Solvay SA http://www.alacrastore.com/company-snapshot/Solvay_SA-1015504 Thursday, July 24, 2008 4:02:10 PM 1015504 Solvay SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/658442spcred/658442normThe latest Full Report from S&Pglobal7/8/2008 1:19:08 PM400Full Report658442BelgiumCommodity ChemicalsEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsChemicalsFull ReportWell-diversified product portfolio Conservative financial policy Highly reliable management with proven track record Strong track record of relatively stable operating margins Exposure to cyclical, competitive, commoditized plastics and chemicals markets Capital intensity of the group's activities Substantial unfunded postretirement benefit obligations The ratings on Belgium-based chemicals, plastics, and pharmaceuticals company Solvay S.A. reflect its solid market positions; strong product, customer, and geographic diversification; good profitability; conservative financial policy; and the increased development pace of its noncyclical specialty products in the past few years. These factors are somewhat offset by Solvay's presence in cyclical and competitive commodity chemicals and plastics. Sales reached €9.6 billion in 2007, derived from the group's three traditional sectors: plastics (41%), chemicals (32%), and pharmaceuticals (27%). TheBEL83443715101010 151010 1510 15Solvay S.A.115751EMERGINGEUROMIDAFRLATAMERICAUSASOLB@BBFULLGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658443spcred/658443normThe latest Summary from S&Pglobal7/8/2008 1:19:08 PM175Summary658443BelgiumCommodity ChemicalsEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsChemicalsSummaryThe ratings on Belgium-based chemicals, plastics, and pharmaceuticals company Solvay S.A. reflect its solid market positions; strong product, customer, and geographic diversification; good profitability; conservative financial policy; and the increased development pace of its noncyclical specialty products in the past few years. These factors are somewhat offset by Solvay's presence in cyclical and competitive commodity chemicals and plastics. Sales reached €9.6 billion in 2007, derived from the group's three traditional sectors: plastics (41%), chemicals (32%), and pharmaceuticals (27%). The strong business profile continues to reflect leading market positions in many of the group's major commodity and specialty chemicals; good profitability given efficient, large plants; and sound geographic, product, and customer diversification, which offset the cyclicality of any one segment. TheseBEL83443715101010 151010 1510 15Solvay S.A.115751EMERGINGEUROMIDAFRLATAMERICAUSASOLB@BBSUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/71227cs/71227norm Ethylene - Energy Shock Feedstock costs continued its unremitting rise in June, as weighted average cash cost increased #.##¢/lb or ##.#% to ##.##¢lb in the month.    Ethane costs surged ##.#% to ##.##¢/lb in June, as the increased...712271185YesD0Article9881107961491877111151166715251615058311416661346533182413691471174976248148corp/reportshycorp39542High Yield7/2/2008 10:10:00 PM150Ethane costs surged 24.6% to 55.02¢/lb in June, as the increased ethane cracking production and the incremental demand pull from cracker restarts have contributed to lower ethane inventory levels and tightening of fundamentals.71227Credit & Investment ResearchCreditSightsBELGIUM - Laboratoires Urgo if France acquired the Alvityl Operations of Solvay Pharmaceuticals SA, a Bruxelles-based manufacturer of vitamin supplement, from Solvay SA. Terms were not disclosed.6/25/2008 3:03:47 PM50600Y83705W50600Y834437Laboratoires UrgoSolvay Pharmaceuticals SA- Alvityl OperationsLaboratoires UrgoSolvay SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Laboratoires_Urgo_acquires_Solvay_Pharmaceuticals_SA_from_Solvay_SA-1989713040sdc/19897130401989713040Copyright © 2008, Thomson Financial, All Rights ReservedMeasuring, Medical, Photo Equipment; ClocksFranceOrthopedic, prosthetic, and surgical supplies3842FFForeignPrivate3842:Orthopedic, prosthetic, and surgical supplies3842:Orthopedic, prosthetic, and surgical suppliesDrugsBelgiumPharmaceutical preparations2834FFForeignSubsidiary595110001Mnfr wound healing prodMnfr,whl chem,pharmUnspecifiedAssets1024617001Jun 25 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.00000Laboratoires Urgo, located inChenove, France, manufactureswould healling products. Thecompany was founded in 1880.Laboratoires Urgo, located in Chenove, France, manufactureswould healling products. The company was founded in 1880.Laboratoires Urgo, located in Chenove, France, manufactures would healling products. The company was founded in 1880.1.000002.000003.000004.00000Alvityl Operations of SolvayPharmaceuticals SA, located inBelgium manufactures vitaminsupplement for children.Alvityl Operations of Solvay Pharmaceuticals SA, located