benefits provided under these plans continue to be adapted each year considering annual salary increase and inflation (\u201cDynamic management\u201d). In accordance with market practice in Belgium, because of favorable retirement lump sum taxation, most benefits are paid as lump sum. Furthermore, Solvay sponsors two open defined contribution plans, classified as defined benefit plans for accounting purposes due to the minimum guarantees explained hereafter. These are funded pension plans which are open since the beginning of 2007 for the one in favor of the executives and since the beginning of 2005 for the one in favor of the white and blue collars. Participants may choose to invest their contributions amongst four different investment funds (from \u201cPrudent\u201d to \u201cDynamic\u201d). However, regardless of their choices, the Belgian law foresees that the employer must guarantee a return on employer contribution and on personal contribution, creating that way a potential liability for the Group. Since 2016 the return has been fixed at 1.75% for both types of contributions, at the minimum of the range provided by law since January 1, 2016 (1.75% to 3.75%). At the end of 2023, net liability recognized in the consolidated statement of financial position concerning these plans is not material.Solvay\u2019s plans are administered through the Solvay Pension Fund that operates in compliance with local laws regarding minimum funding, investments principles, audited financial statements, governmental filings, and governance principles. The Pension Fund is managed through a General Assembly and a Board of Directors delegating day-to-day activities to an operational committee.Approximately 20% of the liability and plan assets were transferred out from the Solvay Pension Fund to a separate pension fund and are included in the Partial Demerger.Solvay sponsors a few other smaller pension plans. All these plans are insured.Other plansThe majority of the obligations relate to pension plans. In some countries (mainly Belgium, Brazil, and the United States), there are also post-employment medical plans, which represent 4% (4% in 2022) of the total defined benefit obligation.B.3. Financial impactsChanges in net liability In \u20acmillion 2023 2022Net amount recognized at beginning of period 810 1,123Net expense recognized in P&L \u2013 Defined benefit plans 65 58Actual employer contributions / direct actual benefits paid -173 -227Acquisitions and disposals 0 0Remeasurements before impact of asset ceiling 31 -157Change in the effect of the asset ceiling limit on remeasurements -4 2Reclassifications 2 2Currency translation differences 0 9The effect of Partial Demerger-116Net amount recognized at end of period 614 810Remeasurements before the impact of asset ceiling \u20ac31 million comprise: \u00b7 the favorable investment return on plan assets (excluding interests reported in the consolidated income statement) for \u20ac(132) million; \u00b7 decrease in discount rates of \u20ac34 million mainly in the United States, United Kingdom, Brazil and Eurozone; \u00b7 decrease in inflation rate of \u20ac(12) million for Eurozone; \u00b7 other remeasurements due to changes in the other financial assumptions, demographic and experience effects of \u20ac141 million of which \u20ac114 million is due to effect of Partial Demerger.Net expenseIn \u20acmillion 2023 2022Current service costs 28 15Past service costs (including curtailments and settlements) 1 0Service costs 29 15Interest cost 86 35Interest income -52 -23Net interest 34 12Administrative expenses paid 1 3Net expense recognized in P&L \u2013 Defined benefit plans 65 30Remeasurements recognized in other comprehensive income 26 -220The 2022 figures are restated.The service costs and administrative expenses of these benefit plans are recognized within cost of sales, administrative costs, research & development costs or operating gains and losses and results from legacy remediation, and the net interest is recognized as a finance expense.In 2023 the Group\u2019s current service costs amount to \u20ac28 million (\u20ac20 million in 2022), of which \u20ac25 million (\u20ac11 million in 2022) related to funded plans and \u20ac4 million (\u20ac4 million in 2022) related to unfunded plans. Net liabilityIn \u20acmillion December 31, 2023 December 31, 2022Defined benefit obligations \u2013 Funded plans 1,678 3,477Fair value of plan assets at end of period -1,222 -2,995Deficit for funded plans 456 482Defined benefit obligations \u2013 Unfunded plans 159 323Deficit / surplus (-) 614 805Amounts not recognized as asset due to asset ceiling (recognized in other 0 4comprehensive income) Net liability (asset) 614 810Provision recognized 705 873Asset recognized -90 -62Changes in defined benefit obligationsIn \u20acmillion 2023 2022Defined benefit obligation at beginning of period 3,800 5,016Current service costs 28 38Past service costs (including curtailments) 1 1Interest cost 86 99Employee contributions 2 4Settlements 0 0Acquisitions and disposals (-) 0 0Remeasurements in other comprehensive income 162 -1,067Actuarial gains and losses due to changes in demographic assumptions 7 -26Actuarial gains and losses due to changes in financial assumptions -1 -1,100Actuarial gains and losses due to experience 156 59Actual benefits paid -134 -324Currency translation differences 0 32Partial Demerger -2,148Reclassification and other movements 37 2Defined benefit obligation at end of period 1,836 3,800Defined benefit obligations \u2013 Funded plans 1,678 3,477Defined benefit obligations \u2013 Unfunded plans 159 323Changes in the fair value of plan assetsIn \u20acmillion 2023 2022Fair value of plan assets at beginning of period 2,995 3,896Interest income 52 85Remeasurements in other comprehensive income 132 -910Return on plan assets (excluding amounts in net interests including on asset 132 -910surplus)Employer contributions 173 227Employee contributions 2 4Administrative expenses paid -1 -5Acquisitions / Disposals (-) 0 0Settlements 0 0Actual benefits paid -134 -324Currency translation differences 0 -23Partial Demerger -2,032Reclassification and other movements 35 0Fair value of plan assets at end of period 1,222 2,995Actual return on plan assets (including on asset surplus) 184 -825In 2023, the total return on plan assets, i.e. including interest income, is a gain of \u20ac184 million against \u20ac825 million loss in 2022.In 2023, the Group\u2019s cash contributions amount to \u20ac173 million (\u20ac227 million in 2022), of which \u20ac29 million (\u20ac155 million in 2022) of voluntary cash contributions, and \u20ac144 million (\u20ac72 million in 2022) of direct benefits payments and mandatory contributions to funds.In 2023, the voluntary cash contributions were made to improve the funding level of the UK pension plans (\u20ac11 million) and France pension fund (\u20ac18 million) and increase de-risking with the additional plans assets. Categories of plan assetsDecember 31, 2023 December 31, 2022Equities 18% 20%Bonds 76% 74%Properties and infrastructures 2% 3%Cash and cash equivalents 3% 2%Others 1% 1%Total 100% 100%With respect to the invested assets, it should be noted that these assets do not contain any direct investment in Solvay shares or in property or other assets occupied or used by Solvay. This does not exclude Solvay shares being included in mutual investment fund type investments.Changes in asset ceiling In \u20acmillion 2023 2022Effect of the asset ceiling limit at beginning of period 4 2Partial Demerger -4 0Change in the effect of the asset ceiling limit on remeasurements 0 2Effect of the asset ceiling limit at end of period 0 4Assumptions regarding future benefits paidThe following are the expected benefits paid by the defined benefit plan in the future years. In \u20acmillionPeriod Total Eurozone United Kingdom USA Other2024 137 94 7 21 152025 141 98 7 21 152026\u20132028 440 309 24 61 46Actuarial assumptions used in determining the liabilitySome of the retirement plans that Solvay has in place provide annuity payments that are adjusted on a regular basis to mitigate the effects for cost of living increases. The salary growth assumption is used to determine what will be the salary at the end of the career of the individuals, as the defined benefit plans take into account the last salary of the individuals. This assumption includes impacts of both inflation and merit increases.The pension growth assumption defines the expected future adjustments for these annuity payments. The plan defines how these annuity payments will be adjusted, and might be linked to inflation. Pension growth assumptions mainly apply for the defined benefit retirement plans in the United Kingdom, France and Germany.The long term inflation assumption is presented separately as salary growth and pension growth assumptions encompass more variables than inflation. Eurozone UK United States2023 2022 2023 2022 2023 2022Discount rates 3.00% 3.75% 4.50% 4.75% 4.75% 5.00%Expected rates of future salary 2.00% \u2013 4.00% 2.00% \u2013 4.25% 2.75% 2.50% \u2013 3.00% 3.75% 3.00% \u2013 3.50%increases Long term inflation 2.00% \u2013 2.25% 2.00% \u2013 2.50% 2.75% 3.00% 2.25% 2.50%Expected rates of pension growth 0.00% \u2013 2.25% 0.00% \u2013 2.50% 2.55% 2.80% NA NAActuarial assumptions used in determining the annual costEurozone UK USA2023 2022 2023 2022 2023 2022Discount rates 3.75% 1.00% 4.75% 2.00% 5.00% 2.75%Expected rates of future salary 2.00% \u2013 4.25% 1.75% \u2013 4.00% 2.50% \u2013 3.00% 2.50% \u2013 3.00% 3.75% 3.00% \u2013 3.50%increases Long term inflation 2.00% \u2013 2.50% 1.75% \u2013 2.00% 3.00% 3.00% 2.50% 2.50%Expected rates of pension growth 0.00% \u2013 2.50% 0.00% \u2013 2.00% 2.80% 2.80% NA NAActuarial assumptions regarding future mortality are based on recent country specific mortality tables. These assumptions translate at January 1, 2023, into an average remaining life expectancy in years for a pensioner retiring at age 65:In years Belgium France Germany United Kingdom United StatesRetiring at the end of the reporting period Male 19 25 21 22 21Female 22 29 24 24 23Retiring 20 years after the end of the reporting periodMale 20 28 23 23 22Female 24 31 26 26 24For most countries the mortality assumptions reflect actual scheme experience and/or Solvay\u2019s expectations in terms of future mortality improvements.The actuarial assumptions used in determining the employee benefits obligation at December 31, 2023, are based on the following employee benefits liabilities durations:Eurozone United Kingdom United StatesDuration in years 9.2 12.8 6.6Sensitivities on the defined benefits obligation for the post-employment benefitsEach sensitivity amount is calculated assuming that all other assumptions are held constant. The economic factors and conditions often affect multiple assumptions simultaneously.Sensitivity to a change of percentage in the discount rates: In \u20acmillion 0.25% increase 0.25% decreaseEurozone -28 28United Kingdom -4 4United States -4 4Others -3 3Total -39 39Sensitivity to a change of percentage in the inflation rates:In \u20acmillion 0.25% increase 0.25% decreaseEurozone 25 -24United Kingdom 3 -3United States 0 0Others 3 -2Total 31 -29Sensitivity to a change of percentage in salary growth rates:In \u20acmillion 0.25% increase 0.25% decreaseEurozone 3 -3United Kingdom 0 0United States 0 0Others 0 0Total 3 -3Sensitivity to a change of one year on mortality tables \u2013 The table shows impacts when the age of all beneficiaries increases or decreases by one year:In \u20acmillion Age correction +1 year Age correction -1 yearEurozone -52 52United Kingdom -4 4United States -4 4Others -4 4Total -64 64NOTE F31PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a present obligation (legal or constructive) as a result of a past event, (b) it is probable that the Group will be required to settle the obligation, and (c) a reliable estimate can be made of the amount of the obligation.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally recognized in the financial result.When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received when the Group settles the obligation.RestructuringsA restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoing activities (shut-down sites, discontinued activities or divested activities where Solvay maintains certain commitments) and, to a lower extent, to ongoing activities (see comments below).An environmental provision is recognized, in accordance with IAS 37, when there is a current legal or constructive obligation resulting from past events which will result in a probable outflow of resources (expenses / cash outs) to settle it and for which a reliable estimate of such outflows and timing can be made. \u00b7 The environmental expenses encompass, but are not limited to, the following key matters \u00b7 Sampling and analytical costs for soil and ground water monitoring \u00b7 Cost related to dismantling when required to meet a remediation or permit obligation \u00b7 Asbestos removal when obligated by regulation \u00b7 Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.In \u20acmillion Restructuring Environment Litigation Other TotalDecember 31, 2022 119 702 97 123 1,041Additions 104 362 28 147 641Reversals of unused amounts 0 -16 -10 -14 -40Uses -92 -72 -20 -37 -221Increase/decrease through discounting 0 38 0 39RemeasurementsCurrency translation differences -3 1 -3Acquisitions and changes in consolidation scopeDisposalsPartial Demerger -47 -501 -35 -34 -617Other 0 -4 16 12December 31, 2023 83 506 61 202 852Of which current provisions 36 87 19 161 302The provisions decreased by \u20ac(189) million in 2023, of which, \u20ac(36) million for Restructuring, \u20ac(196) million for Environment and \u20ac(36) million for Litigation, partially offset by an increase of \u20ac79 million for others. See below for more details on the recognition and additions to the provisions.The Provision decreased as consequence of Partial Demerger by \u20ac(617) millions The movements in Other provisions mainly relate to post-closing adjustments resulting from M&A warranties including indemnities for environmental remediation on sites subject to disinvestment.Management expects provisions (other than employee benefits) to be used (cash outlays) as follows:In \u20acmillion up to 5 years between 5 and 10 years beyond 10 years TotalTotal provisions for environment 243 55 208 506Total provisions for litigation 56 5 61Total provisions for restructuring and other 279 6 285December 31, 2023 578 66 208 852Restructuring provisionsIn 2023, these provisions amount to \u20ac83 million, compared with \u20ac119 million at the end of 2022.The provisions at the end of 2023 mainly relate to the restructuring charges for the simplification of all support functions in the frame of the Group\u2019s simplification and transformation program, including the strategic transformation measures. Environmental provisionsThese provisions amount to \u20ac506 million at the end of 2023, compared with \u20ac702 million at the end of 2022, and pertain to: \u00b7 mines and drilling operations to the extent that legislation and/or operating permits in relation to quarries, mines and drilling operations contain requirements to remedy or to pay compensation to third parties. Those provisions amount to \u20ac133 million at the end of 2023 and most of these, based on local expert advice, can be expected to be used within 20 year horizon. \u00b7 lime dikes (settling ponds related mainly to soda ash plants), dump at sites and third party dump sites (linked to several industrial activities). These provisions have an horizon of 1 to 20 years. \u00b7 Various types of pollution (organic, inorganic) coming from miscellaneous chemical productions; these provisions mainly cover discontinued activities or closed plants. Most of these provisions have a horizon of 1 to 20 years; \u00b7 The environmental provision decreased as consequence of Partial Demerger by \u20ac(501) millions which includes the environmental remediation of \u20ac323 million with NJDEP in US (see note F8). The variation of environmental provisions also was impacted by lower discount rate increasing the present value of the overall liability by \u20ac16 million. This effect, combined with the unwinding of the opening liabilities for \u20ac22 million resulted in a net increase of \u20ac38 million related to discounting. The estimated amounts are discounted based on the probable date of settlement, and are periodically adjusted to reflect the passage of time.The breakdown of the environmental provisions and related uses for the main countries/regions is reported here below:December 31, 2023 December 31, 2022In \u20acmillionProvisions In % Provisions Use of Provisions In % Provisions Use of ongoing provisionsongoing provisionsactivitiesactivitiesFrance 147 29% 0 -21 145 21% 1 -24Germany 115 23% 6 -4 112 16% 7 -5Rest of Europe 170 34% 5 -17 144 21% 5 -15North America 5 1% 0 -23 226 32% 0 -37Rest of the world 69 13% 1 -10 74 11% 0 -8Total 506 100% 12 -75 702 100% 12 -90Provisions for litigationProvisions for litigation refer to indirect tax and legal exposures. They amount to \u20ac61 million in 2023 (\u20ac97 million in 2022). The balance at the end of 2023 relates to indirect tax risks (\u20ac11 million) and legal claims (\u20ac50 million).Other provisionsOther provisions increased from \u20ac123 million at the end of 2022 to \u20ac202 million at the end of 2023. They relate to various risks, of which the main ones concern (i) the shutdown or disposal of activities and (ii) risk related to the execution of contracts or termination. Other provisions also included a provision for litigation post M&A deal for which an indemnification asset for \u20ac21 million (In Other receivables/payables) has been recognized as foreseen in the Separation Agreement.Other provisions relate to the shutdown or disposal of activities and amount to \u20ac202 million in 2023, compared with \u20ac123 million at the end of 2022. NOTE F32 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, and only when Solvay becomes a party to the contractual provisions of the instrument. Amortized cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.Financial assetsTrade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments, specifically: \u00b7 A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. \u00b7 All other debt instruments are measured at FVTPL. \u00b7 All equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to retained earnings. \u00b7 Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not eligible for the FVTOCI option and therefore are accounted for at FVTPL. For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active market, the fair value is determined using valuation techniques including reference to recent arm\u2019s length market transactions or transactions involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model, representing the weighted average of credit losses with the respective risks of a default occurring as the weights. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.For trade receivables that do not contain a significant financing component (i.e. substantially all trade receivables), the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that takes into account historical information on defaults adjusted for the forward-looking information per customer. The Group considers a financial asset in default risk when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is fully impaired when there is no reasonable expectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidated income statement, except for debt instruments measured at fair value through other comprehensive income. In this case, the allowance is recognized in other comprehensive income.Financial liabilitiesFinancial liabilities are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortized cost, except for: \u00b7 financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value; \u00b7 financial guarantee contracts. After initial recognition, guarantees are subsequently measured at the higher of the expected losses and the amount initially recognized.Derivative financial instrumentsA derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the following characteristics: \u00b7 its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the \"underlying\"); \u00b7 it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; \u00b7 it is settled at a future date.The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO emission rights price risks).2As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss (cash flow hedges).A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the underlying settlements is more than 12 months after the reporting period. Other derivative instruments (or portions of them) are presented as current assets or current liabilities.Hedge accountingThe Group designates certain derivatives and embedded derivatives, in respect of interest rate risk, foreign exchange rate risk, Solvay share price risk, and commodity risk (mainly utility and CO emission rights price risks), as hedging instruments in a cash flow hedge relationship.2At the inception of the hedge relationship, there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge. So to apply hedge accounting: (a) there is an economic relationship between the hedged item and the hedging instrument, (b) the effect of credit risk does not dominate the value changes that result from that economic relationship, and (c) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The requirement under (a) above that an economic relationship exists means that there is an expectation that the value of the hedging instrument and the value of the hedged item will systematically change in the opposite direction in response to movements in either the same underlying (or underlyings that are economically related in such a way that they respond in a similar way to the risk that is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedging instruments that are designated in a cash flow hedge is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.As long as cash flow hedge qualifies, the hedging relationship is accounted for as follows: \u00b7 a) the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): - (i) the cumulative gain or loss on the hedging instrument from inception of the hedge; and - (ii) the cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. \u00b7 b) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (i.e. The portion that is offset by the change in the cash flow hedge reserve calculated in accordance with (a)) is recognized in other comprehensive income; \u00b7 c) any remaining gain or loss on the hedging instrument (or any gain or loss required to balance the change in the cash flow hedge reserve calculated in accordance with (a)) is hedge ineffectiveness that is recognized in profit or loss. \u00b7 d) the amount that has been accumulated in the cash flow hedge reserve in accordance with (a) is accounted for as follows: - (i) if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the Group removes that amount from the cash flow hedge reserve and includes it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment and hence it does not affect other comprehensive income; - (ii) for cash flow hedges other than those covered by i), that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, in the periods that interest income or interest expense is recognized or when a forecast sale occurs); - (iii) however, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment. Most hedged items are transaction related. The time value of options, forward elements of forward contracts, and foreign currency basis spreads of financial instruments that are hedging the items affect profit or loss at the same time as those hedged items. Hedge accounting is discontinued prospectively when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cash flow hedge it accounts for the amount that has been accumulated in the cash flow hedge reserve as follows: \u00b7 if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve until the future cash flows occur. However, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment; \u00b7 if the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur.The following table presents the financial assets and liabilities as current or non-current according to their classification under IFRS 9.December 31, December 31, 20232022Carrying Carrying In \u20acmillionClassificationamountamountNon-current assets \u2013 Financial instruments 234 464Equity instruments measured at fair value through other Financial assets measured at fair value 1 24comprehensive incomethrough other comprehensive incomeFinancial assets measured at fair value Equity instruments measured at fair value through profit or loss87 47through profit or lossLoans and other non-current assets (excluding pension fund Financial assets measured at amortized 136 197surpluses and long-term inventory balance)costFinancial instruments \u2013 Operational 10 196Held for trading Held for trading 5 130Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 5 66relationshipCurrent assets \u2013 Financial instruments 1,598 4,093Financial assets measured at amortized Trade receivables840 2,026costOther financial instruments 118 206Financial assets measured at amortized Other marketable securities >3 months50 43costCurrency swaps Held for trading 2 1Financial assets measured at amortized Other current financial assets66 162costFinancial instruments \u2013 Operational 56 929Held for trading Held for trading 11 553Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 45 376relationshipFinancial assets measured at amortized Cash and cash equivalents584 932costTotal assets \u2013 Financial instruments 1,833 4,557Non-current liabilities \u2013 Financial instruments 2,051 2,753Financial debt 1,981 2,450Financial liabilities measured at Bonds0 1,994amortized costFinancial liabilities measured at Other non-current debts1,735 42amortized costDerivative financial instruments designated in a cash flow hedge Cash-flow hedge 2 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Non-current portion243 413costFinancial liabilities measured at Other liabilities39 112amortized costFinancial instruments \u2013 Operational 32 192Held for trading Held for trading 17 146Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 15 46relationshipCurrent liabilities \u2013 Financial instruments 1,344 3,646Financial debt 211 510Financial liabilities measured at Short-term financial debt88 397amortized costCurrency swaps Held for trading 1 2Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 59 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Current portion63 111costFinancial liabilities measured at Trade payables850 2,296amortized costFinancial instruments \u2013 Operational 108 676Held for trading Held for trading 19 492Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 88 183relationshipFinancial liabilities measured at Dividends payables175 165amortized costTotal liabilities \u2013 Financial instruments 3,395 6,399In 2022 and 2023, long-term CO inventory balances reported are not financial assets and hence are not included in the table above. They are 2presented as other non-current assets. F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.F32.C. Capital managementSee 2 Capital, shares and shareholders in respect of capital in the Corporate Governance statement chapter of this annual report.The Group manages its funding structure with the objective of safeguarding its ability to continue as a going concern, optimizing the return for shareholders, maintaining an investment-grade rating, and minimizing the cost of debt. The capital structure of the Group consisted of equity (including perpetual hybrid bonds on December 31, 2022 (see note F28 Equity)) and of net debt (see note F33 Net indebtedness). Perpetual hybrid bonds were nevertheless considered as debt in the Group\u2019s underlying metrics. There are no hybrid bonds at the end of 2023.Besides the statutory minimum equity funding requirements that apply to the Company\u2019s subsidiaries in the different countries, Solvay is not subject to any additional legal capital requirements. The Treasury department reviews the capital structure on an ongoing basis under the authority and the supervision of the Chief Financial Officer. As appropriate, the Legal department is involved to ensure compliance with legal and contractual requirements.F32.D. Financial risk managementThe Group is exposed to market risk from movements in foreign exchange rates, interest rates and other market prices (utility prices, CO emission 2rights prices and equity prices). The Group\u2019s senior management oversees the management of these risks and is supported by the Treasury department (non-commodity risks) and Solvay Sustainable Development and Energy department that advise on financial risks and the appropriate financial risk governance framework for the Group. Both departments provide assurance to the Group\u2019s senior management that the Group\u2019s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group\u2019s policies and risk objectives. Solvay uses derivative financial instruments to hedge clearly identified foreign exchange, interest rate, index, utility price and CO emission rights price risks (hedging instruments). All derivative activities for risk management purposes 2are carried out by specialist teams that have the appropriate skills, experience and supervision. However, the required criteria to apply hedge accounting are not met in all cases.Furthermore, the Group is also exposed to liquidity risks and credit risks.Foreign currency risks \u00b7 The Group is an essential chemical company with operations worldwide, and hence undertakes transactions denominated in foreign currencies. Consequently, the Group is exposed to exchange rate fluctuations. In 2023, the Group was mainly exposed to US Dollar, Chinese Yuan and Brazilian Real. \u00b7 To mitigate its foreign currency risk, the Group has defined a hedging policy that is essentially based on the principles of financing its activities in local currency and hedges the transactional exchange risk at the time of invoicing (risk which is certain). The Group constantly monitors its activities in foreign currencies and hedges, where appropriate, the exchange rate exposures on expected cash flows (risk which is highly probable). \u00b7 Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts or, when appropriate, other derivatives like currency options. \u00b7 In the course of 2023, the \u20ac/US$ exchange rate moved from 1.0674 at the start of January to 1.1052 at the end of December (from 1.1327 to 1.0674 in 2022). \u00b7 A fluctuation of (0.10) to the US$/\u20acexchange rate, would generate in 2023 about \u20ac30 million (\u20ac180 million for 2022) variation to the EBITDA; 63% of this variation is at conversion level and 37% at transaction level, the latter being mostly hedged. EBITDA is the key non-IFRS metric for operational performance as defined in the glossary. \u00b7 At the end of 2023, a strengthening of the US dollar vs euro would increase the net debt by approximately \u20ac0 million (\u20ac87 million in 2022) per 0.10 US$/\u20acfluctuation. Conversely, a weakening of the US dollar vs euro would decrease the net debt by approximately \u20ac0 million (\u20ac72 million in 2022) per 0.10 US$/\u20acfluctuation. \u00b7 The Group\u2019s currency risk can be split into two categories: translation and transactional risk.Translation risk \u00b7 The translation exchange risk is the risk affecting the Group\u2019s consolidated financial statements related to investees operating in a currency other than the euro (the Group\u2019s presentation currency). \u00b7 During 2023 and 2022, the Group did not hedge the currency risk of foreign operations.Transactional riskThe transactional risk is the exchange risk linked to a specific transaction, such as a Group entity buying or selling in a currency other than its functional currency.To the largest extent possible, the Group manages the transactional risk on receivables and borrowings centrally and locally when centralization is not possible.The choice of borrowing currency depends mainly on the opportunities offered by the various markets. This means that the selected currency is not necessarily that of the country in which the funds will be invested. Nonetheless, operating entities are financed essentially in their functional currencies.In emerging countries, it is not always possible to borrow in local currency, either because funds are not available in local financial markets, or because the financial conditions are too onerous. In such a situation, the Group has to borrow in a different currency. Nonetheless, the Group considers opportunities to refinance its borrowings in emerging countries with local currency debt.Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are classified into the two categories described below.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered). Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchange rate risks. It documents those as hedging instruments unless it hedges a recognized financial asset or liability when generally no cash flow hedge relationship is documented. Most hedges are transaction related.At the end of 2023, the Group had mainly hedged highly probable sales in foreign currencies (short position) in a nominal amount of US$203 million (\u20ac184 million) and JP\u00a5134 million (\u20ac1 million). All cash flow hedge contracts that exist at the end of December 2023 will be settled within the next 12 months, and will impact profit or loss during that period.The following table details the notional amounts of Solvay\u2019s derivatives contracts outstanding at the end of the period:NOTIONAL AMOUNTSDecember 31, 2023In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of exposure exchange rate hedge hedging instrumentthe of the risk hedgedper risk categoryreserve (1)exposureinstrument Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -1 -1 50% (2) 126.94 0 0 0JPY/USD 0 -3 4% (4) 145.33 1 1 0Total JPY -1 -4 1 1 0USD/BRL -63 -106 60% (2) 4.78 0 0 0USD/CNY -68 -138 49% (2) 6.92 0 0 0USD/EUR -24 -37 66% (2) 1.13 0 1 -1USD/MXN -11 -23 48% (2) 18.32 -1 0 -1USD/THB -17 -39 44% (2) 33.75 0 0 0Total USD -184 -342 -1 1 -2Total -185 -346 0 2 -2(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2023.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.(4) In compliance with Group Treasury Policy the hedging will be stopped in 2024 due to the low materiality exposure.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties.Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.December 31, 2022In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of the of exposure exchange rate hedge hedging instrument (1)the instru-risk exposurehedgedper risk categoryreserve (1)ment Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -71 -147 48% 139.17 0 1 1JPY/USD -42 -87 48% (2) 132.47 -1 1 2Total JPY -113 -234 -1 1 2USD/BRL -187 -285 66% (2) 5.28 3 3 0USD/CNY -157 -353 45% (2) 6.82 -1 1 2USD/EUR -340 -674 50% 1.05 8 10 2USD/MXN -66 -135 49% (2) 21.01 3 3 0USD/THB -36 -79 45% 34.69 1 1 0Total USD -786 -1,525 14 19 5Total -899 -1,759 13 20 7(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2022.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Effects of IBOR market developmentsAll the new Liquidity Facilities (RCF, Bilateral lines) have been negotiated using only SOFR reference index and not IBOR anymore. This will not have any impact financially.The ISDA's agreements were as well amended to include the SOFR.All the other old agreements (before June 2023) still reflect IBOR on the agreements. Banks in that case will apply market standard approach and use the new SOFR reference rate for those agreements, therefore will not have an impact on our financial charges nor relations. Interest rate risksSee the Financial risk in the Management of risks section of this annual report for additional information on the interest rate risks management. \u00b7 Interest rate risk is managed at Group level. \u00b7 The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. Interest rate risk is managed at Group level by maintaining an appropriate mix between fixed and floating rate borrowings.Interest rate exposure by currency is summarized below:In \u20acmillion December 31, 2023 December 31, 2022Fixed rate Floating rate Total Fixed rate Floating rate TotalCurrencyFinancial debt EUR -164 -1,840 -2,003 -1,642 -32 -1,673USD -137 -2 -139 -1,153 -11 -1,163BGN -1 -1 -2 0 -33 -33INR 0 0 0 -11 -6 -17KRW -2 -10 -12 -19 -7 -26THB -9 0 -10 -12 0 -12BRL -8 -2 -10 -12 0 -12Other -13 -3 -16 -22 -1 -23Total -333 -1,859 -2,192 -2,870 -90 -2,959Cash and cash equivalents EUR 297 297 201 201USD 138 138 320 320CAD 2 2 53 53THB 22 22 28 28SAR 8 8 11 11BRL 65 65 177 177CNY 16 16 22 22KRW 6 6 7 7JPY 10 10 30 30Other 20 20 83 83Total 584 584 932 932Other financial instruments CNY 12 12 43 43EUR 65 65 185 185SAR 4 4 4 4Other 38 38 4 4Total 118 118 236 236Total -333 -1,156 -1,489 -2,870 1,078 -1,791At the end of 2023, \u20ac1,859 million of the Group\u2019s gross debt was at floating-rate, and is largely comprised of: \u00b7 bridge facility in for a total of \u20ac1,500 million maturing in 2025 (carrying amount of \u20ac1,500 million); \u00b7 a term loan for an amount of \u20ac200 million. The latter are subject to interest rate hedging via zero cost interest collar (for the bridge facility of \u20ac1,500 million) and interest rate swaps (for the term loan of \u20ac200 million) reducing the volatility to interest rate fluctuations (discussed below). The fixed-rate debt is mainly comprised of IFRS 16 lease liability for a total of \u20ac307 million (carrying amount of \u20ac307 million).The impact of interest rate volatility at the end of 2023 compared to 2022 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement EUR market interest ratesin EUR market interest ratesIn \u20acmillion2023 2022 2023 2022Profit or loss -7 -1 6 1The sensitivity to interest rates volatility on the floating gross financial debt remains insignificant at the end of 2023 compared to 2022 thanks to the interest rates hedging. Most of the sensitivity disclosed in 2023 corresponds to the remaining volatility between the maximum interest rate payable (cap strike rate) and the minimum rate (floor strike rate) following the hedging of the bridge facility (\u20ac1,500 million) via zero cost interest collar. Interest rate risk hedged by instrument accounted for as held for tradingIn 2023 and 2022, there are no outstanding interest rate instruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2022, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the execution of liability management prior to the Partial Demerger the Group has decided to hedge executed floating rate debts and drawdowns executed in 2023 (\u20ac1.7 billion) as well as future long-term refinancing: December 31, 2023In \u20acmillionNotional Notional Percentage Hedge interest Cash flow Fair value of amount of amount of the of exposure rate per risk hedge the the risk exposure (1)hedgedcategoryreservehedging instrument (1)instrumentCash flow hedges on Equity Assets Liabilitiesfloating interests ratesFloating rate debt 200 200 100% 3.52% -2 0 -2(Euribor6M)Floating rate debt 1,500 1,500 100% 3.55% -1 0 -1(Euribor1M)Future long-term 3.20% 750 750 100%-25 0 -25refinancing (Euribor6M)+ Fixed marginFuture long-term 3.05% 750 750 100%-33 0 -33refinancing (Euribor6M)+ Fixed marginTotal 3,200 3,200 -61 0 -61Other market risksUtility and CO price risks2The Group purchases a large portion of its coal, gas and electricity needs in Europe and the United States based on fluctuating liquid market indices. Moreover, the Group purchases raw materials with a price formula referring to market indices. In order to reduce the cost volatility, the Group has developed a policy for exchanging variable price against fixed price through derivative financial instruments. Most of these hedging instruments can be documented as hedging instruments of the underlying purchase contracts. Utility purchase contracts at fixed price with a physical delivery for use in the Group's operations are qualified as own use contracts and constitute a natural hedge. Those have not been included in this note. Financial hedging of utility and CO emission rights price risks is managed centrally by Energy Services on behalf of the Group entities.2Energy Services also carries out trading transactions with respect to utility and CO.2The following tables detail the notional principal amounts and fair values of utility and CO derivative financial instruments outstanding at the end 2of the reporting period:Held for trading Notional amount of Notional amount of the instrument Fair value of the (1)the instrument(in units)instrument \u2013 AssetDecember 31 2023 2022 2023 2022 2023 2022 2023 2022In \u20acmillion (except where indicated)Coal Tons Power 22 922 118,090 7,318,874 MWh 0 307 -13 -306Standard Quality Gas 21 619 811,174 13,372,959 MWh 10 347 0 -282CO9 10 394,500 707,550 Tons 0 21 -26 -462Total 52 1,550 10 675 -39 -634(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.The amounts presented in the tables hereafter include hedging needs of the GBUs of the Group that are sourced through Energy Services, and not the full Group utility hedging needs.December 31, 2023Cash flow Notional Notional Notional Notional amount Percentage Average Cash Fair value Fair value hedgeamount amount of the amount of the risk of hedge flow of the of the of the instrument (in of the risk exposure (in exposure price hedge instrument instrument instrumentunits)exposureunits)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 112 781,326 MWh 181 1,763,316 MWh 44% 14230 33 -3MWhStandard EUR/Quality 245 12,343,602 MWh 579 24,542,118 MWh 50% 27-41 15 -56MWhGas(2)CO2553 3,469,500 Tons 801 9,230,909 Tons 38% 87 EUR/Tons -43 0 -44Total 909 1,561 -54 48 -102(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.(2) Excluding the reserve frozen in OCI, following roll-over transactions (\u20ac(33) million)December 31, 2022Cash flow Notional Notional amount Notional Notional Percentage Average Cash Fair value Fair value hedgeamount of the instrument amount amount of the of hedge flow of the of the of the (in units)of the risk risk exposureexposure price hedge instrument instrument instrumentexposure(in units)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 154 1,078,973 MWh 702 3,505,469 MWh 31% 13271 40 -111MWhStandard EUR/Quality 330 13,525,810 MWh 1,650 34,722,420 MWh 39% 33-156 240 -84MWhGasEUR/CO2368 5,440,050 Tons 1,150 24,096,508 Tons 45% 61152 142 -26TonsTotal 852 3,502 67 422 -221(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Solvay's strategic decision to discontinue external commercial activities and the Partial Demerger resulted in the reduction of volumes and notional amounts, aligning with our continuous efforts to optimize the portfolio, concentrate on core activities, and enhance operational efficiency.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties. \u00b7 Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.Fair value hedgeThe Group covered a part of its CO emission rights in inventory by forward sales of CO emission rights to a related party. The Group qualifies this 22hedging strategy as fair value hedge. The change in fair value of forward sales are accounted for in profit and loss, concomitantly with the revaluation of the CO emission rights held in inventory.2The Group has established a 1:1 hedge ratio for the underlying risk of the forward sales of CO emission rights to the related party that is identical 2to the hedged risk component.The impact of the hedging instrument on the statement of financial position as at December 31, 2023, is as follows:December 31, 2023Carrying amount Balance sheet Change in fair value used line item(s)for calculating hedge ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair Value Hedge CO emission Financial225,000 0 -2 1 -1rights forwardsInstrumentDecember 31, 2023Change in fair value used for Balance sheet Carrying amountcalculating hedge line item(s)ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO emission 225,000 0 2 Inventories 1 rights forwardsDecember 31, 2022Balance sheet line Change in fair value used for calculating hedge Carrying amountitem(s)ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedgeCO emission rights 286,500 1 -6Financial-6forwards instrumentDecember 31, 2022Change in fair value used for Carrying amount Balance sheet line item(s)calculating hedge ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO2 emission rights 86,500 -1 7 Inventories 6 forwardsThe sensitivities of commodity derivative financial instruments as of December 31, 2023, are presented below.The sensitivities were defined based on the price levels and volatility levels of each commodity. These assumptions do not constitute an estimation of future market prices and the sensitivities presented are not representative of future changes in Solvay's equity and results.December 31, 2023Price change Other comprehensive income Profit or lossIn \u20acmillionNatural gas +\u20ac10 / MWh 82 0 Natural gas -\u20ac10 / MWh -82 0 Electricity +\u20ac30 / MWh -23 0 Electricity -\u20ac30 / MWh 23 0 CO emission rights +\u20ac5\u20ac / T 22 0 2CO emission rights -\u20ac5 / T -22 0 2Performance Share Units Plan (PSU) risk on Solvay share priceIn order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related employer charges), the Group entered into a hedge covering 100% of the risk for 2023 employee reward plan (fully unwound prior to separation). PSU plan 2022 hedges were unwound during the 2023 year prior separation date. The group will assess during 2024 the necessary steps to mitigate future potential risk.Credit riskSee the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. The Group continuously monitors the credit risk of important business partners. The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note F36 Contingent assets, liabilities and financial guarantees.The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information on defaults adjusted for the forward-looking information. The Group classifies the customers and their related receivables in various rating classes, based on the risks\u2019 grading attributed to the customers and on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 0.005% and 4.031%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, depending on the rating class. The customer\u2019s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers assessed as higher risk profile. There is no significant concentration of credit risk at Group level because the receivables\u2019 credit risk is spread over a large number of customers and markets.The aging of trade receivables, financial instruments \u2013 operational, loans and other non-current assets is as follows:December 31, 2023With expected loss allowance, not credit-impairedTotal Credit-Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past due894 55 802 28 1 6 3Trade receivables-54 -53 -1 -1Trade receivables \u2013 allowance840 3 801 28 1 6 2Trade receivables \u2013 netFinancial instruments \u2013 66 66operationalLoans and other non-current assets 140 4 135 0(1)Loans and other non-current assets -4 -4\u2013 allowanceLoans and other non-current 136 0 135 0 0 0 0assets \u2013 net 1,042 3 1,002 28 1 6 2Total(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.December 31, 2022 With expected loss allowance, not credit-impairedTotal Credit- Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past dueTrade receivables 2,098 68 1,986 33 6 1 3Trade receivables \u2013 allowance -72 -67 -2 0 -2Trade receivables \u2013 net 2,026 1 1,984 33 6 1 1Financial instruments \u2013 1,125 1,125 operationalLoans and other non-current 208 11 197 0 assets (1)Loans and other non-current -11 -11 assets \u2013 allowanceLoans and other non-current 197 0 197 0 0 0 0assets \u2013 net (1)Total 3,348 1 3,306 33 6 1 2(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.The table below presents the allowances on trade receivables:In \u20acmillion 2023 2022January 1 -72 -51Additions -11 -22Uses 5 2Reversal 9 1Currency translation differences -1 -2Transfer to assets held for sale 0 0Partial Demerger 14 Other 0 0December 31 -54 -72Liquidity riskSee the Financial risk in the Management of risks section of this annual report for additional information on the liquidity risk management.Liquidity risk relates to Solvay\u2019s ability to service and refinance its debt (including notes issued) and to fund its operations.This depends on its ability to generate cash from operations and not to overpay for acquisitions. In addition, external factors impacting the global liquidity markets could also make financing sources less accessible.The Finance Committee gives its opinion on the appropriate liquidity risk management for the Group\u2019s short, medium and long term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources over time in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities with contractual repayment periods. The tables have been prepared using the discounted cash flows of financial liabilities, based on the earliest date on which the Group can be required to pay. The following tables present discounted amounts (carrying amounts):In \u20acmillionDecember 31, 2023Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,885 148 1,711 23 3Leasing debt 307 63 44 92 107Total 3,390 1,344 1,799 117 130In \u20acmillionDecember 31, 2022Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,435 399 10 1,423 604Leasing debt 524 111 90 160 164Total 6,386 3,646 178 1,781 782The following tables present undiscounted amounts (nominal value):In \u20acmillionDecember 31, 2023Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,886 148 1,711 23 4Leasing debt 307 63 44 92 107Total 3,391 1,344 1,799 117 131Interests on financial debt and lease liabilities 179 82 61 17 19Total outflows of cash 3,570 1,426 1,860 134 150In \u20acmillionDecember 31, 2022Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,444 399 9 1,428 608Leasing debt 524 111 90 160 164Total 6,395 3,646 178 1,786 785Interests on financial debt and lease liabilities 321 78 73 122 48Total outflows of cash 6,717 3,724 251 1,908 833Trade payables include \u20ac70 million (2022: \u20ac172 million) due to suppliers that have signed up for a supply chain financing program, under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to the partner bank. The value of the Group's liability remains unchanged. The Group assesses each arrangement against indicators to determine if the liabilities which suppliers have sold to the partner bank under the supplier financing scheme continue to meet the definition of trade payables or should be classified as financial debt. On December 31, 2023 and 2022, the liabilities met the criteria of Trade Payables.Solvay\u2019s liquidity amounts to \u20ac2.1 billion including \u20ac0.7 billion of cash and cash equivalents on the statement of financial position and \u20ac1.4 billion of committed fully undrawn credit facilities (\u20ac1.1 billion multilateral RCF due 2028 with extension possibility, and \u20ac0.3 billion bilateral RCF due in 2026 with extension possibilities) unused at the end of December 2023. Solvay is negotiating two other bilateral lines for up to \u20ac0.15 billion).In addition, Solvay has access to a Belgian Treasury Bill program for \u20ac1.0 billion (no outstanding balance on December 31, 2023). The program is covered by a back-up credit line.NOTE F33NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20acmillion December 31, 2023 December 31, 2022Financial debt 2,192 2,959Cash and cash equivalents -584 -932Other financial instruments -118 -236Net indebtedness 1,489 1,791The 2022 figures relate to the net indebtedness balance of the Group prior to the Partial Demerger. After Partial Demerger, the financial debt at the end of 2023 includes: \u00b7 four drawdowns (\u20ac1,500 million) for the execution of the liability management prior to the Partial Demerger, \u00b7 a term loan for an amount of \u20ac200 million \u00b7 the lease debt IFRS16 (\u20ac307 million) \u00b7 other financial debt (\u20ac185 million, excluding lease debt) mainly short term Solvay is Investment Grade rating BBB-/A3 (stable outlook) by Standard & Poor\u2019s (as of December 11th, 2023). Financial debt: main borrowings December 31, 2023 December 31, 2022Nominal Coupon Maturity Secured Amount atFair Amount at Fair In \u20acmillion (except amountamortized valueamortized costvaluewhere indicated)costCytec 2025 Bonds 3.95% 2025 No 152 147(issuance US$ 250 million)USD 2025 Bonds 4.45% 2025 No 748 721(144A;US$ 800 million)Total senior US$ notes 0 0 900 8682027 Bonds (issuance 2.75% 2027 No 497 482\u20ac500 million)2029 Bonds (issuance 0.500% 2029 No 597 479\u20ac600 million)Total senior \u20acnotes 0 0 1,094 961Bridge facility drawdown Floating (1)1,5002025 1,500 1,500 0 0(\u20ac1,500 million) rateTotal Bridge facilities 1,500 1,500 1,500 0 0Floating Term loan (\u20ac200 million) 2002025 200 200 0 0rateOther borrowings from 185 185 185 441 441third partiesLease debts IFRS16 307 307 307 524 524Total 2,192 2,192 2,959 2,794(1) The Solvay bridge facility has as initial maturity in October 2024, but the company has an unconditional right to extend two times the maturity by 6 months, until October 2025. The bridge facility has therefore been classified as non-current.There are no instances of default on the above-mentioned financial debts. There are no financial covenants breach, neither on Solvay SA/NV, nor on any of the Group\u2019s holding companies.As a result of the Partial Demerger all Senior notes were either transferred to Syensqo or paid in full. For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1. Other financial instrumentsIn \u20acmillion December 31, 2023 December 31, 2022Non-current other financial instruments 0 30Current other financial instruments 119 206\u2014 Currency swaps 2 1\u2014 Other marketable securities >3 months 50 43\u2014 Other current financial assets 67 162Other financial instruments 119 236The other marketable securities >3 months include the bank drafts position.The other current financial assets mainly include margin calls of Energy Services for instruments with a negative fair value, and represent collateral for the obligations. Cash and cash equivalentsIn \u20acmillion December 31, 2023 December 31, 2022Cash 300 630Short-term deposits 285 303Cash and cash equivalents 584 932By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value. Changes in financial debt and in other financial instruments arising from financing activitiesDecember 202331, 2022In \u20acmillion Total Cash Cash Chang-Changes Other Transfer Payment Other Partial Total flows from flows from es in in other in fi-from of lease Demergerincrease repayment foreign current nancing non-liabilities of borrow-of ex-financial cash current ings borrow-change assets flows to cur-ings rates rent Bonds 1,994 -13 -1,336 1 -647 0Other non-42 1,702 0 -8 11 -10 1,737current debtsLong term 413 -6 -116 112 -160 243leasing debtInterest rate 0 2 2swapsNon-current 2,450 1,702 -19 -1,460 126 -817 1,983financial debtCurrent 510 1,519 -1,500 -17 -279 1,460 -112 102 -1,472 211financial debtTotal financial 2,960 3,221 -1,500 -36 -279 0 -112 228 -2,289 2,192debtOther non-cur-rent financial -30 30 0instrumentsCurrency -1 -1 -2swaps Other marketable-43 2 -2 -58 51 -50 securities >3 monthsOther current -162 100 -10 5 -67financial assetsOther financial -206 2 98 -69 -1 56 -119instrumentsTotal cash flow -366 3,221 -1,500 -34 98 -347 0 -112 227 -2,233 -679The financial debt decreased from \u20ac2,960 million at the end of 2022 to \u20ac2,192 million at the end of 2023.The non-current financial debt decreased by \u20ac(467) million, mainly resulting from: \u00b7 the increase of \u20ac1,702 million is mainly explained by: four drawdowns of \u20ac1,500 million for the execution of the liability management prior to the Partial Demerger, - a term loan for an amount of \u20ac200 million \u00b7 the change in foreign exchange rates for \u20ac(19) million; \u00b7 the transfer to current financial debt for \u20ac(1,460) million mainly explained by: - the 2029 Bonds \u20ac(600) million redeemed on October 9, 2023 - the 2025 USD Bonds $ (800) million redeemed on November 15, 2023, for an amount of \u20ac(738) million \u00b7 the transfer to Syensqo of Cytec 2025 Bonds US$(163.5) million, the 2027 Bonds \u20ac(500) million and leases liabilities for \u20ac(160) million for a total amount of \u20ac(817) million.The current financial debt decreased by \u20ac(299) million, mainly in short term financial debt: \u00b7 the increase in borrowings of \u20ac1,519 million is mainly explained by the drawdowns under a bridge facility (\u20ac600 million and US$816 million) and a credit facility (US$200 million). \u00b7 the decrease in borrowings of \u20ac(1,500) million is explained by the repayment of the 2029 Bonds for \u20ac(600) million, the redemption of the USD 2025 Bonds for $(800) million and the repayment of the credit facility for US$200 million. \u00b7 the decrease reported under other financing cash flows of \u20ac(279) million is explained by margin calls on hedging instruments as part of Energy Services\u2019 activities; \u00b7 the transfer from non-current financial debt to current of \u20ac1,460 million is explained above; \u00b7 the transfer to Syensqo for \u20ac(1,472) million mainly explained by the bridge facilities of \u20ac600 million and US$816 million.The other financial instruments decreased by \u20ac(87) million, mainly for the collateral related to the margin calls on energy services, following the decrease in the energy, CO and gas prices. 2NOTE F34OTHER LIABILITIES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022Wages and benefits debts 125 371VAT and other taxes 107 184Social security 29 51Financial instruments \u2013 operational 108 676Insurance premiums 31 15Advances from customers 30 97Long Term Incentive \u2013 current part 31 Other 126 106Other current liabilities585 1,499Other includes insurance reimbursements of \u20ac32 million that will be paid to Syensqo (see Note F25 Other receivables) and Compliance EU Allowances of \u20ac24 million.The decrease in value is due to the Partial Demerger and 2023 values are presented after the demerger.Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F32 Overview of financial instruments). OTHER NOTESNOTE F35COMMITMENTS TO ACQUIRE PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETSIn \u20acmillion December 31, 2023 December 31, 2022Commitments to acquire property, plant and equipment and intangible assets 124 457The amount mainly relates to commitments for the acquisition of industrial property, plant and equipment. The amount in 2022 was higher compared to 2023, mainly due to the planned purchase of the new Solvay Group headquarters in Belgium as well as the acquisition of industrial equipment for the extension of the Tavaux site in France.NOTE F36CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEESAccounting policyA contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Group.Contingent assets are not recognized in the consolidated financial statements since this may result in the recognition of income that may never be realized. However, when the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate. Contingent assets are assessed continually to ensure that developments are appropriately reflected in the consolidated financial statements. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognized in the consolidated financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, the Group discloses the contingent asset.A contingent liability is: \u00b7 (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or \u00b7 (b) a present obligation that arises from past events but is not recognized because: - (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliabilityContingent liabilities are not recognized in the consolidated financial statements, except if they arise from a business combination. They are disclosed unless the possibility of an outflow of economic benefits is remote.Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.In order to avoid double counting, only guarantees in excess of liabilities recognized or disclosures made elsewhere in the Group's consolidated financial statements are disclosed in this note. Regarding financial guarantees, all financial guarantees of the Group are presented in this note.In \u20acmillion December 31, 2023 December 31, 2022Contingent assets 91Guarantees for pensions 55 378Environmental contingent liabilities 271 315Guarantee on Cytec 2025 Bonds 151 0Contingent liabilities 477 693Contingent assetsThere are no contingent assets at the end of 2023. See Note F8 Discontinued operations for additional information on the collection of the contingent assets from Edison in Q1, 2023. Contingent liabilitiesThe guarantees for pensions are related to the main UK Pension Funds (\u20ac55 million) \u2013 See note F32.B.2. Description of obligations. Such corresponds to the recognized plan assets surplus as at December 31, 2023 or the amount by which the guarantee exceeds the recognized pension liability (as at December 31, 2022). This guarantee applies to the pension liability measured based on a local UK regulatory basis (prudential basis) plus an allocation for market risk, which is higher when compared to the IAS 19 methodology. The probability of the guarantees being called is considered to be highly remote. The decrease over the prior year is mainly attributable to the Partial Demerger of Syensqo. Contingent liabilities of \u20ac271 million above relate to environmental remediation matters that can be estimated with sufficient reliability.Generally, in line with good business practice, we are not reporting any pending or threatened proceeding, which has not matured, and where the probability of existing or future exposure is unlikely or uncertain, where financial impact is not estimable and for which we are not able to quantify contingent liabilities.See note F31.B Provisions for additional information.HSE related proceedingsRosignano site: The Public Prosecutor\u2019s Office of the Criminal Court of Livorno, Italy initiated preliminary criminal investigations in 2019 regarding the alleged contamination of certain water tables outside our site and in our former landfill of Rosignano, Italy site. These investigations are still ongoing.BulgariaIn Bulgaria, Solvay Sodi AD, a subsidiary of Solvay, is subject to certain state-imposed obligations for emergency oil stocks (reserves) for 2021 through 2023, for which it was not able to comply. As a result, the competent Bulgarian authority imposed fines for 2021 and 2022 on Solvay Sodi AD of approximately \u20ac15 million for our share of the penalties which were fully provisioned. For 2023, the order is suspended and as a result no fine is imposed and therefore no provision has been recorded. Should this suspension be lifted, an additional penalty of \u20ac9 million may be imposed on Solvay Sodi AD. Solvay Sodi AD has brought a lawsuits to contest these fines and is seeking relief through national authorities pleading that the existing Bulgarian emergency stocks system is not compatible with the EU law, and in its current form obligations for emergency oil reserves should apply only to companies trading in crude oil and liquid fuels.Financial GuaranteesCytec 2025 BondsThe 3.95% Senior Notes due 2025 issued by Cytec Industries Inc. (the \u201cCytec 2025 Bonds\u201d) were transferred to Syensqo SA/NV with Cytec Industries Inc. as of December 8, 2023, for US$163.5 million (151.2 million euros at December 31, 2023). A counter guarantee was issued from Syensqo SA/NV in favor of Solvay SA/NV as Solvay SA/NV remained the original guarantor. As Syensqo SA/NV, the ultimate parent of Cytec Industries, Inc. is an investment grade company and due to the short period of time before the bonds are due to be repaid, the Group deemed risk of default to be remote, and as such no provision was recorded. NOTE F37RELATED PARTIESBalances and transactions between Solvay SA/NV and (a) its subsidiaries and (b) its joint operations for the Group\u2019s share of the respective joint operations, which are related parties of Solvay SA/NV, have been eliminated in consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.Sale and purchase transactions In \u20acmillion Sale of goods Purchase of goods2023 2022 2023 2022Associates 12 20 -35 -38Joint ventures 8 31 -3 -20Other related parties 23 91 -45 -98Total 43 142 -82 -157In \u20acmillionAmounts owed by related parties Amounts owed to related partiesDecember 31 2023 2022 2023 2022Associates 0 0 9 4Joint ventures 0 0 0 1Other related parties 14 15 4 28Total 14 15 13 34Loans to related partiesIn \u20acmillion December 31, 2023 December 31, 2022Loans to associates 1 2Loans to other related parties 18 54Total 19 55Loans from other related parties -3 -4Compensation of key management personnelKey management personnel are composed of all members of the Board of Directors and members of the Executive Leadership Team.Amounts due in respect of the year (compensation) and liabilities existing at the end of the year in the consolidated statement of financial position:In \u20acmillion December 31, 2023 December 31, 2022Wages, charges and short-term benefits 6 4Long-term benefits 0 1Cash-settled share-based payments liability 1 4Total 7 9Expenses of the year:In \u20acmillion 2023 2022Wages, charges and short-term benefits -35 -11Long-term benefits -2 -2Share-based payments expenses -4 -5Total -41 -18Excluding employer social charges and taxes. The increase in wages, charges and short-term benefits compared to 2022 mainly relates to the short-term incentives associated with the Partial Demerger.NOTE F38DIVIDENDS PROPOSED FOR DISTRIBUTION The Board of Directors will propose to the General Shareholders\u2019 Meeting a gross dividend of \u20ac2.43 per share.Taking into account the dividend advance payment distributed in January 2024 of \u20ac1.62 per share, the dividends proposed for distribution, but not yet recognized as a distribution to equity holders amount to \u20ac86 million.NOTE F39EVENTS AFTER THE REPORTING PERIODAccounting policyEvents after the reporting period which provide evidence of conditions that existed at the end of the reporting period (adjusting events) are recognized in the consolidated financial statements. Events indicative of conditions that arose after the reporting period are non-adjusting events and are disclosed in the notes if material.NOTE F40 LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Solvay SA/NV and a total of 150 investees.Of these 150 investees, 76 are fully consolidated, 7 are proportionately consolidated and 17 are accounted for under the equity method, whilst the other 50 do not meet the criteria of significance.In accordance with the concept of materiality, certain companies (Other Investments), which are insignificant, have not been included in the consolidation scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. For more information, refer to Principles of consolidation.List of companies entering or leaving the consolidation scopeCompanies entering the consolidation scopeCountry Company CommentsARGENTINA Quimicos Esenciales de Argentina SA, Buenos Aires New companyCHINA Essential (Shanghai) Enterprise Management Co., Shanghai New companyITALY Essentials Chemicals Italy S.p.a., Livorno New companyINDIA ES Essential Chemicals Private Limited, Mumbai New companySOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg Meets the consolidation criteriaSOUTH KOREA Special Chem Korea Co., Ltd., Gunsan New companyTURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul New companyUNITED STATES Essential Finance (America) LLC, Wilmington DE New companyEssential Holding America, LLC, Wilmington, DE New companyEssential Elements USA LLC, Wilmington, DE New company Essential Chemicals USA LLC, Wilmington, DE New companyCompanies leaving the consolidation scopeCountry Company CommentsARGENTINA Solvay Quimica SA, Buenos Aires Partial Demerger of SyensqoAUSTRALIA Cytec Asia Pacific Holdings Pty Ltd, Baulkham Hills Partial Demerger of Syensqo Cytec Australia Holdings Pty Ltd, Baulkham Hills Partial Demerger of SyensqoBELGIUM EECO Holding SA, Brussels Partial Demerger of SyensqoSolvay Participations Belgique S.A., Brussels Partial Demerger of Syensqo Solvay Specialty Polymers Belgium SA / NV, Brussels Partial Demerger of SyensqoCANADA Cytec Canada Inc, Niagara Falls Welland Partial Demerger of SyensqoCHINA Cytec Industries Co. Ltd, Shanghai Partial Demerger of SyensqoCytec Engineered Materials Co. Ltd, Shanghai Partial Demerger of SyensqoRhodia Hong Kong Ltd, Hong Kong Partial Demerger of SyensqoSolvay (Shanghai) Ltd, Shanghai Partial Demerger of SyensqoSolvay (Zhangjiangang) Specialty Chemicals Co. Ltd, Suzhou Partial Demerger of SyensqoSolvay China Co., Ltd, Shanghai Partial Demerger of SyensqoSolvay Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd, Zhangjiagang City Partial Demerger of SyensqoSolvay Specialty Polymers (Changshu) Co. Ltd, Changshu Partial Demerger of Syensqo Zhuhai Solvay Specialty Chemicals Co Ltd, Zhuhai City Partial Demerger of SyensqoCHILE Cytec Chile Ltda, Santiago Partial Demerger of SyensqoFRANCE Cog\u00e9n\u00e9ration Tavaux SAS, Paris Partial Demerger of SyensqoRhodia Energy GHG S.A.S., Puteaux Partial Demerger of SyensqoRhodia Laboratoire du Futur S.A.S., Pessac Partial Demerger of SyensqoRhodia Participations S.N.C., Courbevoie Partial Demerger of SyensqoRhodianyl S.A.S., Saint-Fons Partial Demerger of SyensqoSolvay Energie France S.A.S., Paris Partial Demerger of SyensqoSolvay France S.A., Courbevoie Partial Demerger of SyensqoGERMANY Cytec Engineered Materials GmbH, Oestringen Partial Demerger of SyensqoEuropean Carbon Fiber GmbH, Kelheim Partial Demerger of SyensqoSolvay Specialty Polymers Germany GmbH, Hannover Partial Demerger of SyensqoINDIA Hindustan Gum & Chemicals Ltd, New Delhi Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoINDONESIA PT. Cytec Indonesia, Jakarta Partial Demerger of SyensqoSolvay Manyar P.T., Gresik Partial Demerger of SyensqoIRELAND Solvay Finance Ireland Unlimited, Dublin Partial Demerger of SyensqoITALY Cogeneration Spinetta S.p.a., Bollate Partial Demerger of SyensqoSolvay Solutions Italia S.p.A., Milano Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoJAPAN Solvay Japan K.K., Tokyo Partial Demerger of SyensqoSolvay Nicca Ltd, Tokyo Partial Demerger of SyensqoSolvay Specialty Polymers Japan KK, Minato Ku-Tokyo Partial Demerger of SyensqoLUXEMBOURG Cytec Luxembourg International Holdings Sarl, Strassen Partial Demerger of SyensqoSolvay Finance (Luxembourg) SA, Luxembourg Partial Demerger of SyensqoSolvay Hortensia S.A., Luxembourg Partial Demerger of SyensqoSolvay Luxembourg S.a.r.l., Luxembourg Partial Demerger of SyensqoMEXICO Cytec de Mexico S.A. de C.V., Jalisco Partial Demerger of SyensqoNETHERLANDS Cytec Industries B.V., Vlaardingen Partial Demerger of Syensqo Solvay Solutions Nederland B.V., Klundert Partial Demerger of SyensqoNEW ZEALAND Solvay New Zealand Ltd, Auckland Partial Demerger of SyensqoPERU Cytec Peru S.A.C., Lima Partial Demerger of SyensqoPORTUGAL Solvay Biotecnologia Portugal LDA, Carnaxide Partial Demerger of SyensqoRUSSIA RusVinyl OOO, Moscow Sold to SiburNo longer meets the Solvay Vostok OOO, Moscowconsolidation criteriaSINGAPORE Rhodia Amines Chemicals Pte Ltd, Singapore Partial Demerger of SyensqoSolvay Specialty Chemicals Asia Pacific Pte. Ltd, Singapore Partial Demerger of SyensqoSOUTH KOREA Cytec Korea Inc, Seoul Partial Demerger of SyensqoSolvay Specialty Polymers Korea Company Ltd, Seoul Partial Demerger of SyensqoTHAILAND Solvay (Bangpoo) Specialty Chemicals Ltd, Bangkok Partial Demerger of SyensqoSolvay (Thailand) Ltd, Bangkok Partial Demerger of SyensqoTURKEY Solvay Istanbul Kimya Limited Sirketi, Istanbul Partial Demerger of SyensqoUNITED ARAB EMIRATES Cytec Nibras LLC, Al Ain Partial Demerger of SyensqoStrata - Solvay Advanced Materials Joint-Venture LLC, Al Ain Partial Demerger of SyensqoUNITED KINGDOM Advanced Composites Group Investments Ltd, Heanor Partial Demerger of SyensqoCytec Engineered Materials Ltd, Wrexham Partial Demerger of SyensqoCytec Industrial Materials (Derby) Ltd, Heanor Partial Demerger of SyensqoCytec Industrial Materials (Manchester) Ltd, Heanor Partial Demerger of SyensqoCytec Industries UK Holdings Ltd, Wrexham Partial Demerger of SyensqoMcIntyre Group Ltd, Watford Partial Demerger of SyensqoOldbury Energy Solutions UK Ltd, Oldbury Partial Demerger of SyensqoRhodia Holdings Ltd, Watford Partial Demerger of SyensqoRhodia International Holdings Ltd, Oldbury Partial Demerger of SyensqoRhodia Organique Fine Ltd , Watford Partial Demerger of SyensqoRhodia Overseas Ltd, Watford Partial Demerger of SyensqoRhodia Pharma Solutions Holdings Ltd, Cramlington Partial Demerger of SyensqoRhodia Pharma Solutions Ltd, Cramlington Partial Demerger of SyensqoRhodia Reorganisation, Watford Partial Demerger of SyensqoSolvay Solutions UK Ltd, Watford Partial Demerger of SyensqoUmeco Composites Ltd, Heanor Partial Demerger of SyensqoUmeco Ltd, Heanor Partial Demerger of SyensqoUNITED STATES Ausimont Industries, Inc., Wilmington, Delaware Partial Demerger of SyensqoCEM Defense Materials LLC, Tempe Arizona Partial Demerger of SyensqoCytec Engineered Materials Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Global Holdings Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Industrial Materials (ok) Inc., Tulsa Oklahoma Partial Demerger of SyensqoCytec Industries Inc, Princeton New Jersey Partial Demerger of SyensqoCytec Korea Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Technology Corp., Princeton New Jersey Partial Demerger of SyensqoEnergy Solutions US LLC, Breckenridge, Texas Partial Demerger of SyensqoGarret Mountain Insurance Co., Burlington Vermont Partial Demerger of SyensqoSolvay America Inc., Houston, Texas Partial Demerger of SyensqoSolvay Finance (America) LLC, Houston, Texas Partial Demerger of SyensqoSolvay Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay India Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay Specialty Polymers USA, LLC, Alpharetta, Georgia Partial Demerger of SyensqoSolvay USA INC., Princeton, New Jersey Partial Demerger of SyensqoURUGUAY Zamin Company S/A, Montevideo LiquidatedCompanies changing the consolidation methodCountry Company CommentsSolvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang Change from full consolidation to equity method due to the CHINA1)New arealoss of control during the Partial DemergerChange from equity method to full consolidation due to the ITALY Cogeneration Rosignano S.r.l., Rosignanopurchase of the Marubeni's shares1) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.List of subsidiariesIndicating the percentage holding.The percentage of voting rights is very close to the percentage holding. ARGENTINASolvay Argentina SA, Buenos Aires 100Quimicos Esenciales de Argentina SA, Buenos Aires 100AUSTRALIA Solvay Interox Pty Ltd, Banksmeadow 100AUSTRIA Solvay \u00d6sterreich GmbH, Wien 100BELGIUM Carri\u00e8res les Petons S.P.R.L., Walcourt 100Solvay Chemicals International S.A., Brussels 100Solvay Chimie S.A., Brussels 100Solvay Pharmaceuticals S.A. - Management Services, Brussels 100Solvay Stock Option Management S.P.R.L., Brussels 100BRAZIL Cogeracao de Energia Electricica Rhodia Brotas SA, Brotas 100Rhodia Brasil SA, Sao Paolo 100Rhodia Poliamida Brasil Ltda , Sao Paolo 100Rhopart-Participacoes Servidos e Comercio Ltda, Sao Paolo 100BULGARIA Solvay Bulgaria EAD, Devnya 100CANADA Solvay Canada Inc, Toronto 100CHINA Essential (Shanghai) Enterprise Management Co. , Shanghai 100Liyang Solvay Rare Earth New Material Co., Ltd, Liyang City 96.3Solvay (Shanghai) International Trading Co., Ltd, Shanghai 100Solvay Chemicals (Shanghai) Co. Ltd, Shanghai 100Solvay Fine Chemical Additives (Qingdao) Co., Ltd, Qingdao 100Solvay Lantian (Quzhou) Chemicals Co., Ltd, Zhejiang 55FINLAND Solvay Chemicals Finland Oy, Voikkaa 100FRANCE Rhodia Chimie S.A.S. , Aubervilliers 100Rhodia Operations S.A.S. , Aubervilliers 100Solvay - Op\u00e9rations - France S.A.S., Paris 100Solvay Energy Services S.A.S. , Puteaux 100Solvay Finance S.A., Paris 100GERMANY Cavity GmbH, Hannover 100Horizon Immobilien AG, Hannover 100Salzgewinnungsgesellschaft Westfalen GmbH & Co KG, Hannover 65German limited partnership, which makes use of the exemptions offered by Section 264(b) of the German Commercial Code, not to publish their annual financial statements.Solvay Chemicals GmbH, Hannover 100Solvay Fluor GmbH, Hannover 100Solvay Flux GmbH, Hannover 100Solvay GmbH, Hannover 100Solvin GmbH & Co. KG - PVDC, Rheinberg 100Solvin Holding GmbH, Hannover 100INDIA ES Essential Chemicals Private Limited, Mumbai 100ITALY Cogeneration Rosignano S.r.l., Rosignano 100Essentials Chemicals Italy S.p.a., Livorno 100Solvay Chimica Italia S.p.A., Milano 100Solvay Energy Services Italia S.r.l., Bollate 100JAPAN Nippon Solvay KK, Tokyo 100Solvay Special Chem Japan Ltd, Anan City 100LUXEMBOURG Renestia S.A., Capellen 100Solvay Chlorovinyls Holding S.a.r.l., Luxembourg 100MEXICO Solvay Fluor Mexico S.A. de C.V., Ciudad Juarez 100Solvay Mexicana S. de R.L. de C.V., Monterrey 100NETHERLANDS Rhodia International Holdings B.V., Den Haag 100Solvay Chemicals and Plastics Holding B.V., Linne-Herten 100Solvay Chemie B.V., Linne-Herten 100Solvin Holding Nederland B.V., Linne-Herten 100POLAND Solvay Poland Sp. z o.o., Gorzow Wielkopolski 100PORTUGAL Solvay Business Services Portugal Unipessoal LDA, Carnaxide 100Solvay Peroxidos Portugal Unipessoal LDA, Povoa 100SINGAPORE Solvay Fluor Holding (Asia-Pacific) Pte. Ltd., Singapore 100SOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg 100SOUTH KOREA Special Chem Korea Co. Ltd, Gunsan 100Solvay Chemical Services Korea Co. Ltd, Seoul 100Solvay Silica Korea Co. Ltd, Incheon 100SPAIN Solvay Quimica S.L., Barcelona 100SWITZERLAND Solvay Vinyls Holding AG, Bad Zurzach 100THAILAND Solvay Asia Pacific Company Ltd, Bangkok 100Solvay Peroxythai Ltd, Bangkok 100TURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul 100UNITED KINGDOM Rhodia Limited, Watford 100Solvay Interox Ltd, Warrington 100Solvay UK Holding Company Ltd, Warrington 100UNITED STATES American Soda LLC, Houston, TX 100Essential Finance (America) LLC, Wilmington, DE 100Essential Holding America, LLC, Wilmington, DE 100Essential Elements USA LLC, Wilmington, DE 100Essential Chemicals USA LLC, Wilmington, DE 100Rocky Mountain Coal Company, LLC, Houston, TX 100Solvay America Holdings, Inc., Houston, TX 100Solvay Chemicals, Inc., Houston, TX 100Solvay Fluorides, LLC, St Louis, IL 100List of joint operationsIndicating the percentage holding. AUSTRIASolvay Sisecam Holding AG, Wien 75BELGIUM BASF Interox H2O2 Production N.V., Brussels 50BULGARIA Solvay Sodi AD, Devnya 73.5NETHERLANDS MTP HP JV C.V., Weesp 50MTP HP JV Management bv, Weesp 50SAUDI ARABIA Saudi Hydrogen Peroxide Co, Jubail 50THAILAND MTP HP JV (Thailand) Ltd, Bangkok 50List of companies consolidated by applying the equity method of accountingIndicating the percentage holding. Joint venturesAUSTRALIAAqua Pharma Australia Pty Ltd, Armidale 50BRAZIL Peroxidos do Brasil Ltda, Sao Paulo 69.4CANADA Aqua Pharma Inc, Saint John 50CHILE Aqua Pharma Chile Spa, Puerto Montt 50CHINA Shandong Huatai Interox Chemical Co. Ltd, Dongying 50IRELAND Aqua Pharma Ireland Ltd, Dublin 50NORWAY Aqua Pharma Group A.S., Lillehammer 50Aqua Pharma A.S., Lillehammer 50Haugaland Shipping A.S., Haugesund 50TAIWAN Shinsol Advanced Chemicals Corporation, New Taipei 51UNITED KINGDOM Aqua Pharma Technical Ltd, Inverness 50Aqua Pharma Ltd, Inverness 50UNITED STATES Aqua Pharma U.S. Inc, Kirkland 25AssociatesCHINAQingdao Hiwin Solvay Chemicals Co. Ltd, Qingdao 301)Solvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang New Area 9.35FRANCE GIE Chime Salindres, Salindres 50MEXICO Silicatos y Derivados S.A. DE C.V., Estado de Mexico 201) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.3. SUMMARY FINANCIAL STATEMENTS OF SOLVAY SA/NVThe annual financial statements of Solvay SA/NV are presented in a summary format below. In accordance with the Belgian Code of Companies and Asociations, the annual financial statements of Solvay SA/NV, the management report and the statutory auditor\u2019s report will be filed with the National Bank of Belgium.These documents are also available free of charge on the internet or upon request sent to:Solvay SA/NVRue de Ransbeek 310B \u2013 1120 BrusselsIntroductory noteUntil December 8, 2023, Solvay SA/NV (\u201cSolvay\u201d or the \u201cCompany\u201d) owned and controlled the Specialty Polymers, Composites, Novecare, Technology Solutions, Aroma Performance and Oil and Gas Solutions businesses (together, the \u201cSpecialty Businesses\u201d), and the Soda Ash and Derivatives, Peroxides, Silica, Special Chem and Coatis businesses (together, the \u201cEssential Businesses\u201d). Effective December 9, 2023, at 00:00 a.m. CET, the Specialty Businesses were separated from Solvay by way of a partial demerger of the Company under Belgian law (the \u201cPartial Demerger\u201d), whereby the shares and other interests held by the Company in the legal entities operating the Specialty Businesses, the Company\u2019s rights and obligations under the agreements entered into with those legal entities, as well as certain other assets and liabilities were contributed to Syensqo SA/NV (\u201cSyensqo\u201d), and ordinary shares of Syensqo were issued and allocated directly to shareholders in Solvay on a pro rata basis. It should be noted that from an accounting point of view, this Partial Demerger had retroactive effect to July 1, 2023. In addition, the Belgian tax authorities (Service des D\u00e9cisions Anticip\u00e9es en mati\u00e8re fiscale) agreed to consider July 1, 2023, for the purposes of the application of Belgian corporate income tax rules to Solvay. The significant variations that appear in 2023 in the accounts of Solvay SA/NV are largely justified by the effects of the Partial Demerger and the subsequent contributions to the Belgian company Syensqo SA/NV.The balance sheet of Solvay SA/NV at the end of the year 2023 presented below is based on a dividend distribution of \u20ac2.43 per share.At the end of 2023, Solvay SA/NV still has one Branch, Solvay S.A. Italia (Viale Lombardia 20, 20021 Bollate, Italy). The accounts of Solvay SA/NV are prepared in accordance with Belgian generally accepted accounting principles. The main activities of Solvay SA/NV consist of holding and managing a number of investments in Group companies and of financing the Group\u2019s activities from the bank and bond markets. Solvay SA/NV also has a Group internal factoring activity without recourse. As a result, Solvay SA/NV owns and manages Group\u2019s trade receivables from customers based in Europe and in Asia. It manages a research center at Neder-Over-Heembeek (Brussels, Belgium) and a very limited number of commercial activities not undertaken through subsidiaries.",
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"value": "1. CONSOLIDATED FINANCIAL STATEMENTSSolvay SA/NV (the \u201cCompany\u201d or \u201cSolvay\u201d) is a public limited liability company governed by Belgian law and listed on Euronext Brussels and Euronext Paris. The principal activities of the Company, its subsidiaries, joint operations, joint ventures and associates (jointly the \u201cGroup\u201d) are described in note F1 Revenue and Segment Information.MAIN EVENTS AND CHANGES IN THE CONSOLIDATION SCOPEPartial Demerger of the Specialty BusinessesOn March 15, 2022, the Group announced that it was reviewing plans to separate into two independent, publicly traded companies: \u00b7 \u201cEssentialCo\u201d, which comprised the leading mono-technology businesses in the Group\u2019s Chemicals segment and the Special Chem business.Following the Partial Demerger (as defined below), the Group consists of EssentialCo. \u00b7 \u201cSpecialtyCo\u201d (now renamed to \u201cSyensqo\u201d or the \u201cSyensqo Group\u201d), which comprises the Group's Materials segment, and the majority of theGroup\u2019s Solutions segment: Novecare, Technology Solutions, Aroma Performance, and Oil and Gas (together the \u201cSpecialty Businesses\u201d). The separation was effected by means of a partial demerger (\u201cscission partielle\u201d) of Solvay SA/NV, under Belgian law, whereby the shares and other interests the Company held in the legal entities operating the so-called \u201cSpecialty Businesses,\u201d its rights and obligations under the agreements entered into with those legal entities, as well as certain other assets and liabilities were contributed under a universal succession regime (\u201ctransmission \u00e0 titre universel\u201d) to Syensqo SA/NV (the \u201cPartial Demerger\u201d). The Partial Demerger was approved by Solvay SA/NV\u2019s shareholders at the extraordinary general meeting held on December 8, 2023. The Partial Demerger became effective on December 9, 2023, at 00:00 a.m. CET. In connection with the Partial Demerger, Syensqo became a public company, independent from Solvay, with its ordinary shares trading on the regulated markets of Euronext in Brussels and Paris starting on December 11, 2023. As a consequence, the Group presents the Specialty Businesses as discontinued operations: \u00b7 In the consolidated income statement for the periods prior to, and until the effectiveness of, the Partial Demerger \u2013 that is the previous year\u2019sfinancial performance figures (the comparatives) have been restated. For 2023 financial year, the discontinued operations are included for theperiod until December 8, 2023. \u00b7 In the consolidated statement of financial position, the assets and liabilities related to the Specialty Businesses have been derecognized from the consolidated statements as a part of the deconsolidation of the Specialty Businesses from the Group; the amounts in the consolidated statement of financial position of the previous year are presented in line with the previous method of presentation and are not restated in accordance withIFRS 5. \u00b7 In the consolidated statement of cash flows, the cash-flows were not restated and present both continuing and discontinued operations in theprimary statement. For 2023 financial year, the cash flows from discontinued operations are included for the period until December 8, 2023,However, below the statement, Solvay separately presented the consolidated cash flows from discontinued operations.Further information on the accounting treatment of Partial Demerger is provided in note F8.The Separation AgreementSolvay SA/NV and Syensqo SA/NV entered into a Separation Agreement on December 4, 2023, and effective from the completion of the Partial Demerger, to govern certain practical aspects of the separation of the two groups, as well as the allocation of certain liabilities, including environmental liabilities. The Separation Agreement will be effective until the thirtieth anniversary of December 9, 2023, except with respect to claims relating to environmental liabilities, which can be made until 12 months after the relevant statute of limitations expires. The Separation Agreement may not be terminated early without written consent of each party.The Separation Agreement governs certain aspects of the separation of Syensqo from the Solvay Group, including, among other arrangements, those relating to: \u00b7 (i) the settlement and termination of certain intercompany balances and arrangements \u2013 see note F37 Related parties, note F32 Financialinstruments; \u00b7 (ii) the substitution, removal or release of legal entities that are part of the Solvay Group or the Syensqo Group, as applicable, in respect of certain third-party credit or other support obligations, as well as the provision of counter guarantees \u2013 see note F32 Financial instruments and note F36Contingent liabilities; \u00b7 (iii) the allocation of certain fees, costs and expenses incurred in connection with the Partial Demerger \u2013 see note F8; \u00b7 (iv) the transfer to the other party of any assets (identified within 24 months of the completion of the Partial Demerger) allocated erroneously tothe Syensqo Group or the Solvay Group; \u00b7 (v) the transfer of all rights and obligations to Syensqo in relation to certain transferred employees\u2019 supplementary pension schemes in Belgium\u2013 see note F30 Employee benefits.The Separation Agreement contains provisions to allocate to the Solvay Group or the Syensqo Group environmental liabilities for certain operating, closed or divested sites, including sites for which provisions have been established in the Solvay Group\u2019s consolidated financial statements, and cross-indemnity obligations applicable where a party incurs claims, liabilities or expenses for sites allocated to the other party in the Separation Agreement.Under the cross-indemnity provisions, each of the Solvay Group, on the one hand, and the Syensqo Group, on the other hand, have agreed to indemnify the other party for certain environmental liabilities allocated to the other party. The Separation Agreement includes provisions regarding the management of environmental claims, remediation obligations and related actions. The Separation Agreement also provides that claims will be deemed to have been made, automatically, under the cross-indemnity provisions for specifically allocated environmental liabilities that are the subject of existing provisions as set forth in the Solvay Group consolidated financial statements as of and for the six-month period ended June 30, 2023. For all other environmental liabilities that are subject to the cross-indemnity provisions, claims may be submitted for up to 12 months following the expiry of the relevant statute of limitations. The Separation Agreement also contains customary provisions aimed at avoiding double recoveries. See note F31 Provisions for further details on provisions.U.S. Tax Matters AgreementThe rules for determining whether a distribution such as the Partial Demerger and the internal separation of the U.S. Specialty Businesses and the U.S. Essential Businesses (the \u201cU.S. Spin-Off\u201d) qualify for tax-free treatment for U.S. federal income tax purposes are complex and depend on all the relevant facts and circumstances. Solvay intends for the Partial Demerger and the U.S. Spin-Off to each qualify as a tax-free reorganization under Sections 368(a)(1)(D) and 355 of the U.S. Internal Revenue Code of 1986, as amended (the \u201cU.S. IRC\u201d). Solvay has received a private letter ruling from the U.S. Internal Revenue Service (the \u201cIRS\u201d) confirming such qualification (except with respect to certain requirements under Section 355 of the U.S. IRC on which the IRS does not rule). Solvay also received a tax opinion from US tax counsel addressing those matters upon which the IRS would not rule, and relying on the IRS\u2019 ruling as to matters covered by the ruling.In connection with the U.S. Spin-Off and the Partial Demerger, Solvay and Syensqo entered into a U.S. Tax Matters Agreement (the \u201cU.S. TMA\u201d) intended to (among other things) preserve the tax-free treatment of the Partial Demerger and the U.S. Spin-Off for U.S. federal income tax purposes. Under the U.S. TMA, Solvay and Syensqo will generally be required to indemnify the other for any U.S. taxes and certain related losses resulting from (or relating to) the failure of the U.S. Spin-Off and the Partial Demerger (and certain associated transactions) to qualify for their intended U.S. tax treatment, where such taxes or losses are attributable to (1) untrue representations and breaches of covenants made in connection with the U.S. Spin-Off, the Partial Demerger or the U.S. TMA (including in the IRS ruling and tax opinion described above), (2) the application of certain provisions of U.S. federal income tax law to the U.S. Spin-Off or the Partial Demerger (for example, in connection with a change of control of either party) or (3) other actions or omissions within the party\u2019s control which give rise to U.S. taxes (or related losses) in connection with the U.S. Spin-Off and thePartial Demerger. Under the U.S. TMA, Solvay and Syensqo are prohibited from taking actions that are reasonably expected to cause the Partial Demerger or U.S. Spin-Off (or certain associated transactions) to fail to qualify for their intended U.S. tax treatment, or that could jeopardize the conclusions of, or that are inconsistent with, the IRS ruling or the tax opinion discussed above. Additionally, the parties are generally prohibited (subject to certain exceptions in the U.S. TMA), for the two-year period following completion of the Partial Demerger, from engaging in certain acquisitions, mergers, liquidations, sales, and redemption transactions with respect to their respective stock and assets that could jeopardize the tax-free status of the Partial Demerger or the U.S. Spin-Off for U.S. federal income tax purposes. Neither Solvay\u2019s nor Syensqo\u2019s obligations under the U.S. TMA are limited in amount or subject to any cap.As of December 31, 2023, Solvay was not aware of any breach or alleged breach by it of its obligations under the U.S. TMA, and had not received any notice from Syensqo relating to a breach or alleged breach thereof.The Transition Services AgreementSolvay SA/NV and Syensqo SA/NV entered into a transition services agreement (the \u201cTSA\u201d), effective from the completion of the Partial Demerger for a non-renewable term of 24 months, whereby the Solvay Group and the Syensqo Group will, to the extent that certain business functions and corporate functions have not been separated prior to the completion of the Partial Demerger, each provide to the other (or the other\u2019s respective subsidiaries) various services and support on an interim transitional basis. In particular, given that the Syensqo Group will not have certain internal corporate functions fully in place upon completion of the Partial Demerger (such as finance, legal, tax, human resources, payroll, information technology and other support services), the Solvay Group will provide support with such matters under the terms of the TSA. Upon termination of the TSA, the Syensqo Group will bear wind-down charges covering certain restructuring costs incurred by the Solvay Group.From the completion of the Partial Demerger and going forward, the fees payable by the Syensqo Group to the Solvay Group have been determined internally using a limited mark-up, in line with the Solvay Group\u2019s practice for internal servicing, and have not been the subject of independent bids. It is expected that, based on the assumed scope of services and related underlying cost structure, the annual aggregate fees for the services provided by the Solvay Group under the TSA will amount to between \u20ac150 million and \u20ac200 million.See note F37 Related Parties for further details on related party transactions.Restructuring provisionIn the context of the Group\u2019s plan to separate into two independent publicly traded companies, new restructuring initiatives were launched in 2023. These initiatives lead to the net suppression of approximately 224 roles at the end of 2023. As a consequence, a restructuring provision of \u20ac83 million was recognized in 2023, prior to the Partial Demerger date out of which \u20ac67 million for continuing operations.Group portfolio management RusVinyl equity investmentRusVinyl is a former Russian joint venture in chlorovinyls in which Solvay held a 50% equity interest, together with Sibur who held the remaining 50% equity interest. On March 24, 2023, the Group announced the completion of the sale of its 50% stake in RusVinyl, to its joint venture partner, Sibur. At the time of closing, the Group received \u20ac432 million in cash proceeds in Belgium, which have been reported as cash flow from investing activities in Q1 2023. A capital loss of \u20ac176 million has been recognized in Q1 2023, mainly reflecting recycling of the historical currency translation balances to the consolidated income statement.Liability managementPrior to the Partial Demerger, Solvay undertook various liability management exercises in respect of certain of its outstanding debt securities. The purpose of the liability management exercises was to repurchase or redeem certain debt securities, and to transfer liability for the remaining relevant debt securities or related guarantees to the Syensqo Group upon the Partial Demerger becoming effective. The liability management exercises were also intended to amend certain contractual provisions in certain of the debt securities to facilitate the implementation of the Partial Demerger.On September 4 and 5, 2023, Solvay announced the results of liability management transactions relating to certain senior and hybrid bonds denominated in euros. The transactions included: \u00b7 a request for consent of bondholders to the substitution, effective upon completion of the Partial Demerger, of Syensqo SA/NV for Solvay SA/NV as issuer of (i) the \u20ac500,000,000 Undated Deeply Subordinated Fixed to Reset Rate Perp-NC5.5 Bonds with first call date on December 2, 2025 (ISIN: BE6324000858) (the \u201c2025 Hybrid Bonds\u201d), and (ii) the \u20ac500,000,000 2.750% Fixed Rate Bonds due December 2, 2027 (ISIN: BE6282460615) (the \u201c2027 Bonds\u201d). \u00b7 a tender offer relating to the \u20ac500,000,000 Undated Deeply Subordinated Fixed to Reset Rate Bonds with first optional redemption date of June 3, 2024 (ISIN: XS1323897725) (the \u201c2024 Hybrid Bonds\u201d) issued by Solvay Finance S.A. and irrevocably guaranteed on a subordinated basis by Solvay (the \u201cTender Offer\u201d). The 2025 Hybrid Bonds, the 2027 Bonds and the 2024 Hybrid BondsAt the meeting in respect of the 2025 Hybrid Bonds, the necessary quorum was achieved, the relevant extraordinary resolution was passed and the relevant condition was satisfied. As a result, Syensqo SA/NV was substituted for Solvay SA/NV as issuer of the 2025 Hybrid Bonds, effective upon completion of the Partial Demerger, and subject to the satisfaction or waiver of certain conditions set out in the consent solicitation notice.At the meeting of the holders of the 2027 Bonds, the necessary quorum was achieved, the relevant extraordinary resolution was passed and the relevant condition was satisfied. As a result, Syensqo SA/NV was substituted for Solvay SA/NV as issuer of the 2027 Bonds, effective upon completion of the Partial Demerger, and subject to the satisfaction or waiver of certain conditions set out in the consent solicitation notice.On September 8, 2023, Solvay Finance S.A. accepted all validly tendered 2024 Hybrid Bonds pursuant to the Tender Offer for purchase in cash in an aggregate principal amount of \u20ac452,613,000 (representing approximately 90.52% in aggregate nominal amount of the outstanding 2024 Hybrid Bonds). Because it has purchased more than 90% of the initial aggregate principal amount of the 2024 Hybrid Bonds, Solvay Finance S.A. had the option, pursuant to the terms and conditions of the 2024 Hybrid Bonds, at any time, to redeem all of the remaining outstanding 2024 Hybrid Bonds that were not validly tendered for purchase pursuant to the Tender Offer at their principal amount together with any accrued and unpaid interest (including any deferred interest) up to the redemption date. Solvay Finance S.A. exercised this option on September 6, 2023, and redeemed the relevant 2024 Hybrid Bonds on September 13, 2023, in cash and for an aggregate principal amount of \u20ac47,387,000.The redemption of the 2024 Hybrid Bonds was financed with proceeds drawn under Solvay\u2019s bridge facility (\u20ac520 million). The corresponding obligations remained at Solvay and were not transferred to Syensqo SA/NV at the date of the Partial Demerger.The 2029 BondsSolvay SA/NV has exercised its issuer make-whole call under the terms and conditions of the \u20ac600,000,000 0.500% Fixed Rate Bonds due September 6, 2029 (ISIN: BE6315847804) (the \u201c2029 Bonds\u201d). The redemption of the 2029 Bonds was funded with a new bridge facility. The additional funding cost for the anticipated long-term refinancing of the 2029 Bonds is estimated at approximately \u20ac20 million per year (after tax). The redemption notice was delivered on September 7, 2023, announcing the redemption date of October 9, 2023, in accordance with the terms and conditions of the 2029 Bonds. The outstanding amount of the 2029 Bonds (\u20ac597 million) were settled on October 9, 2023, with the proceeds from the Group\u2019s bridge facility. The obligations under the bridge facility corresponding to the amount used for the redemption of the 2029 Bonds were transferred to Syensqo SA/NV upon completion of the Partial Demerger.USD 2025 Bonds Solvay SA/NV announced on September 27, 2023, that it intends to exercise its issuer make-whole call option under the terms of the indenture governing the 4.450% Senior Notes due 2025 issued by Solvay Finance (America), LLC for an amount outstanding of USD$800,000,000 and guaranteed by Solvay SA/NV(CUSIP: 834423 AB1 / U8344P AB5) (the \u201cUSD 2025 Bonds\u201d). The redemption took place on November 15, 2023, for an amount of \u20ac753 million and was funded with drawdowns on Solvay\u2019s bridge facility. The obligations under the bridge facility corresponding to the amount used for the redemption of the USD 2025 Bonds were transferred to Syensqo SA/NV upon completion of the Partial Demerger.Cytec 2025 Bonds The 3.95% Senior Notes due 2025 issued by Cytec Industries Inc. (CUSIP: 232820 AK6) (the \u201cCytec 2025 Bonds\u201d) were transferred to the Syensqo Group upon completion of the Partial Demerger, as Cytec Industries Inc. is now an indirect subsidiary of Syensqo SA/NV. The Cytec 2025 Bonds are outstanding for an amount of USD$163.5 million. A counter guarantee was issued by Syensqo SA/NV in favor of Solvay SA/NV as Solvay SA/NV remained the original guarantor under the Cytec 2025 Bonds. Redemption of \u20ac500 million Undated Deeply Subordinated Fixed to Reset Rate Perp-NC10 BondsSolvay SA/NV announced on October 5, 2023, that its subsidiary Solvay Finance SA will redeem its \u20ac500 million Undated Deeply Subordinated Fixed to Reset Rate Perp-NC10 Bonds irrevocably guaranteed on a subordinated basis by Solvay SA/NV (ISIN: XS0992293901) on the first call date (being November 12, 2023). This perpetual deeply subordinated bond, bearing an annual interest rate of 5.425%, was treated as equity under IFRS rules. As November 12, 2023, falls on a non-business day, repayment, in accordance with the terms and conditions, occurred on November 13, 2023. The redemption amount equaled the principal amount (\u20ac500 million) plus interest accrued and unpaid up to, but excluding, the redemption date (\u20ac27 million). The redemption was financed with proceeds drawn under Solvay\u2019s bridge facility and Solvay\u2019s obligations in respect of the amount of such drawings were not transferred to Syensqo SA/NV at the time of the Partial Demerger.Redemption of \u20ac300 million Undated Deeply Subordinated Fixed to Reset Rate Perp-NC5.25 BondsSolvay SA/NV announced on October 20, 2023, that it will redeem its \u20ac300 million Undated Deeply Subordinated Fixed to Reset Rate Perp-NC5.25 Bonds (ISIN: BE6309987400) on December 4, 2023, as per its issuer general call option. This perpetual deeply subordinated bond, bearing an annual interest rate of 4.25%, was treated as equity under IFRS rules. The redemption amount equaled the principal amount (\u20ac300 million) plus interest accrued and unpaid up to, but excluding, the redemption date (\u20ac9.7 million). The redemption was financed with proceeds drawn under Solvay\u2019s bridge facility and Solvay\u2019s obligations in respect of the amount of such drawings were not transferred to Syensqo SA/NV at the time of the Partial Demerger.",
