Solvay Sa · EURONEXT:SOLB
Solvay Sa — Investor Presentation (March 2005)
75 slides from Solvay Sa's investor presentation, Mar 1, 2005
Slide 1: Solvay Group: 365 days of Innovation - Acceleration - Passion - Results
Presentation – March 1, 2005 SOLVAY GROUP 365 days of Innovation - Acceleration - Passion - Results
Slide 2: Table of contents
Table of contents n Mission, Vision and Values n Solvay today : an Innovative and Competitive Group n Solvay in 2004 : a year of record results, a year of actions n Sector review èPharmaceuticals Sector èChemicals Sector èPlastics sector Solvay group presentation – March 1, 2005 - 2 © 2005, SOLVAY S
Slide 3: Mission, Vision and Values
n White text on dark blue background n Text: Max 26., min 20. Mission, Vision and Values n Text anchor point: middle Solvay group presentation – March 1, 2005 - 3 © 2005, SOLVAY S.A. N.V.
Slide 4: Our Mission
Our Mission Building on our scientific,technical and commercial expertise,we responsibly provide innovative products and services related to chemistry and human health to create ever-increasing value to our customers, shareholders and employees Solvay group presentation – March 1, 2005 - 4 © 2005, S
Slide 5: Our Vision
Our Vision Solvay is an independent and ethical global industrial group with a balanced portfolio of sustainable profitable and growing businesses under careful environmental management : èAmongst the world leaders in selected markets and products either alone or with sound complementary business pa
Slide 6: Our Values
Our Values We firmly believe in : customer care - ethical behavior - respect for people - empowerment - teamwork Solvay group presentation – March 1, 2005 - 6 © 2005, SOLVAY S.A. N.V.
Slide 7: Solvay today: an Innovative and Competitive Group
n White text on dark blue background Solvay today : n Text: Max 26., min 20. an Innovative and Competitive Text anchor point: middle n Group Solvay group presentation – March 1, 2005 - 7 © 2005, SOLVAY S.A. N.V.
Slide 8: Solvay history: 140 years of development
Solvay history 140 years of development Total sales 2004 : EUR 7.9 Bn major Limestone Salt Fluor Kali Chemie pharmaceutical (1952) acquisitions + Ausimont in 2002 (chemicals/polymers) Soda Ash Electrolysis DUPHAR (1866) (1898) 1980 + BP Specialty polymers (2001) REID ROWELL Hydrogen (USA) 1986 Vinyl
Slide 9: Solvay today
Solvay today n An INTERNATIONAL PRESENCE n A DIVERSIFIED CUSTOMER BASE n A Group with 3 SECTORS Pharmaceuticals, Chemicals and Plastics n A clear focus on SUSTAINABLE and PROFITABLE GROWTH in selected areas of pharmaceuticals, chemicals and plastics èinnovation is our cornerstone to generate growth
Slide 10: An international presence
An international presence Europe 62% EU25 : 57%, rest of Europe : 5% The Americas 29% Asia-Pacific 7% (USA : 19%) Industrial/Commercial Presence Export In % of 2004 sales (EUR 7,877 M) Solvay group presentation – March 1, 2005 - 10 © 2005, SOLVAY S.A. N.V.