inBelgium manufactures vitamin supplement for children.Alvityl Operations of Solvay Pharmaceuticals SA, located in Belgium manufactures vitamin supplement for children.0.000000.000000.000000.00000Y20 Jun 08Fri, 20 Jun 2008 00:00:00 ESTDate Announced: 06/20/200820 Jun 08Date Effective: 06/20/200820 Jun 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000BELGIUM - Laboratoires Urgo ifFrance acquired the AlvitylOperations of SolvayPharmaceuticals SA, aBruxelles-based manufacturerof vitamin supplement, fromSolvay SA. Terms were notdisclosed.BELGIUM - Laboratoires Urgo if France acquired the Alvityl Operations of Solvay Pharmaceuticals SA, a Bruxelles-based manufacturer of vitamin supplement, from Solvay SA. Terms were not disclosed.BELGIUM - Laboratoires Urgo if France acquired the Alvityl Operations of SolvayPharmaceuticals SA, a Bruxelles-based manufacturer of vitamin supplement, from Solvay SA.Terms were not disclosed.BELGIUM - Laboratoires Urgo if France acquired the Alvityl Operations of Solvay Pharmaceuticals SA, a Bruxelles-based manufacturer of vitamin supplement, from Solvay SA. Terms were not disclosed.BELGIUM - Laboratoires Urgo if France acquired the Alvityl Operations of Solvay Pharmaceuticals SA, a Bruxelles-based manufacturer ofvitamin supplement, from Solvay SA. Terms were not disclosed.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000002833:Medicinal chemicals and botanical products2834:Pharmaceutical preparations2836:Biological products, except diagnostic substances595110001France3842ForeignPrivate2812:Alkalies and chlorine2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2834:Pharmaceutical preparations2841:Soap & other detergents, except specialty cleaners2869:Industrial organic chemicals, nec2899:Chemicals and chemical preparations, nec5122:Drugs, drug proprietaries, and druggists' sundries5162:Plastics materials and basic forms and shapes5169:Chemicals and allied products, nec6719:Offices of holding companies, nec5569001BrusselsBelgium2821ForeignPublicSOLB0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/70643cs/70643norm Trends In Chems: #Q## Review - Economy & Energy Pack One-Two Punch The chemicals sector inaugurates the New Year with solid #Q## results, highlighted by aggregate sales increase and EBITDA gains of ##.#% and ##.#% year-over-year for...151116671180516940150152136918241666533135511731346145706439525YesD0Article110988112705187714911113567961515831174148976147corphycorp/reports39542High Yield68Earnings Reports - Industrials/Consumer6/20/2008 2:11:00 AM150With the one-two punch of a slowing economy and rising energy costs, it remains to be seen whether companies will be able recover margins in the coming quarters.11424870643Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/54231cs/54231norm Ethylene - Strong, But For How Long? The ethylene market strengthened in March, and momentum is carrying into April. The expansion will likely to be exaggerated by lean inventories, rising prices, and exports, which continue to be...542311371YesD0Article1119881101521491877583151426/17/2008 12:18:33 PM150The ethylene market strengthened in March, and momentum is carrying into April. However, given our outlook for residential construction and auto production, we remain concerned about the duration of the expansion.166779651615053316661369134618249762481174114147148corp/reportscorp5High Yield54231Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70184cs/70184norm Ethylene - Spring Low Lullaby While producers were able to raise prices with average acquisition price increasing #.##¢/lb in the last two months, feedstock costs outpaced prices increases, as average acquisition margins declined #.##¢/lb...701841291YesD0Article98811079614918771116/3/2008 11:13:00 PM150We look at reasons for the weakness in the ethylene market, outline some of the risks inherent in the current market conditions, and examine historical profitability of Equistar and Nova Chemicals against ethylene cash margins.15115251615058311416661346533182413691471174976248148corp/reportshy39542High Yield166770184Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1735201ccbn/T1735201norm...Good afternoon, ladies and gentlemen, and welcome to the Solvay Group First Quarter Results Conference Call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session and instructions will follow. (OPERATOR INSTRUCTIONS) I would now like to hand over to the CEO of Solvay Group, Mr. Christian Jourquin. Please go ahead, sir. ... 