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"value": "2. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSIFRS GENERAL ACCOUNTING POLICIESBasis of preparationThis information was prepared in accordance with European Regulation (EC) 1606/2002 on the application of international accounting standards dated July 19, 2002. The Group\u2019s consolidated financial statements for the year ended December 31, 2023, were prepared in accordance with IFRS (International Financial Reporting Standards) as published by the International Accounting Standards Board (IASB), and endorsed by the European Union.The accounting standards applied in the consolidated financial statements for the year ended December 31, 2023, are consistent with those used to prepare the consolidated financial statements for the year ended December 31, 2022. The Group has not early adopted any other standards, interpretations or amendments that have been issued but is not yet effective.Standards, interpretations and amendments applicable for the first time in 2023The standards, interpretations and amendments that became effective as of January 1, 2023, and which are relevant to the Group are presented below. An assessment was made that these amendments had no material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe amendments to IAS 12 Income Taxes narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The Group assessed that the amendments had no material impact on its year-end report.Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting PoliciesThe amendments provide guidance on the application of materiality judgments to accounting policy disclosures. In IAS 1, the amendments replace the requirement to disclose \u201csignificant\u201d accounting policies with a requirement to disclose \u201cmaterial\u201d accounting policies. Guidance and illustrative examples are added in the Practice Statement 2 to assist in the application of the materiality concept when making judgments about accounting policy disclosures. The Group assessed that the amendments had no material impact on its year-end report.Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting EstimatesThe amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.The amendments had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model RulesOn May 23, 2023, the IASB issued the amendments to clarify the application of IAS 12 requirements to income taxes arising from tax law enacted or substantively enacted to implement the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes).The amendments introduce: \u00b7 A mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u00b7 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after January 1, 2023.The Group applied the mandatory temporary exception to the accounting for deferred taxes. The management is currently assessing the accounting implications and the jurisdictions that could give rise to additional taxation as a result of the implementation of the Pillar Two Model Rules in national laws, which is not expected to be material for the Group. See more information on International Tax Reform in Note F7.A.There are other IFRS amendments applicable for the first time in 2023, but do not have a material impact on, or are not relevant for, the consolidated financial statements of the Group and therefore have not been disclosed.Standards, interpretations and amendments applicable for the first time after 2023 The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements and which may have an impact on the Group are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback On September 22, 2022, the IASB issued Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The amendments clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments are effective for annual periods beginning on or after January 1, 2024, and are not yet endorsed by the EU. The Group is currently assessing the impact the amendments will have on its current accounting practices.Amendments to IAS 1: Classification of Liabilities as Current or Non-current These amendments provide a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments were originally effective for annual reporting periods beginning on or after January 1, 2023, however, their effective date has been delayed to January 1, 2024. The amendments are not yet endorsed by the EU. This amendment is not expected to have a material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier Finance Arran-gementsIn May 2023, the IASB issued amendments to IAS 7 and IFRS 7 to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted, but will need to be disclosed. The Group is still assessing the impact the amendments will have on its current accounting practices and disclosures. These amendments are not yet endorsed by the EU.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability On August 15, 2023, the IASB issued the amendments to IAS 21 which are effective for annual periods beginning on or after January 1, 2025, and specify when a currency is exchangeable into another currency and, consequently, when it is not, how an entity determines the exchange rate to apply when a currency is not exchangeable, and the disclosures an entity provides when a currency is not exchangeable. The Group is still assessing the impact the amendments will have on its current accounting practices and disclosures. These amendments are not yet endorsed by the EU.Basis of measurement and presentationThe consolidated financial statements are presented in millions of euros, which is also the functional currency of the parent company. Rounding differences may occur in respect of individual amounts or percentages. The preparation of the consolidated financial statements requires the use of estimates and assumptions that have an impact on the application of accounting policies and the measurement of amounts recognized in the consolidated financial statements. The areas for which the estimates and assumptions are material with respect to the consolidated financial statements are presented in the section Critical accounting judgments and Key sources of estimation uncertainty.Principles of consolidation2.1. Consolidation scope2.1.1. GeneralThe consolidated financial statements incorporate the financial statements of the Company, and: \u00b7 entities controlled by the Company (including through its subsidiaries) and that hence qualify as subsidiaries (see 3.1.2. below); \u00b7 arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint operations (see 3.1.3. below); \u00b7 arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint ventures (see 3.1.4. below); \u00b7 entities over which the Company (including through its subsidiaries) has significant influence and that hence qualify as associates (see 3.1.4. below).Where necessary, adjustments are made to the financial statements of the investees so as to align their accounting policies with those of the Group.In accordance with the principle of materiality, certain companies, which are not of a significant size, have not been included in the consolidation scope. Companies are deemed not to be significant when, during two consecutive years, they do not exceed any of the three following thresholds in terms of their contribution to the Group\u2019s accounts: \u00b7 sales of \u20ac30 million; \u00b7 total assets of \u20ac15 million; \u00b7 headcount of 150 persons.Companies that do not meet these criteria are, nevertheless, consolidated where the Group believes that they have a potential for rapid development, or where they hold shares in other companies that are consolidated based on the above criteria.In the aggregate, the non-consolidated companies have an immaterial impact on the consolidated financial statements of the Group.The full list of companies can be obtained at the Company\u2019s head office.2.1.2. Investments in subsidiariesA subsidiary is an entity over which the Group has control. Control is achieved when the Group has (a) power over an investee, (b) exposure, or rights, to variable returns from its involvement with the investee, and (c) the ability to use its power over the investee to affect the amount of the investor\u2019s returns. To assess whether the Group has control, potential voting rights are taken into account. Subsidiaries are fully consolidated. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.Intra-group transactions, balances, income and expenses are eliminated on consolidation.Non-controlling interests in subsidiaries are presented separately from the Group\u2019s equity. Non-controlling interests are initially measured, either at fair value (full goodwill method), or at the non-controlling interests\u2019 proportionate share in the recognized amounts of the acquiree\u2019s identifiable net assets (proportionate goodwill method). The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to the acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.Changes in the Group\u2019s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest, and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognized in other comprehensive income in relation to the subsidiary are accounted for (i.e. Reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is considered to be the fair value on initial recognition for subsequent accounting in accordance with IFRS 9 or, when applicable, the cost on initial recognition of an investment in an associate or joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures.2.1.3. Investments in joint operationsA joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control. In its consolidated financial statements, the Group recognizes its contractual share of the joint operations\u2019 assets, liabilities, revenue and expenses, which is generally aligned with the ownership interest in the joint operations.2.1.4. Investments in associates and joint venturesAn associate is an entity over which the Group has significant influence and that is neither a subsidiary, nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control.The results, assets and liabilities of associates and joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, on initial recognition, investments in associates and joint ventures are recognized in the consolidated statement of financial position at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of the associate or joint venture, less any impairment of the value of individual investments. Losses of an associate or joint venture in excess of the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and (contingent) liabilities of the associate or joint venture recognized at the date of acquisition is goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of that investment. Where a Group entity transacts with an associate or joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate or joint venture.After application of the equity method, the Group reviews its investments in associates and joint ventures for impairment. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group performs its analysis and calculates any impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss in the consolidated income statement.Foreign currenciesThe individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group entity are expressed in euros (EUR), which is the presentation currency of the Group\u2019s consolidated financial statements.In preparing the financial statements of the individual entities, transactions in currencies other than the entities\u2019 functional currency are recognized at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the closing rate. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rate when the fair value was measured. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions.Exchange differences are recognized in profit or loss in the period in which they arise except for: \u00b7 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income under \u201ccurrency translation differences;\u201d and \u00b7 exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note F32 Financial instruments and financial risk management for hedge accounting policies). The main exchange rates used are:Year-end rate Average rate1 Euro =December 31, 2023 December 31, 2022 2023 2022Brazilian Real BRL 5.3612 5.6354 5.4010 5.4391Yuan Renminbi CNY 7.8383 7.4199 7.6608 7.0781Pound Sterling GBP 0.8690 0.8870 0.8698 0.8526Indian Rupee INR 91.9678 88.3019 89.3107 82.6910Japanese Yen JPY 156.3416 140.7248 151.9821 138.0176Korean Won KRW 1,423.3871 1,349.6641 1,412.4780 1,357.2278Mexican Peso MXN 18.7359 20.8811 19.1854 21.1921US Dollar USD 1.1052 1.0674 1.0813 1.0531Government grantsGovernment grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.Government grants relating to the purchase of property, plant and equipment are deducted from the cost of those assets. They are recognized in the consolidated statement of financial position at their expected value at the moment of initial recognition. The grant is recognized in profit or loss over the depreciation period of the underlying assets as a reduction of depreciation expense.Other government grants are recognized as income on a systematic basis over the periods in which the related costs, which they are intended to compensate for, are recognized. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable.Climate changeIn preparing the consolidated financial statements, management has considered the impacts of climate change, particularly in the context of the disclosures included in the Risk Report and Extra-financial Statements and the Group\u2019s progression towards the ambitious 2030 goals to reduce scope 1 and 2 greenhouse gas emissions from our operations by 30% and to achieve carbon neutrality by 2050.Between 2021 and 2040, Solvay plans to invest up to \u20ac200 million to reach carbon neutrality for all its businesses other than Soda Ash with an additional investment of \u20ac1 billion identified for Soda Ash until 2040 to pave its path towards full carbon neutrality for the Group by 2050 (with approximately \u20ac250 million spent of the more than \u20ac600 million already engaged between Soda Ash and the rest). These investments are partially supported by external parties through equity-accounted investments and include non-recourse financing and government subsidies, enabling Solvay to remain competitive. Further studies on technology innovation will determine the future investment needs beyond 2040. Since 2015 the Group has adopted an internal carbon price and it has imputed that as an input cost into all investment decisions, irrespective of prevailing market prices. The internal cost was originally set at \u20ac25 per metric ton in 2015, and was doubled to \u20ac50 in 2019. In 2021 it was then decided to be raised to \u20ac100 per metric ton of CO with implementation in 2022. This approach ensures that all investments contribute positively to 2the resilience of the Group in the face of climate change risk and are also oriented towards achieving carbon neutrality.In addition to the strategic direction, policies and commitments, it is important to note that Solvay is taking concrete actions aligned with its climate change commitments. These are extensively developed in the Sustainability Report. As an example of the Group\u2019s commitment to phase out of coal in the Soda Ash business, several projects were initiated comprising: \u00b7 The construction of two waste-wood boilers accounted for as finance leases in Rheinberg, Germany; the first of the two boilers was commissioned in 2021. The second boiler will enter into operation by the end of 2024. \u00b7 In Devnya, Bulgaria, a variety of renewable sources including sunflower husk pellets will be used to power production processes at our largest soda ash European site and reduce emissions related to energy production by 20%. As a consequence of this investment 130 kt CO were not 2emitted in 2023. \u00b7 Already equipped with a waste to energy power plant since 2006, we recently further invested to modernize our gas cogeneration unit in Bernburg, Germany, to maintain our low CO footprint at the site.2 \u00b7 In Green River, Wyoming, USA, our calciners and boilers are switching from coal to gas, a readily-available local resource, which will save 280 kilotons of CO per year. This is in addition to the new project Solvay launched to deploy a new breakthrough technology that will abate greenhouse gas 2emissions originating from Trona mining operations. This will reduce the site\u2019s greenhouse gas emissions by 28% while growing its capacity. It will also make Solvay the first company to implement regenerative thermal oxidation technology to cut emissions from a trona mine. In 2023, about 100 kt CO emissions were avoided.2 \u00b7 An equity investment in Dombasle Energy, France, of which Solvay has a 10% share. The project is largely financed through non-recourse debt executed in February 2022 and government subsidies. Included in the investment are two refuse derived fuel boilers. The project is expected to be fully deployed in 2025.When such investments are made, the Group verifies the useful life of the assets that are replaced and adjusts the estimated useful life if necessary.The Group is also actively working on sourcing its energy needs from more environmentally friendly resources including long-term renewable energy generation solutions both onsite and offsite at certain facilities. These include long-term solar and wind power purchase agreements generally accounted for as executory own use contracts. In addition, the Group has entered into long-term contracts to purchase Renewable Energy Certificates, which will cover almost one quarter of the electricity purchased and consumed in the United States. The latter are recorded in operating expenses. In 2023, 100% of our operations in China are still supplied by renewable electricity (1.3 PJ) (see Chapter 4.2 Energy of the extra-financial statements). From 6.3% of our renewable energy purchased versus our total amount of energy purchased in 2022, Solvay has improved its figure and has acquired 8.2% renewable energy purchased in 2023 versus total amount of energy purchased. In addition the Star Factory program that embeds the design and execution of the ESG roadmap of each industrial sites including a specific effort on energy efficiency initiatives on the top of Energy transition projects. It was decided to extend the methodology of Star Factory to include other shared function (Supply Chain & Procurement particularly) in order to develop the complementary roadmaps to tackle Scope 3 emission on the top of improving competitiveness.Management has also considered the impact of climate change in making some key estimates within the consolidated financial statements, including the execution of the Solvay One Planet strategy, which is included in the budgets, mid-term plan and long-term forecasts, which are used to: \u00b7 estimate future cash flows used in impairment assessments of the carrying value of non-current assets (such as intangible assets and goodwill) (see Note F23 Impairment); \u00b7 estimate future profitability used in the assessment of the recoverability of deferred tax assets (see Note F7.C. Deferred taxes in the consolidated statement of financial position); \u00b7 estimate provisions (see Note F31); \u00b7 estimate the long-term accounting assumptions, including CO emission rights and energy prices for the energy intensive Soda Ash GBU (see 2Note F23 Impairment).The Group\u2019s CO emission rights and energy prices (gas/electricity/coal) are an important element of the cost structure, especially for the Soda Ash 2business. The Group has hedged a significant portion of its expected use through 2030. The hedges were taken into consideration in the goodwill impairment test performed and the long-term assumptions considered the higher capital expenditure required by the energy transition of the business after the hedged period. Considering the significant headroom on the Soda Ash CGU, no sensitivity is provided. See Note F23 Impairment.The same exercise was done for the other cash generating units and management believes there are no realistic scenarios regarding climate change today, which would lead to an impairment of these assets.In summary, the Group\u2019s climate change considerations mentioned above did not have a material impact on the financial reporting judgments and estimates during the year. Further, the Group concludes that the climate change risk does not impact the going concern assessment for December 2023.CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYCritical accounting judgmentsPartial Demerger of SyensqoOn March 15, 2022, the Group announced its plan to separate into two independent publicly traded companies. On December 9, 2023, the separation was effectuated through the means of the Partial Demerger. The Specialty Businesses were classified as discontinued operations following the approval of Partial Demerger by the shareholders and the net assets were distributed. The 2022 Consolidated Statement of Income was restated to reflect this classification. Solvay applied IFRIC 17 Distribution of Non cash-Assets to Owners to determine how to present the Partial Demerger which included estimating the fair value of the distribution. Solvay estimated the fair value of Syensqo by taking an average of the closing price of the first 30 days of trading activity of Syensqo to prevent distortions from short-term trading activity in the first weeks of trading. This being a fair value with observable inputs and was considered to be representative of the fair value at the distribution date.The fair value was determined to be \u20ac9.5 billion which resulted in a gain of \u20ac1.65 billion over the then carrying amount of the net assets. The impact was recorded to the consolidated income statement in discontinued operations.No other critical accounting judgments have been identified for the year ended December 31, 2023.Key sources of estimation uncertaintyImpairmentThe Group performs annual impairment tests on (groups of) CGUs to which goodwill has been allocated, and each time there are indicators that their carrying amount might be higher than their recoverable amount. This analysis requires management to estimate the future cash flows expected to be generated by the CGUs and a suitable discount rate in order to calculate present value. The recoverable amount is highly sensitive to discount and growth rates. Further details are provided in note F19 Goodwill and Business Combinations and F23 Impairment.Deferred tax assetsDeferred tax assets (DTA) are recognized for unused tax losses to the extent that it is probable that taxable profits will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits.The Group has \u20ac1,520 million (2022: \u20ac5,203 million) of tax losses carried forward for which no deferred tax assets were recognized. These losses relate to subsidiaries that have a history of losses, do not expire, and may not be used to offset taxable income elsewhere in the Group. The subsidiaries do not have any taxable temporary differences that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on these tax losses carried forward.The goals referred to in Climate Change note may have an impact on the estimate of future probability used in the DTA recoverability assessment \u2013 see the note, above.Further details are provided in Note F7.C. Deferred taxes in the consolidated statement of financial position and F7.D Other Information.Defined benefit obligations \u2013 GeneralThe actuarial assumptions used in determining the defined benefit obligations at December 31 as well as the annual cost can be found in note F30 Provisions for employee benefits. All main employee benefits plans are assessed annually by independent actuaries. Discount rates and inflation rates are defined centrally by management. The other assumptions (such as future salary increases and expected rates of medical care cost increases) are defined at a local level. All plans are supervised by the Group\u2019s central Human Resources department with the help of a central actuary to check the reasonableness of the results and ensure consistency in reporting. All assumptions are reviewed at each reporting date.Further details are provided in note F30 Employee benefits.Environmental provisionsEnvironmental provisions are managed and coordinated jointly by the Environmental Rehabilitation department and the Finance department. In case of environmental impacts stemming from historical production activities, generally, no provision is recognized for remediation works beyond the 20 years due to the inherent high level of uncertainty as to the timing and amount.The forecasts of expenses are discounted to their present value. The discount rates fixed by geographical area correspond to the average risk-free rate on 10-year government bonds or the inflation rate if higher. These rates are set annually by the Finance department and can be revised based on the evolution of economic parameters of the country involved. To reflect the passage of time, the provisions are increased each year at the discount rates described above.Further details are provided in note F31 Provisions.Provisions for litigationsAny significant litigations (post M&A and other, including threat of litigation) are reviewed by Solvay\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every quarter together with the Finance and Insurance Departments. This review includes an assessment of the need to recognize provisions, disclose contingent liabilities and/or contingent assets. Further details are provided in note F31 Provisions and F36 Contingent assets, liabilities and financial guarantees.Leases \u2013 Identifying whether a contract includes a leaseThe Group enters into various contracts to obtain goods and services. Determining whether those contracts include a lease requires judgment. Elements that are considered include assessing whether or not there is an identified asset. To make the determination the Group considers whether or not it has the right to obtain substantially all of the economic benefit of the asset(s) throughout the period of use. Additionally, the Group assesses the extent of its decision-making rights and the existence of any substantive substitution rights. All facts and circumstances relevant to the assessment are considered and the identification of a lease is determined with the support of the departments that have the relevant knowledge, and which mainly includes the GBU management. Refer to note F21 Right-of-use assets and lease obligations for the leases that were identified by the Group and accounted for in accordance with IFRS 16 Leases.Leases \u2013 Assessment of lease termDetermining the lease term requires judgment. Elements that are considered include assessing the probability that early termination options or extension options will be exercised. All facts and circumstances relevant to the assessment are considered, and the main ones have been described in note F21 Right-of-use assets and lease obligations. Lease terms are determined with the support of the departments that have the relevant knowledge, and that mainly includes the Purchasing department, and the Facilities department.NON-IFRS (UNDERLYING) METRICSIn addition to IFRS accounts, Solvay also presents alternative performance indicators to provide a more consistent and comparable indication of the Group\u2019s underlying financial performance and financial position, as well as cash flows. These indicators provide a balanced view of the Group\u2019s operations and are considered useful to investors, analysts and credit rating agencies as these measures provide relevant information on the Group\u2019s past or future performance, position or cash flows. These indicators are generally used in the sector it operates in and therefore serve as a useful aid for investors to compare the Group\u2019s performance with its peers.See note F1 Revenue and Segment Information for the reconciliation of the underlying EBITDA measure. Further information on definitions of adjustments (IFRS vs Underlying metrics) can be found in Glossary, and more information about reconciliation of non-IFRS (underlying) metrics with IFRS figures in Business Review.NOTES TO THE CONSOLIDATED INCOME STATEMENTPreliminary comment: consistent with the presentation in the consolidated income statement, the notes to the consolidated income statement as presented hereafter do not include the consolidated income statement impacts from discontinued operations that are presented on a separate line. Those are disclosed in note F8 Discontinued operations.NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyIFRS 15 establishes a five-step model to account for revenue arising from contracts with customers: \u00b7 Identify the contract, \u00b7 Identify the performance obligations, \u00b7 Determine the transaction price, \u00b7 Allocate the transaction price to the performance obligations in the contract, and \u00b7 Recognize revenue when or as the Group satisfies a performance obligation.Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Sale of goods: Contracts can be short term (including based only on a purchase order) or long term, some have minimum off-take requirements. Contracts that contain take-or-pay provisions obligate customers to pay shortfall payments if the required volumes, as defined in the contracts, are not purchased. Shortfall payments are recognized as revenues when the likelihood of the customer purchasing the minimum volume becomes remote subject to renegotiation of the contract and collectability. As the Group is in the business of selling essential chemicals, and performance chemicals, contracts with customers generally concern the sale of goods. As a result, revenue recognition generally occurs at a point in time when control of the chemicals is transferred to the customer, generally on delivery of the goods.Distinct elements: a good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e. The good or service is capable of being distinct); and (b) the Group\u2019s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. The promise to transfer the good or service is distinct within the context of the contract).The revenue of the Group consists mainly of sales of chemicals, which qualify as separate performance obligations. Value-added services \u2013 mainly customer assistance services \u2013 corresponding to Solvay\u2019s know-how are rendered predominantly over the period that the corresponding goods are sold to the customer. Variable consideration: some contracts with customers provide trade discounts or volume rebates. Trade discounts and volume rebates give rise to variable consideration under IFRS 15, and are required to be estimated at contract inception and subsequently at each reporting date. IFRS 15 requires the estimated variable consideration to be constrained to prevent overstatement of revenue. Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset. Substantially all revenue stems from performance obligations satisfied at a point in time, i.e. The sale of goods. Revenue recognition for those takes into account the following: \u00b7 The Group has a present right to payment for the asset; \u00b7 The customer has legal title to the asset; \u00b7 The Group has transferred physical possession of the asset; \u00b7 The customer has the significant risks and rewards of ownership of the asset (in this respect, incoterms are considered); and \u00b7 The customer has accepted the asset.Products sold to customers generally cannot be returned, other than for performance deficiencies. Customer acceptance clauses are in many cases a formality that would not affect the Group\u2019s determination of when the customer has obtained control of the goods. Revenue from services is recognized in the period those services have been rendered.The Group sells its chemicals to its customers, (a) directly, (b) through distributors, and (c) with the assistance of agents. When the Group delivers a product to distributors for sale to end customers, the Group evaluates whether that distributor has obtained control of the product at that point in time. No revenue is recognized upon delivery of a product to a customer or distributor if the delivered product is held on consignment. Indicators of consignment inventory include: \u00b7 The product is controlled by the Group until a specified event occurs, such as the sale of the product to a customer of the distributor or until a specified period expires; \u00b7 The Group is able to require the return of the product or transfer the product to a third party (such as another distributor); and \u00b7 The distributor does not have an unconditional obligation to pay for the product (although he might be required to pay a deposit). \u00b7 Agents facilitate sales and do not purchase and resell the goods to the end customer. Warranties: warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Substantially all warranties do not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, and are hence accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Licensing: In case of performance obligations relating to licensing intellectual property (IP), the Group assesses if it grants a right to access the IP as it exists throughout the license period or a right to use the IP as it exists at the point in time at which the license is granted. If the performance obligation is to grant a right to access, then the related revenue is recognized over the license period; otherwise, it is recognized at a point in time, i.e. when the license period starts or when the customer starts using the IP. The Group assesses if the license provided can be considered as being distinct in the context of the contract. If not, the license will have to be bundled with other goods or services provided in the contract. Currently the Group grants a right to use IP, which means that revenue recognition occurs at a point in time.An Operating Segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker and for which discrete financial information is available.NOTE F5 RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and major restructurings include: \u00b7 gains and losses on the sale of subsidiaries, joint operations, joint ventures, and associates that do not qualify as discontinued operations; \u00b7 acquisition costs of new businesses; \u00b7 one-off operating costs related to internal management of portfolio (carve-out of major lines of businesses); \u00b7 gains and losses on the sale of real estate not directly linked to an operating activity; \u00b7 restructuring charges driven by portfolio management and by major reorganizations of business activities, including impairment losses resulting from the shutdown of an activity or a plant; \u00b7 impairment losses (reversals) resulting from testing of CGUs. Results from legacy remediation and major litigations include: \u00b7 the remediation costs not generated by on-going production facilities (shut-down of sites, discontinued productions, previous years\u2019 pollution); and NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.NOTE F7INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the consolidated income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for all taxable temporary differences. No deferred tax liabilities are recognized following the initial recognition of goodwill. In addition, no deferred tax assets or liabilities are recognized with respect to the initial recognition of an asset or liability in a transaction which is not a business combination and affects neither accounting profit nor taxable profit.Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, joint operations, joint ventures, and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets other than tax loss carryforwards are analyzed on a case by case basis, taking into account all relevant facts and circumstances. For example, a zero taxable profit, after deducting the amounts paid to retirees under a defined benefit plan and for which a deductible temporary difference existed, can justify the recognition of the underlying deferred tax assets. Recognition of deferred tax assets for tax loss carryforwards requires a positive taxable profit during the year that enables the utilization of tax losses that originated in the past. Because of uncertainties inherent to predicting such positive taxable profit, recognition of deferred tax assets from tax loss carryforwards is based on a case by case analysis, which is usually based on five-year profit forecasts, except with respect to any financial company for which ten-year financial profit forecasts are considered highly predictable and are consequently used. The corporate tax reporting team, which monitors the Group deferred tax positions, is involved in assessing deferred tax assets.Further details are provided in note F7.C.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and when the Group intends to settle its current tax assets and liabilities on a net basis.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized as an expense or income in profit or loss, except when they relate to items that are recognized outside profit or loss (whether in other comprehensive income or directly in equity), in which case the tax is also recognized outside profit or loss, or when they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in the accounting for the business combination.Exception to the above, as from January 1, 2019, the Group applies the amendments to IAS 12, that apply to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period, i.e. January 1, 2018. In 2018, the income tax consequences of the coupons on perpetual hybrid bonds classified as equity were recognized in equity. As a result of the adoption of the amendment, those income tax consequences are now recognized in profit or loss.NOTE F8DISCONTINUED OPERATIONS AND PARTIAL DEMERGERAccounting policyA discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u00b7 represents a separate major line of business or geographical area of operations; \u00b7 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u00b7 is a subsidiary acquired exclusively with a view to resale.A component of the Group consists of operations and cash flows, which can be clearly distinguished operationally and for financial reporting purposes, from the rest of the Group.In the consolidated statement of comprehensive income, the consolidated statement of cash flows, and disclosures, discontinued operations are restated for prior periods presented.In accordance with IFRIC 17 Distribution of Non-cash Assets to Owners, and IFRS 10 Consolidated Financial Statements \u2013 chapter on loss of control \u2013 Solvay measures the profit on distribution in the form of demerger as the excess amount of the fair value of the distributed net assets over the then-carrying value of the net assets of the distributed businesses, adjusted for the related NCI. The recognition of the fair value of the distributed net assets may require the use of valuation techniques. Solvay uses the observable values as input for such valuation techniques.Solvay applies IFRS 5 requirements after intercompany elimination.NOTE F9EARNINGS PER SHAREAccounting policyThe basic earnings per share are obtained by dividing profit for the year by the weighted average number of ordinary shares outstanding during the reporting period. The weighted average number of ordinary shares excludes the treasury shares held by the Group over the reporting period.The diluted earnings per share are obtained by dividing profit for the year, adjusted for the effects of dilutive potential ordinary shares, by the weighted average number of ordinary shares, also adjusted by the number of dilutive potential ordinary shares attached to the issuance of share options. The number of dilutive potential ordinary shares is calculated for the weighted average number of share options outstanding during the reporting period as the difference between the average market price of ordinary shares during the reporting period and the exercise price of the share option. Share options have a dilutive effect only when the average market price is above the exercise price (share options are \u201cin the money\u201d).For the purpose of calculating diluted earnings per share, there were no adjusting elements to the profit for the year (Solvay share).Basic and diluted amounts per share for discontinued operations are presented in the consolidated income statement.NOTE F10 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEAccounting policyIn accordance with IAS 1 Presentation of Financial Statements, the Group elected to present two statements, i.e. a consolidated income statement immediately followed by a consolidated statement of comprehensive income.The components of other comprehensive income (OCI) are presented before related tax effects with one amount shown for the aggregate amount of income tax relating to those components. Tax impacts are further disclosed in this note.Currency translation differencesAccounting policyFor the purpose of presenting consolidated financial statements at the end of each reporting period, the assets and liabilities of the Group\u2019s foreign operations are expressed in euros using closing rates. Income and expense items are translated at the average exchange rates for the period except when the impact of applying the average rate is materially different from applying the spot rate at the respective transactions\u2019 dates, in which case the latter is applied. Exchange differences arising, if any, are recognized in other comprehensive income as \u201ccurrency translation differences\u201d.Currency translation differences are reclassified from equity to profit or loss, on: \u00b7 A disposal of the Group\u2019s entire interest in a foreign operation. In this case, all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognized, but they are not reclassified to profit or loss.NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for prospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets \u2013 Technologies 5-20 yearsAmortization expense is included in the consolidated income statement within the cost of goods sold, administrative costs, research and development costs and other operating gains and losses.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.Research and development costsResearch costs are expensed in the period in which they are incurred.Development costs are capitalized if, and only if, all the following conditions are fulfilled: \u00b7 the cost of the asset can be reliably measured; \u00b7 the technical feasibility of the product has been demonstrated; \u00b7 the product or process will be placed on the market or used internally; \u00b7 the assets will generate future economic benefits (a potential market exists for the product or, where it is to be used internally, its future utility has been demonstrated); \u00b7 the technical, financial and other resources required to complete the project are available.Development costs comprise employee expenses, the cost of materials and services directly attributable to the projects, and an appropriate share of directly attributable fixed costs including, and where applicable, borrowing costs. The intangible assets are amortized as from the moment they are available for use, i.e. When they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Development costs, which do not satisfy the above conditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired through business combinations. Customer relationships consist of customer lists.Other intangible assetsOther intangible assets mainly include technology acquired separately or in a business combination.NOTE F19Goodwill and business combinationsAccounting policyGoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.NOTE F20PROPERTY, PLANT AND EQUIPMENTAccounting policyGeneralProperty, plant and equipment are tangible items that: \u00b7 are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and \u00b7 are expected to be used during more than one period.The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions are satisfied: \u00b7 it is probable that the future economic benefits associated with the asset will flow to the Group; \u00b7 the cost of the asset can be measured reliably.Items of property, plant and equipment are initially measured at cost. The cost of an item of property, plant and equipment comprises its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. If applicable, the cost comprises borrowing costs during the construction period.After initial recognition, items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. The components of an item of property, plant and equipment with different useful lives are depreciated separately. Land is not depreciated. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also taking into account the potential impact of climate change including the execution of the Solvay One Planet Strategy (see Note on Climate Change in the IFRS general accounting policies). Any changes in estimates are accounted for prospectively.Within Land and Buildings group\u2014 Buildings30-40 Within Fixtures and equipment group\u2014 IT equipment3-5 \u2014 Machinery and equipment 10-20 \u2014 Transportation equipment5-20 Depreciation expense is included in the consolidated income statement within cost of goods sold, administrative costs, and R&D costs.The asset is tested for impairment if there is a trigger for impairment (see note F23 Impairment).Items of property, plant and equipment are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss which arises from derecognition of an item of property, plant and equipment is recognized in profit or loss at the moment of derecognition.Subsequent expenditureSubsequent expenditure related to items of property, plant and equipment is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred. Subsequent expenditure incurred for the replacement of a component of an item of property, plant and equipment is only recognized as an asset when it satisfies the recognition criteria mentioned above. The carrying amount of replaced items is derecognized.Repair and maintenance costs are recognized in the consolidated income statement as incurred.Regarding its industrial activity, Solvay incurs expenditure for major repairs over several years for most of its sites. The purpose of this expenditure is to maintain the proper working order of certain installations without altering their useful life. This expenditure is considered as a specific component of the item of property, plant and equipment and is depreciated over the period during which the economic benefits are expected to be obtained, i.e. the major repairs\u2019 intervals.Dismantling and restoration costsDismantling and restoration costs are included in the cost of an item of property, plant and equipment if the Group has a legal or constructive obligation to dismantle or restore. They are depreciated over the useful life of the items to which they pertain.Generally, Solvay\u2019s obligation to dismantle and/or restore its operating sites is only likely to arise upon the discontinuation of a site\u2019s activities. A provision for dismantling of discontinued sites or installations is recognized when there is a legal obligation (due to a request or injunction from the relevant authorities), or when there is no technical alternative than to dismantle, so as to ensure the safety compliance of the discontinued sites or installations.NOTE F21 RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides with the date the contract is signed, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.An asset is typically identified by being explicitly specified in a contract. However, an asset can also be identified by being implicitly specified at the time that the asset is made available for use by the customer. If the supplier has a substantive substitution right, then the asset is not identified. A substantive substitution right means that (a) the supplier has the practical ability to substitute the asset throughout the period of use, and (b) would economically benefit from doing so. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether, throughout the period of use, it has: \u00b7 the right to obtain substantially all of the economic benefits from use of the identified asset; and \u00b7 the right to direct the use of the identified asset. This is generally the case when the Group has the decision-making rights regarding how and for what purpose the asset is used. The Group\u2019s leased assets relate mainly to buildings, transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellable period of a lease, together with both: \u00b7 periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and \u00b7 periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of the following factors (non-exhaustive): \u00b7 contractual terms and conditions for the optional periods, compared with market rates; \u00b7 significant leasehold improvements undertaken (or expected to be undertaken) over the term of the contract; \u00b7 costs relating to the termination of the lease, including relocation costs, costs of identifying another underlying asset suitable for the Group\u2019s needs, costs of integrating a new asset into the Group\u2019s operations, and termination penalties; \u00b7 the importance of that underlying asset to the Group\u2019s operations, including the availability of suitable alternatives; \u00b7 conditionality associated with exercising the option (i.e. When the option can be exercised only if one or more conditions are met), and the likelihood that those conditions will exist; and \u00b7 past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a lease liability at the lease commencement date, which is the date that the lessor makes the asset available for use by the Group except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The right-of-use assets are presented separately in the consolidated statement of financial position, and the lease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises: \u00b7 the amount of the initial measurement of the lease liability; \u00b7 any lease payments made at or before the commencement date, less any lease incentive received; and \u00b7 any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment losses. Right-of-use assets are depreciated using the straight-line depreciation method, from the commencement date to (a) the end of the useful life of the underlying asset, in case the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the lease contains a purchase option that the Group is reasonably certain to exercise, or (b) the earlier of the end of the useful life and the end of the lease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the respective Group entity\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: \u00b7 fixed payments, less any lease incentives receivable; \u00b7 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u00b7 amounts expected to be payable by the Group under residual value guarantees; \u00b7 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u00b7 payments of penalties for early terminating the lease, if the Group is reasonably certain to exercise an option to early terminate the lease.Service components (e.g. utilities, maintenance, insurance) are excluded from the measurement of the lease liability. After the commencement date, the lease liability is measured by: \u00b7 increasing the carrying amount to reflect interest on the lease liability; \u00b7 reducing the carrying amount to reflect the lease payments made; and \u00b7 remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect the impact from a revised index or rate.Leasing of PalladiumThe Group uses palladium, a precious metal, for certain of its operations. Next to purchasing this palladium, the Group also enters into various \u201cleasing\u201d agreements with financial institutions that give the Group the right to use palladium for a certain period and then return it at the end of the \"lease\". Based on our analysis of these agreements, these contracts are not in the scope of IFRS 16 Leases or IFRS 9 Financial Instruments. Due to the lack of clear IFRS guidance, the Group applied judgment to determine whether these rights and obligations shall be accounted for on a gross or a net basis. Considering that the Group bears no price risk during the \"lease\" term and is not in full control of the asset (in accordance with the IFRS Conceptual Framework), the Group believes a net presentation gives a better view on the economic substance of the transaction. As a result, only accruals are recorded for the production losses and regeneration costs and the \u201clease\u201d fee is recognized within cost of sales.NOTE F23IMPAIRMENT Accounting policyGeneralAt the end of each reporting period, the Group reviews whether there is any indication that assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified.The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Future cash flows are adjusted for risks not incorporated into the discount rate. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. An impairment loss recognized for goodwill shall not be reversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, the recoverable amount of property, plant and equipment, intangible assets, right-of-use assets, CGUs or groups of CGUs, including goodwill, and equity method investees corresponds to the higher of their fair value less costs of disposal, and their value in use. The latter equals the present value of the future cash flows expected to be derived from each asset, CGU or group of CGUs, and equity method investees and is determined using the following inputs: \u00b7 business plan approved by management based on growth and profitability assumptions, taking into account past performances, forecast changes in the economic environment and expected market developments, including opportunity and risks resulting from climate change (taking into account the Solvay One Planet strategy \u2013 see note Climate change in the IFRS general accounting policies) and environmental regulations such as products phasing out. For further details, refer to the Risk Management Section. Such business plan generally covers five years, unless management is confident that projections over a longer period are reliable; \u00b7 consideration of a terminal value determined based on the cash flows generally obtained by extrapolating the cash flows of the last years of the business plan referred to above, affected by a long-term growth rate deemed appropriate for the activity and the location of the assets; NOTE F24INVENTORIESAccounting policyCost of inventories includes the purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. The cost of inventories is generally determined by using the weighted average cost method except for CO emission rights (see 2below).Inventories are measured at the lower of purchasing cost (raw materials and merchandise) or production cost (work in progress and finished goods) and net realizable value. Net realizable value represents the estimated selling price, less all estimated costs of completion and the estimated costs necessary to make the sale.CO emission rights2With respect to the mechanism set up by the European Union to encourage manufacturers to reduce their greenhouse gas emissions, carbon dioxide (CO) emission rights are granted to the Group for free. 2In the absence of any IFRS regulating the accounting treatment of CO emission rights, the Group applies the Trade/Production model, 2according to which CO emission rights are presented as inventories if they will be consumed in the production process within the next 212 months, or as derivatives if they are held for trading. Energy Services is involved in CO emission rights\u2019 trading, arbitrage and hedging 2activities. In the inventory, each batch of EUA is tracked separately and the cost recognition formula is based on specific identification. The net income or expense from these activities is recognized in \u201cother operating gains and losses\u201d (a) for the industrial component, where Energy Services sells the excess CO emission rights generated by Solvay or where a Group deficit is recognized, as well as (b) for the trading 2component, where Energy Services acts as a trader/broker with respect to those CO emission rights.2In light of its centralized CO emission rights\u2019 portfolio management, for emission rights that are substitutable between subsidiaries, the 2Group\u2019s financial statements reflect the Group\u2019s net position. If this net position is negative, a provision is recognized, measured based on the market price of the CO emission rights at the reporting date.2Energy savings certificates (ESCs)Energy savings certificates are presented as inventory items in finished goods. They are measured at weighted average cost. As their cost is not separately identifiable, and as they are a by-product, they are measured at their net realizable value upon initial recognition.NOTE F27EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance of new share capital are directly recognized in equity as a deduction, net of tax, from the equity issuance proceeds.ReservesThe reserves include: \u00b7 treasury shares; \u00b7 perpetual hybrid bonds that qualify as equity absent any unavoidable contractual obligation to repay the principal and interest of the perpetual hybrid bonds (no maturity, interest is payable annually but can be deferred indefinitely at the issuer\u2019s discretion); \u00b7 retained earnings; \u00b7 currency translation differences from the consolidation process relating to the translation of the financial statements of foreign operations prepared in a non-euro functional currency to the euro presentation currency; \u00b7 the impacts of the fair value re-measurement of equity instruments measured at fair value through other comprehensive income; \u00b7 the impacts of the fair value re-measurement of financial instruments documented as hedging instruments in cash flow hedges; \u00b7 actuarial gains and losses related to defined benefit plans.Non-controlling interestsThose represent the share of non-controlling interests in the net assets and comprehensive income of subsidiaries of the Group, and correspond to the interests in subsidiaries that are not held by the Company or its subsidiaries.NOTE F29SHARE-BASED PAYMENTSAccounting policySolvay has set up compensation plans, including equity-settled and cash-settled share-based compensation plans.In its equity-settled plans, the Group receives services as consideration for its own equity instruments (namely through the issuance of share options). The fair value of services rendered by employees in consideration for the granting of equity-instruments represents an expense. This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these equity-instruments with the recognition of a corresponding adjustment in equity. The fair value of services rendered is measured based on the fair value of the equity-instruments on the grant date. It is not subsequently remeasured. At each reporting date, the Group re-estimates the number of share options likely to vest. The impact of the revised estimates is recognized in profit or loss against a corresponding adjustment in equity.In its cash-settled plans, the Group acquires services by incurring a liability to transfer to its employees rendering those services amounts that are based on the price (or value) of equity instruments (including shares or share options) of the Group (namely through the issuance of performance share units). The fair value of services rendered by employees in consideration for the granting of share-based payments represents an expense. This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these share-based payments with the recognition of a corresponding adjustment in liabilities. At each reporting date, the Group re-estimates the number of options likely to vest, with the impact of the revised estimates recognized in profit or loss. The Group measures the services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the Group remeasures the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note F9 Earnings per share).Awards on shares of Syensqo SA/NVThe awards granted on shares of the Syensqo Group are not in scope of IFRS 2 Share Based Payments. Therefore the Management has established the accounting policy for these awards. For the awards granted on Syensqo Group shares, a liability is recognized and measured based on the fair value of the Syensqo Group awards at each reporting date. On initial recognition of the liability at the Partial Demerger date, a corresponding entry is recognized in equity for the vesting period that has passed to date and the remaining amount is recognized as Other Receivables. This asset represents the services that have yet to be rendered by the beneficiaries. The asset will be amortized to the consolidated income statement over the remaining vesting period of the plans.The costs of the awards related to the Syensqo Group are presented within operational (Administrative) expenses. The fair value fluctuation on the liability will be presented in Financial Results together with the fair value fluctuation on the hedging options/shares, which will partially hedge the impact.The liability will be remeasured to its fair value at each reporting date. This applies equally to vested plans so long as there remains outstanding (unexercised) options.The liabilities related to the fully vested plans are disclosed as current given that the beneficiaries may exercise their awards at any time. The liabilities related to the unvested plans are disclosed as non-current..Effects of the Partial Demerger \u2013 amendments to the plansAs part of the Partial Demerger, the Solvay Board approved the amendments to the existing long term incentive plans (LTI). The LTIs were adjusted based on the following approaches: \u00b7 1. Shareholder approach \u2013 The existing awards were adjusted to entitle beneficiaries to receive one share option of Solvay SA/NV and one share option of Syensqo SA/NV. \u00b7 2. Employer approach \u2013 The existing awards were adjusted to entitle beneficiaries to receive a certain number of awards of their future employer (i.e. either the Syensqo Group or the Solvay Group). NOTE F30EMPLOYEE BENEFITSAccounting policyGeneralThe Group\u2019s employees are offered various post-employment benefits, other long-term employee benefits, and termination benefits as a result of legislation applicable in certain countries, and contractual agreements entered into by the Group with its employees or constructive obligations.The post-employment benefits are classified as defined contribution or defined benefit plans.Defined contribution plansDefined contribution plans involve the payment of fixed contributions to a separate entity, and release the employer from any subsequent obligation, as this separate entity is solely responsible for paying the amounts due to the employee. The expense is recognized when an employee has rendered services to the Group during the period.Defined benefit plansDefined benefit plans concern all plans other than defined contribution plans, and include: \u00b7 post-employment benefits: pension plans, other post-employment obligations and supplemental benefits such as post-employment medical plans.Taking into account projected final salaries on an individual basis, post-employment benefits are measured by applying a method (projected unit credit method) using assumptions involving discount rate, life expectancy, turnover, wages, annuity revaluation and medical cost inflation. The assumptions specific to each plan take into account the local economic and demographic contexts.The discount rates are interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation.The amount recognized under post-employment obligations corresponds to the difference between the present value of future obligations and the fair value of the plan assets funding the plan, if any. If this calculation gives rise to a deficit, an obligation is recognized in liabilities. Otherwise, a net asset limited to the lower of the surplus in the defined benefit plan and the present value of any future plan refunds or any reduction in future contributions to the plan is recognized. Therefore the amount at which such an asset is recognized in the statement of financial position may be subject to a ceiling.The defined benefit cost consists of service cost and net interest expense (based on discount rate) on the net liability or asset, both recognized in profit or loss, and remeasurements of the net liability or asset, recognized in other comprehensive income.Service cost consists of current service cost, past service cost resulting from plan amendments or curtailments and settlement gains or losses.The interest expenses arising from the reverse discounting of the benefit obligations, the financial income on plan assets (determined by multiplying the fair value of the plan assets by the discount rate) as well as interest on the effect of the asset ceiling are recognized on a net basis in the net financial charges (cost of discounting of provisions).Remeasurements of the net liability or asset consist of: \u00b7 actuarial gains and losses on the benefit obligations arising from experience adjustments and/or changes in actuarial assumptions (including the effect of changes in the discount rate) recognized in other comprehensive income; \u00b7 changes as a consequence of plan amendments, recognized in profit or loss; \u00b7 the return on plan assets (excluding amounts in net interest) and changes in the limitation of the net asset recognized.Other long-term employee and termination benefitsOther long-term employee benefits related to long service benefits granted to employees according to their seniority in the Group. Termination benefits include early pension plans. Other long-term employee and termination benefits are accounted for in the same way as post-employment benefits but remeasurements are fully recognized in the net financial charges during the period in which they occur.The actuarial calculations of the main post-employment obligations and other long-term benefits are performed by independent actuaries.NOTE F31PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a present obligation (legal or constructive) as a result of a past event, (b) it is probable that the Group will be required to settle the obligation, and (c) a reliable estimate can be made of the amount of the obligation.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally recognized in the financial result.When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received when the Group settles the obligation.RestructuringsA restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoing activities (shut-down sites, discontinued activities or divested activities where Solvay maintains certain commitments) and, to a lower extent, to ongoing activities (see comments below).An environmental provision is recognized, in accordance with IAS 37, when there is a current legal or constructive obligation resulting from past events which will result in a probable outflow of resources (expenses / cash outs) to settle it and for which a reliable estimate of such outflows and timing can be made. \u00b7 The environmental expenses encompass, but are not limited to, the following key matters \u00b7 Sampling and analytical costs for soil and ground water monitoring \u00b7 Cost related to dismantling when required to meet a remediation or permit obligation \u00b7 Asbestos removal when obligated by regulation \u00b7 Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.NOTE F32 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, and only when Solvay becomes a party to the contractual provisions of the instrument. Amortized cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.Financial assetsTrade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments, specifically: \u00b7 A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. \u00b7 All other debt instruments are measured at FVTPL. \u00b7 All equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to retained earnings. \u00b7 Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not eligible for the FVTOCI option and therefore are accounted for at FVTPL. For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active market, the fair value is determined using valuation techniques including reference to recent arm\u2019s length market transactions or transactions involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model, representing the weighted average of credit losses with the respective risks of a default occurring as the weights. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.For trade receivables that do not contain a significant financing component (i.e. substantially all trade receivables), the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that takes into account historical information on defaults adjusted for the forward-looking information per customer. The Group considers a financial asset in default risk when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is fully impaired when there is no reasonable expectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidated income statement, except for debt instruments measured at fair value through other comprehensive income. In this case, the allowance is recognized in other comprehensive income.Financial liabilitiesFinancial liabilities are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortized cost, except for: \u00b7 financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value; \u00b7 financial guarantee contracts. After initial recognition, guarantees are subsequently measured at the higher of the expected losses and the amount initially recognized.Derivative financial instrumentsA derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the following characteristics: \u00b7 its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the \"underlying\"); \u00b7 it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; \u00b7 it is settled at a future date.The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO emission rights price risks).2As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss (cash flow hedges).A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the underlying settlements is more than 12 months after the reporting period. Other derivative instruments (or portions of them) are presented as current assets or current liabilities.Hedge accountingThe Group designates certain derivatives and embedded derivatives, in respect of interest rate risk, foreign exchange rate risk, Solvay share price risk, and commodity risk (mainly utility and CO emission rights price risks), as hedging instruments in a cash flow hedge relationship.2At the inception of the hedge relationship, there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge. So to apply hedge accounting: (a) there is an economic relationship between the hedged item and the hedging instrument, (b) the effect of credit risk does not dominate the value changes that result from that economic relationship, and (c) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The requirement under (a) above that an economic relationship exists means that there is an expectation that the value of the hedging instrument and the value of the hedged item will systematically change in the opposite direction in response to movements in either the same underlying (or underlyings that are economically related in such a way that they respond in a similar way to the risk that is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedging instruments that are designated in a cash flow hedge is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.As long as cash flow hedge qualifies, the hedging relationship is accounted for as follows: \u00b7 a) the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): - (i) the cumulative gain or loss on the hedging instrument from inception of the hedge; and - (ii) the cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. \u00b7 b) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (i.e. The portion that is offset by the change in the cash flow hedge reserve calculated in accordance with (a)) is recognized in other comprehensive income; \u00b7 c) any remaining gain or loss on the hedging instrument (or any gain or loss required to balance the change in the cash flow hedge reserve calculated in accordance with (a)) is hedge ineffectiveness that is recognized in profit or loss. \u00b7 d) the amount that has been accumulated in the cash flow hedge reserve in accordance with (a) is accounted for as follows: - (i) if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the Group removes that amount from the cash flow hedge reserve and includes it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment and hence it does not affect other comprehensive income; - (ii) for cash flow hedges other than those covered by i), that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, in the periods that interest income or interest expense is recognized or when a forecast sale occurs); - (iii) however, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment. Most hedged items are transaction related. The time value of options, forward elements of forward contracts, and foreign currency basis spreads of financial instruments that are hedging the items affect profit or loss at the same time as those hedged items. Hedge accounting is discontinued prospectively when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cash flow hedge it accounts for the amount that has been accumulated in the cash flow hedge reserve as follows: \u00b7 if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve until the future cash flows occur. However, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment; \u00b7 if the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.NOTE F36CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEESAccounting policyA contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Group.Contingent assets are not recognized in the consolidated financial statements since this may result in the recognition of income that may never be realized. However, when the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate. Contingent assets are assessed continually to ensure that developments are appropriately reflected in the consolidated financial statements. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognized in the consolidated financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, the Group discloses the contingent asset.A contingent liability is: \u00b7 (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or \u00b7 (b) a present obligation that arises from past events but is not recognized because: - (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliabilityContingent liabilities are not recognized in the consolidated financial statements, except if they arise from a business combination. They are disclosed unless the possibility of an outflow of economic benefits is remote.Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.In order to avoid double counting, only guarantees in excess of liabilities recognized or disclosures made elsewhere in the Group's consolidated financial statements are disclosed in this note. Regarding financial guarantees, all financial guarantees of the Group are presented in this note.NOTE F39EVENTS AFTER THE REPORTING PERIODAccounting policyEvents after the reporting period which provide evidence of conditions that existed at the end of the reporting period (adjusting events) are recognized in the consolidated financial statements. Events indicative of conditions that arose after the reporting period are non-adjusting events and are disclosed in the notes if material.",
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"s8_notes__7__11-1": {
"value": "Basis of preparationThis information was prepared in accordance with European Regulation (EC) 1606/2002 on the application of international accounting standards dated July 19, 2002. The Group\u2019s consolidated financial statements for the year ended December 31, 2023, were prepared in accordance with IFRS (International Financial Reporting Standards) as published by the International Accounting Standards Board (IASB), and endorsed by the European Union.The accounting standards applied in the consolidated financial statements for the year ended December 31, 2023, are consistent with those used to prepare the consolidated financial statements for the year ended December 31, 2022. The Group has not early adopted any other standards, interpretations or amendments that have been issued but is not yet effective.Standards, interpretations and amendments applicable for the first time in 2023The standards, interpretations and amendments that became effective as of January 1, 2023, and which are relevant to the Group are presented below. An assessment was made that these amendments had no material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe amendments to IAS 12 Income Taxes narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The Group assessed that the amendments had no material impact on its year-end report.Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting PoliciesThe amendments provide guidance on the application of materiality judgments to accounting policy disclosures. In IAS 1, the amendments replace the requirement to disclose \u201csignificant\u201d accounting policies with a requirement to disclose \u201cmaterial\u201d accounting policies. Guidance and illustrative examples are added in the Practice Statement 2 to assist in the application of the materiality concept when making judgments about accounting policy disclosures. The Group assessed that the amendments had no material impact on its year-end report.Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting EstimatesThe amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.The amendments had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model RulesOn May 23, 2023, the IASB issued the amendments to clarify the application of IAS 12 requirements to income taxes arising from tax law enacted or substantively enacted to implement the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes).The amendments introduce: \u00b7 A mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u00b7 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after January 1, 2023.The Group applied the mandatory temporary exception to the accounting for deferred taxes. The management is currently assessing the accounting implications and the jurisdictions that could give rise to additional taxation as a result of the implementation of the Pillar Two Model Rules in national laws, which is not expected to be material for the Group. See more information on International Tax Reform in Note F7.A.There are other IFRS amendments applicable for the first time in 2023, but do not have a material impact on, or are not relevant for, the consolidated financial statements of the Group and therefore have not been disclosed.Standards, interpretations and amendments applicable for the first time after 2023 The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements and which may have an impact on the Group are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback On September 22, 2022, the IASB issued Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The amendments clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments are effective for annual periods beginning on or after January 1, 2024, and are not yet endorsed by the EU. The Group is currently assessing the impact the amendments will have on its current accounting practices.Amendments to IAS 1: Classification of Liabilities as Current or Non-current These amendments provide a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments were originally effective for annual reporting periods beginning on or after January 1, 2023, however, their effective date has been delayed to January 1, 2024. The amendments are not yet endorsed by the EU. This amendment is not expected to have a material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier Finance Arran-gementsIn May 2023, the IASB issued amendments to IAS 7 and IFRS 7 to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted, but will need to be disclosed. The Group is still assessing the impact the amendments will have on its current accounting practices and disclosures. These amendments are not yet endorsed by the EU.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability On August 15, 2023, the IASB issued the amendments to IAS 21 which are effective for annual periods beginning on or after January 1, 2025, and specify when a currency is exchangeable into another currency and, consequently, when it is not, how an entity determines the exchange rate to apply when a currency is not exchangeable, and the disclosures an entity provides when a currency is not exchangeable. The Group is still assessing the impact the amendments will have on its current accounting practices and disclosures. These amendments are not yet endorsed by the EU.Basis of measurement and presentationThe consolidated financial statements are presented in millions of euros, which is also the functional currency of the parent company. Rounding differences may occur in respect of individual amounts or percentages. The preparation of the consolidated financial statements requires the use of estimates and assumptions that have an impact on the application of accounting policies and the measurement of amounts recognized in the consolidated financial statements. The areas for which the estimates and assumptions are material with respect to the consolidated financial statements are presented in the section Critical accounting judgments and Key sources of estimation uncertainty.Principles of consolidation2.1. Consolidation scope2.1.1. GeneralThe consolidated financial statements incorporate the financial statements of the Company, and: \u00b7 entities controlled by the Company (including through its subsidiaries) and that hence qualify as subsidiaries (see 3.1.2. below); \u00b7 arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint operations (see 3.1.3. below); \u00b7 arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint ventures (see 3.1.4. below); \u00b7 entities over which the Company (including through its subsidiaries) has significant influence and that hence qualify as associates (see 3.1.4. below).Where necessary, adjustments are made to the financial statements of the investees so as to align their accounting policies with those of the Group.In accordance with the principle of materiality, certain companies, which are not of a significant size, have not been included in the consolidation scope. Companies are deemed not to be significant when, during two consecutive years, they do not exceed any of the three following thresholds in terms of their contribution to the Group\u2019s accounts: \u00b7 sales of \u20ac30 million; \u00b7 total assets of \u20ac15 million; \u00b7 headcount of 150 persons.Companies that do not meet these criteria are, nevertheless, consolidated where the Group believes that they have a potential for rapid development, or where they hold shares in other companies that are consolidated based on the above criteria.In the aggregate, the non-consolidated companies have an immaterial impact on the consolidated financial statements of the Group.The full list of companies can be obtained at the Company\u2019s head office.2.1.2. Investments in subsidiariesA subsidiary is an entity over which the Group has control. Control is achieved when the Group has (a) power over an investee, (b) exposure, or rights, to variable returns from its involvement with the investee, and (c) the ability to use its power over the investee to affect the amount of the investor\u2019s returns. To assess whether the Group has control, potential voting rights are taken into account. Subsidiaries are fully consolidated. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.Intra-group transactions, balances, income and expenses are eliminated on consolidation.Non-controlling interests in subsidiaries are presented separately from the Group\u2019s equity. Non-controlling interests are initially measured, either at fair value (full goodwill method), or at the non-controlling interests\u2019 proportionate share in the recognized amounts of the acquiree\u2019s identifiable net assets (proportionate goodwill method). The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to the acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.Changes in the Group\u2019s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest, and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognized in other comprehensive income in relation to the subsidiary are accounted for (i.e. Reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is considered to be the fair value on initial recognition for subsequent accounting in accordance with IFRS 9 or, when applicable, the cost on initial recognition of an investment in an associate or joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures.2.1.3. Investments in joint operationsA joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control. In its consolidated financial statements, the Group recognizes its contractual share of the joint operations\u2019 assets, liabilities, revenue and expenses, which is generally aligned with the ownership interest in the joint operations.2.1.4. Investments in associates and joint venturesAn associate is an entity over which the Group has significant influence and that is neither a subsidiary, nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control.The results, assets and liabilities of associates and joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, on initial recognition, investments in associates and joint ventures are recognized in the consolidated statement of financial position at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of the associate or joint venture, less any impairment of the value of individual investments. Losses of an associate or joint venture in excess of the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and (contingent) liabilities of the associate or joint venture recognized at the date of acquisition is goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of that investment. Where a Group entity transacts with an associate or joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate or joint venture.After application of the equity method, the Group reviews its investments in associates and joint ventures for impairment. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group performs its analysis and calculates any impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss in the consolidated income statement.Foreign currenciesThe individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group entity are expressed in euros (EUR), which is the presentation currency of the Group\u2019s consolidated financial statements.In preparing the financial statements of the individual entities, transactions in currencies other than the entities\u2019 functional currency are recognized at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the closing rate. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rate when the fair value was measured. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions.Exchange differences are recognized in profit or loss in the period in which they arise except for: \u00b7 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income under \u201ccurrency translation differences;\u201d and \u00b7 exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note F32 Financial instruments and financial risk management for hedge accounting policies). The main exchange rates used are:Year-end rate Average rate1 Euro =December 31, 2023 December 31, 2022 2023 2022Brazilian Real BRL 5.3612 5.6354 5.4010 5.4391Yuan Renminbi CNY 7.8383 7.4199 7.6608 7.0781Pound Sterling GBP 0.8690 0.8870 0.8698 0.8526Indian Rupee INR 91.9678 88.3019 89.3107 82.6910Japanese Yen JPY 156.3416 140.7248 151.9821 138.0176Korean Won KRW 1,423.3871 1,349.6641 1,412.4780 1,357.2278Mexican Peso MXN 18.7359 20.8811 19.1854 21.1921US Dollar USD 1.1052 1.0674 1.0813 1.0531",
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"s8_notes__7__10-1": {
"value": "Basis of preparationThis information was prepared in accordance with European Regulation (EC) 1606/2002 on the application of international accounting standards dated July 19, 2002. The Group\u2019s consolidated financial statements for the year ended December 31, 2023, were prepared in accordance with IFRS (International Financial Reporting Standards) as published by the International Accounting Standards Board (IASB), and endorsed by the European Union.The accounting standards applied in the consolidated financial statements for the year ended December 31, 2023, are consistent with those used to prepare the consolidated financial statements for the year ended December 31, 2022. The Group has not early adopted any other standards, interpretations or amendments that have been issued but is not yet effective.Standards, interpretations and amendments applicable for the first time in 2023The standards, interpretations and amendments that became effective as of January 1, 2023, and which are relevant to the Group are presented below. An assessment was made that these amendments had no material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe amendments to IAS 12 Income Taxes narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities. The Group assessed that the amendments had no material impact on its year-end report.Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting PoliciesThe amendments provide guidance on the application of materiality judgments to accounting policy disclosures. In IAS 1, the amendments replace the requirement to disclose \u201csignificant\u201d accounting policies with a requirement to disclose \u201cmaterial\u201d accounting policies. Guidance and illustrative examples are added in the Practice Statement 2 to assist in the application of the materiality concept when making judgments about accounting policy disclosures. The Group assessed that the amendments had no material impact on its year-end report.Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting EstimatesThe amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.The amendments had no impact on the Group\u2019s consolidated financial statements. Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model RulesOn May 23, 2023, the IASB issued the amendments to clarify the application of IAS 12 requirements to income taxes arising from tax law enacted or substantively enacted to implement the Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two model rules (Pillar Two income taxes).The amendments introduce: \u00b7 A mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u00b7 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.The mandatory temporary exception \u2013 the use of which is required to be disclosed \u2013 applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after January 1, 2023.The Group applied the mandatory temporary exception to the accounting for deferred taxes. The management is currently assessing the accounting implications and the jurisdictions that could give rise to additional taxation as a result of the implementation of the Pillar Two Model Rules in national laws, which is not expected to be material for the Group. See more information on International Tax Reform in Note F7.A.There are other IFRS amendments applicable for the first time in 2023, but do not have a material impact on, or are not relevant for, the consolidated financial statements of the Group and therefore have not been disclosed.Standards, interpretations and amendments applicable for the first time after 2023 The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements and which may have an impact on the Group are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback On September 22, 2022, the IASB issued Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback. The amendments clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments are effective for annual periods beginning on or after January 1, 2024, and are not yet endorsed by the EU. The Group is currently assessing the impact the amendments will have on its current accounting practices.Amendments to IAS 1: Classification of Liabilities as Current or Non-current These amendments provide a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments were originally effective for annual reporting periods beginning on or after January 1, 2023, however, their effective date has been delayed to January 1, 2024. The amendments are not yet endorsed by the EU. This amendment is not expected to have a material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures: Supplier Finance Arran-gementsIn May 2023, the IASB issued amendments to IAS 7 and IFRS 7 to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. Early adoption is permitted, but will need to be disclosed. The Group is still assessing the impact the amendments will have on its current accounting practices and disclosures. These amendments are not yet endorsed by the EU.Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability On August 15, 2023, the IASB issued the amendments to IAS 21 which are effective for annual periods beginning on or after January 1, 2025, and specify when a currency is exchangeable into another currency and, consequently, when it is not, how an entity determines the exchange rate to apply when a currency is not exchangeable, and the disclosures an entity provides when a currency is not exchangeable. The Group is still assessing the impact the amendments will have on its current accounting practices and disclosures. These amendments are not yet endorsed by the EU.Basis of measurement and presentationThe consolidated financial statements are presented in millions of euros, which is also the functional currency of the parent company. Rounding differences may occur in respect of individual amounts or percentages. The preparation of the consolidated financial statements requires the use of estimates and assumptions that have an impact on the application of accounting policies and the measurement of amounts recognized in the consolidated financial statements. The areas for which the estimates and assumptions are material with respect to the consolidated financial statements are presented in the section Critical accounting judgments and Key sources of estimation uncertainty.",
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"s8_notes__7__12": {
"value": "This information was prepared in accordance with European Regulation (EC) 1606/2002 on the application of international accounting standards dated July 19, 2002. The Group\u2019s consolidated financial statements for the year ended December 31, 2023, were prepared in accordance with IFRS (International Financial Reporting Standards) as published by the International Accounting Standards Board (IASB), and endorsed by the European Union.The accounting standards applied in the consolidated financial statements for the year ended December 31, 2023, are consistent with those used to prepare the consolidated financial statements for the year ended December 31, 2022. The Group has not early adopted any other standards, interpretations or amendments that have been issued but is not yet effective.",
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},
"s8_notes__7__16-1": {
"value": "Basis of measurement and presentationThe consolidated financial statements are presented in millions of euros, which is also the functional currency of the parent company. Rounding differences may occur in respect of individual amounts or percentages. The preparation of the consolidated financial statements requires the use of estimates and assumptions that have an impact on the application of accounting policies and the measurement of amounts recognized in the consolidated financial statements. The areas for which the estimates and assumptions are material with respect to the consolidated financial statements are presented in the section Critical accounting judgments and Key sources of estimation uncertainty.Foreign currenciesThe individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group entity are expressed in euros (EUR), which is the presentation currency of the Group\u2019s consolidated financial statements.In preparing the financial statements of the individual entities, transactions in currencies other than the entities\u2019 functional currency are recognized at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the closing rate. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rate when the fair value was measured. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions.Exchange differences are recognized in profit or loss in the period in which they arise except for: \u00b7 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income under \u201ccurrency translation differences;\u201d and \u00b7 exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note F32 Financial instruments and financial risk management for hedge accounting policies). The main exchange rates used are:Year-end rate Average rate1 Euro =December 31, 2023 December 31, 2022 2023 2022Brazilian Real BRL 5.3612 5.6354 5.4010 5.4391Yuan Renminbi CNY 7.8383 7.4199 7.6608 7.0781Pound Sterling GBP 0.8690 0.8870 0.8698 0.8526Indian Rupee INR 91.9678 88.3019 89.3107 82.6910Japanese Yen JPY 156.3416 140.7248 151.9821 138.0176Korean Won KRW 1,423.3871 1,349.6641 1,412.4780 1,357.2278Mexican Peso MXN 18.7359 20.8811 19.1854 21.1921US Dollar USD 1.1052 1.0674 1.0813 1.0531",
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"entity": "scheme:549300MMVL80RTBP3O28",
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},
"s8_notes__7__15-1": {
"value": "Basis of measurement and presentationThe consolidated financial statements are presented in millions of euros, which is also the functional currency of the parent company. Rounding differences may occur in respect of individual amounts or percentages. The preparation of the consolidated financial statements requires the use of estimates and assumptions that have an impact on the application of accounting policies and the measurement of amounts recognized in the consolidated financial statements. The areas for which the estimates and assumptions are material with respect to the consolidated financial statements are presented in the section Critical accounting judgments and Key sources of estimation uncertainty.CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYCritical accounting judgmentsPartial Demerger of SyensqoOn March 15, 2022, the Group announced its plan to separate into two independent publicly traded companies. On December 9, 2023, the separation was effectuated through the means of the Partial Demerger. The Specialty Businesses were classified as discontinued operations following the approval of Partial Demerger by the shareholders and the net assets were distributed. The 2022 Consolidated Statement of Income was restated to reflect this classification. Solvay applied IFRIC 17 Distribution of Non cash-Assets to Owners to determine how to present the Partial Demerger which included estimating the fair value of the distribution. Solvay estimated the fair value of Syensqo by taking an average of the closing price of the first 30 days of trading activity of Syensqo to prevent distortions from short-term trading activity in the first weeks of trading. This being a fair value with observable inputs and was considered to be representative of the fair value at the distribution date.The fair value was determined to be \u20ac9.5 billion which resulted in a gain of \u20ac1.65 billion over the then carrying amount of the net assets. The impact was recorded to the consolidated income statement in discontinued operations.No other critical accounting judgments have been identified for the year ended December 31, 2023.Key sources of estimation uncertaintyImpairmentThe Group performs annual impairment tests on (groups of) CGUs to which goodwill has been allocated, and each time there are indicators that their carrying amount might be higher than their recoverable amount. This analysis requires management to estimate the future cash flows expected to be generated by the CGUs and a suitable discount rate in order to calculate present value. The recoverable amount is highly sensitive to discount and growth rates. Further details are provided in note F19 Goodwill and Business Combinations and F23 Impairment.Deferred tax assetsDeferred tax assets (DTA) are recognized for unused tax losses to the extent that it is probable that taxable profits will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits.The Group has \u20ac1,520 million (2022: \u20ac5,203 million) of tax losses carried forward for which no deferred tax assets were recognized. These losses relate to subsidiaries that have a history of losses, do not expire, and may not be used to offset taxable income elsewhere in the Group. The subsidiaries do not have any taxable temporary differences that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on these tax losses carried forward.The goals referred to in Climate Change note may have an impact on the estimate of future probability used in the DTA recoverability assessment \u2013 see the note, above.Further details are provided in Note F7.C. Deferred taxes in the consolidated statement of financial position and F7.D Other Information.Defined benefit obligations \u2013 GeneralThe actuarial assumptions used in determining the defined benefit obligations at December 31 as well as the annual cost can be found in note F30 Provisions for employee benefits. All main employee benefits plans are assessed annually by independent actuaries. Discount rates and inflation rates are defined centrally by management. The other assumptions (such as future salary increases and expected rates of medical care cost increases) are defined at a local level. All plans are supervised by the Group\u2019s central Human Resources department with the help of a central actuary to check the reasonableness of the results and ensure consistency in reporting. All assumptions are reviewed at each reporting date.Further details are provided in note F30 Employee benefits.Environmental provisionsEnvironmental provisions are managed and coordinated jointly by the Environmental Rehabilitation department and the Finance department. In case of environmental impacts stemming from historical production activities, generally, no provision is recognized for remediation works beyond the 20 years due to the inherent high level of uncertainty as to the timing and amount.The forecasts of expenses are discounted to their present value. The discount rates fixed by geographical area correspond to the average risk-free rate on 10-year government bonds or the inflation rate if higher. These rates are set annually by the Finance department and can be revised based on the evolution of economic parameters of the country involved. To reflect the passage of time, the provisions are increased each year at the discount rates described above.Further details are provided in note F31 Provisions.Provisions for litigationsAny significant litigations (post M&A and other, including threat of litigation) are reviewed by Solvay\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every quarter together with the Finance and Insurance Departments. This review includes an assessment of the need to recognize provisions, disclose contingent liabilities and/or contingent assets. Further details are provided in note F31 Provisions and F36 Contingent assets, liabilities and financial guarantees.Leases \u2013 Identifying whether a contract includes a leaseThe Group enters into various contracts to obtain goods and services. Determining whether those contracts include a lease requires judgment. Elements that are considered include assessing whether or not there is an identified asset. To make the determination the Group considers whether or not it has the right to obtain substantially all of the economic benefit of the asset(s) throughout the period of use. Additionally, the Group assesses the extent of its decision-making rights and the existence of any substantive substitution rights. All facts and circumstances relevant to the assessment are considered and the identification of a lease is determined with the support of the departments that have the relevant knowledge, and which mainly includes the GBU management. Refer to note F21 Right-of-use assets and lease obligations for the leases that were identified by the Group and accounted for in accordance with IFRS 16 Leases.Leases \u2013 Assessment of lease termDetermining the lease term requires judgment. Elements that are considered include assessing the probability that early termination options or extension options will be exercised. All facts and circumstances relevant to the assessment are considered, and the main ones have been described in note F21 Right-of-use assets and lease obligations. Lease terms are determined with the support of the departments that have the relevant knowledge, and that mainly includes the Purchasing department, and the Facilities department.NON-IFRS (UNDERLYING) METRICSIn addition to IFRS accounts, Solvay also presents alternative performance indicators to provide a more consistent and comparable indication of the Group\u2019s underlying financial performance and financial position, as well as cash flows. These indicators provide a balanced view of the Group\u2019s operations and are considered useful to investors, analysts and credit rating agencies as these measures provide relevant information on the Group\u2019s past or future performance, position or cash flows. These indicators are generally used in the sector it operates in and therefore serve as a useful aid for investors to compare the Group\u2019s performance with its peers.See note F1 Revenue and Segment Information for the reconciliation of the underlying EBITDA measure. Further information on definitions of adjustments (IFRS vs Underlying metrics) can be found in Glossary, and more information about reconciliation of non-IFRS (underlying) metrics with IFRS figures in Business Review.NOTES TO THE CONSOLIDATED INCOME STATEMENTPreliminary comment: consistent with the presentation in the consolidated income statement, the notes to the consolidated income statement as presented hereafter do not include the consolidated income statement impacts from discontinued operations that are presented on a separate line. Those are disclosed in note F8 Discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__18": {
"value": "Principles of consolidation2.1. Consolidation scope2.1.1. GeneralThe consolidated financial statements incorporate the financial statements of the Company, and: \u00b7 entities controlled by the Company (including through its subsidiaries) and that hence qualify as subsidiaries (see 3.1.2. below); \u00b7 arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint operations (see 3.1.3. below); \u00b7 arrangements over which the Company (including through its subsidiaries) exercises joint control, and that qualify as joint ventures (see 3.1.4. below); \u00b7 entities over which the Company (including through its subsidiaries) has significant influence and that hence qualify as associates (see 3.1.4. below).Where necessary, adjustments are made to the financial statements of the investees so as to align their accounting policies with those of the Group.In accordance with the principle of materiality, certain companies, which are not of a significant size, have not been included in the consolidation scope. Companies are deemed not to be significant when, during two consecutive years, they do not exceed any of the three following thresholds in terms of their contribution to the Group\u2019s accounts: \u00b7 sales of \u20ac30 million; \u00b7 total assets of \u20ac15 million; \u00b7 headcount of 150 persons.Companies that do not meet these criteria are, nevertheless, consolidated where the Group believes that they have a potential for rapid development, or where they hold shares in other companies that are consolidated based on the above criteria.In the aggregate, the non-consolidated companies have an immaterial impact on the consolidated financial statements of the Group.The full list of companies can be obtained at the Company\u2019s head office.2.1.2. Investments in subsidiariesA subsidiary is an entity over which the Group has control. Control is achieved when the Group has (a) power over an investee, (b) exposure, or rights, to variable returns from its involvement with the investee, and (c) the ability to use its power over the investee to affect the amount of the investor\u2019s returns. To assess whether the Group has control, potential voting rights are taken into account. Subsidiaries are fully consolidated. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.Intra-group transactions, balances, income and expenses are eliminated on consolidation.Non-controlling interests in subsidiaries are presented separately from the Group\u2019s equity. Non-controlling interests are initially measured, either at fair value (full goodwill method), or at the non-controlling interests\u2019 proportionate share in the recognized amounts of the acquiree\u2019s identifiable net assets (proportionate goodwill method). The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to the acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.Changes in the Group\u2019s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest, and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognized in other comprehensive income in relation to the subsidiary are accounted for (i.e. Reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is considered to be the fair value on initial recognition for subsequent accounting in accordance with IFRS 9 or, when applicable, the cost on initial recognition of an investment in an associate or joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__19": {
"value": "2.1.2. Investments in subsidiariesA subsidiary is an entity over which the Group has control. Control is achieved when the Group has (a) power over an investee, (b) exposure, or rights, to variable returns from its involvement with the investee, and (c) the ability to use its power over the investee to affect the amount of the investor\u2019s returns. To assess whether the Group has control, potential voting rights are taken into account. Subsidiaries are fully consolidated. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal.Intra-group transactions, balances, income and expenses are eliminated on consolidation.Non-controlling interests in subsidiaries are presented separately from the Group\u2019s equity. Non-controlling interests are initially measured, either at fair value (full goodwill method), or at the non-controlling interests\u2019 proportionate share in the recognized amounts of the acquiree\u2019s identifiable net assets (proportionate goodwill method). The choice of measurement is made on an acquisition-by-acquisition basis. Subsequent to the acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.Changes in the Group\u2019s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest, and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. Amounts previously recognized in other comprehensive income in relation to the subsidiary are accounted for (i.e. Reclassified to profit or loss or transferred directly to retained earnings) in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of any investment retained in the former subsidiary at the date when control is lost is considered to be the fair value on initial recognition for subsequent accounting in accordance with IFRS 9 or, when applicable, the cost on initial recognition of an investment in an associate or joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__20": {
"value": "2.1.3. Investments in joint operationsA joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control. In its consolidated financial statements, the Group recognizes its contractual share of the joint operations\u2019 assets, liabilities, revenue and expenses, which is generally aligned with the ownership interest in the joint operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__23": {
"value": "2.1.4. Investments in associates and joint venturesAn associate is an entity over which the Group has significant influence and that is neither a subsidiary, nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control.The results, assets and liabilities of associates and joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, on initial recognition, investments in associates and joint ventures are recognized in the consolidated statement of financial position at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of the associate or joint venture, less any impairment of the value of individual investments. Losses of an associate or joint venture in excess of the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and (contingent) liabilities of the associate or joint venture recognized at the date of acquisition is goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of that investment. Where a Group entity transacts with an associate or joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate or joint venture.After application of the equity method, the Group reviews its investments in associates and joint ventures for impairment. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group performs its analysis and calculates any impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__22": {
"value": "2.1.4. Investments in associates and joint venturesAn associate is an entity over which the Group has significant influence and that is neither a subsidiary, nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control.The results, assets and liabilities of associates and joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, on initial recognition, investments in associates and joint ventures are recognized in the consolidated statement of financial position at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of the associate or joint venture, less any impairment of the value of individual investments. Losses of an associate or joint venture in excess of the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and (contingent) liabilities of the associate or joint venture recognized at the date of acquisition is goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of that investment. Where a Group entity transacts with an associate or joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate or joint venture.After application of the equity method, the Group reviews its investments in associates and joint ventures for impairment. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group performs its analysis and calculates any impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__21": {
"value": "2.1.4. Investments in associates and joint venturesAn associate is an entity over which the Group has significant influence and that is neither a subsidiary, nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about relevant activities require the unanimous consent of the parties sharing control.The results, assets and liabilities of associates and joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Under the equity method, on initial recognition, investments in associates and joint ventures are recognized in the consolidated statement of financial position at cost, and the carrying amount is adjusted for post-acquisition changes in the Group\u2019s share of the net assets of the associate or joint venture, less any impairment of the value of individual investments. Losses of an associate or joint venture in excess of the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture) are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.Any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets and (contingent) liabilities of the associate or joint venture recognized at the date of acquisition is goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of that investment. Where a Group entity transacts with an associate or joint venture of the Group, profits and losses are eliminated to the extent of the Group\u2019s interest in the relevant associate or joint venture.After application of the equity method, the Group reviews its investments in associates and joint ventures for impairment. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group performs its analysis and calculates any impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__26-1": {
"value": "Foreign currenciesThe individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group entity are expressed in euros (EUR), which is the presentation currency of the Group\u2019s consolidated financial statements.In preparing the financial statements of the individual entities, transactions in currencies other than the entities\u2019 functional currency are recognized at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the closing rate. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rate when the fair value was measured. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions.Exchange differences are recognized in profit or loss in the period in which they arise except for: \u00b7 exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income under \u201ccurrency translation differences;\u201d and \u00b7 exchange differences on transactions entered into in order to hedge certain foreign currency risks (see note F32 Financial instruments and financial risk management for hedge accounting policies). The main exchange rates used are:Year-end rate Average rate1 Euro =December 31, 2023 December 31, 2022 2023 2022Brazilian Real BRL 5.3612 5.6354 5.4010 5.4391Yuan Renminbi CNY 7.8383 7.4199 7.6608 7.0781Pound Sterling GBP 0.8690 0.8870 0.8698 0.8526Indian Rupee INR 91.9678 88.3019 89.3107 82.6910Japanese Yen JPY 156.3416 140.7248 151.9821 138.0176Korean Won KRW 1,423.3871 1,349.6641 1,412.4780 1,357.2278Mexican Peso MXN 18.7359 20.8811 19.1854 21.1921US Dollar USD 1.1052 1.0674 1.0813 1.0531Currency translation differencesAccounting policyFor the purpose of presenting consolidated financial statements at the end of each reporting period, the assets and liabilities of the Group\u2019s foreign operations are expressed in euros using closing rates. Income and expense items are translated at the average exchange rates for the period except when the impact of applying the average rate is materially different from applying the spot rate at the respective transactions\u2019 dates, in which case the latter is applied. Exchange differences arising, if any, are recognized in other comprehensive income as \u201ccurrency translation differences\u201d.Currency translation differences are reclassified from equity to profit or loss, on: \u00b7 A disposal of the Group\u2019s entire interest in a foreign operation. In this case, all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognized, but they are not reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__27": {
"value": "Government grantsGovernment grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.Government grants relating to the purchase of property, plant and equipment are deducted from the cost of those assets. They are recognized in the consolidated statement of financial position at their expected value at the moment of initial recognition. The grant is recognized in profit or loss over the depreciation period of the underlying assets as a reduction of depreciation expense.Other government grants are recognized as income on a systematic basis over the periods in which the related costs, which they are intended to compensate for, are recognized. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__29-1": {