Slide 11: Serving a diversified customer base
Serving a diversified customer base (in % of 2004 sales) 1. Human health 24% 2. Automotive industry 13% 3. Building and architecture 12% 4. Chemical industry 11% 5. Glass industry 7% 6. Consumer goods 6% 7. Electricity and electronics 4% 8. Packaging 4% 9. Water and the environment 3% 10. Detergents
Slide 12: A Group with 3 sectors
A Group with 3 sectors : Pharmaceuticals, Chemicals and Plastics In % of 2004 Sales 1 In % of 2004 REBIT2 31% 22% 29% 22% 49% 47% Pharmaceuticals Chemicals Plastics 1 Total 2004 Sales = EUR 7,877 M, including also “discontinuing operations” for EUR 67 M 2 Total 2004 REBIT = EUR 789 M, including also
Slide 13: Focus on growth and competitiveness
Focus on growth and competitiveness n Our priority is sustainable and profitable growth in selected areas of pharmaceuticals, chemicals and plastics. n Innovation is our cornerstone to generate growth and to ensure competitiveness. n An increased presence in Asia, Asia the Americas and Eastern Europ
Slide 14: Major growth projects
Major growth projects n Pharmaceuticals è Partnerships with highly-skilled partners to accelerate R&D è Business expansion : acquisition of Neopharma (Parkinson) and Italmex (Mexico) è Launch of new products (e.g. Invivac®, Teveten® Plus, Estrogel®) è Positive R&D outcome : registration dossiers for
Slide 15: Major initiatives in Competitiveness
Major initiatives in Competitiveness the Group actively pursues its objective of improving its productivity n Industrial restructuring è In Chemicals : closure of soda ash production in Austria (in 2005) and the electrochemical unit in Switzerland, mothballing of American Soda in the US, closure of
Slide 16: Leadership in our markets
Leadership in our markets SOLVAY is among the leaders for about 85% of its sales (75% in 2000) Market position Europe US World Hormone Therapies • Female 3 2 2 • Male - 1 1 Pharmaceuticals Digestives/Enzymes 1 3 1 Laxatives 4 - 10 Antispasmodics/IBS 1 6 2 Vertigo (Ménière’s disease) 1 1 1 Fluor 1 2
Slide 17: Higher proportion of pharmaceuticals and specialties
Higher proportion of pharmaceuticals and specialties REBIT (in M EUR)1 1999 2004 476 500 58% of REBIT 3 450 +46% 400 327 350 326 50% of EBIT 2 339 240 300 250 170 200 150 100 236 157 50 0 Essentials Pharmaceuticals Essentials Pharmaceuticals & Specialties & Specialties 1 EBIT 1999 (Belgian GAAP), RE
Slide 18: Towards Sustainable Development
Towards Sustainable Development n For the Group, this means conducting its activities in a way that balances respect for the environment and economic and social development that is sustainable in the long term. n This requires that we simultaneously be concerned with : è Improving the well-being and
Slide 19: Solvay in 2004: a year of record results, a year of actions
n White text on dark blue background Solvay in 2004 : n Text: Max 26., min 20. a year of record results, naText anchor year point: middle of actions Solvay group presentation – March 1, 2005 - 19 © 2005, SOLVAY S.A. N.V.
Slide 20: 2004, a year of record results
2004, a year of record results n Record Group net income : EUR 541 M (+26%) n Sales : +4% (+7% at constant exchange rates) n REBIT : +17% (+25% excl. discontinuing operations) è REBIT/Sales of 10% n Cash flow of nearly EUR 1 Bn n Very healthy financial situation : 21% (net debt/equity) n Net dividen
Slide 21: Key figures
Key figures In M EUR 2004 2003 2004 vs 2003 Sales 7,557 7,877 +4%1 REBIT 673 789 +17%2 EBIT 662 756 +14% Charges on net indebtedness -85 -91 +7% Income taxes -114 -129 +13% Equity earnings -48 -10 -79% Income from investments +15 +15 - Net income of the Group 430 541 +26% Net income (Solvay Share) 3
Slide 22: REBIT/Sales
REBIT/Sales (discontinuing operations (*) excluded) In M EUR 2003 2004 2004/2003 n Sales 7,432 7,810 +5% n REBIT 610 764 +25% n REBIT/Sales 8.2% 9.8% (*) The « discontinuing operations» are related to the high-density polyethylene activities in joint ventures with BP and salt activities. As a result
Slide 23: Financial items
Financial items n Non-recurring items : EUR -33 M è capital gain on the sale of Sofina shares, divestments (Esco, Hedwin) è provisions for restructuring (e.g. closure of soda ash production unit in Austria and of pharmaceutical production site in France) è a provision for risks relating a.o. to the
Slide 24: Expenditures for the future
Expenditures for the future In M EUR • Investments selectivity focused on innovation, 3000 2,968 competitiveness and growth 341 • Increased R&D efforts in Pharma : 2500 2004 : + 4%, EUR 294 M* (including EUR 38 M provision) 721 2005 : + 20%, EUR 353 M (partners’ contribution not deducted) 2000 606 1
Slide 25: Sound balance sheet
Sound balance sheet Important decrease of net debt to equity ratio àfinancial reserves for possible strategic move : cash at the end of 2004 : EUR 1.4 Billion M EUR 4000 3792 3574 3510 3500 Equity 3000 Net debt 2500 Net debt 37% to equity ratio 2000 32% 1500 1318 21% 1120 1000 794 500 0 2002 2003 20
Slide 26: Trends for 2005
Trends for 2005 “The record results achieved in 2004 are the fruit of a change strategy applied with determination that has translated into significant productivity improvement and the launch of new products. The Group overall has had a good beginning to the year 2005, under the influence of favorab
Slide 27: Solvay shares
Solvay shares n Listed in EURONEXT BRUSSELS àincluded in Euronext 100 n Available in the US in the form of sponsored AMERICAN DEPOSITARY RECEIPTS traded over- the-counter Solvay group presentation – March 1, 2005 - 27 © 2005, SOLVAY S.A. N.V.