5/14/2008 10:11:00 PMSOLVAY S A54.0000FinalQ1 2008 SOLVAY S A Earnings Conference Call TranscriptSVYSY3:00pm CETTranscriptT1735201Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/45489cs/45489norm iTraxx Roll to Series #: The Unbearable Tightness of Being (Invested in the iTraxx) The high grade iTraxx Europe index finished Series # trading at its tightest level. However, the Crossover index's inability to break its tights suggests...4829YesD0Article101710049461012135619391283strategyhy294142High Yield5/14/2008 11:12:19 AM150The iTraxx European high grade index set a new record tight in September, helped by availability of unused liquidity both to borrowers and investors using it to take leverage.324886129916679761625162716262819701019151086245489corp45489Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/56121cs/56121norm Trends in Chems: #Q## - Mild Spring The seasonal recovery continues despite continued weakness in some end markets. In base chemicals, a rebound began in March and continues to unfold, but prices and volumes remain below year-ago levels....5612114725YesD8BondScore70511279611013561119885161511667151158311801509401369533166618241173145134611742481877149976147148bscore/researchcorp/reportshycorp55/14/2008 11:12:19 AM250The seasonal recovery continues despite continued weakness in some end markets. We continue to see the best of times in the prolonged chemical cycle as behind us but don't expect a rapid deterioration in 2007.56121Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/61531cs/61531norm Ethylene: A Not So Merry Christmas for Producers While our base petrochemical names had a relatively healthy #Q## of earnings, the fourth quarter may see producers finding coal in their stocking.  Rising commodity prices have played...42High Yield5/14/2008 10:12:19 AM150While our base petrochemical names had a relatively healthy 3Q07 of earnings, the fourth quarter may see producers finding coal in their stocking.1491877111151166715251615058311416661346533182413697961471174976248148corp/reportscorphy395615311039YesD0Article98811061531Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69253cs/69253norm Earnings Note: Solvay #Q## - PVC Hurting Solvay #Q## sales increased marginally year-over-year to €#.## billion, while adjusted EBITDA declined ##% to €### million.    While Pharmaceuticals continued its healthy performances...Given that the company is a significant producer of chlor-alkali and PVC, the rising costs for ethylene, rapidly increasing imports by US producers, and decelerating demand from construction market will continue to adversely impact results.5/14/2008 12:11:32 AM15069253903YesC0Article1667corp2439568Earnings Reports - Industrials/Consumer69253Credit & Investment ResearchCreditSightsBELGIUM - Solvay Pharmaceuticals SA (SP), a unit of Solvay SA, planned to launch a tender offer to acquire the remaining ##.##% interest, or ##.### mil ordinary shares, in Innogenetics NV,a Gent-based biotechnology company, for #.## euros ($#.## US) in cash per share, or a total value of ###.### mil euros ($###.### mil). The offer was conditioned upon at least ##%+# shares being tendered. The transaction was subject to regulatory approval.4/30/2008 5:12:43 PM83474N45763R83443745763RSolvay Pharmaceuticals SAInnogenetics NVSolvay SAInnogenetics NVhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Solvay_Pharmaceuticals_SA_acquires_Innogenetics_NV-1973422040sdc/19734220401973422040Copyright © 2008, Thomson Financial, All Rights ReservedDrugsBelgiumPharmaceutical preparations2834FFForeignSubsidiary2833:Medicinal chemicals and botanical products2834:Pharmaceutical preparations2836:Biological products, except diagnostic substances2812:Alkalies and chlorine2819:Industrial inorganic chemicals, nec2821:Plastics materials and synthetic resins2834:Pharmaceutical preparations2841:Soap & other detergents, except specialty cleaners2869:Industrial organic chemicals, nec2899:Chemicals and chemical preparations, nec5122:Drugs, drug proprietaries, and druggists' sundries5162:Plastics materials and basic forms and shapes5169:Chemicals and allied products, nec6719:Offices of holding companies, necEuronext BDrugsBelgiumBiological products, except diagnostic substances2836FFForeignPublicINNX568504001Mnfr,whl chem,pharmBiotech coCashCash OnlyOrdinary Share169781003Apr 30 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.00000Solvay Pharmaceuticals SA,based in Brussels, Belgium,manufactures prescriptionpharmaceuticals intended forfinal consumption, includingbiotech products andantibiotics. It also operatesin Canada and the US. Thecompany was founded in 1863.Solvay Pharmaceuticals SA, based in Brussels, Belgium,manufactures prescription pharmaceuticals intended for finalconsumption, including biotech products and antibiotics. Italso operates in Canada and the US. The company was foundedin 1863.Solvay Pharmaceuticals SA, based in Brussels, Belgium, manufactures prescription pharmaceuticals intended for final consumption, including biotech products and antibiotics. It also operates in Canada and the US. The company was founded in 1863.