Belgian chemical and plastics producer Solvay (Brussels; www.solvay.com) has reported its Q3 2013 results on a basis adjusted for the planned divestment of its vinyls assets to Ineos (Rolle / Switzerland; www.ineos.com). Despite the fact that the two companies have applied to the European Commission for permission to form a 50:50 joint venture – see Plasteurope.com of 25.10.2013 – Solvay CEO Jean-Pierre Clamadieu has made little secret that his company plans to exit the JV as soon as possible. The business is being treated as assets held for sale.

Adjusted figures show Solvay group revenues down 8% year-on-year to EUR 2.46 bn, with sales volumes stable, prices down 4% and negative currency effects taking a 5% bite. REBITDA (recurring earnings before depreciation and amortisation) declined by 13%, against what Clamadieu called “last year’s demanding comparables,” to EUR 439m. Without the adjustment, the figure was EUR 478m.

All operating segments except Consumer Chemicals – where earnings plunged by more than 50% – showed improvement against the 2012 quarter. Advanced Materials, which includes Specialty Polymers, saw sales fall 5% to EUR 651m and REBITDA rise 1% to EUR 170m. In Functional Polymers, where polyamides account for 89% and and chlorvinyls for 11%, revenues eroded by 7% to EUR 428m and REBITDA increased by 9% to EUR 19m.

Solvay said demand for PA intermediates and fibres was weak in Q3, but engineering plastics saw a stronger performance. Clamadieu predicted a EUR 100m improvement in REBITDA of polyamides by the end of next year. For 2014, management forecasts group REBITDA of around EUR 1.65 bn, broadly in line with previous guidance. Europe’s emergence from recession is expected to lead to a gradual recovery of demand.