Slide 28: Shareholding structure
Shareholding structure December 31, 2004 n 73 % free float, Solvac 27% stable shareholder n Market capitalization : about EUR 7.5 Bn (March 1, 2005) Individual Investors 49% Institutional Investors 51% * Solvac : 27% * Others : 24% Solvay group presentation – March 1, 2005 - 28 © 2005, SOLVAY S.A. N
Slide 29: Sector results review
n White text on dark blue background n Text: Max 26., min 20. Sector results review n Text anchor point: middle Solvay group presentation – March 1, 2005 - 29 © 2005, SOLVAY S.A. N.V.
Slide 30: Pharmaceuticals sector
Pharmaceuticals sector
Slide 31: Key characteristics
Key characteristics n Non-cyclical and focused area of growth for Solvay n Mid-sized Pharmaceutical company n Selected therapeutic areas n Well diversified portfolio of products n Strong investments in R&D and well balanced portfolio n Major alliances for co-development and co-marketing of existing
Slide 32: Product portfolio
Product portfolio n Gynecology/andrology : Hormone Treatment, Endometriosis, Myoma (in-licensing primarily) n Cardiology Congestive Heart Failure, Hypertension, Arrhythmia, Obesity n Gastroenterology Irritable bowel syndrome (IBS), Functional disorders, Pancreatic enzymes n Mental health Psychosis,
Slide 33: Strategic focus on Pharmaceuticals
Strategic focus on Pharmaceuticals THE MEANS TO SEE THE FUTURE WITH CONFIDENCE n Pharmaceuticals pipeline has never been this rich è31 molecules n Alliances with highly skilled partners : third party endorsement of our R&D pipeline èWyeth, Lundbeck, BMS, Quintiles, Zentaris, Hormos, Novozymes, Innog
Slide 34: Key figures
Key figures PHARMACEUTICALS (in M EUR) 2003 2004 Sales 1,832 1,745 REBIT 243 236 Depreciation & Amortization 59 65 Capital expenditures 153 150 R&D 284 294 Employees (on 2005/01/01) 7,530 7,988 Solvay group presentation – March 1, 2005 - 34 © 2005, SOLVAY S.A. N.V.
Slide 35: Evolution of sales (2004/2003) by region
Evolution of sales (2004/2003) by region n Nafta sales : -5% (in USD) è Renegociations of contracts with US distributors Nafta è Q4/04 : generic competition for Rowasa® 40% BUT evolution of prescriptions according to expectations n Pressure on prices in Western Europe Europe 48% n Growth in Central
Slide 36: Evolution of sales: flagship products
Evolution of sales : flagship products 2004/2003 2003 2004 2004/2003 constant M EUR M EUR M EUR exchange rates PHARMACEUTICALS 1.832 1.745 -5% -2% Androgel® 250 231 -8% +1% Pantoloc® 124 139 +12% +15% Creon® 137 130 -5% -3% Estratest® 131 100 -24% -16% Serc® 86 96 +12% +12% Luvox® 80 77 -4% -4% Infl
Slide 37: 2004 REBIT: EUR 236 M (-3%)
2004 REBIT : EUR 236 M (-3%) n Major positive impact of the agreements with Wyeth, BMS and Barr settlement n Pressure on sales n Still negatively affected by the weak USD èsales -5% in EUR, -2% at constant exchange rates n Increased R&D : +4% èto EUR 294 M, 17% of Pharma sales n Commercial preparati
Slide 38: A focused R&D program
A focused R&D program 19% 26% Gastroenterology Gynecology/andrology (Irritable Bowel Syndrome, (Women Health,Men Health) Delayed Gastric Emptying, Immunology Functional disorders) (Influenza vaccines) 36% 19% Mental health Cardiology (Anxiety & Depression, (Arrhythmias, Congestive Heart Psychosis, P
Slide 39: Areas of R&D focus
Areas of R&D focus Gynecology/ Psychiatry Cardiology Gastroenterology Andrology Anxiety & Arrhythmia Motility Hormone Depression Disorders Treatments for Congestive Women & Men Psychosis Heart Failure Irritable Bowel Non-hormone treatments for Hypertension Syndrome Parkinson myoma and endometriosis
Slide 40: Agreement with Quintiles
Agreement with Quintiles to accelerate throughput of R&D n Another third-party endorsement of SOLVAY’S R&D Portfolio n QUINTILES will provide USD 25 M in development services for selected SOLVAY clinical phase II projects èbearing around 50% of the normal costs and the uncertainties of the outcomes
Slide 41: Rich pipeline
Rich pipeline with more than 30 molecules Gastro- Mental Gynecology/ Cardiology Enterology Health Andrology Pre-Clinical 321, NASEP, 332 318, 326 316, 322, 327, 329, 330, 331 Phase I 1 2 1 2 317 314, E+P gel 319 =6 MARINOL aerosol tedisamil (oral) Phase II 2 2 0 2 324, 325 310, 313 306, 320 =6 4 3 1