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000Innogenetics NV, based inGent, Belgium, is abiotechnological company thatdevelops and wholesalesdiagnostic products to improvetherapy management and patienthealth. Its diagnostic assaysfocus on molecular diagnosticsand multiparameter testing.The company was founded in1985.Innogenetics NV, based in Gent, Belgium, is abiotechnological company that develops and wholesalesdiagnostic products to improve therapy management andpatient health. Its diagnostic assays focus on moleculardiagnostics and multiparameter testing. The company wasfounded in 1985.Innogenetics NV, based in Gent, Belgium, is a biotechnological company that develops and wholesales diagnostic products to improve therapy management and patient health. Its diagnostic assays focus on molecular diagnostics and multiparameter testing. The company was founded in 1985.0.000000.000000.0000030.88000NEURO25 Apr 08Fri, 25 Apr 2008 00:00:00 ESTDate Announced: 04/25/2008Date Effective:MergerFriendly0.000000.000000.000000.000000.000005.75000Price/Share0.00000165.533 EURO165.53300177.55400165.533 EURO165.533000.000000.000008.990008.99000165.53300165.533 EURO1.56300N130.316000.000000.000000.000000.000000.00000258.80700258.807000.000000.000000.000000.000000.000000.000000.0000093.230000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000BELGIUM - SolvayPharmaceuticals SA (SP), aunit of Solvay SA, planned tolaunch a tender offer toacquire the remaining 93.23%interest, or 28.788 milordinary shares, inInnogenetics NV,a Gent-basedbiotechnology company, for5.75 euros ($8.99 US) in cashper share, or a total value of165.533 mil euros ($258.808mil). The offer wasconditioned upon at least90%+1 shares being tendered.The transaction was subject toregulatory approval.BELGIUM - Solvay Pharmaceuticals SA (SP), a unit of Solvay SA, planned to launch a tender offer to acquire the remaining 93.23% interest, or 28.788 mil ordinary shares, in Innogenetics NV,a Gent-based biotechnology company, for 5.75 euros ($8.99 US) in cash per share, or a total value of 165.533 mil euros ($258.808 mil). The offer was conditioned upon at least 90%+1 shares being tendered. The transaction was subject to regulatory approval.BELGIUM - Solvay Pharmaceuticals SA (SP), a unit of Solvay SA, planned to launch a tenderoffer to acquire the remaining 93.23% interest, or 28.788 mil ordinary shares, inInnogenetics NV,a Gent-based biotechnology company, for 5.75 euros ($8.99 US) in cash pershare, or a total value of 165.533 mil euros ($258.808 mil). The offer was conditionedupon at least 90%+1 shares being tendered. The transaction was subject to regulatoryapproval.BELGIUM - Solvay Pharmaceuticals SA (SP), a unit of Solvay SA, planned to launch a tender offer to acquire the remaining 93.23% interest, or 28.788 mil ordinary shares, in Innogenetics NV,a Gent-basedbiotechnology company, for 5.75 euros ($8.99 US) in cash per share, or a total value of 165.533 mil euros ($258.808 mil). The offer was conditioned upon at least 90%+1 shares being tendered. Thetransaction was subject to regulatory approval.BELGIUM - Solvay Pharmaceuticals SA (SP), a unit of Solvay SA, planned to launch a tender offer to acquire the remaining 93.23% interest,or 28.788 mil ordinary shares, in Innogenetics NV,a Gent-based biotechnology company, for 5.75 euros ($8.99 US) in cash per share, or atotal value of 165.533 mil euros ($258.808 mil). The offer was conditioned upon at least 90%+1 shares being tendered. The transaction wassubject to regulatory approval.$ 258.807 - Petercam Securities SA - Adv0.00000Petercam Securities SA1.00000Credit Suisse Group1.00000$ 258.807 - Credit Suisse Group - Adv0.00000Intended0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Intended-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000002836:Biological products, except diagnostic substances5047:Medical, dental, and hospital equipment & supplies8071:Medical laboratories8731:Commercial physical and biological research8733:Noncommercial research organizations5569001BrusselsBelgium2821ForeignPublicSOLB2836:Biological products, except diagnostic substances5047:Medical, dental, and hospital equipment & supplies8071:Medical laboratories8731:Commercial physical and biological research8733:Noncommercial research organizations169781003Euronext BBelgium2836ForeignPublicINNX258.80700165.53300258.80700130.31600Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/67638cs/67638norm Ethylene: Supply Reduction Drives Margin Growth, But Demand Remains Weak With producers reducing operating rates and cutting back high cost production in March, the oversupply situation seen in the prior month quickly turned to a shortage,...676381117YesD0Article1119881101141491877796151166715251615058316669761346182413695331174147148248corp/reportshy39542High Yield54Euro Markets Issuers4/9/2008 2:12:00 AM150With producers cutting back high cost production in March, the oversupply situation seen in the prior month quickly turned to a shortage, enabling producers to raise prices over and above feedstock price increases and recover lost margins.67638Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/66825cs/66825norm Trends In Chems: #Q## Review Overall earnings results for the Chemicals sector remained solid, with average sales and adjusted EBITDA for our North American peer group up ##% and ##%, respectively, from the prior year.   