"value": "Key sources of estimation uncertaintyImpairmentThe Group performs annual impairment tests on (groups of) CGUs to which goodwill has been allocated, and each time there are indicators that their carrying amount might be higher than their recoverable amount. This analysis requires management to estimate the future cash flows expected to be generated by the CGUs and a suitable discount rate in order to calculate present value. The recoverable amount is highly sensitive to discount and growth rates. Further details are provided in note F19 Goodwill and Business Combinations and F23 Impairment.NOTE F11 DEPRECIATION, AMORTIZATION AND IMPAIRMENTSThe depreciation, amortization and impairment losses (reversal) amount to \u20ac994 million in 2023 (\u20ac923 million in 2022), of which \u20ac500 million related to discontinued operations (\u20ac622 million in 2022).The table below presents the amounts of the total depreciation, amortization and impairment losses (reversals) of continuing operations included in the various headings of the Consolidated Statements of Income.In \u20acmillion 2023 2022Cost of goods sold 269 264Administrative costs 37 42Research and development costs 12 10Other operating gains and (losses) 10 13\u2014 Of which PPA (see Note F4)7 8Total depreciation and amortization 328 329Goodwill Impairment 38 0Other net Impairment 57 -28Total depreciation, amortization and impairment losses (reversal)423 301The comparative figures for 2022 are restated.In 2023, the impairments include the \u20ac38 million of impaired Energy CGU\u2019s goodwill and an impairment of \u20ac48 million of underperforming site within Special Chem CGU.NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.Development Patents and Customer Other TotalIn \u20acmillioncoststrademarksrelationshipsintangible assetsGross carrying amount December 31, 2021 517 1,686 1,973 739 4,914Additions 67 3 24 94Disposals and closures -22 -16 -5 -43Increase through business combinations 0 0 0 0Currency translation differences 7 60 93 22 183Other 7 11 -15 3December 31, 2022 577 1,744 2,066 765 5,152Additions 71 1 33 105Disposals and closures -66 -74 -100 -239Increase through business combinations 0 0 0 0Currency translation differences -3 -25 -37 -14 -80Partial Demerger -482 -1,079 -1,781 -582 -3,924Other 1 5 -9 -3December 31, 2023 98 572 248 92 1,010Accumulated amortization December 31, 2021 -233 -1,047 -941 -590 -2,812Amortization -63 -97 -90 -14 -265Impairment 0 0 0 0 0Reversal of impairment 0 0 8 8Disposals and closures 22 16 5 43Currency translation differences -2 -26 -29 -21 -78Other 0 0 0 0December 31, 2022 -277 -1,155 -1,061 -611 -3,104Amortization -54 -72 -85 -17 -228Impairment 0 0 0 0 0Reversal of impairment 0 0 0 0Disposals and closures 61 74 100 235Currency translation differences 1 13 16 13 43Partial Demerger 223 651 887 485 2,246Other 0 24 -25 -1December 31, 2023 -45 -466 -244 -55 -809Net carrying amount December 31, 2021 283 638 1,031 149 2,100December 31, 2022 300 589 1,005 153 2,048December 31, 2023 52 107 5 37 201On December 31, 2023, intangibles mainly relate to the intangibles acquired through the acquisitions of Rhodia.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.In \u20acmillionLand and Fixtures and Other tangible Property, plant and Totalbuildingsequipmentassetsequipment under constructionGross carrying amount 2,941 10,187 418 688 14,235December 31, 2021Additions 28 103 8 715 854Disposals and closures -28 -132 -19 0 -179Increase through business 0 0 0 0 0combinationsCurrency translation differences 44 206 8 15 273Other 35 284 11 -385 -553,021 10,648 425 1,033December 31, 202215,128Additions 77 136 7 777 998Disposals and closures -23 -216 -17 -3 -258Increase through business 0 1 0 0 1combinationsCurrency translation differences -35 -126 -4 -16 -181Partial Demerger -1,516 -5,458 -186 -955 -8,115Other 68 393 20 -354 1281,593 5,379 246 483 7,700December 31, 2023Accumulated depreciation -1,580 -7,375 -337 -9,291December 31, 2021Depreciation -80 -464 -27 -570Impairment 0 -6 0 -6Reversal of impairment 8 21 0 29Disposals and closures 26 130 19 175Currency translation differences -25 -151 -7 -183Other 3 26 0 30-1,648 -7,818 -351 -9,816December 31, 2022Depreciation -76 -459 -22 -557Impairment -11 -44 -2 -57Reversal of impairment 0 0 0 0Disposals and closures 18 214 16 249Currency translation differences 16 87 3 105Partial Demerger 694 3,788 153 4,634Other -19 -90 -5 -114December 31, 2023 -1,027 -4,323 -206 0 -5,556Net carrying amount December 31, 2021 1,361 2,813 81 688 4,943December 31, 2022 1,373 2,830 75 1,033 5,311December 31, 2023 566 1,056 39 483 2,144The additions and depreciation figures include the amounts related to the Specialty Businesses until the Partial Demerger on December 8, 2023. Please see Note F1 for the split of the capital expenditure by segments.In 2023 and 2022, no borrowing costs were capitalized.The line \u201cOther\u201d mainly includes changes following portfolio transactions and reclassification of property, plant and equipment under construction to the appropriate categories when they are ready for intended use, excluding the movements related to the Partial Demerger.NOTE F20PROPERTY, PLANT AND EQUIPMENTAccounting policyGeneralProperty, plant and equipment are tangible items that: \u00b7 are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and \u00b7 are expected to be used during more than one period.The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions are satisfied: \u00b7 it is probable that the future economic benefits associated with the asset will flow to the Group; NOTE F23IMPAIRMENT Accounting policyGeneralAt the end of each reporting period, the Group reviews whether there is any indication that assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified.The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Future cash flows are adjusted for risks not incorporated into the discount rate. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. An impairment loss recognized for goodwill shall not be reversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, the recoverable amount of property, plant and equipment, intangible assets, right-of-use assets, CGUs or groups of CGUs, including goodwill, and equity method investees corresponds to the higher of their fair value less costs of disposal, and their value in use. The latter equals the present value of the future cash flows expected to be derived from each asset, CGU or group of CGUs, and equity method investees and is determined using the following inputs: \u00b7 business plan approved by management based on growth and profitability assumptions, taking into account past performances, forecast changes in the economic environment and expected market developments, including opportunity and risks resulting from climate change (taking into account the Solvay One Planet strategy \u2013 see note Climate change in the IFRS general accounting policies) and environmental regulations such as products phasing out. For further details, refer to the Risk Management Section. Such business plan generally covers five years, unless management is confident that projections over a longer period are reliable; \u00b7 consideration of a terminal value determined based on the cash flows generally obtained by extrapolating the cash flows of the last years of the business plan referred to above, affected by a long-term growth rate deemed appropriate for the activity and the location of the assets; \u00b7 discounting of expected cash flows at a rate determined using the weighted average cost of capital formula.Discount rateWeighted average cost of capital (WACC) was computed using a consistent methodology to account for the separation, new reference peers, and an extensive benchmarking. The short term WACC is utilized to discount the expected cash flows of the initial four years, and is computed based on prevailing discount rates. The long term WACC is utilized to discount the expected cash flows starting from the fifth year and for the Terminal Value. The long term WACC is based on the three-year averages of key parameters (risk free rates, betas, spreads). In 2022, a rolling eight-year average of historical short term WACCs was used to calculate the long term WACC.2023 2022Short term discount rate (WACC) 9.9% 6.6%Long term discount rate (WACC) 8.2% 6.5%The increase in the WACCs is mainly due to the increase in the risk free rate reflecting tightening of monetary conditions by central banks and continued high inflation expectations. These WACCs are in the low range of the observed Peers\u2019 WACC estimates.Long-term growth ratesThe long-term growth rates used in 2023 are based on the comprehensive review of the entire business portfolio performed in 2019 with the definition of the G.R.O.W. Strategy when each CGU was assigned to one of business segments with different growth opportunities, consistent with the long term growth rates of the market they serve and the Group competitive position in those markets; and on the long term growth remains very strong.After the reassessment of the long-term growth prospects the Group concluded that the prior year rates are still applicable, are consistent with the rates communicated during the capital market day in November 2023, and were thus set at: \u00b7 Coatis \u2013 0% \u00b7 Peroxides \u2013 1% \u00b7 Silica \u2013 0% \u00b7 Soda Ash \u2013 1% \u00b7 Spec Chem \u2013 1%Other key assumptions are specific to each CGU (utility price, volumes, margin, etc.).Impairment test 2023The impairment tests performed at CGU level at December 31, 2023, were based on the budget 2024 and the Mid Term Plan 2025-2028. With the exception of the Energy CGU the tests did not lead to any impairment of assets, as the recoverable amounts of the (groups of) CGUs were higher than their carrying amounts. More specifically, in all cases, the difference between the (groups of) CGUs\u2019 value in use and their carrying amount (headroom) represented in all a percentage of the carrying amount significantly exceeding 10%. As a result, for these (groups of) CGUs, a reasonable change in a key assumption relating to the recoverable amount for which the (groups of) CGUs is based, would not result in an impairment loss. Given the significant headroom no sensitivities were performed.Due to the significant volatility in the Energy markets, the Group has decided to exit its external energy business. The Group\u2019s decision resulted in \u20ac38 million full impairment of the Energy CGU\u2019s goodwill. The impairment was recorded within results from portfolio management and major restructuring in the Consolidated Income Statement. The discount rate used was consistent with the Group model. As a result of the Partial Demerger of the Specialty Business the Group realigned its Operating Segments as detailed in note F1 Revenue and Segment Information. The realignment resulted in the reallocation of segment level goodwill of \u20ac186 million. The goodwill was reallocated to the CGUs based on a relative value approach. The reallocation did not have any significant impact on the impairment analysis performed. For additional information on the reallocation of goodwill see note F19 Goodwill and Business Combinations.Climate related matters were considered in the 2023 impairment analysis, however, it did not give rise to any impairments. More specifically, the group considered capital expenditures of over \u20ac1 billion within its Soda Ash and Derivatives CGU related to its carbon neutrality initiative within annual impairment testing. As detailed in the note on climate change, the management has considered the impact of climate change, and more specifically the impact of the execution of the Solvay One Planet strategy, in the assessment of impairment. Furthermore, the long-term accounting assumptions, including CO emission rights and energy prices for the energy intensive Soda Ash GBU have been considered together with applied relevant hedges. 2Considering the significant headroom on the Soda Ash CGU, the management believes that this headroom is enough to absorb climate change scenarios. Consequently, no sensitivity is provided. The same exercise was done for the other cash generating units and management believes there are no realistic scenarios regarding climate change today, which would lead to an impairment of these assets.Other small groups of assets (Performance Chemicals)In 2023, The Group impaired the tangible assets of the underperforming production assets within the Special Chem CGU for Fluor Gases in Europe (\u20ac48 million; Operating Segment: Performance Chemicals). Following a price improvement in 2021-2022, the 2020 impairment related to Fluor Gases was partially reversed in 2022. However, in 2023, due to stronger competition, deterioration in Agro market, and volume demand reduction, the impairment was re-recognized. The impairment was recorded within Results from portfolio management and major restructuring in the Consolidated Income Statement. The discount rate used was consistent with the Group model.",
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"s8_notes__7__31-1": {
"value": "Deferred tax assetsDeferred tax assets (DTA) are recognized for unused tax losses to the extent that it is probable that taxable profits will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits.The Group has \u20ac1,520 million (2022: \u20ac5,203 million) of tax losses carried forward for which no deferred tax assets were recognized. These losses relate to subsidiaries that have a history of losses, do not expire, and may not be used to offset taxable income elsewhere in the Group. The subsidiaries do not have any taxable temporary differences that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on these tax losses carried forward.The goals referred to in Climate Change note may have an impact on the estimate of future probability used in the DTA recoverability assessment \u2013 see the note, above.Further details are provided in Note F7.C. Deferred taxes in the consolidated statement of financial position and F7.D Other Information.NOTE F7INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the consolidated income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for all taxable temporary differences. No deferred tax liabilities are recognized following the initial recognition of goodwill. In addition, no deferred tax assets or liabilities are recognized with respect to the initial recognition of an asset or liability in a transaction which is not a business combination and affects neither accounting profit nor taxable profit.Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, joint operations, joint ventures, and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets other than tax loss carryforwards are analyzed on a case by case basis, taking into account all relevant facts and circumstances. For example, a zero taxable profit, after deducting the amounts paid to retirees under a defined benefit plan and for which a deductible temporary difference existed, can justify the recognition of the underlying deferred tax assets. Recognition of deferred tax assets for tax loss carryforwards requires a positive taxable profit during the year that enables the utilization of tax losses that originated in the past. Because of uncertainties inherent to predicting such positive taxable profit, recognition of deferred tax assets from tax loss carryforwards is based on a case by case analysis, which is usually based on five-year profit forecasts, except with respect to any financial company for which ten-year financial profit forecasts are considered highly predictable and are consequently used. The corporate tax reporting team, which monitors the Group deferred tax positions, is involved in assessing deferred tax assets.Further details are provided in note F7.C.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and when the Group intends to settle its current tax assets and liabilities on a net basis.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized as an expense or income in profit or loss, except when they relate to items that are recognized outside profit or loss (whether in other comprehensive income or directly in equity), in which case the tax is also recognized outside profit or loss, or when they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in the accounting for the business combination.Exception to the above, as from January 1, 2019, the Group applies the amendments to IAS 12, that apply to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period, i.e. January 1, 2018. In 2018, the income tax consequences of the coupons on perpetual hybrid bonds classified as equity were recognized in equity. As a result of the adoption of the amendment, those income tax consequences are now recognized in profit or loss.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__30-1": {
"value": "Deferred tax assetsDeferred tax assets (DTA) are recognized for unused tax losses to the extent that it is probable that taxable profits will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits.The Group has \u20ac1,520 million (2022: \u20ac5,203 million) of tax losses carried forward for which no deferred tax assets were recognized. These losses relate to subsidiaries that have a history of losses, do not expire, and may not be used to offset taxable income elsewhere in the Group. The subsidiaries do not have any taxable temporary differences that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on these tax losses carried forward.The goals referred to in Climate Change note may have an impact on the estimate of future probability used in the DTA recoverability assessment \u2013 see the note, above.Further details are provided in Note F7.C. Deferred taxes in the consolidated statement of financial position and F7.D Other Information.NOTE F7INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the consolidated income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for all taxable temporary differences. No deferred tax liabilities are recognized following the initial recognition of goodwill. In addition, no deferred tax assets or liabilities are recognized with respect to the initial recognition of an asset or liability in a transaction which is not a business combination and affects neither accounting profit nor taxable profit.Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, joint operations, joint ventures, and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets other than tax loss carryforwards are analyzed on a case by case basis, taking into account all relevant facts and circumstances. For example, a zero taxable profit, after deducting the amounts paid to retirees under a defined benefit plan and for which a deductible temporary difference existed, can justify the recognition of the underlying deferred tax assets. Recognition of deferred tax assets for tax loss carryforwards requires a positive taxable profit during the year that enables the utilization of tax losses that originated in the past. Because of uncertainties inherent to predicting such positive taxable profit, recognition of deferred tax assets from tax loss carryforwards is based on a case by case analysis, which is usually based on five-year profit forecasts, except with respect to any financial company for which ten-year financial profit forecasts are considered highly predictable and are consequently used. The corporate tax reporting team, which monitors the Group deferred tax positions, is involved in assessing deferred tax assets.Further details are provided in note F7.C.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and when the Group intends to settle its current tax assets and liabilities on a net basis.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized as an expense or income in profit or loss, except when they relate to items that are recognized outside profit or loss (whether in other comprehensive income or directly in equity), in which case the tax is also recognized outside profit or loss, or when they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in the accounting for the business combination.Exception to the above, as from January 1, 2019, the Group applies the amendments to IAS 12, that apply to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period, i.e. January 1, 2018. In 2018, the income tax consequences of the coupons on perpetual hybrid bonds classified as equity were recognized in equity. As a result of the adoption of the amendment, those income tax consequences are now recognized in profit or loss.",
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"s8_notes__7__32-1": {
"value": "Environmental provisionsEnvironmental provisions are managed and coordinated jointly by the Environmental Rehabilitation department and the Finance department. In case of environmental impacts stemming from historical production activities, generally, no provision is recognized for remediation works beyond the 20 years due to the inherent high level of uncertainty as to the timing and amount.The forecasts of expenses are discounted to their present value. The discount rates fixed by geographical area correspond to the average risk-free rate on 10-year government bonds or the inflation rate if higher. These rates are set annually by the Finance department and can be revised based on the evolution of economic parameters of the country involved. To reflect the passage of time, the provisions are increased each year at the discount rates described above.Further details are provided in note F31 Provisions.Provisions for litigationsAny significant litigations (post M&A and other, including threat of litigation) are reviewed by Solvay\u2019s in-house lawyers with the support, when appropriate, of external counsels at least every quarter together with the Finance and Insurance Departments. This review includes an assessment of the need to recognize provisions, disclose contingent liabilities and/or contingent assets. Further details are provided in note F31 Provisions and F36 Contingent assets, liabilities and financial guarantees.NOTE F31PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a present obligation (legal or constructive) as a result of a past event, (b) it is probable that the Group will be required to settle the obligation, and (c) a reliable estimate can be made of the amount of the obligation.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally recognized in the financial result.When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received when the Group settles the obligation.RestructuringsA restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoing activities (shut-down sites, discontinued activities or divested activities where Solvay maintains certain commitments) and, to a lower extent, to ongoing activities (see comments below).An environmental provision is recognized, in accordance with IAS 37, when there is a current legal or constructive obligation resulting from past events which will result in a probable outflow of resources (expenses / cash outs) to settle it and for which a reliable estimate of such outflows and timing can be made. \u00b7 The environmental expenses encompass, but are not limited to, the following key matters \u00b7 Sampling and analytical costs for soil and ground water monitoring \u00b7 Cost related to dismantling when required to meet a remediation or permit obligation \u00b7 Asbestos removal when obligated by regulation \u00b7 Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.",
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"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__33-1": {
"value": "Leases \u2013 Identifying whether a contract includes a leaseThe Group enters into various contracts to obtain goods and services. Determining whether those contracts include a lease requires judgment. Elements that are considered include assessing whether or not there is an identified asset. To make the determination the Group considers whether or not it has the right to obtain substantially all of the economic benefit of the asset(s) throughout the period of use. Additionally, the Group assesses the extent of its decision-making rights and the existence of any substantive substitution rights. All facts and circumstances relevant to the assessment are considered and the identification of a lease is determined with the support of the departments that have the relevant knowledge, and which mainly includes the GBU management. Refer to note F21 Right-of-use assets and lease obligations for the leases that were identified by the Group and accounted for in accordance with IFRS 16 Leases.Leases \u2013 Assessment of lease termDetermining the lease term requires judgment. Elements that are considered include assessing the probability that early termination options or extension options will be exercised. All facts and circumstances relevant to the assessment are considered, and the main ones have been described in note F21 Right-of-use assets and lease obligations. Lease terms are determined with the support of the departments that have the relevant knowledge, and that mainly includes the Purchasing department, and the Facilities department.NOTE F21 RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides with the date the contract is signed, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.An asset is typically identified by being explicitly specified in a contract. However, an asset can also be identified by being implicitly specified at the time that the asset is made available for use by the customer. If the supplier has a substantive substitution right, then the asset is not identified. A substantive substitution right means that (a) the supplier has the practical ability to substitute the asset throughout the period of use, and (b) would economically benefit from doing so. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether, throughout the period of use, it has: \u00b7 the right to obtain substantially all of the economic benefits from use of the identified asset; and \u00b7 the right to direct the use of the identified asset. This is generally the case when the Group has the decision-making rights regarding how and for what purpose the asset is used. The Group\u2019s leased assets relate mainly to buildings, transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellable period of a lease, together with both: \u00b7 periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and \u00b7 periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of the following factors (non-exhaustive): \u00b7 contractual terms and conditions for the optional periods, compared with market rates; \u00b7 significant leasehold improvements undertaken (or expected to be undertaken) over the term of the contract; \u00b7 costs relating to the termination of the lease, including relocation costs, costs of identifying another underlying asset suitable for the Group\u2019s needs, costs of integrating a new asset into the Group\u2019s operations, and termination penalties; \u00b7 the importance of that underlying asset to the Group\u2019s operations, including the availability of suitable alternatives; \u00b7 conditionality associated with exercising the option (i.e. When the option can be exercised only if one or more conditions are met), and the likelihood that those conditions will exist; and \u00b7 past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a lease liability at the lease commencement date, which is the date that the lessor makes the asset available for use by the Group except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The right-of-use assets are presented separately in the consolidated statement of financial position, and the lease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises: \u00b7 the amount of the initial measurement of the lease liability; \u00b7 any lease payments made at or before the commencement date, less any lease incentive received; and \u00b7 any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment losses. Right-of-use assets are depreciated using the straight-line depreciation method, from the commencement date to (a) the end of the useful life of the underlying asset, in case the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the lease contains a purchase option that the Group is reasonably certain to exercise, or (b) the earlier of the end of the useful life and the end of the lease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the respective Group entity\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: \u00b7 fixed payments, less any lease incentives receivable; \u00b7 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u00b7 amounts expected to be payable by the Group under residual value guarantees; \u00b7 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u00b7 payments of penalties for early terminating the lease, if the Group is reasonably certain to exercise an option to early terminate the lease.Service components (e.g. utilities, maintenance, insurance) are excluded from the measurement of the lease liability. After the commencement date, the lease liability is measured by: \u00b7 increasing the carrying amount to reflect interest on the lease liability; \u00b7 reducing the carrying amount to reflect the lease payments made; and \u00b7 remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect the impact from a revised index or rate.Leasing of PalladiumThe Group uses palladium, a precious metal, for certain of its operations. Next to purchasing this palladium, the Group also enters into various \u201cleasing\u201d agreements with financial institutions that give the Group the right to use palladium for a certain period and then return it at the end of the \"lease\". Based on our analysis of these agreements, these contracts are not in the scope of IFRS 16 Leases or IFRS 9 Financial Instruments. Due to the lack of clear IFRS guidance, the Group applied judgment to determine whether these rights and obligations shall be accounted for on a gross or a net basis. Considering that the Group bears no price risk during the \"lease\" term and is not in full control of the asset (in accordance with the IFRS Conceptual Framework), the Group believes a net presentation gives a better view on the economic substance of the transaction. As a result, only accruals are recorded for the production losses and regeneration costs and the \u201clease\u201d fee is recognized within cost of sales.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__35-1": {
"value": "NOTES TO THE CONSOLIDATED INCOME STATEMENTPreliminary comment: consistent with the presentation in the consolidated income statement, the notes to the consolidated income statement as presented hereafter do not include the consolidated income statement impacts from discontinued operations that are presented on a separate line. Those are disclosed in note F8 Discontinued operations.NOTE F10 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEAccounting policyIn accordance with IAS 1 Presentation of Financial Statements, the Group elected to present two statements, i.e. a consolidated income statement immediately followed by a consolidated statement of comprehensive income.The components of other comprehensive income (OCI) are presented before related tax effects with one amount shown for the aggregate amount of income tax relating to those components. Tax impacts are further disclosed in this note.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__40": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyIFRS 15 establishes a five-step model to account for revenue arising from contracts with customers: \u00b7 Identify the contract, \u00b7 Identify the performance obligations, \u00b7 Determine the transaction price, \u00b7 Allocate the transaction price to the performance obligations in the contract, and \u00b7 Recognize revenue when or as the Group satisfies a performance obligation.Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Sale of goods: Contracts can be short term (including based only on a purchase order) or long term, some have minimum off-take requirements. Contracts that contain take-or-pay provisions obligate customers to pay shortfall payments if the required volumes, as defined in the contracts, are not purchased. Shortfall payments are recognized as revenues when the likelihood of the customer purchasing the minimum volume becomes remote subject to renegotiation of the contract and collectability. As the Group is in the business of selling essential chemicals, and performance chemicals, contracts with customers generally concern the sale of goods. As a result, revenue recognition generally occurs at a point in time when control of the chemicals is transferred to the customer, generally on delivery of the goods.Distinct elements: a good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e. The good or service is capable of being distinct); and (b) the Group\u2019s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. The promise to transfer the good or service is distinct within the context of the contract).The revenue of the Group consists mainly of sales of chemicals, which qualify as separate performance obligations. Value-added services \u2013 mainly customer assistance services \u2013 corresponding to Solvay\u2019s know-how are rendered predominantly over the period that the corresponding goods are sold to the customer. Variable consideration: some contracts with customers provide trade discounts or volume rebates. Trade discounts and volume rebates give rise to variable consideration under IFRS 15, and are required to be estimated at contract inception and subsequently at each reporting date. IFRS 15 requires the estimated variable consideration to be constrained to prevent overstatement of revenue. Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset. Substantially all revenue stems from performance obligations satisfied at a point in time, i.e. The sale of goods. Revenue recognition for those takes into account the following: \u00b7 The Group has a present right to payment for the asset; \u00b7 The customer has legal title to the asset; \u00b7 The Group has transferred physical possession of the asset; \u00b7 The customer has the significant risks and rewards of ownership of the asset (in this respect, incoterms are considered); and \u00b7 The customer has accepted the asset.Products sold to customers generally cannot be returned, other than for performance deficiencies. Customer acceptance clauses are in many cases a formality that would not affect the Group\u2019s determination of when the customer has obtained control of the goods. Revenue from services is recognized in the period those services have been rendered.The Group sells its chemicals to its customers, (a) directly, (b) through distributors, and (c) with the assistance of agents. When the Group delivers a product to distributors for sale to end customers, the Group evaluates whether that distributor has obtained control of the product at that point in time. No revenue is recognized upon delivery of a product to a customer or distributor if the delivered product is held on consignment. Indicators of consignment inventory include: \u00b7 The product is controlled by the Group until a specified event occurs, such as the sale of the product to a customer of the distributor or until a specified period expires; \u00b7 The Group is able to require the return of the product or transfer the product to a third party (such as another distributor); and \u00b7 The distributor does not have an unconditional obligation to pay for the product (although he might be required to pay a deposit). \u00b7 Agents facilitate sales and do not purchase and resell the goods to the end customer. Warranties: warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Substantially all warranties do not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, and are hence accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Licensing: In case of performance obligations relating to licensing intellectual property (IP), the Group assesses if it grants a right to access the IP as it exists throughout the license period or a right to use the IP as it exists at the point in time at which the license is granted. If the performance obligation is to grant a right to access, then the related revenue is recognized over the license period; otherwise, it is recognized at a point in time, i.e. when the license period starts or when the customer starts using the IP. The Group assesses if the license provided can be considered as being distinct in the context of the contract. If not, the license will have to be bundled with other goods or services provided in the contract. Currently the Group grants a right to use IP, which means that revenue recognition occurs at a point in time.An Operating Segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker and for which discrete financial information is available.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__39-1": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyIFRS 15 establishes a five-step model to account for revenue arising from contracts with customers: \u00b7 Identify the contract, \u00b7 Identify the performance obligations, \u00b7 Determine the transaction price, \u00b7 Allocate the transaction price to the performance obligations in the contract, and \u00b7 Recognize revenue when or as the Group satisfies a performance obligation.Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Sale of goods: Contracts can be short term (including based only on a purchase order) or long term, some have minimum off-take requirements. Contracts that contain take-or-pay provisions obligate customers to pay shortfall payments if the required volumes, as defined in the contracts, are not purchased. Shortfall payments are recognized as revenues when the likelihood of the customer purchasing the minimum volume becomes remote subject to renegotiation of the contract and collectability. As the Group is in the business of selling essential chemicals, and performance chemicals, contracts with customers generally concern the sale of goods. As a result, revenue recognition generally occurs at a point in time when control of the chemicals is transferred to the customer, generally on delivery of the goods.Distinct elements: a good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e. The good or service is capable of being distinct); and (b) the Group\u2019s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. The promise to transfer the good or service is distinct within the context of the contract).The revenue of the Group consists mainly of sales of chemicals, which qualify as separate performance obligations. Value-added services \u2013 mainly customer assistance services \u2013 corresponding to Solvay\u2019s know-how are rendered predominantly over the period that the corresponding goods are sold to the customer. Variable consideration: some contracts with customers provide trade discounts or volume rebates. Trade discounts and volume rebates give rise to variable consideration under IFRS 15, and are required to be estimated at contract inception and subsequently at each reporting date. IFRS 15 requires the estimated variable consideration to be constrained to prevent overstatement of revenue. Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset. Substantially all revenue stems from performance obligations satisfied at a point in time, i.e. The sale of goods. Revenue recognition for those takes into account the following: \u00b7 The Group has a present right to payment for the asset; \u00b7 The customer has legal title to the asset; \u00b7 The Group has transferred physical possession of the asset; \u00b7 The customer has the significant risks and rewards of ownership of the asset (in this respect, incoterms are considered); and \u00b7 The customer has accepted the asset.Products sold to customers generally cannot be returned, other than for performance deficiencies. Customer acceptance clauses are in many cases a formality that would not affect the Group\u2019s determination of when the customer has obtained control of the goods. Revenue from services is recognized in the period those services have been rendered.The Group sells its chemicals to its customers, (a) directly, (b) through distributors, and (c) with the assistance of agents. When the Group delivers a product to distributors for sale to end customers, the Group evaluates whether that distributor has obtained control of the product at that point in time. No revenue is recognized upon delivery of a product to a customer or distributor if the delivered product is held on consignment. Indicators of consignment inventory include: \u00b7 The product is controlled by the Group until a specified event occurs, such as the sale of the product to a customer of the distributor or until a specified period expires; \u00b7 The Group is able to require the return of the product or transfer the product to a third party (such as another distributor); and \u00b7 The distributor does not have an unconditional obligation to pay for the product (although he might be required to pay a deposit). \u00b7 Agents facilitate sales and do not purchase and resell the goods to the end customer. Warranties: warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Substantially all warranties do not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, and are hence accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Licensing: In case of performance obligations relating to licensing intellectual property (IP), the Group assesses if it grants a right to access the IP as it exists throughout the license period or a right to use the IP as it exists at the point in time at which the license is granted. If the performance obligation is to grant a right to access, then the related revenue is recognized over the license period; otherwise, it is recognized at a point in time, i.e. when the license period starts or when the customer starts using the IP. The Group assesses if the license provided can be considered as being distinct in the context of the contract. If not, the license will have to be bundled with other goods or services provided in the contract. Currently the Group grants a right to use IP, which means that revenue recognition occurs at a point in time.An Operating Segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker and for which discrete financial information is available.2.2. External net sales by cluster The comparative figures for 2022 are restatedIn \u20acmillion 2023 2022Soda Ash & Derivatives 2,093 2,221Peroxides 633 773Basic Chemicals 2,726 2,994Silica 583 631Coatis 646 870Special Chem 919 1,040Performance Chemicals 2,148 2,542CBS and NBD 6 4Corporate & Business Services 6 4Total 4,880 5,540There are no individual customers that contribute 10% or more to the Group\u2019s revenue or any individual segment\u2019s revenue in either 2023 or 2022.Sales by marketSales by market are presented in the Business Review, see note B1. Net sales by country and region The sales disclosed below are allocated based on the customers\u2019 location. The table presents restated information for 2022.The comparative figures for 2022 are restatedIn \u20acmillion2023 % 2022 %Belgium 92 2% 139 3%Germany 449 9% 461 8%Italy 267 5% 272 5%France 236 5% 242 4%Netherlands 55 1% 51 1%Spain 130 3% 122 2%European Union \u2013 Other 415 9% 428 8%European Union 1,645 34% 1,717 31%Europe \u2013 Other 108 2% 113 2%United States 830 17% 943 17%Canada 58 1% 54 1%North America 888 18% 997 18%Brazil 610 13% 806 15%Mexico 156 3% 131 2%Latin America \u2013 Other 149 3% 235 4%Latin America 914 19% 1,171 21%Australia 27 1% 30 1%China 298 6% 305 6%Egypt 43 1% 65 1%India 55 1% 63 1%Indonesia 65 1% 86 2%Israel 34 1% 46 1%Japan 100 2% 107 2%Malaysia 66 1% 83 1%Russia 0 0% 8 0%Saudi Arabia 99 2% 121 2%South Africa 32 1% 52 1%South Korea 115 2% 105 2%Thailand 139 3% 154 3%Turkey 38 1% 46 1%Vietnam 48 1% 54 1%Other 164 3% 218 4%Asia and rest of the world 1,325 27% 1,541 28%Total 4,880 100% 5,539 100%Information per segment The comparative figures for 2022 are restatedBasic Performance Corporate & Group Total2023 \u2013 In \u20acmillionChemicalsChemicalsBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 2,777 2,152 6 4,935\u2014 Inter-segment sales -51 -4 0 -55Net sales 2,726 2,148 6 4,880Revenue from non-core activities 577 29 538 1,144Gross margin 847 489 46 1,382Depreciation and amortization 192 157 69 418Earnings from associates and joint ventures 45 0 8 53(1)Underlying EBITDA916 405 -75 1,246EBIT 712 186 -620 278Net financial charges -98Income taxes -208Profit for the year from discontinued operations 2,132Profit/(loss) for the year 2,105Basic Performance Corporate Group Total2022 \u2013 In \u20acmillionChemicalsChemicals& Business ServicesIncome statement items Net sales (including inter-segment sales) 3,064 2,554 4 5,622\u2014 Inter-segment sales -70 -12 0 -82Net sales 2,994 2,542 4 5,539Revenue from non-core activities 937 24 1,478 2,439Gross margin 837 510 76 1,423Depreciation and amortization 195 66 40 301Earnings from associates and joint ventures 36 1 117 153(1)Underlying EBITDA859 414 86 1,359EBIT 638 342 141 1,121Net financial charges 11Income taxes -228Profit for the year from discontinued operations 1,030Profit/(loss) for the year 1,934NOTE F3 REVENUE FROM NON-CORE ACTIVITIESThis revenue primarily comprises commodity and utility third party transactions, non-core licensing transactions, and other revenue, considered to not correspond to Solvay\u2019s core business (mainly in France and Italy). The decrease compared to 2022 is mainly related to the reduction in gas and electricity price.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__38-1": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyIFRS 15 establishes a five-step model to account for revenue arising from contracts with customers: \u00b7 Identify the contract, \u00b7 Identify the performance obligations, \u00b7 Determine the transaction price, \u00b7 Allocate the transaction price to the performance obligations in the contract, and \u00b7 Recognize revenue when or as the Group satisfies a performance obligation.Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Sale of goods: Contracts can be short term (including based only on a purchase order) or long term, some have minimum off-take requirements. Contracts that contain take-or-pay provisions obligate customers to pay shortfall payments if the required volumes, as defined in the contracts, are not purchased. Shortfall payments are recognized as revenues when the likelihood of the customer purchasing the minimum volume becomes remote subject to renegotiation of the contract and collectability. As the Group is in the business of selling essential chemicals, and performance chemicals, contracts with customers generally concern the sale of goods. As a result, revenue recognition generally occurs at a point in time when control of the chemicals is transferred to the customer, generally on delivery of the goods.Distinct elements: a good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e. The good or service is capable of being distinct); and (b) the Group\u2019s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. The promise to transfer the good or service is distinct within the context of the contract).The revenue of the Group consists mainly of sales of chemicals, which qualify as separate performance obligations. Value-added services \u2013 mainly customer assistance services \u2013 corresponding to Solvay\u2019s know-how are rendered predominantly over the period that the corresponding goods are sold to the customer. Variable consideration: some contracts with customers provide trade discounts or volume rebates. Trade discounts and volume rebates give rise to variable consideration under IFRS 15, and are required to be estimated at contract inception and subsequently at each reporting date. IFRS 15 requires the estimated variable consideration to be constrained to prevent overstatement of revenue. Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset. Substantially all revenue stems from performance obligations satisfied at a point in time, i.e. The sale of goods. Revenue recognition for those takes into account the following: \u00b7 The Group has a present right to payment for the asset; \u00b7 The customer has legal title to the asset; \u00b7 The Group has transferred physical possession of the asset; \u00b7 The customer has the significant risks and rewards of ownership of the asset (in this respect, incoterms are considered); and \u00b7 The customer has accepted the asset.Products sold to customers generally cannot be returned, other than for performance deficiencies. Customer acceptance clauses are in many cases a formality that would not affect the Group\u2019s determination of when the customer has obtained control of the goods. Revenue from services is recognized in the period those services have been rendered.The Group sells its chemicals to its customers, (a) directly, (b) through distributors, and (c) with the assistance of agents. When the Group delivers a product to distributors for sale to end customers, the Group evaluates whether that distributor has obtained control of the product at that point in time. No revenue is recognized upon delivery of a product to a customer or distributor if the delivered product is held on consignment. Indicators of consignment inventory include: \u00b7 The product is controlled by the Group until a specified event occurs, such as the sale of the product to a customer of the distributor or until a specified period expires; \u00b7 The Group is able to require the return of the product or transfer the product to a third party (such as another distributor); and \u00b7 The distributor does not have an unconditional obligation to pay for the product (although he might be required to pay a deposit). \u00b7 Agents facilitate sales and do not purchase and resell the goods to the end customer. Warranties: warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Substantially all warranties do not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, and are hence accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Licensing: In case of performance obligations relating to licensing intellectual property (IP), the Group assesses if it grants a right to access the IP as it exists throughout the license period or a right to use the IP as it exists at the point in time at which the license is granted. If the performance obligation is to grant a right to access, then the related revenue is recognized over the license period; otherwise, it is recognized at a point in time, i.e. when the license period starts or when the customer starts using the IP. The Group assesses if the license provided can be considered as being distinct in the context of the contract. If not, the license will have to be bundled with other goods or services provided in the contract. Currently the Group grants a right to use IP, which means that revenue recognition occurs at a point in time.An Operating Segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker and for which discrete financial information is available.2.2. External net sales by cluster The comparative figures for 2022 are restatedIn \u20acmillion 2023 2022Soda Ash & Derivatives 2,093 2,221Peroxides 633 773Basic Chemicals 2,726 2,994Silica 583 631Coatis 646 870Special Chem 919 1,040Performance Chemicals 2,148 2,542CBS and NBD 6 4Corporate & Business Services 6 4Total 4,880 5,540There are no individual customers that contribute 10% or more to the Group\u2019s revenue or any individual segment\u2019s revenue in either 2023 or 2022.Sales by marketSales by market are presented in the Business Review, see note B1. Net sales by country and region The sales disclosed below are allocated based on the customers\u2019 location. The table presents restated information for 2022.The comparative figures for 2022 are restatedIn \u20acmillion2023 % 2022 %Belgium 92 2% 139 3%Germany 449 9% 461 8%Italy 267 5% 272 5%France 236 5% 242 4%Netherlands 55 1% 51 1%Spain 130 3% 122 2%European Union \u2013 Other 415 9% 428 8%European Union 1,645 34% 1,717 31%Europe \u2013 Other 108 2% 113 2%United States 830 17% 943 17%Canada 58 1% 54 1%North America 888 18% 997 18%Brazil 610 13% 806 15%Mexico 156 3% 131 2%Latin America \u2013 Other 149 3% 235 4%Latin America 914 19% 1,171 21%Australia 27 1% 30 1%China 298 6% 305 6%Egypt 43 1% 65 1%India 55 1% 63 1%Indonesia 65 1% 86 2%Israel 34 1% 46 1%Japan 100 2% 107 2%Malaysia 66 1% 83 1%Russia 0 0% 8 0%Saudi Arabia 99 2% 121 2%South Africa 32 1% 52 1%South Korea 115 2% 105 2%Thailand 139 3% 154 3%Turkey 38 1% 46 1%Vietnam 48 1% 54 1%Other 164 3% 218 4%Asia and rest of the world 1,325 27% 1,541 28%Total 4,880 100% 5,539 100%Information per segment The comparative figures for 2022 are restatedBasic Performance Corporate & Group Total2023 \u2013 In \u20acmillionChemicalsChemicalsBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 2,777 2,152 6 4,935\u2014 Inter-segment sales -51 -4 0 -55Net sales 2,726 2,148 6 4,880Revenue from non-core activities 577 29 538 1,144Gross margin 847 489 46 1,382Depreciation and amortization 192 157 69 418Earnings from associates and joint ventures 45 0 8 53(1)Underlying EBITDA916 405 -75 1,246EBIT 712 186 -620 278Net financial charges -98Income taxes -208Profit for the year from discontinued operations 2,132Profit/(loss) for the year 2,105Basic Performance Corporate Group Total2022 \u2013 In \u20acmillionChemicalsChemicals& Business ServicesIncome statement items Net sales (including inter-segment sales) 3,064 2,554 4 5,622\u2014 Inter-segment sales -70 -12 0 -82Net sales 2,994 2,542 4 5,539Revenue from non-core activities 937 24 1,478 2,439Gross margin 837 510 76 1,423Depreciation and amortization 195 66 40 301Earnings from associates and joint ventures 36 1 117 153(1)Underlying EBITDA859 414 86 1,359EBIT 638 342 141 1,121Net financial charges 11Income taxes -228Profit for the year from discontinued operations 1,030Profit/(loss) for the year 1,934NOTE F3 REVENUE FROM NON-CORE ACTIVITIESThis revenue primarily comprises commodity and utility third party transactions, non-core licensing transactions, and other revenue, considered to not correspond to Solvay\u2019s core business (mainly in France and Italy). The decrease compared to 2022 is mainly related to the reduction in gas and electricity price.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__37": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyIFRS 15 establishes a five-step model to account for revenue arising from contracts with customers: \u00b7 Identify the contract, \u00b7 Identify the performance obligations, \u00b7 Determine the transaction price, \u00b7 Allocate the transaction price to the performance obligations in the contract, and \u00b7 Recognize revenue when or as the Group satisfies a performance obligation.Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Sale of goods: Contracts can be short term (including based only on a purchase order) or long term, some have minimum off-take requirements. Contracts that contain take-or-pay provisions obligate customers to pay shortfall payments if the required volumes, as defined in the contracts, are not purchased. Shortfall payments are recognized as revenues when the likelihood of the customer purchasing the minimum volume becomes remote subject to renegotiation of the contract and collectability. As the Group is in the business of selling essential chemicals, and performance chemicals, contracts with customers generally concern the sale of goods. As a result, revenue recognition generally occurs at a point in time when control of the chemicals is transferred to the customer, generally on delivery of the goods.Distinct elements: a good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e. The good or service is capable of being distinct); and (b) the Group\u2019s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. The promise to transfer the good or service is distinct within the context of the contract).The revenue of the Group consists mainly of sales of chemicals, which qualify as separate performance obligations. Value-added services \u2013 mainly customer assistance services \u2013 corresponding to Solvay\u2019s know-how are rendered predominantly over the period that the corresponding goods are sold to the customer. Variable consideration: some contracts with customers provide trade discounts or volume rebates. Trade discounts and volume rebates give rise to variable consideration under IFRS 15, and are required to be estimated at contract inception and subsequently at each reporting date. IFRS 15 requires the estimated variable consideration to be constrained to prevent overstatement of revenue. Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset. Substantially all revenue stems from performance obligations satisfied at a point in time, i.e. The sale of goods. Revenue recognition for those takes into account the following: \u00b7 The Group has a present right to payment for the asset; \u00b7 The customer has legal title to the asset; \u00b7 The Group has transferred physical possession of the asset; \u00b7 The customer has the significant risks and rewards of ownership of the asset (in this respect, incoterms are considered); and \u00b7 The customer has accepted the asset.Products sold to customers generally cannot be returned, other than for performance deficiencies. Customer acceptance clauses are in many cases a formality that would not affect the Group\u2019s determination of when the customer has obtained control of the goods. Revenue from services is recognized in the period those services have been rendered.The Group sells its chemicals to its customers, (a) directly, (b) through distributors, and (c) with the assistance of agents. When the Group delivers a product to distributors for sale to end customers, the Group evaluates whether that distributor has obtained control of the product at that point in time. No revenue is recognized upon delivery of a product to a customer or distributor if the delivered product is held on consignment. Indicators of consignment inventory include: \u00b7 The product is controlled by the Group until a specified event occurs, such as the sale of the product to a customer of the distributor or until a specified period expires; \u00b7 The Group is able to require the return of the product or transfer the product to a third party (such as another distributor); and \u00b7 The distributor does not have an unconditional obligation to pay for the product (although he might be required to pay a deposit). \u00b7 Agents facilitate sales and do not purchase and resell the goods to the end customer. Warranties: warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Substantially all warranties do not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, and are hence accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Licensing: In case of performance obligations relating to licensing intellectual property (IP), the Group assesses if it grants a right to access the IP as it exists throughout the license period or a right to use the IP as it exists at the point in time at which the license is granted. If the performance obligation is to grant a right to access, then the related revenue is recognized over the license period; otherwise, it is recognized at a point in time, i.e. when the license period starts or when the customer starts using the IP. The Group assesses if the license provided can be considered as being distinct in the context of the contract. If not, the license will have to be bundled with other goods or services provided in the contract. Currently the Group grants a right to use IP, which means that revenue recognition occurs at a point in time.An Operating Segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker and for which discrete financial information is available.",
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"s8_notes__7__36": {
"value": "NOTE F1 REVENUE AND SEGMENT INFORMATIONAccounting policyIFRS 15 establishes a five-step model to account for revenue arising from contracts with customers: \u00b7 Identify the contract, \u00b7 Identify the performance obligations, \u00b7 Determine the transaction price, \u00b7 Allocate the transaction price to the performance obligations in the contract, and \u00b7 Recognize revenue when or as the Group satisfies a performance obligation.Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Sale of goods: Contracts can be short term (including based only on a purchase order) or long term, some have minimum off-take requirements. Contracts that contain take-or-pay provisions obligate customers to pay shortfall payments if the required volumes, as defined in the contracts, are not purchased. Shortfall payments are recognized as revenues when the likelihood of the customer purchasing the minimum volume becomes remote subject to renegotiation of the contract and collectability. As the Group is in the business of selling essential chemicals, and performance chemicals, contracts with customers generally concern the sale of goods. As a result, revenue recognition generally occurs at a point in time when control of the chemicals is transferred to the customer, generally on delivery of the goods.Distinct elements: a good or service that is promised to a customer is distinct if both of the following criteria are met: (a) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e. The good or service is capable of being distinct); and (b) the Group\u2019s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. The promise to transfer the good or service is distinct within the context of the contract).The revenue of the Group consists mainly of sales of chemicals, which qualify as separate performance obligations. Value-added services \u2013 mainly customer assistance services \u2013 corresponding to Solvay\u2019s know-how are rendered predominantly over the period that the corresponding goods are sold to the customer. Variable consideration: some contracts with customers provide trade discounts or volume rebates. Trade discounts and volume rebates give rise to variable consideration under IFRS 15, and are required to be estimated at contract inception and subsequently at each reporting date. IFRS 15 requires the estimated variable consideration to be constrained to prevent overstatement of revenue. Moment of recognition of revenue: revenue is recognized when (or as) the Group satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset. Substantially all revenue stems from performance obligations satisfied at a point in time, i.e. The sale of goods. Revenue recognition for those takes into account the following: \u00b7 The Group has a present right to payment for the asset; \u00b7 The customer has legal title to the asset; \u00b7 The Group has transferred physical possession of the asset; \u00b7 The customer has the significant risks and rewards of ownership of the asset (in this respect, incoterms are considered); and \u00b7 The customer has accepted the asset.Products sold to customers generally cannot be returned, other than for performance deficiencies. Customer acceptance clauses are in many cases a formality that would not affect the Group\u2019s determination of when the customer has obtained control of the goods. Revenue from services is recognized in the period those services have been rendered.The Group sells its chemicals to its customers, (a) directly, (b) through distributors, and (c) with the assistance of agents. When the Group delivers a product to distributors for sale to end customers, the Group evaluates whether that distributor has obtained control of the product at that point in time. No revenue is recognized upon delivery of a product to a customer or distributor if the delivered product is held on consignment. Indicators of consignment inventory include: \u00b7 The product is controlled by the Group until a specified event occurs, such as the sale of the product to a customer of the distributor or until a specified period expires; \u00b7 The Group is able to require the return of the product or transfer the product to a third party (such as another distributor); and \u00b7 The distributor does not have an unconditional obligation to pay for the product (although he might be required to pay a deposit). \u00b7 Agents facilitate sales and do not purchase and resell the goods to the end customer. Warranties: warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Substantially all warranties do not provide the customer with a service in addition to the assurance that the product complies with agreed-upon specifications, and are hence accounted for in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Licensing: In case of performance obligations relating to licensing intellectual property (IP), the Group assesses if it grants a right to access the IP as it exists throughout the license period or a right to use the IP as it exists at the point in time at which the license is granted. If the performance obligation is to grant a right to access, then the related revenue is recognized over the license period; otherwise, it is recognized at a point in time, i.e. when the license period starts or when the customer starts using the IP. The Group assesses if the license provided can be considered as being distinct in the context of the contract. If not, the license will have to be bundled with other goods or services provided in the contract. Currently the Group grants a right to use IP, which means that revenue recognition occurs at a point in time.An Operating Segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker and for which discrete financial information is available.GeneralFollowing the completion of the Partial Demerger of the Specialty Businesses on December 9, 2023, the structure of the internal organization changed what impacted the composition of the segments. Consequently, Solvay restructured its operating segments to better align with the Group\u2019s strategy and is organized in the following reportable segments \u00b7 Basic Chemicals: host chemical intermediate businesses focused on mature and resilient markets. Solvay is a world leader in soda ash, bicarbonate, and peroxides. These global businesses share similar economic characteristics and serve major markets that include building and construction, consumer goods, and food. \u00b7 Performance Chemicals: hosts a wider range of products (in our Silica, Coatis and Special Chem businesses) that are subject to customization based on unique formulations and application expertise. These businesses share similar economic characteristics and are also high-quality assets with strong positions in their markets. \u00b7 Corporate: comprises corporate and other business services, such as Group research & innovation. Solvay organizes its structure and groups the businesses around their similarities in financial performance which is systematically reviewed by the Chief Operational Decision Maker, products and production processes. Solvay\u2019s chief operating decision maker is the Chief Executive Officer.Prior year results were restated to align with the new reportable segments.2.2. External net sales by cluster The comparative figures for 2022 are restatedIn \u20acmillion 2023 2022Soda Ash & Derivatives 2,093 2,221Peroxides 633 773Basic Chemicals 2,726 2,994Silica 583 631Coatis 646 870Special Chem 919 1,040Performance Chemicals 2,148 2,542CBS and NBD 6 4Corporate & Business Services 6 4Total 4,880 5,540There are no individual customers that contribute 10% or more to the Group\u2019s revenue or any individual segment\u2019s revenue in either 2023 or 2022.Sales by marketSales by market are presented in the Business Review, see note B1. Net sales by country and region The sales disclosed below are allocated based on the customers\u2019 location. The table presents restated information for 2022.The comparative figures for 2022 are restatedIn \u20acmillion2023 % 2022 %Belgium 92 2% 139 3%Germany 449 9% 461 8%Italy 267 5% 272 5%France 236 5% 242 4%Netherlands 55 1% 51 1%Spain 130 3% 122 2%European Union \u2013 Other 415 9% 428 8%European Union 1,645 34% 1,717 31%Europe \u2013 Other 108 2% 113 2%United States 830 17% 943 17%Canada 58 1% 54 1%North America 888 18% 997 18%Brazil 610 13% 806 15%Mexico 156 3% 131 2%Latin America \u2013 Other 149 3% 235 4%Latin America 914 19% 1,171 21%Australia 27 1% 30 1%China 298 6% 305 6%Egypt 43 1% 65 1%India 55 1% 63 1%Indonesia 65 1% 86 2%Israel 34 1% 46 1%Japan 100 2% 107 2%Malaysia 66 1% 83 1%Russia 0 0% 8 0%Saudi Arabia 99 2% 121 2%South Africa 32 1% 52 1%South Korea 115 2% 105 2%Thailand 139 3% 154 3%Turkey 38 1% 46 1%Vietnam 48 1% 54 1%Other 164 3% 218 4%Asia and rest of the world 1,325 27% 1,541 28%Total 4,880 100% 5,539 100%Information per segment The comparative figures for 2022 are restatedBasic Performance Corporate & Group Total2023 \u2013 In \u20acmillionChemicalsChemicalsBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 2,777 2,152 6 4,935\u2014 Inter-segment sales -51 -4 0 -55Net sales 2,726 2,148 6 4,880Revenue from non-core activities 577 29 538 1,144Gross margin 847 489 46 1,382Depreciation and amortization 192 157 69 418Earnings from associates and joint ventures 45 0 8 53(1)Underlying EBITDA916 405 -75 1,246EBIT 712 186 -620 278Net financial charges -98Income taxes -208Profit for the year from discontinued operations 2,132Profit/(loss) for the year 2,105Basic Performance Corporate & Business Group TotalDecember 31, 2023 \u2013 In \u20acmillionChemicalsChemicalsServicesStatement of financial position and other items (2)Capital expenditures 294 120 35 450(3)Investments 4 5 -427 -418Working capital\u2014 Inventories 325 289 28 642\u2014 Trade receivables 459 264 118 841\u2014 Trade payables 412 260 181 853(1) Underlying EBITDA is a key performance indicator followed by management and includes other elements than those presented above. See below for the reconciliation between Underlying EBITDA and EBIT. See Business Review section for reconciliation of other Underlying measures with IFRS figures.(2) Capital expenditures from continuing operations include acquisitions of property, plant and equipment, acquisition of intangible assets and acquisition of Right of use assets.(3) The negative figure of \u20ac(427) million relates to RusVinyl sale of investment.Basic Performance Corporate Group Total2022 \u2013 In \u20acmillionChemicalsChemicals& Business ServicesIncome statement items Net sales (including inter-segment sales) 3,064 2,554 4 5,622\u2014 Inter-segment sales -70 -12 0 -82Net sales 2,994 2,542 4 5,539Revenue from non-core activities 937 24 1,478 2,439Gross margin 837 510 76 1,423Depreciation and amortization 195 66 40 301Earnings from associates and joint ventures 36 1 117 153(1)Underlying EBITDA859 414 86 1,359EBIT 638 342 141 1,121Net financial charges 11Income taxes -228Profit for the year from discontinued operations 1,030Profit/(loss) for the year 1,934Corporate Basic Performance Specialty Group December 31, 2022 \u2013 In \u20acmillion& Business ChemicalsChemicalsBusinessesTotalServicesStatement of financial position and other items (2)Capital expenditures235 101 74 612 1,022Investments 1 0 5 8 15Working capital\u2014 Inventories 354 351 21 1,382 2,108\u2014 Trade receivables 522 277 229 998 2,026\u2014 Trade payables 569 288 515 924 2,296(1) Underlying EBITDA is a key performance indicator followed by management and includes other elements than those presented above. See below for the reconciliation between Underlying EBITDA and EBIT. See Business Review section for reconciliation of other Underlying measures with IFRS figures.(2) Capital expenditures include acquisitions of property, plant and equipment, acquisition of intangible assets and acquisition of Right of use assets.Reconciliation of Underlying EBITDAThe 2022 figures are restated2023 \u2013 In \u20acmillion Basic Chemicals Performance Corporate & Business Group TotalChemicalsServicesEBIT 712 186 -620 278Administrative costs 68 68Other operating gains and (losses) -14 -14Earnings from associates and joint ventures -7 -7Depreciation and amortization 191 94 36 321Results from portfolio management and major restructuring 13 126 461 600Results from legacy remediation and major litigationsUnderlying EBITDA 916 405 -76 1,246The reconciliation items \u201cResult from portfolio management and major restructuring and results from legacy remediation and major litigations,\u201d mainly include the loss on RusVinyl disposal and the restructuring and other costs incurred for the project aimed at the separation of the Group into two independent, publicly listed companies and other restructuring initiatives, and the environmental provisions accrued. The item depreciation and amortization exclude \u20ac102 million consisting of \u20ac7 million of the non-cash impact of purchase price allocation (PPA), amortization charges on intangible assets, and \u20ac95 million to adjust for the impact of impairment of other non-performing assets. The amount of \u20ac68 million includes the pure corporate costs related to the project aimed at the separation of the Group into two independent listed companies.2022 \u2013 In \u20acmillion Basic Chemicals Performance Corporate & Business Group TotalChemicalsServicesEBIT 638 342 141 1,121Administrative costs 71 71Other operating gains and (losses) -313 -313Earnings from associates and joint ventures -10 -10Depreciation and amortization 192 89 40 321Results from portfolio management and major restructuring and28 -14 158 172Results from legacy remediation and major litigationsUnderlying EBITDA 859 416 86 1,361NON-CURRENT ASSETS, CAPITAL EXPENDITURES AND INVESTMENTS BY COUNTRY AND REGION In \u20acmillionNon-current assets Capital expenditures and investmentsDecember December %% 2023 % 2022 %31, 202331, 2022Belgium 272 7% 288 2% -26 2% -32 3%Germany 338 9% 438 4% -56 5% -55 5%Italy 259 7% 655 5% -131 12% -125 12%France 653 18% 2,876 24% -318 28% -242 23%Spain 128 3% 130 1% -12 1% -13 1%European Union \u2013 Other710 19% 314 3% -33 3% -37 4%European Union 2,359 63% 4,702 38% -577 51% -504 49%Europe \u2013 Other 6 0% 150 1% -16 1% -20 2%United States 709 19% 5,273 43% -390 34% -348 34%Canada 0 0% 175 1% -19 2% -12 1%North America 709 19% 5,448 45% -409 36% -360 35%Brazil 276 7% 277 2% -41 4% -34 3%Latin America \u2013 Other11 0% 22 0% -5 0% -5 1%Latin America 287 8% 299 2% -46 4% -39 4%Russia 0 0% 432 4% 0 0% 0 0%Thailand 72 2% 91 1% -5 0% -5 0%China 102 3% 588 5% -54 5% -79 8%South Korea 50 1% 73 1% -5 0% -7 1%India 0 0% 233 2% -12 1% -8 1%Singapore 0 0% 3 0% -1 0% -3 0%Japan 15 0% 19 0% -3 0% -3 0%Other 125 3% 186 2% -4 0% -6 1%Asia and rest of the world 364 10% 1,624 13% -84 7% -112 11%Total 3,726 100% 12,223 100% -1,132 100% -1,036 100%Non-current assets are those other than deferred tax assets, loans and other assets, and other financial instruments. Capital expenditures and investments include acquisitions of property, plant and equipment, right-of-use assets, intangible assets and investments in subsidiaries and other investments (joint operations, joint ventures and associates). Both exclude discontinued operations.",
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"s8_notes__7__45-1": {
"value": "Information per segment The comparative figures for 2022 are restatedBasic Performance Corporate & Group Total2023 \u2013 In \u20acmillionChemicalsChemicalsBusiness ServicesIncome statement itemsNet sales (including inter-segment sales) 2,777 2,152 6 4,935\u2014 Inter-segment sales -51 -4 0 -55Net sales 2,726 2,148 6 4,880Revenue from non-core activities 577 29 538 1,144Gross margin 847 489 46 1,382Depreciation and amortization 192 157 69 418Earnings from associates and joint ventures 45 0 8 53(1)Underlying EBITDA916 405 -75 1,246EBIT 712 186 -620 278Net financial charges -98Income taxes -208Profit for the year from discontinued operations 2,132Profit/(loss) for the year 2,105Basic Performance Corporate Group Total2022 \u2013 In \u20acmillionChemicalsChemicals& Business ServicesIncome statement items Net sales (including inter-segment sales) 3,064 2,554 4 5,622\u2014 Inter-segment sales -70 -12 0 -82Net sales 2,994 2,542 4 5,539Revenue from non-core activities 937 24 1,478 2,439Gross margin 837 510 76 1,423Depreciation and amortization 195 66 40 301Earnings from associates and joint ventures 36 1 117 153(1)Underlying EBITDA859 414 86 1,359EBIT 638 342 141 1,121Net financial charges 11Income taxes -228Profit for the year from discontinued operations 1,030Profit/(loss) for the year 1,934Reconciliation of Underlying EBITDAThe 2022 figures are restated2023 \u2013 In \u20acmillion Basic Chemicals Performance Corporate & Business Group TotalChemicalsServicesEBIT 712 186 -620 278Administrative costs 68 68Other operating gains and (losses) -14 -14Earnings from associates and joint ventures -7 -7Depreciation and amortization 191 94 36 321Results from portfolio management and major restructuring 13 126 461 600Results from legacy remediation and major litigationsUnderlying EBITDA 916 405 -76 1,246The reconciliation items \u201cResult from portfolio management and major restructuring and results from legacy remediation and major litigations,\u201d mainly include the loss on RusVinyl disposal and the restructuring and other costs incurred for the project aimed at the separation of the Group into two independent, publicly listed companies and other restructuring initiatives, and the environmental provisions accrued. The item depreciation and amortization exclude \u20ac102 million consisting of \u20ac7 million of the non-cash impact of purchase price allocation (PPA), amortization charges on intangible assets, and \u20ac95 million to adjust for the impact of impairment of other non-performing assets. The amount of \u20ac68 million includes the pure corporate costs related to the project aimed at the separation of the Group into two independent listed companies.2022 \u2013 In \u20acmillion Basic Chemicals Performance Corporate & Business Group TotalChemicalsServicesEBIT 638 342 141 1,121Administrative costs 71 71Other operating gains and (losses) -313 -313Earnings from associates and joint ventures -10 -10Depreciation and amortization 192 89 40 321Results from portfolio management and major restructuring and28 -14 158 172Results from legacy remediation and major litigationsUnderlying EBITDA 859 416 86 1,361NOTE F2 CONSOLIDATED INCOME STATEMENT BY NATUREThe comparative figures for 2022 are restatedIn \u20acmillionNotes 2023 2022Net sales(F1) 4,880 5,539Revenue from non-core activities(F3)1,145 2,439Raw materials, utilities and consumables used-2,802 -4,790Changes in inventories-78 76Personnel expenses-835 -827\u2014 Wages and direct social benefits -623 -620\u2014 Employer's contribution for social insurance -163 -145\u2014 Pensions and insurance benefits -26 -48\u2014 Other personnel expenses -22 -14Amortization, depreciation and impairment(F11)-423 -301Other variable logistics expenses-568 -695Other fixed expenses-412 -350Addition and reversal of provisions (excluding employee benefit provisions)(F31)-279 -138Significant income related to prior years(F4)0 97M&A costs and gains and losses on disposals(F5)-404 -83Earnings from associates and joint ventures(F22)53 153EBIT278 1,121Other fixed expenses mainly include costs of services, licenses, and professional fees.The change in raw materials, utilities, and consumables used is largely explained by the decrease in energy prices, and lower volume.NOTE F11 DEPRECIATION, AMORTIZATION AND IMPAIRMENTSThe depreciation, amortization and impairment losses (reversal) amount to \u20ac994 million in 2023 (\u20ac923 million in 2022), of which \u20ac500 million related to discontinued operations (\u20ac622 million in 2022).The table below presents the amounts of the total depreciation, amortization and impairment losses (reversals) of continuing operations included in the various headings of the Consolidated Statements of Income.In \u20acmillion 2023 2022Cost of goods sold 269 264Administrative costs 37 42Research and development costs 12 10Other operating gains and (losses) 10 13\u2014 Of which PPA (see Note F4)7 8Total depreciation and amortization 328 329Goodwill Impairment 38 0Other net Impairment 57 -28Total depreciation, amortization and impairment losses (reversal)423 301The comparative figures for 2022 are restated.In 2023, the impairments include the \u20ac38 million of impaired Energy CGU\u2019s goodwill and an impairment of \u20ac48 million of underperforming site within Special Chem CGU.NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for prospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets \u2013 Technologies 5-20 yearsAmortization expense is included in the consolidated income statement within the cost of goods sold, administrative costs, research and development costs and other operating gains and losses.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.Development Patents and Customer Other TotalIn \u20acmillioncoststrademarksrelationshipsintangible assetsGross carrying amount December 31, 2021 517 1,686 1,973 739 4,914Additions 67 3 24 94Disposals and closures -22 -16 -5 -43Increase through business combinations 0 0 0 0Currency translation differences 7 60 93 22 183Other 7 11 -15 3December 31, 2022 577 1,744 2,066 765 5,152Additions 71 1 33 105Disposals and closures -66 -74 -100 -239Increase through business combinations 0 0 0 0Currency translation differences -3 -25 -37 -14 -80Partial Demerger -482 -1,079 -1,781 -582 -3,924Other 1 5 -9 -3December 31, 2023 98 572 248 92 1,010Accumulated amortization December 31, 2021 -233 -1,047 -941 -590 -2,812Amortization -63 -97 -90 -14 -265Impairment 0 0 0 0 0Reversal of impairment 0 0 8 8Disposals and closures 22 16 5 43Currency translation differences -2 -26 -29 -21 -78Other 0 0 0 0December 31, 2022 -277 -1,155 -1,061 -611 -3,104Amortization -54 -72 -85 -17 -228Impairment 0 0 0 0 0Reversal of impairment 0 0 0 0Disposals and closures 61 74 100 235Currency translation differences 1 13 16 13 43Partial Demerger 223 651 887 485 2,246Other 0 24 -25 -1December 31, 2023 -45 -466 -244 -55 -809Net carrying amount December 31, 2021 283 638 1,031 149 2,100December 31, 2022 300 589 1,005 153 2,048December 31, 2023 52 107 5 37 201On December 31, 2023, intangibles mainly relate to the intangibles acquired through the acquisitions of Rhodia.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.In \u20acmillionLand and Fixtures and Other tangible Property, plant and Totalbuildingsequipmentassetsequipment under constructionGross carrying amount 2,941 10,187 418 688 14,235December 31, 2021Additions 28 103 8 715 854Disposals and closures -28 -132 -19 0 -179Increase through business 0 0 0 0 0combinationsCurrency translation differences 44 206 8 15 273Other 35 284 11 -385 -553,021 10,648 425 1,033December 31, 202215,128Additions 77 136 7 777 998Disposals and closures -23 -216 -17 -3 -258Increase through business 0 1 0 0 1combinationsCurrency translation differences -35 -126 -4 -16 -181Partial Demerger -1,516 -5,458 -186 -955 -8,115Other 68 393 20 -354 1281,593 5,379 246 483 7,700December 31, 2023Accumulated depreciation -1,580 -7,375 -337 -9,291December 31, 2021Depreciation -80 -464 -27 -570Impairment 0 -6 0 -6Reversal of impairment 8 21 0 29Disposals and closures 26 130 19 175Currency translation differences -25 -151 -7 -183Other 3 26 0 30-1,648 -7,818 -351 -9,816December 31, 2022Depreciation -76 -459 -22 -557Impairment -11 -44 -2 -57Reversal of impairment 0 0 0 0Disposals and closures 18 214 16 249Currency translation differences 16 87 3 105Partial Demerger 694 3,788 153 4,634Other -19 -90 -5 -114December 31, 2023 -1,027 -4,323 -206 0 -5,556Net carrying amount December 31, 2021 1,361 2,813 81 688 4,943December 31, 2022 1,373 2,830 75 1,033 5,311December 31, 2023 566 1,056 39 483 2,144The additions and depreciation figures include the amounts related to the Specialty Businesses until the Partial Demerger on December 8, 2023. Please see Note F1 for the split of the capital expenditure by segments.In 2023 and 2022, no borrowing costs were capitalized.The line \u201cOther\u201d mainly includes changes following portfolio transactions and reclassification of property, plant and equipment under construction to the appropriate categories when they are ready for intended use, excluding the movements related to the Partial Demerger.NOTE F20PROPERTY, PLANT AND EQUIPMENTAccounting policyGeneralProperty, plant and equipment are tangible items that: \u00b7 are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and \u00b7 are expected to be used during more than one period.The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions are satisfied: \u00b7 it is probable that the future economic benefits associated with the asset will flow to the Group; \u00b7 the cost of the asset can be measured reliably.Items of property, plant and equipment are initially measured at cost. The cost of an item of property, plant and equipment comprises its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. If applicable, the cost comprises borrowing costs during the construction period.After initial recognition, items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. The components of an item of property, plant and equipment with different useful lives are depreciated separately. Land is not depreciated. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also taking into account the potential impact of climate change including the execution of the Solvay One Planet Strategy (see Note on Climate Change in the IFRS general accounting policies). Any changes in estimates are accounted for prospectively.Within Land and Buildings group\u2014 Buildings30-40 Within Fixtures and equipment group\u2014 IT equipment3-5 \u2014 Machinery and equipment 10-20 \u2014 Transportation equipment5-20 Depreciation expense is included in the consolidated income statement within cost of goods sold, administrative costs, and R&D costs.Dismantling and restoration costsDismantling and restoration costs are included in the cost of an item of property, plant and equipment if the Group has a legal or constructive obligation to dismantle or restore. They are depreciated over the useful life of the items to which they pertain.Generally, Solvay\u2019s obligation to dismantle and/or restore its operating sites is only likely to arise upon the discontinuation of a site\u2019s activities. A provision for dismantling of discontinued sites or installations is recognized when there is a legal obligation (due to a request or injunction from the relevant authorities), or when there is no technical alternative than to dismantle, so as to ensure the safety compliance of the discontinued sites or installations.NOTE F21 RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSRight-of-use assetThe right-of-use asset is initially measured at cost, which comprises: \u00b7 the amount of the initial measurement of the lease liability; \u00b7 any lease payments made at or before the commencement date, less any lease incentive received; and \u00b7 any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment losses. Right-of-use assets are depreciated using the straight-line depreciation method, from the commencement date to (a) the end of the useful life of the underlying asset, in case the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the lease contains a purchase option that the Group is reasonably certain to exercise, or (b) the earlier of the end of the useful life and the end of the lease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the respective Group entity\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: \u00b7 fixed payments, less any lease incentives receivable; \u00b7 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u00b7 amounts expected to be payable by the Group under residual value guarantees; \u00b7 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u00b7 payments of penalties for early terminating the lease, if the Group is reasonably certain to exercise an option to early terminate the lease.Service components (e.g. utilities, maintenance, insurance) are excluded from the measurement of the lease liability. After the commencement date, the lease liability is measured by: \u00b7 increasing the carrying amount to reflect interest on the lease liability; \u00b7 reducing the carrying amount to reflect the lease payments made; and \u00b7 remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect the impact from a revised index or rate.Leasing of PalladiumThe Group uses palladium, a precious metal, for certain of its operations. Next to purchasing this palladium, the Group also enters into various \u201cleasing\u201d agreements with financial institutions that give the Group the right to use palladium for a certain period and then return it at the end of the \"lease\". Based on our analysis of these agreements, these contracts are not in the scope of IFRS 16 Leases or IFRS 9 Financial Instruments. Due to the lack of clear IFRS guidance, the Group applied judgment to determine whether these rights and obligations shall be accounted for on a gross or a net basis. Considering that the Group bears no price risk during the \"lease\" term and is not in full control of the asset (in accordance with the IFRS Conceptual Framework), the Group believes a net presentation gives a better view on the economic substance of the transaction. As a result, only accruals are recorded for the production losses and regeneration costs and the \u201clease\u201d fee is recognized within cost of sales. In \u20acmillionLand Buildings Transportation Industrial equip-Other tangible TotalequipmentmentassetsGross carrying amount 19 266 248 251 11 795December 31, 20210 8 46 27 5Additions860 -38 -28 -11 -3Disposals and closures-79Currency translation 0 7 8 5 021differences0 7 15 5 1Other28Transfer to assets held 0 0 0 0 00for sale19 250 289 279 16 852December 31, 20220 17 62 15 7Additions1010 -25 -16 -18 -2Disposals and closures-62Currency translation 0 -3 -7 -3 0-14differences-11 -170 -82 -133 -12Partial Demerger-4090 5 15 -10 1Other11Transfer to assets held 0for sale8 73 261 128 8 479December 31, 2023Accumulated depreciation-4 -115 -127 -75 -8 -329December 31, 2021-1 -33 -46 -34 -3Depreciation-1170 -3 0 0 0Impairment-30 38 28 11 3Disposals and closures 79Currency translation 0 -3 -4 -2 0-9differences-5 -115 -148 -100 -9 -377December 31, 2022-1 -31 -47 -32 -3Depreciation-1140 -1 0 0 0Impairment-10 16 16 18 2Disposals and closures 53Currency translation 0 2 3 1 06differences4 90 54 67 5Partial Demerger219-2 -39 -122 -45 -5 -213December 31, 2023Net carrying amount December 31, 2021 15 151 121 176 3 466December 31, 2022 14 134 141 178 6 474December 31, 2023 6 34 139 83 3 267The figures contain the amounts related to Specialty Businesses until December 8, 2023.The Group primarily leases buildings that include office buildings, and warehouses. Those leases are generally long-term leases and may include extension options. Next, the Group leases transportation equipment that mainly consists of railcars and containers to transport the Group\u2019s products. Industrial equipment mainly relates to utility assets. In 2023, additions include \u20ac15 million for industrial equipment, \u20ac46 million for transportation and \u20ac17 million for buildings.Generally, lease contracts are negotiated by the local teams, and contain a wide range of different terms and conditions. Many lease contracts contain extension options and/or early termination options to provide the Group with operational flexibility. Such options are taken into account when determining the lease term and the lease liability when it is reasonably certain that they will be exercised. If the Group exercised its extension options not currently included in the lease liability, the present value of additional payments would amount to \u20ac42 million at December 31, 2023 (\u20ac100 million at December 31, 2022). Lease contracts signed not yet commenced amount to \u20ac210 million at December 31, 2023 (\u20ac137 million for 2022) and mainly relate to a second waste wood boiler, steam turbine and auxiliaries in Germany, industrial equipment in France and rail cars in the United States. Total cash outflows for leases amount to \u20ac134 million for 2023, of which \u20ac112 million related to payment of lease liabilities and \u20ac22 million of interest expenses (including the discontinued operations of \u20ac11 million). Information on the corresponding lease liabilities (after the demerger, long-term part of \u20ac243 million and short-term part of \u20ac63 million) can be found in the note F32 Financial Instruments. Information on the finance expense related to lease liabilities can be found in note F6 Net financial charges. LEASE OF PALLADIUMAt the end of 2023, the total (gross) value of palladium leased still to be returned amounted to \u20ac33 million (end of 2022: \u20ac59 million). The difference is mainly due to the change of the market price of the commodity.",
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"s8_notes__7__50": {
"value": "NOTE F2 CONSOLIDATED INCOME STATEMENT BY NATUREThe comparative figures for 2022 are restatedIn \u20acmillionNotes 2023 2022Net sales(F1) 4,880 5,539Revenue from non-core activities(F3)1,145 2,439Raw materials, utilities and consumables used-2,802 -4,790Changes in inventories-78 76Personnel expenses-835 -827\u2014 Wages and direct social benefits -623 -620\u2014 Employer's contribution for social insurance -163 -145\u2014 Pensions and insurance benefits -26 -48\u2014 Other personnel expenses -22 -14Amortization, depreciation and impairment(F11)-423 -301Other variable logistics expenses-568 -695Other fixed expenses-412 -350Addition and reversal of provisions (excluding employee benefit provisions)(F31)-279 -138Significant income related to prior years(F4)0 97M&A costs and gains and losses on disposals(F5)-404 -83Earnings from associates and joint ventures(F22)53 153EBIT278 1,121Other fixed expenses mainly include costs of services, licenses, and professional fees.The change in raw materials, utilities, and consumables used is largely explained by the decrease in energy prices, and lower volume.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__49": {
"value": "NOTE F2 CONSOLIDATED INCOME STATEMENT BY NATUREThe comparative figures for 2022 are restatedIn \u20acmillionNotes 2023 2022Net sales(F1) 4,880 5,539Revenue from non-core activities(F3)1,145 2,439Raw materials, utilities and consumables used-2,802 -4,790Changes in inventories-78 76Personnel expenses-835 -827\u2014 Wages and direct social benefits -623 -620\u2014 Employer's contribution for social insurance -163 -145\u2014 Pensions and insurance benefits -26 -48\u2014 Other personnel expenses -22 -14Amortization, depreciation and impairment(F11)-423 -301Other variable logistics expenses-568 -695Other fixed expenses-412 -350Addition and reversal of provisions (excluding employee benefit provisions)(F31)-279 -138Significant income related to prior years(F4)0 97M&A costs and gains and losses on disposals(F5)-404 -83Earnings from associates and joint ventures(F22)53 153EBIT278 1,121Other fixed expenses mainly include costs of services, licenses, and professional fees.The change in raw materials, utilities, and consumables used is largely explained by the decrease in energy prices, and lower volume.",
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"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
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"s8_notes__7__48": {
"value": "NOTE F2 CONSOLIDATED INCOME STATEMENT BY NATUREThe comparative figures for 2022 are restatedIn \u20acmillionNotes 2023 2022Net sales(F1) 4,880 5,539Revenue from non-core activities(F3)1,145 2,439Raw materials, utilities and consumables used-2,802 -4,790Changes in inventories-78 76Personnel expenses-835 -827\u2014 Wages and direct social benefits -623 -620\u2014 Employer's contribution for social insurance -163 -145\u2014 Pensions and insurance benefits -26 -48\u2014 Other personnel expenses -22 -14Amortization, depreciation and impairment(F11)-423 -301Other variable logistics expenses-568 -695Other fixed expenses-412 -350Addition and reversal of provisions (excluding employee benefit provisions)(F31)-279 -138Significant income related to prior years(F4)0 97M&A costs and gains and losses on disposals(F5)-404 -83Earnings from associates and joint ventures(F22)53 153EBIT278 1,121Other fixed expenses mainly include costs of services, licenses, and professional fees.The change in raw materials, utilities, and consumables used is largely explained by the decrease in energy prices, and lower volume.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
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"s8_notes__7__56-1": {
"value": "NOTE F4 OTHER OPERATING GAINS AND LOSSESIn \u20acmillion2023 2022Start-up and preliminary study costs -2 -3Capital gains/losses on sales of property, plant and equipment and intangible assets 3 3Net foreign exchange gains and losses 2 10Amortization of intangible assets resulting from PPA -7 -8Gain (loss) on CO hedge management (1) -14 3222Financial result linked to operational activities 14 3Other 19 -4Other operating gains and losses 15 323The comparative figures for 2022 are restated.(1) In 2022, the gain of \u20ac322 million relates to the change in accounting treatment of the entire portfolio of CO emission rights following the reconsideration of the IFRS 9 2own use exemption.NOTE F5 RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and major restructurings include: \u00b7 gains and losses on the sale of subsidiaries, joint operations, joint ventures, and associates that do not qualify as discontinued operations; \u00b7 acquisition costs of new businesses; \u00b7 one-off operating costs related to internal management of portfolio (carve-out of major lines of businesses); \u00b7 gains and losses on the sale of real estate not directly linked to an operating activity; \u00b7 restructuring charges driven by portfolio management and by major reorganizations of business activities, including impairment losses resulting from the shutdown of an activity or a plant; \u00b7 impairment losses (reversals) resulting from testing of CGUs. Results from legacy remediation and major litigations include: \u00b7 the remediation costs not generated by on-going production facilities (shut-down of sites, discontinued productions, previous years\u2019 pollution); and \u00b7 the impact of significant litigations.Results from portfolio management and major restructuringIn \u20acmillion2023 2022Restructuring costs and impairment -146 15Impairment-95 28Restructuring costs-51 -13M&A costs and gains and losses on disposals -404 -83Results from portfolio management and major restructuring -550 -68The comparative figures for 2022 are restated.In 2023, the impairment includes goodwill impairment of energy CGU \u20ac(38) million, and impairment in the Special Chem CGU for Fluor Gases in Europe for \u20ac(48) million \u2013 see note F23 for further details on the impairment.The restructuring costs are mainly linked to the separation plan of the Solvay Group \u20ac(35) million. In 2023, M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group \u20ac(218) million, and the recycling of RusVinyl of currency Translation Adjustment reserve \u20ac(176) million. In 2022, impairment includes the reversal of impairment losses in the Special Chem CGU for Fluor Gases in Europe for \u20ac37 million, impairment losses of other non-performing assets for \u20ac(9) million. The 2022 increase in M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group. For the movement in restructuring and remediation costs please refer to the note F31 Provisions.RESULTS FROM LEGACY REMEDIATION AND MAJOR LITIGATIONSIn \u20acmillion 2023 2022Major litigations -12 -30Remediation costs and other costs related to non-ongoing activities -38 -71Results from legacy remediation and major litigations -50 -101The comparative figures for 2022 are restated.For the movement in litigation costs and remediation costs, please refer to the note F31. Provisions.",
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"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__55-1": {
"value": "NOTE F4 OTHER OPERATING GAINS AND LOSSESIn \u20acmillion2023 2022Start-up and preliminary study costs -2 -3Capital gains/losses on sales of property, plant and equipment and intangible assets 3 3Net foreign exchange gains and losses 2 10Amortization of intangible assets resulting from PPA -7 -8Gain (loss) on CO hedge management (1) -14 3222Financial result linked to operational activities 14 3Other 19 -4Other operating gains and losses 15 323The comparative figures for 2022 are restated.(1) In 2022, the gain of \u20ac322 million relates to the change in accounting treatment of the entire portfolio of CO emission rights following the reconsideration of the IFRS 9 2own use exemption.NOTE F5 RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and major restructurings include: \u00b7 gains and losses on the sale of subsidiaries, joint operations, joint ventures, and associates that do not qualify as discontinued operations; \u00b7 acquisition costs of new businesses; \u00b7 one-off operating costs related to internal management of portfolio (carve-out of major lines of businesses); \u00b7 gains and losses on the sale of real estate not directly linked to an operating activity; \u00b7 restructuring charges driven by portfolio management and by major reorganizations of business activities, including impairment losses resulting from the shutdown of an activity or a plant; \u00b7 impairment losses (reversals) resulting from testing of CGUs. Results from legacy remediation and major litigations include: \u00b7 the remediation costs not generated by on-going production facilities (shut-down of sites, discontinued productions, previous years\u2019 pollution); and \u00b7 the impact of significant litigations.Results from portfolio management and major restructuringIn \u20acmillion2023 2022Restructuring costs and impairment -146 15Impairment-95 28Restructuring costs-51 -13M&A costs and gains and losses on disposals -404 -83Results from portfolio management and major restructuring -550 -68The comparative figures for 2022 are restated.In 2023, the impairment includes goodwill impairment of energy CGU \u20ac(38) million, and impairment in the Special Chem CGU for Fluor Gases in Europe for \u20ac(48) million \u2013 see note F23 for further details on the impairment.The restructuring costs are mainly linked to the separation plan of the Solvay Group \u20ac(35) million. In 2023, M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group \u20ac(218) million, and the recycling of RusVinyl of currency Translation Adjustment reserve \u20ac(176) million. In 2022, impairment includes the reversal of impairment losses in the Special Chem CGU for Fluor Gases in Europe for \u20ac37 million, impairment losses of other non-performing assets for \u20ac(9) million. The 2022 increase in M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group. For the movement in restructuring and remediation costs please refer to the note F31 Provisions.RESULTS FROM LEGACY REMEDIATION AND MAJOR LITIGATIONSIn \u20acmillion 2023 2022Major litigations -12 -30Remediation costs and other costs related to non-ongoing activities -38 -71Results from legacy remediation and major litigations -50 -101The comparative figures for 2022 are restated.For the movement in litigation costs and remediation costs, please refer to the note F31. Provisions.",
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"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__54-1": {
"value": "NOTE F4 OTHER OPERATING GAINS AND LOSSESIn \u20acmillion2023 2022Start-up and preliminary study costs -2 -3Capital gains/losses on sales of property, plant and equipment and intangible assets 3 3Net foreign exchange gains and losses 2 10Amortization of intangible assets resulting from PPA -7 -8Gain (loss) on CO hedge management (1) -14 3222Financial result linked to operational activities 14 3Other 19 -4Other operating gains and losses 15 323The comparative figures for 2022 are restated.(1) In 2022, the gain of \u20ac322 million relates to the change in accounting treatment of the entire portfolio of CO emission rights following the reconsideration of the IFRS 9 2own use exemption.NOTE F5 RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and major restructurings include: \u00b7 gains and losses on the sale of subsidiaries, joint operations, joint ventures, and associates that do not qualify as discontinued operations; \u00b7 acquisition costs of new businesses; \u00b7 one-off operating costs related to internal management of portfolio (carve-out of major lines of businesses); \u00b7 gains and losses on the sale of real estate not directly linked to an operating activity; \u00b7 restructuring charges driven by portfolio management and by major reorganizations of business activities, including impairment losses resulting from the shutdown of an activity or a plant; \u00b7 impairment losses (reversals) resulting from testing of CGUs. Results from legacy remediation and major litigations include: \u00b7 the remediation costs not generated by on-going production facilities (shut-down of sites, discontinued productions, previous years\u2019 pollution); and \u00b7 the impact of significant litigations.Results from portfolio management and major restructuringIn \u20acmillion2023 2022Restructuring costs and impairment -146 15Impairment-95 28Restructuring costs-51 -13M&A costs and gains and losses on disposals -404 -83Results from portfolio management and major restructuring -550 -68The comparative figures for 2022 are restated.In 2023, the impairment includes goodwill impairment of energy CGU \u20ac(38) million, and impairment in the Special Chem CGU for Fluor Gases in Europe for \u20ac(48) million \u2013 see note F23 for further details on the impairment.The restructuring costs are mainly linked to the separation plan of the Solvay Group \u20ac(35) million. In 2023, M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group \u20ac(218) million, and the recycling of RusVinyl of currency Translation Adjustment reserve \u20ac(176) million. In 2022, impairment includes the reversal of impairment losses in the Special Chem CGU for Fluor Gases in Europe for \u20ac37 million, impairment losses of other non-performing assets for \u20ac(9) million. The 2022 increase in M&A costs is mainly explained by the costs incurred for the ongoing separation plan of the Solvay Group. For the movement in restructuring and remediation costs please refer to the note F31 Provisions.RESULTS FROM LEGACY REMEDIATION AND MAJOR LITIGATIONSIn \u20acmillion 2023 2022Major litigations -12 -30Remediation costs and other costs related to non-ongoing activities -38 -71Results from legacy remediation and major litigations -50 -101The comparative figures for 2022 are restated.For the movement in litigation costs and remediation costs, please refer to the note F31. Provisions.",
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"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__58": {