Slide 42: Mental health: bifeprunox
Mental health : bifeprunox a novel treatment in psychiatry n Bifeprunox = partial dopamine agonist developed for psychosis + potential to be developed in other disorders, i.e. bipolar disorder n Phase II data for bifeprunox has shown efficacy in patients with schizophrenia + expected to provide an i
Slide 43: Co-development / Co-marketing
Co-development / Co-marketing n Co-development agreement signed with Lundbeck in Dec. 2000 è Resulted in successful completion of Phase II in psychosis and start of Phase III in Sept. 2003 n Co-development and co-commercialization agreement signed with Wyeth in March 2004 è Scope = USA, Japan, Canad
Slide 44: Agreement with Wyeth: summary
Agreement with Wyeth : summary THREE AGREEMENTS: n Co-development and co- commercialisation of bifeprunox in US, Japan, Canada, Mexico n Co-development and co- commercialisation of SLV310, SLV 313, and SLV 314 globally n Co-promotion of WYETH’s antidepressant EFFEXOR® XR in the US BENEFITS FOR SOLVA
Slide 45: Financial impact of the agreement with Wyeth
Financial impact of the agreement with Wyeth n Signing fee of EUR 118 M (USD 145 M) (booked in Q1/04) n Sharing of development and commercial costs n Milestone payments and royalties on sales n Opportunity to co-promote Effexor® XR in the USA Solvay group presentation – March 1, 2005 - 45 © 2005, SO
Slide 46: Gastroenterology: cilansetron
Gastroenterology : cilansetron n Submission of registration dossiers è in UK for the EU (in April 2004) action date : May 11, 2005 è in the USA (in June 2004) action date : April 1, 2005 n Strategy for development in Japan under discussion 4Launch date : 2005 4Peak sales potential above EUR 250 M So
Slide 47: Cilansetron: significant symptom relief reported in Phase III
Cilansetron : significant symptom relief reported in Phase III n significant benefits including overall IBS symptom improvement, relief of abdominal pain/discomfort and abnormal bowel habits (including diarrhea and urgency) in both men and women n after six months è 59% of patients reported overall
Slide 48: Co-development/Co-marketing with Bristol Myers Squibb for SLV 319
Co-development/Co-marketing with Bristol Myers Squibb for SLV 319 n worldwide agreement for the Solvay compound SLV319 (Phase I) with potential for use in treating obesity and other metabolic disorders n payment of a USD 10 million (booked in Q2/04) signing fee by Bristol-Myers Squibb è further mile
Slide 49: Influenza vaccines
Influenza vaccines n INVIVAC®, virosomal vaccine targeted for elderly Mutual Recognition Procedure (MRP) granted in June 2004 n INFLUVAC®TC, based on cell culture è Process approved by Dutch authorities mid 2001, launch dates depend on manufacturing unit (under construction in Weesp) à Expected star
Slide 50: Critical steps
Critical steps n Cilansetron (IBS) : èRegulatory action dates : • USA : April 1, 2005 • UK : May 11, 2005 n Bifeprunox (Psychosis) - with LUNDBECK and WYETH èPhase III : outcome of pivotal trials n SLV 308 (Parkinson) èMove to Phase III Duodopa (Parkinson) èFurther regulatory approvals and commercia
Slide 51: Chemicals sector
» Chemicals Chemicals sector SOLVAY
Slide 52: Strategic focus on Chemicals
Strategic focus on Chemicals Unlocking resources to support ambitious growth : continued reinforcement of leadership and competitiveness through acquisitions, partnerships, restructuring, rationalizations, … n letter of mutual interest with NCI/Sinopec in China, n agreement with BASF for the supply
Slide 53: Major markets
Major markets In % of 2004 sales = EUR 2,433 M Chemicals industry 24 % Glass industry 21 % Detergents 10 % Paper industry 9% Building and architecture 4% Automotive industry 3% Food industry 3% Treatment of water and environment 3% Electric and electronic industry 1% Human health 1% Consumer goods 1
Slide 54: Key figures (1)
Key figures (1) CHEMICALS (in M EUR) 2003 2004 Sales 2,386 2,433 REBIT 182 180 Depreciation & Amortization 172 174 Capital expenditures 182 165 R&D 30 27 Employees (on 2005/01/01) 9,203 8,594 Solvay group presentation – March 1, 2005 - 54 © 2005, SOLVAY S.A. N.V.