While we have...6682511202YesD0Article70511079611213561877988111516166715115215111501180583940149533166611731369135514518241471174114976248148corp/reportshy53942High Yield68Earnings Reports - Industrials/Consumer3/26/2008 12:12:00 AM150While the sector implemented further price increases in recent months, it remains to be seen whether these increases will be able to offset the run-up in energy costs, decelerating demand levels and concomitant erosion in volumes.66825Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/634198spcred/634198normThe latest Summary from S&P3/6/2008 10:56:37 AMSummary175global634198BelgiumDiversified ChemicalsEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsChemicalsSummaryThe ratings on Belgium-based chemicals, plastics, and pharmaceuticals company Solvay S.A. reflect its solid market positions; strong product, customer, and geographic diversification; good profitability; conservative financial policy; and the increased development pace of its noncyclical specialty products in the past few years. These factors are somewhat offset by Solvay's presence in cyclical and competitive commodity chemicals and plastics. Sales reached €9.6 billion in 2007, derived from the group's three traditional sectors: plastics (41%), chemicals (32%), and pharmaceuticals (27%). The strong business profile continues to reflect leading market positions in many of the group's major commodity and specialty chemicals; good profitability given efficient, large plants; and sound geographic, product, and customer diversification, which offset the cyclicality of any one segment. TheseBEL83443715101020 151010 1510 15Solvay S.A.115751EMERGINGEUROMIDAFRLATAMERICAUSASOLB@BBSUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/66098cs/66098norm Ethylene: Prices Follow Cost, Energy Roars Back Our North American ethane cracking producers benefitted from the declining cost environment in the month, but this deviation from the upward cost trend was brief, with crude oil and natural...660981127YesD0Article9881107961491877111151166715251615058311416661346533182413691471174976248148corp/reportshy39542High Yield3/5/2008 1:05:00 AM150Our North American ethane cracking producers benefitted from the declining cost environment in the month, but this deviation from the upward cost trend was brief, with crude oil and natural gas prices roaring back in the latter half of Feb.66098Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1735193ccbn/T1735193norm...Good afternoon, ladies and gentlemen, and welcome to the Solvay #### Results Conference Call. (OPERATOR INSTRUCTIONS). And just to remind all participants that this conference call is being recorded. I would now like to hand off to today's chairperson, Mr. Christian Jourquin, Chief Executive Officer of the Solvay Group. Sir, please begin your meeting, and I will be standing by. ... 2/15/2008 7:11:00 PMSOLVAY S A54.0000FinalFull Year 2007 SOLVAY S A Earnings Conference Call TranscriptSVYSY3:00pm CETTranscriptT1735193Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/64966cs/64966norm Ethylene - Energy Relief, But Fundamentals Remain Poor Although the demand/supply dynamics continue to hover ominously over ethylene fundamentals, energy costs have receded, impacted by fears of recession and lower demand, bringing...1187YesD0Article9881107961491877111151166715251615058311416661346533182413691471174976248148corp/reportshy39542High Yield2/7/2008 1:04:00 AM150Although the demand/supply dynamics continue to hover ominously over ethylene fundamentals, energy costs have receded, impacted by fears of recession and lower demand, bringing relief to both producers and buyers of ethylene.6496664966Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/64026cs/64026norm64026 #### Chemicals Outlook: Bids Adieu To Peak Cycle All things considered, #### represented another healthy year for the chemicals sector with earnings remaining resilient in the face of persistent raw material inflation.  Chemical fundamentals...5609YesD0Article110988112705187714911113561515831511166711807969401501141369182416665331355117313461451482481174976147corphy39542High Yield54Euro Markets Issuers21Sector Outlooks1/23/2008 12:05:12 PM150In this article, we investigate the broad trends within the chemicals sector, then delve into subsector developments, credit-by-credit analysis, and provide an updated look at relative value within the subgroups.64026Credit & Investment ResearchCreditSights