"value": "NOTE F5 RESULTS FROM PORTFOLIO MANAGEMENT AND MAJOR RESTRUCTURINGS, LEGACY REMEDIATION AND MAJOR LITIGATIONSAccounting policyResults from portfolio management and major restructurings include: \u00b7 gains and losses on the sale of subsidiaries, joint operations, joint ventures, and associates that do not qualify as discontinued operations; \u00b7 acquisition costs of new businesses; \u00b7 one-off operating costs related to internal management of portfolio (carve-out of major lines of businesses); \u00b7 gains and losses on the sale of real estate not directly linked to an operating activity; \u00b7 restructuring charges driven by portfolio management and by major reorganizations of business activities, including impairment losses resulting from the shutdown of an activity or a plant; \u00b7 impairment losses (reversals) resulting from testing of CGUs. Results from legacy remediation and major litigations include: \u00b7 the remediation costs not generated by on-going production facilities (shut-down of sites, discontinued productions, previous years\u2019 pollution); and ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__73": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__72": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__71": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__70": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__69": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__68": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__67": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__66": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__65-1": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions).Currency translation differencesAccounting policyFor the purpose of presenting consolidated financial statements at the end of each reporting period, the assets and liabilities of the Group\u2019s foreign operations are expressed in euros using closing rates. Income and expense items are translated at the average exchange rates for the period except when the impact of applying the average rate is materially different from applying the spot rate at the respective transactions\u2019 dates, in which case the latter is applied. Exchange differences arising, if any, are recognized in other comprehensive income as \u201ccurrency translation differences\u201d.Currency translation differences are reclassified from equity to profit or loss, on: \u00b7 A disposal of the Group\u2019s entire interest in a foreign operation. In this case, all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognized, but they are not reclassified to profit or loss.At the end of 2023, the carrying amount of Currency Translation consists of \u20ac(288) million on BRL, \u20ac(211) linked to the conversion of Member States\u2019 currencies to Euro, and \u20ac256 million on USD.NOTE F19Goodwill and business combinationsGoodwill \u2013 overviewIn \u20acmillionTotalDecember 31, 2021 3,379Currency translation differences 94Disposals 0December 31, 2022 3,472Addition 2Currency translation differences -36Disposals 0Impairment -38Partial Demerger -2,637December 31, 2023 764In 2023 and 2022, the currency translation differences mainly relate to goodwill expressed in US dollars. Most of the goodwill expressed in US dollars are located in Specialty Businesses.Regarding the impairment, see note F23 for more details.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that business combination.As a result of the Partial Demerger of the Specialty Business the Group realigned its Operating Segments as detailed in note F1 Revenue and Segment Information. The realignment resulted in the reallocation of segment level goodwill of \u20ac186 million (see column Transfer). The goodwill was reallocated to the CGUs using a relative value approach (respective fair values). The reallocation did not have any significant impact on the impairment analysis performed.At beginning Additions Impairment Currency Transfer Partial At the In \u20acmillionof the periodtranslation Demergerend of the differencesperiodOperating segments \u2013 Groups of CGUs\u2014 Materials 341 -341 0\u2014 Chemicals 121 -121 0\u2014 Solutions 264 -65 -199 0(Groups of) CGUs \u2014 Composite Materials 591 -15 -577 0\u2014 Novecare 565 2 -3 -564 0\u2014 Technology Solutions 734 -17 -716 0\u2014 Special Chem 210 0 65 275\u2014 Specialty Polymers 181 -1 -180 0\u2014 Soda Ash and Derivatives 162 75 237\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 -49 0\u2014 Energy Services 50 -38 -12 0\u2014 Hydrogen Peroxide Europe 21 17 37\u2014 Hydrogen Peroxide Mercosul 14 14 27\u2014 Hydrogen Peroxide Nafta 7 8 15\u2014 Hydrogen Peroxide Asia 11 0 8 19Total goodwill 3,472 2 -38 -35 0 -2,637 7642022At beginning of Disposals Currency At the end of In \u20acmillionthe periodtranslation the perioddifferencesOperating segments \u2013 Groups of CGUs\u2014 Materials 341 341\u2014 Chemicals 121 121\u2014 Solutions 264 264(Groups of) CGUs\u2014 Composite Materials 555 37 591\u2014 Novecare 553 0 12 565\u2014 Technology Solutions 690 43 734\u2014 Special Chem 210 0 210 1\u2014 Specialty Polymers 179181\u2014 Soda Ash and Derivatives 162 162\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 49\u2014 Energy Services 50 50\u2014 Hydrogen Peroxide Europe 21 21\u2014 Hydrogen Peroxide Mercosul 14 14\u2014 Hydrogen Peroxide Nafta 7 7\u2014 Hydrogen Peroxide Asia 11 0 11Total goodwill 3,379 0 94 3,472See note F23 Impairment.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.In \u20acmillionLand and Fixtures and Other tangible Property, plant and Totalbuildingsequipmentassetsequipment under constructionGross carrying amount 2,941 10,187 418 688 14,235December 31, 2021Additions 28 103 8 715 854Disposals and closures -28 -132 -19 0 -179Increase through business 0 0 0 0 0combinationsCurrency translation differences 44 206 8 15 273Other 35 284 11 -385 -553,021 10,648 425 1,033December 31, 202215,128Additions 77 136 7 777 998Disposals and closures -23 -216 -17 -3 -258Increase through business 0 1 0 0 1combinationsCurrency translation differences -35 -126 -4 -16 -181Partial Demerger -1,516 -5,458 -186 -955 -8,115Other 68 393 20 -354 1281,593 5,379 246 483 7,700December 31, 2023Accumulated depreciation -1,580 -7,375 -337 -9,291December 31, 2021Depreciation -80 -464 -27 -570Impairment 0 -6 0 -6Reversal of impairment 8 21 0 29Disposals and closures 26 130 19 175Currency translation differences -25 -151 -7 -183Other 3 26 0 30-1,648 -7,818 -351 -9,816December 31, 2022Depreciation -76 -459 -22 -557Impairment -11 -44 -2 -57Reversal of impairment 0 0 0 0Disposals and closures 18 214 16 249Currency translation differences 16 87 3 105Partial Demerger 694 3,788 153 4,634Other -19 -90 -5 -114December 31, 2023 -1,027 -4,323 -206 0 -5,556Net carrying amount December 31, 2021 1,361 2,813 81 688 4,943December 31, 2022 1,373 2,830 75 1,033 5,311December 31, 2023 566 1,056 39 483 2,144The additions and depreciation figures include the amounts related to the Specialty Businesses until the Partial Demerger on December 8, 2023. Please see Note F1 for the split of the capital expenditure by segments.In 2023 and 2022, no borrowing costs were capitalized.The line \u201cOther\u201d mainly includes changes following portfolio transactions and reclassification of property, plant and equipment under construction to the appropriate categories when they are ready for intended use, excluding the movements related to the Partial Demerger.NOTE F20PROPERTY, PLANT AND EQUIPMENTAccounting policyGeneralProperty, plant and equipment are tangible items that: \u00b7 are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and \u00b7 are expected to be used during more than one period.The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions are satisfied: \u00b7 it is probable that the future economic benefits associated with the asset will flow to the Group; NOTE F21 RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides with the date the contract is signed, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.An asset is typically identified by being explicitly specified in a contract. However, an asset can also be identified by being implicitly specified at the time that the asset is made available for use by the customer. If the supplier has a substantive substitution right, then the asset is not identified. A substantive substitution right means that (a) the supplier has the practical ability to substitute the asset throughout the period of use, and (b) would economically benefit from doing so. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether, throughout the period of use, it has: \u00b7 the right to obtain substantially all of the economic benefits from use of the identified asset; and \u00b7 the right to direct the use of the identified asset. This is generally the case when the Group has the decision-making rights regarding how and for what purpose the asset is used. The Group\u2019s leased assets relate mainly to buildings, transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellable period of a lease, together with both: \u00b7 periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and \u00b7 periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of the following factors (non-exhaustive): \u00b7 contractual terms and conditions for the optional periods, compared with market rates; \u00b7 significant leasehold improvements undertaken (or expected to be undertaken) over the term of the contract; \u00b7 costs relating to the termination of the lease, including relocation costs, costs of identifying another underlying asset suitable for the Group\u2019s needs, costs of integrating a new asset into the Group\u2019s operations, and termination penalties; \u00b7 the importance of that underlying asset to the Group\u2019s operations, including the availability of suitable alternatives; \u00b7 conditionality associated with exercising the option (i.e. When the option can be exercised only if one or more conditions are met), and the likelihood that those conditions will exist; and \u00b7 past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a lease liability at the lease commencement date, which is the date that the lessor makes the asset available for use by the Group except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The right-of-use assets are presented separately in the consolidated statement of financial position, and the lease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises: \u00b7 the amount of the initial measurement of the lease liability; \u00b7 any lease payments made at or before the commencement date, less any lease incentive received; and \u00b7 any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment losses. Right-of-use assets are depreciated using the straight-line depreciation method, from the commencement date to (a) the end of the useful life of the underlying asset, in case the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the lease contains a purchase option that the Group is reasonably certain to exercise, or (b) the earlier of the end of the useful life and the end of the lease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the respective Group entity\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: \u00b7 fixed payments, less any lease incentives receivable; \u00b7 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u00b7 amounts expected to be payable by the Group under residual value guarantees; \u00b7 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u00b7 payments of penalties for early terminating the lease, if the Group is reasonably certain to exercise an option to early terminate the lease.Service components (e.g. utilities, maintenance, insurance) are excluded from the measurement of the lease liability. After the commencement date, the lease liability is measured by: \u00b7 increasing the carrying amount to reflect interest on the lease liability; \u00b7 reducing the carrying amount to reflect the lease payments made; and \u00b7 remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect the impact from a revised index or rate.Leasing of PalladiumThe Group uses palladium, a precious metal, for certain of its operations. Next to purchasing this palladium, the Group also enters into various \u201cleasing\u201d agreements with financial institutions that give the Group the right to use palladium for a certain period and then return it at the end of the \"lease\". Based on our analysis of these agreements, these contracts are not in the scope of IFRS 16 Leases or IFRS 9 Financial Instruments. Due to the lack of clear IFRS guidance, the Group applied judgment to determine whether these rights and obligations shall be accounted for on a gross or a net basis. Considering that the Group bears no price risk during the \"lease\" term and is not in full control of the asset (in accordance with the IFRS Conceptual Framework), the Group believes a net presentation gives a better view on the economic substance of the transaction. As a result, only accruals are recorded for the production losses and regeneration costs and the \u201clease\u201d fee is recognized within cost of sales. In \u20acmillionLand Buildings Transportation Industrial equip-Other tangible TotalequipmentmentassetsGross carrying amount 19 266 248 251 11 795December 31, 20210 8 46 27 5Additions860 -38 -28 -11 -3Disposals and closures-79Currency translation 0 7 8 5 021differences0 7 15 5 1Other28Transfer to assets held 0 0 0 0 00for sale19 250 289 279 16 852December 31, 20220 17 62 15 7Additions1010 -25 -16 -18 -2Disposals and closures-62Currency translation 0 -3 -7 -3 0-14differences-11 -170 -82 -133 -12Partial Demerger-4090 5 15 -10 1Other11Transfer to assets held 0for sale8 73 261 128 8 479December 31, 2023Accumulated depreciation-4 -115 -127 -75 -8 -329December 31, 2021-1 -33 -46 -34 -3Depreciation-1170 -3 0 0 0Impairment-30 38 28 11 3Disposals and closures 79Currency translation 0 -3 -4 -2 0-9differences-5 -115 -148 -100 -9 -377December 31, 2022-1 -31 -47 -32 -3Depreciation-1140 -1 0 0 0Impairment-10 16 16 18 2Disposals and closures 53Currency translation 0 2 3 1 06differences4 90 54 67 5Partial Demerger219-2 -39 -122 -45 -5 -213December 31, 2023Net carrying amount December 31, 2021 15 151 121 176 3 466December 31, 2022 14 134 141 178 6 474December 31, 2023 6 34 139 83 3 267The figures contain the amounts related to Specialty Businesses until December 8, 2023.The Group primarily leases buildings that include office buildings, and warehouses. Those leases are generally long-term leases and may include extension options. Next, the Group leases transportation equipment that mainly consists of railcars and containers to transport the Group\u2019s products. Industrial equipment mainly relates to utility assets. In 2023, additions include \u20ac15 million for industrial equipment, \u20ac46 million for transportation and \u20ac17 million for buildings.Generally, lease contracts are negotiated by the local teams, and contain a wide range of different terms and conditions. Many lease contracts contain extension options and/or early termination options to provide the Group with operational flexibility. Such options are taken into account when determining the lease term and the lease liability when it is reasonably certain that they will be exercised. If the Group exercised its extension options not currently included in the lease liability, the present value of additional payments would amount to \u20ac42 million at December 31, 2023 (\u20ac100 million at December 31, 2022). Lease contracts signed not yet commenced amount to \u20ac210 million at December 31, 2023 (\u20ac137 million for 2022) and mainly relate to a second waste wood boiler, steam turbine and auxiliaries in Germany, industrial equipment in France and rail cars in the United States. Total cash outflows for leases amount to \u20ac134 million for 2023, of which \u20ac112 million related to payment of lease liabilities and \u20ac22 million of interest expenses (including the discontinued operations of \u20ac11 million). Information on the corresponding lease liabilities (after the demerger, long-term part of \u20ac243 million and short-term part of \u20ac63 million) can be found in the note F32 Financial Instruments. Information on the finance expense related to lease liabilities can be found in note F6 Net financial charges. LEASE OF PALLADIUMAt the end of 2023, the total (gross) value of palladium leased still to be returned amounted to \u20ac33 million (end of 2022: \u20ac59 million). The difference is mainly due to the change of the market price of the commodity.NOTE F22 INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the note F40 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equity method of accounting.In \u20acmillion December 31, 2023 December 31, 2022Associates Joint ventures Total Associates Joint ventures TotalInvestments in associates and joint 42 188 230 18 790 809venturesEarnings from associates and joint 3 53 53 0 153 153venturesINVESTMENTS IN ASSOCIATESIn \u20acmillion 2023 2022January 1 18 18Profit for the year 4 1Dividends received -1 -1Currency translation differences 0 0Partial Demerger 20 December 31 42 18The amount in Partial Demerger results mainly from loss of control due to demerger and the change of the consolidation scope from full consolidation to equity accounting.The figures contain the amounts related to Specialty Businesses until December 8, 2023.The tables below present the summarized financial information of the associates together with the major one. The associates had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.In \u20acmillionDecember 31, 2023 December 31, 2022Total Of which Quingdao Of which Solvay Total Of which Quingdao Hiwin Solvay Chemicals(Zhenjiang) ChemicalsHiwin Solvay ChemicalsOwnership interest 30% 9% 30%Operating Segment Performance Chemicals Basic Chemicals Performance ChemicalsStatement of financial positionNon-current assets 163 24 130 38 29Current assets 231 20 202 39 18Cash and cash equivalents 139 4 135 6 1Non-current liabilities 4 2 1 5 2Non-current financial debt 2 0 0 2 0Current liabilities 86 20 61 31 22Current financial debt 4 4 0 6 6Net asset 304 23 270 42 23Carrying Amount of the interest 42 7 257in the Associate18 Income statement 2023 2022Sales 69 54 102 61Depreciation and amortization 3 3 3 3Interest on loans and short term 2 0 0 0depositsProfit for the year from 3 1 4 2continuing operationsProfit for the year 3 1 4 2Total comprehensive income 4 1 4 2Dividends received 1 0 1INVESTMENTS IN JOINT VENTURESIn \u20acmillion 2023 2022January 1 790 619Additions 0 0Capital increase / (decrease) -3 -5Profit for the year 67 170Dividends received -24 -18Currency translation differences -13 24Impairment reversal 0 0Other -3 1Sale of RusVinyl -428 Partial Demerger -197 December 31 188 790The figures contain the amounts related to Specialty Businesses until December 8, 2023.The amount in Partial Demerger mainly consists of demerged Strata Solvay Advanced Materials and Hindustan Gum & Chemicals.The tables below present the summarized financial information of the material joint ventures. The joint ventures had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.December 31, 2023 Peroxidos do Brasil Ltda Shandong Huatai Interox Aqua Pharma Group Shinsol Advanced Chemical Co. LtdChemicalsIn \u20acmillionOwnership interest 69.40% 50% 50% 51.0%Operating Segment Basic Chemicals Basic Chemicals Basic Chemicals Performance ChemicalsStatement of financial position Non-current assets 121 7 24 22Current assets 144 28 20 6Cash and cash 84 22 9 6equivalentsNon-current liabilities 8 - 2 4Non-current financial 1 0 0 4debtCurrent liabilities 50 10 5 2Current financial debt 6 0 0 0Net asset 206 25 38 23Carrying amount of the interest in the joint 143 12 19 12venture2023 income statementSales 195 40 32 0Depreciation and -7 -1 -3 0amortizationCost of borrowings 0 0 0 0Interest on loans and 8 0 0 0short-term depositsIncome taxes -23 -3 -2 0Profit for the year from 56 8 -2 -2continuing operationsProfit for the year 56 8 -2 -2Other comprehensive 4 0 -3 0incomeTotal comprehensive 61 8 -5 -2incomeDividends received 18 2 0 0Other comprehensive income mainly comprises the currency translation differences. December 31, RusVinyl Peroxidos Strata \u2013 Shandong Hindustan Aqua EECO Shinsol Cogenera-2022OOOdo Brasil Solvay Huatai Gum & Pharma Holding Advanced tion LtdaAdvanced Interox Chemicals Groupand sub-ChemicalsRosignanoMaterial Chemical LtdsidiariesJVCo. LtdIn \u20acmillionOwnership 50% 69.4% 50% 50% 50% 50% 33.3% 51.0% 25.4%interestCorporate Corporate Operating Performance Basic Specialty Basic Specialty Basic Performance & Business & Business SegmentChemicalsChemicalsBusinessesChemicalsBusinessesChemicalsChemicalsServicesServicesStatement of financial positionNon-current 668 105 69 7 9 29 33 17assetsCurrent assets 294 128 19 24 307 19 38 16 9Cash and cash 226 57 17 17 276 11 11 16 6equivalentsNon-current 59 9 - - 9 2 18 13liabilitiesNon-current 12 4 -0 0 0 0 18 13financial debtCurrent 41 54 2 10 14 4 20 1liabilitiesCurrent 3 10 - 0 0 0 19 0financial debtNet asset 862 169 87 21 292 42 33 16 12 Carrying Amount of the interest 431 118 43 11 146 21 9 8 3 in the Joint Venture2022 income statementSales 609 209 24 39 73 31 0 0Depreciation and -53 -7 0 -1 -1 -4 -4 -3amortizationCost of -14 0 0 0 0 0 -2 0borrowings Interest on loans and 15 5 0 0 13 0 1 0short-term depositsIncome taxes -58 -23 0 -2 -3 -1 -2 0Profit for the year from 233 48 18 4 12 1 10 2continuing operationsProfit for the 233 48 18 4 12 1 10 2yearOther com-prehensive 22 9 0 0 -8 0 0 incomeTotal com-prehensive 255 57 18 4 4 1 0 0incomeDividends 0 12 0 2 2 -1 0 0receivedOther comprehensive income mainly comprises the currency translation differences.NOTE F31PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a present obligation (legal or constructive) as a result of a past event, (b) it is probable that the Group will be required to settle the obligation, and (c) a reliable estimate can be made of the amount of the obligation.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally recognized in the financial result.When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received when the Group settles the obligation.RestructuringsA restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoing activities (shut-down sites, discontinued activities or divested activities where Solvay maintains certain commitments) and, to a lower extent, to ongoing activities (see comments below).An environmental provision is recognized, in accordance with IAS 37, when there is a current legal or constructive obligation resulting from past events which will result in a probable outflow of resources (expenses / cash outs) to settle it and for which a reliable estimate of such outflows and timing can be made. \u00b7 The environmental expenses encompass, but are not limited to, the following key matters \u00b7 Sampling and analytical costs for soil and ground water monitoring \u00b7 Cost related to dismantling when required to meet a remediation or permit obligation \u00b7 Asbestos removal when obligated by regulation \u00b7 Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.In \u20acmillion Restructuring Environment Litigation Other TotalDecember 31, 2022 119 702 97 123 1,041Additions 104 362 28 147 641Reversals of unused amounts 0 -16 -10 -14 -40Uses -92 -72 -20 -37 -221Increase/decrease through discounting 0 38 0 39RemeasurementsCurrency translation differences -3 1 -3Acquisitions and changes in consolidation scopeDisposalsPartial Demerger -47 -501 -35 -34 -617Other 0 -4 16 12December 31, 2023 83 506 61 202 852Of which current provisions 36 87 19 161 302The provisions decreased by \u20ac(189) million in 2023, of which, \u20ac(36) million for Restructuring, \u20ac(196) million for Environment and \u20ac(36) million for Litigation, partially offset by an increase of \u20ac79 million for others. See below for more details on the recognition and additions to the provisions.The Provision decreased as consequence of Partial Demerger by \u20ac(617) millions The movements in Other provisions mainly relate to post-closing adjustments resulting from M&A warranties including indemnities for environmental remediation on sites subject to disinvestment.Management expects provisions (other than employee benefits) to be used (cash outlays) as follows:In \u20acmillion up to 5 years between 5 and 10 years beyond 10 years TotalTotal provisions for environment 243 55 208 506Total provisions for litigation 56 5 61Total provisions for restructuring and other 279 6 285December 31, 2023 578 66 208 852Restructuring provisionsIn 2023, these provisions amount to \u20ac83 million, compared with \u20ac119 million at the end of 2022.The provisions at the end of 2023 mainly relate to the restructuring charges for the simplification of all support functions in the frame of the Group\u2019s simplification and transformation program, including the strategic transformation measures. Environmental provisionsThese provisions amount to \u20ac506 million at the end of 2023, compared with \u20ac702 million at the end of 2022, and pertain to: \u00b7 mines and drilling operations to the extent that legislation and/or operating permits in relation to quarries, mines and drilling operations contain requirements to remedy or to pay compensation to third parties. Those provisions amount to \u20ac133 million at the end of 2023 and most of these, based on local expert advice, can be expected to be used within 20 year horizon. \u00b7 lime dikes (settling ponds related mainly to soda ash plants), dump at sites and third party dump sites (linked to several industrial activities). These provisions have an horizon of 1 to 20 years. \u00b7 Various types of pollution (organic, inorganic) coming from miscellaneous chemical productions; these provisions mainly cover discontinued activities or closed plants. Most of these provisions have a horizon of 1 to 20 years; \u00b7 The environmental provision decreased as consequence of Partial Demerger by \u20ac(501) millions which includes the environmental remediation of \u20ac323 million with NJDEP in US (see note F8). The variation of environmental provisions also was impacted by lower discount rate increasing the present value of the overall liability by \u20ac16 million. This effect, combined with the unwinding of the opening liabilities for \u20ac22 million resulted in a net increase of \u20ac38 million related to discounting. The estimated amounts are discounted based on the probable date of settlement, and are periodically adjusted to reflect the passage of time.The breakdown of the environmental provisions and related uses for the main countries/regions is reported here below:December 31, 2023 December 31, 2022In \u20acmillionProvisions In % Provisions Use of Provisions In % Provisions Use of ongoing provisionsongoing provisionsactivitiesactivitiesFrance 147 29% 0 -21 145 21% 1 -24Germany 115 23% 6 -4 112 16% 7 -5Rest of Europe 170 34% 5 -17 144 21% 5 -15North America 5 1% 0 -23 226 32% 0 -37Rest of the world 69 13% 1 -10 74 11% 0 -8Total 506 100% 12 -75 702 100% 12 -90Provisions for litigationProvisions for litigation refer to indirect tax and legal exposures. They amount to \u20ac61 million in 2023 (\u20ac97 million in 2022). The balance at the end of 2023 relates to indirect tax risks (\u20ac11 million) and legal claims (\u20ac50 million).Other provisionsOther provisions increased from \u20ac123 million at the end of 2022 to \u20ac202 million at the end of 2023. They relate to various risks, of which the main ones concern (i) the shutdown or disposal of activities and (ii) risk related to the execution of contracts or termination. Other provisions also included a provision for litigation post M&A deal for which an indemnification asset for \u20ac21 million (In Other receivables/payables) has been recognized as foreseen in the Separation Agreement.Other provisions relate to the shutdown or disposal of activities and amount to \u20ac202 million in 2023, compared with \u20ac123 million at the end of 2022.NOTE F33NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20acmillion December 31, 2023 December 31, 2022Financial debt 2,192 2,959Cash and cash equivalents -584 -932Other financial instruments -118 -236Net indebtedness 1,489 1,791The 2022 figures relate to the net indebtedness balance of the Group prior to the Partial Demerger. After Partial Demerger, the financial debt at the end of 2023 includes: \u00b7 four drawdowns (\u20ac1,500 million) for the execution of the liability management prior to the Partial Demerger, \u00b7 a term loan for an amount of \u20ac200 million \u00b7 the lease debt IFRS16 (\u20ac307 million) \u00b7 other financial debt (\u20ac185 million, excluding lease debt) mainly short term Solvay is Investment Grade rating BBB-/A3 (stable outlook) by Standard & Poor\u2019s (as of December 11th, 2023). Financial debt: main borrowings December 31, 2023 December 31, 2022Nominal Coupon Maturity Secured Amount atFair Amount at Fair In \u20acmillion (except amountamortized valueamortized costvaluewhere indicated)costCytec 2025 Bonds 3.95% 2025 No 152 147(issuance US$ 250 million)USD 2025 Bonds 4.45% 2025 No 748 721(144A;US$ 800 million)Total senior US$ notes 0 0 900 8682027 Bonds (issuance 2.75% 2027 No 497 482\u20ac500 million)2029 Bonds (issuance 0.500% 2029 No 597 479\u20ac600 million)Total senior \u20acnotes 0 0 1,094 961Bridge facility drawdown Floating (1)1,5002025 1,500 1,500 0 0(\u20ac1,500 million) rateTotal Bridge facilities 1,500 1,500 1,500 0 0Floating Term loan (\u20ac200 million) 2002025 200 200 0 0rateOther borrowings from 185 185 185 441 441third partiesLease debts IFRS16 307 307 307 524 524Total 2,192 2,192 2,959 2,794(1) The Solvay bridge facility has as initial maturity in October 2024, but the company has an unconditional right to extend two times the maturity by 6 months, until October 2025. The bridge facility has therefore been classified as non-current.There are no instances of default on the above-mentioned financial debts. There are no financial covenants breach, neither on Solvay SA/NV, nor on any of the Group\u2019s holding companies.As a result of the Partial Demerger all Senior notes were either transferred to Syensqo or paid in full. For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1. Other financial instrumentsIn \u20acmillion December 31, 2023 December 31, 2022Non-current other financial instruments 0 30Current other financial instruments 119 206\u2014 Currency swaps 2 1\u2014 Other marketable securities >3 months 50 43\u2014 Other current financial assets 67 162Other financial instruments 119 236The other marketable securities >3 months include the bank drafts position.The other current financial assets mainly include margin calls of Energy Services for instruments with a negative fair value, and represent collateral for the obligations. Cash and cash equivalentsIn \u20acmillion December 31, 2023 December 31, 2022Cash 300 630Short-term deposits 285 303Cash and cash equivalents 584 932By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value. Changes in financial debt and in other financial instruments arising from financing activitiesDecember 202331, 2022In \u20acmillion Total Cash Cash Chang-Changes Other Transfer Payment Other Partial Total flows from flows from es in in other in fi-from of lease Demergerincrease repayment foreign current nancing non-liabilities of borrow-of ex-financial cash current ings borrow-change assets flows to cur-ings rates rent Bonds 1,994 -13 -1,336 1 -647 0Other non-42 1,702 0 -8 11 -10 1,737current debtsLong term 413 -6 -116 112 -160 243leasing debtInterest rate 0 2 2swapsNon-current 2,450 1,702 -19 -1,460 126 -817 1,983financial debtCurrent 510 1,519 -1,500 -17 -279 1,460 -112 102 -1,472 211financial debtTotal financial 2,960 3,221 -1,500 -36 -279 0 -112 228 -2,289 2,192debtOther non-cur-rent financial -30 30 0instrumentsCurrency -1 -1 -2swaps Other marketable-43 2 -2 -58 51 -50 securities >3 monthsOther current -162 100 -10 5 -67financial assetsOther financial -206 2 98 -69 -1 56 -119instrumentsTotal cash flow -366 3,221 -1,500 -34 98 -347 0 -112 227 -2,233 -679The financial debt decreased from \u20ac2,960 million at the end of 2022 to \u20ac2,192 million at the end of 2023.The non-current financial debt decreased by \u20ac(467) million, mainly resulting from: \u00b7 the increase of \u20ac1,702 million is mainly explained by: four drawdowns of \u20ac1,500 million for the execution of the liability management prior to the Partial Demerger, - a term loan for an amount of \u20ac200 million \u00b7 the change in foreign exchange rates for \u20ac(19) million; \u00b7 the transfer to current financial debt for \u20ac(1,460) million mainly explained by: - the 2029 Bonds \u20ac(600) million redeemed on October 9, 2023 - the 2025 USD Bonds $ (800) million redeemed on November 15, 2023, for an amount of \u20ac(738) million \u00b7 the transfer to Syensqo of Cytec 2025 Bonds US$(163.5) million, the 2027 Bonds \u20ac(500) million and leases liabilities for \u20ac(160) million for a total amount of \u20ac(817) million.The current financial debt decreased by \u20ac(299) million, mainly in short term financial debt: \u00b7 the increase in borrowings of \u20ac1,519 million is mainly explained by the drawdowns under a bridge facility (\u20ac600 million and US$816 million) and a credit facility (US$200 million). \u00b7 the decrease in borrowings of \u20ac(1,500) million is explained by the repayment of the 2029 Bonds for \u20ac(600) million, the redemption of the USD 2025 Bonds for $(800) million and the repayment of the credit facility for US$200 million. \u00b7 the decrease reported under other financing cash flows of \u20ac(279) million is explained by margin calls on hedging instruments as part of Energy Services\u2019 activities; \u00b7 the transfer from non-current financial debt to current of \u20ac1,460 million is explained above; \u00b7 the transfer to Syensqo for \u20ac(1,472) million mainly explained by the bridge facilities of \u20ac600 million and US$816 million.The other financial instruments decreased by \u20ac(87) million, mainly for the collateral related to the margin calls on energy services, following the decrease in the energy, CO and gas prices. 2",
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"s8_notes__7__64": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions).",
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"s8_notes__7__63": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions).",
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"s8_notes__7__62": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions).",
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"s8_notes__7__61": {
"value": "NOTE F6NET FINANCIAL CHARGESAccounting policyInterest on borrowings is recognized in costs of borrowings as incurred, with the exception of borrowing costs directly attributable to the acquisition, construction and production of qualifying assets (see note F20 Property, Plant and Equipment).Net foreign exchange gains or losses on financial items and changes in fair value of derivative financial instruments related to net indebtedness are presented in \u201cOther gains and losses on net indebtedness,\u201d with the exception of changes in fair value of derivative financial instruments that are hedging instruments in a cash flow hedge relationship, and which are recognized on the same line as the hedged item, when the latter affects profit or loss.In \u20acmillion 2023 2022Cost of borrowings -60 -45Interest expense on lease liabilities -11 -10Interest on loans and short term deposits 36 16Other gains and losses on net indebtedness -6 27Net cost of borrowings -41 -12Cost of discounting provisions -45 -23Impact of change of discount rate on provisions -17 45Result from equity instruments measured at fair value 4 0Net financial charges -98 11The comparative figures for 2022 are restated.Details are included in note F33 Net indebtedness.The net cost of borrowings variance is mainly explained by: \u00b7 Higher cost of borrowings for \u20ac(15) million largely explained by the replacement of perpetual hybrid bonds that qualified as equity (for which coupons were deducted from equity upon declaration) by other non-current debts triggering interest expenses. \u00b7 Higher interest income on loans and deposits (higher volumes and increase in interest rates). \u00b7 Other gains and losses on net indebtedness from \u20ac27 million for 2022 to \u20ac(6) million for 2023, attributable to lower currency swaps income \u20ac(5) million (interest element), other financial charges for \u20ac(15) million mainly explained by costs related to the separation plan and lower foreign exchange income for \u20ac(13) million.The cost of discounting provisions relates to post-employment benefits (\u20ac(26) million) and to environmental provisions (\u20ac(19) million) and its increase is largely attributable to the evolution of the applicable discount rates (see also note F30 Employee benefits and note F31 Provisions).",
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"s8_notes__7__75-1": {
"value": "NOTE F7INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the consolidated income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for all taxable temporary differences. No deferred tax liabilities are recognized following the initial recognition of goodwill. In addition, no deferred tax assets or liabilities are recognized with respect to the initial recognition of an asset or liability in a transaction which is not a business combination and affects neither accounting profit nor taxable profit.Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, joint operations, joint ventures, and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets other than tax loss carryforwards are analyzed on a case by case basis, taking into account all relevant facts and circumstances. For example, a zero taxable profit, after deducting the amounts paid to retirees under a defined benefit plan and for which a deductible temporary difference existed, can justify the recognition of the underlying deferred tax assets. Recognition of deferred tax assets for tax loss carryforwards requires a positive taxable profit during the year that enables the utilization of tax losses that originated in the past. Because of uncertainties inherent to predicting such positive taxable profit, recognition of deferred tax assets from tax loss carryforwards is based on a case by case analysis, which is usually based on five-year profit forecasts, except with respect to any financial company for which ten-year financial profit forecasts are considered highly predictable and are consequently used. The corporate tax reporting team, which monitors the Group deferred tax positions, is involved in assessing deferred tax assets.Further details are provided in note F7.C.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and when the Group intends to settle its current tax assets and liabilities on a net basis.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized as an expense or income in profit or loss, except when they relate to items that are recognized outside profit or loss (whether in other comprehensive income or directly in equity), in which case the tax is also recognized outside profit or loss, or when they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in the accounting for the business combination.Exception to the above, as from January 1, 2019, the Group applies the amendments to IAS 12, that apply to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period, i.e. January 1, 2018. In 2018, the income tax consequences of the coupons on perpetual hybrid bonds classified as equity were recognized in equity. As a result of the adoption of the amendment, those income tax consequences are now recognized in profit or loss.F7.A. Income taxesThe income taxes (net expense) recognized in the consolidated income statement decreased by \u20ac29 million in 2023 compared to 2022. The income taxes (net expense) recognized in other comprehensive income decreased by \u20ac58 million in 2023 compared to 2022, mainly due to the movement in employee benefit provisions (see note F30 Employee benefits) and due to the variation of the CO emission rights contracts (see note F32 Financial 2instruments and Financial risk management).In \u20acmillion 2023 2022Current taxes related to current year -180 -107Provisions for tax litigations 1 11Other current taxes related to prior years 5 4Current taxes -174 -92Changes in unrecognized deferred tax assets (a) -91 -7Deferred tax income on amortization of PPA step-ups 2 3Deferred tax impact of changes in the nominal tax rates 2 4Deferred taxes related to prior years -5 3Other deferred taxes (b) 59 -138Deferred taxes -34 -135Income taxes recognized in the consolidated income statement -208 -228Income taxes on items recognized in other comprehensive income 2 -66The current taxes (net expense) related to the current year increased by \u20ac(73) million due to higher taxable profits in countries with high effective tax rates (e.g. Italy, Belgium, and Germany) slightly offset by the reversal of provisions for tax litigation.(a) In 2023, the change in unrecognized deferred tax assets amounted to \u20ac91 million resulting mainly from a revision of the forecasted taxable results mainly due to the exit from the tax unit in France as a consequence of the Partial Demerger of the Group. (b) In 2023, the other deferred taxes (\u20ac63 million) mainly relate to provisions other than employee benefits and tangible assets. Developments in International TaxationSolvay SA/NV is closely monitoring the laws which the various jurisdictions are adopting following the Organization for Economic Co-operation and Development (OECD) and EU-initiatives regarding the Pillar Two Global Minimum Tax of 15% and the potential impact thereof. A preliminary assessment of this potential impact, which has been conducted with support of an independent advisor using financial information of financial year 2022 of Solvay SA/NV (prior to the partial demerger of December 8, 2023), indicated that no material tax impact is reasonably to be expected. Because of the complexity of the Pillar Two rules, the continued further guidance and supplementation of the legislation and the complexity of Solvay\u2019s partial demerger from both a financial and transactional perspective, the financial year 2023 is considered not a suitable reference and the impact assessment will continue in the course of 2024.Solvay SA/NV will continue to conduct tax technical analyses and further develop its tools and processes over the next few months and continue to involve, inform and educate key stakeholders, both internal and external.F7.B. Reconciliation of the income tax expenseThe effective income tax expense has been reconciled with the theoretical tax expense obtained by applying to the pre-tax profit of each Group entity the nominal tax rate prevailing in the country in which it operates.In \u20acmillion 2023 2022Profit/(Loss) for the year before taxes 180 1,132Earnings from associates and joint ventures 53 153Profit/(Loss) for the year before taxes excluding earnings from associates and joint ventures 127 979Reconciliation of the tax income/(expense) Total tax income/(expense) of the Group entities computed on the basis of the respective local nominal -27 -222ratesWeighted average nominal rate 21% 25%Withholding taxes -31 -21Tax effect of changes in nominal tax rates 2 4Changes in unrecognized deferred tax assets -91 -7Tax effect of permanent differences -36 17Gain and losses with no tax expense and income -20 -12Provisions for tax litigations 1 11Other tax effect of current and deferred tax adjustments related to prior years 0 7Tax effect on distribution of dividends -4 -4Effective tax income/(expense) -208 -227Effective tax rate 116% 20%The weighted average nominal rate decreased from 2022 (25%) to 2023 (21%).The higher effective tax rate is mainly due to the changes in recognition of deferred tax assets in France and the impact of the RusVinyl disinvestment. F7.C. Deferred taxes in the consolidated statement of financial position2023 \u2013 In \u20acmillion Opening Recognized Recognized Exchange Other ac-Other Partial Closing balancein income in other com-rate quisition / Demer-balancestatementprehensive effectdisposalgerincomeTemporary differencesEmployee benefits obligations 234 -90 -47 0 -1 1 98Provisions other than employee 175 24 1 -1 -164 35benefitsProperty, plant and equipment -234 34 11 145 -44Intangible assets -196 28 -3 178 7Right-of-use assets -81 4 1 35 -40Lease liabilities 82 -4 -1 -34 43Goodwill 58 0 -1 -57 0Other temporary differences -66 2 49 0 4 -3 -14Tax losses 375 -17 0 -1 -257 99Tax credits 27 -16 0 -9 2Total (net amount) 374 -34 2 8 2 -166 1862022 \u2013 In \u20acmillion Opening Recognized Recognized Exchange Other Transfer Closing balancein income in other com-rate effectacquisition to assets balancestatementprehensive / disposalheld for incomesaleTemporary differencesEmployee benefits obligations 289 7 -68 5 1 234Provisions other than employee benefits 208 -42 9 0 0 175Property, plant and equipment -225 7 -15 0 -1 -234Intangible assets -274 96 -17 0 -196Right-of-use assets -74 -4 -2 0 0 -81Lease liabilities 75 4 3 0 82Goodwill 3 56 -1 58Other temporary differences 20 -84 1 -3 0 0 -66Tax losses 263 109 3 0 375Tax credits 33 -7 1 27Total (net amount) 318 141 -66 -18 0 0 374The significant components of the deferred tax assets and deferred tax liabilities at the end of 2023 and 2022 are as follows:In \u20acmillion 2023Deferred tax Deferred tax Net deferred Write-down of Net deferred assetsliabilitiestaxes before deferred tax taxeswrite-downassets (unrecog- nized portion)Employee benefits obligations 208 -25 182 -84 98Provisions other than employee benefits 165 -57 108 -73 35Property, plant and equipment 56 -108 -52 8 -44Intangible assets 14 -16 -1 8 7Right-of-use assets -6 -42 -47 7 -40Lease liabilities 52 -1 51 -8 43Goodwill 0 0 0 0 0Other 200 -211 -10 -3 -14Temporary differences 689 -459 230 -145 85Operational losses 218 0 218 -165 53Non-operational losses 58 0 58 -13 46Tax losses 276 0 276 -178 99Tax credits carried forward 2 0 2 0 2Netting deferred taxes -328 328 0 0 0Deferred taxes 639 -131 508 -322 186In \u20acmillion 2022Deferred tax Deferred tax Net deferred Write-down of Net deferred assetsliabilitiestaxes before deferred tax taxeswrite-downassets (unrecog- nized portion)Employee benefits obligations 328 -94 234 0 234Provisions other than employee benefits 241 -66 174 1 175Property, plant and equipment 69 -275 -207 -28 -234Intangible assets 261 -381 -120 -76 -196Right-of-use assets 0 -82 -81 0 -81Lease liabilities 80 2 82 0 82Goodwill 58 0 58 0 58Other 175 -238 -63 -3 -66Temporary differences 1,211 -1,133 76 -105 -29Operational losses 1,479 0 1,479 -1,187 292Non-operational losses 308 0 308 -225 83Tax losses 1,787 0 1,787 -1,412 375Tax credits carried forward 81 1 81 -55 27Netting deferred taxes -575 575 0 0 0Deferred taxes 2,504 -557 1,945 -1,572 374The evolution of the net deferred taxes between 2023 and 2022 mainly relates to the following items: \u00b7 The total net deferred taxes of \u20ac186 million at year-end 2023 are \u20ac188 million lower than in 2022. \u00b7 The main changes in 2023 are related to the following items: \u00b7 Deferred taxes on employee benefit obligations: \u20ac98 million at year-end 2023 - \u20ac136 million lower than in 2022, explained by the non-recognition of deferred taxes in France (\u20ac(48) million in income statement and \u20ac(28) million in other comprehensive income) and by the decrease of post-employment benefits obligations mainly in France. \u00b7 Deferred taxes on provisions other than employee benefits: \u20ac35 million at year-end 2023 - \u20ac140 million lower than in 2022; mainly due to the Partial Demerger (\u20ac164 million) \u00b7 Deferred taxes on intangible assets: \u20ac7 million at year-end 2023 - \u20ac203 million lower than in 2022. The decrease in these liabilities in 2023 is mainly due to the Partial Demerger (\u20ac178 million) \u00b7 deferred taxes on operational and non-operational tax losses: \u20ac99 million at year-end 2023 - \u20ac276 million lower than in 2022 mainly due to the Partial Demerger (\u20ac257 million) and less recognition in Belgium (\u20ac6 million). \u00b7 Deferred tax assets on other temporary differences: \u20ac(14) million at year-end 2023 - \u20ac52 million lower than in 2022 mainly due to the derecognition of the CO emission rights contracts in several legal entities.2 \u00b7 Deferred tax liabilities on unremitted earnings were recognized in the Other Temporary differences for \u20ac(16) million at year-end 2023 (\u20ac(56) million at year-end 2022). The amounts of deferred tax liabilities not recognized, provided that the Group controls the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future were \u20ac36 million at year-end 2023 (\u20ac32 million at year-end 2022).Recognized deferred taxes for which utilization depends on future taxable profits in excess of the profit arising from the reversal of existing taxable temporary differences within entities that have suffered a tax loss in either current or preceding years in the related tax jurisdiction, amount to \u20ac187 million (\u20ac134 million in 2022). This recognition is supported by favorable expectations of future taxable profits.F7.D. Other informationFor the majority of the Group\u2019s tax loss carryforwards, no deferred tax assets have been recognized. The unrecognized tax losses are mainly located in countries where they can be carried forward indefinitely. The tax losses carried forward generating deferred tax assets are given below by expiration date.In \u20acmillion 2023 2022Within 1 year 13 0Within 2 years 7 1Within 3 years 2 1Within 4 years 0 0Within 5 or more years 53 12No time limit 316 1,402Total of losses carried forward which have generated recognized deferred tax assets 391 1,417Tax losses carried forward for which deferred tax assets were written-down 1,520 5,203Total of tax losses carried forward 1,911 6,620The tax losses carried forward of \u20ac391 million (\u20ac1,417 million in 2022) have generated deferred tax assets for \u20ac100 million (\u20ac375 million in 2022). The decrease of tax losses carried forward which have generated a reduction of tax assets, is largely due to the Partial Demerger of the GroupPresentation of the tax effect relating to each item of other comprehensive incomeNote: the below table presents the total other comprehensive income items for the aggregate of the shares of Solvay and the non-controlling interests. 2023 Before-tax Tax expense Net of tax In \u20acmillionamount(-)/incomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge-208 49 -159Recycling to the income statement-20 -20Gains and losses on hedging instruments in a cash flow hedge (see note F32) -228 49 -179Currency translation differences arising during the year-423 -423Recycling of currency translations differences relating to foreign operations disposed of 287 287in the yearOther movement of currency translation differences (NCI) relating to foreign operations -1 -1Currency translation differences \u2013 Subsidiaries and joint operations -138 -138Currency translation differences arising during the year23 23Recycling of currency translations differences relating to foreign operations disposed of 179 179in the yearShare of other comprehensive income of associates and joint ventures 202 202Recyclable components-164 49 -115Gains and losses on equity instruments measured at fair value through other 0 0 0comprehensive incomeRemeasurements of the net defined benefit liability (see notes F7 & F30) -30 -47 -77Non-recyclable components-30 -47 -77Other comprehensive income/(loss) -194 2 -192In 2023, the recycling of the currency translation differences was mainly due to the Partial Demerger \u20ac(292) million and due to derecognition of RusVinyl \u20ac(169) million.2022Before-tax Tax expense Net of tax In \u20acmillionamount(-)/incomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge 305 -7 298Recycling to the income statement -226 -226Gains and losses on hedging instruments in a cash flow hedge (see note F32) 79 -7 72Currency translation differences arising during the year 285 285Recycling of currency translations differences relating to foreign operations disposed of -1 -1in the yearOther movement of currency translation differences (NCI) relating to foreign operations 0 0Currency translation differences \u2013 Subsidiaries and joint operations 284 284Share of other comprehensive income of associates and joint ventures 22 22Recyclable components385 -7 377Gains and losses on equity instruments measured at fair value through other -25 6 -19comprehensive incomeRemeasurements of the net defined benefit liability (see note F30) 155 -66 89Non-recyclable components130 -60 70Other comprehensive income/(loss) 515 -67 447",
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},
"s8_notes__7__74-1": {
"value": "NOTE F7INCOME TAXES IN THE INCOME STATEMENT AND THE STATEMENT OF FINANCIAL POSITIONAccounting policyCurrent taxesThe current tax payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the consolidated income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.Deferred taxesDeferred taxes are recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax bases used in the computation of taxable profit.Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.Deferred tax liabilities are generally recognized for all taxable temporary differences. No deferred tax liabilities are recognized following the initial recognition of goodwill. In addition, no deferred tax assets or liabilities are recognized with respect to the initial recognition of an asset or liability in a transaction which is not a business combination and affects neither accounting profit nor taxable profit.Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, joint operations, joint ventures, and associates, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets other than tax loss carryforwards are analyzed on a case by case basis, taking into account all relevant facts and circumstances. For example, a zero taxable profit, after deducting the amounts paid to retirees under a defined benefit plan and for which a deductible temporary difference existed, can justify the recognition of the underlying deferred tax assets. Recognition of deferred tax assets for tax loss carryforwards requires a positive taxable profit during the year that enables the utilization of tax losses that originated in the past. Because of uncertainties inherent to predicting such positive taxable profit, recognition of deferred tax assets from tax loss carryforwards is based on a case by case analysis, which is usually based on five-year profit forecasts, except with respect to any financial company for which ten-year financial profit forecasts are considered highly predictable and are consequently used. The corporate tax reporting team, which monitors the Group deferred tax positions, is involved in assessing deferred tax assets.Further details are provided in note F7.C.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.Current tax assets and liabilities are offset when there is a legally enforceable right to set off the recognized amounts and when the Group intends to settle its current tax assets and liabilities on a net basis.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.Current and deferred taxes for the periodCurrent and deferred taxes for the period are recognized as an expense or income in profit or loss, except when they relate to items that are recognized outside profit or loss (whether in other comprehensive income or directly in equity), in which case the tax is also recognized outside profit or loss, or when they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in the accounting for the business combination.Exception to the above, as from January 1, 2019, the Group applies the amendments to IAS 12, that apply to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period, i.e. January 1, 2018. In 2018, the income tax consequences of the coupons on perpetual hybrid bonds classified as equity were recognized in equity. As a result of the adoption of the amendment, those income tax consequences are now recognized in profit or loss.F7.A. Income taxesThe income taxes (net expense) recognized in the consolidated income statement decreased by \u20ac29 million in 2023 compared to 2022. The income taxes (net expense) recognized in other comprehensive income decreased by \u20ac58 million in 2023 compared to 2022, mainly due to the movement in employee benefit provisions (see note F30 Employee benefits) and due to the variation of the CO emission rights contracts (see note F32 Financial 2instruments and Financial risk management).In \u20acmillion 2023 2022Current taxes related to current year -180 -107Provisions for tax litigations 1 11Other current taxes related to prior years 5 4Current taxes -174 -92Changes in unrecognized deferred tax assets (a) -91 -7Deferred tax income on amortization of PPA step-ups 2 3Deferred tax impact of changes in the nominal tax rates 2 4Deferred taxes related to prior years -5 3Other deferred taxes (b) 59 -138Deferred taxes -34 -135Income taxes recognized in the consolidated income statement -208 -228Income taxes on items recognized in other comprehensive income 2 -66The current taxes (net expense) related to the current year increased by \u20ac(73) million due to higher taxable profits in countries with high effective tax rates (e.g. Italy, Belgium, and Germany) slightly offset by the reversal of provisions for tax litigation.(a) In 2023, the change in unrecognized deferred tax assets amounted to \u20ac91 million resulting mainly from a revision of the forecasted taxable results mainly due to the exit from the tax unit in France as a consequence of the Partial Demerger of the Group. (b) In 2023, the other deferred taxes (\u20ac63 million) mainly relate to provisions other than employee benefits and tangible assets. Developments in International TaxationSolvay SA/NV is closely monitoring the laws which the various jurisdictions are adopting following the Organization for Economic Co-operation and Development (OECD) and EU-initiatives regarding the Pillar Two Global Minimum Tax of 15% and the potential impact thereof. A preliminary assessment of this potential impact, which has been conducted with support of an independent advisor using financial information of financial year 2022 of Solvay SA/NV (prior to the partial demerger of December 8, 2023), indicated that no material tax impact is reasonably to be expected. Because of the complexity of the Pillar Two rules, the continued further guidance and supplementation of the legislation and the complexity of Solvay\u2019s partial demerger from both a financial and transactional perspective, the financial year 2023 is considered not a suitable reference and the impact assessment will continue in the course of 2024.Solvay SA/NV will continue to conduct tax technical analyses and further develop its tools and processes over the next few months and continue to involve, inform and educate key stakeholders, both internal and external.F7.B. Reconciliation of the income tax expenseThe effective income tax expense has been reconciled with the theoretical tax expense obtained by applying to the pre-tax profit of each Group entity the nominal tax rate prevailing in the country in which it operates.In \u20acmillion 2023 2022Profit/(Loss) for the year before taxes 180 1,132Earnings from associates and joint ventures 53 153Profit/(Loss) for the year before taxes excluding earnings from associates and joint ventures 127 979Reconciliation of the tax income/(expense) Total tax income/(expense) of the Group entities computed on the basis of the respective local nominal -27 -222ratesWeighted average nominal rate 21% 25%Withholding taxes -31 -21Tax effect of changes in nominal tax rates 2 4Changes in unrecognized deferred tax assets -91 -7Tax effect of permanent differences -36 17Gain and losses with no tax expense and income -20 -12Provisions for tax litigations 1 11Other tax effect of current and deferred tax adjustments related to prior years 0 7Tax effect on distribution of dividends -4 -4Effective tax income/(expense) -208 -227Effective tax rate 116% 20%The weighted average nominal rate decreased from 2022 (25%) to 2023 (21%).The higher effective tax rate is mainly due to the changes in recognition of deferred tax assets in France and the impact of the RusVinyl disinvestment. F7.C. Deferred taxes in the consolidated statement of financial position2023 \u2013 In \u20acmillion Opening Recognized Recognized Exchange Other ac-Other Partial Closing balancein income in other com-rate quisition / Demer-balancestatementprehensive effectdisposalgerincomeTemporary differencesEmployee benefits obligations 234 -90 -47 0 -1 1 98Provisions other than employee 175 24 1 -1 -164 35benefitsProperty, plant and equipment -234 34 11 145 -44Intangible assets -196 28 -3 178 7Right-of-use assets -81 4 1 35 -40Lease liabilities 82 -4 -1 -34 43Goodwill 58 0 -1 -57 0Other temporary differences -66 2 49 0 4 -3 -14Tax losses 375 -17 0 -1 -257 99Tax credits 27 -16 0 -9 2Total (net amount) 374 -34 2 8 2 -166 1862022 \u2013 In \u20acmillion Opening Recognized Recognized Exchange Other Transfer Closing balancein income in other com-rate effectacquisition to assets balancestatementprehensive / disposalheld for incomesaleTemporary differencesEmployee benefits obligations 289 7 -68 5 1 234Provisions other than employee benefits 208 -42 9 0 0 175Property, plant and equipment -225 7 -15 0 -1 -234Intangible assets -274 96 -17 0 -196Right-of-use assets -74 -4 -2 0 0 -81Lease liabilities 75 4 3 0 82Goodwill 3 56 -1 58Other temporary differences 20 -84 1 -3 0 0 -66Tax losses 263 109 3 0 375Tax credits 33 -7 1 27Total (net amount) 318 141 -66 -18 0 0 374The significant components of the deferred tax assets and deferred tax liabilities at the end of 2023 and 2022 are as follows:In \u20acmillion 2023Deferred tax Deferred tax Net deferred Write-down of Net deferred assetsliabilitiestaxes before deferred tax taxeswrite-downassets (unrecog- nized portion)Employee benefits obligations 208 -25 182 -84 98Provisions other than employee benefits 165 -57 108 -73 35Property, plant and equipment 56 -108 -52 8 -44Intangible assets 14 -16 -1 8 7Right-of-use assets -6 -42 -47 7 -40Lease liabilities 52 -1 51 -8 43Goodwill 0 0 0 0 0Other 200 -211 -10 -3 -14Temporary differences 689 -459 230 -145 85Operational losses 218 0 218 -165 53Non-operational losses 58 0 58 -13 46Tax losses 276 0 276 -178 99Tax credits carried forward 2 0 2 0 2Netting deferred taxes -328 328 0 0 0Deferred taxes 639 -131 508 -322 186In \u20acmillion 2022Deferred tax Deferred tax Net deferred Write-down of Net deferred assetsliabilitiestaxes before deferred tax taxeswrite-downassets (unrecog- nized portion)Employee benefits obligations 328 -94 234 0 234Provisions other than employee benefits 241 -66 174 1 175Property, plant and equipment 69 -275 -207 -28 -234Intangible assets 261 -381 -120 -76 -196Right-of-use assets 0 -82 -81 0 -81Lease liabilities 80 2 82 0 82Goodwill 58 0 58 0 58Other 175 -238 -63 -3 -66Temporary differences 1,211 -1,133 76 -105 -29Operational losses 1,479 0 1,479 -1,187 292Non-operational losses 308 0 308 -225 83Tax losses 1,787 0 1,787 -1,412 375Tax credits carried forward 81 1 81 -55 27Netting deferred taxes -575 575 0 0 0Deferred taxes 2,504 -557 1,945 -1,572 374The evolution of the net deferred taxes between 2023 and 2022 mainly relates to the following items: \u00b7 The total net deferred taxes of \u20ac186 million at year-end 2023 are \u20ac188 million lower than in 2022. \u00b7 The main changes in 2023 are related to the following items: \u00b7 Deferred taxes on employee benefit obligations: \u20ac98 million at year-end 2023 - \u20ac136 million lower than in 2022, explained by the non-recognition of deferred taxes in France (\u20ac(48) million in income statement and \u20ac(28) million in other comprehensive income) and by the decrease of post-employment benefits obligations mainly in France. \u00b7 Deferred taxes on provisions other than employee benefits: \u20ac35 million at year-end 2023 - \u20ac140 million lower than in 2022; mainly due to the Partial Demerger (\u20ac164 million) \u00b7 Deferred taxes on intangible assets: \u20ac7 million at year-end 2023 - \u20ac203 million lower than in 2022. The decrease in these liabilities in 2023 is mainly due to the Partial Demerger (\u20ac178 million) \u00b7 deferred taxes on operational and non-operational tax losses: \u20ac99 million at year-end 2023 - \u20ac276 million lower than in 2022 mainly due to the Partial Demerger (\u20ac257 million) and less recognition in Belgium (\u20ac6 million). \u00b7 Deferred tax assets on other temporary differences: \u20ac(14) million at year-end 2023 - \u20ac52 million lower than in 2022 mainly due to the derecognition of the CO emission rights contracts in several legal entities.2 \u00b7 Deferred tax liabilities on unremitted earnings were recognized in the Other Temporary differences for \u20ac(16) million at year-end 2023 (\u20ac(56) million at year-end 2022). The amounts of deferred tax liabilities not recognized, provided that the Group controls the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future were \u20ac36 million at year-end 2023 (\u20ac32 million at year-end 2022).Recognized deferred taxes for which utilization depends on future taxable profits in excess of the profit arising from the reversal of existing taxable temporary differences within entities that have suffered a tax loss in either current or preceding years in the related tax jurisdiction, amount to \u20ac187 million (\u20ac134 million in 2022). This recognition is supported by favorable expectations of future taxable profits.F7.D. Other informationFor the majority of the Group\u2019s tax loss carryforwards, no deferred tax assets have been recognized. The unrecognized tax losses are mainly located in countries where they can be carried forward indefinitely. The tax losses carried forward generating deferred tax assets are given below by expiration date.In \u20acmillion 2023 2022Within 1 year 13 0Within 2 years 7 1Within 3 years 2 1Within 4 years 0 0Within 5 or more years 53 12No time limit 316 1,402Total of losses carried forward which have generated recognized deferred tax assets 391 1,417Tax losses carried forward for which deferred tax assets were written-down 1,520 5,203Total of tax losses carried forward 1,911 6,620The tax losses carried forward of \u20ac391 million (\u20ac1,417 million in 2022) have generated deferred tax assets for \u20ac100 million (\u20ac375 million in 2022). The decrease of tax losses carried forward which have generated a reduction of tax assets, is largely due to the Partial Demerger of the GroupPresentation of the tax effect relating to each item of other comprehensive incomeNote: the below table presents the total other comprehensive income items for the aggregate of the shares of Solvay and the non-controlling interests. 2023 Before-tax Tax expense Net of tax In \u20acmillionamount(-)/incomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge-208 49 -159Recycling to the income statement-20 -20Gains and losses on hedging instruments in a cash flow hedge (see note F32) -228 49 -179Currency translation differences arising during the year-423 -423Recycling of currency translations differences relating to foreign operations disposed of 287 287in the yearOther movement of currency translation differences (NCI) relating to foreign operations -1 -1Currency translation differences \u2013 Subsidiaries and joint operations -138 -138Currency translation differences arising during the year23 23Recycling of currency translations differences relating to foreign operations disposed of 179 179in the yearShare of other comprehensive income of associates and joint ventures 202 202Recyclable components-164 49 -115Gains and losses on equity instruments measured at fair value through other 0 0 0comprehensive incomeRemeasurements of the net defined benefit liability (see notes F7 & F30) -30 -47 -77Non-recyclable components-30 -47 -77Other comprehensive income/(loss) -194 2 -192In 2023, the recycling of the currency translation differences was mainly due to the Partial Demerger \u20ac(292) million and due to derecognition of RusVinyl \u20ac(169) million.2022Before-tax Tax expense Net of tax In \u20acmillionamount(-)/incomeamountEffective portion of gains and losses on hedging instruments in a cash flow hedge 305 -7 298Recycling to the income statement -226 -226Gains and losses on hedging instruments in a cash flow hedge (see note F32) 79 -7 72Currency translation differences arising during the year 285 285Recycling of currency translations differences relating to foreign operations disposed of -1 -1in the yearOther movement of currency translation differences (NCI) relating to foreign operations 0 0Currency translation differences \u2013 Subsidiaries and joint operations 284 284Share of other comprehensive income of associates and joint ventures 22 22Recyclable components385 -7 377Gains and losses on equity instruments measured at fair value through other -25 6 -19comprehensive incomeRemeasurements of the net defined benefit liability (see note F30) 155 -66 89Non-recyclable components130 -60 70Other comprehensive income/(loss) 515 -67 447NOTE F13 INCOME TAXES IN THE STATEMENT OF CASH FLOWSIncome tax expense in 2023 amounts to \u20ac450 million (\u20ac217 million in 2022). Income tax paid in 2023 amounts to \u20ac434 million (\u20ac305 million in 2022). The income tax paid has increased compared to previous years due to increased profits mainly in China, the US and Italy.The major components of Income taxes are discussed in note F7 income taxes in income statement and statement of financial position.",
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"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__82": {
"value": "NOTE F8DISCONTINUED OPERATIONS AND PARTIAL DEMERGERAccounting policyA discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u00b7 represents a separate major line of business or geographical area of operations; \u00b7 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u00b7 is a subsidiary acquired exclusively with a view to resale.A component of the Group consists of operations and cash flows, which can be clearly distinguished operationally and for financial reporting purposes, from the rest of the Group.In the consolidated statement of comprehensive income, the consolidated statement of cash flows, and disclosures, discontinued operations are restated for prior periods presented.In accordance with IFRIC 17 Distribution of Non-cash Assets to Owners, and IFRS 10 Consolidated Financial Statements \u2013 chapter on loss of control \u2013 Solvay measures the profit on distribution in the form of demerger as the excess amount of the fair value of the distributed net assets over the then-carrying value of the net assets of the distributed businesses, adjusted for the related NCI. The recognition of the fair value of the distributed net assets may require the use of valuation techniques. Solvay uses the observable values as input for such valuation techniques.Solvay applies IFRS 5 requirements after intercompany elimination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__81": {
"value": "NOTE F8DISCONTINUED OPERATIONS AND PARTIAL DEMERGERAccounting policyA discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u00b7 represents a separate major line of business or geographical area of operations; \u00b7 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u00b7 is a subsidiary acquired exclusively with a view to resale.A component of the Group consists of operations and cash flows, which can be clearly distinguished operationally and for financial reporting purposes, from the rest of the Group.In the consolidated statement of comprehensive income, the consolidated statement of cash flows, and disclosures, discontinued operations are restated for prior periods presented.In accordance with IFRIC 17 Distribution of Non-cash Assets to Owners, and IFRS 10 Consolidated Financial Statements \u2013 chapter on loss of control \u2013 Solvay measures the profit on distribution in the form of demerger as the excess amount of the fair value of the distributed net assets over the then-carrying value of the net assets of the distributed businesses, adjusted for the related NCI. The recognition of the fair value of the distributed net assets may require the use of valuation techniques. Solvay uses the observable values as input for such valuation techniques.Solvay applies IFRS 5 requirements after intercompany elimination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__80": {
"value": "NOTE F8DISCONTINUED OPERATIONS AND PARTIAL DEMERGERAccounting policyA discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u00b7 represents a separate major line of business or geographical area of operations; \u00b7 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u00b7 is a subsidiary acquired exclusively with a view to resale.A component of the Group consists of operations and cash flows, which can be clearly distinguished operationally and for financial reporting purposes, from the rest of the Group.In the consolidated statement of comprehensive income, the consolidated statement of cash flows, and disclosures, discontinued operations are restated for prior periods presented.In accordance with IFRIC 17 Distribution of Non-cash Assets to Owners, and IFRS 10 Consolidated Financial Statements \u2013 chapter on loss of control \u2013 Solvay measures the profit on distribution in the form of demerger as the excess amount of the fair value of the distributed net assets over the then-carrying value of the net assets of the distributed businesses, adjusted for the related NCI. The recognition of the fair value of the distributed net assets may require the use of valuation techniques. Solvay uses the observable values as input for such valuation techniques.Solvay applies IFRS 5 requirements after intercompany elimination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__79-1": {
"value": "NOTE F8DISCONTINUED OPERATIONS AND PARTIAL DEMERGERAccounting policyA discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u00b7 represents a separate major line of business or geographical area of operations; \u00b7 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u00b7 is a subsidiary acquired exclusively with a view to resale.A component of the Group consists of operations and cash flows, which can be clearly distinguished operationally and for financial reporting purposes, from the rest of the Group.In the consolidated statement of comprehensive income, the consolidated statement of cash flows, and disclosures, discontinued operations are restated for prior periods presented.In accordance with IFRIC 17 Distribution of Non-cash Assets to Owners, and IFRS 10 Consolidated Financial Statements \u2013 chapter on loss of control \u2013 Solvay measures the profit on distribution in the form of demerger as the excess amount of the fair value of the distributed net assets over the then-carrying value of the net assets of the distributed businesses, adjusted for the related NCI. The recognition of the fair value of the distributed net assets may require the use of valuation techniques. Solvay uses the observable values as input for such valuation techniques.Solvay applies IFRS 5 requirements after intercompany elimination. F8.A. Partial Demerger of the Specialty BusinessesOn March 15, 2022, the Group announced that it was reviewing plans to separate into two independent, publicly traded companies. Effective December 9, 2023, at 00:00 a.m. CET, the Group\u2019s Materials segment, and the majority of the Group\u2019s Solutions segment (i.e., Novecare, Technology Solutions, Aroma Performance, and Oil and Gas) (together the \u201cSpecialty Businesses\u201d) were separated from Solvay SA/NV by way of a partial demerger of Solvay SA/NV under Belgian law (the \u201cPartial Demerger\u201d), whereby the shares and other interests held by Solvay SA/NV in the legal entities operating the Specialty Businesses, Solvay SA/NV\u2019s rights and obligations under the agreements entered into with those legal entities, as well as certain other assets and liabilities were contributed to Syensqo SA/NV.The Partial Demerger had not satisfied the criteria of discontinued operations until the decision of the extraordinary shareholders\u2019 meeting held on December 8, 2023, to approve the Partial Demerger. In consequence, the Specialty Businesses were not presented as discontinued operations in the Group\u2019s 2022 annual integrated report. As mentioned above, the effective date of the Partial Demerger was December 9, 2023.Discontinued operations include the operational results of the Specialty Businesses, mentioned above, certain corporate activities attributable to these businesses business prior to the Partial Demerger, and the gain on non-cash distribution of Specialty Businesses to Syensqo shareholders. The operations of Specialty Businesses are presented as discontinued operations in these financial statements. The energy and CO contracts related to the Specialty Businesses were transferred during the Partial Demerger.2Solvay SA/NV and Syensqo SA/NV entered into a Separation Agreement on December 4, 2023, to govern (i) certain practical aspects of the separation of the two groups, as well as the (ii) creation of cross indemnities to adjust, where necessary, the allocation of certain liabilities resulting from the legal structuring, and (iii) the allocation of certain liabilities, including environmental liabilities. Please refer to \u201cMain Events and Changes in the Consolidation Scope\u201d for further details on the \u201cSeparation Agreement\u201d and \u201cLiability management.\u201dThe Partial Demerger impacted the market value of all of the issued and outstanding shares of Solvay SA and the options on these shares. This includes the shares held by Solvay Stock Option Management SRL (\u201cSSOM\"), a wholly owned subsidiary of Solvay, for the purposes of hedging its exposure under LTI plans. For each share of Solvay SA/NV held by SSOM upon completion of the Partial Demerger, SSOM received one newly issued share of Syensqo SA/NV; the newly issued Syensqo shares were classified as investments at fair value through profit or loss and reclassified out of equity. The details on treasury shares and equity investments at fair value through profit or loss are provided in Notes F30 Equity, and F32 Financial Instruments.The profit from discontinued operations in the consolidated income statement is analyzed as follows (2023 \u2013 from January 1, 2023, to December 8, 2023):In \u20acmillion2023 2022Sales 6,656 8,092\u2014 of which revenue from non-core activities 167 205\u2014 of which net sales 6,489 7,887Cost of goods sold -4,357 -5,489Gross margin 2,299 2,604Commercial costs -272 -222Administrative costs -466 -617Research and development costs -318 -312Other operating gains and (losses) -132 -152Earnings from associates and joint ventures 18 18Results from portfolio management and major restructuring -53 -37Results from legacy remediation and major litigations -274 -182EBIT 802 1,100Cost of borrowings -54 -63Interest on loans and short term deposits 14 1Other gains and (losses) on net indebtedness -22 -24Cost of discounting provisions -20 18Result from equity instruments measured at fair value 3 -13Profit/(loss) for the year before taxes 723 1,019Income taxes -242 11Profit for the year from discontinued operations 481 1,030Gain on Partial Demerger according to IFRIC 17 1,651 Profit for the year from discontinued operations with the gain on the Partial Demerger 2,132 1,030The gain on Partial Demerger is analyzed below. F8.B. Partial Demerger - other related information Net assets of the demerged Specialty Businesses:In \u20acmillion Upon completion of the Partial Demerger (Dec. 9, 2023)ASSETS Intangible assets 1,678Goodwill 2,637Property, plant and equipment 3,481Right-of-use assets 189Equity instruments measured at fair value 79Investments in associates and joint ventures 202Other investments 4Deferred tax assets 884Loans and other assets 178Other financial instruments 30Non-current assets 9,362Inventories 1,256Trade receivables 1,083Income tax receivables 55Other financial instruments 56Other receivables 320Cash and cash equivalents 1,143Current assets 3,913Total assets 13,274LIABILITIES Provisions for employee benefits 333Other provisions 303Deferred tax liabilities 718Financial debt 816Other liabilities 22Non-current liabilities 2,192Other provisions 315Financial debt 1,472Trade payables 923Income tax payables 52Other liabilities 401Current liabilities 3,163Total liabilities 5,355Net assets directly associated with disposal group 7,920Gain on Partial Demerger according to IFRIC 17:In \u20acmillionFair value of the distribution 9,546Net assets -7,920Other adjustments 7Non-controlling interest associated with the net assets of Specialty 17BusinessesGain on the Partial Demerger 1,651The fair value of the distribution was measured by reference to the average of the closing price of the first 30 days of trading activity of Syensqo shares, following the Partial Demerger. This being a fair value measured with observable inputs, was considered to be representative of the fair value of the assets and liabilities effected by the demerger at the distribution date.F8.C. Other information relevant to discontinued operationsEdisonIn February 2023, Solvay Specialty Polymers Italy S.p.A., a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, received compensation of \u20ac91.6 million after decisions by the International Chamber of Commerce's Arbitration Court, the Swiss Supreme Court, and the Milan Court of Appeal, all of which ruled in favor of Solvay Specialty Polymers Italy S.p.A. The compensation relates to losses, damages and costs incurred up to the end of 2016 in relation to certain environmental issues at the Spinetta Marengo and Bussi sites, previously owned and operated by (Mont)Edison S.p.A. and Ausimont S.p.A. The compensation received in 2023 was included within discontinued operations in the Consolidated Income Statement.Environmental liabilitiesOn June 28, 2023, Solvay Specialty Polymers USA, LLC, a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, and the New Jersey Department of Environmental Protection (NJDEP) announced they reached a settlement resolving certain PFAS-related claims in New Jersey. As a result of this settlement, Solvay increased its existing provision by around US$250 million as of June 30, 2023, with US$175 million cash out in 2024 and the balance over a 30-year period. There were no further changes prior to the Partial Demerger. The provision was derecognized as a part of the Partial Demerger and transferred to Syensqo as from December 9, 2023.NOTE F26ASSETS HELD FOR SALEAt the end of 2023 and 2022, there were no assets and liabilities classified as held for sale.",
"dimensions": {
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"s8_notes__7__78": {
"value": "NOTE F8DISCONTINUED OPERATIONS AND PARTIAL DEMERGERAccounting policyA discontinued operation is a component of the Group which the Group has disposed of or which is classified as held for sale, and which: \u00b7 represents a separate major line of business or geographical area of operations; \u00b7 is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or \u00b7 is a subsidiary acquired exclusively with a view to resale.A component of the Group consists of operations and cash flows, which can be clearly distinguished operationally and for financial reporting purposes, from the rest of the Group.In the consolidated statement of comprehensive income, the consolidated statement of cash flows, and disclosures, discontinued operations are restated for prior periods presented.In accordance with IFRIC 17 Distribution of Non-cash Assets to Owners, and IFRS 10 Consolidated Financial Statements \u2013 chapter on loss of control \u2013 Solvay measures the profit on distribution in the form of demerger as the excess amount of the fair value of the distributed net assets over the then-carrying value of the net assets of the distributed businesses, adjusted for the related NCI. The recognition of the fair value of the distributed net assets may require the use of valuation techniques. Solvay uses the observable values as input for such valuation techniques.Solvay applies IFRS 5 requirements after intercompany elimination. F8.A. Partial Demerger of the Specialty BusinessesOn March 15, 2022, the Group announced that it was reviewing plans to separate into two independent, publicly traded companies. Effective December 9, 2023, at 00:00 a.m. CET, the Group\u2019s Materials segment, and the majority of the Group\u2019s Solutions segment (i.e., Novecare, Technology Solutions, Aroma Performance, and Oil and Gas) (together the \u201cSpecialty Businesses\u201d) were separated from Solvay SA/NV by way of a partial demerger of Solvay SA/NV under Belgian law (the \u201cPartial Demerger\u201d), whereby the shares and other interests held by Solvay SA/NV in the legal entities operating the Specialty Businesses, Solvay SA/NV\u2019s rights and obligations under the agreements entered into with those legal entities, as well as certain other assets and liabilities were contributed to Syensqo SA/NV.The Partial Demerger had not satisfied the criteria of discontinued operations until the decision of the extraordinary shareholders\u2019 meeting held on December 8, 2023, to approve the Partial Demerger. In consequence, the Specialty Businesses were not presented as discontinued operations in the Group\u2019s 2022 annual integrated report. As mentioned above, the effective date of the Partial Demerger was December 9, 2023.Discontinued operations include the operational results of the Specialty Businesses, mentioned above, certain corporate activities attributable to these businesses business prior to the Partial Demerger, and the gain on non-cash distribution of Specialty Businesses to Syensqo shareholders. The operations of Specialty Businesses are presented as discontinued operations in these financial statements. The energy and CO contracts related to the Specialty Businesses were transferred during the Partial Demerger.2Solvay SA/NV and Syensqo SA/NV entered into a Separation Agreement on December 4, 2023, to govern (i) certain practical aspects of the separation of the two groups, as well as the (ii) creation of cross indemnities to adjust, where necessary, the allocation of certain liabilities resulting from the legal structuring, and (iii) the allocation of certain liabilities, including environmental liabilities. Please refer to \u201cMain Events and Changes in the Consolidation Scope\u201d for further details on the \u201cSeparation Agreement\u201d and \u201cLiability management.\u201dThe Partial Demerger impacted the market value of all of the issued and outstanding shares of Solvay SA and the options on these shares. This includes the shares held by Solvay Stock Option Management SRL (\u201cSSOM\"), a wholly owned subsidiary of Solvay, for the purposes of hedging its exposure under LTI plans. For each share of Solvay SA/NV held by SSOM upon completion of the Partial Demerger, SSOM received one newly issued share of Syensqo SA/NV; the newly issued Syensqo shares were classified as investments at fair value through profit or loss and reclassified out of equity. The details on treasury shares and equity investments at fair value through profit or loss are provided in Notes F30 Equity, and F32 Financial Instruments.The profit from discontinued operations in the consolidated income statement is analyzed as follows (2023 \u2013 from January 1, 2023, to December 8, 2023):In \u20acmillion2023 2022Sales 6,656 8,092\u2014 of which revenue from non-core activities 167 205\u2014 of which net sales 6,489 7,887Cost of goods sold -4,357 -5,489Gross margin 2,299 2,604Commercial costs -272 -222Administrative costs -466 -617Research and development costs -318 -312Other operating gains and (losses) -132 -152Earnings from associates and joint ventures 18 18Results from portfolio management and major restructuring -53 -37Results from legacy remediation and major litigations -274 -182EBIT 802 1,100Cost of borrowings -54 -63Interest on loans and short term deposits 14 1Other gains and (losses) on net indebtedness -22 -24Cost of discounting provisions -20 18Result from equity instruments measured at fair value 3 -13Profit/(loss) for the year before taxes 723 1,019Income taxes -242 11Profit for the year from discontinued operations 481 1,030Gain on Partial Demerger according to IFRIC 17 1,651 Profit for the year from discontinued operations with the gain on the Partial Demerger 2,132 1,030The gain on Partial Demerger is analyzed below. F8.B. Partial Demerger - other related information Net assets of the demerged Specialty Businesses:In \u20acmillion Upon completion of the Partial Demerger (Dec. 9, 2023)ASSETS Intangible assets 1,678Goodwill 2,637Property, plant and equipment 3,481Right-of-use assets 189Equity instruments measured at fair value 79Investments in associates and joint ventures 202Other investments 4Deferred tax assets 884Loans and other assets 178Other financial instruments 30Non-current assets 9,362Inventories 1,256Trade receivables 1,083Income tax receivables 55Other financial instruments 56Other receivables 320Cash and cash equivalents 1,143Current assets 3,913Total assets 13,274LIABILITIES Provisions for employee benefits 333Other provisions 303Deferred tax liabilities 718Financial debt 816Other liabilities 22Non-current liabilities 2,192Other provisions 315Financial debt 1,472Trade payables 923Income tax payables 52Other liabilities 401Current liabilities 3,163Total liabilities 5,355Net assets directly associated with disposal group 7,920Gain on Partial Demerger according to IFRIC 17:In \u20acmillionFair value of the distribution 9,546Net assets -7,920Other adjustments 7Non-controlling interest associated with the net assets of Specialty 17BusinessesGain on the Partial Demerger 1,651The fair value of the distribution was measured by reference to the average of the closing price of the first 30 days of trading activity of Syensqo shares, following the Partial Demerger. This being a fair value measured with observable inputs, was considered to be representative of the fair value of the assets and liabilities effected by the demerger at the distribution date.F8.C. Other information relevant to discontinued operationsEdisonIn February 2023, Solvay Specialty Polymers Italy S.p.A., a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, received compensation of \u20ac91.6 million after decisions by the International Chamber of Commerce's Arbitration Court, the Swiss Supreme Court, and the Milan Court of Appeal, all of which ruled in favor of Solvay Specialty Polymers Italy S.p.A. The compensation relates to losses, damages and costs incurred up to the end of 2016 in relation to certain environmental issues at the Spinetta Marengo and Bussi sites, previously owned and operated by (Mont)Edison S.p.A. and Ausimont S.p.A. The compensation received in 2023 was included within discontinued operations in the Consolidated Income Statement.Environmental liabilitiesOn June 28, 2023, Solvay Specialty Polymers USA, LLC, a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, and the New Jersey Department of Environmental Protection (NJDEP) announced they reached a settlement resolving certain PFAS-related claims in New Jersey. As a result of this settlement, Solvay increased its existing provision by around US$250 million as of June 30, 2023, with US$175 million cash out in 2024 and the balance over a 30-year period. There were no further changes prior to the Partial Demerger. The provision was derecognized as a part of the Partial Demerger and transferred to Syensqo as from December 9, 2023.",
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"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__84": {
"value": "NOTE F9EARNINGS PER SHAREAccounting policyThe basic earnings per share are obtained by dividing profit for the year by the weighted average number of ordinary shares outstanding during the reporting period. The weighted average number of ordinary shares excludes the treasury shares held by the Group over the reporting period.The diluted earnings per share are obtained by dividing profit for the year, adjusted for the effects of dilutive potential ordinary shares, by the weighted average number of ordinary shares, also adjusted by the number of dilutive potential ordinary shares attached to the issuance of share options. The number of dilutive potential ordinary shares is calculated for the weighted average number of share options outstanding during the reporting period as the difference between the average market price of ordinary shares during the reporting period and the exercise price of the share option. Share options have a dilutive effect only when the average market price is above the exercise price (share options are \u201cin the money\u201d).For the purpose of calculating diluted earnings per share, there were no adjusting elements to the profit for the year (Solvay share).Basic and diluted amounts per share for discontinued operations are presented in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__83": {
"value": "NOTE F9EARNINGS PER SHAREAccounting policyThe basic earnings per share are obtained by dividing profit for the year by the weighted average number of ordinary shares outstanding during the reporting period. The weighted average number of ordinary shares excludes the treasury shares held by the Group over the reporting period.The diluted earnings per share are obtained by dividing profit for the year, adjusted for the effects of dilutive potential ordinary shares, by the weighted average number of ordinary shares, also adjusted by the number of dilutive potential ordinary shares attached to the issuance of share options. The number of dilutive potential ordinary shares is calculated for the weighted average number of share options outstanding during the reporting period as the difference between the average market price of ordinary shares during the reporting period and the exercise price of the share option. Share options have a dilutive effect only when the average market price is above the exercise price (share options are \u201cin the money\u201d).For the purpose of calculating diluted earnings per share, there were no adjusting elements to the profit for the year (Solvay share).Basic and diluted amounts per share for discontinued operations are presented in the consolidated income statement.Number of shares (in units)2023 2022Weighted average number of ordinary shares (basic) 104,160,774 103,744,461Dilution effect 1,288,845 398,745Weighted average number of ordinary shares (diluted) 105,449,619 104,143,2062023 2022Basic Diluted Basic DilutedProfit/(loss) for the year (Solvay share) including discontinued 2,092,753 2,092,753 1,905,417 1,905,417operations (in \u20acthousands)Profit/(loss) for the year (Solvay share) excluding -37,172 -37,172 890,040 890,040discontinued operations (in \u20acthousands)Earnings per share (including discontinued operations) (in \u20ac) 20.09 19.85 18.37 18.30Earnings per share (excluding discontinued operations) (in \u20ac) -0.36 -0.35 8.58 8.55The 2022 figures were restated.More information regarding shares, including dividend per share, can be found in the Business Review section.The average market price during 2023 was \u20ac26.93 per share. In connection with the listing of Syensqo SA/NV following completion of the Partial Demerger, Euronext Brussels restated the quotation data for 2023. For the purpose of calculating the average, we based on this restated data. The following share options were out of the money, and therefore antidilutive for the period presented, but could potentially dilute basic earnings per share in the future (see note F29 Share-based payments):Antidilutive share options per plans Date granted Exercise Number of share Number of share options price (in \u20ac)options grantedoutstanding2016 February 24, 2016 13.11 696,144 168,4292017 February 23, 2017 19.19 316,935 216,7092018 \u2013 1February 27, 2018 19.51 400,704 260,6112018 \u2013 2July 30, 2018 18.69 72,078 53,6402019 February 27, 2019 16.74 438,107 175,1092020 February 26, 2020 16.52 405,670 171,4272021 February 24, 2021 16.49 265,433 105,5942022 September 28, 2022 84.34 386,867 102,336Total 2,981,938 1,253,855The 2022 plan has not been split and the underlying is a combined instrument of Solvay SA/NV and Syensqo SA/NV shares. Consequently, the strike price (\u20ac84.34) has not been adjusted.",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__87-1": {
"value": "Currency translation differencesAccounting policyFor the purpose of presenting consolidated financial statements at the end of each reporting period, the assets and liabilities of the Group\u2019s foreign operations are expressed in euros using closing rates. Income and expense items are translated at the average exchange rates for the period except when the impact of applying the average rate is materially different from applying the spot rate at the respective transactions\u2019 dates, in which case the latter is applied. Exchange differences arising, if any, are recognized in other comprehensive income as \u201ccurrency translation differences\u201d.Currency translation differences are reclassified from equity to profit or loss, on: \u00b7 A disposal of the Group\u2019s entire interest in a foreign operation. In this case, all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognized, but they are not reclassified to profit or loss.At the end of 2023, the carrying amount of Currency Translation consists of \u20ac(288) million on BRL, \u20ac(211) linked to the conversion of Member States\u2019 currencies to Euro, and \u20ac256 million on USD.NOTE F27EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance of new share capital are directly recognized in equity as a deduction, net of tax, from the equity issuance proceeds.ReservesThe reserves include: \u00b7 treasury shares; \u00b7 perpetual hybrid bonds that qualify as equity absent any unavoidable contractual obligation to repay the principal and interest of the perpetual hybrid bonds (no maturity, interest is payable annually but can be deferred indefinitely at the issuer\u2019s discretion); \u00b7 retained earnings; \u00b7 currency translation differences from the consolidation process relating to the translation of the financial statements of foreign operations prepared in a non-euro functional currency to the euro presentation currency; \u00b7 the impacts of the fair value re-measurement of equity instruments measured at fair value through other comprehensive income; \u00b7 the impacts of the fair value re-measurement of financial instruments documented as hedging instruments in cash flow hedges; \u00b7 actuarial gains and losses related to defined benefit plans.Non-controlling interestsThose represent the share of non-controlling interests in the net assets and comprehensive income of subsidiaries of the Group, and correspond to the interests in subsidiaries that are not held by the Company or its subsidiaries.NUMBER OF SHARES (IN UNITS)December 31, 2023 December 31, 2022Shares issued and fully paid 105,876,416 105,876,416Treasury shares held 868,490 2,107,752The treasury shares held by the Group have been deducted from consolidated shareholders\u2019 equity. The shares issued by Solvay have no par value. Treasury sharesDuring 2023, Solvay has sold \u20ac50 million treasury shares in order to fulfill its employee benefits commitments. As part of the Partial Demerger, the treasury shares held by a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, at their carrying amount of \u20ac79 million, were transferred to Syensqo SA/NV as part of the Specialty Businesses.As a result of the Partial Demerger, for each treasury share held by Solvay Stock Option Management SRL (\u201cSSOM\u201d), a wholly owned subsidiary of Solvay, for the purposes of hedging its exposure under LTI plans, SSOM received one Syensqo share. Consequently, Solvay reclassified part of the equity (\u20ac81 million) related to treasury shares to equity investments at fair value through profit or loss. Perpetual hybrid bondsIn connection with the Partial Demerger, all perpetual hybrid bonds were either transferred to Syensqo (\u20ac0.5 billion) or paid in full (\u20ac1.3 billion). For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__85-1": {
"value": "Currency translation differencesAccounting policyFor the purpose of presenting consolidated financial statements at the end of each reporting period, the assets and liabilities of the Group\u2019s foreign operations are expressed in euros using closing rates. Income and expense items are translated at the average exchange rates for the period except when the impact of applying the average rate is materially different from applying the spot rate at the respective transactions\u2019 dates, in which case the latter is applied. Exchange differences arising, if any, are recognized in other comprehensive income as \u201ccurrency translation differences\u201d.Currency translation differences are reclassified from equity to profit or loss, on: \u00b7 A disposal of the Group\u2019s entire interest in a foreign operation. In this case, all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognized, but they are not reclassified to profit or loss.At the end of 2023, the carrying amount of Currency Translation consists of \u20ac(288) million on BRL, \u20ac(211) linked to the conversion of Member States\u2019 currencies to Euro, and \u20ac256 million on USD.NOTE F27EQUITYReservesThe reserves include: \u00b7 treasury shares; \u00b7 perpetual hybrid bonds that qualify as equity absent any unavoidable contractual obligation to repay the principal and interest of the perpetual hybrid bonds (no maturity, interest is payable annually but can be deferred indefinitely at the issuer\u2019s discretion); \u00b7 retained earnings; \u00b7 currency translation differences from the consolidation process relating to the translation of the financial statements of foreign operations prepared in a non-euro functional currency to the euro presentation currency; \u00b7 the impacts of the fair value re-measurement of equity instruments measured at fair value through other comprehensive income; \u00b7 the impacts of the fair value re-measurement of financial instruments documented as hedging instruments in cash flow hedges; NUMBER OF SHARES (IN UNITS)December 31, 2023 December 31, 2022Shares issued and fully paid 105,876,416 105,876,416Treasury shares held 868,490 2,107,752The treasury shares held by the Group have been deducted from consolidated shareholders\u2019 equity. The shares issued by Solvay have no par value. Treasury sharesDuring 2023, Solvay has sold \u20ac50 million treasury shares in order to fulfill its employee benefits commitments. As part of the Partial Demerger, the treasury shares held by a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, at their carrying amount of \u20ac79 million, were transferred to Syensqo SA/NV as part of the Specialty Businesses.As a result of the Partial Demerger, for each treasury share held by Solvay Stock Option Management SRL (\u201cSSOM\u201d), a wholly owned subsidiary of Solvay, for the purposes of hedging its exposure under LTI plans, SSOM received one Syensqo share. Consequently, Solvay reclassified part of the equity (\u20ac81 million) related to treasury shares to equity investments at fair value through profit or loss. Perpetual hybrid bondsIn connection with the Partial Demerger, all perpetual hybrid bonds were either transferred to Syensqo (\u20ac0.5 billion) or paid in full (\u20ac1.3 billion). For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1.",
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"s8_notes__7__95-1": {
"value": "NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS(CONTINUING AND DISCONTINUED OPERATIONS)NOTE F11 DEPRECIATION, AMORTIZATION AND IMPAIRMENTSThe depreciation, amortization and impairment losses (reversal) amount to \u20ac994 million in 2023 (\u20ac923 million in 2022), of which \u20ac500 million related to discontinued operations (\u20ac622 million in 2022).The table below presents the amounts of the total depreciation, amortization and impairment losses (reversals) of continuing operations included in the various headings of the Consolidated Statements of Income.In \u20acmillion 2023 2022Cost of goods sold 269 264Administrative costs 37 42Research and development costs 12 10Other operating gains and (losses) 10 13\u2014 Of which PPA (see Note F4)7 8Total depreciation and amortization 328 329Goodwill Impairment 38 0Other net Impairment 57 -28Total depreciation, amortization and impairment losses (reversal)423 301The comparative figures for 2022 are restated.In 2023, the impairments include the \u20ac38 million of impaired Energy CGU\u2019s goodwill and an impairment of \u20ac48 million of underperforming site within Special Chem CGU.NOTE F12 OTHER NON-OPERATING AND NON-CASH ITEMSThe other non-operating and non-cash items for 2023 of \u20ac(1,481) million mainly comprise the result linked to the Partial Demerger \u20ac(1,651) million (see Note F8 for the details), reduced by recycling of CTA of RusVinyl \u20ac176 million.In 2022, (\u20ac43) million mainly relate to non-cash capital gains and other results for M&A deals.NOTE F13 INCOME TAXES IN THE STATEMENT OF CASH FLOWSIncome tax expense in 2023 amounts to \u20ac450 million (\u20ac217 million in 2022). Income tax paid in 2023 amounts to \u20ac434 million (\u20ac305 million in 2022). The income tax paid has increased compared to previous years due to increased profits mainly in China, the US and Italy.The major components of Income taxes are discussed in note F7 income taxes in income statement and statement of financial position.NOTE F14 CHANGES IN WORKING CAPITALIn \u20acmillion 2023 2022Inventories 215 -300Trade receivables 122 -193Trade payables -495 115Other receivables/payables 79 -197Changes in working capital -78 -576Of which discontinued operations -55 -268The decrease in trade payables in 2023 results mainly from lower energy prices and the process of the Partial Demerger.NOTE F15ADDITIONS, REVERSALS AND USE OF PROVISIONSIn \u20acmillion 2023 2022Additions and reversal of employee benefits and other provisions 644 336Of which: \u2014 Employee benefits 44 63\u2014 Restructuring 104 32\u2014 Environment 346 177Payments related to employee benefits and use of provisions -304 -328Of which: \u2014 Employee benefits -85 -101\u2014 Restructuring -92 -106\u2014 Environment -72 -90Use of provisions for additional voluntary contributions -116 -155(pension plans)See note F31 for more information.NOTE F16CASH FLOWS FROM INVESTING ACTIVITIES \u2013 ACQUISITION/DISPOSAL OF ASSETS AND INVESTMENTSThe cash-flows in the table below present both continuing and discontinued operations.2023 \u2013 In \u20acmillion Acquisitions Disposals TotalInvestments -12 -718 -730\u2014 Subsidiaries 433 433\u2014 Cash in Partial Demerger -1,151 -1,151\u2014 Other -12 -12Property, plant and equipment/Intangible assets -1,063 7 -1,057Total -1,075 -711 -1,7862022 \u2013 In \u20acmillion Acquisitions Disposals TotalTotal investments -14 95 81\u2014 Subsidiaries 94 95\u2014 Other -14 -14Property, plant and equipment/Intangible assets -909 21 -888Total -923 116 -8072023In 2023, the amounts related to investment in subsidiaries related to the sale of RusVinyl. In regard to cash in the Partial Demerger, this is a result of the cash position in the demerged subsidiaries of Syensqo SA/NV. The acquisition includes the following main projects: \u00b7 Soda Ash & Derivatives: Soda ash capacity increase in Green River (USA) \u00b7 Soda Ash & Derivatives: Coal phase-out in Green River (USA) \u00b7 Peroxides: Hydrogen Peroxide capacity increase in Antwerp (Belgium) \u00b7 Silica: New electric furnace in Collonges (France) to reduce CO emissions2 \u00b7 Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacity increase in Tavaux (France) \u00b7 Specialty Polymers: DCDPS monomer capacity increase in Augusta (USA) \u00b7 Specialty Polymers: Udel polysulfone capacity increase in Marietta (USA) \u00b7 Specialty Polymers: Compounding capacity increase at Changshu (PRC) \u00b7 Specialty Polymers: Waste water treatment units at Tavaux (France) and Changshu (PRC) \u00b7 Novecare: internalization of IRIS intermediate chemical production in Melle (France) \u00b7 Aroma performance: internalization of natural vanillin fermentation (Portugal) and purification (France) \u00b7 Technology Solutions: Aldoxime capacity increase in Mount Pleasant (USA) \u00b7 O&G: Friction reducers production capacity in West Texas (USA)2022The other acquisitions (\u20ac(14) million) mainly relate to several investments of the Corporate Venturing portfolio (New Business Development). The disposal of subsidiaries (\u20ac95 million) mainly relates to the proceeds after taxes related to the final price adjustments for the disposal of the Barium Strontium business and the joint venture with Chemicals Products Corporation, the Polyamide business and the disposal of the Novecare Alkoxylation plant in Singapore.The acquisition of property, plant and equipment and intangible assets (\u20ac(909) million) includes the following main projects: \u00b7 Specialty Polymers: Polyvinylidene Fluoride (PVDF) capacity increase in Tavaux (France) and Changshu (PRC) \u00b7 Soda Ash & Derivatives: Soda ash capacity increase in Green River (USA) \u00b7 Novecare: internalization of IRIS intermediate chemical production in Melle (France) \u00b7 Technology Solutions: Aldoxime capacity increase in Mount Pleasant (USA) \u00b7 Aroma performance: internalization of natural vanillin purification in Saint Fons (France) \u00b7 Specialty Polymers: DCDPS monomer capacity increase in Augusta (USA) \u00b7 Specialty Polymers: Udel polysulfone capacity increase in Marietta (USA) NOTE F17OTHER CASH FLOWS FROM FINANCING ACTIVITIESThe \u20ac(337) millions of other cash flows from financing activities in 2023 (\u20ac112 million in 2022) mainly relate to margin calls on hedging instruments as part of Energy Services\u2019 activities for \u20ac(317) million (\u20ac128 million in 2022).For trading in futures of different commodities (CO, power, gas, coal), Energy Services uses brokers. These deals are subject to margin calls. To 2cover the credit risk of the counterparty, brokers pay a margin call to Solvay in case the instrument is in the money for Solvay. If the instrument is out of the money for Solvay, Solvay pays a margin call to the brokers. The margin calls are presented as part of financial debt (see note F33 Net indebtedness). Cash flows from margin calls are recognized as financing cash flows that fluctuate with the fair value of the instrument. The actual settlement of these commodity derivatives is net of margin calls and the gross amount (including margin calls that are reclassified from financing cash flows) is recognized in operating cash flows.",
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"s8_notes__7__105-1": {
"value": "NOTE F14 CHANGES IN WORKING CAPITALIn \u20acmillion 2023 2022Inventories 215 -300Trade receivables 122 -193Trade payables -495 115Other receivables/payables 79 -197Changes in working capital -78 -576Of which discontinued operations -55 -268The decrease in trade payables in 2023 results mainly from lower energy prices and the process of the Partial Demerger.Inventory write-downs are included in cost-of-goods-sold in the consolidated income statement.NOTE F25 OTHER RECEIVABLES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022VAT and other taxes 202 398Advances to suppliers 37 149Financial instruments \u2013 operational 56 929Insurance premiums 36 31Loan receivables 5 43Other 125 79Other current receivables462 1,629The reduction of the Other current receivables is mainly explained by the Partial Demerger.The main differences relate to the Partial Demerger and changes in energy (gas and electricity) prices. The row Other contains a pending insurance reimbursement of \u20ac32 million which will be transferred to Syensqo (see also Note F34 Other liabilities) and Fluor quotas of \u20ac16 million.Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments).",
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"s8_notes__7__104-1": {
"value": "NOTE F14 CHANGES IN WORKING CAPITALIn \u20acmillion 2023 2022Inventories 215 -300Trade receivables 122 -193Trade payables -495 115Other receivables/payables 79 -197Changes in working capital -78 -576Of which discontinued operations -55 -268The decrease in trade payables in 2023 results mainly from lower energy prices and the process of the Partial Demerger.Inventory write-downs are included in cost-of-goods-sold in the consolidated income statement.NOTE F25 OTHER RECEIVABLES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022VAT and other taxes 202 398Advances to suppliers 37 149Financial instruments \u2013 operational 56 929Insurance premiums 36 31Loan receivables 5 43Other 125 79Other current receivables462 1,629The reduction of the Other current receivables is mainly explained by the Partial Demerger.The main differences relate to the Partial Demerger and changes in energy (gas and electricity) prices. The row Other contains a pending insurance reimbursement of \u20ac32 million which will be transferred to Syensqo (see also Note F34 Other liabilities) and Fluor quotas of \u20ac16 million.Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments).",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__103-1": {
"value": "NOTE F14 CHANGES IN WORKING CAPITALIn \u20acmillion 2023 2022Inventories 215 -300Trade receivables 122 -193Trade payables -495 115Other receivables/payables 79 -197Changes in working capital -78 -576Of which discontinued operations -55 -268The decrease in trade payables in 2023 results mainly from lower energy prices and the process of the Partial Demerger.NOTE F34OTHER LIABILITIES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022Wages and benefits debts 125 371VAT and other taxes 107 184Social security 29 51Financial instruments \u2013 operational 108 676Insurance premiums 31 15Advances from customers 30 97Long Term Incentive \u2013 current part 31 Other 126 106Other current liabilities585 1,499Other includes insurance reimbursements of \u20ac32 million that will be paid to Syensqo (see Note F25 Other receivables) and Compliance EU Allowances of \u20ac24 million.The decrease in value is due to the Partial Demerger and 2023 values are presented after the demerger.Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F32 Overview of financial instruments).",
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"s8_notes__7__107-1": {
"value": "NOTE F15ADDITIONS, REVERSALS AND USE OF PROVISIONSIn \u20acmillion 2023 2022Additions and reversal of employee benefits and other provisions 644 336Of which: \u2014 Employee benefits 44 63\u2014 Restructuring 104 32\u2014 Environment 346 177Payments related to employee benefits and use of provisions -304 -328Of which: \u2014 Employee benefits -85 -101\u2014 Restructuring -92 -106\u2014 Environment -72 -90Use of provisions for additional voluntary contributions -116 -155(pension plans)See note F31 for more information.NOTE F31PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a present obligation (legal or constructive) as a result of a past event, (b) it is probable that the Group will be required to settle the obligation, and (c) a reliable estimate can be made of the amount of the obligation.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally recognized in the financial result.When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received when the Group settles the obligation.RestructuringsA restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoing activities (shut-down sites, discontinued activities or divested activities where Solvay maintains certain commitments) and, to a lower extent, to ongoing activities (see comments below).An environmental provision is recognized, in accordance with IAS 37, when there is a current legal or constructive obligation resulting from past events which will result in a probable outflow of resources (expenses / cash outs) to settle it and for which a reliable estimate of such outflows and timing can be made. \u00b7 The environmental expenses encompass, but are not limited to, the following key matters \u00b7 Sampling and analytical costs for soil and ground water monitoring \u00b7 Cost related to dismantling when required to meet a remediation or permit obligation \u00b7 Asbestos removal when obligated by regulation \u00b7 Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.In \u20acmillion Restructuring Environment Litigation Other TotalDecember 31, 2022 119 702 97 123 1,041Additions 104 362 28 147 641Reversals of unused amounts 0 -16 -10 -14 -40Uses -92 -72 -20 -37 -221Increase/decrease through discounting 0 38 0 39RemeasurementsCurrency translation differences -3 1 -3Acquisitions and changes in consolidation scopeDisposalsPartial Demerger -47 -501 -35 -34 -617Other 0 -4 16 12December 31, 2023 83 506 61 202 852Of which current provisions 36 87 19 161 302The provisions decreased by \u20ac(189) million in 2023, of which, \u20ac(36) million for Restructuring, \u20ac(196) million for Environment and \u20ac(36) million for Litigation, partially offset by an increase of \u20ac79 million for others. See below for more details on the recognition and additions to the provisions.The Provision decreased as consequence of Partial Demerger by \u20ac(617) millions The movements in Other provisions mainly relate to post-closing adjustments resulting from M&A warranties including indemnities for environmental remediation on sites subject to disinvestment.Management expects provisions (other than employee benefits) to be used (cash outlays) as follows:In \u20acmillion up to 5 years between 5 and 10 years beyond 10 years TotalTotal provisions for environment 243 55 208 506Total provisions for litigation 56 5 61Total provisions for restructuring and other 279 6 285December 31, 2023 578 66 208 852Restructuring provisionsIn 2023, these provisions amount to \u20ac83 million, compared with \u20ac119 million at the end of 2022.The provisions at the end of 2023 mainly relate to the restructuring charges for the simplification of all support functions in the frame of the Group\u2019s simplification and transformation program, including the strategic transformation measures. Environmental provisionsThese provisions amount to \u20ac506 million at the end of 2023, compared with \u20ac702 million at the end of 2022, and pertain to: \u00b7 mines and drilling operations to the extent that legislation and/or operating permits in relation to quarries, mines and drilling operations contain requirements to remedy or to pay compensation to third parties. Those provisions amount to \u20ac133 million at the end of 2023 and most of these, based on local expert advice, can be expected to be used within 20 year horizon. \u00b7 lime dikes (settling ponds related mainly to soda ash plants), dump at sites and third party dump sites (linked to several industrial activities). These provisions have an horizon of 1 to 20 years. \u00b7 Various types of pollution (organic, inorganic) coming from miscellaneous chemical productions; these provisions mainly cover discontinued activities or closed plants. Most of these provisions have a horizon of 1 to 20 years; \u00b7 The environmental provision decreased as consequence of Partial Demerger by \u20ac(501) millions which includes the environmental remediation of \u20ac323 million with NJDEP in US (see note F8). The variation of environmental provisions also was impacted by lower discount rate increasing the present value of the overall liability by \u20ac16 million. This effect, combined with the unwinding of the opening liabilities for \u20ac22 million resulted in a net increase of \u20ac38 million related to discounting. The estimated amounts are discounted based on the probable date of settlement, and are periodically adjusted to reflect the passage of time.The breakdown of the environmental provisions and related uses for the main countries/regions is reported here below:December 31, 2023 December 31, 2022In \u20acmillionProvisions In % Provisions Use of Provisions In % Provisions Use of ongoing provisionsongoing provisionsactivitiesactivitiesFrance 147 29% 0 -21 145 21% 1 -24Germany 115 23% 6 -4 112 16% 7 -5Rest of Europe 170 34% 5 -17 144 21% 5 -15North America 5 1% 0 -23 226 32% 0 -37Rest of the world 69 13% 1 -10 74 11% 0 -8Total 506 100% 12 -75 702 100% 12 -90Provisions for litigationProvisions for litigation refer to indirect tax and legal exposures. They amount to \u20ac61 million in 2023 (\u20ac97 million in 2022). The balance at the end of 2023 relates to indirect tax risks (\u20ac11 million) and legal claims (\u20ac50 million).Other provisionsOther provisions increased from \u20ac123 million at the end of 2022 to \u20ac202 million at the end of 2023. They relate to various risks, of which the main ones concern (i) the shutdown or disposal of activities and (ii) risk related to the execution of contracts or termination. Other provisions also included a provision for litigation post M&A deal for which an indemnification asset for \u20ac21 million (In Other receivables/payables) has been recognized as foreseen in the Separation Agreement.Other provisions relate to the shutdown or disposal of activities and amount to \u20ac202 million in 2023, compared with \u20ac123 million at the end of 2022.",