Slide 55: Key figures (2)
Key figures (2) REBIT SALES In M EUR Evolution 2003 2004 2004/2003 2004/2003 CHEMICALS 2,385 2,433 +2% -1% Minerals cluster[1] 1,045 1,105 +6% î Electrochemistry and Fluor 914 892 -3% ì chemicals cluster Oxygen cluster[2] 426 436 +2% ì [1] including SBUs Soda ash and derivatives, Barium and Strontiu
Slide 56: 2004 REBIT (EUR 180 M): -1%
2004 REBIT (EUR 180 M) : -1% n Progressive improvement in 2004 è REBIT/Sales : H2 : 8% vs H1 : 7% n Soda ash è results suffered from significant increases of energy and transportation costs è improving market conditions in Europe and in the US è measures to restore margins in 2005 (restructuring, pr
Slide 57: Caustic soda prices in Europe
Caustic soda prices in Europe Source : HARRIMAN NWE Liquid NaOH Average Market Price EUR/ton 2003 2004 2005 350 300 250 200 150 100 50 0 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Solvay group presentation – March 1, 2005 - 57 © 2005, SOLVAY S.A. N.V.
Slide 58: Innovative H2O2 Megaplant
Innovative H2O2 Megaplant based on Solvay Technology n Expected to come on stream in 2008 è Solvay/BASF finalizing plans to set up a large-scale (more than 200,000 metric tons) H2O2 plant on BASF’s site in Antwerp, based on Solvay’s high-yield H2O2 production process è BASF/ Dow to build a world-sca
Slide 59: Plastics sector
Plastics sector SOLVAY
Slide 60: Strategic focus on Plastics
Strategic focus on Plastics Enrichment of portfolio and regrouping of forces : (Plastics and Processing were regrouped on June 1, 2004) nSpecialties : rapid growth and geographic expansion èSpecialty polymers èInergy Automotive Systems nVinyls cluster : consolidation, growth and geographic expansion
Slide 61: Major markets
Major markets in % of 2004 sales = EUR 3,632 M Automotive industry 25 % Building and architecture 24 % Consumer goods 12 % Packaging 9% Electric and electronic industry 8% Chemical industry 7% Water and Environment 6% Human health 3% Other industries 6% Solvay group presentation – March 1, 2005 - 61
Slide 62: Key figures (1)
Key figures (1) PLASTICS (in M EUR) 2003 2004 Sales 3,215 3,632 REBIT 225 397 Depreciation & Amortization 176 190 Capital expenditures 187 234 R&D 72 75 Employees (on 2005/01/01) 11,262 11,076 Solvay group presentation – March 1, 2005 - 62 © 2005, SOLVAY S.A. N.V.