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"s8_notes__7__119-1": {
"value": "NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for prospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets \u2013 Technologies 5-20 yearsAmortization expense is included in the consolidated income statement within the cost of goods sold, administrative costs, research and development costs and other operating gains and losses.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.Research and development costsResearch costs are expensed in the period in which they are incurred.Development costs are capitalized if, and only if, all the following conditions are fulfilled: \u00b7 the cost of the asset can be reliably measured; \u00b7 the technical feasibility of the product has been demonstrated; \u00b7 the product or process will be placed on the market or used internally; \u00b7 the assets will generate future economic benefits (a potential market exists for the product or, where it is to be used internally, its future utility has been demonstrated); \u00b7 the technical, financial and other resources required to complete the project are available.Development costs comprise employee expenses, the cost of materials and services directly attributable to the projects, and an appropriate share of directly attributable fixed costs including, and where applicable, borrowing costs. The intangible assets are amortized as from the moment they are available for use, i.e. When they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Development costs, which do not satisfy the above conditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired through business combinations. Customer relationships consist of customer lists.Other intangible assetsOther intangible assets mainly include technology acquired separately or in a business combination.GoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.",
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"s8_notes__7__118-1": {
"value": "NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for prospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets \u2013 Technologies 5-20 yearsAmortization expense is included in the consolidated income statement within the cost of goods sold, administrative costs, research and development costs and other operating gains and losses.The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions are satisfied: \u00b7 it is probable that the future economic benefits associated with the asset will flow to the Group; \u00b7 the cost of the asset can be measured reliably.Items of property, plant and equipment are initially measured at cost. The cost of an item of property, plant and equipment comprises its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. If applicable, the cost comprises borrowing costs during the construction period.After initial recognition, items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. The components of an item of property, plant and equipment with different useful lives are depreciated separately. Land is not depreciated. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also taking into account the potential impact of climate change including the execution of the Solvay One Planet Strategy (see Note on Climate Change in the IFRS general accounting policies). Any changes in estimates are accounted for prospectively.Within Land and Buildings group\u2014 Buildings30-40 Within Fixtures and equipment group\u2014 IT equipment3-5 \u2014 Machinery and equipment 10-20 \u2014 Transportation equipment5-20 Depreciation expense is included in the consolidated income statement within cost of goods sold, administrative costs, and R&D costs.Dismantling and restoration costsDismantling and restoration costs are included in the cost of an item of property, plant and equipment if the Group has a legal or constructive obligation to dismantle or restore. They are depreciated over the useful life of the items to which they pertain.Generally, Solvay\u2019s obligation to dismantle and/or restore its operating sites is only likely to arise upon the discontinuation of a site\u2019s activities. A provision for dismantling of discontinued sites or installations is recognized when there is a legal obligation (due to a request or injunction from the relevant authorities), or when there is no technical alternative than to dismantle, so as to ensure the safety compliance of the discontinued sites or installations.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises: \u00b7 the amount of the initial measurement of the lease liability; \u00b7 any lease payments made at or before the commencement date, less any lease incentive received; and \u00b7 any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment losses. Right-of-use assets are depreciated using the straight-line depreciation method, from the commencement date to (a) the end of the useful life of the underlying asset, in case the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the lease contains a purchase option that the Group is reasonably certain to exercise, or (b) the earlier of the end of the useful life and the end of the lease term, in all other cases.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__116-1": {
"value": "NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.NOTE F23IMPAIRMENT Accounting policyGeneralAt the end of each reporting period, the Group reviews whether there is any indication that assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified.The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Future cash flows are adjusted for risks not incorporated into the discount rate. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. An impairment loss recognized for goodwill shall not be reversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, the recoverable amount of property, plant and equipment, intangible assets, right-of-use assets, CGUs or groups of CGUs, including goodwill, and equity method investees corresponds to the higher of their fair value less costs of disposal, and their value in use. The latter equals the present value of the future cash flows expected to be derived from each asset, CGU or group of CGUs, and equity method investees and is determined using the following inputs: \u00b7 business plan approved by management based on growth and profitability assumptions, taking into account past performances, forecast changes in the economic environment and expected market developments, including opportunity and risks resulting from climate change (taking into account the Solvay One Planet strategy \u2013 see note Climate change in the IFRS general accounting policies) and environmental regulations such as products phasing out. For further details, refer to the Risk Management Section. Such business plan generally covers five years, unless management is confident that projections over a longer period are reliable; \u00b7 consideration of a terminal value determined based on the cash flows generally obtained by extrapolating the cash flows of the last years of the business plan referred to above, affected by a long-term growth rate deemed appropriate for the activity and the location of the assets; Impairment of financial assetsThe impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model, representing the weighted average of credit losses with the respective risks of a default occurring as the weights. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.For trade receivables that do not contain a significant financing component (i.e. substantially all trade receivables), the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that takes into account historical information on defaults adjusted for the forward-looking information per customer. The Group considers a financial asset in default risk when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is fully impaired when there is no reasonable expectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidated income statement, except for debt instruments measured at fair value through other comprehensive income. In this case, the allowance is recognized in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__115": {
"value": "NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for prospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets \u2013 Technologies 5-20 yearsAmortization expense is included in the consolidated income statement within the cost of goods sold, administrative costs, research and development costs and other operating gains and losses.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.Research and development costsResearch costs are expensed in the period in which they are incurred.Development costs are capitalized if, and only if, all the following conditions are fulfilled: \u00b7 the cost of the asset can be reliably measured; \u00b7 the technical feasibility of the product has been demonstrated; \u00b7 the product or process will be placed on the market or used internally; \u00b7 the assets will generate future economic benefits (a potential market exists for the product or, where it is to be used internally, its future utility has been demonstrated); \u00b7 the technical, financial and other resources required to complete the project are available.Development costs comprise employee expenses, the cost of materials and services directly attributable to the projects, and an appropriate share of directly attributable fixed costs including, and where applicable, borrowing costs. The intangible assets are amortized as from the moment they are available for use, i.e. When they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Development costs, which do not satisfy the above conditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired through business combinations. Customer relationships consist of customer lists.Other intangible assetsOther intangible assets mainly include technology acquired separately or in a business combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__111": {
"value": "NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for prospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets \u2013 Technologies 5-20 yearsAmortization expense is included in the consolidated income statement within the cost of goods sold, administrative costs, research and development costs and other operating gains and losses.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.Research and development costsResearch costs are expensed in the period in which they are incurred.Development costs are capitalized if, and only if, all the following conditions are fulfilled: \u00b7 the cost of the asset can be reliably measured; \u00b7 the technical feasibility of the product has been demonstrated; \u00b7 the product or process will be placed on the market or used internally; \u00b7 the assets will generate future economic benefits (a potential market exists for the product or, where it is to be used internally, its future utility has been demonstrated); \u00b7 the technical, financial and other resources required to complete the project are available.Development costs comprise employee expenses, the cost of materials and services directly attributable to the projects, and an appropriate share of directly attributable fixed costs including, and where applicable, borrowing costs. The intangible assets are amortized as from the moment they are available for use, i.e. When they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Development costs, which do not satisfy the above conditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired through business combinations. Customer relationships consist of customer lists.Other intangible assetsOther intangible assets mainly include technology acquired separately or in a business combination.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.Development Patents and Customer Other TotalIn \u20acmillioncoststrademarksrelationshipsintangible assetsGross carrying amount December 31, 2021 517 1,686 1,973 739 4,914Additions 67 3 24 94Disposals and closures -22 -16 -5 -43Increase through business combinations 0 0 0 0Currency translation differences 7 60 93 22 183Other 7 11 -15 3December 31, 2022 577 1,744 2,066 765 5,152Additions 71 1 33 105Disposals and closures -66 -74 -100 -239Increase through business combinations 0 0 0 0Currency translation differences -3 -25 -37 -14 -80Partial Demerger -482 -1,079 -1,781 -582 -3,924Other 1 5 -9 -3December 31, 2023 98 572 248 92 1,010Accumulated amortization December 31, 2021 -233 -1,047 -941 -590 -2,812Amortization -63 -97 -90 -14 -265Impairment 0 0 0 0 0Reversal of impairment 0 0 8 8Disposals and closures 22 16 5 43Currency translation differences -2 -26 -29 -21 -78Other 0 0 0 0December 31, 2022 -277 -1,155 -1,061 -611 -3,104Amortization -54 -72 -85 -17 -228Impairment 0 0 0 0 0Reversal of impairment 0 0 0 0Disposals and closures 61 74 100 235Currency translation differences 1 13 16 13 43Partial Demerger 223 651 887 485 2,246Other 0 24 -25 -1December 31, 2023 -45 -466 -244 -55 -809Net carrying amount December 31, 2021 283 638 1,031 149 2,100December 31, 2022 300 589 1,005 153 2,048December 31, 2023 52 107 5 37 201On December 31, 2023, intangibles mainly relate to the intangibles acquired through the acquisitions of Rhodia.",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
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"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__110-1": {
"value": "NOTE F18 INTANGIBLE ASSETSAccounting policyAn intangible asset is an identifiable non-monetary asset without physical substance. It is identifiable when it is separable, i.e. Is capable of being separated or divided from the Group, or when it arises from contractual or other legal rights. An intangible asset shall be recognized if, and only if: \u00b7 (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and \u00b7 (b) the cost of the asset can be measured reliably.Intangible assets acquired or developed internally are initially measured at cost. The cost of an acquired intangible asset comprises its purchase price, import duties and non-refundable purchase taxes, after deducting trade discounts and rebates, and any directly attributable cost of preparing the asset for its intended use. Subsequent expenditure on intangible assets is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred.After initial recognition, intangible assets are measured at cost less accumulated amortization and impairment losses, if any.Intangible assets are amortized on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values and amortization methods are reviewed at each year-end, and any changes in estimates are accounted for prospectively.Patents and trademarks 2-20 yearsSoftware 3-5 yearsDevelopment expenditures 2-5 yearsCustomer relationships 5-29 yearsOther intangible assets \u2013 Technologies 5-20 yearsAmortization expense is included in the consolidated income statement within the cost of goods sold, administrative costs, research and development costs and other operating gains and losses.The asset is tested for impairment if (a) there is a trigger for impairment, and (b) annually for projects under development (see note F23 Impairment).Intangible assets are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss arising from derecognition of an intangible asset is recognized in profit or loss at the moment of derecognition.Research and development costsResearch costs are expensed in the period in which they are incurred.Development costs are capitalized if, and only if, all the following conditions are fulfilled: \u00b7 the cost of the asset can be reliably measured; \u00b7 the technical feasibility of the product has been demonstrated; \u00b7 the product or process will be placed on the market or used internally; \u00b7 the assets will generate future economic benefits (a potential market exists for the product or, where it is to be used internally, its future utility has been demonstrated); \u00b7 the technical, financial and other resources required to complete the project are available.Development costs comprise employee expenses, the cost of materials and services directly attributable to the projects, and an appropriate share of directly attributable fixed costs including, and where applicable, borrowing costs. The intangible assets are amortized as from the moment they are available for use, i.e. When they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Development costs, which do not satisfy the above conditions are expensed as incurred.Patents, trademarks and customer relationshipsThose intangible assets have mainly been acquired through business combinations. Customer relationships consist of customer lists.Other intangible assetsOther intangible assets mainly include technology acquired separately or in a business combination.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.Development Patents and Customer Other TotalIn \u20acmillioncoststrademarksrelationshipsintangible assetsGross carrying amount December 31, 2021 517 1,686 1,973 739 4,914Additions 67 3 24 94Disposals and closures -22 -16 -5 -43Increase through business combinations 0 0 0 0Currency translation differences 7 60 93 22 183Other 7 11 -15 3December 31, 2022 577 1,744 2,066 765 5,152Additions 71 1 33 105Disposals and closures -66 -74 -100 -239Increase through business combinations 0 0 0 0Currency translation differences -3 -25 -37 -14 -80Partial Demerger -482 -1,079 -1,781 -582 -3,924Other 1 5 -9 -3December 31, 2023 98 572 248 92 1,010Accumulated amortization December 31, 2021 -233 -1,047 -941 -590 -2,812Amortization -63 -97 -90 -14 -265Impairment 0 0 0 0 0Reversal of impairment 0 0 8 8Disposals and closures 22 16 5 43Currency translation differences -2 -26 -29 -21 -78Other 0 0 0 0December 31, 2022 -277 -1,155 -1,061 -611 -3,104Amortization -54 -72 -85 -17 -228Impairment 0 0 0 0 0Reversal of impairment 0 0 0 0Disposals and closures 61 74 100 235Currency translation differences 1 13 16 13 43Partial Demerger 223 651 887 485 2,246Other 0 24 -25 -1December 31, 2023 -45 -466 -244 -55 -809Net carrying amount December 31, 2021 283 638 1,031 149 2,100December 31, 2022 300 589 1,005 153 2,048December 31, 2023 52 107 5 37 201On December 31, 2023, intangibles mainly relate to the intangibles acquired through the acquisitions of Rhodia.NOTE F19Goodwill and business combinationsGoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.Goodwill \u2013 overviewIn \u20acmillionTotalDecember 31, 2021 3,379Currency translation differences 94Disposals 0December 31, 2022 3,472Addition 2Currency translation differences -36Disposals 0Impairment -38Partial Demerger -2,637December 31, 2023 764In 2023 and 2022, the currency translation differences mainly relate to goodwill expressed in US dollars. Most of the goodwill expressed in US dollars are located in Specialty Businesses.Regarding the impairment, see note F23 for more details.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that business combination.As a result of the Partial Demerger of the Specialty Business the Group realigned its Operating Segments as detailed in note F1 Revenue and Segment Information. The realignment resulted in the reallocation of segment level goodwill of \u20ac186 million (see column Transfer). The goodwill was reallocated to the CGUs using a relative value approach (respective fair values). The reallocation did not have any significant impact on the impairment analysis performed.At beginning Additions Impairment Currency Transfer Partial At the In \u20acmillionof the periodtranslation Demergerend of the differencesperiodOperating segments \u2013 Groups of CGUs\u2014 Materials 341 -341 0\u2014 Chemicals 121 -121 0\u2014 Solutions 264 -65 -199 0(Groups of) CGUs \u2014 Composite Materials 591 -15 -577 0\u2014 Novecare 565 2 -3 -564 0\u2014 Technology Solutions 734 -17 -716 0\u2014 Special Chem 210 0 65 275\u2014 Specialty Polymers 181 -1 -180 0\u2014 Soda Ash and Derivatives 162 75 237\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 -49 0\u2014 Energy Services 50 -38 -12 0\u2014 Hydrogen Peroxide Europe 21 17 37\u2014 Hydrogen Peroxide Mercosul 14 14 27\u2014 Hydrogen Peroxide Nafta 7 8 15\u2014 Hydrogen Peroxide Asia 11 0 8 19Total goodwill 3,472 2 -38 -35 0 -2,637 7642022At beginning of Disposals Currency At the end of In \u20acmillionthe periodtranslation the perioddifferencesOperating segments \u2013 Groups of CGUs\u2014 Materials 341 341\u2014 Chemicals 121 121\u2014 Solutions 264 264(Groups of) CGUs\u2014 Composite Materials 555 37 591\u2014 Novecare 553 0 12 565\u2014 Technology Solutions 690 43 734\u2014 Special Chem 210 0 210 1\u2014 Specialty Polymers 179181\u2014 Soda Ash and Derivatives 162 162\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 49\u2014 Energy Services 50 50\u2014 Hydrogen Peroxide Europe 21 21\u2014 Hydrogen Peroxide Mercosul 14 14\u2014 Hydrogen Peroxide Nafta 7 7\u2014 Hydrogen Peroxide Asia 11 0 11Total goodwill 3,379 0 94 3,472See note F23 Impairment.",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__7__120": {
"value": "Research and development costsResearch costs are expensed in the period in which they are incurred.Development costs are capitalized if, and only if, all the following conditions are fulfilled: \u00b7 the cost of the asset can be reliably measured; \u00b7 the technical feasibility of the product has been demonstrated; \u00b7 the product or process will be placed on the market or used internally; \u00b7 the assets will generate future economic benefits (a potential market exists for the product or, where it is to be used internally, its future utility has been demonstrated); \u00b7 the technical, financial and other resources required to complete the project are available.Development costs comprise employee expenses, the cost of materials and services directly attributable to the projects, and an appropriate share of directly attributable fixed costs including, and where applicable, borrowing costs. The intangible assets are amortized as from the moment they are available for use, i.e. When they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Development costs, which do not satisfy the above conditions are expensed as incurred.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__131": {
"value": "NOTE F19Goodwill and business combinationsAccounting policyGoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__130": {
"value": "NOTE F19Goodwill and business combinationsAccounting policyGoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__127-1": {
"value": "NOTE F19Goodwill and business combinationsAccounting policyGoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.Goodwill \u2013 overviewIn \u20acmillionTotalDecember 31, 2021 3,379Currency translation differences 94Disposals 0December 31, 2022 3,472Addition 2Currency translation differences -36Disposals 0Impairment -38Partial Demerger -2,637December 31, 2023 764In 2023 and 2022, the currency translation differences mainly relate to goodwill expressed in US dollars. Most of the goodwill expressed in US dollars are located in Specialty Businesses.Regarding the impairment, see note F23 for more details.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that business combination.As a result of the Partial Demerger of the Specialty Business the Group realigned its Operating Segments as detailed in note F1 Revenue and Segment Information. The realignment resulted in the reallocation of segment level goodwill of \u20ac186 million (see column Transfer). The goodwill was reallocated to the CGUs using a relative value approach (respective fair values). The reallocation did not have any significant impact on the impairment analysis performed.At beginning Additions Impairment Currency Transfer Partial At the In \u20acmillionof the periodtranslation Demergerend of the differencesperiodOperating segments \u2013 Groups of CGUs\u2014 Materials 341 -341 0\u2014 Chemicals 121 -121 0\u2014 Solutions 264 -65 -199 0(Groups of) CGUs \u2014 Composite Materials 591 -15 -577 0\u2014 Novecare 565 2 -3 -564 0\u2014 Technology Solutions 734 -17 -716 0\u2014 Special Chem 210 0 65 275\u2014 Specialty Polymers 181 -1 -180 0\u2014 Soda Ash and Derivatives 162 75 237\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 -49 0\u2014 Energy Services 50 -38 -12 0\u2014 Hydrogen Peroxide Europe 21 17 37\u2014 Hydrogen Peroxide Mercosul 14 14 27\u2014 Hydrogen Peroxide Nafta 7 8 15\u2014 Hydrogen Peroxide Asia 11 0 8 19Total goodwill 3,472 2 -38 -35 0 -2,637 7642022At beginning of Disposals Currency At the end of In \u20acmillionthe periodtranslation the perioddifferencesOperating segments \u2013 Groups of CGUs\u2014 Materials 341 341\u2014 Chemicals 121 121\u2014 Solutions 264 264(Groups of) CGUs\u2014 Composite Materials 555 37 591\u2014 Novecare 553 0 12 565\u2014 Technology Solutions 690 43 734\u2014 Special Chem 210 0 210 1\u2014 Specialty Polymers 179181\u2014 Soda Ash and Derivatives 162 162\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 49\u2014 Energy Services 50 50\u2014 Hydrogen Peroxide Europe 21 21\u2014 Hydrogen Peroxide Mercosul 14 14\u2014 Hydrogen Peroxide Nafta 7 7\u2014 Hydrogen Peroxide Asia 11 0 11Total goodwill 3,379 0 94 3,472See note F23 Impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__126": {
"value": "NOTE F19Goodwill and business combinationsAccounting policyGoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.Goodwill \u2013 overviewIn \u20acmillionTotalDecember 31, 2021 3,379Currency translation differences 94Disposals 0December 31, 2022 3,472Addition 2Currency translation differences -36Disposals 0Impairment -38Partial Demerger -2,637December 31, 2023 764In 2023 and 2022, the currency translation differences mainly relate to goodwill expressed in US dollars. Most of the goodwill expressed in US dollars are located in Specialty Businesses.Regarding the impairment, see note F23 for more details.Goodwill by (groups of) CGU(s) Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from that business combination.As a result of the Partial Demerger of the Specialty Business the Group realigned its Operating Segments as detailed in note F1 Revenue and Segment Information. The realignment resulted in the reallocation of segment level goodwill of \u20ac186 million (see column Transfer). The goodwill was reallocated to the CGUs using a relative value approach (respective fair values). The reallocation did not have any significant impact on the impairment analysis performed.At beginning Additions Impairment Currency Transfer Partial At the In \u20acmillionof the periodtranslation Demergerend of the differencesperiodOperating segments \u2013 Groups of CGUs\u2014 Materials 341 -341 0\u2014 Chemicals 121 -121 0\u2014 Solutions 264 -65 -199 0(Groups of) CGUs \u2014 Composite Materials 591 -15 -577 0\u2014 Novecare 565 2 -3 -564 0\u2014 Technology Solutions 734 -17 -716 0\u2014 Special Chem 210 0 65 275\u2014 Specialty Polymers 181 -1 -180 0\u2014 Soda Ash and Derivatives 162 75 237\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 -49 0\u2014 Energy Services 50 -38 -12 0\u2014 Hydrogen Peroxide Europe 21 17 37\u2014 Hydrogen Peroxide Mercosul 14 14 27\u2014 Hydrogen Peroxide Nafta 7 8 15\u2014 Hydrogen Peroxide Asia 11 0 8 19Total goodwill 3,472 2 -38 -35 0 -2,637 7642022At beginning of Disposals Currency At the end of In \u20acmillionthe periodtranslation the perioddifferencesOperating segments \u2013 Groups of CGUs\u2014 Materials 341 341\u2014 Chemicals 121 121\u2014 Solutions 264 264(Groups of) CGUs\u2014 Composite Materials 555 37 591\u2014 Novecare 553 0 12 565\u2014 Technology Solutions 690 43 734\u2014 Special Chem 210 0 210 1\u2014 Specialty Polymers 179181\u2014 Soda Ash and Derivatives 162 162\u2014 Coatis 82 82\u2014 Silica 72 72\u2014 Aroma Performance 49 49\u2014 Energy Services 50 50\u2014 Hydrogen Peroxide Europe 21 21\u2014 Hydrogen Peroxide Mercosul 14 14\u2014 Hydrogen Peroxide Nafta 7 7\u2014 Hydrogen Peroxide Asia 11 0 11Total goodwill 3,379 0 94 3,472See note F23 Impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__132": {
"value": "GoodwillGoodwill arising in a business combination is recognized as an asset at the date that control is obtained (the acquisition date). Goodwill is measured as the excess of the sum of: \u00b7 (a) the consideration transferred; \u00b7 (b) the amount of any non-controlling interests in the acquiree; and \u00b7 (c) in a business combination achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquiree, over the share acquired by the Group in the fair value of the entity\u2019s identifiable net assets at the acquisition date.Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__133-1": {
"value": "Goodwill is not amortized but is tested for impairment on an annual basis, and more frequently if there are any impairment triggers identified.For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units (or groups of cash-generating units) in accordance with IAS 36 Impairment of Assets.A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other group(s) of assets.These tests consist of comparing the carrying amount of the assets or (groups of) CGUs with their recoverable amount. The recoverable amount of an asset or a (group of) CGU(s) is the higher of its fair value less costs to sell and its value in use. If the recoverable amount of the CGU is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized on goodwill shall not be reversed in a subsequent period.Assets held for sale include their related goodwill.On disposal of an operation within a CGU to which goodwill has been allocated, the goodwill associated with the operation disposed of is included in the determination of the profit or loss on disposal. It is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained, unless another method better reflects the goodwill associated with the operation disposed of.NOTE F23IMPAIRMENT Accounting policyGeneralAt the end of each reporting period, the Group reviews whether there is any indication that assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified.The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate. Future cash flows are adjusted for risks not incorporated into the discount rate. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.When an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. An impairment loss recognized for goodwill shall not be reversed in a subsequent period.Assets other than non-current assets held for saleIn accordance with IAS 36 Impairment of Assets, the recoverable amount of property, plant and equipment, intangible assets, right-of-use assets, CGUs or groups of CGUs, including goodwill, and equity method investees corresponds to the higher of their fair value less costs of disposal, and their value in use. The latter equals the present value of the future cash flows expected to be derived from each asset, CGU or group of CGUs, and equity method investees and is determined using the following inputs: \u00b7 business plan approved by management based on growth and profitability assumptions, taking into account past performances, forecast changes in the economic environment and expected market developments, including opportunity and risks resulting from climate change (taking into account the Solvay One Planet strategy \u2013 see note Climate change in the IFRS general accounting policies) and environmental regulations such as products phasing out. For further details, refer to the Risk Management Section. Such business plan generally covers five years, unless management is confident that projections over a longer period are reliable; \u00b7 consideration of a terminal value determined based on the cash flows generally obtained by extrapolating the cash flows of the last years of the business plan referred to above, affected by a long-term growth rate deemed appropriate for the activity and the location of the assets; ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__146": {
"value": "NOTE F20PROPERTY, PLANT AND EQUIPMENTAccounting policyGeneralProperty, plant and equipment are tangible items that: \u00b7 are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and \u00b7 are expected to be used during more than one period.The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions are satisfied: \u00b7 it is probable that the future economic benefits associated with the asset will flow to the Group; \u00b7 the cost of the asset can be measured reliably.Items of property, plant and equipment are initially measured at cost. The cost of an item of property, plant and equipment comprises its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. If applicable, the cost comprises borrowing costs during the construction period.After initial recognition, items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. The components of an item of property, plant and equipment with different useful lives are depreciated separately. Land is not depreciated. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also taking into account the potential impact of climate change including the execution of the Solvay One Planet Strategy (see Note on Climate Change in the IFRS general accounting policies). Any changes in estimates are accounted for prospectively.Within Land and Buildings group\u2014 Buildings30-40 Within Fixtures and equipment group\u2014 IT equipment3-5 \u2014 Machinery and equipment 10-20 \u2014 Transportation equipment5-20 Depreciation expense is included in the consolidated income statement within cost of goods sold, administrative costs, and R&D costs.The asset is tested for impairment if there is a trigger for impairment (see note F23 Impairment).Items of property, plant and equipment are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss which arises from derecognition of an item of property, plant and equipment is recognized in profit or loss at the moment of derecognition.Subsequent expenditureSubsequent expenditure related to items of property, plant and equipment is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred. Subsequent expenditure incurred for the replacement of a component of an item of property, plant and equipment is only recognized as an asset when it satisfies the recognition criteria mentioned above. The carrying amount of replaced items is derecognized.Repair and maintenance costs are recognized in the consolidated income statement as incurred.Regarding its industrial activity, Solvay incurs expenditure for major repairs over several years for most of its sites. The purpose of this expenditure is to maintain the proper working order of certain installations without altering their useful life. This expenditure is considered as a specific component of the item of property, plant and equipment and is depreciated over the period during which the economic benefits are expected to be obtained, i.e. the major repairs\u2019 intervals.Dismantling and restoration costsDismantling and restoration costs are included in the cost of an item of property, plant and equipment if the Group has a legal or constructive obligation to dismantle or restore. They are depreciated over the useful life of the items to which they pertain.Generally, Solvay\u2019s obligation to dismantle and/or restore its operating sites is only likely to arise upon the discontinuation of a site\u2019s activities. A provision for dismantling of discontinued sites or installations is recognized when there is a legal obligation (due to a request or injunction from the relevant authorities), or when there is no technical alternative than to dismantle, so as to ensure the safety compliance of the discontinued sites or installations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__139": {
"value": "NOTE F20PROPERTY, PLANT AND EQUIPMENTAccounting policyGeneralProperty, plant and equipment are tangible items that: \u00b7 are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and \u00b7 are expected to be used during more than one period.The items of property, plant and equipment owned by the Group are recognized as property, plant and equipment when the following conditions are satisfied: \u00b7 it is probable that the future economic benefits associated with the asset will flow to the Group; \u00b7 the cost of the asset can be measured reliably.Items of property, plant and equipment are initially measured at cost. The cost of an item of property, plant and equipment comprises its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. If applicable, the cost comprises borrowing costs during the construction period.After initial recognition, items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any.Items of property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives. The components of an item of property, plant and equipment with different useful lives are depreciated separately. Land is not depreciated. The estimated useful lives, residual values and depreciation methods are reviewed at each year end, also taking into account the potential impact of climate change including the execution of the Solvay One Planet Strategy (see Note on Climate Change in the IFRS general accounting policies). Any changes in estimates are accounted for prospectively.Within Land and Buildings group\u2014 Buildings30-40 Within Fixtures and equipment group\u2014 IT equipment3-5 \u2014 Machinery and equipment 10-20 \u2014 Transportation equipment5-20 Depreciation expense is included in the consolidated income statement within cost of goods sold, administrative costs, and R&D costs.The asset is tested for impairment if there is a trigger for impairment (see note F23 Impairment).Items of property, plant and equipment are derecognized from the consolidated statement of financial position on disposal or when no future economic benefits are expected from their use or disposal. The gain or loss which arises from derecognition of an item of property, plant and equipment is recognized in profit or loss at the moment of derecognition.Subsequent expenditureSubsequent expenditure related to items of property, plant and equipment is capitalized only if it is probable that it will increase the future economic benefits associated with the specific asset. Other expenditure is expensed as incurred. Subsequent expenditure incurred for the replacement of a component of an item of property, plant and equipment is only recognized as an asset when it satisfies the recognition criteria mentioned above. The carrying amount of replaced items is derecognized.Repair and maintenance costs are recognized in the consolidated income statement as incurred.Regarding its industrial activity, Solvay incurs expenditure for major repairs over several years for most of its sites. The purpose of this expenditure is to maintain the proper working order of certain installations without altering their useful life. This expenditure is considered as a specific component of the item of property, plant and equipment and is depreciated over the period during which the economic benefits are expected to be obtained, i.e. the major repairs\u2019 intervals.Dismantling and restoration costsDismantling and restoration costs are included in the cost of an item of property, plant and equipment if the Group has a legal or constructive obligation to dismantle or restore. They are depreciated over the useful life of the items to which they pertain.Generally, Solvay\u2019s obligation to dismantle and/or restore its operating sites is only likely to arise upon the discontinuation of a site\u2019s activities. A provision for dismantling of discontinued sites or installations is recognized when there is a legal obligation (due to a request or injunction from the relevant authorities), or when there is no technical alternative than to dismantle, so as to ensure the safety compliance of the discontinued sites or installations.In the table below, additions and depreciation expenses include the items of Specialty Businesses until the Partial Demerger.In \u20acmillionLand and Fixtures and Other tangible Property, plant and Totalbuildingsequipmentassetsequipment under constructionGross carrying amount 2,941 10,187 418 688 14,235December 31, 2021Additions 28 103 8 715 854Disposals and closures -28 -132 -19 0 -179Increase through business 0 0 0 0 0combinationsCurrency translation differences 44 206 8 15 273Other 35 284 11 -385 -553,021 10,648 425 1,033December 31, 202215,128Additions 77 136 7 777 998Disposals and closures -23 -216 -17 -3 -258Increase through business 0 1 0 0 1combinationsCurrency translation differences -35 -126 -4 -16 -181Partial Demerger -1,516 -5,458 -186 -955 -8,115Other 68 393 20 -354 1281,593 5,379 246 483 7,700December 31, 2023Accumulated depreciation -1,580 -7,375 -337 -9,291December 31, 2021Depreciation -80 -464 -27 -570Impairment 0 -6 0 -6Reversal of impairment 8 21 0 29Disposals and closures 26 130 19 175Currency translation differences -25 -151 -7 -183Other 3 26 0 30-1,648 -7,818 -351 -9,816December 31, 2022Depreciation -76 -459 -22 -557Impairment -11 -44 -2 -57Reversal of impairment 0 0 0 0Disposals and closures 18 214 16 249Currency translation differences 16 87 3 105Partial Demerger 694 3,788 153 4,634Other -19 -90 -5 -114December 31, 2023 -1,027 -4,323 -206 0 -5,556Net carrying amount December 31, 2021 1,361 2,813 81 688 4,943December 31, 2022 1,373 2,830 75 1,033 5,311December 31, 2023 566 1,056 39 483 2,144The additions and depreciation figures include the amounts related to the Specialty Businesses until the Partial Demerger on December 8, 2023. Please see Note F1 for the split of the capital expenditure by segments.In 2023 and 2022, no borrowing costs were capitalized.The line \u201cOther\u201d mainly includes changes following portfolio transactions and reclassification of property, plant and equipment under construction to the appropriate categories when they are ready for intended use, excluding the movements related to the Partial Demerger.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__147-1": {
"value": "Dismantling and restoration costsDismantling and restoration costs are included in the cost of an item of property, plant and equipment if the Group has a legal or constructive obligation to dismantle or restore. They are depreciated over the useful life of the items to which they pertain.Generally, Solvay\u2019s obligation to dismantle and/or restore its operating sites is only likely to arise upon the discontinuation of a site\u2019s activities. A provision for dismantling of discontinued sites or installations is recognized when there is a legal obligation (due to a request or injunction from the relevant authorities), or when there is no technical alternative than to dismantle, so as to ensure the safety compliance of the discontinued sites or installations.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoing activities (shut-down sites, discontinued activities or divested activities where Solvay maintains certain commitments) and, to a lower extent, to ongoing activities (see comments below).An environmental provision is recognized, in accordance with IAS 37, when there is a current legal or constructive obligation resulting from past events which will result in a probable outflow of resources (expenses / cash outs) to settle it and for which a reliable estimate of such outflows and timing can be made. \u00b7 The environmental expenses encompass, but are not limited to, the following key matters \u00b7 Sampling and analytical costs for soil and ground water monitoring \u00b7 Cost related to dismantling when required to meet a remediation or permit obligation \u00b7 Asbestos removal when obligated by regulation \u00b7 Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.",
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"s8_notes__7__151": {
"value": "NOTE F21 RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONSAccounting policyDefinition of a lease At inception of a contract, which generally coincides with the date the contract is signed, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.An asset is typically identified by being explicitly specified in a contract. However, an asset can also be identified by being implicitly specified at the time that the asset is made available for use by the customer. If the supplier has a substantive substitution right, then the asset is not identified. A substantive substitution right means that (a) the supplier has the practical ability to substitute the asset throughout the period of use, and (b) would economically benefit from doing so. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether, throughout the period of use, it has: \u00b7 the right to obtain substantially all of the economic benefits from use of the identified asset; and \u00b7 the right to direct the use of the identified asset. This is generally the case when the Group has the decision-making rights regarding how and for what purpose the asset is used. The Group\u2019s leased assets relate mainly to buildings, transportation equipment, and industrial equipment.Lease termThe Group determines the lease term as the non-cancellable period of a lease, together with both: \u00b7 periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and \u00b7 periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.In its assessment, the Group considers the impact of the following factors (non-exhaustive): \u00b7 contractual terms and conditions for the optional periods, compared with market rates; \u00b7 significant leasehold improvements undertaken (or expected to be undertaken) over the term of the contract; \u00b7 costs relating to the termination of the lease, including relocation costs, costs of identifying another underlying asset suitable for the Group\u2019s needs, costs of integrating a new asset into the Group\u2019s operations, and termination penalties; \u00b7 the importance of that underlying asset to the Group\u2019s operations, including the availability of suitable alternatives; \u00b7 conditionality associated with exercising the option (i.e. When the option can be exercised only if one or more conditions are met), and the likelihood that those conditions will exist; and \u00b7 past practice.Right-of-use asset and lease liabilityThe Group recognizes a right-of-use asset and a lease liability at the lease commencement date, which is the date that the lessor makes the asset available for use by the Group except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. The right-of-use assets are presented separately in the consolidated statement of financial position, and the lease liabilities are presented as part of financial debt.Right-of-use assetThe right-of-use asset is initially measured at cost, which comprises: \u00b7 the amount of the initial measurement of the lease liability; \u00b7 any lease payments made at or before the commencement date, less any lease incentive received; and \u00b7 any initial direct costs incurred by the Group.After the commencement date, the right-of-use asset is measured at cost less any accumulated depreciation and any accumulated impairment losses. Right-of-use assets are depreciated using the straight-line depreciation method, from the commencement date to (a) the end of the useful life of the underlying asset, in case the lease transfers ownership of the underlying asset to the Group by the end of the lease term, or the lease contains a purchase option that the Group is reasonably certain to exercise, or (b) the earlier of the end of the useful life and the end of the lease term, in all other cases. Lease liabilityThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the respective Group entity\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: \u00b7 fixed payments, less any lease incentives receivable; \u00b7 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u00b7 amounts expected to be payable by the Group under residual value guarantees; \u00b7 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u00b7 payments of penalties for early terminating the lease, if the Group is reasonably certain to exercise an option to early terminate the lease.Service components (e.g. utilities, maintenance, insurance) are excluded from the measurement of the lease liability. After the commencement date, the lease liability is measured by: \u00b7 increasing the carrying amount to reflect interest on the lease liability; \u00b7 reducing the carrying amount to reflect the lease payments made; and \u00b7 remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect the impact from a revised index or rate.Leasing of PalladiumThe Group uses palladium, a precious metal, for certain of its operations. Next to purchasing this palladium, the Group also enters into various \u201cleasing\u201d agreements with financial institutions that give the Group the right to use palladium for a certain period and then return it at the end of the \"lease\". Based on our analysis of these agreements, these contracts are not in the scope of IFRS 16 Leases or IFRS 9 Financial Instruments. Due to the lack of clear IFRS guidance, the Group applied judgment to determine whether these rights and obligations shall be accounted for on a gross or a net basis. Considering that the Group bears no price risk during the \"lease\" term and is not in full control of the asset (in accordance with the IFRS Conceptual Framework), the Group believes a net presentation gives a better view on the economic substance of the transaction. As a result, only accruals are recorded for the production losses and regeneration costs and the \u201clease\u201d fee is recognized within cost of sales. In \u20acmillionLand Buildings Transportation Industrial equip-Other tangible TotalequipmentmentassetsGross carrying amount 19 266 248 251 11 795December 31, 20210 8 46 27 5Additions860 -38 -28 -11 -3Disposals and closures-79Currency translation 0 7 8 5 021differences0 7 15 5 1Other28Transfer to assets held 0 0 0 0 00for sale19 250 289 279 16 852December 31, 20220 17 62 15 7Additions1010 -25 -16 -18 -2Disposals and closures-62Currency translation 0 -3 -7 -3 0-14differences-11 -170 -82 -133 -12Partial Demerger-4090 5 15 -10 1Other11Transfer to assets held 0for sale8 73 261 128 8 479December 31, 2023Accumulated depreciation-4 -115 -127 -75 -8 -329December 31, 2021-1 -33 -46 -34 -3Depreciation-1170 -3 0 0 0Impairment-30 38 28 11 3Disposals and closures 79Currency translation 0 -3 -4 -2 0-9differences-5 -115 -148 -100 -9 -377December 31, 2022-1 -31 -47 -32 -3Depreciation-1140 -1 0 0 0Impairment-10 16 16 18 2Disposals and closures 53Currency translation 0 2 3 1 06differences4 90 54 67 5Partial Demerger219-2 -39 -122 -45 -5 -213December 31, 2023Net carrying amount December 31, 2021 15 151 121 176 3 466December 31, 2022 14 134 141 178 6 474December 31, 2023 6 34 139 83 3 267The figures contain the amounts related to Specialty Businesses until December 8, 2023.The Group primarily leases buildings that include office buildings, and warehouses. Those leases are generally long-term leases and may include extension options. Next, the Group leases transportation equipment that mainly consists of railcars and containers to transport the Group\u2019s products. Industrial equipment mainly relates to utility assets. In 2023, additions include \u20ac15 million for industrial equipment, \u20ac46 million for transportation and \u20ac17 million for buildings.Generally, lease contracts are negotiated by the local teams, and contain a wide range of different terms and conditions. Many lease contracts contain extension options and/or early termination options to provide the Group with operational flexibility. Such options are taken into account when determining the lease term and the lease liability when it is reasonably certain that they will be exercised. If the Group exercised its extension options not currently included in the lease liability, the present value of additional payments would amount to \u20ac42 million at December 31, 2023 (\u20ac100 million at December 31, 2022). Lease contracts signed not yet commenced amount to \u20ac210 million at December 31, 2023 (\u20ac137 million for 2022) and mainly relate to a second waste wood boiler, steam turbine and auxiliaries in Germany, industrial equipment in France and rail cars in the United States. Total cash outflows for leases amount to \u20ac134 million for 2023, of which \u20ac112 million related to payment of lease liabilities and \u20ac22 million of interest expenses (including the discontinued operations of \u20ac11 million). Information on the corresponding lease liabilities (after the demerger, long-term part of \u20ac243 million and short-term part of \u20ac63 million) can be found in the note F32 Financial Instruments. Information on the finance expense related to lease liabilities can be found in note F6 Net financial charges. LEASE OF PALLADIUMAt the end of 2023, the total (gross) value of palladium leased still to be returned amounted to \u20ac33 million (end of 2022: \u20ac59 million). The difference is mainly due to the change of the market price of the commodity.",
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"value": "NOTE F22 INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the note F40 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equity method of accounting.In \u20acmillion December 31, 2023 December 31, 2022Associates Joint ventures Total Associates Joint ventures TotalInvestments in associates and joint 42 188 230 18 790 809venturesEarnings from associates and joint 3 53 53 0 153 153venturesINVESTMENTS IN ASSOCIATESIn \u20acmillion 2023 2022January 1 18 18Profit for the year 4 1Dividends received -1 -1Currency translation differences 0 0Partial Demerger 20 December 31 42 18The amount in Partial Demerger results mainly from loss of control due to demerger and the change of the consolidation scope from full consolidation to equity accounting.The figures contain the amounts related to Specialty Businesses until December 8, 2023.The tables below present the summarized financial information of the associates together with the major one. The associates had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.In \u20acmillionDecember 31, 2023 December 31, 2022Total Of which Quingdao Of which Solvay Total Of which Quingdao Hiwin Solvay Chemicals(Zhenjiang) ChemicalsHiwin Solvay ChemicalsOwnership interest 30% 9% 30%Operating Segment Performance Chemicals Basic Chemicals Performance ChemicalsStatement of financial positionNon-current assets 163 24 130 38 29Current assets 231 20 202 39 18Cash and cash equivalents 139 4 135 6 1Non-current liabilities 4 2 1 5 2Non-current financial debt 2 0 0 2 0Current liabilities 86 20 61 31 22Current financial debt 4 4 0 6 6Net asset 304 23 270 42 23Carrying Amount of the interest 42 7 257in the Associate18 Income statement 2023 2022Sales 69 54 102 61Depreciation and amortization 3 3 3 3Interest on loans and short term 2 0 0 0depositsProfit for the year from 3 1 4 2continuing operationsProfit for the year 3 1 4 2Total comprehensive income 4 1 4 2Dividends received 1 0 1INVESTMENTS IN JOINT VENTURESIn \u20acmillion 2023 2022January 1 790 619Additions 0 0Capital increase / (decrease) -3 -5Profit for the year 67 170Dividends received -24 -18Currency translation differences -13 24Impairment reversal 0 0Other -3 1Sale of RusVinyl -428 Partial Demerger -197 December 31 188 790The figures contain the amounts related to Specialty Businesses until December 8, 2023.The amount in Partial Demerger mainly consists of demerged Strata Solvay Advanced Materials and Hindustan Gum & Chemicals.The tables below present the summarized financial information of the material joint ventures. The joint ventures had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.December 31, 2023 Peroxidos do Brasil Ltda Shandong Huatai Interox Aqua Pharma Group Shinsol Advanced Chemical Co. LtdChemicalsIn \u20acmillionOwnership interest 69.40% 50% 50% 51.0%Operating Segment Basic Chemicals Basic Chemicals Basic Chemicals Performance ChemicalsStatement of financial position Non-current assets 121 7 24 22Current assets 144 28 20 6Cash and cash 84 22 9 6equivalentsNon-current liabilities 8 - 2 4Non-current financial 1 0 0 4debtCurrent liabilities 50 10 5 2Current financial debt 6 0 0 0Net asset 206 25 38 23Carrying amount of the interest in the joint 143 12 19 12venture2023 income statementSales 195 40 32 0Depreciation and -7 -1 -3 0amortizationCost of borrowings 0 0 0 0Interest on loans and 8 0 0 0short-term depositsIncome taxes -23 -3 -2 0Profit for the year from 56 8 -2 -2continuing operationsProfit for the year 56 8 -2 -2Other comprehensive 4 0 -3 0incomeTotal comprehensive 61 8 -5 -2incomeDividends received 18 2 0 0Other comprehensive income mainly comprises the currency translation differences. December 31, RusVinyl Peroxidos Strata \u2013 Shandong Hindustan Aqua EECO Shinsol Cogenera-2022OOOdo Brasil Solvay Huatai Gum & Pharma Holding Advanced tion LtdaAdvanced Interox Chemicals Groupand sub-ChemicalsRosignanoMaterial Chemical LtdsidiariesJVCo. LtdIn \u20acmillionOwnership 50% 69.4% 50% 50% 50% 50% 33.3% 51.0% 25.4%interestCorporate Corporate Operating Performance Basic Specialty Basic Specialty Basic Performance & Business & Business SegmentChemicalsChemicalsBusinessesChemicalsBusinessesChemicalsChemicalsServicesServicesStatement of financial positionNon-current 668 105 69 7 9 29 33 17assetsCurrent assets 294 128 19 24 307 19 38 16 9Cash and cash 226 57 17 17 276 11 11 16 6equivalentsNon-current 59 9 - - 9 2 18 13liabilitiesNon-current 12 4 -0 0 0 0 18 13financial debtCurrent 41 54 2 10 14 4 20 1liabilitiesCurrent 3 10 - 0 0 0 19 0financial debtNet asset 862 169 87 21 292 42 33 16 12 Carrying Amount of the interest 431 118 43 11 146 21 9 8 3 in the Joint Venture2022 income statementSales 609 209 24 39 73 31 0 0Depreciation and -53 -7 0 -1 -1 -4 -4 -3amortizationCost of -14 0 0 0 0 0 -2 0borrowings Interest on loans and 15 5 0 0 13 0 1 0short-term depositsIncome taxes -58 -23 0 -2 -3 -1 -2 0Profit for the year from 233 48 18 4 12 1 10 2continuing operationsProfit for the 233 48 18 4 12 1 10 2yearOther com-prehensive 22 9 0 0 -8 0 0 incomeTotal com-prehensive 255 57 18 4 4 1 0 0incomeDividends 0 12 0 2 2 -1 0 0receivedOther comprehensive income mainly comprises the currency translation differences.NOTE F40 LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Solvay SA/NV and a total of 150 investees.Of these 150 investees, 76 are fully consolidated, 7 are proportionately consolidated and 17 are accounted for under the equity method, whilst the other 50 do not meet the criteria of significance.In accordance with the concept of materiality, certain companies (Other Investments), which are insignificant, have not been included in the consolidation scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. For more information, refer to Principles of consolidation.List of companies entering or leaving the consolidation scopeCompanies entering the consolidation scopeCountry Company CommentsARGENTINA Quimicos Esenciales de Argentina SA, Buenos Aires New companyCHINA Essential (Shanghai) Enterprise Management Co., Shanghai New companyITALY Essentials Chemicals Italy S.p.a., Livorno New companyINDIA ES Essential Chemicals Private Limited, Mumbai New companySOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg Meets the consolidation criteriaSOUTH KOREA Special Chem Korea Co., Ltd., Gunsan New companyTURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul New companyUNITED STATES Essential Finance (America) LLC, Wilmington DE New companyEssential Holding America, LLC, Wilmington, DE New companyEssential Elements USA LLC, Wilmington, DE New company Essential Chemicals USA LLC, Wilmington, DE New companyCompanies leaving the consolidation scopeCountry Company CommentsARGENTINA Solvay Quimica SA, Buenos Aires Partial Demerger of SyensqoAUSTRALIA Cytec Asia Pacific Holdings Pty Ltd, Baulkham Hills Partial Demerger of Syensqo Cytec Australia Holdings Pty Ltd, Baulkham Hills Partial Demerger of SyensqoBELGIUM EECO Holding SA, Brussels Partial Demerger of SyensqoSolvay Participations Belgique S.A., Brussels Partial Demerger of Syensqo Solvay Specialty Polymers Belgium SA / NV, Brussels Partial Demerger of SyensqoCANADA Cytec Canada Inc, Niagara Falls Welland Partial Demerger of SyensqoCHINA Cytec Industries Co. Ltd, Shanghai Partial Demerger of SyensqoCytec Engineered Materials Co. Ltd, Shanghai Partial Demerger of SyensqoRhodia Hong Kong Ltd, Hong Kong Partial Demerger of SyensqoSolvay (Shanghai) Ltd, Shanghai Partial Demerger of SyensqoSolvay (Zhangjiangang) Specialty Chemicals Co. Ltd, Suzhou Partial Demerger of SyensqoSolvay China Co., Ltd, Shanghai Partial Demerger of SyensqoSolvay Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd, Zhangjiagang City Partial Demerger of SyensqoSolvay Specialty Polymers (Changshu) Co. Ltd, Changshu Partial Demerger of Syensqo Zhuhai Solvay Specialty Chemicals Co Ltd, Zhuhai City Partial Demerger of SyensqoCHILE Cytec Chile Ltda, Santiago Partial Demerger of SyensqoFRANCE Cog\u00e9n\u00e9ration Tavaux SAS, Paris Partial Demerger of SyensqoRhodia Energy GHG S.A.S., Puteaux Partial Demerger of SyensqoRhodia Laboratoire du Futur S.A.S., Pessac Partial Demerger of SyensqoRhodia Participations S.N.C., Courbevoie Partial Demerger of SyensqoRhodianyl S.A.S., Saint-Fons Partial Demerger of SyensqoSolvay Energie France S.A.S., Paris Partial Demerger of SyensqoSolvay France S.A., Courbevoie Partial Demerger of SyensqoGERMANY Cytec Engineered Materials GmbH, Oestringen Partial Demerger of SyensqoEuropean Carbon Fiber GmbH, Kelheim Partial Demerger of SyensqoSolvay Specialty Polymers Germany GmbH, Hannover Partial Demerger of SyensqoINDIA Hindustan Gum & Chemicals Ltd, New Delhi Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoINDONESIA PT. Cytec Indonesia, Jakarta Partial Demerger of SyensqoSolvay Manyar P.T., Gresik Partial Demerger of SyensqoIRELAND Solvay Finance Ireland Unlimited, Dublin Partial Demerger of SyensqoITALY Cogeneration Spinetta S.p.a., Bollate Partial Demerger of SyensqoSolvay Solutions Italia S.p.A., Milano Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoJAPAN Solvay Japan K.K., Tokyo Partial Demerger of SyensqoSolvay Nicca Ltd, Tokyo Partial Demerger of SyensqoSolvay Specialty Polymers Japan KK, Minato Ku-Tokyo Partial Demerger of SyensqoLUXEMBOURG Cytec Luxembourg International Holdings Sarl, Strassen Partial Demerger of SyensqoSolvay Finance (Luxembourg) SA, Luxembourg Partial Demerger of SyensqoSolvay Hortensia S.A., Luxembourg Partial Demerger of SyensqoSolvay Luxembourg S.a.r.l., Luxembourg Partial Demerger of SyensqoMEXICO Cytec de Mexico S.A. de C.V., Jalisco Partial Demerger of SyensqoNETHERLANDS Cytec Industries B.V., Vlaardingen Partial Demerger of Syensqo Solvay Solutions Nederland B.V., Klundert Partial Demerger of SyensqoNEW ZEALAND Solvay New Zealand Ltd, Auckland Partial Demerger of SyensqoPERU Cytec Peru S.A.C., Lima Partial Demerger of SyensqoPORTUGAL Solvay Biotecnologia Portugal LDA, Carnaxide Partial Demerger of SyensqoRUSSIA RusVinyl OOO, Moscow Sold to SiburNo longer meets the Solvay Vostok OOO, Moscowconsolidation criteriaSINGAPORE Rhodia Amines Chemicals Pte Ltd, Singapore Partial Demerger of SyensqoSolvay Specialty Chemicals Asia Pacific Pte. Ltd, Singapore Partial Demerger of SyensqoSOUTH KOREA Cytec Korea Inc, Seoul Partial Demerger of SyensqoSolvay Specialty Polymers Korea Company Ltd, Seoul Partial Demerger of SyensqoTHAILAND Solvay (Bangpoo) Specialty Chemicals Ltd, Bangkok Partial Demerger of SyensqoSolvay (Thailand) Ltd, Bangkok Partial Demerger of SyensqoTURKEY Solvay Istanbul Kimya Limited Sirketi, Istanbul Partial Demerger of SyensqoUNITED ARAB EMIRATES Cytec Nibras LLC, Al Ain Partial Demerger of SyensqoStrata - Solvay Advanced Materials Joint-Venture LLC, Al Ain Partial Demerger of SyensqoUNITED KINGDOM Advanced Composites Group Investments Ltd, Heanor Partial Demerger of SyensqoCytec Engineered Materials Ltd, Wrexham Partial Demerger of SyensqoCytec Industrial Materials (Derby) Ltd, Heanor Partial Demerger of SyensqoCytec Industrial Materials (Manchester) Ltd, Heanor Partial Demerger of SyensqoCytec Industries UK Holdings Ltd, Wrexham Partial Demerger of SyensqoMcIntyre Group Ltd, Watford Partial Demerger of SyensqoOldbury Energy Solutions UK Ltd, Oldbury Partial Demerger of SyensqoRhodia Holdings Ltd, Watford Partial Demerger of SyensqoRhodia International Holdings Ltd, Oldbury Partial Demerger of SyensqoRhodia Organique Fine Ltd , Watford Partial Demerger of SyensqoRhodia Overseas Ltd, Watford Partial Demerger of SyensqoRhodia Pharma Solutions Holdings Ltd, Cramlington Partial Demerger of SyensqoRhodia Pharma Solutions Ltd, Cramlington Partial Demerger of SyensqoRhodia Reorganisation, Watford Partial Demerger of SyensqoSolvay Solutions UK Ltd, Watford Partial Demerger of SyensqoUmeco Composites Ltd, Heanor Partial Demerger of SyensqoUmeco Ltd, Heanor Partial Demerger of SyensqoUNITED STATES Ausimont Industries, Inc., Wilmington, Delaware Partial Demerger of SyensqoCEM Defense Materials LLC, Tempe Arizona Partial Demerger of SyensqoCytec Engineered Materials Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Global Holdings Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Industrial Materials (ok) Inc., Tulsa Oklahoma Partial Demerger of SyensqoCytec Industries Inc, Princeton New Jersey Partial Demerger of SyensqoCytec Korea Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Technology Corp., Princeton New Jersey Partial Demerger of SyensqoEnergy Solutions US LLC, Breckenridge, Texas Partial Demerger of SyensqoGarret Mountain Insurance Co., Burlington Vermont Partial Demerger of SyensqoSolvay America Inc., Houston, Texas Partial Demerger of SyensqoSolvay Finance (America) LLC, Houston, Texas Partial Demerger of SyensqoSolvay Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay India Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay Specialty Polymers USA, LLC, Alpharetta, Georgia Partial Demerger of SyensqoSolvay USA INC., Princeton, New Jersey Partial Demerger of SyensqoURUGUAY Zamin Company S/A, Montevideo LiquidatedCompanies changing the consolidation methodCountry Company CommentsSolvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang Change from full consolidation to equity method due to the CHINA1)New arealoss of control during the Partial DemergerChange from equity method to full consolidation due to the ITALY Cogeneration Rosignano S.r.l., Rosignanopurchase of the Marubeni's shares1) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence. Joint venturesAUSTRALIAAqua Pharma Australia Pty Ltd, Armidale 50BRAZIL Peroxidos do Brasil Ltda, Sao Paulo 69.4CANADA Aqua Pharma Inc, Saint John 50CHILE Aqua Pharma Chile Spa, Puerto Montt 50CHINA Shandong Huatai Interox Chemical Co. Ltd, Dongying 50IRELAND Aqua Pharma Ireland Ltd, Dublin 50NORWAY Aqua Pharma Group A.S., Lillehammer 50Aqua Pharma A.S., Lillehammer 50Haugaland Shipping A.S., Haugesund 50TAIWAN Shinsol Advanced Chemicals Corporation, New Taipei 51UNITED KINGDOM Aqua Pharma Technical Ltd, Inverness 50Aqua Pharma Ltd, Inverness 50UNITED STATES Aqua Pharma U.S. Inc, Kirkland 25AssociatesCHINAQingdao Hiwin Solvay Chemicals Co. Ltd, Qingdao 301)Solvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang New Area 9.35FRANCE GIE Chime Salindres, Salindres 50MEXICO Silicatos y Derivados S.A. DE C.V., Estado de Mexico 201) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.3. SUMMARY FINANCIAL STATEMENTS OF SOLVAY SA/NVThe annual financial statements of Solvay SA/NV are presented in a summary format below. In accordance with the Belgian Code of Companies and Asociations, the annual financial statements of Solvay SA/NV, the management report and the statutory auditor\u2019s report will be filed with the National Bank of Belgium.These documents are also available free of charge on the internet or upon request sent to:",
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"s8_notes__7__157-1": {
"value": "NOTE F22 INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the note F40 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equity method of accounting.In \u20acmillion December 31, 2023 December 31, 2022Associates Joint ventures Total Associates Joint ventures TotalInvestments in associates and joint 42 188 230 18 790 809venturesEarnings from associates and joint 3 53 53 0 153 153venturesINVESTMENTS IN ASSOCIATESIn \u20acmillion 2023 2022January 1 18 18Profit for the year 4 1Dividends received -1 -1Currency translation differences 0 0Partial Demerger 20 December 31 42 18The amount in Partial Demerger results mainly from loss of control due to demerger and the change of the consolidation scope from full consolidation to equity accounting.The figures contain the amounts related to Specialty Businesses until December 8, 2023.The tables below present the summarized financial information of the associates together with the major one. The associates had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.In \u20acmillionDecember 31, 2023 December 31, 2022Total Of which Quingdao Of which Solvay Total Of which Quingdao Hiwin Solvay Chemicals(Zhenjiang) ChemicalsHiwin Solvay ChemicalsOwnership interest 30% 9% 30%Operating Segment Performance Chemicals Basic Chemicals Performance ChemicalsStatement of financial positionNon-current assets 163 24 130 38 29Current assets 231 20 202 39 18Cash and cash equivalents 139 4 135 6 1Non-current liabilities 4 2 1 5 2Non-current financial debt 2 0 0 2 0Current liabilities 86 20 61 31 22Current financial debt 4 4 0 6 6Net asset 304 23 270 42 23Carrying Amount of the interest 42 7 257in the Associate18 Income statement 2023 2022Sales 69 54 102 61Depreciation and amortization 3 3 3 3Interest on loans and short term 2 0 0 0depositsProfit for the year from 3 1 4 2continuing operationsProfit for the year 3 1 4 2Total comprehensive income 4 1 4 2Dividends received 1 0 1INVESTMENTS IN JOINT VENTURESIn \u20acmillion 2023 2022January 1 790 619Additions 0 0Capital increase / (decrease) -3 -5Profit for the year 67 170Dividends received -24 -18Currency translation differences -13 24Impairment reversal 0 0Other -3 1Sale of RusVinyl -428 Partial Demerger -197 December 31 188 790The figures contain the amounts related to Specialty Businesses until December 8, 2023.The amount in Partial Demerger mainly consists of demerged Strata Solvay Advanced Materials and Hindustan Gum & Chemicals.The tables below present the summarized financial information of the material joint ventures. The joint ventures had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.December 31, 2023 Peroxidos do Brasil Ltda Shandong Huatai Interox Aqua Pharma Group Shinsol Advanced Chemical Co. LtdChemicalsIn \u20acmillionOwnership interest 69.40% 50% 50% 51.0%Operating Segment Basic Chemicals Basic Chemicals Basic Chemicals Performance ChemicalsStatement of financial position Non-current assets 121 7 24 22Current assets 144 28 20 6Cash and cash 84 22 9 6equivalentsNon-current liabilities 8 - 2 4Non-current financial 1 0 0 4debtCurrent liabilities 50 10 5 2Current financial debt 6 0 0 0Net asset 206 25 38 23Carrying amount of the interest in the joint 143 12 19 12venture2023 income statementSales 195 40 32 0Depreciation and -7 -1 -3 0amortizationCost of borrowings 0 0 0 0Interest on loans and 8 0 0 0short-term depositsIncome taxes -23 -3 -2 0Profit for the year from 56 8 -2 -2continuing operationsProfit for the year 56 8 -2 -2Other comprehensive 4 0 -3 0incomeTotal comprehensive 61 8 -5 -2incomeDividends received 18 2 0 0Other comprehensive income mainly comprises the currency translation differences. December 31, RusVinyl Peroxidos Strata \u2013 Shandong Hindustan Aqua EECO Shinsol Cogenera-2022OOOdo Brasil Solvay Huatai Gum & Pharma Holding Advanced tion LtdaAdvanced Interox Chemicals Groupand sub-ChemicalsRosignanoMaterial Chemical LtdsidiariesJVCo. LtdIn \u20acmillionOwnership 50% 69.4% 50% 50% 50% 50% 33.3% 51.0% 25.4%interestCorporate Corporate Operating Performance Basic Specialty Basic Specialty Basic Performance & Business & Business SegmentChemicalsChemicalsBusinessesChemicalsBusinessesChemicalsChemicalsServicesServicesStatement of financial positionNon-current 668 105 69 7 9 29 33 17assetsCurrent assets 294 128 19 24 307 19 38 16 9Cash and cash 226 57 17 17 276 11 11 16 6equivalentsNon-current 59 9 - - 9 2 18 13liabilitiesNon-current 12 4 -0 0 0 0 18 13financial debtCurrent 41 54 2 10 14 4 20 1liabilitiesCurrent 3 10 - 0 0 0 19 0financial debtNet asset 862 169 87 21 292 42 33 16 12 Carrying Amount of the interest 431 118 43 11 146 21 9 8 3 in the Joint Venture2022 income statementSales 609 209 24 39 73 31 0 0Depreciation and -53 -7 0 -1 -1 -4 -4 -3amortizationCost of -14 0 0 0 0 0 -2 0borrowings Interest on loans and 15 5 0 0 13 0 1 0short-term depositsIncome taxes -58 -23 0 -2 -3 -1 -2 0Profit for the year from 233 48 18 4 12 1 10 2continuing operationsProfit for the 233 48 18 4 12 1 10 2yearOther com-prehensive 22 9 0 0 -8 0 0 incomeTotal com-prehensive 255 57 18 4 4 1 0 0incomeDividends 0 12 0 2 2 -1 0 0receivedOther comprehensive income mainly comprises the currency translation differences.NOTE F28NON-CONTROLLING INTERESTS The amounts disclosed below are fully consolidated amounts and do not reflect the impacts from elimination of intragroup transactions.At the end of 2023, the following most material subsidiaries have non-controlling interests (NCI) totaling \u20ac35 million out of total NCI of \u20ac42 million. In \u20acmillionSolvay Lantian (Quzhou) Salzgewinnungsgezellschaft ChemicalsWestfalenNon-controlling ownership interest 45% 35%Statement of financial positionNon-current assets 26 55Current assets 47 22Non-current liabilities 3 41Current liabilities 15 4Income statement Sales 89 11Profit for the year 10 7Other comprehensive income -2 -1Total comprehensive income 8 6Dividends paid to non-controlling interests 3 0Share of non-controlling interest in the profit for the year 4 2Accumulated non-controlling interests 24 11(i) Solvay Lantian (Quzhou) Chemicals was Zhejiang Lansol in 2022.At the end of 2022, the following subsidiaries had non-controlling interests totaling \u20ac49 million, out of a total of \u20ac61 million. In \u20acmillionZhejiang Lansol Solvay Hengchang Salzgewinnungsgezellschaft Zhangjiagang Special Chem WestfalenNon-controlling ownership interest 45% 30% 35%Statement of financial position Non-current assets 28 17 56Current assets 47 72 12Non-current liabilities 2 1 40Current liabilities 17 34 3Income statement Sales 93 168 11Profit for the year 9 36 4Other comprehensive income -3 -3 2Total comprehensive income 6 32 6Dividends paid to non-controlling interests 0 6 0Share of non-controlling interest in the profit for the 4 11 1yearAccumulated non-controlling interests 24 16 9During 2022 the Group purchased the remaining outstanding ownership interest in Solvay Soda Ash (20% for US$120 million) and Solvay Special Chem Japan (33% for \u20ac3.55 million) with the difference between the consideration paid and the net book value of the non-controlling interest being recorded as a component of equity (loss of \u20ac88 million on the purchase of Solvay Soda Ash and a gain of \u20ac9.5 million on the purchase of Special Chem Japan).",
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"value": "NOTE F22 INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the note F40 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equity method of accounting.In \u20acmillion December 31, 2023 December 31, 2022Associates Joint ventures Total Associates Joint ventures TotalInvestments in associates and joint 42 188 230 18 790 809venturesEarnings from associates and joint 3 53 53 0 153 153venturesINVESTMENTS IN JOINT VENTURESIn \u20acmillion 2023 2022January 1 790 619Additions 0 0Capital increase / (decrease) -3 -5Profit for the year 67 170Dividends received -24 -18Currency translation differences -13 24Impairment reversal 0 0Other -3 1Sale of RusVinyl -428 Partial Demerger -197 December 31 188 790The figures contain the amounts related to Specialty Businesses until December 8, 2023.The amount in Partial Demerger mainly consists of demerged Strata Solvay Advanced Materials and Hindustan Gum & Chemicals.The tables below present the summarized financial information of the material joint ventures. The joint ventures had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.December 31, 2023 Peroxidos do Brasil Ltda Shandong Huatai Interox Aqua Pharma Group Shinsol Advanced Chemical Co. LtdChemicalsIn \u20acmillionOwnership interest 69.40% 50% 50% 51.0%Operating Segment Basic Chemicals Basic Chemicals Basic Chemicals Performance ChemicalsStatement of financial position Non-current assets 121 7 24 22Current assets 144 28 20 6Cash and cash 84 22 9 6equivalentsNon-current liabilities 8 - 2 4Non-current financial 1 0 0 4debtCurrent liabilities 50 10 5 2Current financial debt 6 0 0 0Net asset 206 25 38 23Carrying amount of the interest in the joint 143 12 19 12venture2023 income statementSales 195 40 32 0Depreciation and -7 -1 -3 0amortizationCost of borrowings 0 0 0 0Interest on loans and 8 0 0 0short-term depositsIncome taxes -23 -3 -2 0Profit for the year from 56 8 -2 -2continuing operationsProfit for the year 56 8 -2 -2Other comprehensive 4 0 -3 0incomeTotal comprehensive 61 8 -5 -2incomeDividends received 18 2 0 0Other comprehensive income mainly comprises the currency translation differences. December 31, RusVinyl Peroxidos Strata \u2013 Shandong Hindustan Aqua EECO Shinsol Cogenera-2022OOOdo Brasil Solvay Huatai Gum & Pharma Holding Advanced tion LtdaAdvanced Interox Chemicals Groupand sub-ChemicalsRosignanoMaterial Chemical LtdsidiariesJVCo. LtdIn \u20acmillionOwnership 50% 69.4% 50% 50% 50% 50% 33.3% 51.0% 25.4%interestCorporate Corporate Operating Performance Basic Specialty Basic Specialty Basic Performance & Business & Business SegmentChemicalsChemicalsBusinessesChemicalsBusinessesChemicalsChemicalsServicesServicesStatement of financial positionNon-current 668 105 69 7 9 29 33 17assetsCurrent assets 294 128 19 24 307 19 38 16 9Cash and cash 226 57 17 17 276 11 11 16 6equivalentsNon-current 59 9 - - 9 2 18 13liabilitiesNon-current 12 4 -0 0 0 0 18 13financial debtCurrent 41 54 2 10 14 4 20 1liabilitiesCurrent 3 10 - 0 0 0 19 0financial debtNet asset 862 169 87 21 292 42 33 16 12 Carrying Amount of the interest 431 118 43 11 146 21 9 8 3 in the Joint Venture2022 income statementSales 609 209 24 39 73 31 0 0Depreciation and -53 -7 0 -1 -1 -4 -4 -3amortizationCost of -14 0 0 0 0 0 -2 0borrowings Interest on loans and 15 5 0 0 13 0 1 0short-term depositsIncome taxes -58 -23 0 -2 -3 -1 -2 0Profit for the year from 233 48 18 4 12 1 10 2continuing operationsProfit for the 233 48 18 4 12 1 10 2yearOther com-prehensive 22 9 0 0 -8 0 0 incomeTotal com-prehensive 255 57 18 4 4 1 0 0incomeDividends 0 12 0 2 2 -1 0 0receivedOther comprehensive income mainly comprises the currency translation differences.NOTE F40 LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Solvay SA/NV and a total of 150 investees.Of these 150 investees, 76 are fully consolidated, 7 are proportionately consolidated and 17 are accounted for under the equity method, whilst the other 50 do not meet the criteria of significance.In accordance with the concept of materiality, certain companies (Other Investments), which are insignificant, have not been included in the consolidation scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. For more information, refer to Principles of consolidation.List of companies entering or leaving the consolidation scopeCompanies entering the consolidation scopeCountry Company CommentsARGENTINA Quimicos Esenciales de Argentina SA, Buenos Aires New companyCHINA Essential (Shanghai) Enterprise Management Co., Shanghai New companyITALY Essentials Chemicals Italy S.p.a., Livorno New companyINDIA ES Essential Chemicals Private Limited, Mumbai New companySOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg Meets the consolidation criteriaSOUTH KOREA Special Chem Korea Co., Ltd., Gunsan New companyTURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul New companyUNITED STATES Essential Finance (America) LLC, Wilmington DE New companyEssential Holding America, LLC, Wilmington, DE New companyEssential Elements USA LLC, Wilmington, DE New company Essential Chemicals USA LLC, Wilmington, DE New companyCompanies leaving the consolidation scopeCountry Company CommentsARGENTINA Solvay Quimica SA, Buenos Aires Partial Demerger of SyensqoAUSTRALIA Cytec Asia Pacific Holdings Pty Ltd, Baulkham Hills Partial Demerger of Syensqo Cytec Australia Holdings Pty Ltd, Baulkham Hills Partial Demerger of SyensqoBELGIUM EECO Holding SA, Brussels Partial Demerger of SyensqoSolvay Participations Belgique S.A., Brussels Partial Demerger of Syensqo Solvay Specialty Polymers Belgium SA / NV, Brussels Partial Demerger of SyensqoCANADA Cytec Canada Inc, Niagara Falls Welland Partial Demerger of SyensqoCHINA Cytec Industries Co. Ltd, Shanghai Partial Demerger of SyensqoCytec Engineered Materials Co. Ltd, Shanghai Partial Demerger of SyensqoRhodia Hong Kong Ltd, Hong Kong Partial Demerger of SyensqoSolvay (Shanghai) Ltd, Shanghai Partial Demerger of SyensqoSolvay (Zhangjiangang) Specialty Chemicals Co. Ltd, Suzhou Partial Demerger of SyensqoSolvay China Co., Ltd, Shanghai Partial Demerger of SyensqoSolvay Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd, Zhangjiagang City Partial Demerger of SyensqoSolvay Specialty Polymers (Changshu) Co. Ltd, Changshu Partial Demerger of Syensqo Zhuhai Solvay Specialty Chemicals Co Ltd, Zhuhai City Partial Demerger of SyensqoCHILE Cytec Chile Ltda, Santiago Partial Demerger of SyensqoFRANCE Cog\u00e9n\u00e9ration Tavaux SAS, Paris Partial Demerger of SyensqoRhodia Energy GHG S.A.S., Puteaux Partial Demerger of SyensqoRhodia Laboratoire du Futur S.A.S., Pessac Partial Demerger of SyensqoRhodia Participations S.N.C., Courbevoie Partial Demerger of SyensqoRhodianyl S.A.S., Saint-Fons Partial Demerger of SyensqoSolvay Energie France S.A.S., Paris Partial Demerger of SyensqoSolvay France S.A., Courbevoie Partial Demerger of SyensqoGERMANY Cytec Engineered Materials GmbH, Oestringen Partial Demerger of SyensqoEuropean Carbon Fiber GmbH, Kelheim Partial Demerger of SyensqoSolvay Specialty Polymers Germany GmbH, Hannover Partial Demerger of SyensqoINDIA Hindustan Gum & Chemicals Ltd, New Delhi Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoINDONESIA PT. Cytec Indonesia, Jakarta Partial Demerger of SyensqoSolvay Manyar P.T., Gresik Partial Demerger of SyensqoIRELAND Solvay Finance Ireland Unlimited, Dublin Partial Demerger of SyensqoITALY Cogeneration Spinetta S.p.a., Bollate Partial Demerger of SyensqoSolvay Solutions Italia S.p.A., Milano Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoJAPAN Solvay Japan K.K., Tokyo Partial Demerger of SyensqoSolvay Nicca Ltd, Tokyo Partial Demerger of SyensqoSolvay Specialty Polymers Japan KK, Minato Ku-Tokyo Partial Demerger of SyensqoLUXEMBOURG Cytec Luxembourg International Holdings Sarl, Strassen Partial Demerger of SyensqoSolvay Finance (Luxembourg) SA, Luxembourg Partial Demerger of SyensqoSolvay Hortensia S.A., Luxembourg Partial Demerger of SyensqoSolvay Luxembourg S.a.r.l., Luxembourg Partial Demerger of SyensqoMEXICO Cytec de Mexico S.A. de C.V., Jalisco Partial Demerger of SyensqoNETHERLANDS Cytec Industries B.V., Vlaardingen Partial Demerger of Syensqo Solvay Solutions Nederland B.V., Klundert Partial Demerger of SyensqoNEW ZEALAND Solvay New Zealand Ltd, Auckland Partial Demerger of SyensqoPERU Cytec Peru S.A.C., Lima Partial Demerger of SyensqoPORTUGAL Solvay Biotecnologia Portugal LDA, Carnaxide Partial Demerger of SyensqoRUSSIA RusVinyl OOO, Moscow Sold to SiburNo longer meets the Solvay Vostok OOO, Moscowconsolidation criteriaSINGAPORE Rhodia Amines Chemicals Pte Ltd, Singapore Partial Demerger of SyensqoSolvay Specialty Chemicals Asia Pacific Pte. Ltd, Singapore Partial Demerger of SyensqoSOUTH KOREA Cytec Korea Inc, Seoul Partial Demerger of SyensqoSolvay Specialty Polymers Korea Company Ltd, Seoul Partial Demerger of SyensqoTHAILAND Solvay (Bangpoo) Specialty Chemicals Ltd, Bangkok Partial Demerger of SyensqoSolvay (Thailand) Ltd, Bangkok Partial Demerger of SyensqoTURKEY Solvay Istanbul Kimya Limited Sirketi, Istanbul Partial Demerger of SyensqoUNITED ARAB EMIRATES Cytec Nibras LLC, Al Ain Partial Demerger of SyensqoStrata - Solvay Advanced Materials Joint-Venture LLC, Al Ain Partial Demerger of SyensqoUNITED KINGDOM Advanced Composites Group Investments Ltd, Heanor Partial Demerger of SyensqoCytec Engineered Materials Ltd, Wrexham Partial Demerger of SyensqoCytec Industrial Materials (Derby) Ltd, Heanor Partial Demerger of SyensqoCytec Industrial Materials (Manchester) Ltd, Heanor Partial Demerger of SyensqoCytec Industries UK Holdings Ltd, Wrexham Partial Demerger of SyensqoMcIntyre Group Ltd, Watford Partial Demerger of SyensqoOldbury Energy Solutions UK Ltd, Oldbury Partial Demerger of SyensqoRhodia Holdings Ltd, Watford Partial Demerger of SyensqoRhodia International Holdings Ltd, Oldbury Partial Demerger of SyensqoRhodia Organique Fine Ltd , Watford Partial Demerger of SyensqoRhodia Overseas Ltd, Watford Partial Demerger of SyensqoRhodia Pharma Solutions Holdings Ltd, Cramlington Partial Demerger of SyensqoRhodia Pharma Solutions Ltd, Cramlington Partial Demerger of SyensqoRhodia Reorganisation, Watford Partial Demerger of SyensqoSolvay Solutions UK Ltd, Watford Partial Demerger of SyensqoUmeco Composites Ltd, Heanor Partial Demerger of SyensqoUmeco Ltd, Heanor Partial Demerger of SyensqoUNITED STATES Ausimont Industries, Inc., Wilmington, Delaware Partial Demerger of SyensqoCEM Defense Materials LLC, Tempe Arizona Partial Demerger of SyensqoCytec Engineered Materials Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Global Holdings Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Industrial Materials (ok) Inc., Tulsa Oklahoma Partial Demerger of SyensqoCytec Industries Inc, Princeton New Jersey Partial Demerger of SyensqoCytec Korea Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Technology Corp., Princeton New Jersey Partial Demerger of SyensqoEnergy Solutions US LLC, Breckenridge, Texas Partial Demerger of SyensqoGarret Mountain Insurance Co., Burlington Vermont Partial Demerger of SyensqoSolvay America Inc., Houston, Texas Partial Demerger of SyensqoSolvay Finance (America) LLC, Houston, Texas Partial Demerger of SyensqoSolvay Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay India Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay Specialty Polymers USA, LLC, Alpharetta, Georgia Partial Demerger of SyensqoSolvay USA INC., Princeton, New Jersey Partial Demerger of SyensqoURUGUAY Zamin Company S/A, Montevideo LiquidatedCompanies changing the consolidation methodCountry Company CommentsSolvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang Change from full consolidation to equity method due to the CHINA1)New arealoss of control during the Partial DemergerChange from equity method to full consolidation due to the ITALY Cogeneration Rosignano S.r.l., Rosignanopurchase of the Marubeni's shares1) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.Joint venturesAUSTRALIAAqua Pharma Australia Pty Ltd, Armidale 50BRAZIL Peroxidos do Brasil Ltda, Sao Paulo 69.4CANADA Aqua Pharma Inc, Saint John 50CHILE Aqua Pharma Chile Spa, Puerto Montt 50CHINA Shandong Huatai Interox Chemical Co. Ltd, Dongying 50IRELAND Aqua Pharma Ireland Ltd, Dublin 50NORWAY Aqua Pharma Group A.S., Lillehammer 50Aqua Pharma A.S., Lillehammer 50Haugaland Shipping A.S., Haugesund 50TAIWAN Shinsol Advanced Chemicals Corporation, New Taipei 51UNITED KINGDOM Aqua Pharma Technical Ltd, Inverness 50Aqua Pharma Ltd, Inverness 50UNITED STATES Aqua Pharma U.S. Inc, Kirkland 25",
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"s8_notes__7__155-1": {
"value": "NOTE F22 INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe list of associates and joint ventures is available in the note F40 List of companies included in the consolidation scope.The associates and joint ventures not classified as held for sale/discontinued operations are accounted for under the equity method of accounting.In \u20acmillion December 31, 2023 December 31, 2022Associates Joint ventures Total Associates Joint ventures TotalInvestments in associates and joint 42 188 230 18 790 809venturesEarnings from associates and joint 3 53 53 0 153 153venturesINVESTMENTS IN ASSOCIATESIn \u20acmillion 2023 2022January 1 18 18Profit for the year 4 1Dividends received -1 -1Currency translation differences 0 0Partial Demerger 20 December 31 42 18The amount in Partial Demerger results mainly from loss of control due to demerger and the change of the consolidation scope from full consolidation to equity accounting.The figures contain the amounts related to Specialty Businesses until December 8, 2023.The tables below present the summarized financial information of the associates together with the major one. The associates had no contingent liabilities or capital commitments as at December 31, 2023 and 2022.In \u20acmillionDecember 31, 2023 December 31, 2022Total Of which Quingdao Of which Solvay Total Of which Quingdao Hiwin Solvay Chemicals(Zhenjiang) ChemicalsHiwin Solvay ChemicalsOwnership interest 30% 9% 30%Operating Segment Performance Chemicals Basic Chemicals Performance ChemicalsStatement of financial positionNon-current assets 163 24 130 38 29Current assets 231 20 202 39 18Cash and cash equivalents 139 4 135 6 1Non-current liabilities 4 2 1 5 2Non-current financial debt 2 0 0 2 0Current liabilities 86 20 61 31 22Current financial debt 4 4 0 6 6Net asset 304 23 270 42 23Carrying Amount of the interest 42 7 257in the Associate18 Income statement 2023 2022Sales 69 54 102 61Depreciation and amortization 3 3 3 3Interest on loans and short term 2 0 0 0depositsProfit for the year from 3 1 4 2continuing operationsProfit for the year 3 1 4 2Total comprehensive income 4 1 4 2Dividends received 1 0 1NOTE F40 LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Solvay SA/NV and a total of 150 investees.Of these 150 investees, 76 are fully consolidated, 7 are proportionately consolidated and 17 are accounted for under the equity method, whilst the other 50 do not meet the criteria of significance.In accordance with the concept of materiality, certain companies (Other Investments), which are insignificant, have not been included in the consolidation scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. For more information, refer to Principles of consolidation.List of companies entering or leaving the consolidation scopeCompanies entering the consolidation scopeCountry Company CommentsARGENTINA Quimicos Esenciales de Argentina SA, Buenos Aires New companyCHINA Essential (Shanghai) Enterprise Management Co., Shanghai New companyITALY Essentials Chemicals Italy S.p.a., Livorno New companyINDIA ES Essential Chemicals Private Limited, Mumbai New companySOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg Meets the consolidation criteriaSOUTH KOREA Special Chem Korea Co., Ltd., Gunsan New companyTURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul New companyUNITED STATES Essential Finance (America) LLC, Wilmington DE New companyEssential Holding America, LLC, Wilmington, DE New companyEssential Elements USA LLC, Wilmington, DE New company Essential Chemicals USA LLC, Wilmington, DE New companyCompanies leaving the consolidation scopeCountry Company CommentsARGENTINA Solvay Quimica SA, Buenos Aires Partial Demerger of SyensqoAUSTRALIA Cytec Asia Pacific Holdings Pty Ltd, Baulkham Hills Partial Demerger of Syensqo Cytec Australia Holdings Pty Ltd, Baulkham Hills Partial Demerger of SyensqoBELGIUM EECO Holding SA, Brussels Partial Demerger of SyensqoSolvay Participations Belgique S.A., Brussels Partial Demerger of Syensqo Solvay Specialty Polymers Belgium SA / NV, Brussels Partial Demerger of SyensqoCANADA Cytec Canada Inc, Niagara Falls Welland Partial Demerger of SyensqoCHINA Cytec Industries Co. Ltd, Shanghai Partial Demerger of SyensqoCytec Engineered Materials Co. Ltd, Shanghai Partial Demerger of SyensqoRhodia Hong Kong Ltd, Hong Kong Partial Demerger of SyensqoSolvay (Shanghai) Ltd, Shanghai Partial Demerger of SyensqoSolvay (Zhangjiangang) Specialty Chemicals Co. Ltd, Suzhou Partial Demerger of SyensqoSolvay China Co., Ltd, Shanghai Partial Demerger of SyensqoSolvay Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd, Zhangjiagang City Partial Demerger of SyensqoSolvay Specialty Polymers (Changshu) Co. Ltd, Changshu Partial Demerger of Syensqo Zhuhai Solvay Specialty Chemicals Co Ltd, Zhuhai City Partial Demerger of SyensqoCHILE Cytec Chile Ltda, Santiago Partial Demerger of SyensqoFRANCE Cog\u00e9n\u00e9ration Tavaux SAS, Paris Partial Demerger of SyensqoRhodia Energy GHG S.A.S., Puteaux Partial Demerger of SyensqoRhodia Laboratoire du Futur S.A.S., Pessac Partial Demerger of SyensqoRhodia Participations S.N.C., Courbevoie Partial Demerger of SyensqoRhodianyl S.A.S., Saint-Fons Partial Demerger of SyensqoSolvay Energie France S.A.S., Paris Partial Demerger of SyensqoSolvay France S.A., Courbevoie Partial Demerger of SyensqoGERMANY Cytec Engineered Materials GmbH, Oestringen Partial Demerger of SyensqoEuropean Carbon Fiber GmbH, Kelheim Partial Demerger of SyensqoSolvay Specialty Polymers Germany GmbH, Hannover Partial Demerger of SyensqoINDIA Hindustan Gum & Chemicals Ltd, New Delhi Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoINDONESIA PT. Cytec Indonesia, Jakarta Partial Demerger of SyensqoSolvay Manyar P.T., Gresik Partial Demerger of SyensqoIRELAND Solvay Finance Ireland Unlimited, Dublin Partial Demerger of SyensqoITALY Cogeneration Spinetta S.p.a., Bollate Partial Demerger of SyensqoSolvay Solutions Italia S.p.A., Milano Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoJAPAN Solvay Japan K.K., Tokyo Partial Demerger of SyensqoSolvay Nicca Ltd, Tokyo Partial Demerger of SyensqoSolvay Specialty Polymers Japan KK, Minato Ku-Tokyo Partial Demerger of SyensqoLUXEMBOURG Cytec Luxembourg International Holdings Sarl, Strassen Partial Demerger of SyensqoSolvay Finance (Luxembourg) SA, Luxembourg Partial Demerger of SyensqoSolvay Hortensia S.A., Luxembourg Partial Demerger of SyensqoSolvay Luxembourg S.a.r.l., Luxembourg Partial Demerger of SyensqoMEXICO Cytec de Mexico S.A. de C.V., Jalisco Partial Demerger of SyensqoNETHERLANDS Cytec Industries B.V., Vlaardingen Partial Demerger of Syensqo Solvay Solutions Nederland B.V., Klundert Partial Demerger of SyensqoNEW ZEALAND Solvay New Zealand Ltd, Auckland Partial Demerger of SyensqoPERU Cytec Peru S.A.C., Lima Partial Demerger of SyensqoPORTUGAL Solvay Biotecnologia Portugal LDA, Carnaxide Partial Demerger of SyensqoRUSSIA RusVinyl OOO, Moscow Sold to SiburNo longer meets the Solvay Vostok OOO, Moscowconsolidation criteriaSINGAPORE Rhodia Amines Chemicals Pte Ltd, Singapore Partial Demerger of SyensqoSolvay Specialty Chemicals Asia Pacific Pte. Ltd, Singapore Partial Demerger of SyensqoSOUTH KOREA Cytec Korea Inc, Seoul Partial Demerger of SyensqoSolvay Specialty Polymers Korea Company Ltd, Seoul Partial Demerger of SyensqoTHAILAND Solvay (Bangpoo) Specialty Chemicals Ltd, Bangkok Partial Demerger of SyensqoSolvay (Thailand) Ltd, Bangkok Partial Demerger of SyensqoTURKEY Solvay Istanbul Kimya Limited Sirketi, Istanbul Partial Demerger of SyensqoUNITED ARAB EMIRATES Cytec Nibras LLC, Al Ain Partial Demerger of SyensqoStrata - Solvay Advanced Materials Joint-Venture LLC, Al Ain Partial Demerger of SyensqoUNITED KINGDOM Advanced Composites Group Investments Ltd, Heanor Partial Demerger of SyensqoCytec Engineered Materials Ltd, Wrexham Partial Demerger of SyensqoCytec Industrial Materials (Derby) Ltd, Heanor Partial Demerger of SyensqoCytec Industrial Materials (Manchester) Ltd, Heanor Partial Demerger of SyensqoCytec Industries UK Holdings Ltd, Wrexham Partial Demerger of SyensqoMcIntyre Group Ltd, Watford Partial Demerger of SyensqoOldbury Energy Solutions UK Ltd, Oldbury Partial Demerger of SyensqoRhodia Holdings Ltd, Watford Partial Demerger of SyensqoRhodia International Holdings Ltd, Oldbury Partial Demerger of SyensqoRhodia Organique Fine Ltd , Watford Partial Demerger of SyensqoRhodia Overseas Ltd, Watford Partial Demerger of SyensqoRhodia Pharma Solutions Holdings Ltd, Cramlington Partial Demerger of SyensqoRhodia Pharma Solutions Ltd, Cramlington Partial Demerger of SyensqoRhodia Reorganisation, Watford Partial Demerger of SyensqoSolvay Solutions UK Ltd, Watford Partial Demerger of SyensqoUmeco Composites Ltd, Heanor Partial Demerger of SyensqoUmeco Ltd, Heanor Partial Demerger of SyensqoUNITED STATES Ausimont Industries, Inc., Wilmington, Delaware Partial Demerger of SyensqoCEM Defense Materials LLC, Tempe Arizona Partial Demerger of SyensqoCytec Engineered Materials Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Global Holdings Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Industrial Materials (ok) Inc., Tulsa Oklahoma Partial Demerger of SyensqoCytec Industries Inc, Princeton New Jersey Partial Demerger of SyensqoCytec Korea Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Technology Corp., Princeton New Jersey Partial Demerger of SyensqoEnergy Solutions US LLC, Breckenridge, Texas Partial Demerger of SyensqoGarret Mountain Insurance Co., Burlington Vermont Partial Demerger of SyensqoSolvay America Inc., Houston, Texas Partial Demerger of SyensqoSolvay Finance (America) LLC, Houston, Texas Partial Demerger of SyensqoSolvay Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay India Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay Specialty Polymers USA, LLC, Alpharetta, Georgia Partial Demerger of SyensqoSolvay USA INC., Princeton, New Jersey Partial Demerger of SyensqoURUGUAY Zamin Company S/A, Montevideo LiquidatedCompanies changing the consolidation methodCountry Company CommentsSolvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang Change from full consolidation to equity method due to the CHINA1)New arealoss of control during the Partial DemergerChange from equity method to full consolidation due to the ITALY Cogeneration Rosignano S.r.l., Rosignanopurchase of the Marubeni's shares1) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.AssociatesCHINAQingdao Hiwin Solvay Chemicals Co. Ltd, Qingdao 301)Solvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang New Area 9.35FRANCE GIE Chime Salindres, Salindres 50MEXICO Silicatos y Derivados S.A. DE C.V., Estado de Mexico 201) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.3. SUMMARY FINANCIAL STATEMENTS OF SOLVAY SA/NVThe annual financial statements of Solvay SA/NV are presented in a summary format below. In accordance with the Belgian Code of Companies and Asociations, the annual financial statements of Solvay SA/NV, the management report and the statutory auditor\u2019s report will be filed with the National Bank of Belgium.These documents are also available free of charge on the internet or upon request sent to:",
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"s8_notes__7__165": {
"value": "NOTE F24INVENTORIESAccounting policyCost of inventories includes the purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. The cost of inventories is generally determined by using the weighted average cost method except for CO emission rights (see 2below).Inventories are measured at the lower of purchasing cost (raw materials and merchandise) or production cost (work in progress and finished goods) and net realizable value. Net realizable value represents the estimated selling price, less all estimated costs of completion and the estimated costs necessary to make the sale.CO emission rights2With respect to the mechanism set up by the European Union to encourage manufacturers to reduce their greenhouse gas emissions, carbon dioxide (CO) emission rights are granted to the Group for free. 2In the absence of any IFRS regulating the accounting treatment of CO emission rights, the Group applies the Trade/Production model, 2according to which CO emission rights are presented as inventories if they will be consumed in the production process within the next 212 months, or as derivatives if they are held for trading. Energy Services is involved in CO emission rights\u2019 trading, arbitrage and hedging 2activities. In the inventory, each batch of EUA is tracked separately and the cost recognition formula is based on specific identification. The net income or expense from these activities is recognized in \u201cother operating gains and losses\u201d (a) for the industrial component, where Energy Services sells the excess CO emission rights generated by Solvay or where a Group deficit is recognized, as well as (b) for the trading 2component, where Energy Services acts as a trader/broker with respect to those CO emission rights.2In light of its centralized CO emission rights\u2019 portfolio management, for emission rights that are substitutable between subsidiaries, the 2Group\u2019s financial statements reflect the Group\u2019s net position. If this net position is negative, a provision is recognized, measured based on the market price of the CO emission rights at the reporting date.2Energy savings certificates (ESCs)Energy savings certificates are presented as inventory items in finished goods. They are measured at weighted average cost. As their cost is not separately identifiable, and as they are a by-product, they are measured at their net realizable value upon initial recognition.",
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"s8_notes__7__164": {
"value": "NOTE F24INVENTORIESAccounting policyCost of inventories includes the purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. The cost of inventories is generally determined by using the weighted average cost method except for CO emission rights (see 2below).Inventories are measured at the lower of purchasing cost (raw materials and merchandise) or production cost (work in progress and finished goods) and net realizable value. Net realizable value represents the estimated selling price, less all estimated costs of completion and the estimated costs necessary to make the sale.CO emission rights2With respect to the mechanism set up by the European Union to encourage manufacturers to reduce their greenhouse gas emissions, carbon dioxide (CO) emission rights are granted to the Group for free. 2In the absence of any IFRS regulating the accounting treatment of CO emission rights, the Group applies the Trade/Production model, 2according to which CO emission rights are presented as inventories if they will be consumed in the production process within the next 212 months, or as derivatives if they are held for trading. Energy Services is involved in CO emission rights\u2019 trading, arbitrage and hedging 2activities. In the inventory, each batch of EUA is tracked separately and the cost recognition formula is based on specific identification. The net income or expense from these activities is recognized in \u201cother operating gains and losses\u201d (a) for the industrial component, where Energy Services sells the excess CO emission rights generated by Solvay or where a Group deficit is recognized, as well as (b) for the trading 2component, where Energy Services acts as a trader/broker with respect to those CO emission rights.2In light of its centralized CO emission rights\u2019 portfolio management, for emission rights that are substitutable between subsidiaries, the 2Group\u2019s financial statements reflect the Group\u2019s net position. If this net position is negative, a provision is recognized, measured based on the market price of the CO emission rights at the reporting date.2Energy savings certificates (ESCs)Energy savings certificates are presented as inventory items in finished goods. They are measured at weighted average cost. As their cost is not separately identifiable, and as they are a by-product, they are measured at their net realizable value upon initial recognition.",
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"s8_notes__7__163": {
"value": "NOTE F24INVENTORIESAccounting policyCost of inventories includes the purchase, conversion and other costs incurred in bringing the inventories to their present location and condition. The cost of inventories is generally determined by using the weighted average cost method except for CO emission rights (see 2below).Inventories are measured at the lower of purchasing cost (raw materials and merchandise) or production cost (work in progress and finished goods) and net realizable value. Net realizable value represents the estimated selling price, less all estimated costs of completion and the estimated costs necessary to make the sale.CO emission rights2With respect to the mechanism set up by the European Union to encourage manufacturers to reduce their greenhouse gas emissions, carbon dioxide (CO) emission rights are granted to the Group for free. 2In the absence of any IFRS regulating the accounting treatment of CO emission rights, the Group applies the Trade/Production model, 2according to which CO emission rights are presented as inventories if they will be consumed in the production process within the next 212 months, or as derivatives if they are held for trading. Energy Services is involved in CO emission rights\u2019 trading, arbitrage and hedging 2activities. In the inventory, each batch of EUA is tracked separately and the cost recognition formula is based on specific identification. The net income or expense from these activities is recognized in \u201cother operating gains and losses\u201d (a) for the industrial component, where Energy Services sells the excess CO emission rights generated by Solvay or where a Group deficit is recognized, as well as (b) for the trading 2component, where Energy Services acts as a trader/broker with respect to those CO emission rights.2In light of its centralized CO emission rights\u2019 portfolio management, for emission rights that are substitutable between subsidiaries, the 2Group\u2019s financial statements reflect the Group\u2019s net position. If this net position is negative, a provision is recognized, measured based on the market price of the CO emission rights at the reporting date.2Energy savings certificates (ESCs)Energy savings certificates are presented as inventory items in finished goods. They are measured at weighted average cost. As their cost is not separately identifiable, and as they are a by-product, they are measured at their net realizable value upon initial recognition.In \u20acmillion December 31, 2023 December 31, 2022Finished goods 373 1,352Raw materials and supplies 296 838Work in progress 4 21Total 673 2,211Write-downs -31 -102Net total 642 2,109The decrease of inventory is linked to the Partial Demerger (see Note F8)The CO emission rights amount to \u20ac49 million at the end of 2023 \u2013 this includes \u20ac12 million related to 2023 obligations and is included in inventory, 2and \u20ac38 million related to obligations after 2023 what is included in Other non-current assets. See Note F32 Financial instruments for further details on CO hedging.2Inventory write-downs are included in cost-of-goods-sold in the consolidated income statement.",
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"value": "NOTE F25 OTHER RECEIVABLES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022VAT and other taxes 202 398Advances to suppliers 37 149Financial instruments \u2013 operational 56 929Insurance premiums 36 31Loan receivables 5 43Other 125 79Other current receivables462 1,629The reduction of the Other current receivables is mainly explained by the Partial Demerger.The main differences relate to the Partial Demerger and changes in energy (gas and electricity) prices. The row Other contains a pending insurance reimbursement of \u20ac32 million which will be transferred to Syensqo (see also Note F34 Other liabilities) and Fluor quotas of \u20ac16 million.Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments).F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Interest rate risk hedged by instrument accounted for as held for tradingIn 2023 and 2022, there are no outstanding interest rate instruments accounted for as held for trading.NOTE F34OTHER LIABILITIES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022Wages and benefits debts 125 371VAT and other taxes 107 184Social security 29 51Financial instruments \u2013 operational 108 676Insurance premiums 31 15Advances from customers 30 97Long Term Incentive \u2013 current part 31 Other 126 106Other current liabilities585 1,499Other includes insurance reimbursements of \u20ac32 million that will be paid to Syensqo (see Note F25 Other receivables) and Compliance EU Allowances of \u20ac24 million.The decrease in value is due to the Partial Demerger and 2023 values are presented after the demerger.Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F32 Overview of financial instruments).",
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"s8_notes__7__173-1": {
"value": "NOTE F25 OTHER RECEIVABLES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022VAT and other taxes 202 398Advances to suppliers 37 149Financial instruments \u2013 operational 56 929Insurance premiums 36 31Loan receivables 5 43Other 125 79Other current receivables462 1,629The reduction of the Other current receivables is mainly explained by the Partial Demerger.The main differences relate to the Partial Demerger and changes in energy (gas and electricity) prices. The row Other contains a pending insurance reimbursement of \u20ac32 million which will be transferred to Syensqo (see also Note F34 Other liabilities) and Fluor quotas of \u20ac16 million.Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments).F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__172": {
"value": "NOTE F25 OTHER RECEIVABLES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022VAT and other taxes 202 398Advances to suppliers 37 149Financial instruments \u2013 operational 56 929Insurance premiums 36 31Loan receivables 5 43Other 125 79Other current receivables462 1,629The reduction of the Other current receivables is mainly explained by the Partial Demerger.The main differences relate to the Partial Demerger and changes in energy (gas and electricity) prices. The row Other contains a pending insurance reimbursement of \u20ac32 million which will be transferred to Syensqo (see also Note F34 Other liabilities) and Fluor quotas of \u20ac16 million.Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__171": {
"value": "NOTE F25 OTHER RECEIVABLES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022VAT and other taxes 202 398Advances to suppliers 37 149Financial instruments \u2013 operational 56 929Insurance premiums 36 31Loan receivables 5 43Other 125 79Other current receivables462 1,629The reduction of the Other current receivables is mainly explained by the Partial Demerger.The main differences relate to the Partial Demerger and changes in energy (gas and electricity) prices. The row Other contains a pending insurance reimbursement of \u20ac32 million which will be transferred to Syensqo (see also Note F34 Other liabilities) and Fluor quotas of \u20ac16 million.Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__170": {
"value": "NOTE F25 OTHER RECEIVABLES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022VAT and other taxes 202 398Advances to suppliers 37 149Financial instruments \u2013 operational 56 929Insurance premiums 36 31Loan receivables 5 43Other 125 79Other current receivables462 1,629The reduction of the Other current receivables is mainly explained by the Partial Demerger.The main differences relate to the Partial Demerger and changes in energy (gas and electricity) prices. The row Other contains a pending insurance reimbursement of \u20ac32 million which will be transferred to Syensqo (see also Note F34 Other liabilities) and Fluor quotas of \u20ac16 million.Financial instruments \u2013 operational includes held for trading and cash flow hedge derivatives (see note F32.A. Overview of financial instruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__177": {
"value": "NOTE F26ASSETS HELD FOR SALEAt the end of 2023 and 2022, there were no assets and liabilities classified as held for sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__176": {
"value": "NOTE F26ASSETS HELD FOR SALEAt the end of 2023 and 2022, there were no assets and liabilities classified as held for sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__182": {
"value": "NOTE F27EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance of new share capital are directly recognized in equity as a deduction, net of tax, from the equity issuance proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__180-1": {
"value": "NOTE F27EQUITYAccounting policyShare capitalOrdinary shares are classified as equity.Incremental costs directly attributable to the issuance of new share capital are directly recognized in equity as a deduction, net of tax, from the equity issuance proceeds.NUMBER OF SHARES (IN UNITS)December 31, 2023 December 31, 2022Shares issued and fully paid 105,876,416 105,876,416Treasury shares held 868,490 2,107,752The treasury shares held by the Group have been deducted from consolidated shareholders\u2019 equity. The shares issued by Solvay have no par value. Treasury sharesDuring 2023, Solvay has sold \u20ac50 million treasury shares in order to fulfill its employee benefits commitments. As part of the Partial Demerger, the treasury shares held by a former subsidiary of Solvay transferred to Syensqo as part of the Partial Demerger, at their carrying amount of \u20ac79 million, were transferred to Syensqo SA/NV as part of the Specialty Businesses.As a result of the Partial Demerger, for each treasury share held by Solvay Stock Option Management SRL (\u201cSSOM\u201d), a wholly owned subsidiary of Solvay, for the purposes of hedging its exposure under LTI plans, SSOM received one Syensqo share. Consequently, Solvay reclassified part of the equity (\u20ac81 million) related to treasury shares to equity investments at fair value through profit or loss. Perpetual hybrid bondsIn connection with the Partial Demerger, all perpetual hybrid bonds were either transferred to Syensqo (\u20ac0.5 billion) or paid in full (\u20ac1.3 billion). For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__183": {
"value": "Non-controlling interestsThose represent the share of non-controlling interests in the net assets and comprehensive income of subsidiaries of the Group, and correspond to the interests in subsidiaries that are not held by the Company or its subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__187": {
"value": "NOTE F28NON-CONTROLLING INTERESTS The amounts disclosed below are fully consolidated amounts and do not reflect the impacts from elimination of intragroup transactions.At the end of 2023, the following most material subsidiaries have non-controlling interests (NCI) totaling \u20ac35 million out of total NCI of \u20ac42 million. In \u20acmillionSolvay Lantian (Quzhou) Salzgewinnungsgezellschaft ChemicalsWestfalenNon-controlling ownership interest 45% 35%Statement of financial positionNon-current assets 26 55Current assets 47 22Non-current liabilities 3 41Current liabilities 15 4Income statement Sales 89 11Profit for the year 10 7Other comprehensive income -2 -1Total comprehensive income 8 6Dividends paid to non-controlling interests 3 0Share of non-controlling interest in the profit for the year 4 2Accumulated non-controlling interests 24 11(i) Solvay Lantian (Quzhou) Chemicals was Zhejiang Lansol in 2022.At the end of 2022, the following subsidiaries had non-controlling interests totaling \u20ac49 million, out of a total of \u20ac61 million. In \u20acmillionZhejiang Lansol Solvay Hengchang Salzgewinnungsgezellschaft Zhangjiagang Special Chem WestfalenNon-controlling ownership interest 45% 30% 35%Statement of financial position Non-current assets 28 17 56Current assets 47 72 12Non-current liabilities 2 1 40Current liabilities 17 34 3Income statement Sales 93 168 11Profit for the year 9 36 4Other comprehensive income -3 -3 2Total comprehensive income 6 32 6Dividends paid to non-controlling interests 0 6 0Share of non-controlling interest in the profit for the 4 11 1yearAccumulated non-controlling interests 24 16 9During 2022 the Group purchased the remaining outstanding ownership interest in Solvay Soda Ash (20% for US$120 million) and Solvay Special Chem Japan (33% for \u20ac3.55 million) with the difference between the consideration paid and the net book value of the non-controlling interest being recorded as a component of equity (loss of \u20ac88 million on the purchase of Solvay Soda Ash and a gain of \u20ac9.5 million on the purchase of Special Chem Japan).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__189": {
"value": "NOTE F29SHARE-BASED PAYMENTSAccounting policySolvay has set up compensation plans, including equity-settled and cash-settled share-based compensation plans.In its equity-settled plans, the Group receives services as consideration for its own equity instruments (namely through the issuance of share options). The fair value of services rendered by employees in consideration for the granting of equity-instruments represents an expense. This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these equity-instruments with the recognition of a corresponding adjustment in equity. The fair value of services rendered is measured based on the fair value of the equity-instruments on the grant date. It is not subsequently remeasured. At each reporting date, the Group re-estimates the number of share options likely to vest. The impact of the revised estimates is recognized in profit or loss against a corresponding adjustment in equity.In its cash-settled plans, the Group acquires services by incurring a liability to transfer to its employees rendering those services amounts that are based on the price (or value) of equity instruments (including shares or share options) of the Group (namely through the issuance of performance share units). The fair value of services rendered by employees in consideration for the granting of share-based payments represents an expense. This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these share-based payments with the recognition of a corresponding adjustment in liabilities. At each reporting date, the Group re-estimates the number of options likely to vest, with the impact of the revised estimates recognized in profit or loss. The Group measures the services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the Group remeasures the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note F9 Earnings per share).Awards on shares of Syensqo SA/NVThe awards granted on shares of the Syensqo Group are not in scope of IFRS 2 Share Based Payments. Therefore the Management has established the accounting policy for these awards. For the awards granted on Syensqo Group shares, a liability is recognized and measured based on the fair value of the Syensqo Group awards at each reporting date. On initial recognition of the liability at the Partial Demerger date, a corresponding entry is recognized in equity for the vesting period that has passed to date and the remaining amount is recognized as Other Receivables. This asset represents the services that have yet to be rendered by the beneficiaries. The asset will be amortized to the consolidated income statement over the remaining vesting period of the plans.The costs of the awards related to the Syensqo Group are presented within operational (Administrative) expenses. The fair value fluctuation on the liability will be presented in Financial Results together with the fair value fluctuation on the hedging options/shares, which will partially hedge the impact.The liability will be remeasured to its fair value at each reporting date. This applies equally to vested plans so long as there remains outstanding (unexercised) options.The liabilities related to the fully vested plans are disclosed as current given that the beneficiaries may exercise their awards at any time. The liabilities related to the unvested plans are disclosed as non-current..Effects of the Partial Demerger \u2013 amendments to the plansAs part of the Partial Demerger, the Solvay Board approved the amendments to the existing long term incentive plans (LTI). The LTIs were adjusted based on the following approaches: \u00b7 1. Shareholder approach \u2013 The existing awards were adjusted to entitle beneficiaries to receive one share option of Solvay SA/NV and one share option of Syensqo SA/NV. \u00b7 2. Employer approach \u2013 The existing awards were adjusted to entitle beneficiaries to receive a certain number of awards of their future employer (i.e. either the Syensqo Group or the Solvay Group). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__188-1": {
"value": "NOTE F29SHARE-BASED PAYMENTSAccounting policySolvay has set up compensation plans, including equity-settled and cash-settled share-based compensation plans.In its equity-settled plans, the Group receives services as consideration for its own equity instruments (namely through the issuance of share options). The fair value of services rendered by employees in consideration for the granting of equity-instruments represents an expense. This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these equity-instruments with the recognition of a corresponding adjustment in equity. The fair value of services rendered is measured based on the fair value of the equity-instruments on the grant date. It is not subsequently remeasured. At each reporting date, the Group re-estimates the number of share options likely to vest. The impact of the revised estimates is recognized in profit or loss against a corresponding adjustment in equity.In its cash-settled plans, the Group acquires services by incurring a liability to transfer to its employees rendering those services amounts that are based on the price (or value) of equity instruments (including shares or share options) of the Group (namely through the issuance of performance share units). The fair value of services rendered by employees in consideration for the granting of share-based payments represents an expense. This expense is recognized on a straight-line basis in the consolidated income statement over the vesting periods relating to these share-based payments with the recognition of a corresponding adjustment in liabilities. At each reporting date, the Group re-estimates the number of options likely to vest, with the impact of the revised estimates recognized in profit or loss. The Group measures the services acquired and the liability incurred at the fair value of the liability. Until the liability is settled, the Group remeasures the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to immediate expensing of an award unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note F9 Earnings per share).Awards on shares of Syensqo SA/NVThe awards granted on shares of the Syensqo Group are not in scope of IFRS 2 Share Based Payments. Therefore the Management has established the accounting policy for these awards. For the awards granted on Syensqo Group shares, a liability is recognized and measured based on the fair value of the Syensqo Group awards at each reporting date. On initial recognition of the liability at the Partial Demerger date, a corresponding entry is recognized in equity for the vesting period that has passed to date and the remaining amount is recognized as Other Receivables. This asset represents the services that have yet to be rendered by the beneficiaries. The asset will be amortized to the consolidated income statement over the remaining vesting period of the plans.The costs of the awards related to the Syensqo Group are presented within operational (Administrative) expenses. The fair value fluctuation on the liability will be presented in Financial Results together with the fair value fluctuation on the hedging options/shares, which will partially hedge the impact.The liability will be remeasured to its fair value at each reporting date. This applies equally to vested plans so long as there remains outstanding (unexercised) options.The liabilities related to the fully vested plans are disclosed as current given that the beneficiaries may exercise their awards at any time. The liabilities related to the unvested plans are disclosed as non-current..Effects of the Partial Demerger \u2013 amendments to the plansAs part of the Partial Demerger, the Solvay Board approved the amendments to the existing long term incentive plans (LTI). The LTIs were adjusted based on the following approaches: \u00b7 1. Shareholder approach \u2013 The existing awards were adjusted to entitle beneficiaries to receive one share option of Solvay SA/NV and one share option of Syensqo SA/NV. \u00b7 2. Employer approach \u2013 The existing awards were adjusted to entitle beneficiaries to receive a certain number of awards of their future employer (i.e. either the Syensqo Group or the Solvay Group). \u00b7 3. Basket approach \u2013 The existing awards were modified to entitle beneficiaries to receive an option on both Solvay SA/NV and Syensqo SA/NV.Stock option plans (shareholder approach)All outstanding stock options were converted into options on both the Solvay Group and Syensqo Group shares, as described above. The options can be exercised individually on each Group\u2019s shares with the exception of the 2022 SOP, which is a basket option i.e. the option is exercised on both shares of Solvay and Syensqo simultaneously.The 2022 SOP is no longer classified as an equity settled plan due to the basket option feature. This plan will be treated similarly to the awards on Syensqo\u2019s shares. At the date of the Partial Demerger, the fair value of the 2022 SOP was recalculated using the Monte Carlo model and the plan was reclassified. A liability of \u20ac4 million was recognized, with corresponding entries to equity (\u20ac0.6 million) and Other Receivables (\u20ac0.4 million).The exercise prices of all the stock options (excluding the 2022 SOP) were reset at the Partial Demerger date taking into consideration the Solvay and Syensqo closing share prices at December 11, 2023. As per Belgian law requirements, the sum of new exercise prices of the Solvay and Syensqo options equal the original exercise price of the plans.2022 Performance Share Unit (PSU) plan (shareholder approach)The performance metrics were measured for the full year 2022 and 2023. The PSUs were converted to RSUs by applying an extrapolation method to the third performance year (2024). The vesting period remains unchanged. The RSUs will vest at the end of December 2024 and the shares of Solvay and Syensqo Goup will be delivered to the beneficiaries in Q1 2025.2023 PSU and Restricted Share Unit (RSU) (employer approach)The performance metrics were measured for the full year 2023. For the performance years 2024 and 2025, new KPIs were approved by the Group\u2019s Board. The vesting period remains unchanged. The PSUs and RSUs will vest at the end of December 2025 and the Solvay shares will be delivered to the beneficiaries in Q1 2026.To ensure the beneficiaries were not disadvantaged by the amendments to the plan, the number of PSUs and RSUs per beneficiary was adjusted taking into account the 30 trading-days post-demerger average share price of Solvay and Syensqo.2022 Employee Stock Purchase Plan (ESPP) (employer approach)To ensure the beneficiaries were not disadvantaged by the amendments to the plan, the number of free and matching shares per beneficiary was adjusted taking into account the 30 trading-days post-demerger average share price of Solvay. The vesting period remains unchanged. The ESPP free and matching shares will vest at the end of September 2024.Awards on Solvay Group sharesFor the awards granted on Syensqo shares, a liability is recognized at the Partial Demerger date based on the fair value of the Syensqo Group awards, and it was re-measured on December 31 to \u20ac36 million. A corresponding entry is recognized in equity (\u20ac25 million) for the vesting period that has passed to date and the remaining amount is recognized as Other Receivables (\u20ac4 million). This asset represents the services that have yet to be rendered by the beneficiaries. The asset will be amortized to operational (Administrative) expenses in the consolidated income statement over the remaining vesting period of the plans.The costs of the awards related to the Syensqo (\u20ac3 million) are presented within operational (administrative) expenses in the Consolidated Income statement. The fair value fluctuation on the liability (\u20ac4 million) is presented in Financial Results. Modification accountingIn accordance with the requirements of IFRS 2 modification accounting, the Group obtained updated fair values using Black-Scholes models of all the share based payment plans at the date of the Partial Demerger based on (i) the original terms but updated to the Partial Demerger date, and (ii) the modified terms. The fair values were compared and where there was an increase in fair value under the modified terms, the Group will recognize this additional cost over the remaining vesting period for the unvested plans. The additional cost related to vested plans was recognized in full in Administrative Expenses for the year ended December 31, 2023. The impact of the incremental fair value for both unvested and vested plans was not material to the Group.The Partial DemergerAs part of the Partial Demerger, Solvay transferred to Syensqo its rights and obligations under its outstanding incentive plans (including the PO2 SOP plan), in each case to the extent the beneficiaries of such plans (including members of the ELT before the Partial Demerger Date) are employed by Syensqo or one of its affiliates following completion of the Partial Demerger. Specific adjustments were made to the 2023 PSU and RSU plans for such beneficiaries.Stock Option PlansPrior to the Partial Demerger, all the stock option plans were equity settled. Following the Partial Demerger, the Group also has to account for awards granted on Syensqo shares (see the Shareholder approach). The table below includes both the options on Solvay shares as well as Syensqo shares. There was no stock option plan granted in 2023.Share option plans 2021 2020 2019 2018 \u2013 2 2018 \u2013 1 2017 2016 2015Number of share options granted and still outstanding 259,001 395,164 429,103 72,078 391,280 308,450 497,845 332,409at December 31, 2022Granted share options Forfeitures of rights and -44,531 -15,041 -50,005 -6,425 -25,228 -23,505 -25,263 -332,409expiriesShare options exercised -96,959 -12,013 -19,277 -22,152 -389,437 1)Partial Demerger of Syensqo -108,876 -208,696 -116,300 -86,164 -46,084 -14,210 Number of Solvay share options at December 31, 105,594 171,427 165,839 53,640 260,611 216,709 68,935 2023Solvay share options exercisable at December 31, 165,839 53,640 260,611 216,709 68,935 2023Exercise price (in \u20ac) 16.49 16.52 16.74 18.69 19.51 19.19 13.11 Fair value of options at 4.56 4.42 4.16 2.68 2.68 2.25 6.30 measurement date (in \u20ac)Number of Syensqo share options at December 9, 105,594 171,427 177,109 65,653 279,888 238,861 220,140 2)2023 Share options exercised -51,711 Number of Syensqo share options at December 31, 105,594 171,427 177,109 65,653 279,888 238,861 168,429 2023Syensqo share options exercisable at December 31, 177,109 65,653 279,888 238,861 168,429 2023Exercise price (in \u20ac) 79.09 79.28 80.31 89.69 93.60 92.08 62.87 Fair value of options at 22.45 21.76 20.5 13.37 13.37 11.27 31.22measurement date (in \u20ac)1) This row presents the number of plan participants that were Syensqo Group employees.2) On December 9, 2023, following the Partial Demerger, the number of options on Solvay SA/NV was equal to the number of options on shares of Syensqo SA/NV \u2013 see the Shareholder approach. Starting from that date, under the Shareholder approach, the participants are able to exercise the options on Solvay SA/NV shares and the options on Syensqo shares separately. Share option plans 2022Number of share options granted and still outstanding at December 31, 2022 386,867Granted share options Forfeitures of rights and expiries -88,389Share options exercised Partial Demerger of Syensqo -196,142Number of basket share options at December 31, 2023 102,336Basket share options exercisable at December 31, 2023 Exercise price (in \u20ac) 84.34Fair value of options at measurement date (in \u20ac) 30.58The options in 2022 SOP have a higher exercise price compared to other SOPs because this plan was converted using the Basket approach and for each option exercised, the holder will acquire one Solvay SA/NV share and one Syensqo SA/NV share against payment of the exercise price. 2023 2022Number of share Weighted average Number of share Weighted average optionsexercise priceoptionsexercise priceJanuary 1 3,072,197 102.45 2,919,955 104.54Granted during the year 386,867 84.34Forfeitures of rights and expiries during the year -610,796 28.22 -7,246 96.49Exercised during the year -539,838 14.36 -227,379 98.57Partial Demerger of Syensqo -776,472 December 31 1,145,091 21.82 3,072,197 102.45Exercisable at December 31 765,734 1,602,062 Shareholder approach \u2014 Options on Solvay Shares 1,042,755 17.74\u2014 Solvay share options exercisable at 765,734 December 31, 2023\u2014 Options on Syensqo Shares 1,258,672 83.54\u2014 Syensqo share options exercisable at 929,940December 31, 2023Basket approach \u2014 Basket options 102,336 84.34\u2014 Basket share options exercisable at December 0 31, 20231) Before the Partial Demerger, only options on Solvay shares existed.2) Following the completion of the Partial Demerger, the Shareholder approach or Basket approach were applied to SOP plans.In 2023, the share options resulted in an expense of \u20ac3 million, which includes the impact of the plan amendments, and is recognized in the consolidated income statement as part of administrative costs. The carrying amount of the liability for stock options on Syensqo shares at December 31, 2023 is \u20ac28 million.The updated valuation of the stock option plan of 2022 is based on: \u00b7 the price of the underlying asset (sum of the Solvay and Syensqo share): \u20ac109.45 at December 11, 2023; \u00b7 the time outstanding until option maturity: exercisable from January 1, 2026, until December 31, 2027, taking into account the fact that some of them will be exercised before the option maturity; \u00b7 the option exercise price: \u20ac84.34; \u00b7 the risk-free return: 2.52% (on average); \u00b7 the average volatility of the underlying yield, estimated based on the option price: 27.0%; \u00b7 an average dividend yield of 3.7%.The performance condition has already been met and therefore is not factored into the model. Weighted average remaining contractual life of the share option plans: WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFEIn years 2023 20222015 0.22016 0.2 1.22017 1.2 2.22018-1 2.2 3.22018-2 2.6 3.62019 3.2 4.22020 4.2 5.22021 5.1 6.12022 4.0 5.0Performance Share Units Plan (PSU)In 2023, the Board of Directors offered to executive staff a Performance Share Unit Plan, with the objective of promoting long-term success and to increase the focus on sustainable performance for the benefit of the Solvay Group and its stakeholders. All the managers involved subscribed to the PSU offered to them in 2023 with a grant date fair value of \u20ac108.56 representing the average stock market price of the share for the 30 days prior to the offer. In accordance with IFRS 2 requirements, the fair value of each PSU in this plan has been updated to \u20ac23.98, being the initial grant date fair value adjusted by the weighted average closing price of both Groups for the 30 days post the Partial Demerger (22% of the initial grant date fair value allocated to Solvay). The PSU plan 2023 is an equity-settled share-based plan with a three-year vesting period, after which shares will be issued, if vesting conditions are met.The following table on the PSU plans contains the information as the plans were before the Partial Demerger.Performance Plan 2023 Plan 2022 Plan 2021share unitsNumber of 190,156 196,605 194,130PSUsGrant date 07/03/2023 17/05/2022 23/02/2021Vesting date 01/01/2026 01/01/2025 01/01/2024Vesting period 07/03/2023 to 31/12/2025 17/05/2022 to 31/12/2024 31/03/2021 to 31/12/2023Performance 40% of the initial granted PSUs 40% of the initial granted PSUs are 40% of the initial granted PSUs are subject conditionsare subject to the achievement of subject to the achievement of Year over to the achievement of Year over Year Year over Year Underlying EBITDA Year Underlying EBITDA growth target Underlying EBITDA growth target for each growth target for each of the 3 for each of the 3 (2022, 2023, 2024) of the 3 (2021, 2022, 2023) performance (2023, 2024, 2025) performance performance years ending on December years ending on December 31, 2023years ending on December 31, 31, 2024202540% of the initial granted PSUs 40% of the initial granted PSUs are 40% of the initial granted PSUs are subject are subject to the sustained and subject to the sustained and /or to the sustained and /or improved ROCE /or improved ROCE % of the improved ROCE % of the Company % of the Company for each of the 3 (2021, Company for each of the 3 (2023, for each of the 3 (2022, 2023, 2024) 2022, 2023) performance years2024, 2025) performance yearsperformance years20% of the initial granted PSUs are 20% of the initial granted PSUs are 20% of the initial granted PSUs are subject to the reduction of GHG subject to the reduction of GHG subject to the reduction of GHG absolute absolute emissions during the absolute emissions during the same 3 emissions during the same 3 years (2021, same 3 years (2023, 2024, 2025)years (2022, 2023, 2024)2022, 2023)Achievement of the plan is Achievement of the plan is measured Achievement of the plan is measured measured for each separate for each separate performance year. The for each separate performance year. The performance year. The score score achieved for each individual year score achieved for each individual year achieved for each individual year is acquired definitively, whatever the is acquired definitively, whatever the is acquired definitively, whatever achievement of the other yearsachievement of the other yearsthe achievement of the other yearsValidation of By the Board of Directors By the Board of Directors By the Board of Directorsperformance conditionsFor the PSU plan 2023, the participants who are also members of the Executive Leadership Team (including the CEO) on the grant date must achieve an additional performance condition. If achievement of the performance conditions outlined in the above table is positive (above zero), delivery of the PSUs is subject to further adjustment based on the Total Shareholder Return (TSR) performance of the Group in comparison to the TSR of the Stoxx 600 index companies for the period equal to the Performance Period.The TSR performance condition was met at the end of 2023.The PSU plan 2021 is a cash settled plan with a three year vesting period that vested on December 31, 2023. The payout was determined on the basis of the Solvay Group average share price (\u20ac104.29) during a 10-day trading period ending on November 30, 2023. At December 31, 2023, cumulative liability was (\u20ac9 million). At December 31, 2022, there was a liability of \u20ac39 million (this relates to all the plan members before the Partial Demerger) with the difference when compared to 2023 consists of the settlement of the 2020 PSU plan. In 2023, the impact on the consolidated income statement regarding PSUs (net of hedging \u2013 see note F32 Financial instruments) amounts to a cost of \u20ac(12) million compared to a cost of \u20ac(20) million in 2022. Included in the 2023 PSU cost is \u20ac2 million related to the equity-settled plan.At December 31, 2023, there were 57,410 outstanding PSUs for the 2023 equity settled plan and 67,304 for the 2021 cash-settled plan.As mentioned above, the PSU plan 2022 has been converted to an RSU plan at the Partial Demerger date, consequently, there are no more performance share units left in PSU 2022.Restricted Share Units (RSU)In 2023 prior to the Partial Demerger, the Board of Directors offered to executive staff two Restricted Share Unit Plans, with the objective of encouraging beneficiaries to remain employed by the Group by allowing them to become shareholders of the Group. All the managers involved subscribed to the RSUs offered to them in 2023 with a grant date fair value of \u20ac108.56 representing the average Solvay Group stock market price of the share for the 30 days prior to the offer. In accordance with IFRS 2 requirements, the fair value of each RSU in these plans has been updated to \u20ac23.98, being the initial grant date fair value adjusted by the weighted average closing price of both Groups for the 30 days post the Partial Demerger (22% of the initial grant date fair value allocated to Solvay).The Restricted Share Units are equity-settled share-based plans with a vesting date of December 31, 2025, after which shares will be issued, if vesting conditions are met.In 2023, the impact on the consolidated income statement of the RSUs amounts to a cost of \u20ac8 million and includes the cost of the converted 2022 PSU plan post the Partial Demerger. The carrying amount of the liability for the 2022 RSU plan on awards on Solvay Group shares amounts to \u20ac8 million at the end of 2023.At December 31, 2023, there were 25,654 RSUs 2023 options outstanding, and 85,428 RSUs 2022 options outstanding, what includes the transfer from PSU 2022 plan. Employee Stock Purchase Plan (ESPP)In September 2022, Solvay launched its first employee share purchase plan. By participating in the plan, employees have the opportunity to purchase Solvay Group shares on preferential terms. The grant date fair value was \u20ac82.85 representing the average stock market price of the share for the 30 days prior to the offer. In accordance with IFRS 2 requirements, the fair value of the ESPP has been updated to \u20ac18.23, being the initial grant date fair value adjusted by the weighted average closing price of both Groups for the 30 days post the Partial Demerger (22% of the initial grant date fair value allocated to Solvay). These employees will receive one free Solvay Group share for joining the plan as well as one matching share for every two shares purchased. The ESPP is an equity-settled share-based plan with a vesting date of September 30, 2024, after which the free and matching shares will be issued, if vesting conditions are met.On December 31, 2023, 24,493 shares are expected to be granted to the employees. The impact on the consolidated income statement of the ESPP amounts to a cost of \u20ac2 million.There was no effect of the Partial Demerger on the ESPP plan because the plan was already fully settled.HedgingAll hedging with call options on PSU, RSU and ESPP have been unwound in cash at the end September 2023.Performance Share Units Plan (PSU) risk on Solvay share priceIn order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related employer charges), the Group entered into a hedge covering 100% of the risk for 2023 employee reward plan (fully unwound prior to separation). PSU plan 2022 hedges were unwound during the 2023 year prior separation date. The group will assess during 2024 the necessary steps to mitigate future potential risk.",
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"s8_notes__7__191": {
"value": "NOTE F30EMPLOYEE BENEFITSAccounting policyGeneralThe Group\u2019s employees are offered various post-employment benefits, other long-term employee benefits, and termination benefits as a result of legislation applicable in certain countries, and contractual agreements entered into by the Group with its employees or constructive obligations.The post-employment benefits are classified as defined contribution or defined benefit plans.Defined contribution plansDefined contribution plans involve the payment of fixed contributions to a separate entity, and release the employer from any subsequent obligation, as this separate entity is solely responsible for paying the amounts due to the employee. The expense is recognized when an employee has rendered services to the Group during the period.Defined benefit plansDefined benefit plans concern all plans other than defined contribution plans, and include: \u00b7 post-employment benefits: pension plans, other post-employment obligations and supplemental benefits such as post-employment medical plans.Taking into account projected final salaries on an individual basis, post-employment benefits are measured by applying a method (projected unit credit method) using assumptions involving discount rate, life expectancy, turnover, wages, annuity revaluation and medical cost inflation. The assumptions specific to each plan take into account the local economic and demographic contexts.The discount rates are interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation.The amount recognized under post-employment obligations corresponds to the difference between the present value of future obligations and the fair value of the plan assets funding the plan, if any. If this calculation gives rise to a deficit, an obligation is recognized in liabilities. Otherwise, a net asset limited to the lower of the surplus in the defined benefit plan and the present value of any future plan refunds or any reduction in future contributions to the plan is recognized. Therefore the amount at which such an asset is recognized in the statement of financial position may be subject to a ceiling.The defined benefit cost consists of service cost and net interest expense (based on discount rate) on the net liability or asset, both recognized in profit or loss, and remeasurements of the net liability or asset, recognized in other comprehensive income.Service cost consists of current service cost, past service cost resulting from plan amendments or curtailments and settlement gains or losses.The interest expenses arising from the reverse discounting of the benefit obligations, the financial income on plan assets (determined by multiplying the fair value of the plan assets by the discount rate) as well as interest on the effect of the asset ceiling are recognized on a net basis in the net financial charges (cost of discounting of provisions).Remeasurements of the net liability or asset consist of: \u00b7 actuarial gains and losses on the benefit obligations arising from experience adjustments and/or changes in actuarial assumptions (including the effect of changes in the discount rate) recognized in other comprehensive income; \u00b7 changes as a consequence of plan amendments, recognized in profit or loss; \u00b7 the return on plan assets (excluding amounts in net interest) and changes in the limitation of the net asset recognized.Other long-term employee and termination benefitsOther long-term employee benefits related to long service benefits granted to employees according to their seniority in the Group. Termination benefits include early pension plans. Other long-term employee and termination benefits are accounted for in the same way as post-employment benefits but remeasurements are fully recognized in the net financial charges during the period in which they occur.The actuarial calculations of the main post-employment obligations and other long-term benefits are performed by independent actuaries.",
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"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__190": {
"value": "NOTE F30EMPLOYEE BENEFITSAccounting policyGeneralThe Group\u2019s employees are offered various post-employment benefits, other long-term employee benefits, and termination benefits as a result of legislation applicable in certain countries, and contractual agreements entered into by the Group with its employees or constructive obligations.The post-employment benefits are classified as defined contribution or defined benefit plans.Defined contribution plansDefined contribution plans involve the payment of fixed contributions to a separate entity, and release the employer from any subsequent obligation, as this separate entity is solely responsible for paying the amounts due to the employee. The expense is recognized when an employee has rendered services to the Group during the period.Defined benefit plansDefined benefit plans concern all plans other than defined contribution plans, and include: \u00b7 post-employment benefits: pension plans, other post-employment obligations and supplemental benefits such as post-employment medical plans.Taking into account projected final salaries on an individual basis, post-employment benefits are measured by applying a method (projected unit credit method) using assumptions involving discount rate, life expectancy, turnover, wages, annuity revaluation and medical cost inflation. The assumptions specific to each plan take into account the local economic and demographic contexts.The discount rates are interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension obligation.The amount recognized under post-employment obligations corresponds to the difference between the present value of future obligations and the fair value of the plan assets funding the plan, if any. If this calculation gives rise to a deficit, an obligation is recognized in liabilities. Otherwise, a net asset limited to the lower of the surplus in the defined benefit plan and the present value of any future plan refunds or any reduction in future contributions to the plan is recognized. Therefore the amount at which such an asset is recognized in the statement of financial position may be subject to a ceiling.The defined benefit cost consists of service cost and net interest expense (based on discount rate) on the net liability or asset, both recognized in profit or loss, and remeasurements of the net liability or asset, recognized in other comprehensive income.Service cost consists of current service cost, past service cost resulting from plan amendments or curtailments and settlement gains or losses.The interest expenses arising from the reverse discounting of the benefit obligations, the financial income on plan assets (determined by multiplying the fair value of the plan assets by the discount rate) as well as interest on the effect of the asset ceiling are recognized on a net basis in the net financial charges (cost of discounting of provisions).Remeasurements of the net liability or asset consist of: \u00b7 actuarial gains and losses on the benefit obligations arising from experience adjustments and/or changes in actuarial assumptions (including the effect of changes in the discount rate) recognized in other comprehensive income; \u00b7 changes as a consequence of plan amendments, recognized in profit or loss; \u00b7 the return on plan assets (excluding amounts in net interest) and changes in the limitation of the net asset recognized.Other long-term employee and termination benefitsOther long-term employee benefits related to long service benefits granted to employees according to their seniority in the Group. Termination benefits include early pension plans. Other long-term employee and termination benefits are accounted for in the same way as post-employment benefits but remeasurements are fully recognized in the net financial charges during the period in which they occur.The actuarial calculations of the main post-employment obligations and other long-term benefits are performed by independent actuaries.Overview PROVISIONS BY TYPE OF BENEFITSIn \u20acmillion December 31, 2023 December 31, 2022Post-employment benefits 705 873Other long-term benefits 47 136Termination benefits 42 49Total employee benefits 794 1,057POST-EMPLOYMENT BENEFITSA. Defined contribution plansFor defined contribution plans, Solvay pays contributions to publicly or privately administered pension funds or insurance companies. B. Defined benefit plansDefined benefit plans can be either funded via outside pension funds or insurance companies (\u201cfunded plans\u201d) or financed within the Group (\u201cunfunded plans\u201d). Unfunded plans have no plan assets dedicated to them. The net liability results from the net of the provisions and the asset plan surplus.In \u20acmillion December 31, 2023 December 31, 2022Provisions 705 873Asset plan surplus (included in non-current loans and other assets) -90 -62Net liability 614 810 2023 2022Operational expense 31 18Finance expense 34 12The operating expense includes current service cost for \u20ac28 million (\u20ac15 million in 2022) (see also B.3.). The 2022 figures were restated.B.1. Management of risksOver recent years, the Group has reduced its exposure to defined benefit plan obligations stemming from future services by converting existing plans into pension plans with a lower risk profile (hybrid plans, cash balance plans and defined contribution plans) or by closing them to new entrants.Solvay continuously monitors its risk exposure, focusing on the following risks:Asset volatilityEquity instruments, even though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. To mitigate this risk, the allocation to equity instruments is monitored using Assets and Liabilities Management techniques, to ensure it remains appropriate given the respective schemes\u2019 and Group\u2019s long term objectives.Changes in bond yieldsA decrease in corporate bond yields will increase the carrying amount of the plans\u2019 liabilities. For funded schemes this impact will be partially offset by an increase in the fair value of the plan assets.Corporate bond yields are highly dependent on global and local market situations, the decisions of central banks and the political situation. Events that are currently impacting the financial markets are: \u00b7 the perspective of slow growth in the world with a fragmentation by geographic zones; \u00b7 the anticipation of a decrease of rates by the US and European central banks; \u00b7 a reduction of the inflation but with signs of resistance of some elements of the underlying inflation; \u00b7 continuing political instability due to the war in Gaza, Ukraine and tension with China plus US elections.Consequently, yields in the major currency zones (Eurozone, the UK, and the US) are decreasing since Q4 2023 and are close or below levels at the end of 2022 (see Actuarial assumptions used in determining the liability). The result is an increase in the Group's defined benefit obligations in 2023. Inflation riskThe defined benefit obligations are linked to inflation, and as a result, higher inflation may lead to an increase in the benefit obligation (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). A limited part of the assets are either unaffected by or only partially correlated with inflation, meaning that an increase in inflation will also increase the plans\u2019 net liabilities.The inflation rate in each country is based on the Global Economic Consensus Forecast (GCF) with the exception of the UK, where the information is derived from the Bank of England. Long-term inflation assumptions have limited downward variation in the Eurozone in comparison to 2022. In the UK, the outlook for the retail price index and consumer price index has decreased slightly from 2022. Life expectancyThe majority of the schemes\u2019 obligations are to provide benefits for the life of the member. Increases in life expectancy will therefore increase the plans\u2019 liabilities.Regulatory riskEspecially with respect to funded plans, the Group is exposed to the risk of external funding following regulatory constraints. This should not impact the defined benefit obligation but could expose the Group to a potential significant cash outlay.B.2. Description of obligationsThe provisions have been set up to cover post-employment benefits granted by most Group companies in line, either with local rules and /or with established practices, which generate constructive obligations.The largest post-employment plans in 2023 are in the United Kingdom, the United States, France, Germany, Belgium and Brazil. These six countries represent 91% of the total defined benefit obligations and represent 98% of the total recognized plan assets.December 31, 2023 In \u20acmillionDefined bene-In % Recognized Net liability/In % Ratio plan assets of which asset surplus fit obligationsplan assets(asset)on defined bene-recognized in the fit obligationsbalance sheetUnited Kingdom 142 8% 139 3 0% 98% 12United States 231 13% 207 24 4% 89% 10France 632 34% 288 344 56% 46% 33Germany 388 21% 190 199 32% 49% 0Belgium 274 15% 292 -18 -3% 107% 34Brazil 129 7% 90 39 6% 70% 0Other countries 38 2% 16 23 4% 41% 2Total 1,836 100% 1,222 614 100% 67% 90The asset surplus represents an economic benefit for the Group or can revert to the company in case of wind up of the plans. The main countries where recognized assets are surplus are in Belgium and France. In Belgium the surplus can be used to offset employer contributions. For France the surplus relates to receivables for pensioners with annuity that are administered by the Group but are partially born by third party companies.December 31, 2022 In \u20acmillionDefined In % Recognized Net liability/In % Ratio plan assets of which asset surplus benefit plan assets(asset)on defined benefit recognized in the balance obligationsobligationssheetUnited Kingdom 1,045 27% 1,031 14 2% 99% 0United States 1,097 29% 984 113 14% 90% 0France 722 19% 309 414 51% 43% 32Germany 399 10% 201 198 24% 50% 0Belgium 328 9% 330 -2 0% 101% 23Brazil 114 3% 85 29 4% 74%Other countries 95 3% 51 44 5% 54% 7Total 3,801 100% 2,990 810 100% 79% 62United KingdomBefore the Partial Demerger, Solvay sponsored a few defined benefit plans in the United Kingdom; the largest one being the Rhodia Pension Fund. It was closed to new entrants in 2003 and replaced by a defined contribution plan.After the Partial Demerger, one defined benefit plans remains with Solvay, the Solvay Defined Benefits Pension Fund. It is a final salary funded pension plan, with entitlement to accrue a percentage of salary per year of service. It was closed to new entrants in 2005 and replaced by a defined contribution plan. At December 31, 2023, about 9% of the liabilities are attributable to current employees, 25% to former employees and 66% to current pensioners.Pension funds in the UK function and comply with local legislation under a large regulatory framework. The Pensions Regulator has a risk-based approach to regulation and a code of practice, which provides practical guidance to trustees and employers of defined benefit schemes on how to comply with the scheme funding requirements. In accordance with UK legislation, pension funds are subject to Scheme Specific Funding, which requires that pension plans are funded prudently.Each pension fund is governed by a Board of Trustees. They manage the fund with prudent and fair judgment. The Trustees determine the liabilities used for Statutory Funding Objectives based on prudent actuarial and economic assumptions. Any shortfall or deficit once these liabilities have been deducted from the fund\u2019s assets must be reduced by additional contributions and in a time frame determined in accordance with the employer\u2019s ability to pay and the strength of covenant or contingent security being offered by the employer.Pension funds are subject to a triennial valuation cycle for funding purposes. This valuation is performed by the scheme actuary in line with UK regulations and is discussed between the Trustees and the sponsoring employer to agree the valuation assumptions and a funding plan. For the Rhodia Pension Fund the last completed valuation was as of July 1, 2021. It established a fixed contribution rate of pensionable pay for active members plus a deficit recovery plan. Recovery contributions have been increased so that the plan is expected to be fully funded by the end of 2027 in accordance with local regulations. In December 2023, before the plan was demerged, Solvay made a voluntary contribution (\u00a375 million).For the Solvay Defined Benefits Pension Fund, the last completed valuation was as of March 31, 2022, which established a fixed contribution rate of pensionable pay for active members plus a deficit recovery plan. The current recovery plan foresees recovery contributions until June 2023. In May 2023 a voluntary contribution was paid to the fund (\u00a310 million).FranceSolvay sponsors several defined benefit plans in France. The largest plans are the French compulsory retirement indemnity plan and three closed top hat plans. Solvay retains most of the liabilities for the defined benefit plans after Partial Demerger.The main plan is for all former Rhodia employees who contributed to the plan prior to its closure in the 1970s. It offers a full benefit guarantee based on the end-of-career salary; more than 99% of the liabilities are attributable to current pensioners. The plan is partially funded. At the end of December 2023, an additional voluntary contribution was paid to the plan (\u20ac18 million).In accordance with French legislation, adequate guarantees have been provided.United StatesBefore the Partial Demerger, Solvay sponsored four defined benefit pension plans in the United States, one qualified plan and three non-qualified plans. After the Partial Demerger, Solvay retains liabilities for members of the qualified plan and for members of one non-qualified plan. A qualified plan is an employer-sponsored retirement plan that qualifies for special tax treatment under Section 401(a) of the Internal Revenue Code. The defined benefit plans are closed to new entrants where newly hired employees are eligible to participate in a defined contribution plan. The qualified defined benefit pension plan is funded while the non-qualified defined benefit pension plan is unfunded. The qualified plan makes up most of the pension liabilities as of December 31, 2023.Solvay's plans are in compliance with local laws regarding audited financial statements, governmental filings, and Pension Benefit Guaranty Corporation insurance premiums where applicable. The plans are reviewed and monitored locally by fiduciary committees for purposes of plan investments and administrative matters.For the qualified plan, Solvay\u2019s contributions take into account minimum (tax-deductible) funding requirements as well as maximum tax-deductible contributions, both regulated by the tax authorities.Certain eligible participants may elect to receive their pension in a single lump sum payment instead of a monthly payment.At year-end, about 47% of the liabilities are attributable to current employees, 6% to former employees for whom benefit payments have not yet commenced and 47% to current pensioners.GermanySolvay sponsors various defined benefit plans in Germany. The largest plans are a closed final-pay plan and an open cash balance plan. Most of the liabilities were retained by Solvay after the Partial Demerger. At December 31, 2023, broadly about 78% of the liabilities are attributable to current pensioners. The plans are partially funded.BelgiumSolvay sponsors two defined benefit plans in Belgium. These are funded pension plans. The plan for executives has been closed since the end of 2006, and the plan for the white and blue collars has been closed since 2004. The past service benefits provided under these plans continue to be adapted each year considering annual salary increase and inflation (\u201cDynamic management\u201d). In accordance with market practice in Belgium, because of favorable retirement lump sum taxation, most benefits are paid as lump sum. Furthermore, Solvay sponsors two open defined contribution plans, classified as defined benefit plans for accounting purposes due to the minimum guarantees explained hereafter. These are funded pension plans which are open since the beginning of 2007 for the one in favor of the executives and since the beginning of 2005 for the one in favor of the white and blue collars. Participants may choose to invest their contributions amongst four different investment funds (from \u201cPrudent\u201d to \u201cDynamic\u201d). However, regardless of their choices, the Belgian law foresees that the employer must guarantee a return on employer contribution and on personal contribution, creating that way a potential liability for the Group. Since 2016 the return has been fixed at 1.75% for both types of contributions, at the minimum of the range provided by law since January 1, 2016 (1.75% to 3.75%). At the end of 2023, net liability recognized in the consolidated statement of financial position concerning these plans is not material.Solvay\u2019s plans are administered through the Solvay Pension Fund that operates in compliance with local laws regarding minimum funding, investments principles, audited financial statements, governmental filings, and governance principles. The Pension Fund is managed through a General Assembly and a Board of Directors delegating day-to-day activities to an operational committee.Approximately 20% of the liability and plan assets were transferred out from the Solvay Pension Fund to a separate pension fund and are included in the Partial Demerger.Solvay sponsors a few other smaller pension plans. All these plans are insured.Other plansThe majority of the obligations relate to pension plans. In some countries (mainly Belgium, Brazil, and the United States), there are also post-employment medical plans, which represent 4% (4% in 2022) of the total defined benefit obligation.B.3. Financial impactsChanges in net liability In \u20acmillion 2023 2022Net amount recognized at beginning of period 810 1,123Net expense recognized in P&L \u2013 Defined benefit plans 65 58Actual employer contributions / direct actual benefits paid -173 -227Acquisitions and disposals 0 0Remeasurements before impact of asset ceiling 31 -157Change in the effect of the asset ceiling limit on remeasurements -4 2Reclassifications 2 2Currency translation differences 0 9The effect of Partial Demerger-116Net amount recognized at end of period 614 810Remeasurements before the impact of asset ceiling \u20ac31 million comprise: \u00b7 the favorable investment return on plan assets (excluding interests reported in the consolidated income statement) for \u20ac(132) million; \u00b7 decrease in discount rates of \u20ac34 million mainly in the United States, United Kingdom, Brazil and Eurozone; \u00b7 decrease in inflation rate of \u20ac(12) million for Eurozone; \u00b7 other remeasurements due to changes in the other financial assumptions, demographic and experience effects of \u20ac141 million of which \u20ac114 million is due to effect of Partial Demerger.Net expenseIn \u20acmillion 2023 2022Current service costs 28 15Past service costs (including curtailments and settlements) 1 0Service costs 29 15Interest cost 86 35Interest income -52 -23Net interest 34 12Administrative expenses paid 1 3Net expense recognized in P&L \u2013 Defined benefit plans 65 30Remeasurements recognized in other comprehensive income 26 -220The 2022 figures are restated.The service costs and administrative expenses of these benefit plans are recognized within cost of sales, administrative costs, research & development costs or operating gains and losses and results from legacy remediation, and the net interest is recognized as a finance expense.In 2023 the Group\u2019s current service costs amount to \u20ac28 million (\u20ac20 million in 2022), of which \u20ac25 million (\u20ac11 million in 2022) related to funded plans and \u20ac4 million (\u20ac4 million in 2022) related to unfunded plans. Net liabilityIn \u20acmillion December 31, 2023 December 31, 2022Defined benefit obligations \u2013 Funded plans 1,678 3,477Fair value of plan assets at end of period -1,222 -2,995Deficit for funded plans 456 482Defined benefit obligations \u2013 Unfunded plans 159 323Deficit / surplus (-) 614 805Amounts not recognized as asset due to asset ceiling (recognized in other 0 4comprehensive income) Net liability (asset) 614 810Provision recognized 705 873Asset recognized -90 -62Changes in defined benefit obligationsIn \u20acmillion 2023 2022Defined benefit obligation at beginning of period 3,800 5,016Current service costs 28 38Past service costs (including curtailments) 1 1Interest cost 86 99Employee contributions 2 4Settlements 0 0Acquisitions and disposals (-) 0 0Remeasurements in other comprehensive income 162 -1,067Actuarial gains and losses due to changes in demographic assumptions 7 -26Actuarial gains and losses due to changes in financial assumptions -1 -1,100Actuarial gains and losses due to experience 156 59Actual benefits paid -134 -324Currency translation differences 0 32Partial Demerger -2,148Reclassification and other movements 37 2Defined benefit obligation at end of period 1,836 3,800Defined benefit obligations \u2013 Funded plans 1,678 3,477Defined benefit obligations \u2013 Unfunded plans 159 323Changes in the fair value of plan assetsIn \u20acmillion 2023 2022Fair value of plan assets at beginning of period 2,995 3,896Interest income 52 85Remeasurements in other comprehensive income 132 -910Return on plan assets (excluding amounts in net interests including on asset 132 -910surplus)Employer contributions 173 227Employee contributions 2 4Administrative expenses paid -1 -5Acquisitions / Disposals (-) 0 0Settlements 0 0Actual benefits paid -134 -324Currency translation differences 0 -23Partial Demerger -2,032Reclassification and other movements 35 0Fair value of plan assets at end of period 1,222 2,995Actual return on plan assets (including on asset surplus) 184 -825In 2023, the total return on plan assets, i.e. including interest income, is a gain of \u20ac184 million against \u20ac825 million loss in 2022.In 2023, the Group\u2019s cash contributions amount to \u20ac173 million (\u20ac227 million in 2022), of which \u20ac29 million (\u20ac155 million in 2022) of voluntary cash contributions, and \u20ac144 million (\u20ac72 million in 2022) of direct benefits payments and mandatory contributions to funds.In 2023, the voluntary cash contributions were made to improve the funding level of the UK pension plans (\u20ac11 million) and France pension fund (\u20ac18 million) and increase de-risking with the additional plans assets. Categories of plan assetsDecember 31, 2023 December 31, 2022Equities 18% 20%Bonds 76% 74%Properties and infrastructures 2% 3%Cash and cash equivalents 3% 2%Others 1% 1%Total 100% 100%With respect to the invested assets, it should be noted that these assets do not contain any direct investment in Solvay shares or in property or other assets occupied or used by Solvay. This does not exclude Solvay shares being included in mutual investment fund type investments.Changes in asset ceiling In \u20acmillion 2023 2022Effect of the asset ceiling limit at beginning of period 4 2Partial Demerger -4 0Change in the effect of the asset ceiling limit on remeasurements 0 2Effect of the asset ceiling limit at end of period 0 4Assumptions regarding future benefits paidThe following are the expected benefits paid by the defined benefit plan in the future years. In \u20acmillionPeriod Total Eurozone United Kingdom USA Other2024 137 94 7 21 152025 141 98 7 21 152026\u20132028 440 309 24 61 46Actuarial assumptions used in determining the liabilitySome of the retirement plans that Solvay has in place provide annuity payments that are adjusted on a regular basis to mitigate the effects for cost of living increases. The salary growth assumption is used to determine what will be the salary at the end of the career of the individuals, as the defined benefit plans take into account the last salary of the individuals. This assumption includes impacts of both inflation and merit increases.The pension growth assumption defines the expected future adjustments for these annuity payments. The plan defines how these annuity payments will be adjusted, and might be linked to inflation. Pension growth assumptions mainly apply for the defined benefit retirement plans in the United Kingdom, France and Germany.The long term inflation assumption is presented separately as salary growth and pension growth assumptions encompass more variables than inflation. Eurozone UK United States2023 2022 2023 2022 2023 2022Discount rates 3.00% 3.75% 4.50% 4.75% 4.75% 5.00%Expected rates of future salary 2.00% \u2013 4.00% 2.00% \u2013 4.25% 2.75% 2.50% \u2013 3.00% 3.75% 3.00% \u2013 3.50%increases Long term inflation 2.00% \u2013 2.25% 2.00% \u2013 2.50% 2.75% 3.00% 2.25% 2.50%Expected rates of pension growth 0.00% \u2013 2.25% 0.00% \u2013 2.50% 2.55% 2.80% NA NAActuarial assumptions used in determining the annual costEurozone UK USA2023 2022 2023 2022 2023 2022Discount rates 3.75% 1.00% 4.75% 2.00% 5.00% 2.75%Expected rates of future salary 2.00% \u2013 4.25% 1.75% \u2013 4.00% 2.50% \u2013 3.00% 2.50% \u2013 3.00% 3.75% 3.00% \u2013 3.50%increases Long term inflation 2.00% \u2013 2.50% 1.75% \u2013 2.00% 3.00% 3.00% 2.50% 2.50%Expected rates of pension growth 0.00% \u2013 2.50% 0.00% \u2013 2.00% 2.80% 2.80% NA NAActuarial assumptions regarding future mortality are based on recent country specific mortality tables. These assumptions translate at January 1, 2023, into an average remaining life expectancy in years for a pensioner retiring at age 65:In years Belgium France Germany United Kingdom United StatesRetiring at the end of the reporting period Male 19 25 21 22 21Female 22 29 24 24 23Retiring 20 years after the end of the reporting periodMale 20 28 23 23 22Female 24 31 26 26 24For most countries the mortality assumptions reflect actual scheme experience and/or Solvay\u2019s expectations in terms of future mortality improvements.The actuarial assumptions used in determining the employee benefits obligation at December 31, 2023, are based on the following employee benefits liabilities durations:Eurozone United Kingdom United StatesDuration in years 9.2 12.8 6.6Sensitivities on the defined benefits obligation for the post-employment benefitsEach sensitivity amount is calculated assuming that all other assumptions are held constant. The economic factors and conditions often affect multiple assumptions simultaneously.Sensitivity to a change of percentage in the discount rates: In \u20acmillion 0.25% increase 0.25% decreaseEurozone -28 28United Kingdom -4 4United States -4 4Others -3 3Total -39 39Sensitivity to a change of percentage in the inflation rates:In \u20acmillion 0.25% increase 0.25% decreaseEurozone 25 -24United Kingdom 3 -3United States 0 0Others 3 -2Total 31 -29Sensitivity to a change of percentage in salary growth rates:In \u20acmillion 0.25% increase 0.25% decreaseEurozone 3 -3United Kingdom 0 0United States 0 0Others 0 0Total 3 -3Sensitivity to a change of one year on mortality tables \u2013 The table shows impacts when the age of all beneficiaries increases or decreases by one year:In \u20acmillion Age correction +1 year Age correction -1 yearEurozone -52 52United Kingdom -4 4United States -4 4Others -4 4Total -64 64",
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"value": "Other long-term employee and termination benefitsOther long-term employee benefits related to long service benefits granted to employees according to their seniority in the Group. Termination benefits include early pension plans. Other long-term employee and termination benefits are accounted for in the same way as post-employment benefits but remeasurements are fully recognized in the net financial charges during the period in which they occur.The actuarial calculations of the main post-employment obligations and other long-term benefits are performed by independent actuaries.",
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"value": "NOTE F31PROVISIONSAccounting policyGeneralProvisions are recognized when (a) the Group has a present obligation (legal or constructive) as a result of a past event, (b) it is probable that the Group will be required to settle the obligation, and (c) a reliable estimate can be made of the amount of the obligation.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount is the present value of expenditures required to settle the obligation. Impacts of changes in discount rates are generally recognized in the financial result.When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received when the Group settles the obligation.RestructuringsA restructuring provision is recognized when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Environmental remediation costsEnvironmental liabilities are mainly related to non-ongoing activities (shut-down sites, discontinued activities or divested activities where Solvay maintains certain commitments) and, to a lower extent, to ongoing activities (see comments below).An environmental provision is recognized, in accordance with IAS 37, when there is a current legal or constructive obligation resulting from past events which will result in a probable outflow of resources (expenses / cash outs) to settle it and for which a reliable estimate of such outflows and timing can be made. \u00b7 The environmental expenses encompass, but are not limited to, the following key matters \u00b7 Sampling and analytical costs for soil and ground water monitoring \u00b7 Cost related to dismantling when required to meet a remediation or permit obligation \u00b7 Asbestos removal when obligated by regulation \u00b7 Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.In \u20acmillion Restructuring Environment Litigation Other TotalDecember 31, 2022 119 702 97 123 1,041Additions 104 362 28 147 641Reversals of unused amounts 0 -16 -10 -14 -40Uses -92 -72 -20 -37 -221Increase/decrease through discounting 0 38 0 39RemeasurementsCurrency translation differences -3 1 -3Acquisitions and changes in consolidation scopeDisposalsPartial Demerger -47 -501 -35 -34 -617Other 0 -4 16 12December 31, 2023 83 506 61 202 852Of which current provisions 36 87 19 161 302The provisions decreased by \u20ac(189) million in 2023, of which, \u20ac(36) million for Restructuring, \u20ac(196) million for Environment and \u20ac(36) million for Litigation, partially offset by an increase of \u20ac79 million for others. See below for more details on the recognition and additions to the provisions.The Provision decreased as consequence of Partial Demerger by \u20ac(617) millions The movements in Other provisions mainly relate to post-closing adjustments resulting from M&A warranties including indemnities for environmental remediation on sites subject to disinvestment.Management expects provisions (other than employee benefits) to be used (cash outlays) as follows:In \u20acmillion up to 5 years between 5 and 10 years beyond 10 years TotalTotal provisions for environment 243 55 208 506Total provisions for litigation 56 5 61Total provisions for restructuring and other 279 6 285December 31, 2023 578 66 208 852Restructuring provisionsIn 2023, these provisions amount to \u20ac83 million, compared with \u20ac119 million at the end of 2022.The provisions at the end of 2023 mainly relate to the restructuring charges for the simplification of all support functions in the frame of the Group\u2019s simplification and transformation program, including the strategic transformation measures. Environmental provisionsThese provisions amount to \u20ac506 million at the end of 2023, compared with \u20ac702 million at the end of 2022, and pertain to: \u00b7 mines and drilling operations to the extent that legislation and/or operating permits in relation to quarries, mines and drilling operations contain requirements to remedy or to pay compensation to third parties. Those provisions amount to \u20ac133 million at the end of 2023 and most of these, based on local expert advice, can be expected to be used within 20 year horizon. \u00b7 lime dikes (settling ponds related mainly to soda ash plants), dump at sites and third party dump sites (linked to several industrial activities). These provisions have an horizon of 1 to 20 years. \u00b7 Various types of pollution (organic, inorganic) coming from miscellaneous chemical productions; these provisions mainly cover discontinued activities or closed plants. Most of these provisions have a horizon of 1 to 20 years; \u00b7 The environmental provision decreased as consequence of Partial Demerger by \u20ac(501) millions which includes the environmental remediation of \u20ac323 million with NJDEP in US (see note F8). The variation of environmental provisions also was impacted by lower discount rate increasing the present value of the overall liability by \u20ac16 million. This effect, combined with the unwinding of the opening liabilities for \u20ac22 million resulted in a net increase of \u20ac38 million related to discounting. The estimated amounts are discounted based on the probable date of settlement, and are periodically adjusted to reflect the passage of time.The breakdown of the environmental provisions and related uses for the main countries/regions is reported here below:December 31, 2023 December 31, 2022In \u20acmillionProvisions In % Provisions Use of Provisions In % Provisions Use of ongoing provisionsongoing provisionsactivitiesactivitiesFrance 147 29% 0 -21 145 21% 1 -24Germany 115 23% 6 -4 112 16% 7 -5Rest of Europe 170 34% 5 -17 144 21% 5 -15North America 5 1% 0 -23 226 32% 0 -37Rest of the world 69 13% 1 -10 74 11% 0 -8Total 506 100% 12 -75 702 100% 12 -90Provisions for litigationProvisions for litigation refer to indirect tax and legal exposures. They amount to \u20ac61 million in 2023 (\u20ac97 million in 2022). The balance at the end of 2023 relates to indirect tax risks (\u20ac11 million) and legal claims (\u20ac50 million).Other provisionsOther provisions increased from \u20ac123 million at the end of 2022 to \u20ac202 million at the end of 2023. They relate to various risks, of which the main ones concern (i) the shutdown or disposal of activities and (ii) risk related to the execution of contracts or termination. Other provisions also included a provision for litigation post M&A deal for which an indemnification asset for \u20ac21 million (In Other receivables/payables) has been recognized as foreseen in the Separation Agreement.Other provisions relate to the shutdown or disposal of activities and amount to \u20ac202 million in 2023, compared with \u20ac123 million at the end of 2022.NOTE F36CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEESAccounting policyA contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Group.Contingent assets are not recognized in the consolidated financial statements since this may result in the recognition of income that may never be realized. However, when the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate. Contingent assets are assessed continually to ensure that developments are appropriately reflected in the consolidated financial statements. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognized in the consolidated financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, the Group discloses the contingent asset.A contingent liability is: \u00b7 (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or \u00b7 (b) a present obligation that arises from past events but is not recognized because: - (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliabilityContingent liabilities are not recognized in the consolidated financial statements, except if they arise from a business combination. They are disclosed unless the possibility of an outflow of economic benefits is remote.Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.In order to avoid double counting, only guarantees in excess of liabilities recognized or disclosures made elsewhere in the Group's consolidated financial statements are disclosed in this note. Regarding financial guarantees, all financial guarantees of the Group are presented in this note.In \u20acmillion December 31, 2023 December 31, 2022Contingent assets 91Guarantees for pensions 55 378Environmental contingent liabilities 271 315Guarantee on Cytec 2025 Bonds 151 0Contingent liabilities 477 693Contingent assetsThere are no contingent assets at the end of 2023. See Note F8 Discontinued operations for additional information on the collection of the contingent assets from Edison in Q1, 2023. Contingent liabilitiesThe guarantees for pensions are related to the main UK Pension Funds (\u20ac55 million) \u2013 See note F32.B.2. Description of obligations. Such corresponds to the recognized plan assets surplus as at December 31, 2023 or the amount by which the guarantee exceeds the recognized pension liability (as at December 31, 2022). This guarantee applies to the pension liability measured based on a local UK regulatory basis (prudential basis) plus an allocation for market risk, which is higher when compared to the IAS 19 methodology. The probability of the guarantees being called is considered to be highly remote. The decrease over the prior year is mainly attributable to the Partial Demerger of Syensqo. Contingent liabilities of \u20ac271 million above relate to environmental remediation matters that can be estimated with sufficient reliability.Generally, in line with good business practice, we are not reporting any pending or threatened proceeding, which has not matured, and where the probability of existing or future exposure is unlikely or uncertain, where financial impact is not estimable and for which we are not able to quantify contingent liabilities.See note F31.B Provisions for additional information.HSE related proceedingsRosignano site: The Public Prosecutor\u2019s Office of the Criminal Court of Livorno, Italy initiated preliminary criminal investigations in 2019 regarding the alleged contamination of certain water tables outside our site and in our former landfill of Rosignano, Italy site. These investigations are still ongoing.BulgariaIn Bulgaria, Solvay Sodi AD, a subsidiary of Solvay, is subject to certain state-imposed obligations for emergency oil stocks (reserves) for 2021 through 2023, for which it was not able to comply. As a result, the competent Bulgarian authority imposed fines for 2021 and 2022 on Solvay Sodi AD of approximately \u20ac15 million for our share of the penalties which were fully provisioned. For 2023, the order is suspended and as a result no fine is imposed and therefore no provision has been recorded. Should this suspension be lifted, an additional penalty of \u20ac9 million may be imposed on Solvay Sodi AD. Solvay Sodi AD has brought a lawsuits to contest these fines and is seeking relief through national authorities pleading that the existing Bulgarian emergency stocks system is not compatible with the EU law, and in its current form obligations for emergency oil reserves should apply only to companies trading in crude oil and liquid fuels.Financial GuaranteesCytec 2025 BondsThe 3.95% Senior Notes due 2025 issued by Cytec Industries Inc. (the \u201cCytec 2025 Bonds\u201d) were transferred to Syensqo SA/NV with Cytec Industries Inc. as of December 8, 2023, for US$163.5 million (151.2 million euros at December 31, 2023). A counter guarantee was issued from Syensqo SA/NV in favor of Solvay SA/NV as Solvay SA/NV remained the original guarantor. As Syensqo SA/NV, the ultimate parent of Cytec Industries, Inc. is an investment grade company and due to the short period of time before the bonds are due to be repaid, the Group deemed risk of default to be remote, and as such no provision was recorded.",
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},
"s8_notes__7__198": {
"value": " \u00b7 The environmental expenses encompass, but are not limited to, the following key matters \u00b7 Sampling and analytical costs for soil and ground water monitoring \u00b7 Cost related to dismantling when required to meet a remediation or permit obligation \u00b7 Asbestos removal when obligated by regulation \u00b7 Environmental investigations and studies (Risk Assessments, Phase I and II soil and groundwater) The closing amount of the environmental provisions is based on the net present value of the future cash flows needed, for current and future years, to settle remediation obligations. Forecast expenditures are based on external consultant estimates, where appropriate and possible. Future expenditures are forecast and revised biannually and validated quarterly by Solvay finance and suitably qualified industrial experts led by the Group Environmental Rehabilitation Director and benefit from inputs of legal department staff for the evolution of Environmental Regulations.In the absence of probable obligations, a contingent liability may be disclosed to represent the future possible liability. In some cases, contingent liabilities cannot be quantified. See Note F36 Contingent assets, liabilities and financial guarantees.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__203": {
"value": "NOTE F32 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, and only when Solvay becomes a party to the contractual provisions of the instrument. Amortized cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.Financial assetsTrade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments, specifically: \u00b7 A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. \u00b7 All other debt instruments are measured at FVTPL. \u00b7 All equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to retained earnings. \u00b7 Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not eligible for the FVTOCI option and therefore are accounted for at FVTPL. For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active market, the fair value is determined using valuation techniques including reference to recent arm\u2019s length market transactions or transactions involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model, representing the weighted average of credit losses with the respective risks of a default occurring as the weights. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.For trade receivables that do not contain a significant financing component (i.e. substantially all trade receivables), the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that takes into account historical information on defaults adjusted for the forward-looking information per customer. The Group considers a financial asset in default risk when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is fully impaired when there is no reasonable expectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidated income statement, except for debt instruments measured at fair value through other comprehensive income. In this case, the allowance is recognized in other comprehensive income.Financial liabilitiesFinancial liabilities are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortized cost, except for: \u00b7 financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value; \u00b7 financial guarantee contracts. After initial recognition, guarantees are subsequently measured at the higher of the expected losses and the amount initially recognized.Derivative financial instrumentsA derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the following characteristics: \u00b7 its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the \"underlying\"); \u00b7 it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; \u00b7 it is settled at a future date.The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO emission rights price risks).2As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss (cash flow hedges).A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the underlying settlements is more than 12 months after the reporting period. Other derivative instruments (or portions of them) are presented as current assets or current liabilities.Hedge accountingThe Group designates certain derivatives and embedded derivatives, in respect of interest rate risk, foreign exchange rate risk, Solvay share price risk, and commodity risk (mainly utility and CO emission rights price risks), as hedging instruments in a cash flow hedge relationship.2At the inception of the hedge relationship, there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge. So to apply hedge accounting: (a) there is an economic relationship between the hedged item and the hedging instrument, (b) the effect of credit risk does not dominate the value changes that result from that economic relationship, and (c) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The requirement under (a) above that an economic relationship exists means that there is an expectation that the value of the hedging instrument and the value of the hedged item will systematically change in the opposite direction in response to movements in either the same underlying (or underlyings that are economically related in such a way that they respond in a similar way to the risk that is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedging instruments that are designated in a cash flow hedge is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.As long as cash flow hedge qualifies, the hedging relationship is accounted for as follows: \u00b7 a) the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): - (i) the cumulative gain or loss on the hedging instrument from inception of the hedge; and - (ii) the cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. \u00b7 b) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (i.e. The portion that is offset by the change in the cash flow hedge reserve calculated in accordance with (a)) is recognized in other comprehensive income; \u00b7 c) any remaining gain or loss on the hedging instrument (or any gain or loss required to balance the change in the cash flow hedge reserve calculated in accordance with (a)) is hedge ineffectiveness that is recognized in profit or loss. \u00b7 d) the amount that has been accumulated in the cash flow hedge reserve in accordance with (a) is accounted for as follows: - (i) if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the Group removes that amount from the cash flow hedge reserve and includes it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment and hence it does not affect other comprehensive income; - (ii) for cash flow hedges other than those covered by i), that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, in the periods that interest income or interest expense is recognized or when a forecast sale occurs); - (iii) however, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment. Most hedged items are transaction related. The time value of options, forward elements of forward contracts, and foreign currency basis spreads of financial instruments that are hedging the items affect profit or loss at the same time as those hedged items. Hedge accounting is discontinued prospectively when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cash flow hedge it accounts for the amount that has been accumulated in the cash flow hedge reserve as follows: \u00b7 if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve until the future cash flows occur. However, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment; \u00b7 if the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur.",
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"s8_notes__7__202-1": {
"value": "NOTE F32 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, and only when Solvay becomes a party to the contractual provisions of the instrument. Amortized cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.The following table presents the financial assets and liabilities as current or non-current according to their classification under IFRS 9.December 31, December 31, 20232022Carrying Carrying In \u20acmillionClassificationamountamountNon-current assets \u2013 Financial instruments 234 464Equity instruments measured at fair value through other Financial assets measured at fair value 1 24comprehensive incomethrough other comprehensive incomeFinancial assets measured at fair value Equity instruments measured at fair value through profit or loss87 47through profit or lossLoans and other non-current assets (excluding pension fund Financial assets measured at amortized 136 197surpluses and long-term inventory balance)costFinancial instruments \u2013 Operational 10 196Held for trading Held for trading 5 130Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 5 66relationshipCurrent assets \u2013 Financial instruments 1,598 4,093Financial assets measured at amortized Trade receivables840 2,026costOther financial instruments 118 206Financial assets measured at amortized Other marketable securities >3 months50 43costCurrency swaps Held for trading 2 1Financial assets measured at amortized Other current financial assets66 162costFinancial instruments \u2013 Operational 56 929Held for trading Held for trading 11 553Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 45 376relationshipFinancial assets measured at amortized Cash and cash equivalents584 932costTotal assets \u2013 Financial instruments 1,833 4,557Non-current liabilities \u2013 Financial instruments 2,051 2,753Financial debt 1,981 2,450Financial liabilities measured at Bonds0 1,994amortized costFinancial liabilities measured at Other non-current debts1,735 42amortized costDerivative financial instruments designated in a cash flow hedge Cash-flow hedge 2 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Non-current portion243 413costFinancial liabilities measured at Other liabilities39 112amortized costFinancial instruments \u2013 Operational 32 192Held for trading Held for trading 17 146Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 15 46relationshipCurrent liabilities \u2013 Financial instruments 1,344 3,646Financial debt 211 510Financial liabilities measured at Short-term financial debt88 397amortized costCurrency swaps Held for trading 1 2Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 59 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Current portion63 111costFinancial liabilities measured at Trade payables850 2,296amortized costFinancial instruments \u2013 Operational 108 676Held for trading Held for trading 19 492Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 88 183relationshipFinancial liabilities measured at Dividends payables175 165amortized costTotal liabilities \u2013 Financial instruments 3,395 6,399In 2022 and 2023, long-term CO inventory balances reported are not financial assets and hence are not included in the table above. They are 2presented as other non-current assets. F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered). Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchange rate risks. It documents those as hedging instruments unless it hedges a recognized financial asset or liability when generally no cash flow hedge relationship is documented. Most hedges are transaction related.At the end of 2023, the Group had mainly hedged highly probable sales in foreign currencies (short position) in a nominal amount of US$203 million (\u20ac184 million) and JP\u00a5134 million (\u20ac1 million). All cash flow hedge contracts that exist at the end of December 2023 will be settled within the next 12 months, and will impact profit or loss during that period.The following table details the notional amounts of Solvay\u2019s derivatives contracts outstanding at the end of the period:NOTIONAL AMOUNTSDecember 31, 2023In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of exposure exchange rate hedge hedging instrumentthe of the risk hedgedper risk categoryreserve (1)exposureinstrument Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -1 -1 50% (2) 126.94 0 0 0JPY/USD 0 -3 4% (4) 145.33 1 1 0Total JPY -1 -4 1 1 0USD/BRL -63 -106 60% (2) 4.78 0 0 0USD/CNY -68 -138 49% (2) 6.92 0 0 0USD/EUR -24 -37 66% (2) 1.13 0 1 -1USD/MXN -11 -23 48% (2) 18.32 -1 0 -1USD/THB -17 -39 44% (2) 33.75 0 0 0Total USD -184 -342 -1 1 -2Total -185 -346 0 2 -2(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2023.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.(4) In compliance with Group Treasury Policy the hedging will be stopped in 2024 due to the low materiality exposure.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties.Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.December 31, 2022In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of the of exposure exchange rate hedge hedging instrument (1)the instru-risk exposurehedgedper risk categoryreserve (1)ment Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -71 -147 48% 139.17 0 1 1JPY/USD -42 -87 48% (2) 132.47 -1 1 2Total JPY -113 -234 -1 1 2USD/BRL -187 -285 66% (2) 5.28 3 3 0USD/CNY -157 -353 45% (2) 6.82 -1 1 2USD/EUR -340 -674 50% 1.05 8 10 2USD/MXN -66 -135 49% (2) 21.01 3 3 0USD/THB -36 -79 45% 34.69 1 1 0Total USD -786 -1,525 14 19 5Total -899 -1,759 13 20 7(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2022.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Effects of IBOR market developmentsAll the new Liquidity Facilities (RCF, Bilateral lines) have been negotiated using only SOFR reference index and not IBOR anymore. This will not have any impact financially.The ISDA's agreements were as well amended to include the SOFR.All the other old agreements (before June 2023) still reflect IBOR on the agreements. Banks in that case will apply market standard approach and use the new SOFR reference rate for those agreements, therefore will not have an impact on our financial charges nor relations. Interest rate risksSee the Financial risk in the Management of risks section of this annual report for additional information on the interest rate risks management. \u00b7 Interest rate risk is managed at Group level. \u00b7 The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. Interest rate risk is managed at Group level by maintaining an appropriate mix between fixed and floating rate borrowings.Interest rate exposure by currency is summarized below:In \u20acmillion December 31, 2023 December 31, 2022Fixed rate Floating rate Total Fixed rate Floating rate TotalCurrencyFinancial debt EUR -164 -1,840 -2,003 -1,642 -32 -1,673USD -137 -2 -139 -1,153 -11 -1,163BGN -1 -1 -2 0 -33 -33INR 0 0 0 -11 -6 -17KRW -2 -10 -12 -19 -7 -26THB -9 0 -10 -12 0 -12BRL -8 -2 -10 -12 0 -12Other -13 -3 -16 -22 -1 -23Total -333 -1,859 -2,192 -2,870 -90 -2,959Cash and cash equivalents EUR 297 297 201 201USD 138 138 320 320CAD 2 2 53 53THB 22 22 28 28SAR 8 8 11 11BRL 65 65 177 177CNY 16 16 22 22KRW 6 6 7 7JPY 10 10 30 30Other 20 20 83 83Total 584 584 932 932Other financial instruments CNY 12 12 43 43EUR 65 65 185 185SAR 4 4 4 4Other 38 38 4 4Total 118 118 236 236Total -333 -1,156 -1,489 -2,870 1,078 -1,791At the end of 2023, \u20ac1,859 million of the Group\u2019s gross debt was at floating-rate, and is largely comprised of: \u00b7 bridge facility in for a total of \u20ac1,500 million maturing in 2025 (carrying amount of \u20ac1,500 million); \u00b7 a term loan for an amount of \u20ac200 million. The latter are subject to interest rate hedging via zero cost interest collar (for the bridge facility of \u20ac1,500 million) and interest rate swaps (for the term loan of \u20ac200 million) reducing the volatility to interest rate fluctuations (discussed below). The fixed-rate debt is mainly comprised of IFRS 16 lease liability for a total of \u20ac307 million (carrying amount of \u20ac307 million).The impact of interest rate volatility at the end of 2023 compared to 2022 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement EUR market interest ratesin EUR market interest ratesIn \u20acmillion2023 2022 2023 2022Profit or loss -7 -1 6 1The sensitivity to interest rates volatility on the floating gross financial debt remains insignificant at the end of 2023 compared to 2022 thanks to the interest rates hedging. Most of the sensitivity disclosed in 2023 corresponds to the remaining volatility between the maximum interest rate payable (cap strike rate) and the minimum rate (floor strike rate) following the hedging of the bridge facility (\u20ac1,500 million) via zero cost interest collar. Interest rate risk hedged by instrument accounted for as held for tradingIn 2023 and 2022, there are no outstanding interest rate instruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2022, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the execution of liability management prior to the Partial Demerger the Group has decided to hedge executed floating rate debts and drawdowns executed in 2023 (\u20ac1.7 billion) as well as future long-term refinancing: December 31, 2023In \u20acmillionNotional Notional Percentage Hedge interest Cash flow Fair value of amount of amount of the of exposure rate per risk hedge the the risk exposure (1)hedgedcategoryreservehedging instrument (1)instrumentCash flow hedges on Equity Assets Liabilitiesfloating interests ratesFloating rate debt 200 200 100% 3.52% -2 0 -2(Euribor6M)Floating rate debt 1,500 1,500 100% 3.55% -1 0 -1(Euribor1M)Future long-term 3.20% 750 750 100%-25 0 -25refinancing (Euribor6M)+ Fixed marginFuture long-term 3.05% 750 750 100%-33 0 -33refinancing (Euribor6M)+ Fixed marginTotal 3,200 3,200 -61 0 -61Other market risksUtility and CO price risks2The Group purchases a large portion of its coal, gas and electricity needs in Europe and the United States based on fluctuating liquid market indices. Moreover, the Group purchases raw materials with a price formula referring to market indices. In order to reduce the cost volatility, the Group has developed a policy for exchanging variable price against fixed price through derivative financial instruments. Most of these hedging instruments can be documented as hedging instruments of the underlying purchase contracts. Utility purchase contracts at fixed price with a physical delivery for use in the Group's operations are qualified as own use contracts and constitute a natural hedge. Those have not been included in this note. Financial hedging of utility and CO emission rights price risks is managed centrally by Energy Services on behalf of the Group entities.2Energy Services also carries out trading transactions with respect to utility and CO.2The following tables detail the notional principal amounts and fair values of utility and CO derivative financial instruments outstanding at the end 2of the reporting period:Held for trading Notional amount of Notional amount of the instrument Fair value of the (1)the instrument(in units)instrument \u2013 AssetDecember 31 2023 2022 2023 2022 2023 2022 2023 2022In \u20acmillion (except where indicated)Coal Tons Power 22 922 118,090 7,318,874 MWh 0 307 -13 -306Standard Quality Gas 21 619 811,174 13,372,959 MWh 10 347 0 -282CO9 10 394,500 707,550 Tons 0 21 -26 -462Total 52 1,550 10 675 -39 -634(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.The amounts presented in the tables hereafter include hedging needs of the GBUs of the Group that are sourced through Energy Services, and not the full Group utility hedging needs.December 31, 2023Cash flow Notional Notional Notional Notional amount Percentage Average Cash Fair value Fair value hedgeamount amount of the amount of the risk of hedge flow of the of the of the instrument (in of the risk exposure (in exposure price hedge instrument instrument instrumentunits)exposureunits)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 112 781,326 MWh 181 1,763,316 MWh 44% 14230 33 -3MWhStandard EUR/Quality 245 12,343,602 MWh 579 24,542,118 MWh 50% 27-41 15 -56MWhGas(2)CO2553 3,469,500 Tons 801 9,230,909 Tons 38% 87 EUR/Tons -43 0 -44Total 909 1,561 -54 48 -102(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.(2) Excluding the reserve frozen in OCI, following roll-over transactions (\u20ac(33) million)December 31, 2022Cash flow Notional Notional amount Notional Notional Percentage Average Cash Fair value Fair value hedgeamount of the instrument amount amount of the of hedge flow of the of the of the (in units)of the risk risk exposureexposure price hedge instrument instrument instrumentexposure(in units)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 154 1,078,973 MWh 702 3,505,469 MWh 31% 13271 40 -111MWhStandard EUR/Quality 330 13,525,810 MWh 1,650 34,722,420 MWh 39% 33-156 240 -84MWhGasEUR/CO2368 5,440,050 Tons 1,150 24,096,508 Tons 45% 61152 142 -26TonsTotal 852 3,502 67 422 -221(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Solvay's strategic decision to discontinue external commercial activities and the Partial Demerger resulted in the reduction of volumes and notional amounts, aligning with our continuous efforts to optimize the portfolio, concentrate on core activities, and enhance operational efficiency.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties. \u00b7 Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.Fair value hedgeThe Group covered a part of its CO emission rights in inventory by forward sales of CO emission rights to a related party. The Group qualifies this 22hedging strategy as fair value hedge. The change in fair value of forward sales are accounted for in profit and loss, concomitantly with the revaluation of the CO emission rights held in inventory.2The Group has established a 1:1 hedge ratio for the underlying risk of the forward sales of CO emission rights to the related party that is identical 2to the hedged risk component.The impact of the hedging instrument on the statement of financial position as at December 31, 2023, is as follows:December 31, 2023Carrying amount Balance sheet Change in fair value used line item(s)for calculating hedge ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair Value Hedge CO emission Financial225,000 0 -2 1 -1rights forwardsInstrumentDecember 31, 2023Change in fair value used for Balance sheet Carrying amountcalculating hedge line item(s)ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO emission 225,000 0 2 Inventories 1 rights forwardsDecember 31, 2022Balance sheet line Change in fair value used for calculating hedge Carrying amountitem(s)ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedgeCO emission rights 286,500 1 -6Financial-6forwards instrumentDecember 31, 2022Change in fair value used for Carrying amount Balance sheet line item(s)calculating hedge ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO2 emission rights 86,500 -1 7 Inventories 6 forwardsThe sensitivities of commodity derivative financial instruments as of December 31, 2023, are presented below.The sensitivities were defined based on the price levels and volatility levels of each commodity. These assumptions do not constitute an estimation of future market prices and the sensitivities presented are not representative of future changes in Solvay's equity and results.December 31, 2023Price change Other comprehensive income Profit or lossIn \u20acmillionNatural gas +\u20ac10 / MWh 82 0 Natural gas -\u20ac10 / MWh -82 0 Electricity +\u20ac30 / MWh -23 0 Electricity -\u20ac30 / MWh 23 0 CO emission rights +\u20ac5\u20ac / T 22 0 2CO emission rights -\u20ac5 / T -22 0 2Performance Share Units Plan (PSU) risk on Solvay share priceIn order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related employer charges), the Group entered into a hedge covering 100% of the risk for 2023 employee reward plan (fully unwound prior to separation). PSU plan 2022 hedges were unwound during the 2023 year prior separation date. The group will assess during 2024 the necessary steps to mitigate future potential risk.Credit riskSee the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. The Group continuously monitors the credit risk of important business partners. The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note F36 Contingent assets, liabilities and financial guarantees.The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information on defaults adjusted for the forward-looking information. The Group classifies the customers and their related receivables in various rating classes, based on the risks\u2019 grading attributed to the customers and on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 0.005% and 4.031%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, depending on the rating class. The customer\u2019s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers assessed as higher risk profile. There is no significant concentration of credit risk at Group level because the receivables\u2019 credit risk is spread over a large number of customers and markets.The aging of trade receivables, financial instruments \u2013 operational, loans and other non-current assets is as follows:December 31, 2023With expected loss allowance, not credit-impairedTotal Credit-Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past due894 55 802 28 1 6 3Trade receivables-54 -53 -1 -1Trade receivables \u2013 allowance840 3 801 28 1 6 2Trade receivables \u2013 netFinancial instruments \u2013 66 66operationalLoans and other non-current assets 140 4 135 0(1)Loans and other non-current assets -4 -4\u2013 allowanceLoans and other non-current 136 0 135 0 0 0 0assets \u2013 net 1,042 3 1,002 28 1 6 2Total(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.December 31, 2022 With expected loss allowance, not credit-impairedTotal Credit- Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past dueTrade receivables 2,098 68 1,986 33 6 1 3Trade receivables \u2013 allowance -72 -67 -2 0 -2Trade receivables \u2013 net 2,026 1 1,984 33 6 1 1Financial instruments \u2013 1,125 1,125 operationalLoans and other non-current 208 11 197 0 assets (1)Loans and other non-current -11 -11 assets \u2013 allowanceLoans and other non-current 197 0 197 0 0 0 0assets \u2013 net (1)Total 3,348 1 3,306 33 6 1 2(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.The table below presents the allowances on trade receivables:In \u20acmillion 2023 2022January 1 -72 -51Additions -11 -22Uses 5 2Reversal 9 1Currency translation differences -1 -2Transfer to assets held for sale 0 0Partial Demerger 14 Other 0 0December 31 -54 -72Liquidity riskSee the Financial risk in the Management of risks section of this annual report for additional information on the liquidity risk management.Liquidity risk relates to Solvay\u2019s ability to service and refinance its debt (including notes issued) and to fund its operations.This depends on its ability to generate cash from operations and not to overpay for acquisitions. In addition, external factors impacting the global liquidity markets could also make financing sources less accessible.The Finance Committee gives its opinion on the appropriate liquidity risk management for the Group\u2019s short, medium and long term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources over time in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities with contractual repayment periods. The tables have been prepared using the discounted cash flows of financial liabilities, based on the earliest date on which the Group can be required to pay. The following tables present discounted amounts (carrying amounts):In \u20acmillionDecember 31, 2023Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,885 148 1,711 23 3Leasing debt 307 63 44 92 107Total 3,390 1,344 1,799 117 130In \u20acmillionDecember 31, 2022Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,435 399 10 1,423 604Leasing debt 524 111 90 160 164Total 6,386 3,646 178 1,781 782The following tables present undiscounted amounts (nominal value):In \u20acmillionDecember 31, 2023Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,886 148 1,711 23 4Leasing debt 307 63 44 92 107Total 3,391 1,344 1,799 117 131Interests on financial debt and lease liabilities 179 82 61 17 19Total outflows of cash 3,570 1,426 1,860 134 150In \u20acmillionDecember 31, 2022Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,444 399 9 1,428 608Leasing debt 524 111 90 160 164Total 6,395 3,646 178 1,786 785Interests on financial debt and lease liabilities 321 78 73 122 48Total outflows of cash 6,717 3,724 251 1,908 833Trade payables include \u20ac70 million (2022: \u20ac172 million) due to suppliers that have signed up for a supply chain financing program, under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to the partner bank. The value of the Group's liability remains unchanged. The Group assesses each arrangement against indicators to determine if the liabilities which suppliers have sold to the partner bank under the supplier financing scheme continue to meet the definition of trade payables or should be classified as financial debt. On December 31, 2023 and 2022, the liabilities met the criteria of Trade Payables.Solvay\u2019s liquidity amounts to \u20ac2.1 billion including \u20ac0.7 billion of cash and cash equivalents on the statement of financial position and \u20ac1.4 billion of committed fully undrawn credit facilities (\u20ac1.1 billion multilateral RCF due 2028 with extension possibility, and \u20ac0.3 billion bilateral RCF due in 2026 with extension possibilities) unused at the end of December 2023. Solvay is negotiating two other bilateral lines for up to \u20ac0.15 billion).In addition, Solvay has access to a Belgian Treasury Bill program for \u20ac1.0 billion (no outstanding balance on December 31, 2023). The program is covered by a back-up credit line.",
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"s8_notes__7__201-1": {