Slide 63: Key figures (2)
Key figures (2) REBIT SALES In M EUR Evolution 2003 2004 2004/2003 2004/2003 PLASTICS[1] 3,215 3,632 +13% +76% Vinyls cluster[2] 2,019 2,338 +16% ì Specialty polymers and Inergy Automotive Systems 1,196 1,294 +8% ì [1] Plastics and Processing were regrouped on June 1, 2004 [2] Including SBUs Vinyls,
Slide 64: 2004 REBIT (EUR 397 M): +76%
2004 REBIT (EUR 397 M) : +76% n REBIT/Sales : 11% (vs 7% in 2003) n Specialty Polymers, major contributor to the results : èSales : +11%, mainly in the US and in Asia èExisting applications (semi-conductors, electronics, aerospace, medical, …) èInnovation : 52 patents in 2004 and numerous new applic
Slide 65: PVC prices
PVC prices Source : Harriman PVC-Suspension prices in Western-Europe (EUR/t) 1.000 900 800 700 600 500 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Solvay group presentation – March 1, 2005 - 65 © 2005, SOLVAY S.A. N.V.
Slide 66: Plastics portfolio
Plastics portfolio ULTRA-HIGH Price range PERFORMANCE PFPE PAI POLYMERS Fluoro > 50 EUR/kg PAEK FLUOROMATERIALS fluids HIGH PPSU LCP PERFORMANCE PES PPS PSO PPA POLYMERS PAMXD6 Elastomers PVDF FKM/FFKM ECTFE >EUR 5/kg, PTFE 8-15% growth MFA, PFA BARRIER RESINS PVDC >EUR 1.5/kg, Dacarto - Benvic (J-V
Slide 67: Specialty Polymers
Specialty Polymers high added value markets Chemical Computer Aircraft Medical Consumer Industry Industry Aerospace goods Tele- Wire Automotive Coatings Oil industry communication and Cables Industry Solvay group presentation – March 1, 2005 - 67 © 2005, SOLVAY S.A. N.V.
Slide 68: Innovative Specialty Polymers
Innovative Specialty Polymers New TRANSPARENT high-temperature sulfone polymer SUPRADEL™ HTS n technological breakthrough : highest heat resistance (temperature of 265°C) of any transparent amorphous thermoplastic polymer n other performance features traditionally associated with sulfone polymers à
Slide 69: High performance polymers: sulfone polymers
HIGH PERFORMANCE POLYMERS Sulfone polymers RADEL® R (PPSU), RADEL® A (PES), UDEL® (PSF) à high strength thermoplastics that combine excellent chemical resistance, high heat deflection temperature, good pore forming properties, … Membranes (Udel®) & modules Medical applications : Medical tray for wat
Slide 70: High performance polyamides
HIGH PERFORMANCE POLYMERS High performance polyamides AMODEL® (PPA) IXEF® (PAA) offers excellent mechanical properties used for the production of complex, over a broad range of temperature and extremely rigid, strong and delivers exceptional long term thermal dimensionally stable structural parts pe
Slide 71: Fluoromaterials: Fluorinated fluids
FLUOROMATERIALS Fluorinated Fluids Fomblin® & Galden® FOMBLIN® High Performance Lubricants for Semiconductor and Aerospace Industries GALDEN® heat transfer fluids cool the dome, walls, and cathode of the etcher (wafer processing) Solvay group presentation – March 1, 2005 - 71 © 2005, SOLVAY S.A. N.V
Slide 72: Fluoromaterials: FluoroElastomers
FLUOROMATERIALS FluoroElastomers Tecnoflon® TECNOFLON® O-Rings, Seals & Molded Parts for Automotive, Aerospace and Semiconductor Industries à used for demanding applications in contact with aggressive fluids, harsh chemicals and in high service temperature environments Solvay group presentation – Ma
Slide 73: Fluoromaterials: Fluoropolymers
FLUOROMATERIALS Fluoropolymers PVDF Solef®, Hylar®, ECTFE Halar® à excellent chemical and ageing resistance, low permeability and high purity for applications demanding excellent mechanical properties Cleanroom Equipment for the Architectural Coatings Semiconductor Industry Solvay group presentation
Slide 74: PZEV design adopted by General Motors and Nissan
PZEV design adopted by General Motors and Nissan àoutperforming the world’s most stringent environmental standards IN PINCH USCAR “SAE 130” standard IN SHELL Lev 2 solution PZEV lines INFILM SNAPIN Internal venting PZEV Canister IN PINCH IN PIPE COEXspud COEX spud Solvay group presentation – March 1
Slide 75: Forward-looking statements
“To the extent that any statements made in this presentation contain information that is not historical, these statements are essentially forward-looking. The achievement of forward-looking statements contained in this presentation is subject to risks and uncertainties because of a number of factors