"value": "NOTE F32 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, and only when Solvay becomes a party to the contractual provisions of the instrument. Amortized cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.The following table presents the financial assets and liabilities as current or non-current according to their classification under IFRS 9.December 31, December 31, 20232022Carrying Carrying In \u20acmillionClassificationamountamountNon-current assets \u2013 Financial instruments 234 464Equity instruments measured at fair value through other Financial assets measured at fair value 1 24comprehensive incomethrough other comprehensive incomeFinancial assets measured at fair value Equity instruments measured at fair value through profit or loss87 47through profit or lossLoans and other non-current assets (excluding pension fund Financial assets measured at amortized 136 197surpluses and long-term inventory balance)costFinancial instruments \u2013 Operational 10 196Held for trading Held for trading 5 130Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 5 66relationshipCurrent assets \u2013 Financial instruments 1,598 4,093Financial assets measured at amortized Trade receivables840 2,026costOther financial instruments 118 206Financial assets measured at amortized Other marketable securities >3 months50 43costCurrency swaps Held for trading 2 1Financial assets measured at amortized Other current financial assets66 162costFinancial instruments \u2013 Operational 56 929Held for trading Held for trading 11 553Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 45 376relationshipFinancial assets measured at amortized Cash and cash equivalents584 932costTotal assets \u2013 Financial instruments 1,833 4,557Non-current liabilities \u2013 Financial instruments 2,051 2,753Financial debt 1,981 2,450Financial liabilities measured at Bonds0 1,994amortized costFinancial liabilities measured at Other non-current debts1,735 42amortized costDerivative financial instruments designated in a cash flow hedge Cash-flow hedge 2 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Non-current portion243 413costFinancial liabilities measured at Other liabilities39 112amortized costFinancial instruments \u2013 Operational 32 192Held for trading Held for trading 17 146Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 15 46relationshipCurrent liabilities \u2013 Financial instruments 1,344 3,646Financial debt 211 510Financial liabilities measured at Short-term financial debt88 397amortized costCurrency swaps Held for trading 1 2Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 59 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Current portion63 111costFinancial liabilities measured at Trade payables850 2,296amortized costFinancial instruments \u2013 Operational 108 676Held for trading Held for trading 19 492Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 88 183relationshipFinancial liabilities measured at Dividends payables175 165amortized costTotal liabilities \u2013 Financial instruments 3,395 6,399In 2022 and 2023, long-term CO inventory balances reported are not financial assets and hence are not included in the table above. They are 2presented as other non-current assets. F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered). Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchange rate risks. It documents those as hedging instruments unless it hedges a recognized financial asset or liability when generally no cash flow hedge relationship is documented. Most hedges are transaction related.At the end of 2023, the Group had mainly hedged highly probable sales in foreign currencies (short position) in a nominal amount of US$203 million (\u20ac184 million) and JP\u00a5134 million (\u20ac1 million). All cash flow hedge contracts that exist at the end of December 2023 will be settled within the next 12 months, and will impact profit or loss during that period.The following table details the notional amounts of Solvay\u2019s derivatives contracts outstanding at the end of the period:NOTIONAL AMOUNTSDecember 31, 2023In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of exposure exchange rate hedge hedging instrumentthe of the risk hedgedper risk categoryreserve (1)exposureinstrument Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -1 -1 50% (2) 126.94 0 0 0JPY/USD 0 -3 4% (4) 145.33 1 1 0Total JPY -1 -4 1 1 0USD/BRL -63 -106 60% (2) 4.78 0 0 0USD/CNY -68 -138 49% (2) 6.92 0 0 0USD/EUR -24 -37 66% (2) 1.13 0 1 -1USD/MXN -11 -23 48% (2) 18.32 -1 0 -1USD/THB -17 -39 44% (2) 33.75 0 0 0Total USD -184 -342 -1 1 -2Total -185 -346 0 2 -2(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2023.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.(4) In compliance with Group Treasury Policy the hedging will be stopped in 2024 due to the low materiality exposure.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties.Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.December 31, 2022In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of the of exposure exchange rate hedge hedging instrument (1)the instru-risk exposurehedgedper risk categoryreserve (1)ment Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -71 -147 48% 139.17 0 1 1JPY/USD -42 -87 48% (2) 132.47 -1 1 2Total JPY -113 -234 -1 1 2USD/BRL -187 -285 66% (2) 5.28 3 3 0USD/CNY -157 -353 45% (2) 6.82 -1 1 2USD/EUR -340 -674 50% 1.05 8 10 2USD/MXN -66 -135 49% (2) 21.01 3 3 0USD/THB -36 -79 45% 34.69 1 1 0Total USD -786 -1,525 14 19 5Total -899 -1,759 13 20 7(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2022.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Effects of IBOR market developmentsAll the new Liquidity Facilities (RCF, Bilateral lines) have been negotiated using only SOFR reference index and not IBOR anymore. This will not have any impact financially.The ISDA's agreements were as well amended to include the SOFR.All the other old agreements (before June 2023) still reflect IBOR on the agreements. Banks in that case will apply market standard approach and use the new SOFR reference rate for those agreements, therefore will not have an impact on our financial charges nor relations. Interest rate risksSee the Financial risk in the Management of risks section of this annual report for additional information on the interest rate risks management. \u00b7 Interest rate risk is managed at Group level. \u00b7 The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. Interest rate risk is managed at Group level by maintaining an appropriate mix between fixed and floating rate borrowings.Interest rate exposure by currency is summarized below:In \u20acmillion December 31, 2023 December 31, 2022Fixed rate Floating rate Total Fixed rate Floating rate TotalCurrencyFinancial debt EUR -164 -1,840 -2,003 -1,642 -32 -1,673USD -137 -2 -139 -1,153 -11 -1,163BGN -1 -1 -2 0 -33 -33INR 0 0 0 -11 -6 -17KRW -2 -10 -12 -19 -7 -26THB -9 0 -10 -12 0 -12BRL -8 -2 -10 -12 0 -12Other -13 -3 -16 -22 -1 -23Total -333 -1,859 -2,192 -2,870 -90 -2,959Cash and cash equivalents EUR 297 297 201 201USD 138 138 320 320CAD 2 2 53 53THB 22 22 28 28SAR 8 8 11 11BRL 65 65 177 177CNY 16 16 22 22KRW 6 6 7 7JPY 10 10 30 30Other 20 20 83 83Total 584 584 932 932Other financial instruments CNY 12 12 43 43EUR 65 65 185 185SAR 4 4 4 4Other 38 38 4 4Total 118 118 236 236Total -333 -1,156 -1,489 -2,870 1,078 -1,791At the end of 2023, \u20ac1,859 million of the Group\u2019s gross debt was at floating-rate, and is largely comprised of: \u00b7 bridge facility in for a total of \u20ac1,500 million maturing in 2025 (carrying amount of \u20ac1,500 million); \u00b7 a term loan for an amount of \u20ac200 million. The latter are subject to interest rate hedging via zero cost interest collar (for the bridge facility of \u20ac1,500 million) and interest rate swaps (for the term loan of \u20ac200 million) reducing the volatility to interest rate fluctuations (discussed below). The fixed-rate debt is mainly comprised of IFRS 16 lease liability for a total of \u20ac307 million (carrying amount of \u20ac307 million).The impact of interest rate volatility at the end of 2023 compared to 2022 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement EUR market interest ratesin EUR market interest ratesIn \u20acmillion2023 2022 2023 2022Profit or loss -7 -1 6 1The sensitivity to interest rates volatility on the floating gross financial debt remains insignificant at the end of 2023 compared to 2022 thanks to the interest rates hedging. Most of the sensitivity disclosed in 2023 corresponds to the remaining volatility between the maximum interest rate payable (cap strike rate) and the minimum rate (floor strike rate) following the hedging of the bridge facility (\u20ac1,500 million) via zero cost interest collar. Interest rate risk hedged by instrument accounted for as held for tradingIn 2023 and 2022, there are no outstanding interest rate instruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2022, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the execution of liability management prior to the Partial Demerger the Group has decided to hedge executed floating rate debts and drawdowns executed in 2023 (\u20ac1.7 billion) as well as future long-term refinancing: December 31, 2023In \u20acmillionNotional Notional Percentage Hedge interest Cash flow Fair value of amount of amount of the of exposure rate per risk hedge the the risk exposure (1)hedgedcategoryreservehedging instrument (1)instrumentCash flow hedges on Equity Assets Liabilitiesfloating interests ratesFloating rate debt 200 200 100% 3.52% -2 0 -2(Euribor6M)Floating rate debt 1,500 1,500 100% 3.55% -1 0 -1(Euribor1M)Future long-term 3.20% 750 750 100%-25 0 -25refinancing (Euribor6M)+ Fixed marginFuture long-term 3.05% 750 750 100%-33 0 -33refinancing (Euribor6M)+ Fixed marginTotal 3,200 3,200 -61 0 -61Other market risksUtility and CO price risks2The Group purchases a large portion of its coal, gas and electricity needs in Europe and the United States based on fluctuating liquid market indices. Moreover, the Group purchases raw materials with a price formula referring to market indices. In order to reduce the cost volatility, the Group has developed a policy for exchanging variable price against fixed price through derivative financial instruments. Most of these hedging instruments can be documented as hedging instruments of the underlying purchase contracts. Utility purchase contracts at fixed price with a physical delivery for use in the Group's operations are qualified as own use contracts and constitute a natural hedge. Those have not been included in this note. Financial hedging of utility and CO emission rights price risks is managed centrally by Energy Services on behalf of the Group entities.2Energy Services also carries out trading transactions with respect to utility and CO.2The following tables detail the notional principal amounts and fair values of utility and CO derivative financial instruments outstanding at the end 2of the reporting period:Held for trading Notional amount of Notional amount of the instrument Fair value of the (1)the instrument(in units)instrument \u2013 AssetDecember 31 2023 2022 2023 2022 2023 2022 2023 2022In \u20acmillion (except where indicated)Coal Tons Power 22 922 118,090 7,318,874 MWh 0 307 -13 -306Standard Quality Gas 21 619 811,174 13,372,959 MWh 10 347 0 -282CO9 10 394,500 707,550 Tons 0 21 -26 -462Total 52 1,550 10 675 -39 -634(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.The amounts presented in the tables hereafter include hedging needs of the GBUs of the Group that are sourced through Energy Services, and not the full Group utility hedging needs.December 31, 2023Cash flow Notional Notional Notional Notional amount Percentage Average Cash Fair value Fair value hedgeamount amount of the amount of the risk of hedge flow of the of the of the instrument (in of the risk exposure (in exposure price hedge instrument instrument instrumentunits)exposureunits)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 112 781,326 MWh 181 1,763,316 MWh 44% 14230 33 -3MWhStandard EUR/Quality 245 12,343,602 MWh 579 24,542,118 MWh 50% 27-41 15 -56MWhGas(2)CO2553 3,469,500 Tons 801 9,230,909 Tons 38% 87 EUR/Tons -43 0 -44Total 909 1,561 -54 48 -102(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.(2) Excluding the reserve frozen in OCI, following roll-over transactions (\u20ac(33) million)December 31, 2022Cash flow Notional Notional amount Notional Notional Percentage Average Cash Fair value Fair value hedgeamount of the instrument amount amount of the of hedge flow of the of the of the (in units)of the risk risk exposureexposure price hedge instrument instrument instrumentexposure(in units)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 154 1,078,973 MWh 702 3,505,469 MWh 31% 13271 40 -111MWhStandard EUR/Quality 330 13,525,810 MWh 1,650 34,722,420 MWh 39% 33-156 240 -84MWhGasEUR/CO2368 5,440,050 Tons 1,150 24,096,508 Tons 45% 61152 142 -26TonsTotal 852 3,502 67 422 -221(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Solvay's strategic decision to discontinue external commercial activities and the Partial Demerger resulted in the reduction of volumes and notional amounts, aligning with our continuous efforts to optimize the portfolio, concentrate on core activities, and enhance operational efficiency.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties. \u00b7 Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.Fair value hedgeThe Group covered a part of its CO emission rights in inventory by forward sales of CO emission rights to a related party. The Group qualifies this 22hedging strategy as fair value hedge. The change in fair value of forward sales are accounted for in profit and loss, concomitantly with the revaluation of the CO emission rights held in inventory.2The Group has established a 1:1 hedge ratio for the underlying risk of the forward sales of CO emission rights to the related party that is identical 2to the hedged risk component.The impact of the hedging instrument on the statement of financial position as at December 31, 2023, is as follows:December 31, 2023Carrying amount Balance sheet Change in fair value used line item(s)for calculating hedge ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair Value Hedge CO emission Financial225,000 0 -2 1 -1rights forwardsInstrumentDecember 31, 2023Change in fair value used for Balance sheet Carrying amountcalculating hedge line item(s)ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO emission 225,000 0 2 Inventories 1 rights forwardsDecember 31, 2022Balance sheet line Change in fair value used for calculating hedge Carrying amountitem(s)ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedgeCO emission rights 286,500 1 -6Financial-6forwards instrumentDecember 31, 2022Change in fair value used for Carrying amount Balance sheet line item(s)calculating hedge ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO2 emission rights 86,500 -1 7 Inventories 6 forwardsThe sensitivities of commodity derivative financial instruments as of December 31, 2023, are presented below.The sensitivities were defined based on the price levels and volatility levels of each commodity. These assumptions do not constitute an estimation of future market prices and the sensitivities presented are not representative of future changes in Solvay's equity and results.December 31, 2023Price change Other comprehensive income Profit or lossIn \u20acmillionNatural gas +\u20ac10 / MWh 82 0 Natural gas -\u20ac10 / MWh -82 0 Electricity +\u20ac30 / MWh -23 0 Electricity -\u20ac30 / MWh 23 0 CO emission rights +\u20ac5\u20ac / T 22 0 2CO emission rights -\u20ac5 / T -22 0 2Performance Share Units Plan (PSU) risk on Solvay share priceIn order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related employer charges), the Group entered into a hedge covering 100% of the risk for 2023 employee reward plan (fully unwound prior to separation). PSU plan 2022 hedges were unwound during the 2023 year prior separation date. The group will assess during 2024 the necessary steps to mitigate future potential risk.Credit riskSee the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. The Group continuously monitors the credit risk of important business partners. The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note F36 Contingent assets, liabilities and financial guarantees.The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information on defaults adjusted for the forward-looking information. The Group classifies the customers and their related receivables in various rating classes, based on the risks\u2019 grading attributed to the customers and on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 0.005% and 4.031%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, depending on the rating class. The customer\u2019s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers assessed as higher risk profile. There is no significant concentration of credit risk at Group level because the receivables\u2019 credit risk is spread over a large number of customers and markets.The aging of trade receivables, financial instruments \u2013 operational, loans and other non-current assets is as follows:December 31, 2023With expected loss allowance, not credit-impairedTotal Credit-Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past due894 55 802 28 1 6 3Trade receivables-54 -53 -1 -1Trade receivables \u2013 allowance840 3 801 28 1 6 2Trade receivables \u2013 netFinancial instruments \u2013 66 66operationalLoans and other non-current assets 140 4 135 0(1)Loans and other non-current assets -4 -4\u2013 allowanceLoans and other non-current 136 0 135 0 0 0 0assets \u2013 net 1,042 3 1,002 28 1 6 2Total(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.December 31, 2022 With expected loss allowance, not credit-impairedTotal Credit- Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past dueTrade receivables 2,098 68 1,986 33 6 1 3Trade receivables \u2013 allowance -72 -67 -2 0 -2Trade receivables \u2013 net 2,026 1 1,984 33 6 1 1Financial instruments \u2013 1,125 1,125 operationalLoans and other non-current 208 11 197 0 assets (1)Loans and other non-current -11 -11 assets \u2013 allowanceLoans and other non-current 197 0 197 0 0 0 0assets \u2013 net (1)Total 3,348 1 3,306 33 6 1 2(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.The table below presents the allowances on trade receivables:In \u20acmillion 2023 2022January 1 -72 -51Additions -11 -22Uses 5 2Reversal 9 1Currency translation differences -1 -2Transfer to assets held for sale 0 0Partial Demerger 14 Other 0 0December 31 -54 -72Liquidity riskSee the Financial risk in the Management of risks section of this annual report for additional information on the liquidity risk management.Liquidity risk relates to Solvay\u2019s ability to service and refinance its debt (including notes issued) and to fund its operations.This depends on its ability to generate cash from operations and not to overpay for acquisitions. In addition, external factors impacting the global liquidity markets could also make financing sources less accessible.The Finance Committee gives its opinion on the appropriate liquidity risk management for the Group\u2019s short, medium and long term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources over time in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities with contractual repayment periods. The tables have been prepared using the discounted cash flows of financial liabilities, based on the earliest date on which the Group can be required to pay. The following tables present discounted amounts (carrying amounts):In \u20acmillionDecember 31, 2023Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,885 148 1,711 23 3Leasing debt 307 63 44 92 107Total 3,390 1,344 1,799 117 130In \u20acmillionDecember 31, 2022Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,435 399 10 1,423 604Leasing debt 524 111 90 160 164Total 6,386 3,646 178 1,781 782The following tables present undiscounted amounts (nominal value):In \u20acmillionDecember 31, 2023Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,886 148 1,711 23 4Leasing debt 307 63 44 92 107Total 3,391 1,344 1,799 117 131Interests on financial debt and lease liabilities 179 82 61 17 19Total outflows of cash 3,570 1,426 1,860 134 150In \u20acmillionDecember 31, 2022Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,444 399 9 1,428 608Leasing debt 524 111 90 160 164Total 6,395 3,646 178 1,786 785Interests on financial debt and lease liabilities 321 78 73 122 48Total outflows of cash 6,717 3,724 251 1,908 833Trade payables include \u20ac70 million (2022: \u20ac172 million) due to suppliers that have signed up for a supply chain financing program, under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to the partner bank. The value of the Group's liability remains unchanged. The Group assesses each arrangement against indicators to determine if the liabilities which suppliers have sold to the partner bank under the supplier financing scheme continue to meet the definition of trade payables or should be classified as financial debt. On December 31, 2023 and 2022, the liabilities met the criteria of Trade Payables.Solvay\u2019s liquidity amounts to \u20ac2.1 billion including \u20ac0.7 billion of cash and cash equivalents on the statement of financial position and \u20ac1.4 billion of committed fully undrawn credit facilities (\u20ac1.1 billion multilateral RCF due 2028 with extension possibility, and \u20ac0.3 billion bilateral RCF due in 2026 with extension possibilities) unused at the end of December 2023. Solvay is negotiating two other bilateral lines for up to \u20ac0.15 billion).In addition, Solvay has access to a Belgian Treasury Bill program for \u20ac1.0 billion (no outstanding balance on December 31, 2023). The program is covered by a back-up credit line.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__200-1": {
"value": "NOTE F32 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, and only when Solvay becomes a party to the contractual provisions of the instrument. Amortized cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.The following table presents the financial assets and liabilities as current or non-current according to their classification under IFRS 9.December 31, December 31, 20232022Carrying Carrying In \u20acmillionClassificationamountamountNon-current assets \u2013 Financial instruments 234 464Equity instruments measured at fair value through other Financial assets measured at fair value 1 24comprehensive incomethrough other comprehensive incomeFinancial assets measured at fair value Equity instruments measured at fair value through profit or loss87 47through profit or lossLoans and other non-current assets (excluding pension fund Financial assets measured at amortized 136 197surpluses and long-term inventory balance)costFinancial instruments \u2013 Operational 10 196Held for trading Held for trading 5 130Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 5 66relationshipCurrent assets \u2013 Financial instruments 1,598 4,093Financial assets measured at amortized Trade receivables840 2,026costOther financial instruments 118 206Financial assets measured at amortized Other marketable securities >3 months50 43costCurrency swaps Held for trading 2 1Financial assets measured at amortized Other current financial assets66 162costFinancial instruments \u2013 Operational 56 929Held for trading Held for trading 11 553Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 45 376relationshipFinancial assets measured at amortized Cash and cash equivalents584 932costTotal assets \u2013 Financial instruments 1,833 4,557Non-current liabilities \u2013 Financial instruments 2,051 2,753Financial debt 1,981 2,450Financial liabilities measured at Bonds0 1,994amortized costFinancial liabilities measured at Other non-current debts1,735 42amortized costDerivative financial instruments designated in a cash flow hedge Cash-flow hedge 2 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Non-current portion243 413costFinancial liabilities measured at Other liabilities39 112amortized costFinancial instruments \u2013 Operational 32 192Held for trading Held for trading 17 146Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 15 46relationshipCurrent liabilities \u2013 Financial instruments 1,344 3,646Financial debt 211 510Financial liabilities measured at Short-term financial debt88 397amortized costCurrency swaps Held for trading 1 2Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 59 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Current portion63 111costFinancial liabilities measured at Trade payables850 2,296amortized costFinancial instruments \u2013 Operational 108 676Held for trading Held for trading 19 492Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 88 183relationshipFinancial liabilities measured at Dividends payables175 165amortized costTotal liabilities \u2013 Financial instruments 3,395 6,399In 2022 and 2023, long-term CO inventory balances reported are not financial assets and hence are not included in the table above. They are 2presented as other non-current assets. F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.Derivative financial instrumentsA derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the following characteristics: \u00b7 its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the \"underlying\"); \u00b7 it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; \u00b7 it is settled at a future date.The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO emission rights price risks).2As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss (cash flow hedges).A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the underlying settlements is more than 12 months after the reporting period. Other derivative instruments (or portions of them) are presented as current assets or current liabilities.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered). Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchange rate risks. It documents those as hedging instruments unless it hedges a recognized financial asset or liability when generally no cash flow hedge relationship is documented. Most hedges are transaction related.At the end of 2023, the Group had mainly hedged highly probable sales in foreign currencies (short position) in a nominal amount of US$203 million (\u20ac184 million) and JP\u00a5134 million (\u20ac1 million). All cash flow hedge contracts that exist at the end of December 2023 will be settled within the next 12 months, and will impact profit or loss during that period.The following table details the notional amounts of Solvay\u2019s derivatives contracts outstanding at the end of the period:NOTIONAL AMOUNTSDecember 31, 2023In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of exposure exchange rate hedge hedging instrumentthe of the risk hedgedper risk categoryreserve (1)exposureinstrument Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -1 -1 50% (2) 126.94 0 0 0JPY/USD 0 -3 4% (4) 145.33 1 1 0Total JPY -1 -4 1 1 0USD/BRL -63 -106 60% (2) 4.78 0 0 0USD/CNY -68 -138 49% (2) 6.92 0 0 0USD/EUR -24 -37 66% (2) 1.13 0 1 -1USD/MXN -11 -23 48% (2) 18.32 -1 0 -1USD/THB -17 -39 44% (2) 33.75 0 0 0Total USD -184 -342 -1 1 -2Total -185 -346 0 2 -2(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2023.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.(4) In compliance with Group Treasury Policy the hedging will be stopped in 2024 due to the low materiality exposure.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties.Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.December 31, 2022In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of the of exposure exchange rate hedge hedging instrument (1)the instru-risk exposurehedgedper risk categoryreserve (1)ment Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -71 -147 48% 139.17 0 1 1JPY/USD -42 -87 48% (2) 132.47 -1 1 2Total JPY -113 -234 -1 1 2USD/BRL -187 -285 66% (2) 5.28 3 3 0USD/CNY -157 -353 45% (2) 6.82 -1 1 2USD/EUR -340 -674 50% 1.05 8 10 2USD/MXN -66 -135 49% (2) 21.01 3 3 0USD/THB -36 -79 45% 34.69 1 1 0Total USD -786 -1,525 14 19 5Total -899 -1,759 13 20 7(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2022.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Effects of IBOR market developmentsAll the new Liquidity Facilities (RCF, Bilateral lines) have been negotiated using only SOFR reference index and not IBOR anymore. This will not have any impact financially.The ISDA's agreements were as well amended to include the SOFR.All the other old agreements (before June 2023) still reflect IBOR on the agreements. Banks in that case will apply market standard approach and use the new SOFR reference rate for those agreements, therefore will not have an impact on our financial charges nor relations. Interest rate risksSee the Financial risk in the Management of risks section of this annual report for additional information on the interest rate risks management. \u00b7 Interest rate risk is managed at Group level. \u00b7 The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. Interest rate risk is managed at Group level by maintaining an appropriate mix between fixed and floating rate borrowings.Interest rate exposure by currency is summarized below:In \u20acmillion December 31, 2023 December 31, 2022Fixed rate Floating rate Total Fixed rate Floating rate TotalCurrencyFinancial debt EUR -164 -1,840 -2,003 -1,642 -32 -1,673USD -137 -2 -139 -1,153 -11 -1,163BGN -1 -1 -2 0 -33 -33INR 0 0 0 -11 -6 -17KRW -2 -10 -12 -19 -7 -26THB -9 0 -10 -12 0 -12BRL -8 -2 -10 -12 0 -12Other -13 -3 -16 -22 -1 -23Total -333 -1,859 -2,192 -2,870 -90 -2,959Cash and cash equivalents EUR 297 297 201 201USD 138 138 320 320CAD 2 2 53 53THB 22 22 28 28SAR 8 8 11 11BRL 65 65 177 177CNY 16 16 22 22KRW 6 6 7 7JPY 10 10 30 30Other 20 20 83 83Total 584 584 932 932Other financial instruments CNY 12 12 43 43EUR 65 65 185 185SAR 4 4 4 4Other 38 38 4 4Total 118 118 236 236Total -333 -1,156 -1,489 -2,870 1,078 -1,791At the end of 2023, \u20ac1,859 million of the Group\u2019s gross debt was at floating-rate, and is largely comprised of: \u00b7 bridge facility in for a total of \u20ac1,500 million maturing in 2025 (carrying amount of \u20ac1,500 million); \u00b7 a term loan for an amount of \u20ac200 million. The latter are subject to interest rate hedging via zero cost interest collar (for the bridge facility of \u20ac1,500 million) and interest rate swaps (for the term loan of \u20ac200 million) reducing the volatility to interest rate fluctuations (discussed below). The fixed-rate debt is mainly comprised of IFRS 16 lease liability for a total of \u20ac307 million (carrying amount of \u20ac307 million).The impact of interest rate volatility at the end of 2023 compared to 2022 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement EUR market interest ratesin EUR market interest ratesIn \u20acmillion2023 2022 2023 2022Profit or loss -7 -1 6 1The sensitivity to interest rates volatility on the floating gross financial debt remains insignificant at the end of 2023 compared to 2022 thanks to the interest rates hedging. Most of the sensitivity disclosed in 2023 corresponds to the remaining volatility between the maximum interest rate payable (cap strike rate) and the minimum rate (floor strike rate) following the hedging of the bridge facility (\u20ac1,500 million) via zero cost interest collar. Interest rate risk hedged by instrument accounted for as held for tradingIn 2023 and 2022, there are no outstanding interest rate instruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2022, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the execution of liability management prior to the Partial Demerger the Group has decided to hedge executed floating rate debts and drawdowns executed in 2023 (\u20ac1.7 billion) as well as future long-term refinancing: December 31, 2023In \u20acmillionNotional Notional Percentage Hedge interest Cash flow Fair value of amount of amount of the of exposure rate per risk hedge the the risk exposure (1)hedgedcategoryreservehedging instrument (1)instrumentCash flow hedges on Equity Assets Liabilitiesfloating interests ratesFloating rate debt 200 200 100% 3.52% -2 0 -2(Euribor6M)Floating rate debt 1,500 1,500 100% 3.55% -1 0 -1(Euribor1M)Future long-term 3.20% 750 750 100%-25 0 -25refinancing (Euribor6M)+ Fixed marginFuture long-term 3.05% 750 750 100%-33 0 -33refinancing (Euribor6M)+ Fixed marginTotal 3,200 3,200 -61 0 -61Other market risksUtility and CO price risks2The Group purchases a large portion of its coal, gas and electricity needs in Europe and the United States based on fluctuating liquid market indices. Moreover, the Group purchases raw materials with a price formula referring to market indices. In order to reduce the cost volatility, the Group has developed a policy for exchanging variable price against fixed price through derivative financial instruments. Most of these hedging instruments can be documented as hedging instruments of the underlying purchase contracts. Utility purchase contracts at fixed price with a physical delivery for use in the Group's operations are qualified as own use contracts and constitute a natural hedge. Those have not been included in this note. Financial hedging of utility and CO emission rights price risks is managed centrally by Energy Services on behalf of the Group entities.2Energy Services also carries out trading transactions with respect to utility and CO.2The following tables detail the notional principal amounts and fair values of utility and CO derivative financial instruments outstanding at the end 2of the reporting period:Held for trading Notional amount of Notional amount of the instrument Fair value of the (1)the instrument(in units)instrument \u2013 AssetDecember 31 2023 2022 2023 2022 2023 2022 2023 2022In \u20acmillion (except where indicated)Coal Tons Power 22 922 118,090 7,318,874 MWh 0 307 -13 -306Standard Quality Gas 21 619 811,174 13,372,959 MWh 10 347 0 -282CO9 10 394,500 707,550 Tons 0 21 -26 -462Total 52 1,550 10 675 -39 -634(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.The amounts presented in the tables hereafter include hedging needs of the GBUs of the Group that are sourced through Energy Services, and not the full Group utility hedging needs.December 31, 2023Cash flow Notional Notional Notional Notional amount Percentage Average Cash Fair value Fair value hedgeamount amount of the amount of the risk of hedge flow of the of the of the instrument (in of the risk exposure (in exposure price hedge instrument instrument instrumentunits)exposureunits)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 112 781,326 MWh 181 1,763,316 MWh 44% 14230 33 -3MWhStandard EUR/Quality 245 12,343,602 MWh 579 24,542,118 MWh 50% 27-41 15 -56MWhGas(2)CO2553 3,469,500 Tons 801 9,230,909 Tons 38% 87 EUR/Tons -43 0 -44Total 909 1,561 -54 48 -102(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.(2) Excluding the reserve frozen in OCI, following roll-over transactions (\u20ac(33) million)December 31, 2022Cash flow Notional Notional amount Notional Notional Percentage Average Cash Fair value Fair value hedgeamount of the instrument amount amount of the of hedge flow of the of the of the (in units)of the risk risk exposureexposure price hedge instrument instrument instrumentexposure(in units)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 154 1,078,973 MWh 702 3,505,469 MWh 31% 13271 40 -111MWhStandard EUR/Quality 330 13,525,810 MWh 1,650 34,722,420 MWh 39% 33-156 240 -84MWhGasEUR/CO2368 5,440,050 Tons 1,150 24,096,508 Tons 45% 61152 142 -26TonsTotal 852 3,502 67 422 -221(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Solvay's strategic decision to discontinue external commercial activities and the Partial Demerger resulted in the reduction of volumes and notional amounts, aligning with our continuous efforts to optimize the portfolio, concentrate on core activities, and enhance operational efficiency.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties. \u00b7 Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.Fair value hedgeThe Group covered a part of its CO emission rights in inventory by forward sales of CO emission rights to a related party. The Group qualifies this 22hedging strategy as fair value hedge. The change in fair value of forward sales are accounted for in profit and loss, concomitantly with the revaluation of the CO emission rights held in inventory.2The Group has established a 1:1 hedge ratio for the underlying risk of the forward sales of CO emission rights to the related party that is identical 2to the hedged risk component.The impact of the hedging instrument on the statement of financial position as at December 31, 2023, is as follows:December 31, 2023Carrying amount Balance sheet Change in fair value used line item(s)for calculating hedge ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair Value Hedge CO emission Financial225,000 0 -2 1 -1rights forwardsInstrumentDecember 31, 2023Change in fair value used for Balance sheet Carrying amountcalculating hedge line item(s)ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO emission 225,000 0 2 Inventories 1 rights forwardsDecember 31, 2022Balance sheet line Change in fair value used for calculating hedge Carrying amountitem(s)ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedgeCO emission rights 286,500 1 -6Financial-6forwards instrumentDecember 31, 2022Change in fair value used for Carrying amount Balance sheet line item(s)calculating hedge ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO2 emission rights 86,500 -1 7 Inventories 6 forwardsThe sensitivities of commodity derivative financial instruments as of December 31, 2023, are presented below.The sensitivities were defined based on the price levels and volatility levels of each commodity. These assumptions do not constitute an estimation of future market prices and the sensitivities presented are not representative of future changes in Solvay's equity and results.December 31, 2023Price change Other comprehensive income Profit or lossIn \u20acmillionNatural gas +\u20ac10 / MWh 82 0 Natural gas -\u20ac10 / MWh -82 0 Electricity +\u20ac30 / MWh -23 0 Electricity -\u20ac30 / MWh 23 0 CO emission rights +\u20ac5\u20ac / T 22 0 2CO emission rights -\u20ac5 / T -22 0 2Performance Share Units Plan (PSU) risk on Solvay share priceIn order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related employer charges), the Group entered into a hedge covering 100% of the risk for 2023 employee reward plan (fully unwound prior to separation). PSU plan 2022 hedges were unwound during the 2023 year prior separation date. The group will assess during 2024 the necessary steps to mitigate future potential risk.Credit riskSee the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. The Group continuously monitors the credit risk of important business partners. The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note F36 Contingent assets, liabilities and financial guarantees.The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information on defaults adjusted for the forward-looking information. The Group classifies the customers and their related receivables in various rating classes, based on the risks\u2019 grading attributed to the customers and on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 0.005% and 4.031%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, depending on the rating class. The customer\u2019s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers assessed as higher risk profile. There is no significant concentration of credit risk at Group level because the receivables\u2019 credit risk is spread over a large number of customers and markets.The aging of trade receivables, financial instruments \u2013 operational, loans and other non-current assets is as follows:December 31, 2023With expected loss allowance, not credit-impairedTotal Credit-Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past due894 55 802 28 1 6 3Trade receivables-54 -53 -1 -1Trade receivables \u2013 allowance840 3 801 28 1 6 2Trade receivables \u2013 netFinancial instruments \u2013 66 66operationalLoans and other non-current assets 140 4 135 0(1)Loans and other non-current assets -4 -4\u2013 allowanceLoans and other non-current 136 0 135 0 0 0 0assets \u2013 net 1,042 3 1,002 28 1 6 2Total(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.December 31, 2022 With expected loss allowance, not credit-impairedTotal Credit- Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past dueTrade receivables 2,098 68 1,986 33 6 1 3Trade receivables \u2013 allowance -72 -67 -2 0 -2Trade receivables \u2013 net 2,026 1 1,984 33 6 1 1Financial instruments \u2013 1,125 1,125 operationalLoans and other non-current 208 11 197 0 assets (1)Loans and other non-current -11 -11 assets \u2013 allowanceLoans and other non-current 197 0 197 0 0 0 0assets \u2013 net (1)Total 3,348 1 3,306 33 6 1 2(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.The table below presents the allowances on trade receivables:In \u20acmillion 2023 2022January 1 -72 -51Additions -11 -22Uses 5 2Reversal 9 1Currency translation differences -1 -2Transfer to assets held for sale 0 0Partial Demerger 14 Other 0 0December 31 -54 -72Liquidity riskSee the Financial risk in the Management of risks section of this annual report for additional information on the liquidity risk management.Liquidity risk relates to Solvay\u2019s ability to service and refinance its debt (including notes issued) and to fund its operations.This depends on its ability to generate cash from operations and not to overpay for acquisitions. In addition, external factors impacting the global liquidity markets could also make financing sources less accessible.The Finance Committee gives its opinion on the appropriate liquidity risk management for the Group\u2019s short, medium and long term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources over time in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities with contractual repayment periods. The tables have been prepared using the discounted cash flows of financial liabilities, based on the earliest date on which the Group can be required to pay. The following tables present discounted amounts (carrying amounts):In \u20acmillionDecember 31, 2023Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,885 148 1,711 23 3Leasing debt 307 63 44 92 107Total 3,390 1,344 1,799 117 130In \u20acmillionDecember 31, 2022Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,435 399 10 1,423 604Leasing debt 524 111 90 160 164Total 6,386 3,646 178 1,781 782The following tables present undiscounted amounts (nominal value):In \u20acmillionDecember 31, 2023Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,886 148 1,711 23 4Leasing debt 307 63 44 92 107Total 3,391 1,344 1,799 117 131Interests on financial debt and lease liabilities 179 82 61 17 19Total outflows of cash 3,570 1,426 1,860 134 150In \u20acmillionDecember 31, 2022Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,444 399 9 1,428 608Leasing debt 524 111 90 160 164Total 6,395 3,646 178 1,786 785Interests on financial debt and lease liabilities 321 78 73 122 48Total outflows of cash 6,717 3,724 251 1,908 833Trade payables include \u20ac70 million (2022: \u20ac172 million) due to suppliers that have signed up for a supply chain financing program, under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to the partner bank. The value of the Group's liability remains unchanged. The Group assesses each arrangement against indicators to determine if the liabilities which suppliers have sold to the partner bank under the supplier financing scheme continue to meet the definition of trade payables or should be classified as financial debt. On December 31, 2023 and 2022, the liabilities met the criteria of Trade Payables.Solvay\u2019s liquidity amounts to \u20ac2.1 billion including \u20ac0.7 billion of cash and cash equivalents on the statement of financial position and \u20ac1.4 billion of committed fully undrawn credit facilities (\u20ac1.1 billion multilateral RCF due 2028 with extension possibility, and \u20ac0.3 billion bilateral RCF due in 2026 with extension possibilities) unused at the end of December 2023. Solvay is negotiating two other bilateral lines for up to \u20ac0.15 billion).In addition, Solvay has access to a Belgian Treasury Bill program for \u20ac1.0 billion (no outstanding balance on December 31, 2023). The program is covered by a back-up credit line.",
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"s8_notes__7__199-1": {
"value": "NOTE F32 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENTAccounting policyGeneralFinancial assets and liabilities are recognized when, and only when Solvay becomes a party to the contractual provisions of the instrument. Amortized cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset or to the amortized cost of a financial liability. When calculating the effective interest rate, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts.Financial assetsTrade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments, specifically: \u00b7 A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. \u00b7 All other debt instruments are measured at FVTPL. \u00b7 All equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to retained earnings. \u00b7 Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not eligible for the FVTOCI option and therefore are accounted for at FVTPL. For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active market, the fair value is determined using valuation techniques including reference to recent arm\u2019s length market transactions or transactions involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model, representing the weighted average of credit losses with the respective risks of a default occurring as the weights. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.For trade receivables that do not contain a significant financing component (i.e. substantially all trade receivables), the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that takes into account historical information on defaults adjusted for the forward-looking information per customer. The Group considers a financial asset in default risk when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is fully impaired when there is no reasonable expectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidated income statement, except for debt instruments measured at fair value through other comprehensive income. In this case, the allowance is recognized in other comprehensive income.Financial liabilitiesFinancial liabilities are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortized cost, except for: \u00b7 financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value; \u00b7 financial guarantee contracts. After initial recognition, guarantees are subsequently measured at the higher of the expected losses and the amount initially recognized.Derivative financial instrumentsA derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the following characteristics: \u00b7 its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the \"underlying\"); \u00b7 it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; \u00b7 it is settled at a future date.The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO emission rights price risks).2As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss (cash flow hedges).A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the underlying settlements is more than 12 months after the reporting period. Other derivative instruments (or portions of them) are presented as current assets or current liabilities.Hedge accountingThe Group designates certain derivatives and embedded derivatives, in respect of interest rate risk, foreign exchange rate risk, Solvay share price risk, and commodity risk (mainly utility and CO emission rights price risks), as hedging instruments in a cash flow hedge relationship.2At the inception of the hedge relationship, there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge. So to apply hedge accounting: (a) there is an economic relationship between the hedged item and the hedging instrument, (b) the effect of credit risk does not dominate the value changes that result from that economic relationship, and (c) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The requirement under (a) above that an economic relationship exists means that there is an expectation that the value of the hedging instrument and the value of the hedged item will systematically change in the opposite direction in response to movements in either the same underlying (or underlyings that are economically related in such a way that they respond in a similar way to the risk that is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedging instruments that are designated in a cash flow hedge is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.As long as cash flow hedge qualifies, the hedging relationship is accounted for as follows: \u00b7 a) the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): - (i) the cumulative gain or loss on the hedging instrument from inception of the hedge; and - (ii) the cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. \u00b7 b) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (i.e. The portion that is offset by the change in the cash flow hedge reserve calculated in accordance with (a)) is recognized in other comprehensive income; \u00b7 c) any remaining gain or loss on the hedging instrument (or any gain or loss required to balance the change in the cash flow hedge reserve calculated in accordance with (a)) is hedge ineffectiveness that is recognized in profit or loss. \u00b7 d) the amount that has been accumulated in the cash flow hedge reserve in accordance with (a) is accounted for as follows: - (i) if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the Group removes that amount from the cash flow hedge reserve and includes it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment and hence it does not affect other comprehensive income; - (ii) for cash flow hedges other than those covered by i), that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, in the periods that interest income or interest expense is recognized or when a forecast sale occurs); - (iii) however, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment. Most hedged items are transaction related. The time value of options, forward elements of forward contracts, and foreign currency basis spreads of financial instruments that are hedging the items affect profit or loss at the same time as those hedged items. Hedge accounting is discontinued prospectively when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cash flow hedge it accounts for the amount that has been accumulated in the cash flow hedge reserve as follows: \u00b7 if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve until the future cash flows occur. However, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment; \u00b7 if the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur.The following table presents the financial assets and liabilities as current or non-current according to their classification under IFRS 9.December 31, December 31, 20232022Carrying Carrying In \u20acmillionClassificationamountamountNon-current assets \u2013 Financial instruments 234 464Equity instruments measured at fair value through other Financial assets measured at fair value 1 24comprehensive incomethrough other comprehensive incomeFinancial assets measured at fair value Equity instruments measured at fair value through profit or loss87 47through profit or lossLoans and other non-current assets (excluding pension fund Financial assets measured at amortized 136 197surpluses and long-term inventory balance)costFinancial instruments \u2013 Operational 10 196Held for trading Held for trading 5 130Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 5 66relationshipCurrent assets \u2013 Financial instruments 1,598 4,093Financial assets measured at amortized Trade receivables840 2,026costOther financial instruments 118 206Financial assets measured at amortized Other marketable securities >3 months50 43costCurrency swaps Held for trading 2 1Financial assets measured at amortized Other current financial assets66 162costFinancial instruments \u2013 Operational 56 929Held for trading Held for trading 11 553Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 45 376relationshipFinancial assets measured at amortized Cash and cash equivalents584 932costTotal assets \u2013 Financial instruments 1,833 4,557Non-current liabilities \u2013 Financial instruments 2,051 2,753Financial debt 1,981 2,450Financial liabilities measured at Bonds0 1,994amortized costFinancial liabilities measured at Other non-current debts1,735 42amortized costDerivative financial instruments designated in a cash flow hedge Cash-flow hedge 2 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Non-current portion243 413costFinancial liabilities measured at Other liabilities39 112amortized costFinancial instruments \u2013 Operational 32 192Held for trading Held for trading 17 146Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 15 46relationshipCurrent liabilities \u2013 Financial instruments 1,344 3,646Financial debt 211 510Financial liabilities measured at Short-term financial debt88 397amortized costCurrency swaps Held for trading 1 2Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 59 0relationshipLease liabilities measured at amortized Lease liabilities IFRS 16 \u2013 Current portion63 111costFinancial liabilities measured at Trade payables850 2,296amortized costFinancial instruments \u2013 Operational 108 676Held for trading Held for trading 19 492Derivative financial instruments designated in a cash flow hedge Cash-flow hedge 88 183relationshipFinancial liabilities measured at Dividends payables175 165amortized costTotal liabilities \u2013 Financial instruments 3,395 6,399In 2022 and 2023, long-term CO inventory balances reported are not financial assets and hence are not included in the table above. They are 2presented as other non-current assets. F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.NOTE F33NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20acmillion December 31, 2023 December 31, 2022Financial debt 2,192 2,959Cash and cash equivalents -584 -932Other financial instruments -118 -236Net indebtedness 1,489 1,791The 2022 figures relate to the net indebtedness balance of the Group prior to the Partial Demerger. After Partial Demerger, the financial debt at the end of 2023 includes: \u00b7 four drawdowns (\u20ac1,500 million) for the execution of the liability management prior to the Partial Demerger, \u00b7 a term loan for an amount of \u20ac200 million \u00b7 the lease debt IFRS16 (\u20ac307 million) \u00b7 other financial debt (\u20ac185 million, excluding lease debt) mainly short term Solvay is Investment Grade rating BBB-/A3 (stable outlook) by Standard & Poor\u2019s (as of December 11th, 2023). Financial debt: main borrowings December 31, 2023 December 31, 2022Nominal Coupon Maturity Secured Amount atFair Amount at Fair In \u20acmillion (except amountamortized valueamortized costvaluewhere indicated)costCytec 2025 Bonds 3.95% 2025 No 152 147(issuance US$ 250 million)USD 2025 Bonds 4.45% 2025 No 748 721(144A;US$ 800 million)Total senior US$ notes 0 0 900 8682027 Bonds (issuance 2.75% 2027 No 497 482\u20ac500 million)2029 Bonds (issuance 0.500% 2029 No 597 479\u20ac600 million)Total senior \u20acnotes 0 0 1,094 961Bridge facility drawdown Floating (1)1,5002025 1,500 1,500 0 0(\u20ac1,500 million) rateTotal Bridge facilities 1,500 1,500 1,500 0 0Floating Term loan (\u20ac200 million) 2002025 200 200 0 0rateOther borrowings from 185 185 185 441 441third partiesLease debts IFRS16 307 307 307 524 524Total 2,192 2,192 2,959 2,794(1) The Solvay bridge facility has as initial maturity in October 2024, but the company has an unconditional right to extend two times the maturity by 6 months, until October 2025. The bridge facility has therefore been classified as non-current.There are no instances of default on the above-mentioned financial debts. There are no financial covenants breach, neither on Solvay SA/NV, nor on any of the Group\u2019s holding companies.As a result of the Partial Demerger all Senior notes were either transferred to Syensqo or paid in full. For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1. Other financial instrumentsIn \u20acmillion December 31, 2023 December 31, 2022Non-current other financial instruments 0 30Current other financial instruments 119 206\u2014 Currency swaps 2 1\u2014 Other marketable securities >3 months 50 43\u2014 Other current financial assets 67 162Other financial instruments 119 236The other marketable securities >3 months include the bank drafts position.The other current financial assets mainly include margin calls of Energy Services for instruments with a negative fair value, and represent collateral for the obligations. Cash and cash equivalentsIn \u20acmillion December 31, 2023 December 31, 2022Cash 300 630Short-term deposits 285 303Cash and cash equivalents 584 932By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value. Changes in financial debt and in other financial instruments arising from financing activitiesDecember 202331, 2022In \u20acmillion Total Cash Cash Chang-Changes Other Transfer Payment Other Partial Total flows from flows from es in in other in fi-from of lease Demergerincrease repayment foreign current nancing non-liabilities of borrow-of ex-financial cash current ings borrow-change assets flows to cur-ings rates rent Bonds 1,994 -13 -1,336 1 -647 0Other non-42 1,702 0 -8 11 -10 1,737current debtsLong term 413 -6 -116 112 -160 243leasing debtInterest rate 0 2 2swapsNon-current 2,450 1,702 -19 -1,460 126 -817 1,983financial debtCurrent 510 1,519 -1,500 -17 -279 1,460 -112 102 -1,472 211financial debtTotal financial 2,960 3,221 -1,500 -36 -279 0 -112 228 -2,289 2,192debtOther non-cur-rent financial -30 30 0instrumentsCurrency -1 -1 -2swaps Other marketable-43 2 -2 -58 51 -50 securities >3 monthsOther current -162 100 -10 5 -67financial assetsOther financial -206 2 98 -69 -1 56 -119instrumentsTotal cash flow -366 3,221 -1,500 -34 98 -347 0 -112 227 -2,233 -679The financial debt decreased from \u20ac2,960 million at the end of 2022 to \u20ac2,192 million at the end of 2023.The non-current financial debt decreased by \u20ac(467) million, mainly resulting from: \u00b7 the increase of \u20ac1,702 million is mainly explained by: four drawdowns of \u20ac1,500 million for the execution of the liability management prior to the Partial Demerger, - a term loan for an amount of \u20ac200 million \u00b7 the change in foreign exchange rates for \u20ac(19) million; \u00b7 the transfer to current financial debt for \u20ac(1,460) million mainly explained by: - the 2029 Bonds \u20ac(600) million redeemed on October 9, 2023 - the 2025 USD Bonds $ (800) million redeemed on November 15, 2023, for an amount of \u20ac(738) million \u00b7 the transfer to Syensqo of Cytec 2025 Bonds US$(163.5) million, the 2027 Bonds \u20ac(500) million and leases liabilities for \u20ac(160) million for a total amount of \u20ac(817) million.The current financial debt decreased by \u20ac(299) million, mainly in short term financial debt: \u00b7 the increase in borrowings of \u20ac1,519 million is mainly explained by the drawdowns under a bridge facility (\u20ac600 million and US$816 million) and a credit facility (US$200 million). \u00b7 the decrease in borrowings of \u20ac(1,500) million is explained by the repayment of the 2029 Bonds for \u20ac(600) million, the redemption of the USD 2025 Bonds for $(800) million and the repayment of the credit facility for US$200 million. \u00b7 the decrease reported under other financing cash flows of \u20ac(279) million is explained by margin calls on hedging instruments as part of Energy Services\u2019 activities; \u00b7 the transfer from non-current financial debt to current of \u20ac1,460 million is explained above; \u00b7 the transfer to Syensqo for \u20ac(1,472) million mainly explained by the bridge facilities of \u20ac600 million and US$816 million.The other financial instruments decreased by \u20ac(87) million, mainly for the collateral related to the margin calls on energy services, following the decrease in the energy, CO and gas prices. 2",
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"s8_notes__7__207": {
"value": "Financial assetsTrade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments, specifically: \u00b7 A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. \u00b7 All other debt instruments are measured at FVTPL. \u00b7 All equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to retained earnings. \u00b7 Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not eligible for the FVTOCI option and therefore are accounted for at FVTPL. For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active market, the fair value is determined using valuation techniques including reference to recent arm\u2019s length market transactions or transactions involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.",
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"s8_notes__7__206-1": {
"value": "Financial assetsTrade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments, specifically: \u00b7 A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. \u00b7 All other debt instruments are measured at FVTPL. \u00b7 All equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to retained earnings. \u00b7 Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not eligible for the FVTOCI option and therefore are accounted for at FVTPL. For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active market, the fair value is determined using valuation techniques including reference to recent arm\u2019s length market transactions or transactions involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.Financial liabilitiesFinancial liabilities are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortized cost, except for: \u00b7 financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value; \u00b7 financial guarantee contracts. After initial recognition, guarantees are subsequently measured at the higher of the expected losses and the amount initially recognized.Derivative financial instrumentsA derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the following characteristics: \u00b7 its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the \"underlying\"); \u00b7 it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; \u00b7 it is settled at a future date.The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO emission rights price risks).2As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss (cash flow hedges).A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the underlying settlements is more than 12 months after the reporting period. Other derivative instruments (or portions of them) are presented as current assets or current liabilities.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.",
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"s8_notes__7__205-1": {
"value": "Financial assetsTrade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments, specifically: \u00b7 A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. \u00b7 All other debt instruments are measured at FVTPL. \u00b7 All equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to retained earnings. \u00b7 Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not eligible for the FVTOCI option and therefore are accounted for at FVTPL. For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active market, the fair value is determined using valuation techniques including reference to recent arm\u2019s length market transactions or transactions involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.Impairment of financial assetsThe impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model, representing the weighted average of credit losses with the respective risks of a default occurring as the weights. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.For trade receivables that do not contain a significant financing component (i.e. substantially all trade receivables), the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that takes into account historical information on defaults adjusted for the forward-looking information per customer. The Group considers a financial asset in default risk when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is fully impaired when there is no reasonable expectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidated income statement, except for debt instruments measured at fair value through other comprehensive income. In this case, the allowance is recognized in other comprehensive income.",
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},
"s8_notes__7__204-1": {
"value": "Financial assetsTrade receivables are initially measured at their transaction price, if they do not contain a significant financing component, which is the case for substantially all trade receivables. Other financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year.All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 Financial Instruments, specifically: \u00b7 A debt instrument that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option. \u00b7 All other debt instruments are measured at FVTPL. \u00b7 All equity investments are measured in the consolidated statement of financial position at fair value, with gains and losses recognized in profit or loss except that if an equity investment is not held for trading, nor contingent consideration recognized by an acquirer in a business combination, an irrevocable election can be made at initial recognition to measure the investment at FVTOCI, with dividend income recognized in profit or loss. This classification is determined on an instrument-by-instrument basis. Upon derecognition, the cumulative gains or losses previously recognized in other comprehensive income are reclassified to retained earnings. \u00b7 Equity investments in partnerships of investment funds are measured in the consolidated statement of financial position at fair value with gains and losses recognized in profit or loss. Based on the analysis of the characteristics of these funds the Group determined that they were not eligible for the FVTOCI option and therefore are accounted for at FVTPL. For instruments quoted in an active market, the fair value corresponds to a market price (level 1). For instruments that are not quoted in an active market, the fair value is determined using valuation techniques including reference to recent arm\u2019s length market transactions or transactions involving instruments which are substantially the same (level 2), or discounted cash flow analysis including, to the greatest possible extent, assumptions consistent with observable market data (level 3). However, in limited circumstances, cost of equity instruments may be an appropriate estimate of their fair value. That may be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__210": {
"value": "Impairment of financial assetsThe impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model, representing the weighted average of credit losses with the respective risks of a default occurring as the weights. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.For trade receivables that do not contain a significant financing component (i.e. substantially all trade receivables), the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables, using a provision matrix that takes into account historical information on defaults adjusted for the forward-looking information per customer. The Group considers a financial asset in default risk when contractual payments are 60 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is fully impaired when there is no reasonable expectation of recovering the contractual cash flows.Impairment losses are recognized in the consolidated income statement, except for debt instruments measured at fair value through other comprehensive income. In this case, the allowance is recognized in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__213": {
"value": "Financial liabilitiesFinancial liabilities are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortized cost, except for: \u00b7 financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value; \u00b7 financial guarantee contracts. After initial recognition, guarantees are subsequently measured at the higher of the expected losses and the amount initially recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__212": {
"value": "Financial liabilitiesFinancial liabilities are initially measured at fair value minus, in the case of a financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the issue of the financial liability. Subsequently, they are measured at amortized cost, except for: \u00b7 financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, are subsequently measured at fair value; \u00b7 financial guarantee contracts. After initial recognition, guarantees are subsequently measured at the higher of the expected losses and the amount initially recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__215": {
"value": "Derivative financial instrumentsA derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the following characteristics: \u00b7 its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the \"underlying\"); \u00b7 it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; \u00b7 it is settled at a future date.The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO emission rights price risks).2As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss (cash flow hedges).A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the underlying settlements is more than 12 months after the reporting period. Other derivative instruments (or portions of them) are presented as current assets or current liabilities.Hedge accountingThe Group designates certain derivatives and embedded derivatives, in respect of interest rate risk, foreign exchange rate risk, Solvay share price risk, and commodity risk (mainly utility and CO emission rights price risks), as hedging instruments in a cash flow hedge relationship.2At the inception of the hedge relationship, there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge. So to apply hedge accounting: (a) there is an economic relationship between the hedged item and the hedging instrument, (b) the effect of credit risk does not dominate the value changes that result from that economic relationship, and (c) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The requirement under (a) above that an economic relationship exists means that there is an expectation that the value of the hedging instrument and the value of the hedged item will systematically change in the opposite direction in response to movements in either the same underlying (or underlyings that are economically related in such a way that they respond in a similar way to the risk that is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedging instruments that are designated in a cash flow hedge is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.As long as cash flow hedge qualifies, the hedging relationship is accounted for as follows: \u00b7 a) the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): - (i) the cumulative gain or loss on the hedging instrument from inception of the hedge; and - (ii) the cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. \u00b7 b) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (i.e. The portion that is offset by the change in the cash flow hedge reserve calculated in accordance with (a)) is recognized in other comprehensive income; \u00b7 c) any remaining gain or loss on the hedging instrument (or any gain or loss required to balance the change in the cash flow hedge reserve calculated in accordance with (a)) is hedge ineffectiveness that is recognized in profit or loss. \u00b7 d) the amount that has been accumulated in the cash flow hedge reserve in accordance with (a) is accounted for as follows: - (i) if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the Group removes that amount from the cash flow hedge reserve and includes it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment and hence it does not affect other comprehensive income; - (ii) for cash flow hedges other than those covered by i), that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, in the periods that interest income or interest expense is recognized or when a forecast sale occurs); - (iii) however, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment. Most hedged items are transaction related. The time value of options, forward elements of forward contracts, and foreign currency basis spreads of financial instruments that are hedging the items affect profit or loss at the same time as those hedged items. Hedge accounting is discontinued prospectively when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cash flow hedge it accounts for the amount that has been accumulated in the cash flow hedge reserve as follows: \u00b7 if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve until the future cash flows occur. However, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment; \u00b7 if the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__214": {
"value": "Derivative financial instrumentsA derivative financial instrument is a financial instrument or other contract within the scope of IFRS 9 Financial Instruments with all three of the following characteristics: \u00b7 its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract (sometimes called the \"underlying\"); \u00b7 it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; \u00b7 it is settled at a future date.The Group enters into a variety of derivative financial instruments (forward, future, option, collars and swap contracts) to manage its exposure to interest rate risk, foreign exchange rate risk, and commodity risk (mainly utility and CO emission rights price risks).2As explained above, derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in income or expense, unless the derivative is designated and effective as a hedging instrument. The Group designates certain derivatives as hedging instruments of the exposure to variability in cash flows with respect to a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss (cash flow hedges).A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivative instruments (or portions of them) are presented as non-current assets or non-current liabilities if the remaining maturity of the underlying settlements is more than 12 months after the reporting period. Other derivative instruments (or portions of them) are presented as current assets or current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__216": {
"value": "Hedge accountingThe Group designates certain derivatives and embedded derivatives, in respect of interest rate risk, foreign exchange rate risk, Solvay share price risk, and commodity risk (mainly utility and CO emission rights price risks), as hedging instruments in a cash flow hedge relationship.2At the inception of the hedge relationship, there is a formal designation and documentation of the hedging relationship and the Group\u2019s risk management objective and strategy for undertaking the hedge. So to apply hedge accounting: (a) there is an economic relationship between the hedged item and the hedging instrument, (b) the effect of credit risk does not dominate the value changes that result from that economic relationship, and (c) the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The requirement under (a) above that an economic relationship exists means that there is an expectation that the value of the hedging instrument and the value of the hedged item will systematically change in the opposite direction in response to movements in either the same underlying (or underlyings that are economically related in such a way that they respond in a similar way to the risk that is being hedged).Cash flow hedgesThe effective portion of changes in the fair value of hedging instruments that are designated in a cash flow hedge is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.As long as cash flow hedge qualifies, the hedging relationship is accounted for as follows: \u00b7 a) the separate component of equity associated with the hedged item (cash flow hedge reserve) is adjusted to the lower of the following (in absolute amounts): - (i) the cumulative gain or loss on the hedging instrument from inception of the hedge; and - (ii) the cumulative change in fair value (present value) of the hedged item (i.e. the present value of the cumulative change in the hedged expected future cash flows) from inception of the hedge. \u00b7 b) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (i.e. The portion that is offset by the change in the cash flow hedge reserve calculated in accordance with (a)) is recognized in other comprehensive income; \u00b7 c) any remaining gain or loss on the hedging instrument (or any gain or loss required to balance the change in the cash flow hedge reserve calculated in accordance with (a)) is hedge ineffectiveness that is recognized in profit or loss. \u00b7 d) the amount that has been accumulated in the cash flow hedge reserve in accordance with (a) is accounted for as follows: - (i) if a hedged forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the Group removes that amount from the cash flow hedge reserve and includes it directly in the initial cost or other carrying amount of the asset or the liability. This is not a reclassification adjustment and hence it does not affect other comprehensive income; - (ii) for cash flow hedges other than those covered by i), that amount is reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows affect profit or loss (for example, in the periods that interest income or interest expense is recognized or when a forecast sale occurs); - (iii) however, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment. Most hedged items are transaction related. The time value of options, forward elements of forward contracts, and foreign currency basis spreads of financial instruments that are hedging the items affect profit or loss at the same time as those hedged items. Hedge accounting is discontinued prospectively when the hedging relationship (or a part of a hedging relationship) ceases to meet the qualifying criteria (after taking into account any rebalancing of the hedging relationship, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. When the Group discontinues hedge accounting for a cash flow hedge it accounts for the amount that has been accumulated in the cash flow hedge reserve as follows: \u00b7 if the hedged future cash flows are still expected to occur, that amount remains in the cash flow hedge reserve until the future cash flows occur. However, if that amount is a loss and the Group expects that all or a portion of that loss will not be recovered in one or more future periods, it immediately reclassifies the amount that is not expected to be recovered into profit or loss as a reclassification adjustment; \u00b7 if the hedged future cash flows are no longer expected to occur, that amount is immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment. A hedged future cash flow that is no longer highly probable to occur may still be expected to occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__226-1": {
"value": "F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.NOTE F40 LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Solvay SA/NV and a total of 150 investees.Of these 150 investees, 76 are fully consolidated, 7 are proportionately consolidated and 17 are accounted for under the equity method, whilst the other 50 do not meet the criteria of significance.In accordance with the concept of materiality, certain companies (Other Investments), which are insignificant, have not been included in the consolidation scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. For more information, refer to Principles of consolidation.List of companies entering or leaving the consolidation scopeCompanies entering the consolidation scopeCountry Company CommentsARGENTINA Quimicos Esenciales de Argentina SA, Buenos Aires New companyCHINA Essential (Shanghai) Enterprise Management Co., Shanghai New companyITALY Essentials Chemicals Italy S.p.a., Livorno New companyINDIA ES Essential Chemicals Private Limited, Mumbai New companySOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg Meets the consolidation criteriaSOUTH KOREA Special Chem Korea Co., Ltd., Gunsan New companyTURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul New companyUNITED STATES Essential Finance (America) LLC, Wilmington DE New companyEssential Holding America, LLC, Wilmington, DE New companyEssential Elements USA LLC, Wilmington, DE New company Essential Chemicals USA LLC, Wilmington, DE New companyCompanies leaving the consolidation scopeCountry Company CommentsARGENTINA Solvay Quimica SA, Buenos Aires Partial Demerger of SyensqoAUSTRALIA Cytec Asia Pacific Holdings Pty Ltd, Baulkham Hills Partial Demerger of Syensqo Cytec Australia Holdings Pty Ltd, Baulkham Hills Partial Demerger of SyensqoBELGIUM EECO Holding SA, Brussels Partial Demerger of SyensqoSolvay Participations Belgique S.A., Brussels Partial Demerger of Syensqo Solvay Specialty Polymers Belgium SA / NV, Brussels Partial Demerger of SyensqoCANADA Cytec Canada Inc, Niagara Falls Welland Partial Demerger of SyensqoCHINA Cytec Industries Co. Ltd, Shanghai Partial Demerger of SyensqoCytec Engineered Materials Co. Ltd, Shanghai Partial Demerger of SyensqoRhodia Hong Kong Ltd, Hong Kong Partial Demerger of SyensqoSolvay (Shanghai) Ltd, Shanghai Partial Demerger of SyensqoSolvay (Zhangjiangang) Specialty Chemicals Co. Ltd, Suzhou Partial Demerger of SyensqoSolvay China Co., Ltd, Shanghai Partial Demerger of SyensqoSolvay Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd, Zhangjiagang City Partial Demerger of SyensqoSolvay Specialty Polymers (Changshu) Co. Ltd, Changshu Partial Demerger of Syensqo Zhuhai Solvay Specialty Chemicals Co Ltd, Zhuhai City Partial Demerger of SyensqoCHILE Cytec Chile Ltda, Santiago Partial Demerger of SyensqoFRANCE Cog\u00e9n\u00e9ration Tavaux SAS, Paris Partial Demerger of SyensqoRhodia Energy GHG S.A.S., Puteaux Partial Demerger of SyensqoRhodia Laboratoire du Futur S.A.S., Pessac Partial Demerger of SyensqoRhodia Participations S.N.C., Courbevoie Partial Demerger of SyensqoRhodianyl S.A.S., Saint-Fons Partial Demerger of SyensqoSolvay Energie France S.A.S., Paris Partial Demerger of SyensqoSolvay France S.A., Courbevoie Partial Demerger of SyensqoGERMANY Cytec Engineered Materials GmbH, Oestringen Partial Demerger of SyensqoEuropean Carbon Fiber GmbH, Kelheim Partial Demerger of SyensqoSolvay Specialty Polymers Germany GmbH, Hannover Partial Demerger of SyensqoINDIA Hindustan Gum & Chemicals Ltd, New Delhi Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoINDONESIA PT. Cytec Indonesia, Jakarta Partial Demerger of SyensqoSolvay Manyar P.T., Gresik Partial Demerger of SyensqoIRELAND Solvay Finance Ireland Unlimited, Dublin Partial Demerger of SyensqoITALY Cogeneration Spinetta S.p.a., Bollate Partial Demerger of SyensqoSolvay Solutions Italia S.p.A., Milano Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoJAPAN Solvay Japan K.K., Tokyo Partial Demerger of SyensqoSolvay Nicca Ltd, Tokyo Partial Demerger of SyensqoSolvay Specialty Polymers Japan KK, Minato Ku-Tokyo Partial Demerger of SyensqoLUXEMBOURG Cytec Luxembourg International Holdings Sarl, Strassen Partial Demerger of SyensqoSolvay Finance (Luxembourg) SA, Luxembourg Partial Demerger of SyensqoSolvay Hortensia S.A., Luxembourg Partial Demerger of SyensqoSolvay Luxembourg S.a.r.l., Luxembourg Partial Demerger of SyensqoMEXICO Cytec de Mexico S.A. de C.V., Jalisco Partial Demerger of SyensqoNETHERLANDS Cytec Industries B.V., Vlaardingen Partial Demerger of Syensqo Solvay Solutions Nederland B.V., Klundert Partial Demerger of SyensqoNEW ZEALAND Solvay New Zealand Ltd, Auckland Partial Demerger of SyensqoPERU Cytec Peru S.A.C., Lima Partial Demerger of SyensqoPORTUGAL Solvay Biotecnologia Portugal LDA, Carnaxide Partial Demerger of SyensqoRUSSIA RusVinyl OOO, Moscow Sold to SiburNo longer meets the Solvay Vostok OOO, Moscowconsolidation criteriaSINGAPORE Rhodia Amines Chemicals Pte Ltd, Singapore Partial Demerger of SyensqoSolvay Specialty Chemicals Asia Pacific Pte. Ltd, Singapore Partial Demerger of SyensqoSOUTH KOREA Cytec Korea Inc, Seoul Partial Demerger of SyensqoSolvay Specialty Polymers Korea Company Ltd, Seoul Partial Demerger of SyensqoTHAILAND Solvay (Bangpoo) Specialty Chemicals Ltd, Bangkok Partial Demerger of SyensqoSolvay (Thailand) Ltd, Bangkok Partial Demerger of SyensqoTURKEY Solvay Istanbul Kimya Limited Sirketi, Istanbul Partial Demerger of SyensqoUNITED ARAB EMIRATES Cytec Nibras LLC, Al Ain Partial Demerger of SyensqoStrata - Solvay Advanced Materials Joint-Venture LLC, Al Ain Partial Demerger of SyensqoUNITED KINGDOM Advanced Composites Group Investments Ltd, Heanor Partial Demerger of SyensqoCytec Engineered Materials Ltd, Wrexham Partial Demerger of SyensqoCytec Industrial Materials (Derby) Ltd, Heanor Partial Demerger of SyensqoCytec Industrial Materials (Manchester) Ltd, Heanor Partial Demerger of SyensqoCytec Industries UK Holdings Ltd, Wrexham Partial Demerger of SyensqoMcIntyre Group Ltd, Watford Partial Demerger of SyensqoOldbury Energy Solutions UK Ltd, Oldbury Partial Demerger of SyensqoRhodia Holdings Ltd, Watford Partial Demerger of SyensqoRhodia International Holdings Ltd, Oldbury Partial Demerger of SyensqoRhodia Organique Fine Ltd , Watford Partial Demerger of SyensqoRhodia Overseas Ltd, Watford Partial Demerger of SyensqoRhodia Pharma Solutions Holdings Ltd, Cramlington Partial Demerger of SyensqoRhodia Pharma Solutions Ltd, Cramlington Partial Demerger of SyensqoRhodia Reorganisation, Watford Partial Demerger of SyensqoSolvay Solutions UK Ltd, Watford Partial Demerger of SyensqoUmeco Composites Ltd, Heanor Partial Demerger of SyensqoUmeco Ltd, Heanor Partial Demerger of SyensqoUNITED STATES Ausimont Industries, Inc., Wilmington, Delaware Partial Demerger of SyensqoCEM Defense Materials LLC, Tempe Arizona Partial Demerger of SyensqoCytec Engineered Materials Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Global Holdings Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Industrial Materials (ok) Inc., Tulsa Oklahoma Partial Demerger of SyensqoCytec Industries Inc, Princeton New Jersey Partial Demerger of SyensqoCytec Korea Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Technology Corp., Princeton New Jersey Partial Demerger of SyensqoEnergy Solutions US LLC, Breckenridge, Texas Partial Demerger of SyensqoGarret Mountain Insurance Co., Burlington Vermont Partial Demerger of SyensqoSolvay America Inc., Houston, Texas Partial Demerger of SyensqoSolvay Finance (America) LLC, Houston, Texas Partial Demerger of SyensqoSolvay Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay India Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay Specialty Polymers USA, LLC, Alpharetta, Georgia Partial Demerger of SyensqoSolvay USA INC., Princeton, New Jersey Partial Demerger of SyensqoURUGUAY Zamin Company S/A, Montevideo LiquidatedCompanies changing the consolidation methodCountry Company CommentsSolvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang Change from full consolidation to equity method due to the CHINA1)New arealoss of control during the Partial DemergerChange from equity method to full consolidation due to the ITALY Cogeneration Rosignano S.r.l., Rosignanopurchase of the Marubeni's shares1) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.List of joint operationsIndicating the percentage holding. AUSTRIASolvay Sisecam Holding AG, Wien 75BELGIUM BASF Interox H2O2 Production N.V., Brussels 50BULGARIA Solvay Sodi AD, Devnya 73.5NETHERLANDS MTP HP JV C.V., Weesp 50MTP HP JV Management bv, Weesp 50SAUDI ARABIA Saudi Hydrogen Peroxide Co, Jubail 50THAILAND MTP HP JV (Thailand) Ltd, Bangkok 50",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__225-1": {
"value": "F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).Interest rate risksSee the Financial risk in the Management of risks section of this annual report for additional information on the interest rate risks management. \u00b7 Interest rate risk is managed at Group level. \u00b7 The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. Interest rate risk is managed at Group level by maintaining an appropriate mix between fixed and floating rate borrowings.Interest rate exposure by currency is summarized below:In \u20acmillion December 31, 2023 December 31, 2022Fixed rate Floating rate Total Fixed rate Floating rate TotalCurrencyFinancial debt EUR -164 -1,840 -2,003 -1,642 -32 -1,673USD -137 -2 -139 -1,153 -11 -1,163BGN -1 -1 -2 0 -33 -33INR 0 0 0 -11 -6 -17KRW -2 -10 -12 -19 -7 -26THB -9 0 -10 -12 0 -12BRL -8 -2 -10 -12 0 -12Other -13 -3 -16 -22 -1 -23Total -333 -1,859 -2,192 -2,870 -90 -2,959Cash and cash equivalents EUR 297 297 201 201USD 138 138 320 320CAD 2 2 53 53THB 22 22 28 28SAR 8 8 11 11BRL 65 65 177 177CNY 16 16 22 22KRW 6 6 7 7JPY 10 10 30 30Other 20 20 83 83Total 584 584 932 932Other financial instruments CNY 12 12 43 43EUR 65 65 185 185SAR 4 4 4 4Other 38 38 4 4Total 118 118 236 236Total -333 -1,156 -1,489 -2,870 1,078 -1,791At the end of 2023, \u20ac1,859 million of the Group\u2019s gross debt was at floating-rate, and is largely comprised of: \u00b7 bridge facility in for a total of \u20ac1,500 million maturing in 2025 (carrying amount of \u20ac1,500 million); \u00b7 a term loan for an amount of \u20ac200 million. The latter are subject to interest rate hedging via zero cost interest collar (for the bridge facility of \u20ac1,500 million) and interest rate swaps (for the term loan of \u20ac200 million) reducing the volatility to interest rate fluctuations (discussed below). The fixed-rate debt is mainly comprised of IFRS 16 lease liability for a total of \u20ac307 million (carrying amount of \u20ac307 million).The impact of interest rate volatility at the end of 2023 compared to 2022 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement EUR market interest ratesin EUR market interest ratesIn \u20acmillion2023 2022 2023 2022Profit or loss -7 -1 6 1The sensitivity to interest rates volatility on the floating gross financial debt remains insignificant at the end of 2023 compared to 2022 thanks to the interest rates hedging. Most of the sensitivity disclosed in 2023 corresponds to the remaining volatility between the maximum interest rate payable (cap strike rate) and the minimum rate (floor strike rate) following the hedging of the bridge facility (\u20ac1,500 million) via zero cost interest collar. Interest rate risk hedged by instrument accounted for as held for tradingIn 2023 and 2022, there are no outstanding interest rate instruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2022, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the execution of liability management prior to the Partial Demerger the Group has decided to hedge executed floating rate debts and drawdowns executed in 2023 (\u20ac1.7 billion) as well as future long-term refinancing: December 31, 2023In \u20acmillionNotional Notional Percentage Hedge interest Cash flow Fair value of amount of amount of the of exposure rate per risk hedge the the risk exposure (1)hedgedcategoryreservehedging instrument (1)instrumentCash flow hedges on Equity Assets Liabilitiesfloating interests ratesFloating rate debt 200 200 100% 3.52% -2 0 -2(Euribor6M)Floating rate debt 1,500 1,500 100% 3.55% -1 0 -1(Euribor1M)Future long-term 3.20% 750 750 100%-25 0 -25refinancing (Euribor6M)+ Fixed marginFuture long-term 3.05% 750 750 100%-33 0 -33refinancing (Euribor6M)+ Fixed marginTotal 3,200 3,200 -61 0 -61Other market risksUtility and CO price risks2The Group purchases a large portion of its coal, gas and electricity needs in Europe and the United States based on fluctuating liquid market indices. Moreover, the Group purchases raw materials with a price formula referring to market indices. In order to reduce the cost volatility, the Group has developed a policy for exchanging variable price against fixed price through derivative financial instruments. Most of these hedging instruments can be documented as hedging instruments of the underlying purchase contracts. Utility purchase contracts at fixed price with a physical delivery for use in the Group's operations are qualified as own use contracts and constitute a natural hedge. Those have not been included in this note. Financial hedging of utility and CO emission rights price risks is managed centrally by Energy Services on behalf of the Group entities.2Energy Services also carries out trading transactions with respect to utility and CO.2The following tables detail the notional principal amounts and fair values of utility and CO derivative financial instruments outstanding at the end 2of the reporting period:Held for trading Notional amount of Notional amount of the instrument Fair value of the (1)the instrument(in units)instrument \u2013 AssetDecember 31 2023 2022 2023 2022 2023 2022 2023 2022In \u20acmillion (except where indicated)Coal Tons Power 22 922 118,090 7,318,874 MWh 0 307 -13 -306Standard Quality Gas 21 619 811,174 13,372,959 MWh 10 347 0 -282CO9 10 394,500 707,550 Tons 0 21 -26 -462Total 52 1,550 10 675 -39 -634(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.The amounts presented in the tables hereafter include hedging needs of the GBUs of the Group that are sourced through Energy Services, and not the full Group utility hedging needs.December 31, 2023Cash flow Notional Notional Notional Notional amount Percentage Average Cash Fair value Fair value hedgeamount amount of the amount of the risk of hedge flow of the of the of the instrument (in of the risk exposure (in exposure price hedge instrument instrument instrumentunits)exposureunits)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 112 781,326 MWh 181 1,763,316 MWh 44% 14230 33 -3MWhStandard EUR/Quality 245 12,343,602 MWh 579 24,542,118 MWh 50% 27-41 15 -56MWhGas(2)CO2553 3,469,500 Tons 801 9,230,909 Tons 38% 87 EUR/Tons -43 0 -44Total 909 1,561 -54 48 -102(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.(2) Excluding the reserve frozen in OCI, following roll-over transactions (\u20ac(33) million)December 31, 2022Cash flow Notional Notional amount Notional Notional Percentage Average Cash Fair value Fair value hedgeamount of the instrument amount amount of the of hedge flow of the of the of the (in units)of the risk risk exposureexposure price hedge instrument instrument instrumentexposure(in units)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 154 1,078,973 MWh 702 3,505,469 MWh 31% 13271 40 -111MWhStandard EUR/Quality 330 13,525,810 MWh 1,650 34,722,420 MWh 39% 33-156 240 -84MWhGasEUR/CO2368 5,440,050 Tons 1,150 24,096,508 Tons 45% 61152 142 -26TonsTotal 852 3,502 67 422 -221(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Solvay's strategic decision to discontinue external commercial activities and the Partial Demerger resulted in the reduction of volumes and notional amounts, aligning with our continuous efforts to optimize the portfolio, concentrate on core activities, and enhance operational efficiency.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties. \u00b7 Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.Fair value hedgeThe Group covered a part of its CO emission rights in inventory by forward sales of CO emission rights to a related party. The Group qualifies this 22hedging strategy as fair value hedge. The change in fair value of forward sales are accounted for in profit and loss, concomitantly with the revaluation of the CO emission rights held in inventory.2The Group has established a 1:1 hedge ratio for the underlying risk of the forward sales of CO emission rights to the related party that is identical 2to the hedged risk component.The impact of the hedging instrument on the statement of financial position as at December 31, 2023, is as follows:December 31, 2023Carrying amount Balance sheet Change in fair value used line item(s)for calculating hedge ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair Value Hedge CO emission Financial225,000 0 -2 1 -1rights forwardsInstrumentDecember 31, 2023Change in fair value used for Balance sheet Carrying amountcalculating hedge line item(s)ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO emission 225,000 0 2 Inventories 1 rights forwardsDecember 31, 2022Balance sheet line Change in fair value used for calculating hedge Carrying amountitem(s)ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedgeCO emission rights 286,500 1 -6Financial-6forwards instrumentDecember 31, 2022Change in fair value used for Carrying amount Balance sheet line item(s)calculating hedge ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO2 emission rights 86,500 -1 7 Inventories 6 forwardsThe sensitivities of commodity derivative financial instruments as of December 31, 2023, are presented below.The sensitivities were defined based on the price levels and volatility levels of each commodity. These assumptions do not constitute an estimation of future market prices and the sensitivities presented are not representative of future changes in Solvay's equity and results.December 31, 2023Price change Other comprehensive income Profit or lossIn \u20acmillionNatural gas +\u20ac10 / MWh 82 0 Natural gas -\u20ac10 / MWh -82 0 Electricity +\u20ac30 / MWh -23 0 Electricity -\u20ac30 / MWh 23 0 CO emission rights +\u20ac5\u20ac / T 22 0 2CO emission rights -\u20ac5 / T -22 0 2Performance Share Units Plan (PSU) risk on Solvay share priceIn order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related employer charges), the Group entered into a hedge covering 100% of the risk for 2023 employee reward plan (fully unwound prior to separation). PSU plan 2022 hedges were unwound during the 2023 year prior separation date. The group will assess during 2024 the necessary steps to mitigate future potential risk.Credit riskSee the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. The Group continuously monitors the credit risk of important business partners. The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note F36 Contingent assets, liabilities and financial guarantees.The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information on defaults adjusted for the forward-looking information. The Group classifies the customers and their related receivables in various rating classes, based on the risks\u2019 grading attributed to the customers and on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 0.005% and 4.031%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, depending on the rating class. The customer\u2019s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers assessed as higher risk profile. There is no significant concentration of credit risk at Group level because the receivables\u2019 credit risk is spread over a large number of customers and markets.The aging of trade receivables, financial instruments \u2013 operational, loans and other non-current assets is as follows:December 31, 2023With expected loss allowance, not credit-impairedTotal Credit-Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past due894 55 802 28 1 6 3Trade receivables-54 -53 -1 -1Trade receivables \u2013 allowance840 3 801 28 1 6 2Trade receivables \u2013 netFinancial instruments \u2013 66 66operationalLoans and other non-current assets 140 4 135 0(1)Loans and other non-current assets -4 -4\u2013 allowanceLoans and other non-current 136 0 135 0 0 0 0assets \u2013 net 1,042 3 1,002 28 1 6 2Total(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.December 31, 2022 With expected loss allowance, not credit-impairedTotal Credit- Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past dueTrade receivables 2,098 68 1,986 33 6 1 3Trade receivables \u2013 allowance -72 -67 -2 0 -2Trade receivables \u2013 net 2,026 1 1,984 33 6 1 1Financial instruments \u2013 1,125 1,125 operationalLoans and other non-current 208 11 197 0 assets (1)Loans and other non-current -11 -11 assets \u2013 allowanceLoans and other non-current 197 0 197 0 0 0 0assets \u2013 net (1)Total 3,348 1 3,306 33 6 1 2(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.The table below presents the allowances on trade receivables:In \u20acmillion 2023 2022January 1 -72 -51Additions -11 -22Uses 5 2Reversal 9 1Currency translation differences -1 -2Transfer to assets held for sale 0 0Partial Demerger 14 Other 0 0December 31 -54 -72Liquidity riskSee the Financial risk in the Management of risks section of this annual report for additional information on the liquidity risk management.Liquidity risk relates to Solvay\u2019s ability to service and refinance its debt (including notes issued) and to fund its operations.This depends on its ability to generate cash from operations and not to overpay for acquisitions. In addition, external factors impacting the global liquidity markets could also make financing sources less accessible.The Finance Committee gives its opinion on the appropriate liquidity risk management for the Group\u2019s short, medium and long term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources over time in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities with contractual repayment periods. The tables have been prepared using the discounted cash flows of financial liabilities, based on the earliest date on which the Group can be required to pay. The following tables present discounted amounts (carrying amounts):In \u20acmillionDecember 31, 2023Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,885 148 1,711 23 3Leasing debt 307 63 44 92 107Total 3,390 1,344 1,799 117 130In \u20acmillionDecember 31, 2022Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,435 399 10 1,423 604Leasing debt 524 111 90 160 164Total 6,386 3,646 178 1,781 782The following tables present undiscounted amounts (nominal value):In \u20acmillionDecember 31, 2023Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,886 148 1,711 23 4Leasing debt 307 63 44 92 107Total 3,391 1,344 1,799 117 131Interests on financial debt and lease liabilities 179 82 61 17 19Total outflows of cash 3,570 1,426 1,860 134 150In \u20acmillionDecember 31, 2022Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,444 399 9 1,428 608Leasing debt 524 111 90 160 164Total 6,395 3,646 178 1,786 785Interests on financial debt and lease liabilities 321 78 73 122 48Total outflows of cash 6,717 3,724 251 1,908 833Trade payables include \u20ac70 million (2022: \u20ac172 million) due to suppliers that have signed up for a supply chain financing program, under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to the partner bank. The value of the Group's liability remains unchanged. The Group assesses each arrangement against indicators to determine if the liabilities which suppliers have sold to the partner bank under the supplier financing scheme continue to meet the definition of trade payables or should be classified as financial debt. On December 31, 2023 and 2022, the liabilities met the criteria of Trade Payables.Solvay\u2019s liquidity amounts to \u20ac2.1 billion including \u20ac0.7 billion of cash and cash equivalents on the statement of financial position and \u20ac1.4 billion of committed fully undrawn credit facilities (\u20ac1.1 billion multilateral RCF due 2028 with extension possibility, and \u20ac0.3 billion bilateral RCF due in 2026 with extension possibilities) unused at the end of December 2023. Solvay is negotiating two other bilateral lines for up to \u20ac0.15 billion).In addition, Solvay has access to a Belgian Treasury Bill program for \u20ac1.0 billion (no outstanding balance on December 31, 2023). The program is covered by a back-up credit line.NOTE F33NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20acmillion December 31, 2023 December 31, 2022Financial debt 2,192 2,959Cash and cash equivalents -584 -932Other financial instruments -118 -236Net indebtedness 1,489 1,791The 2022 figures relate to the net indebtedness balance of the Group prior to the Partial Demerger. After Partial Demerger, the financial debt at the end of 2023 includes: \u00b7 four drawdowns (\u20ac1,500 million) for the execution of the liability management prior to the Partial Demerger, \u00b7 a term loan for an amount of \u20ac200 million \u00b7 the lease debt IFRS16 (\u20ac307 million) \u00b7 other financial debt (\u20ac185 million, excluding lease debt) mainly short term Solvay is Investment Grade rating BBB-/A3 (stable outlook) by Standard & Poor\u2019s (as of December 11th, 2023). Financial debt: main borrowings December 31, 2023 December 31, 2022Nominal Coupon Maturity Secured Amount atFair Amount at Fair In \u20acmillion (except amountamortized valueamortized costvaluewhere indicated)costCytec 2025 Bonds 3.95% 2025 No 152 147(issuance US$ 250 million)USD 2025 Bonds 4.45% 2025 No 748 721(144A;US$ 800 million)Total senior US$ notes 0 0 900 8682027 Bonds (issuance 2.75% 2027 No 497 482\u20ac500 million)2029 Bonds (issuance 0.500% 2029 No 597 479\u20ac600 million)Total senior \u20acnotes 0 0 1,094 961Bridge facility drawdown Floating (1)1,5002025 1,500 1,500 0 0(\u20ac1,500 million) rateTotal Bridge facilities 1,500 1,500 1,500 0 0Floating Term loan (\u20ac200 million) 2002025 200 200 0 0rateOther borrowings from 185 185 185 441 441third partiesLease debts IFRS16 307 307 307 524 524Total 2,192 2,192 2,959 2,794(1) The Solvay bridge facility has as initial maturity in October 2024, but the company has an unconditional right to extend two times the maturity by 6 months, until October 2025. The bridge facility has therefore been classified as non-current.There are no instances of default on the above-mentioned financial debts. There are no financial covenants breach, neither on Solvay SA/NV, nor on any of the Group\u2019s holding companies.As a result of the Partial Demerger all Senior notes were either transferred to Syensqo or paid in full. For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1. Other financial instrumentsIn \u20acmillion December 31, 2023 December 31, 2022Non-current other financial instruments 0 30Current other financial instruments 119 206\u2014 Currency swaps 2 1\u2014 Other marketable securities >3 months 50 43\u2014 Other current financial assets 67 162Other financial instruments 119 236The other marketable securities >3 months include the bank drafts position.The other current financial assets mainly include margin calls of Energy Services for instruments with a negative fair value, and represent collateral for the obligations. Cash and cash equivalentsIn \u20acmillion December 31, 2023 December 31, 2022Cash 300 630Short-term deposits 285 303Cash and cash equivalents 584 932By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value. Changes in financial debt and in other financial instruments arising from financing activitiesDecember 202331, 2022In \u20acmillion Total Cash Cash Chang-Changes Other Transfer Payment Other Partial Total flows from flows from es in in other in fi-from of lease Demergerincrease repayment foreign current nancing non-liabilities of borrow-of ex-financial cash current ings borrow-change assets flows to cur-ings rates rent Bonds 1,994 -13 -1,336 1 -647 0Other non-42 1,702 0 -8 11 -10 1,737current debtsLong term 413 -6 -116 112 -160 243leasing debtInterest rate 0 2 2swapsNon-current 2,450 1,702 -19 -1,460 126 -817 1,983financial debtCurrent 510 1,519 -1,500 -17 -279 1,460 -112 102 -1,472 211financial debtTotal financial 2,960 3,221 -1,500 -36 -279 0 -112 228 -2,289 2,192debtOther non-cur-rent financial -30 30 0instrumentsCurrency -1 -1 -2swaps Other marketable-43 2 -2 -58 51 -50 securities >3 monthsOther current -162 100 -10 5 -67financial assetsOther financial -206 2 98 -69 -1 56 -119instrumentsTotal cash flow -366 3,221 -1,500 -34 98 -347 0 -112 227 -2,233 -679The financial debt decreased from \u20ac2,960 million at the end of 2022 to \u20ac2,192 million at the end of 2023.The non-current financial debt decreased by \u20ac(467) million, mainly resulting from: \u00b7 the increase of \u20ac1,702 million is mainly explained by: four drawdowns of \u20ac1,500 million for the execution of the liability management prior to the Partial Demerger, - a term loan for an amount of \u20ac200 million \u00b7 the change in foreign exchange rates for \u20ac(19) million; \u00b7 the transfer to current financial debt for \u20ac(1,460) million mainly explained by: - the 2029 Bonds \u20ac(600) million redeemed on October 9, 2023 - the 2025 USD Bonds $ (800) million redeemed on November 15, 2023, for an amount of \u20ac(738) million \u00b7 the transfer to Syensqo of Cytec 2025 Bonds US$(163.5) million, the 2027 Bonds \u20ac(500) million and leases liabilities for \u20ac(160) million for a total amount of \u20ac(817) million.The current financial debt decreased by \u20ac(299) million, mainly in short term financial debt: \u00b7 the increase in borrowings of \u20ac1,519 million is mainly explained by the drawdowns under a bridge facility (\u20ac600 million and US$816 million) and a credit facility (US$200 million). \u00b7 the decrease in borrowings of \u20ac(1,500) million is explained by the repayment of the 2029 Bonds for \u20ac(600) million, the redemption of the USD 2025 Bonds for $(800) million and the repayment of the credit facility for US$200 million. \u00b7 the decrease reported under other financing cash flows of \u20ac(279) million is explained by margin calls on hedging instruments as part of Energy Services\u2019 activities; \u00b7 the transfer from non-current financial debt to current of \u20ac1,460 million is explained above; \u00b7 the transfer to Syensqo for \u20ac(1,472) million mainly explained by the bridge facilities of \u20ac600 million and US$816 million.The other financial instruments decreased by \u20ac(87) million, mainly for the collateral related to the margin calls on energy services, following the decrease in the energy, CO and gas prices. 2",
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"value": "F32.A. Overview of financial instrumentsThe following table gives an overview of the carrying amount of all financial instruments by category as defined by IFRS 9. Financial InstrumentsDecember 31, 2023 December 31, 2022In \u20acmillionCarrying amount Carrying amountFair value through profit or loss105 731Held for trading (financial instruments \u2013 operational \u2013 see note F25) 16 683Held for trading (other financial instruments \u2013 see note F33, table Changes in financial debt) 2 1Equity instruments measured at fair value through profit or loss 87 47Financial assets measured at amortized cost1,677 3,360Financial assets measured at amortized cost (including cash and cash equivalents, trade receivables, loans and other current/non-current assets except pension fund surpluses and 1,677 3,360long-term inventory balance)Financial assets measured at fair value through other comprehensive income51 466Derivative financial instruments designated in a cash flow hedge relationship (see note F25) 50 442Equity instruments measured at fair value through other comprehensive income 1 24Total financial assets 1,833 4,557Fair value through profit or loss-37 -641Held for trading (financial instruments \u2013 operational \u2013 see note F34) -36 -639Held for trading (financial debt \u2013 see note F33, table Changes in financial debt) -1 -2Financial liabilities measured at amortized cost-2,887 -5,005Financial liabilities measured at amortized cost (excluding dividends payable and IFRS 16 lease -2,712 -4,841liabilities)Dividends payables -175 -165Lease liabilities measured at amortized cost-307 -524Lease liabilities IFRS 16 measured at amortized cost -307 -524Financial liabilities measured at fair value through other comprehensive income-165 -229Derivative financial instruments designated in a cash flow hedge relationship (see note F34) -165 -229Total financial and lease liabilities -3,395 -6,399The category \u201cHeld for trading\u201d contains derivative financial instruments that are used for management of foreign currency risk, utility and CO2emission rights price risks, index and shares. Contracts which have been documented as hedging instruments (hedge accounting under IFRS 9 Financial Instruments) or which meet the exemption criteria for own use are not included in the category \u201cHeld for trading.\u201d Equity instruments measured at fair value through OCI pertained to Solvay\u2019s New Business Development (NBD) activity that is, now, a part of Syensqo and was subject to the Partial Demerger. In turn, at the end of 2023, \u20ac87 million of instruments at fair value through profit or loss relate to capital instruments related to Syensqo Group.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered).NOTE F34OTHER LIABILITIES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022Wages and benefits debts 125 371VAT and other taxes 107 184Social security 29 51Financial instruments \u2013 operational 108 676Insurance premiums 31 15Advances from customers 30 97Long Term Incentive \u2013 current part 31 Other 126 106Other current liabilities585 1,499Other includes insurance reimbursements of \u20ac32 million that will be paid to Syensqo (see Note F25 Other receivables) and Compliance EU Allowances of \u20ac24 million.The decrease in value is due to the Partial Demerger and 2023 values are presented after the demerger.Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F32 Overview of financial instruments).",
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"s8_notes__7__232": {
"value": "F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.",
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"s8_notes__7__227": {
"value": "F32.B. Fair value of financial instrumentsValuation techniques and assumptions used for measuring fair value.Accounting policyQuoted market prices are available for financial assets and financial liabilities with standard terms and conditions that are traded on active markets. The fair values of derivative financial instruments are equal to their quoted prices, if available. In case such quoted prices are not available, the fair value of the financial instruments is determined based on a discounted cash flow analysis using the applicable yield curve derived from quoted interest rates matching maturities of the contracts for non-optional derivatives. Optional derivatives are fair valued based on option pricing models, taking into account the present value of probability weighted expected future payoffs, using market reference formulas.The fair values of other financial assets and financial liabilities are determined in accordance with generally accepted pricing models based on discounted cash flow analysis.Fair value of financial instruments measured at amortized cost (excluding IFRS 16 lease liabilities)In \u20acmillion December 31, 2023 December 31, 2022Carrying amount Fair value Carrying amount Fair valueNon-current assets \u2013 Financial instruments 136 136 197 197Loans and other non-current assets (except pension 136 136 197 197fund surpluses and long-term inventory balance)Non-current liabilities \u2013 Financial instruments -1,774 -1,774 -2,148 -1,994Bonds 0 0 -1,994 -1,830Other non-current debts -1,735 -1,735 -42 -42Other liabilities -39 -39 -112 -112The carrying amounts of current financial assets and liabilities are estimated to reasonably approximate their fair values, due to the short term to maturity.Financial instruments measured at fair value in the consolidated statement of financial positionThe table \u201cFinancial instruments measured at fair value in the consolidated statement of financial position\u201d provides an analysis of financial instruments that, subsequent to their initial recognition, are measured at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Financial instruments, classified as held for trading and as hedging instruments in cash flow hedges are mainly grouped into Levels 1 and 2. They are fair valued based on forward pricing and swap models using present value calculations. The models incorporate various inputs including foreign exchange spot and interest rates of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying commodity. The equity instruments measured at fair value through OCI and through profit and loss are presented within Level 1 and 3. The fair value of the instruments presented under Level 3 is measured based on the guidelines recommended by The International Private Equity and Venture Capital Valuation (IPEV). In accordance with the Group internal rules, the responsibility for measuring the fair value level resides with (a) the Treasury department for the non-utility derivative financial instruments, and the non-derivative financial liabilities, (b) the Sustainable Development and Energy department for the utility derivative financial instruments and (c) the Finance department for non-derivative financial assets.The Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the year, no such transfers have occurred.Financial instruments measured at fair value in the consolidated statement of financial positionDecember 31, 2023In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 17 18\u2014 Foreign currency risk 3 3\u2014 Utility risk 4 5\u2014 CO2 risk\u2014 Shares 8 8\u2014 Index 2 2Equity instruments measured at fair value through profit or loss\u2014 Shares 87 87Cash flow hedges 0 50 50\u2014 Foreign currency risk 2 2\u2014 Interest rate risk 0 0\u2014 Utility risk 47 48\u2014 CO2 risk 0 0\u2014 Shares\u2014 Equity instruments measured at fair value through other comprehensive 1 1income\u2014 New Business Development 1 1Total assets 87 67 1 156Held for trading -37 -37\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk\u2014 Utility risk -8 -8\u2014 CO2 risk -26 -26\u2014 Shares\u2014 Index -2 -2Cash flow hedges -165 -165\u2014 Foreign currency risk -1 -1\u2014 Interest rate risk -61 -61\u2014 Utility risk -59 -59\u2014 CO2 risk-44-44\u2014 SharesTotal liabilities -202 -202The fair value of the financial instruments to manage the utility risk significantly reduced in 2023. This is mainly explained by the price decrease of power and gas in 2023 in comparison to 2022.December 31, 2022In \u20acmillionLevel 1 Level 2 Level 3 TotalHeld for trading 483 200 683\u2014 Foreign currency risk 5 5\u2014 Utility risk 466 188 654\u2014 CO2 risk 17 4 21\u2014 Solvay share price 2 2\u2014 Index 2 2Equity instruments measured at fair value through profit or loss 47 47\u2014 New Business Development 47 47Cash flow hedges 184 259 442\u2014 Foreign currency risk 20 20\u2014 Utility risk 44 236 280\u2014 CO2 risk 140 2 142Equity instruments measured at fair value through24 24other comprehensive income\u2014 New Business Development 24 24Total assets 667 459 71 1,197Held for trading -275 -366 -640\u2014 Foreign currency risk -3 -3\u2014 Utility risk -275 -313 -588\u2014 CO2 risk -46 -46\u2014 Solvay share price -1 \u20131\u2014 Index -2 -2Cash flow hedges -127 -102 -229\u2014 Foreign currency risk -7 -7\u2014 Utility risk -103 -93 -195\u2014 CO2 risk -24 -2 -26\u2014 Solvay share price -1 -1Total liabilities -401 -468 -869Movements of the periodReconciliation of level 3 fair value measurements of financial assets and liabilities.December 31, 2023At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 47 24 71Total gains or losses\u2014 Recognized in profit or loss 2 2\u2014 Recognized in other comprehensive income 0 0Acquisitions 0 8 8Capital decreases -1 -1Transfers out of level 3Partial Demerger -49 -30 -79December 31 0 1 1December 31, 2022At fair value At fair value through other Totalthrough profit comprehensive incomeor lossIn \u20acmillionEquity instruments Equity instruments January 1 62 17 79Total gains or losses\u2014 Recognized in profit or loss -15 -15\u2014 Recognized in other comprehensive income 8 8Acquisitions -1 -1 -2Capital decreasesTransfers out of level 3December 31 47 24 70Income and expenses of financial instruments recognized in the consolidated income statement and in other com-prehensive incomeThe figures for 2022 are restated. In \u20acmillion 2023 2022Recognized in the consolidated income statement Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship \u2014 Foreign currency risk 39 -27\u2014 Utility risk -1 231Changes in the fair value of financial instruments held for trading\u2014 Utility risk 86 259\u2014 CO risk 15 22Recognized in the gross margin 138 465Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk\u2014 Solvay share priceChanges in the fair value of financial instruments held for trading\u2014 CO risk 1882\u2014 Solvay share price -2Gains and losses (time value) on derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency riskForeign operating exchange gains and losses 2 10Recognized in other operating gains and losses 2 196\u2014 Recycling from OCI of derivative financial instruments designated in a cash flow hedge relationship\u2014 Foreign currency risk 0Recognized in results from portfolio management and reassessments 0Net interest expense -24 -29Financial charge on lease liabilities -11 -10Other gains and losses on net indebtedness (excluding gains and losses on items not related to financial instruments)Foreign currency risk 1 14Interest element of financial instruments 6 11Others -7Recognized in charges on net indebtedness (*) -35 -14Dividends from equity instruments measured at fair value through other comprehensive incomeTotal recognized in the consolidated income statement 106 647(*) The note F6 Net Financial Charges shows an amount of \u20ac(41) million for 2023 (\u20ac(12) million for 2022) reported under \u201cNet cost of .\u201d This amount includes \u20ac(6) million for 2023 (\u20ac3 million for 2022) of financial expenses not related to financial instruments that are excluded in this table from the line item \u201cRecognized in charges on net indebtedness.\u201dThe gain on highly probable sales in foreign currency recognized in gross margin for \u20ac39 million is mainly explained by the hedging of the US$ currency and the loss recognized on utility instruments for \u20ac(1) million are the result of the recycling of gains and losses of derivative financial instruments designated in a cash flow hedge relationship. The change in fair value of financial instruments held for trading recognized in gross margin is explained by: \u00b7 a gain of \u20ac86 million (\u20ac259 million in 2022) mainly due to the price increase of gas and electricity; \u00b7 a gain of \u20ac15 million (a gain of \u20ac2 million in 2022) mainly due to the price variation of CO;2In 2022, the gain of \u20ac188 million recognized in other operating gains and losses is mainly explained by the CO emission rights, previously considered 2under the \u201cown use\u201d exemption. The remaining amounts are related to changes in fair value of equity swaps for long-term incentives.In 2023, in the caption other gains and losses on net indebtedness, the foreign exchange income decreased by \u20ac(13) million in comparison to 2022. The gain of \u20ac6 million (\u20ac11 million for 2022) is related to the interest element of financial derivatives (forward points). The other costs increased by \u20ac(7) million in 2023 in comparison to 2022 due to one off costs incurred in the frame of the separation plan.Income and expenses on financial instruments recognized in other comprehensive income include the following:In \u20acmillion Cash flow hedgesForeign currency Interest rate risk Commodity risk Risk on Solvay Totalriskshare price2023 2022 2023 2022 2023 2022 2023 2022 2023 2022January 1 13 -7 67 7 2 81 1Recycling from other comprehen-sive income of derivative financial -41 31 9 13 -257 -20 -226instruments designated in a cash flow hedge relationshipEffective portion of changes in fair 29 -10 -70 -167 317 -1 -209 306value of cash flow hedgeDecember 31 1 13 -61 -87 67 1 -148 81Conventionally, (+) indicates an increase and (-) a reduction in equity.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__235": {
"value": "F32.C. Capital managementSee 2 Capital, shares and shareholders in respect of capital in the Corporate Governance statement chapter of this annual report.The Group manages its funding structure with the objective of safeguarding its ability to continue as a going concern, optimizing the return for shareholders, maintaining an investment-grade rating, and minimizing the cost of debt. The capital structure of the Group consisted of equity (including perpetual hybrid bonds on December 31, 2022 (see note F28 Equity)) and of net debt (see note F33 Net indebtedness). Perpetual hybrid bonds were nevertheless considered as debt in the Group\u2019s underlying metrics. There are no hybrid bonds at the end of 2023.Besides the statutory minimum equity funding requirements that apply to the Company\u2019s subsidiaries in the different countries, Solvay is not subject to any additional legal capital requirements. The Treasury department reviews the capital structure on an ongoing basis under the authority and the supervision of the Chief Financial Officer. As appropriate, the Legal department is involved to ensure compliance with legal and contractual requirements.",
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"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__236-1": {
"value": "F32.D. Financial risk managementThe Group is exposed to market risk from movements in foreign exchange rates, interest rates and other market prices (utility prices, CO emission 2rights prices and equity prices). The Group\u2019s senior management oversees the management of these risks and is supported by the Treasury department (non-commodity risks) and Solvay Sustainable Development and Energy department that advise on financial risks and the appropriate financial risk governance framework for the Group. Both departments provide assurance to the Group\u2019s senior management that the Group\u2019s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group\u2019s policies and risk objectives. Solvay uses derivative financial instruments to hedge clearly identified foreign exchange, interest rate, index, utility price and CO emission rights price risks (hedging instruments). All derivative activities for risk management purposes 2are carried out by specialist teams that have the appropriate skills, experience and supervision. However, the required criteria to apply hedge accounting are not met in all cases.Furthermore, the Group is also exposed to liquidity risks and credit risks.Foreign currency risks \u00b7 The Group is an essential chemical company with operations worldwide, and hence undertakes transactions denominated in foreign currencies. Consequently, the Group is exposed to exchange rate fluctuations. In 2023, the Group was mainly exposed to US Dollar, Chinese Yuan and Brazilian Real. \u00b7 To mitigate its foreign currency risk, the Group has defined a hedging policy that is essentially based on the principles of financing its activities in local currency and hedges the transactional exchange risk at the time of invoicing (risk which is certain). The Group constantly monitors its activities in foreign currencies and hedges, where appropriate, the exchange rate exposures on expected cash flows (risk which is highly probable). \u00b7 Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts or, when appropriate, other derivatives like currency options. \u00b7 In the course of 2023, the \u20ac/US$ exchange rate moved from 1.0674 at the start of January to 1.1052 at the end of December (from 1.1327 to 1.0674 in 2022). \u00b7 A fluctuation of (0.10) to the US$/\u20acexchange rate, would generate in 2023 about \u20ac30 million (\u20ac180 million for 2022) variation to the EBITDA; 63% of this variation is at conversion level and 37% at transaction level, the latter being mostly hedged. EBITDA is the key non-IFRS metric for operational performance as defined in the glossary. \u00b7 At the end of 2023, a strengthening of the US dollar vs euro would increase the net debt by approximately \u20ac0 million (\u20ac87 million in 2022) per 0.10 US$/\u20acfluctuation. Conversely, a weakening of the US dollar vs euro would decrease the net debt by approximately \u20ac0 million (\u20ac72 million in 2022) per 0.10 US$/\u20acfluctuation. \u00b7 The Group\u2019s currency risk can be split into two categories: translation and transactional risk.Translation risk \u00b7 The translation exchange risk is the risk affecting the Group\u2019s consolidated financial statements related to investees operating in a currency other than the euro (the Group\u2019s presentation currency). \u00b7 During 2023 and 2022, the Group did not hedge the currency risk of foreign operations.Transactional riskThe transactional risk is the exchange risk linked to a specific transaction, such as a Group entity buying or selling in a currency other than its functional currency.To the largest extent possible, the Group manages the transactional risk on receivables and borrowings centrally and locally when centralization is not possible.The choice of borrowing currency depends mainly on the opportunities offered by the various markets. This means that the selected currency is not necessarily that of the country in which the funds will be invested. Nonetheless, operating entities are financed essentially in their functional currencies.In emerging countries, it is not always possible to borrow in local currency, either because funds are not available in local financial markets, or because the financial conditions are too onerous. In such a situation, the Group has to borrow in a different currency. Nonetheless, the Group considers opportunities to refinance its borrowings in emerging countries with local currency debt.Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are classified into the two categories described below.Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchange rate risks. It documents those as hedging instruments unless it hedges a recognized financial asset or liability when generally no cash flow hedge relationship is documented. Most hedges are transaction related.At the end of 2023, the Group had mainly hedged highly probable sales in foreign currencies (short position) in a nominal amount of US$203 million (\u20ac184 million) and JP\u00a5134 million (\u20ac1 million). All cash flow hedge contracts that exist at the end of December 2023 will be settled within the next 12 months, and will impact profit or loss during that period.The following table details the notional amounts of Solvay\u2019s derivatives contracts outstanding at the end of the period:NOTIONAL AMOUNTSDecember 31, 2023In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of exposure exchange rate hedge hedging instrumentthe of the risk hedgedper risk categoryreserve (1)exposureinstrument Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -1 -1 50% (2) 126.94 0 0 0JPY/USD 0 -3 4% (4) 145.33 1 1 0Total JPY -1 -4 1 1 0USD/BRL -63 -106 60% (2) 4.78 0 0 0USD/CNY -68 -138 49% (2) 6.92 0 0 0USD/EUR -24 -37 66% (2) 1.13 0 1 -1USD/MXN -11 -23 48% (2) 18.32 -1 0 -1USD/THB -17 -39 44% (2) 33.75 0 0 0Total USD -184 -342 -1 1 -2Total -185 -346 0 2 -2(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2023.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.(4) In compliance with Group Treasury Policy the hedging will be stopped in 2024 due to the low materiality exposure.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties.Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.December 31, 2022In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of the of exposure exchange rate hedge hedging instrument (1)the instru-risk exposurehedgedper risk categoryreserve (1)ment Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -71 -147 48% 139.17 0 1 1JPY/USD -42 -87 48% (2) 132.47 -1 1 2Total JPY -113 -234 -1 1 2USD/BRL -187 -285 66% (2) 5.28 3 3 0USD/CNY -157 -353 45% (2) 6.82 -1 1 2USD/EUR -340 -674 50% 1.05 8 10 2USD/MXN -66 -135 49% (2) 21.01 3 3 0USD/THB -36 -79 45% 34.69 1 1 0Total USD -786 -1,525 14 19 5Total -899 -1,759 13 20 7(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2022.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Effects of IBOR market developmentsAll the new Liquidity Facilities (RCF, Bilateral lines) have been negotiated using only SOFR reference index and not IBOR anymore. This will not have any impact financially.The ISDA's agreements were as well amended to include the SOFR.All the other old agreements (before June 2023) still reflect IBOR on the agreements. Banks in that case will apply market standard approach and use the new SOFR reference rate for those agreements, therefore will not have an impact on our financial charges nor relations. Interest rate risksSee the Financial risk in the Management of risks section of this annual report for additional information on the interest rate risks management. \u00b7 Interest rate risk is managed at Group level. \u00b7 The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. Interest rate risk is managed at Group level by maintaining an appropriate mix between fixed and floating rate borrowings.Interest rate exposure by currency is summarized below:In \u20acmillion December 31, 2023 December 31, 2022Fixed rate Floating rate Total Fixed rate Floating rate TotalCurrencyFinancial debt EUR -164 -1,840 -2,003 -1,642 -32 -1,673USD -137 -2 -139 -1,153 -11 -1,163BGN -1 -1 -2 0 -33 -33INR 0 0 0 -11 -6 -17KRW -2 -10 -12 -19 -7 -26THB -9 0 -10 -12 0 -12BRL -8 -2 -10 -12 0 -12Other -13 -3 -16 -22 -1 -23Total -333 -1,859 -2,192 -2,870 -90 -2,959Cash and cash equivalents EUR 297 297 201 201USD 138 138 320 320CAD 2 2 53 53THB 22 22 28 28SAR 8 8 11 11BRL 65 65 177 177CNY 16 16 22 22KRW 6 6 7 7JPY 10 10 30 30Other 20 20 83 83Total 584 584 932 932Other financial instruments CNY 12 12 43 43EUR 65 65 185 185SAR 4 4 4 4Other 38 38 4 4Total 118 118 236 236Total -333 -1,156 -1,489 -2,870 1,078 -1,791At the end of 2023, \u20ac1,859 million of the Group\u2019s gross debt was at floating-rate, and is largely comprised of: \u00b7 bridge facility in for a total of \u20ac1,500 million maturing in 2025 (carrying amount of \u20ac1,500 million); \u00b7 a term loan for an amount of \u20ac200 million. The latter are subject to interest rate hedging via zero cost interest collar (for the bridge facility of \u20ac1,500 million) and interest rate swaps (for the term loan of \u20ac200 million) reducing the volatility to interest rate fluctuations (discussed below). The fixed-rate debt is mainly comprised of IFRS 16 lease liability for a total of \u20ac307 million (carrying amount of \u20ac307 million).The impact of interest rate volatility at the end of 2023 compared to 2022 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement EUR market interest ratesin EUR market interest ratesIn \u20acmillion2023 2022 2023 2022Profit or loss -7 -1 6 1The sensitivity to interest rates volatility on the floating gross financial debt remains insignificant at the end of 2023 compared to 2022 thanks to the interest rates hedging. Most of the sensitivity disclosed in 2023 corresponds to the remaining volatility between the maximum interest rate payable (cap strike rate) and the minimum rate (floor strike rate) following the hedging of the bridge facility (\u20ac1,500 million) via zero cost interest collar. Interest rate risk hedged by instrument accounted for as held for tradingIn 2023 and 2022, there are no outstanding interest rate instruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2022, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the execution of liability management prior to the Partial Demerger the Group has decided to hedge executed floating rate debts and drawdowns executed in 2023 (\u20ac1.7 billion) as well as future long-term refinancing: December 31, 2023In \u20acmillionNotional Notional Percentage Hedge interest Cash flow Fair value of amount of amount of the of exposure rate per risk hedge the the risk exposure (1)hedgedcategoryreservehedging instrument (1)instrumentCash flow hedges on Equity Assets Liabilitiesfloating interests ratesFloating rate debt 200 200 100% 3.52% -2 0 -2(Euribor6M)Floating rate debt 1,500 1,500 100% 3.55% -1 0 -1(Euribor1M)Future long-term 3.20% 750 750 100%-25 0 -25refinancing (Euribor6M)+ Fixed marginFuture long-term 3.05% 750 750 100%-33 0 -33refinancing (Euribor6M)+ Fixed marginTotal 3,200 3,200 -61 0 -61Other market risksUtility and CO price risks2The Group purchases a large portion of its coal, gas and electricity needs in Europe and the United States based on fluctuating liquid market indices. Moreover, the Group purchases raw materials with a price formula referring to market indices. In order to reduce the cost volatility, the Group has developed a policy for exchanging variable price against fixed price through derivative financial instruments. Most of these hedging instruments can be documented as hedging instruments of the underlying purchase contracts. Utility purchase contracts at fixed price with a physical delivery for use in the Group's operations are qualified as own use contracts and constitute a natural hedge. Those have not been included in this note. Financial hedging of utility and CO emission rights price risks is managed centrally by Energy Services on behalf of the Group entities.2Energy Services also carries out trading transactions with respect to utility and CO.2The following tables detail the notional principal amounts and fair values of utility and CO derivative financial instruments outstanding at the end 2of the reporting period:Held for trading Notional amount of Notional amount of the instrument Fair value of the (1)the instrument(in units)instrument \u2013 AssetDecember 31 2023 2022 2023 2022 2023 2022 2023 2022In \u20acmillion (except where indicated)Coal Tons Power 22 922 118,090 7,318,874 MWh 0 307 -13 -306Standard Quality Gas 21 619 811,174 13,372,959 MWh 10 347 0 -282CO9 10 394,500 707,550 Tons 0 21 -26 -462Total 52 1,550 10 675 -39 -634(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.The amounts presented in the tables hereafter include hedging needs of the GBUs of the Group that are sourced through Energy Services, and not the full Group utility hedging needs.December 31, 2023Cash flow Notional Notional Notional Notional amount Percentage Average Cash Fair value Fair value hedgeamount amount of the amount of the risk of hedge flow of the of the of the instrument (in of the risk exposure (in exposure price hedge instrument instrument instrumentunits)exposureunits)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 112 781,326 MWh 181 1,763,316 MWh 44% 14230 33 -3MWhStandard EUR/Quality 245 12,343,602 MWh 579 24,542,118 MWh 50% 27-41 15 -56MWhGas(2)CO2553 3,469,500 Tons 801 9,230,909 Tons 38% 87 EUR/Tons -43 0 -44Total 909 1,561 -54 48 -102(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.(2) Excluding the reserve frozen in OCI, following roll-over transactions (\u20ac(33) million)December 31, 2022Cash flow Notional Notional amount Notional Notional Percentage Average Cash Fair value Fair value hedgeamount of the instrument amount amount of the of hedge flow of the of the of the (in units)of the risk risk exposureexposure price hedge instrument instrument instrumentexposure(in units)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 154 1,078,973 MWh 702 3,505,469 MWh 31% 13271 40 -111MWhStandard EUR/Quality 330 13,525,810 MWh 1,650 34,722,420 MWh 39% 33-156 240 -84MWhGasEUR/CO2368 5,440,050 Tons 1,150 24,096,508 Tons 45% 61152 142 -26TonsTotal 852 3,502 67 422 -221(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Solvay's strategic decision to discontinue external commercial activities and the Partial Demerger resulted in the reduction of volumes and notional amounts, aligning with our continuous efforts to optimize the portfolio, concentrate on core activities, and enhance operational efficiency.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties. \u00b7 Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.Fair value hedgeThe Group covered a part of its CO emission rights in inventory by forward sales of CO emission rights to a related party. The Group qualifies this 22hedging strategy as fair value hedge. The change in fair value of forward sales are accounted for in profit and loss, concomitantly with the revaluation of the CO emission rights held in inventory.2The Group has established a 1:1 hedge ratio for the underlying risk of the forward sales of CO emission rights to the related party that is identical 2to the hedged risk component.The impact of the hedging instrument on the statement of financial position as at December 31, 2023, is as follows:December 31, 2023Carrying amount Balance sheet Change in fair value used line item(s)for calculating hedge ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair Value Hedge CO emission Financial225,000 0 -2 1 -1rights forwardsInstrumentDecember 31, 2023Change in fair value used for Balance sheet Carrying amountcalculating hedge line item(s)ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO emission 225,000 0 2 Inventories 1 rights forwardsDecember 31, 2022Balance sheet line Change in fair value used for calculating hedge Carrying amountitem(s)ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedgeCO emission rights 286,500 1 -6Financial-6forwards instrumentDecember 31, 2022Change in fair value used for Carrying amount Balance sheet line item(s)calculating hedge ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO2 emission rights 86,500 -1 7 Inventories 6 forwardsThe sensitivities of commodity derivative financial instruments as of December 31, 2023, are presented below.The sensitivities were defined based on the price levels and volatility levels of each commodity. These assumptions do not constitute an estimation of future market prices and the sensitivities presented are not representative of future changes in Solvay's equity and results.December 31, 2023Price change Other comprehensive income Profit or lossIn \u20acmillionNatural gas +\u20ac10 / MWh 82 0 Natural gas -\u20ac10 / MWh -82 0 Electricity +\u20ac30 / MWh -23 0 Electricity -\u20ac30 / MWh 23 0 CO emission rights +\u20ac5\u20ac / T 22 0 2CO emission rights -\u20ac5 / T -22 0 2Performance Share Units Plan (PSU) risk on Solvay share priceIn order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related employer charges), the Group entered into a hedge covering 100% of the risk for 2023 employee reward plan (fully unwound prior to separation). PSU plan 2022 hedges were unwound during the 2023 year prior separation date. The group will assess during 2024 the necessary steps to mitigate future potential risk.Credit riskSee the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. The Group continuously monitors the credit risk of important business partners. The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note F36 Contingent assets, liabilities and financial guarantees.The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information on defaults adjusted for the forward-looking information. The Group classifies the customers and their related receivables in various rating classes, based on the risks\u2019 grading attributed to the customers and on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 0.005% and 4.031%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, depending on the rating class. The customer\u2019s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers assessed as higher risk profile. There is no significant concentration of credit risk at Group level because the receivables\u2019 credit risk is spread over a large number of customers and markets.The aging of trade receivables, financial instruments \u2013 operational, loans and other non-current assets is as follows:December 31, 2023With expected loss allowance, not credit-impairedTotal Credit-Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past due894 55 802 28 1 6 3Trade receivables-54 -53 -1 -1Trade receivables \u2013 allowance840 3 801 28 1 6 2Trade receivables \u2013 netFinancial instruments \u2013 66 66operationalLoans and other non-current assets 140 4 135 0(1)Loans and other non-current assets -4 -4\u2013 allowanceLoans and other non-current 136 0 135 0 0 0 0assets \u2013 net 1,042 3 1,002 28 1 6 2Total(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.December 31, 2022 With expected loss allowance, not credit-impairedTotal Credit- Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past dueTrade receivables 2,098 68 1,986 33 6 1 3Trade receivables \u2013 allowance -72 -67 -2 0 -2Trade receivables \u2013 net 2,026 1 1,984 33 6 1 1Financial instruments \u2013 1,125 1,125 operationalLoans and other non-current 208 11 197 0 assets (1)Loans and other non-current -11 -11 assets \u2013 allowanceLoans and other non-current 197 0 197 0 0 0 0assets \u2013 net (1)Total 3,348 1 3,306 33 6 1 2(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.The table below presents the allowances on trade receivables:In \u20acmillion 2023 2022January 1 -72 -51Additions -11 -22Uses 5 2Reversal 9 1Currency translation differences -1 -2Transfer to assets held for sale 0 0Partial Demerger 14 Other 0 0December 31 -54 -72Liquidity riskSee the Financial risk in the Management of risks section of this annual report for additional information on the liquidity risk management.Liquidity risk relates to Solvay\u2019s ability to service and refinance its debt (including notes issued) and to fund its operations.This depends on its ability to generate cash from operations and not to overpay for acquisitions. In addition, external factors impacting the global liquidity markets could also make financing sources less accessible.The Finance Committee gives its opinion on the appropriate liquidity risk management for the Group\u2019s short, medium and long term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources over time in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities with contractual repayment periods. The tables have been prepared using the discounted cash flows of financial liabilities, based on the earliest date on which the Group can be required to pay. The following tables present discounted amounts (carrying amounts):In \u20acmillionDecember 31, 2023Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,885 148 1,711 23 3Leasing debt 307 63 44 92 107Total 3,390 1,344 1,799 117 130In \u20acmillionDecember 31, 2022Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,435 399 10 1,423 604Leasing debt 524 111 90 160 164Total 6,386 3,646 178 1,781 782The following tables present undiscounted amounts (nominal value):In \u20acmillionDecember 31, 2023Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,886 148 1,711 23 4Leasing debt 307 63 44 92 107Total 3,391 1,344 1,799 117 131Interests on financial debt and lease liabilities 179 82 61 17 19Total outflows of cash 3,570 1,426 1,860 134 150In \u20acmillionDecember 31, 2022Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,444 399 9 1,428 608Leasing debt 524 111 90 160 164Total 6,395 3,646 178 1,786 785Interests on financial debt and lease liabilities 321 78 73 122 48Total outflows of cash 6,717 3,724 251 1,908 833Trade payables include \u20ac70 million (2022: \u20ac172 million) due to suppliers that have signed up for a supply chain financing program, under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to the partner bank. The value of the Group's liability remains unchanged. The Group assesses each arrangement against indicators to determine if the liabilities which suppliers have sold to the partner bank under the supplier financing scheme continue to meet the definition of trade payables or should be classified as financial debt. On December 31, 2023 and 2022, the liabilities met the criteria of Trade Payables.Solvay\u2019s liquidity amounts to \u20ac2.1 billion including \u20ac0.7 billion of cash and cash equivalents on the statement of financial position and \u20ac1.4 billion of committed fully undrawn credit facilities (\u20ac1.1 billion multilateral RCF due 2028 with extension possibility, and \u20ac0.3 billion bilateral RCF due in 2026 with extension possibilities) unused at the end of December 2023. Solvay is negotiating two other bilateral lines for up to \u20ac0.15 billion).In addition, Solvay has access to a Belgian Treasury Bill program for \u20ac1.0 billion (no outstanding balance on December 31, 2023). The program is covered by a back-up credit line.",
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"s8_notes__7__237": {
"value": "Foreign currency risks \u00b7 The Group is an essential chemical company with operations worldwide, and hence undertakes transactions denominated in foreign currencies. Consequently, the Group is exposed to exchange rate fluctuations. In 2023, the Group was mainly exposed to US Dollar, Chinese Yuan and Brazilian Real. \u00b7 To mitigate its foreign currency risk, the Group has defined a hedging policy that is essentially based on the principles of financing its activities in local currency and hedges the transactional exchange risk at the time of invoicing (risk which is certain). The Group constantly monitors its activities in foreign currencies and hedges, where appropriate, the exchange rate exposures on expected cash flows (risk which is highly probable). \u00b7 Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts or, when appropriate, other derivatives like currency options. \u00b7 In the course of 2023, the \u20ac/US$ exchange rate moved from 1.0674 at the start of January to 1.1052 at the end of December (from 1.1327 to 1.0674 in 2022). \u00b7 A fluctuation of (0.10) to the US$/\u20acexchange rate, would generate in 2023 about \u20ac30 million (\u20ac180 million for 2022) variation to the EBITDA; 63% of this variation is at conversion level and 37% at transaction level, the latter being mostly hedged. EBITDA is the key non-IFRS metric for operational performance as defined in the glossary. \u00b7 At the end of 2023, a strengthening of the US dollar vs euro would increase the net debt by approximately \u20ac0 million (\u20ac87 million in 2022) per 0.10 US$/\u20acfluctuation. Conversely, a weakening of the US dollar vs euro would decrease the net debt by approximately \u20ac0 million (\u20ac72 million in 2022) per 0.10 US$/\u20acfluctuation. \u00b7 The Group\u2019s currency risk can be split into two categories: translation and transactional risk.Translation risk \u00b7 The translation exchange risk is the risk affecting the Group\u2019s consolidated financial statements related to investees operating in a currency other than the euro (the Group\u2019s presentation currency). \u00b7 During 2023 and 2022, the Group did not hedge the currency risk of foreign operations.Transactional riskThe transactional risk is the exchange risk linked to a specific transaction, such as a Group entity buying or selling in a currency other than its functional currency.To the largest extent possible, the Group manages the transactional risk on receivables and borrowings centrally and locally when centralization is not possible.The choice of borrowing currency depends mainly on the opportunities offered by the various markets. This means that the selected currency is not necessarily that of the country in which the funds will be invested. Nonetheless, operating entities are financed essentially in their functional currencies.In emerging countries, it is not always possible to borrow in local currency, either because funds are not available in local financial markets, or because the financial conditions are too onerous. In such a situation, the Group has to borrow in a different currency. Nonetheless, the Group considers opportunities to refinance its borrowings in emerging countries with local currency debt.Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are classified into the two categories described below.Held for tradingThe transactional risk is managed either by spot or forward contracts. Unless documented as hedging instruments (see above), derivative financial instruments are classified as held for trading.In 2023, the notional amounts transacted to manage the transactional risk are: \u00b7 a long position of \u20ac271 million (compared to \u20ac343 million in 2022); \u00b7 a short position of \u20ac(284) million (compared to \u20ac(666) million in 2022); \u00b7 In comparison to 2022, the separation plan that occurred in 2023 led to a decrease of the transactional risk (mainly in China) that impacted the short position by \u20ac(382) million. The following table details the notional amounts of the Group\u2019s derivatives contracts outstanding at the end of the period: (1)In \u20acmillion Notional amountFair value assets Fair value liabilitiesDecember 31 2023 2022 2023 2022 2023 2022Held for trading long position 271 343 1 1 -1 -1Held for trading short position -284 -666 2 4 0 -2Total -13 -323 3 5 -1 -3(1) Long/(short) positions (if the foreign exchange transaction does not involve the functional currency, both notional amounts are considered). Cash flow hedgeThe Group uses derivatives to hedge identified foreign exchange rate risks. It documents those as hedging instruments unless it hedges a recognized financial asset or liability when generally no cash flow hedge relationship is documented. Most hedges are transaction related.At the end of 2023, the Group had mainly hedged highly probable sales in foreign currencies (short position) in a nominal amount of US$203 million (\u20ac184 million) and JP\u00a5134 million (\u20ac1 million). All cash flow hedge contracts that exist at the end of December 2023 will be settled within the next 12 months, and will impact profit or loss during that period.The following table details the notional amounts of Solvay\u2019s derivatives contracts outstanding at the end of the period:NOTIONAL AMOUNTSDecember 31, 2023In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of exposure exchange rate hedge hedging instrumentthe of the risk hedgedper risk categoryreserve (1)exposureinstrument Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -1 -1 50% (2) 126.94 0 0 0JPY/USD 0 -3 4% (4) 145.33 1 1 0Total JPY -1 -4 1 1 0USD/BRL -63 -106 60% (2) 4.78 0 0 0USD/CNY -68 -138 49% (2) 6.92 0 0 0USD/EUR -24 -37 66% (2) 1.13 0 1 -1USD/MXN -11 -23 48% (2) 18.32 -1 0 -1USD/THB -17 -39 44% (2) 33.75 0 0 0Total USD -184 -342 -1 1 -2Total -185 -346 0 2 -2(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2023.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.(4) In compliance with Group Treasury Policy the hedging will be stopped in 2024 due to the low materiality exposure.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties.Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.December 31, 2022In \u20acmillionNotional Notional Percentage Average hedge Cash flow Fair value of the amount of amount of the of exposure exchange rate hedge hedging instrument (1)the instru-risk exposurehedgedper risk categoryreserve (1)ment Equity Assets Liabilities (3)Cash flow hedges \u2013 Forecasted sales and purchasesJPY/EUR -71 -147 48% 139.17 0 1 1JPY/USD -42 -87 48% (2) 132.47 -1 1 2Total JPY -113 -234 -1 1 2USD/BRL -187 -285 66% (2) 5.28 3 3 0USD/CNY -157 -353 45% (2) 6.82 -1 1 2USD/EUR -340 -674 50% 1.05 8 10 2USD/MXN -66 -135 49% (2) 21.01 3 3 0USD/THB -36 -79 45% 34.69 1 1 0Total USD -786 -1,525 14 19 5Total -899 -1,759 13 20 7(1) Long/(short) positions.(2) In compliance with Group Treasury Policy the percentage of hedged exposure will reach the progressive minimum compliance level of 60% in 2022.(3) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the statement of financial position.Effects of IBOR market developmentsAll the new Liquidity Facilities (RCF, Bilateral lines) have been negotiated using only SOFR reference index and not IBOR anymore. This will not have any impact financially.The ISDA's agreements were as well amended to include the SOFR.All the other old agreements (before June 2023) still reflect IBOR on the agreements. Banks in that case will apply market standard approach and use the new SOFR reference rate for those agreements, therefore will not have an impact on our financial charges nor relations. Interest rate risksSee the Financial risk in the Management of risks section of this annual report for additional information on the interest rate risks management. \u00b7 Interest rate risk is managed at Group level. \u00b7 The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. Interest rate risk is managed at Group level by maintaining an appropriate mix between fixed and floating rate borrowings.Interest rate exposure by currency is summarized below:In \u20acmillion December 31, 2023 December 31, 2022Fixed rate Floating rate Total Fixed rate Floating rate TotalCurrencyFinancial debt EUR -164 -1,840 -2,003 -1,642 -32 -1,673USD -137 -2 -139 -1,153 -11 -1,163BGN -1 -1 -2 0 -33 -33INR 0 0 0 -11 -6 -17KRW -2 -10 -12 -19 -7 -26THB -9 0 -10 -12 0 -12BRL -8 -2 -10 -12 0 -12Other -13 -3 -16 -22 -1 -23Total -333 -1,859 -2,192 -2,870 -90 -2,959Cash and cash equivalents EUR 297 297 201 201USD 138 138 320 320CAD 2 2 53 53THB 22 22 28 28SAR 8 8 11 11BRL 65 65 177 177CNY 16 16 22 22KRW 6 6 7 7JPY 10 10 30 30Other 20 20 83 83Total 584 584 932 932Other financial instruments CNY 12 12 43 43EUR 65 65 185 185SAR 4 4 4 4Other 38 38 4 4Total 118 118 236 236Total -333 -1,156 -1,489 -2,870 1,078 -1,791At the end of 2023, \u20ac1,859 million of the Group\u2019s gross debt was at floating-rate, and is largely comprised of: \u00b7 bridge facility in for a total of \u20ac1,500 million maturing in 2025 (carrying amount of \u20ac1,500 million); \u00b7 a term loan for an amount of \u20ac200 million. The latter are subject to interest rate hedging via zero cost interest collar (for the bridge facility of \u20ac1,500 million) and interest rate swaps (for the term loan of \u20ac200 million) reducing the volatility to interest rate fluctuations (discussed below). The fixed-rate debt is mainly comprised of IFRS 16 lease liability for a total of \u20ac307 million (carrying amount of \u20ac307 million).The impact of interest rate volatility at the end of 2023 compared to 2022 is the following:Sensitivity to a + 100bp movement in Sensitivity to a - 100bp movement EUR market interest ratesin EUR market interest ratesIn \u20acmillion2023 2022 2023 2022Profit or loss -7 -1 6 1The sensitivity to interest rates volatility on the floating gross financial debt remains insignificant at the end of 2023 compared to 2022 thanks to the interest rates hedging. Most of the sensitivity disclosed in 2023 corresponds to the remaining volatility between the maximum interest rate payable (cap strike rate) and the minimum rate (floor strike rate) following the hedging of the bridge facility (\u20ac1,500 million) via zero cost interest collar. Interest rate risk hedged by instrument accounted for as held for tradingIn 2023 and 2022, there are no outstanding interest rate instruments accounted for as held for trading.Interest rate risk hedged by instrument accounted for as a hedging instrument in a cash flow hedgeIn 2022, there are no outstanding interest rate instruments accounted for under cash flow hedges. In 2023, in the context of the execution of liability management prior to the Partial Demerger the Group has decided to hedge executed floating rate debts and drawdowns executed in 2023 (\u20ac1.7 billion) as well as future long-term refinancing: December 31, 2023In \u20acmillionNotional Notional Percentage Hedge interest Cash flow Fair value of amount of amount of the of exposure rate per risk hedge the the risk exposure (1)hedgedcategoryreservehedging instrument (1)instrumentCash flow hedges on Equity Assets Liabilitiesfloating interests ratesFloating rate debt 200 200 100% 3.52% -2 0 -2(Euribor6M)Floating rate debt 1,500 1,500 100% 3.55% -1 0 -1(Euribor1M)Future long-term 3.20% 750 750 100%-25 0 -25refinancing (Euribor6M)+ Fixed marginFuture long-term 3.05% 750 750 100%-33 0 -33refinancing (Euribor6M)+ Fixed marginTotal 3,200 3,200 -61 0 -61Other market risksUtility and CO price risks2The Group purchases a large portion of its coal, gas and electricity needs in Europe and the United States based on fluctuating liquid market indices. Moreover, the Group purchases raw materials with a price formula referring to market indices. In order to reduce the cost volatility, the Group has developed a policy for exchanging variable price against fixed price through derivative financial instruments. Most of these hedging instruments can be documented as hedging instruments of the underlying purchase contracts. Utility purchase contracts at fixed price with a physical delivery for use in the Group's operations are qualified as own use contracts and constitute a natural hedge. Those have not been included in this note. Financial hedging of utility and CO emission rights price risks is managed centrally by Energy Services on behalf of the Group entities.2Energy Services also carries out trading transactions with respect to utility and CO.2The following tables detail the notional principal amounts and fair values of utility and CO derivative financial instruments outstanding at the end 2of the reporting period:Held for trading Notional amount of Notional amount of the instrument Fair value of the (1)the instrument(in units)instrument \u2013 AssetDecember 31 2023 2022 2023 2022 2023 2022 2023 2022In \u20acmillion (except where indicated)Coal Tons Power 22 922 118,090 7,318,874 MWh 0 307 -13 -306Standard Quality Gas 21 619 811,174 13,372,959 MWh 10 347 0 -282CO9 10 394,500 707,550 Tons 0 21 -26 -462Total 52 1,550 10 675 -39 -634(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.The amounts presented in the tables hereafter include hedging needs of the GBUs of the Group that are sourced through Energy Services, and not the full Group utility hedging needs.December 31, 2023Cash flow Notional Notional Notional Notional amount Percentage Average Cash Fair value Fair value hedgeamount amount of the amount of the risk of hedge flow of the of the of the instrument (in of the risk exposure (in exposure price hedge instrument instrument instrumentunits)exposureunits)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 112 781,326 MWh 181 1,763,316 MWh 44% 14230 33 -3MWhStandard EUR/Quality 245 12,343,602 MWh 579 24,542,118 MWh 50% 27-41 15 -56MWhGas(2)CO2553 3,469,500 Tons 801 9,230,909 Tons 38% 87 EUR/Tons -43 0 -44Total 909 1,561 -54 48 -102(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.(2) Excluding the reserve frozen in OCI, following roll-over transactions (\u20ac(33) million)December 31, 2022Cash flow Notional Notional amount Notional Notional Percentage Average Cash Fair value Fair value hedgeamount of the instrument amount amount of the of hedge flow of the of the of the (in units)of the risk risk exposureexposure price hedge instrument instrument instrumentexposure(in units)hedgedper risk reserve\u2013 Asset\u2013 Liability(1) categoryIn \u20acmillion (except where indicated) BenzeneCoalEUR/Power 154 1,078,973 MWh 702 3,505,469 MWh 31% 13271 40 -111MWhStandard EUR/Quality 330 13,525,810 MWh 1,650 34,722,420 MWh 39% 33-156 240 -84MWhGasEUR/CO2368 5,440,050 Tons 1,150 24,096,508 Tons 45% 61152 142 -26TonsTotal 852 3,502 67 422 -221(1) The hedging instruments are located in the line item: \"Other Receivables\" and \"Other Liabilities\" in the consolidated statement of financial position.Solvay's strategic decision to discontinue external commercial activities and the Partial Demerger resulted in the reduction of volumes and notional amounts, aligning with our continuous efforts to optimize the portfolio, concentrate on core activities, and enhance operational efficiency.Hedge relationships are seldom perfect. Therefore, ineffectiveness could arise with the result that changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk and the hedging instrument do not offset within a period. The sources of hedge ineffectiveness that could potentially affect the hedging relationship during its term are listed below: \u00b7 A reduction in the amount of the forecast sales resulting in quantity or notional amount differences \u2013 the hedged item and hedging instrument are based on different quantities or notional amounts. \u00b7 A significant change in the credit risk of parties. \u00b7 Timing differences \u2013 the hedged item and hedging instrument occur or are settled at different dates.In 2023, no hedge ineffectiveness was recognized in the consolidated income statement.Fair value hedgeThe Group covered a part of its CO emission rights in inventory by forward sales of CO emission rights to a related party. The Group qualifies this 22hedging strategy as fair value hedge. The change in fair value of forward sales are accounted for in profit and loss, concomitantly with the revaluation of the CO emission rights held in inventory.2The Group has established a 1:1 hedge ratio for the underlying risk of the forward sales of CO emission rights to the related party that is identical 2to the hedged risk component.The impact of the hedging instrument on the statement of financial position as at December 31, 2023, is as follows:December 31, 2023Carrying amount Balance sheet Change in fair value used line item(s)for calculating hedge ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair Value Hedge CO emission Financial225,000 0 -2 1 -1rights forwardsInstrumentDecember 31, 2023Change in fair value used for Balance sheet Carrying amountcalculating hedge line item(s)ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO emission 225,000 0 2 Inventories 1 rights forwardsDecember 31, 2022Balance sheet line Change in fair value used for calculating hedge Carrying amountitem(s)ineffectiveness Notional Assets Liabilities Assets Liabilities In Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedgeCO emission rights 286,500 1 -6Financial-6forwards instrumentDecember 31, 2022Change in fair value used for Carrying amount Balance sheet line item(s)calculating hedge ineffectiveness Notional Assets Liabilities Assets LiabilitiesIn Tons In \u20acmillion In \u20acmillion In \u20acmillionFair value hedge CO2 emission rights 86,500 -1 7 Inventories 6 forwardsThe sensitivities of commodity derivative financial instruments as of December 31, 2023, are presented below.The sensitivities were defined based on the price levels and volatility levels of each commodity. These assumptions do not constitute an estimation of future market prices and the sensitivities presented are not representative of future changes in Solvay's equity and results.December 31, 2023Price change Other comprehensive income Profit or lossIn \u20acmillionNatural gas +\u20ac10 / MWh 82 0 Natural gas -\u20ac10 / MWh -82 0 Electricity +\u20ac30 / MWh -23 0 Electricity -\u20ac30 / MWh 23 0 CO emission rights +\u20ac5\u20ac / T 22 0 2CO emission rights -\u20ac5 / T -22 0 2Performance Share Units Plan (PSU) risk on Solvay share priceIn order to neutralize the volatility of the Solvay share price, which will impact the liability valuation relating to the cash settled PSU plans (with related employer charges), the Group entered into a hedge covering 100% of the risk for 2023 employee reward plan (fully unwound prior to separation). PSU plan 2022 hedges were unwound during the 2023 year prior separation date. The group will assess during 2024 the necessary steps to mitigate future potential risk.",
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"value": "Credit riskSee the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. The Group continuously monitors the credit risk of important business partners. The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note F36 Contingent assets, liabilities and financial guarantees.The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information on defaults adjusted for the forward-looking information. The Group classifies the customers and their related receivables in various rating classes, based on the risks\u2019 grading attributed to the customers and on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 0.005% and 4.031%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, depending on the rating class. The customer\u2019s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers assessed as higher risk profile. There is no significant concentration of credit risk at Group level because the receivables\u2019 credit risk is spread over a large number of customers and markets.The aging of trade receivables, financial instruments \u2013 operational, loans and other non-current assets is as follows:December 31, 2023With expected loss allowance, not credit-impairedTotal Credit-Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past due894 55 802 28 1 6 3Trade receivables-54 -53 -1 -1Trade receivables \u2013 allowance840 3 801 28 1 6 2Trade receivables \u2013 netFinancial instruments \u2013 66 66operationalLoans and other non-current assets 140 4 135 0(1)Loans and other non-current assets -4 -4\u2013 allowanceLoans and other non-current 136 0 135 0 0 0 0assets \u2013 net 1,042 3 1,002 28 1 6 2Total(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.December 31, 2022 With expected loss allowance, not credit-impairedTotal Credit- Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past dueTrade receivables 2,098 68 1,986 33 6 1 3Trade receivables \u2013 allowance -72 -67 -2 0 -2Trade receivables \u2013 net 2,026 1 1,984 33 6 1 1Financial instruments \u2013 1,125 1,125 operationalLoans and other non-current 208 11 197 0 assets (1)Loans and other non-current -11 -11 assets \u2013 allowanceLoans and other non-current 197 0 197 0 0 0 0assets \u2013 net (1)Total 3,348 1 3,306 33 6 1 2(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.The table below presents the allowances on trade receivables:In \u20acmillion 2023 2022January 1 -72 -51Additions -11 -22Uses 5 2Reversal 9 1Currency translation differences -1 -2Transfer to assets held for sale 0 0Partial Demerger 14 Other 0 0December 31 -54 -72",
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"s8_notes__7__248": {
"value": "Credit riskSee the Financial risk in the Management of risks section of this annual report for additional information on credit risk management. The Group continuously monitors the credit risk of important business partners. The Group engages in transactions only with financial institutions with a good credit rating. The Group monitors and manages exposures to financial institutions within approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default. For financial guarantees, see note F36 Contingent assets, liabilities and financial guarantees.The Group recognizes expected credit losses on all of its trade receivables: it applies the simplified approach and recognizes lifetime expected losses on all trade receivables, using a provision matrix in order to calculate the lifetime expected credit losses for trade receivables, using historical information on defaults adjusted for the forward-looking information. The Group classifies the customers and their related receivables in various rating classes, based on the risks\u2019 grading attributed to the customers and on the aging balance of receivables. As such, for all receivables overdue below six months, the Group considers percentages within a range between 0.005% and 4.031%, depending on the rating class. For all receivables overdue in excess of six months, the Group considers a rate of 50% or of 100%, depending on the rating class. The customer\u2019s grading is reviewed annually for customers assessed as low risk profile, and every six months for customers assessed as higher risk profile. There is no significant concentration of credit risk at Group level because the receivables\u2019 credit risk is spread over a large number of customers and markets.The aging of trade receivables, financial instruments \u2013 operational, loans and other non-current assets is as follows:December 31, 2023With expected loss allowance, not credit-impairedTotal Credit-Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past due894 55 802 28 1 6 3Trade receivables-54 -53 -1 -1Trade receivables \u2013 allowance840 3 801 28 1 6 2Trade receivables \u2013 netFinancial instruments \u2013 66 66operationalLoans and other non-current assets 140 4 135 0(1)Loans and other non-current assets -4 -4\u2013 allowanceLoans and other non-current 136 0 135 0 0 0 0assets \u2013 net 1,042 3 1,002 28 1 6 2Total(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.December 31, 2022 With expected loss allowance, not credit-impairedTotal Credit- Not past Less than Between 30 Between 60 More impaireddue30 days and 60 days and 90 days than 90 In \u20acmillionpast duepast duepast duedays past dueTrade receivables 2,098 68 1,986 33 6 1 3Trade receivables \u2013 allowance -72 -67 -2 0 -2Trade receivables \u2013 net 2,026 1 1,984 33 6 1 1Financial instruments \u2013 1,125 1,125 operationalLoans and other non-current 208 11 197 0 assets (1)Loans and other non-current -11 -11 assets \u2013 allowanceLoans and other non-current 197 0 197 0 0 0 0assets \u2013 net (1)Total 3,348 1 3,306 33 6 1 2(1) Loans and other non-current assets do not include pension fund surplus and long-term inventory.The table below presents the allowances on trade receivables:In \u20acmillion 2023 2022January 1 -72 -51Additions -11 -22Uses 5 2Reversal 9 1Currency translation differences -1 -2Transfer to assets held for sale 0 0Partial Demerger 14 Other 0 0December 31 -54 -72",
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"s8_notes__7__250": {
"value": "Liquidity riskSee the Financial risk in the Management of risks section of this annual report for additional information on the liquidity risk management.Liquidity risk relates to Solvay\u2019s ability to service and refinance its debt (including notes issued) and to fund its operations.This depends on its ability to generate cash from operations and not to overpay for acquisitions. In addition, external factors impacting the global liquidity markets could also make financing sources less accessible.The Finance Committee gives its opinion on the appropriate liquidity risk management for the Group\u2019s short, medium and long term funding and liquidity management requirements.The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.The Group staggers the maturities of its financing sources over time in order to limit amounts to be refinanced each year.The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities with contractual repayment periods. The tables have been prepared using the discounted cash flows of financial liabilities, based on the earliest date on which the Group can be required to pay. The following tables present discounted amounts (carrying amounts):In \u20acmillionDecember 31, 2023Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,885 148 1,711 23 3Leasing debt 307 63 44 92 107Total 3,390 1,344 1,799 117 130In \u20acmillionDecember 31, 2022Total Within one year In year two In years three Beyond five years Outflows of cash:to five Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,435 399 10 1,423 604Leasing debt 524 111 90 160 164Total 6,386 3,646 178 1,781 782The following tables present undiscounted amounts (nominal value):In \u20acmillionDecember 31, 2023Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 850 850 Dividends payables 175 175 Financial instruments \u2013 operational 140 108 32 Other non-current liabilities 34 12 2 20Financial debt 1,886 148 1,711 23 4Leasing debt 307 63 44 92 107Total 3,391 1,344 1,799 117 131Interests on financial debt and lease liabilities 179 82 61 17 19Total outflows of cash 3,570 1,426 1,860 134 150In \u20acmillionDecember 31, 2022Total Within one In year two In years three Beyond five Outflows of cash:year to five years Trade payables 2,296 2,296 Dividends payables 165 165 Financial instruments \u2013 operational 867 675 20 172 Other non-current liabilities 99 59 26 14Financial debt 2,444 399 9 1,428 608Leasing debt 524 111 90 160 164Total 6,395 3,646 178 1,786 785Interests on financial debt and lease liabilities 321 78 73 122 48Total outflows of cash 6,717 3,724 251 1,908 833Trade payables include \u20ac70 million (2022: \u20ac172 million) due to suppliers that have signed up for a supply chain financing program, under which the suppliers can elect to receive a discounted early payment from the partner bank rather than being paid in line with the agreed payment terms. If the option is taken, the Group\u2019s liability is assigned by the supplier to the partner bank. The value of the Group's liability remains unchanged. The Group assesses each arrangement against indicators to determine if the liabilities which suppliers have sold to the partner bank under the supplier financing scheme continue to meet the definition of trade payables or should be classified as financial debt. On December 31, 2023 and 2022, the liabilities met the criteria of Trade Payables.Solvay\u2019s liquidity amounts to \u20ac2.1 billion including \u20ac0.7 billion of cash and cash equivalents on the statement of financial position and \u20ac1.4 billion of committed fully undrawn credit facilities (\u20ac1.1 billion multilateral RCF due 2028 with extension possibility, and \u20ac0.3 billion bilateral RCF due in 2026 with extension possibilities) unused at the end of December 2023. Solvay is negotiating two other bilateral lines for up to \u20ac0.15 billion).In addition, Solvay has access to a Belgian Treasury Bill program for \u20ac1.0 billion (no outstanding balance on December 31, 2023). The program is covered by a back-up credit line.",
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"s8_notes__7__256": {
"value": "NOTE F33NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20acmillion December 31, 2023 December 31, 2022Financial debt 2,192 2,959Cash and cash equivalents -584 -932Other financial instruments -118 -236Net indebtedness 1,489 1,791The 2022 figures relate to the net indebtedness balance of the Group prior to the Partial Demerger. After Partial Demerger, the financial debt at the end of 2023 includes: \u00b7 four drawdowns (\u20ac1,500 million) for the execution of the liability management prior to the Partial Demerger, \u00b7 a term loan for an amount of \u20ac200 million \u00b7 the lease debt IFRS16 (\u20ac307 million) \u00b7 other financial debt (\u20ac185 million, excluding lease debt) mainly short term Solvay is Investment Grade rating BBB-/A3 (stable outlook) by Standard & Poor\u2019s (as of December 11th, 2023). Financial debt: main borrowings December 31, 2023 December 31, 2022Nominal Coupon Maturity Secured Amount atFair Amount at Fair In \u20acmillion (except amountamortized valueamortized costvaluewhere indicated)costCytec 2025 Bonds 3.95% 2025 No 152 147(issuance US$ 250 million)USD 2025 Bonds 4.45% 2025 No 748 721(144A;US$ 800 million)Total senior US$ notes 0 0 900 8682027 Bonds (issuance 2.75% 2027 No 497 482\u20ac500 million)2029 Bonds (issuance 0.500% 2029 No 597 479\u20ac600 million)Total senior \u20acnotes 0 0 1,094 961Bridge facility drawdown Floating (1)1,5002025 1,500 1,500 0 0(\u20ac1,500 million) rateTotal Bridge facilities 1,500 1,500 1,500 0 0Floating Term loan (\u20ac200 million) 2002025 200 200 0 0rateOther borrowings from 185 185 185 441 441third partiesLease debts IFRS16 307 307 307 524 524Total 2,192 2,192 2,959 2,794(1) The Solvay bridge facility has as initial maturity in October 2024, but the company has an unconditional right to extend two times the maturity by 6 months, until October 2025. The bridge facility has therefore been classified as non-current.There are no instances of default on the above-mentioned financial debts. There are no financial covenants breach, neither on Solvay SA/NV, nor on any of the Group\u2019s holding companies.As a result of the Partial Demerger all Senior notes were either transferred to Syensqo or paid in full. For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1. Other financial instrumentsIn \u20acmillion December 31, 2023 December 31, 2022Non-current other financial instruments 0 30Current other financial instruments 119 206\u2014 Currency swaps 2 1\u2014 Other marketable securities >3 months 50 43\u2014 Other current financial assets 67 162Other financial instruments 119 236The other marketable securities >3 months include the bank drafts position.The other current financial assets mainly include margin calls of Energy Services for instruments with a negative fair value, and represent collateral for the obligations. Cash and cash equivalentsIn \u20acmillion December 31, 2023 December 31, 2022Cash 300 630Short-term deposits 285 303Cash and cash equivalents 584 932By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value. Changes in financial debt and in other financial instruments arising from financing activitiesDecember 202331, 2022In \u20acmillion Total Cash Cash Chang-Changes Other Transfer Payment Other Partial Total flows from flows from es in in other in fi-from of lease Demergerincrease repayment foreign current nancing non-liabilities of borrow-of ex-financial cash current ings borrow-change assets flows to cur-ings rates rent Bonds 1,994 -13 -1,336 1 -647 0Other non-42 1,702 0 -8 11 -10 1,737current debtsLong term 413 -6 -116 112 -160 243leasing debtInterest rate 0 2 2swapsNon-current 2,450 1,702 -19 -1,460 126 -817 1,983financial debtCurrent 510 1,519 -1,500 -17 -279 1,460 -112 102 -1,472 211financial debtTotal financial 2,960 3,221 -1,500 -36 -279 0 -112 228 -2,289 2,192debtOther non-cur-rent financial -30 30 0instrumentsCurrency -1 -1 -2swaps Other marketable-43 2 -2 -58 51 -50 securities >3 monthsOther current -162 100 -10 5 -67financial assetsOther financial -206 2 98 -69 -1 56 -119instrumentsTotal cash flow -366 3,221 -1,500 -34 98 -347 0 -112 227 -2,233 -679The financial debt decreased from \u20ac2,960 million at the end of 2022 to \u20ac2,192 million at the end of 2023.The non-current financial debt decreased by \u20ac(467) million, mainly resulting from: \u00b7 the increase of \u20ac1,702 million is mainly explained by: four drawdowns of \u20ac1,500 million for the execution of the liability management prior to the Partial Demerger, - a term loan for an amount of \u20ac200 million \u00b7 the change in foreign exchange rates for \u20ac(19) million; \u00b7 the transfer to current financial debt for \u20ac(1,460) million mainly explained by: - the 2029 Bonds \u20ac(600) million redeemed on October 9, 2023 - the 2025 USD Bonds $ (800) million redeemed on November 15, 2023, for an amount of \u20ac(738) million \u00b7 the transfer to Syensqo of Cytec 2025 Bonds US$(163.5) million, the 2027 Bonds \u20ac(500) million and leases liabilities for \u20ac(160) million for a total amount of \u20ac(817) million.The current financial debt decreased by \u20ac(299) million, mainly in short term financial debt: \u00b7 the increase in borrowings of \u20ac1,519 million is mainly explained by the drawdowns under a bridge facility (\u20ac600 million and US$816 million) and a credit facility (US$200 million). \u00b7 the decrease in borrowings of \u20ac(1,500) million is explained by the repayment of the 2029 Bonds for \u20ac(600) million, the redemption of the USD 2025 Bonds for $(800) million and the repayment of the credit facility for US$200 million. \u00b7 the decrease reported under other financing cash flows of \u20ac(279) million is explained by margin calls on hedging instruments as part of Energy Services\u2019 activities; \u00b7 the transfer from non-current financial debt to current of \u20ac1,460 million is explained above; \u00b7 the transfer to Syensqo for \u20ac(1,472) million mainly explained by the bridge facilities of \u20ac600 million and US$816 million.The other financial instruments decreased by \u20ac(87) million, mainly for the collateral related to the margin calls on energy services, following the decrease in the energy, CO and gas prices. 2",
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},
"s8_notes__7__253": {
"value": "NOTE F33NET INDEBTEDNESSThe Group\u2019s net indebtedness is the balance between its financial debts and other financial instruments, and cash and cash equivalents.In \u20acmillion December 31, 2023 December 31, 2022Financial debt 2,192 2,959Cash and cash equivalents -584 -932Other financial instruments -118 -236Net indebtedness 1,489 1,791The 2022 figures relate to the net indebtedness balance of the Group prior to the Partial Demerger. After Partial Demerger, the financial debt at the end of 2023 includes: \u00b7 four drawdowns (\u20ac1,500 million) for the execution of the liability management prior to the Partial Demerger, \u00b7 a term loan for an amount of \u20ac200 million \u00b7 the lease debt IFRS16 (\u20ac307 million) \u00b7 other financial debt (\u20ac185 million, excluding lease debt) mainly short term Solvay is Investment Grade rating BBB-/A3 (stable outlook) by Standard & Poor\u2019s (as of December 11th, 2023). Financial debt: main borrowings December 31, 2023 December 31, 2022Nominal Coupon Maturity Secured Amount atFair Amount at Fair In \u20acmillion (except amountamortized valueamortized costvaluewhere indicated)costCytec 2025 Bonds 3.95% 2025 No 152 147(issuance US$ 250 million)USD 2025 Bonds 4.45% 2025 No 748 721(144A;US$ 800 million)Total senior US$ notes 0 0 900 8682027 Bonds (issuance 2.75% 2027 No 497 482\u20ac500 million)2029 Bonds (issuance 0.500% 2029 No 597 479\u20ac600 million)Total senior \u20acnotes 0 0 1,094 961Bridge facility drawdown Floating (1)1,5002025 1,500 1,500 0 0(\u20ac1,500 million) rateTotal Bridge facilities 1,500 1,500 1,500 0 0Floating Term loan (\u20ac200 million) 2002025 200 200 0 0rateOther borrowings from 185 185 185 441 441third partiesLease debts IFRS16 307 307 307 524 524Total 2,192 2,192 2,959 2,794(1) The Solvay bridge facility has as initial maturity in October 2024, but the company has an unconditional right to extend two times the maturity by 6 months, until October 2025. The bridge facility has therefore been classified as non-current.There are no instances of default on the above-mentioned financial debts. There are no financial covenants breach, neither on Solvay SA/NV, nor on any of the Group\u2019s holding companies.As a result of the Partial Demerger all Senior notes were either transferred to Syensqo or paid in full. For additional information see the Liability Management section of the Main Events and Changes in the Consolidation Scope in Note 1. Other financial instrumentsIn \u20acmillion December 31, 2023 December 31, 2022Non-current other financial instruments 0 30Current other financial instruments 119 206\u2014 Currency swaps 2 1\u2014 Other marketable securities >3 months 50 43\u2014 Other current financial assets 67 162Other financial instruments 119 236The other marketable securities >3 months include the bank drafts position.The other current financial assets mainly include margin calls of Energy Services for instruments with a negative fair value, and represent collateral for the obligations. Cash and cash equivalentsIn \u20acmillion December 31, 2023 December 31, 2022Cash 300 630Short-term deposits 285 303Cash and cash equivalents 584 932By their nature, the carrying amount of cash and cash equivalents is equal to, or a very good proxy of, its fair value. ",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__262": {
"value": "NOTE F34OTHER LIABILITIES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022Wages and benefits debts 125 371VAT and other taxes 107 184Social security 29 51Financial instruments \u2013 operational 108 676Insurance premiums 31 15Advances from customers 30 97Long Term Incentive \u2013 current part 31 Other 126 106Other current liabilities585 1,499Other includes insurance reimbursements of \u20ac32 million that will be paid to Syensqo (see Note F25 Other receivables) and Compliance EU Allowances of \u20ac24 million.The decrease in value is due to the Partial Demerger and 2023 values are presented after the demerger.Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F32 Overview of financial instruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__261": {
"value": "NOTE F34OTHER LIABILITIES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022Wages and benefits debts 125 371VAT and other taxes 107 184Social security 29 51Financial instruments \u2013 operational 108 676Insurance premiums 31 15Advances from customers 30 97Long Term Incentive \u2013 current part 31 Other 126 106Other current liabilities585 1,499Other includes insurance reimbursements of \u20ac32 million that will be paid to Syensqo (see Note F25 Other receivables) and Compliance EU Allowances of \u20ac24 million.The decrease in value is due to the Partial Demerger and 2023 values are presented after the demerger.Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F32 Overview of financial instruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__260": {
"value": "NOTE F34OTHER LIABILITIES (CURRENT)In \u20acmillion December 31, 2023 December 31, 2022Wages and benefits debts 125 371VAT and other taxes 107 184Social security 29 51Financial instruments \u2013 operational 108 676Insurance premiums 31 15Advances from customers 30 97Long Term Incentive \u2013 current part 31 Other 126 106Other current liabilities585 1,499Other includes insurance reimbursements of \u20ac32 million that will be paid to Syensqo (see Note F25 Other receivables) and Compliance EU Allowances of \u20ac24 million.The decrease in value is due to the Partial Demerger and 2023 values are presented after the demerger.Financial instruments \u2013 operational include held for trading and cash flow hedge derivatives (see note F32 Overview of financial instruments).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__264": {
"value": "NOTE F35COMMITMENTS TO ACQUIRE PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETSIn \u20acmillion December 31, 2023 December 31, 2022Commitments to acquire property, plant and equipment and intangible assets 124 457The amount mainly relates to commitments for the acquisition of industrial property, plant and equipment. The amount in 2022 was higher compared to 2023, mainly due to the planned purchase of the new Solvay Group headquarters in Belgium as well as the acquisition of industrial equipment for the extension of the Tavaux site in France.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__263-1": {
"value": "NOTE F35COMMITMENTS TO ACQUIRE PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETSIn \u20acmillion December 31, 2023 December 31, 2022Commitments to acquire property, plant and equipment and intangible assets 124 457The amount mainly relates to commitments for the acquisition of industrial property, plant and equipment. The amount in 2022 was higher compared to 2023, mainly due to the planned purchase of the new Solvay Group headquarters in Belgium as well as the acquisition of industrial equipment for the extension of the Tavaux site in France.A contingent liability is: \u00b7 (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or \u00b7 (b) a present obligation that arises from past events but is not recognized because: - (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliabilityContingent liabilities are not recognized in the consolidated financial statements, except if they arise from a business combination. They are disclosed unless the possibility of an outflow of economic benefits is remote.Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.In order to avoid double counting, only guarantees in excess of liabilities recognized or disclosures made elsewhere in the Group's consolidated financial statements are disclosed in this note. Regarding financial guarantees, all financial guarantees of the Group are presented in this note.In \u20acmillion December 31, 2023 December 31, 2022Contingent assets 91Guarantees for pensions 55 378Environmental contingent liabilities 271 315Guarantee on Cytec 2025 Bonds 151 0Contingent liabilities 477 693Contingent assetsThere are no contingent assets at the end of 2023. See Note F8 Discontinued operations for additional information on the collection of the contingent assets from Edison in Q1, 2023. Contingent liabilitiesThe guarantees for pensions are related to the main UK Pension Funds (\u20ac55 million) \u2013 See note F32.B.2. Description of obligations. Such corresponds to the recognized plan assets surplus as at December 31, 2023 or the amount by which the guarantee exceeds the recognized pension liability (as at December 31, 2022). This guarantee applies to the pension liability measured based on a local UK regulatory basis (prudential basis) plus an allocation for market risk, which is higher when compared to the IAS 19 methodology. The probability of the guarantees being called is considered to be highly remote. The decrease over the prior year is mainly attributable to the Partial Demerger of Syensqo. Contingent liabilities of \u20ac271 million above relate to environmental remediation matters that can be estimated with sufficient reliability.Generally, in line with good business practice, we are not reporting any pending or threatened proceeding, which has not matured, and where the probability of existing or future exposure is unlikely or uncertain, where financial impact is not estimable and for which we are not able to quantify contingent liabilities.See note F31.B Provisions for additional information.HSE related proceedingsRosignano site: The Public Prosecutor\u2019s Office of the Criminal Court of Livorno, Italy initiated preliminary criminal investigations in 2019 regarding the alleged contamination of certain water tables outside our site and in our former landfill of Rosignano, Italy site. These investigations are still ongoing.BulgariaIn Bulgaria, Solvay Sodi AD, a subsidiary of Solvay, is subject to certain state-imposed obligations for emergency oil stocks (reserves) for 2021 through 2023, for which it was not able to comply. As a result, the competent Bulgarian authority imposed fines for 2021 and 2022 on Solvay Sodi AD of approximately \u20ac15 million for our share of the penalties which were fully provisioned. For 2023, the order is suspended and as a result no fine is imposed and therefore no provision has been recorded. Should this suspension be lifted, an additional penalty of \u20ac9 million may be imposed on Solvay Sodi AD. Solvay Sodi AD has brought a lawsuits to contest these fines and is seeking relief through national authorities pleading that the existing Bulgarian emergency stocks system is not compatible with the EU law, and in its current form obligations for emergency oil reserves should apply only to companies trading in crude oil and liquid fuels.Financial GuaranteesCytec 2025 BondsThe 3.95% Senior Notes due 2025 issued by Cytec Industries Inc. (the \u201cCytec 2025 Bonds\u201d) were transferred to Syensqo SA/NV with Cytec Industries Inc. as of December 8, 2023, for US$163.5 million (151.2 million euros at December 31, 2023). A counter guarantee was issued from Syensqo SA/NV in favor of Solvay SA/NV as Solvay SA/NV remained the original guarantor. As Syensqo SA/NV, the ultimate parent of Cytec Industries, Inc. is an investment grade company and due to the short period of time before the bonds are due to be repaid, the Group deemed risk of default to be remote, and as such no provision was recorded.",
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"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__268": {
"value": "NOTE F36CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEESAccounting policyA contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Group.Contingent assets are not recognized in the consolidated financial statements since this may result in the recognition of income that may never be realized. However, when the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate. Contingent assets are assessed continually to ensure that developments are appropriately reflected in the consolidated financial statements. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognized in the consolidated financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, the Group discloses the contingent asset.A contingent liability is: \u00b7 (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or \u00b7 (b) a present obligation that arises from past events but is not recognized because: - (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliabilityContingent liabilities are not recognized in the consolidated financial statements, except if they arise from a business combination. They are disclosed unless the possibility of an outflow of economic benefits is remote.Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.In order to avoid double counting, only guarantees in excess of liabilities recognized or disclosures made elsewhere in the Group's consolidated financial statements are disclosed in this note. Regarding financial guarantees, all financial guarantees of the Group are presented in this note.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__7__267": {
"value": "NOTE F36CONTINGENT ASSETS, LIABILITIES AND FINANCIAL GUARANTEESAccounting policyA contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the Group.Contingent assets are not recognized in the consolidated financial statements since this may result in the recognition of income that may never be realized. However, when the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate. Contingent assets are assessed continually to ensure that developments are appropriately reflected in the consolidated financial statements. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognized in the consolidated financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, the Group discloses the contingent asset.A contingent liability is: \u00b7 (a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or \u00b7 (b) a present obligation that arises from past events but is not recognized because: - (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliabilityContingent liabilities are not recognized in the consolidated financial statements, except if they arise from a business combination. They are disclosed unless the possibility of an outflow of economic benefits is remote.Financial guarantees are contracts that require the Group to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.In order to avoid double counting, only guarantees in excess of liabilities recognized or disclosures made elsewhere in the Group's consolidated financial statements are disclosed in this note. Regarding financial guarantees, all financial guarantees of the Group are presented in this note.In \u20acmillion December 31, 2023 December 31, 2022Contingent assets 91Guarantees for pensions 55 378Environmental contingent liabilities 271 315Guarantee on Cytec 2025 Bonds 151 0Contingent liabilities 477 693Contingent assetsThere are no contingent assets at the end of 2023. See Note F8 Discontinued operations for additional information on the collection of the contingent assets from Edison in Q1, 2023. Contingent liabilitiesThe guarantees for pensions are related to the main UK Pension Funds (\u20ac55 million) \u2013 See note F32.B.2. Description of obligations. Such corresponds to the recognized plan assets surplus as at December 31, 2023 or the amount by which the guarantee exceeds the recognized pension liability (as at December 31, 2022). This guarantee applies to the pension liability measured based on a local UK regulatory basis (prudential basis) plus an allocation for market risk, which is higher when compared to the IAS 19 methodology. The probability of the guarantees being called is considered to be highly remote. The decrease over the prior year is mainly attributable to the Partial Demerger of Syensqo. Contingent liabilities of \u20ac271 million above relate to environmental remediation matters that can be estimated with sufficient reliability.Generally, in line with good business practice, we are not reporting any pending or threatened proceeding, which has not matured, and where the probability of existing or future exposure is unlikely or uncertain, where financial impact is not estimable and for which we are not able to quantify contingent liabilities.See note F31.B Provisions for additional information.HSE related proceedingsRosignano site: The Public Prosecutor\u2019s Office of the Criminal Court of Livorno, Italy initiated preliminary criminal investigations in 2019 regarding the alleged contamination of certain water tables outside our site and in our former landfill of Rosignano, Italy site. These investigations are still ongoing.BulgariaIn Bulgaria, Solvay Sodi AD, a subsidiary of Solvay, is subject to certain state-imposed obligations for emergency oil stocks (reserves) for 2021 through 2023, for which it was not able to comply. As a result, the competent Bulgarian authority imposed fines for 2021 and 2022 on Solvay Sodi AD of approximately \u20ac15 million for our share of the penalties which were fully provisioned. For 2023, the order is suspended and as a result no fine is imposed and therefore no provision has been recorded. Should this suspension be lifted, an additional penalty of \u20ac9 million may be imposed on Solvay Sodi AD. Solvay Sodi AD has brought a lawsuits to contest these fines and is seeking relief through national authorities pleading that the existing Bulgarian emergency stocks system is not compatible with the EU law, and in its current form obligations for emergency oil reserves should apply only to companies trading in crude oil and liquid fuels.Financial GuaranteesCytec 2025 BondsThe 3.95% Senior Notes due 2025 issued by Cytec Industries Inc. (the \u201cCytec 2025 Bonds\u201d) were transferred to Syensqo SA/NV with Cytec Industries Inc. as of December 8, 2023, for US$163.5 million (151.2 million euros at December 31, 2023). A counter guarantee was issued from Syensqo SA/NV in favor of Solvay SA/NV as Solvay SA/NV remained the original guarantor. As Syensqo SA/NV, the ultimate parent of Cytec Industries, Inc. is an investment grade company and due to the short period of time before the bonds are due to be repaid, the Group deemed risk of default to be remote, and as such no provision was recorded.",
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"s8_notes__7__270-1": {
"value": "NOTE F37RELATED PARTIESCompensation of key management personnelKey management personnel are composed of all members of the Board of Directors and members of the Executive Leadership Team.Amounts due in respect of the year (compensation) and liabilities existing at the end of the year in the consolidated statement of financial position:In \u20acmillion December 31, 2023 December 31, 2022Wages, charges and short-term benefits 6 4Long-term benefits 0 1Cash-settled share-based payments liability 1 4Total 7 9Expenses of the year:In \u20acmillion 2023 2022Wages, charges and short-term benefits -35 -11Long-term benefits -2 -2Share-based payments expenses -4 -5Total -41 -18Excluding employer social charges and taxes. The increase in wages, charges and short-term benefits compared to 2022 mainly relates to the short-term incentives associated with the Partial Demerger.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__7__269": {
"value": "NOTE F37RELATED PARTIESBalances and transactions between Solvay SA/NV and (a) its subsidiaries and (b) its joint operations for the Group\u2019s share of the respective joint operations, which are related parties of Solvay SA/NV, have been eliminated in consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.Sale and purchase transactions In \u20acmillion Sale of goods Purchase of goods2023 2022 2023 2022Associates 12 20 -35 -38Joint ventures 8 31 -3 -20Other related parties 23 91 -45 -98Total 43 142 -82 -157In \u20acmillionAmounts owed by related parties Amounts owed to related partiesDecember 31 2023 2022 2023 2022Associates 0 0 9 4Joint ventures 0 0 0 1Other related parties 14 15 4 28Total 14 15 13 34Loans to related partiesIn \u20acmillion December 31, 2023 December 31, 2022Loans to associates 1 2Loans to other related parties 18 54Total 19 55Loans from other related parties -3 -4Compensation of key management personnelKey management personnel are composed of all members of the Board of Directors and members of the Executive Leadership Team.Amounts due in respect of the year (compensation) and liabilities existing at the end of the year in the consolidated statement of financial position:In \u20acmillion December 31, 2023 December 31, 2022Wages, charges and short-term benefits 6 4Long-term benefits 0 1Cash-settled share-based payments liability 1 4Total 7 9Expenses of the year:In \u20acmillion 2023 2022Wages, charges and short-term benefits -35 -11Long-term benefits -2 -2Share-based payments expenses -4 -5Total -41 -18Excluding employer social charges and taxes. The increase in wages, charges and short-term benefits compared to 2022 mainly relates to the short-term incentives associated with the Partial Demerger.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s8_notes__7__272": {
"value": "NOTE F38DIVIDENDS PROPOSED FOR DISTRIBUTION The Board of Directors will propose to the General Shareholders\u2019 Meeting a gross dividend of \u20ac2.43 per share.Taking into account the dividend advance payment distributed in January 2024 of \u20ac1.62 per share, the dividends proposed for distribution, but not yet recognized as a distribution to equity holders amount to \u20ac86 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__273": {
"value": "2.43",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s8_notes__7__274": {
"value": "86000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"s8_notes__7__275": {
"value": "NOTE F39EVENTS AFTER THE REPORTING PERIODAccounting policyEvents after the reporting period which provide evidence of conditions that existed at the end of the reporting period (adjusting events) are recognized in the consolidated financial statements. Events indicative of conditions that arose after the reporting period are non-adjusting events and are disclosed in the notes if material.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__7__281": {
"value": "NOTE F40 LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Solvay SA/NV and a total of 150 investees.Of these 150 investees, 76 are fully consolidated, 7 are proportionately consolidated and 17 are accounted for under the equity method, whilst the other 50 do not meet the criteria of significance.In accordance with the concept of materiality, certain companies (Other Investments), which are insignificant, have not been included in the consolidation scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. For more information, refer to Principles of consolidation.List of companies entering or leaving the consolidation scopeCompanies entering the consolidation scopeCountry Company CommentsARGENTINA Quimicos Esenciales de Argentina SA, Buenos Aires New companyCHINA Essential (Shanghai) Enterprise Management Co., Shanghai New companyITALY Essentials Chemicals Italy S.p.a., Livorno New companyINDIA ES Essential Chemicals Private Limited, Mumbai New companySOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg Meets the consolidation criteriaSOUTH KOREA Special Chem Korea Co., Ltd., Gunsan New companyTURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul New companyUNITED STATES Essential Finance (America) LLC, Wilmington DE New companyEssential Holding America, LLC, Wilmington, DE New companyEssential Elements USA LLC, Wilmington, DE New company Essential Chemicals USA LLC, Wilmington, DE New companyCompanies leaving the consolidation scopeCountry Company CommentsARGENTINA Solvay Quimica SA, Buenos Aires Partial Demerger of SyensqoAUSTRALIA Cytec Asia Pacific Holdings Pty Ltd, Baulkham Hills Partial Demerger of Syensqo Cytec Australia Holdings Pty Ltd, Baulkham Hills Partial Demerger of SyensqoBELGIUM EECO Holding SA, Brussels Partial Demerger of SyensqoSolvay Participations Belgique S.A., Brussels Partial Demerger of Syensqo Solvay Specialty Polymers Belgium SA / NV, Brussels Partial Demerger of SyensqoCANADA Cytec Canada Inc, Niagara Falls Welland Partial Demerger of SyensqoCHINA Cytec Industries Co. Ltd, Shanghai Partial Demerger of SyensqoCytec Engineered Materials Co. Ltd, Shanghai Partial Demerger of SyensqoRhodia Hong Kong Ltd, Hong Kong Partial Demerger of SyensqoSolvay (Shanghai) Ltd, Shanghai Partial Demerger of SyensqoSolvay (Zhangjiangang) Specialty Chemicals Co. Ltd, Suzhou Partial Demerger of SyensqoSolvay China Co., Ltd, Shanghai Partial Demerger of SyensqoSolvay Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd, Zhangjiagang City Partial Demerger of SyensqoSolvay Specialty Polymers (Changshu) Co. Ltd, Changshu Partial Demerger of Syensqo Zhuhai Solvay Specialty Chemicals Co Ltd, Zhuhai City Partial Demerger of SyensqoCHILE Cytec Chile Ltda, Santiago Partial Demerger of SyensqoFRANCE Cog\u00e9n\u00e9ration Tavaux SAS, Paris Partial Demerger of SyensqoRhodia Energy GHG S.A.S., Puteaux Partial Demerger of SyensqoRhodia Laboratoire du Futur S.A.S., Pessac Partial Demerger of SyensqoRhodia Participations S.N.C., Courbevoie Partial Demerger of SyensqoRhodianyl S.A.S., Saint-Fons Partial Demerger of SyensqoSolvay Energie France S.A.S., Paris Partial Demerger of SyensqoSolvay France S.A., Courbevoie Partial Demerger of SyensqoGERMANY Cytec Engineered Materials GmbH, Oestringen Partial Demerger of SyensqoEuropean Carbon Fiber GmbH, Kelheim Partial Demerger of SyensqoSolvay Specialty Polymers Germany GmbH, Hannover Partial Demerger of SyensqoINDIA Hindustan Gum & Chemicals Ltd, New Delhi Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoINDONESIA PT. Cytec Indonesia, Jakarta Partial Demerger of SyensqoSolvay Manyar P.T., Gresik Partial Demerger of SyensqoIRELAND Solvay Finance Ireland Unlimited, Dublin Partial Demerger of SyensqoITALY Cogeneration Spinetta S.p.a., Bollate Partial Demerger of SyensqoSolvay Solutions Italia S.p.A., Milano Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoJAPAN Solvay Japan K.K., Tokyo Partial Demerger of SyensqoSolvay Nicca Ltd, Tokyo Partial Demerger of SyensqoSolvay Specialty Polymers Japan KK, Minato Ku-Tokyo Partial Demerger of SyensqoLUXEMBOURG Cytec Luxembourg International Holdings Sarl, Strassen Partial Demerger of SyensqoSolvay Finance (Luxembourg) SA, Luxembourg Partial Demerger of SyensqoSolvay Hortensia S.A., Luxembourg Partial Demerger of SyensqoSolvay Luxembourg S.a.r.l., Luxembourg Partial Demerger of SyensqoMEXICO Cytec de Mexico S.A. de C.V., Jalisco Partial Demerger of SyensqoNETHERLANDS Cytec Industries B.V., Vlaardingen Partial Demerger of Syensqo Solvay Solutions Nederland B.V., Klundert Partial Demerger of SyensqoNEW ZEALAND Solvay New Zealand Ltd, Auckland Partial Demerger of SyensqoPERU Cytec Peru S.A.C., Lima Partial Demerger of SyensqoPORTUGAL Solvay Biotecnologia Portugal LDA, Carnaxide Partial Demerger of SyensqoRUSSIA RusVinyl OOO, Moscow Sold to SiburNo longer meets the Solvay Vostok OOO, Moscowconsolidation criteriaSINGAPORE Rhodia Amines Chemicals Pte Ltd, Singapore Partial Demerger of SyensqoSolvay Specialty Chemicals Asia Pacific Pte. Ltd, Singapore Partial Demerger of SyensqoSOUTH KOREA Cytec Korea Inc, Seoul Partial Demerger of SyensqoSolvay Specialty Polymers Korea Company Ltd, Seoul Partial Demerger of SyensqoTHAILAND Solvay (Bangpoo) Specialty Chemicals Ltd, Bangkok Partial Demerger of SyensqoSolvay (Thailand) Ltd, Bangkok Partial Demerger of SyensqoTURKEY Solvay Istanbul Kimya Limited Sirketi, Istanbul Partial Demerger of SyensqoUNITED ARAB EMIRATES Cytec Nibras LLC, Al Ain Partial Demerger of SyensqoStrata - Solvay Advanced Materials Joint-Venture LLC, Al Ain Partial Demerger of SyensqoUNITED KINGDOM Advanced Composites Group Investments Ltd, Heanor Partial Demerger of SyensqoCytec Engineered Materials Ltd, Wrexham Partial Demerger of SyensqoCytec Industrial Materials (Derby) Ltd, Heanor Partial Demerger of SyensqoCytec Industrial Materials (Manchester) Ltd, Heanor Partial Demerger of SyensqoCytec Industries UK Holdings Ltd, Wrexham Partial Demerger of SyensqoMcIntyre Group Ltd, Watford Partial Demerger of SyensqoOldbury Energy Solutions UK Ltd, Oldbury Partial Demerger of SyensqoRhodia Holdings Ltd, Watford Partial Demerger of SyensqoRhodia International Holdings Ltd, Oldbury Partial Demerger of SyensqoRhodia Organique Fine Ltd , Watford Partial Demerger of SyensqoRhodia Overseas Ltd, Watford Partial Demerger of SyensqoRhodia Pharma Solutions Holdings Ltd, Cramlington Partial Demerger of SyensqoRhodia Pharma Solutions Ltd, Cramlington Partial Demerger of SyensqoRhodia Reorganisation, Watford Partial Demerger of SyensqoSolvay Solutions UK Ltd, Watford Partial Demerger of SyensqoUmeco Composites Ltd, Heanor Partial Demerger of SyensqoUmeco Ltd, Heanor Partial Demerger of SyensqoUNITED STATES Ausimont Industries, Inc., Wilmington, Delaware Partial Demerger of SyensqoCEM Defense Materials LLC, Tempe Arizona Partial Demerger of SyensqoCytec Engineered Materials Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Global Holdings Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Industrial Materials (ok) Inc., Tulsa Oklahoma Partial Demerger of SyensqoCytec Industries Inc, Princeton New Jersey Partial Demerger of SyensqoCytec Korea Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Technology Corp., Princeton New Jersey Partial Demerger of SyensqoEnergy Solutions US LLC, Breckenridge, Texas Partial Demerger of SyensqoGarret Mountain Insurance Co., Burlington Vermont Partial Demerger of SyensqoSolvay America Inc., Houston, Texas Partial Demerger of SyensqoSolvay Finance (America) LLC, Houston, Texas Partial Demerger of SyensqoSolvay Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay India Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay Specialty Polymers USA, LLC, Alpharetta, Georgia Partial Demerger of SyensqoSolvay USA INC., Princeton, New Jersey Partial Demerger of SyensqoURUGUAY Zamin Company S/A, Montevideo LiquidatedCompanies changing the consolidation methodCountry Company CommentsSolvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang Change from full consolidation to equity method due to the CHINA1)New arealoss of control during the Partial DemergerChange from equity method to full consolidation due to the ITALY Cogeneration Rosignano S.r.l., Rosignanopurchase of the Marubeni's shares1) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.List of subsidiariesIndicating the percentage holding.The percentage of voting rights is very close to the percentage holding. ARGENTINASolvay Argentina SA, Buenos Aires 100Quimicos Esenciales de Argentina SA, Buenos Aires 100AUSTRALIA Solvay Interox Pty Ltd, Banksmeadow 100AUSTRIA Solvay \u00d6sterreich GmbH, Wien 100BELGIUM Carri\u00e8res les Petons S.P.R.L., Walcourt 100Solvay Chemicals International S.A., Brussels 100Solvay Chimie S.A., Brussels 100Solvay Pharmaceuticals S.A. - Management Services, Brussels 100Solvay Stock Option Management S.P.R.L., Brussels 100BRAZIL Cogeracao de Energia Electricica Rhodia Brotas SA, Brotas 100Rhodia Brasil SA, Sao Paolo 100Rhodia Poliamida Brasil Ltda , Sao Paolo 100Rhopart-Participacoes Servidos e Comercio Ltda, Sao Paolo 100BULGARIA Solvay Bulgaria EAD, Devnya 100CANADA Solvay Canada Inc, Toronto 100CHINA Essential (Shanghai) Enterprise Management Co. , Shanghai 100Liyang Solvay Rare Earth New Material Co., Ltd, Liyang City 96.3Solvay (Shanghai) International Trading Co., Ltd, Shanghai 100Solvay Chemicals (Shanghai) Co. Ltd, Shanghai 100Solvay Fine Chemical Additives (Qingdao) Co., Ltd, Qingdao 100Solvay Lantian (Quzhou) Chemicals Co., Ltd, Zhejiang 55FINLAND Solvay Chemicals Finland Oy, Voikkaa 100FRANCE Rhodia Chimie S.A.S. , Aubervilliers 100Rhodia Operations S.A.S. , Aubervilliers 100Solvay - Op\u00e9rations - France S.A.S., Paris 100Solvay Energy Services S.A.S. , Puteaux 100Solvay Finance S.A., Paris 100GERMANY Cavity GmbH, Hannover 100Horizon Immobilien AG, Hannover 100Salzgewinnungsgesellschaft Westfalen GmbH & Co KG, Hannover 65German limited partnership, which makes use of the exemptions offered by Section 264(b) of the German Commercial Code, not to publish their annual financial statements.Solvay Chemicals GmbH, Hannover 100Solvay Fluor GmbH, Hannover 100Solvay Flux GmbH, Hannover 100Solvay GmbH, Hannover 100Solvin GmbH & Co. KG - PVDC, Rheinberg 100Solvin Holding GmbH, Hannover 100INDIA ES Essential Chemicals Private Limited, Mumbai 100ITALY Cogeneration Rosignano S.r.l., Rosignano 100Essentials Chemicals Italy S.p.a., Livorno 100Solvay Chimica Italia S.p.A., Milano 100Solvay Energy Services Italia S.r.l., Bollate 100JAPAN Nippon Solvay KK, Tokyo 100Solvay Special Chem Japan Ltd, Anan City 100LUXEMBOURG Renestia S.A., Capellen 100Solvay Chlorovinyls Holding S.a.r.l., Luxembourg 100MEXICO Solvay Fluor Mexico S.A. de C.V., Ciudad Juarez 100Solvay Mexicana S. de R.L. de C.V., Monterrey 100NETHERLANDS Rhodia International Holdings B.V., Den Haag 100Solvay Chemicals and Plastics Holding B.V., Linne-Herten 100Solvay Chemie B.V., Linne-Herten 100Solvin Holding Nederland B.V., Linne-Herten 100POLAND Solvay Poland Sp. z o.o., Gorzow Wielkopolski 100PORTUGAL Solvay Business Services Portugal Unipessoal LDA, Carnaxide 100Solvay Peroxidos Portugal Unipessoal LDA, Povoa 100SINGAPORE Solvay Fluor Holding (Asia-Pacific) Pte. Ltd., Singapore 100SOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg 100SOUTH KOREA Special Chem Korea Co. Ltd, Gunsan 100Solvay Chemical Services Korea Co. Ltd, Seoul 100Solvay Silica Korea Co. Ltd, Incheon 100SPAIN Solvay Quimica S.L., Barcelona 100SWITZERLAND Solvay Vinyls Holding AG, Bad Zurzach 100THAILAND Solvay Asia Pacific Company Ltd, Bangkok 100Solvay Peroxythai Ltd, Bangkok 100TURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul 100UNITED KINGDOM Rhodia Limited, Watford 100Solvay Interox Ltd, Warrington 100Solvay UK Holding Company Ltd, Warrington 100UNITED STATES American Soda LLC, Houston, TX 100Essential Finance (America) LLC, Wilmington, DE 100Essential Holding America, LLC, Wilmington, DE 100Essential Elements USA LLC, Wilmington, DE 100Essential Chemicals USA LLC, Wilmington, DE 100Rocky Mountain Coal Company, LLC, Houston, TX 100Solvay America Holdings, Inc., Houston, TX 100Solvay Chemicals, Inc., Houston, TX 100Solvay Fluorides, LLC, St Louis, IL 100",
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"value": "NOTE F40 LIST OF COMPANIES INCLUDED IN THE CONSOLIDATION SCOPEThe Group consists of Solvay SA/NV and a total of 150 investees.Of these 150 investees, 76 are fully consolidated, 7 are proportionately consolidated and 17 are accounted for under the equity method, whilst the other 50 do not meet the criteria of significance.In accordance with the concept of materiality, certain companies (Other Investments), which are insignificant, have not been included in the consolidation scope. They are measured at cost and tested for impairment on an annual basis, which is considered a good proxy of their fair value. For more information, refer to Principles of consolidation.List of companies entering or leaving the consolidation scopeCompanies entering the consolidation scopeCountry Company CommentsARGENTINA Quimicos Esenciales de Argentina SA, Buenos Aires New companyCHINA Essential (Shanghai) Enterprise Management Co., Shanghai New companyITALY Essentials Chemicals Italy S.p.a., Livorno New companyINDIA ES Essential Chemicals Private Limited, Mumbai New companySOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg Meets the consolidation criteriaSOUTH KOREA Special Chem Korea Co., Ltd., Gunsan New companyTURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul New companyUNITED STATES Essential Finance (America) LLC, Wilmington DE New companyEssential Holding America, LLC, Wilmington, DE New companyEssential Elements USA LLC, Wilmington, DE New company Essential Chemicals USA LLC, Wilmington, DE New companyCompanies leaving the consolidation scopeCountry Company CommentsARGENTINA Solvay Quimica SA, Buenos Aires Partial Demerger of SyensqoAUSTRALIA Cytec Asia Pacific Holdings Pty Ltd, Baulkham Hills Partial Demerger of Syensqo Cytec Australia Holdings Pty Ltd, Baulkham Hills Partial Demerger of SyensqoBELGIUM EECO Holding SA, Brussels Partial Demerger of SyensqoSolvay Participations Belgique S.A., Brussels Partial Demerger of Syensqo Solvay Specialty Polymers Belgium SA / NV, Brussels Partial Demerger of SyensqoCANADA Cytec Canada Inc, Niagara Falls Welland Partial Demerger of SyensqoCHINA Cytec Industries Co. Ltd, Shanghai Partial Demerger of SyensqoCytec Engineered Materials Co. Ltd, Shanghai Partial Demerger of SyensqoRhodia Hong Kong Ltd, Hong Kong Partial Demerger of SyensqoSolvay (Shanghai) Ltd, Shanghai Partial Demerger of SyensqoSolvay (Zhangjiangang) Specialty Chemicals Co. Ltd, Suzhou Partial Demerger of SyensqoSolvay China Co., Ltd, Shanghai Partial Demerger of SyensqoSolvay Hengchang (Zhangjiagang) Specialty Chemical Co., Ltd, Zhangjiagang City Partial Demerger of SyensqoSolvay Specialty Polymers (Changshu) Co. Ltd, Changshu Partial Demerger of Syensqo Zhuhai Solvay Specialty Chemicals Co Ltd, Zhuhai City Partial Demerger of SyensqoCHILE Cytec Chile Ltda, Santiago Partial Demerger of SyensqoFRANCE Cog\u00e9n\u00e9ration Tavaux SAS, Paris Partial Demerger of SyensqoRhodia Energy GHG S.A.S., Puteaux Partial Demerger of SyensqoRhodia Laboratoire du Futur S.A.S., Pessac Partial Demerger of SyensqoRhodia Participations S.N.C., Courbevoie Partial Demerger of SyensqoRhodianyl S.A.S., Saint-Fons Partial Demerger of SyensqoSolvay Energie France S.A.S., Paris Partial Demerger of SyensqoSolvay France S.A., Courbevoie Partial Demerger of SyensqoGERMANY Cytec Engineered Materials GmbH, Oestringen Partial Demerger of SyensqoEuropean Carbon Fiber GmbH, Kelheim Partial Demerger of SyensqoSolvay Specialty Polymers Germany GmbH, Hannover Partial Demerger of SyensqoINDIA Hindustan Gum & Chemicals Ltd, New Delhi Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoINDONESIA PT. Cytec Indonesia, Jakarta Partial Demerger of SyensqoSolvay Manyar P.T., Gresik Partial Demerger of SyensqoIRELAND Solvay Finance Ireland Unlimited, Dublin Partial Demerger of SyensqoITALY Cogeneration Spinetta S.p.a., Bollate Partial Demerger of SyensqoSolvay Solutions Italia S.p.A., Milano Partial Demerger of SyensqoSolvay Specialty Polymers Italy S.p.A., Milano Partial Demerger of SyensqoJAPAN Solvay Japan K.K., Tokyo Partial Demerger of SyensqoSolvay Nicca Ltd, Tokyo Partial Demerger of SyensqoSolvay Specialty Polymers Japan KK, Minato Ku-Tokyo Partial Demerger of SyensqoLUXEMBOURG Cytec Luxembourg International Holdings Sarl, Strassen Partial Demerger of SyensqoSolvay Finance (Luxembourg) SA, Luxembourg Partial Demerger of SyensqoSolvay Hortensia S.A., Luxembourg Partial Demerger of SyensqoSolvay Luxembourg S.a.r.l., Luxembourg Partial Demerger of SyensqoMEXICO Cytec de Mexico S.A. de C.V., Jalisco Partial Demerger of SyensqoNETHERLANDS Cytec Industries B.V., Vlaardingen Partial Demerger of Syensqo Solvay Solutions Nederland B.V., Klundert Partial Demerger of SyensqoNEW ZEALAND Solvay New Zealand Ltd, Auckland Partial Demerger of SyensqoPERU Cytec Peru S.A.C., Lima Partial Demerger of SyensqoPORTUGAL Solvay Biotecnologia Portugal LDA, Carnaxide Partial Demerger of SyensqoRUSSIA RusVinyl OOO, Moscow Sold to SiburNo longer meets the Solvay Vostok OOO, Moscowconsolidation criteriaSINGAPORE Rhodia Amines Chemicals Pte Ltd, Singapore Partial Demerger of SyensqoSolvay Specialty Chemicals Asia Pacific Pte. Ltd, Singapore Partial Demerger of SyensqoSOUTH KOREA Cytec Korea Inc, Seoul Partial Demerger of SyensqoSolvay Specialty Polymers Korea Company Ltd, Seoul Partial Demerger of SyensqoTHAILAND Solvay (Bangpoo) Specialty Chemicals Ltd, Bangkok Partial Demerger of SyensqoSolvay (Thailand) Ltd, Bangkok Partial Demerger of SyensqoTURKEY Solvay Istanbul Kimya Limited Sirketi, Istanbul Partial Demerger of SyensqoUNITED ARAB EMIRATES Cytec Nibras LLC, Al Ain Partial Demerger of SyensqoStrata - Solvay Advanced Materials Joint-Venture LLC, Al Ain Partial Demerger of SyensqoUNITED KINGDOM Advanced Composites Group Investments Ltd, Heanor Partial Demerger of SyensqoCytec Engineered Materials Ltd, Wrexham Partial Demerger of SyensqoCytec Industrial Materials (Derby) Ltd, Heanor Partial Demerger of SyensqoCytec Industrial Materials (Manchester) Ltd, Heanor Partial Demerger of SyensqoCytec Industries UK Holdings Ltd, Wrexham Partial Demerger of SyensqoMcIntyre Group Ltd, Watford Partial Demerger of SyensqoOldbury Energy Solutions UK Ltd, Oldbury Partial Demerger of SyensqoRhodia Holdings Ltd, Watford Partial Demerger of SyensqoRhodia International Holdings Ltd, Oldbury Partial Demerger of SyensqoRhodia Organique Fine Ltd , Watford Partial Demerger of SyensqoRhodia Overseas Ltd, Watford Partial Demerger of SyensqoRhodia Pharma Solutions Holdings Ltd, Cramlington Partial Demerger of SyensqoRhodia Pharma Solutions Ltd, Cramlington Partial Demerger of SyensqoRhodia Reorganisation, Watford Partial Demerger of SyensqoSolvay Solutions UK Ltd, Watford Partial Demerger of SyensqoUmeco Composites Ltd, Heanor Partial Demerger of SyensqoUmeco Ltd, Heanor Partial Demerger of SyensqoUNITED STATES Ausimont Industries, Inc., Wilmington, Delaware Partial Demerger of SyensqoCEM Defense Materials LLC, Tempe Arizona Partial Demerger of SyensqoCytec Engineered Materials Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Global Holdings Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Industrial Materials (ok) Inc., Tulsa Oklahoma Partial Demerger of SyensqoCytec Industries Inc, Princeton New Jersey Partial Demerger of SyensqoCytec Korea Inc., Princeton New Jersey Partial Demerger of SyensqoCytec Technology Corp., Princeton New Jersey Partial Demerger of SyensqoEnergy Solutions US LLC, Breckenridge, Texas Partial Demerger of SyensqoGarret Mountain Insurance Co., Burlington Vermont Partial Demerger of SyensqoSolvay America Inc., Houston, Texas Partial Demerger of SyensqoSolvay Finance (America) LLC, Houston, Texas Partial Demerger of SyensqoSolvay Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay India Holding Inc., Princeton, New Jersey Partial Demerger of SyensqoSolvay Specialty Polymers USA, LLC, Alpharetta, Georgia Partial Demerger of SyensqoSolvay USA INC., Princeton, New Jersey Partial Demerger of SyensqoURUGUAY Zamin Company S/A, Montevideo LiquidatedCompanies changing the consolidation methodCountry Company CommentsSolvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang Change from full consolidation to equity method due to the CHINA1)New arealoss of control during the Partial DemergerChange from equity method to full consolidation due to the ITALY Cogeneration Rosignano S.r.l., Rosignanopurchase of the Marubeni's shares1) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.List of subsidiariesIndicating the percentage holding.The percentage of voting rights is very close to the percentage holding. ARGENTINASolvay Argentina SA, Buenos Aires 100Quimicos Esenciales de Argentina SA, Buenos Aires 100AUSTRALIA Solvay Interox Pty Ltd, Banksmeadow 100AUSTRIA Solvay \u00d6sterreich GmbH, Wien 100BELGIUM Carri\u00e8res les Petons S.P.R.L., Walcourt 100Solvay Chemicals International S.A., Brussels 100Solvay Chimie S.A., Brussels 100Solvay Pharmaceuticals S.A. - Management Services, Brussels 100Solvay Stock Option Management S.P.R.L., Brussels 100BRAZIL Cogeracao de Energia Electricica Rhodia Brotas SA, Brotas 100Rhodia Brasil SA, Sao Paolo 100Rhodia Poliamida Brasil Ltda , Sao Paolo 100Rhopart-Participacoes Servidos e Comercio Ltda, Sao Paolo 100BULGARIA Solvay Bulgaria EAD, Devnya 100CANADA Solvay Canada Inc, Toronto 100CHINA Essential (Shanghai) Enterprise Management Co. , Shanghai 100Liyang Solvay Rare Earth New Material Co., Ltd, Liyang City 96.3Solvay (Shanghai) International Trading Co., Ltd, Shanghai 100Solvay Chemicals (Shanghai) Co. Ltd, Shanghai 100Solvay Fine Chemical Additives (Qingdao) Co., Ltd, Qingdao 100Solvay Lantian (Quzhou) Chemicals Co., Ltd, Zhejiang 55FINLAND Solvay Chemicals Finland Oy, Voikkaa 100FRANCE Rhodia Chimie S.A.S. , Aubervilliers 100Rhodia Operations S.A.S. , Aubervilliers 100Solvay - Op\u00e9rations - France S.A.S., Paris 100Solvay Energy Services S.A.S. , Puteaux 100Solvay Finance S.A., Paris 100GERMANY Cavity GmbH, Hannover 100Horizon Immobilien AG, Hannover 100Salzgewinnungsgesellschaft Westfalen GmbH & Co KG, Hannover 65German limited partnership, which makes use of the exemptions offered by Section 264(b) of the German Commercial Code, not to publish their annual financial statements.Solvay Chemicals GmbH, Hannover 100Solvay Fluor GmbH, Hannover 100Solvay Flux GmbH, Hannover 100Solvay GmbH, Hannover 100Solvin GmbH & Co. KG - PVDC, Rheinberg 100Solvin Holding GmbH, Hannover 100INDIA ES Essential Chemicals Private Limited, Mumbai 100ITALY Cogeneration Rosignano S.r.l., Rosignano 100Essentials Chemicals Italy S.p.a., Livorno 100Solvay Chimica Italia S.p.A., Milano 100Solvay Energy Services Italia S.r.l., Bollate 100JAPAN Nippon Solvay KK, Tokyo 100Solvay Special Chem Japan Ltd, Anan City 100LUXEMBOURG Renestia S.A., Capellen 100Solvay Chlorovinyls Holding S.a.r.l., Luxembourg 100MEXICO Solvay Fluor Mexico S.A. de C.V., Ciudad Juarez 100Solvay Mexicana S. de R.L. de C.V., Monterrey 100NETHERLANDS Rhodia International Holdings B.V., Den Haag 100Solvay Chemicals and Plastics Holding B.V., Linne-Herten 100Solvay Chemie B.V., Linne-Herten 100Solvin Holding Nederland B.V., Linne-Herten 100POLAND Solvay Poland Sp. z o.o., Gorzow Wielkopolski 100PORTUGAL Solvay Business Services Portugal Unipessoal LDA, Carnaxide 100Solvay Peroxidos Portugal Unipessoal LDA, Povoa 100SINGAPORE Solvay Fluor Holding (Asia-Pacific) Pte. Ltd., Singapore 100SOUTH AFRICA Solvay Polymers and Chemicals South Africa (PTY) Ltd, Johannesburg 100SOUTH KOREA Special Chem Korea Co. Ltd, Gunsan 100Solvay Chemical Services Korea Co. Ltd, Seoul 100Solvay Silica Korea Co. Ltd, Incheon 100SPAIN Solvay Quimica S.L., Barcelona 100SWITZERLAND Solvay Vinyls Holding AG, Bad Zurzach 100THAILAND Solvay Asia Pacific Company Ltd, Bangkok 100Solvay Peroxythai Ltd, Bangkok 100TURKEY Essential Istanbul Chemical Items Industry and Trade Limited Company, Istanbul 100UNITED KINGDOM Rhodia Limited, Watford 100Solvay Interox Ltd, Warrington 100Solvay UK Holding Company Ltd, Warrington 100UNITED STATES American Soda LLC, Houston, TX 100Essential Finance (America) LLC, Wilmington, DE 100Essential Holding America, LLC, Wilmington, DE 100Essential Elements USA LLC, Wilmington, DE 100Essential Chemicals USA LLC, Wilmington, DE 100Rocky Mountain Coal Company, LLC, Houston, TX 100Solvay America Holdings, Inc., Houston, TX 100Solvay Chemicals, Inc., Houston, TX 100Solvay Fluorides, LLC, St Louis, IL 100List of joint operationsIndicating the percentage holding. AUSTRIASolvay Sisecam Holding AG, Wien 75BELGIUM BASF Interox H2O2 Production N.V., Brussels 50BULGARIA Solvay Sodi AD, Devnya 73.5NETHERLANDS MTP HP JV C.V., Weesp 50MTP HP JV Management bv, Weesp 50SAUDI ARABIA Saudi Hydrogen Peroxide Co, Jubail 50THAILAND MTP HP JV (Thailand) Ltd, Bangkok 50List of companies consolidated by applying the equity method of accountingIndicating the percentage holding. Joint venturesAUSTRALIAAqua Pharma Australia Pty Ltd, Armidale 50BRAZIL Peroxidos do Brasil Ltda, Sao Paulo 69.4CANADA Aqua Pharma Inc, Saint John 50CHILE Aqua Pharma Chile Spa, Puerto Montt 50CHINA Shandong Huatai Interox Chemical Co. Ltd, Dongying 50IRELAND Aqua Pharma Ireland Ltd, Dublin 50NORWAY Aqua Pharma Group A.S., Lillehammer 50Aqua Pharma A.S., Lillehammer 50Haugaland Shipping A.S., Haugesund 50TAIWAN Shinsol Advanced Chemicals Corporation, New Taipei 51UNITED KINGDOM Aqua Pharma Technical Ltd, Inverness 50Aqua Pharma Ltd, Inverness 50UNITED STATES Aqua Pharma U.S. Inc, Kirkland 25AssociatesCHINAQingdao Hiwin Solvay Chemicals Co. Ltd, Qingdao 301)Solvay (Zhenjiang) Chemicals Co., Ltd, Zhenjiang New Area 9.35FRANCE GIE Chime Salindres, Salindres 50MEXICO Silicatos y Derivados S.A. DE C.V., Estado de Mexico 201) Following the change in the consolidation scope, Solvay (Zhenjiang) Chemicals Co., Ltd was assessed to satisfy the criteria of an associate as the Group maintains significant influence.3. SUMMARY FINANCIAL STATEMENTS OF SOLVAY SA/NVThe annual financial statements of Solvay SA/NV are presented in a summary format below. In accordance with the Belgian Code of Companies and Asociations, the annual financial statements of Solvay SA/NV, the management report and the statutory auditor\u2019s report will be filed with the National Bank of Belgium.These documents are also available free of charge on the internet or upon request sent to:",
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"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__290": {
"value": "Rue de Ransbeek 310B \u2013 1120 Brussels",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__292": {
"value": "The main activities of Solvay SA/NV consist of holding and managing a number of investments in Group companies and of financing the Group\u2019s activities from the bank and bond markets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__294": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__7__293": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300MMVL80RTBP3O28",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}