Compagnie de Saint-Gobain Accounting standards (9768D)
July 01 2019 - 1:07AM
UK Regulatory
TIDMCOD
RNS Number : 9768D
Compagnie de Saint-Gobain
01 July 2019
PRESS RELEASE
July 1(st) , 2019
SAINt-Gobain: Impact of ifrs 16 application
The Group has chosen to apply IFRS 16 using the full
retrospective method at January 1, 2019, with retroactive effect
from January 1, 2018. IFRS 16 aligns the accounting treatment of
operating leases with that of finance leases (subject to the
exemptions set out in the standard). The impact of IFRS 16 on the
Group's consolidated financial statements arises chiefly from
leases of property assets.
Applying this standard will result in a change in presentation
in the consolidated financial statements for the six months ended
June 30, 2019, with restatement of first-half 2018:
- In the balance sheet: a liability will be recognized in
respect of future lease payments and an asset will be recognized in
respect of the right-of-use granted (net value). The difference
between these two amounts will be recognized in equity.
- In the income statement: the rental expense previously
recognized within operating income will partly be recorded in
depreciation and amortization expense, and partly in net financial
expense.
Based on the lease contracts analyzed, the Group estimates that
the impact at the transition date is EUR3,011 million on debt and
EUR2,744 million on right-of-use assets.
The full-year 2018 impact is an increase of +EUR787 million in
EBITDA and +EUR85 million on operating income as detailed below
with the new reporting segments following the Group organization
change as of January 1, 2019.
Operating income H1 2018 2018 H1 2018 2018
(EURm) (EURm) (in % of (in % of
sales) sales)
--------- --------- -----------
Post IFRS 16
High Performance Solutions 532 986 14.4% 13.4%
Northern Europe 388 856 5.2% 5.6%
Southern Europe - ME
& Africa 293 603 4.4% 4.6%
Americas 235 578 9.1% 11.2%
Asia-Pacific 85 194 9.3% 10.4%
Misc. -19 -10 --- ---
Group total post IFRS
16 1,514 3,207 7.3% 7.7%
---------------------------- --------- -----------
Group total pre IFRS
16 1,469 3,122 7.1% 7.5%
Delta IFRS 16 45 85 0.2% 0.2%
---------------------------- --------- -----------
Post IFRS 16
Industry Europe 397 777 7.9% 7.8%
Distribution Europe 284 682 3.0% 3.6%
---------------------------- --------- --------- ----------- -----------
Disclaimer: the data presented are currently being reviewed by
the statutory auditors.
ABOUT SAINT-GOBAIN
Saint-Gobain designs, manufactures and distributes materials and
solutions which are key ingredients in the wellbeing of each of us
and the future of all. They can be found everywhere in our living
places and our daily life: in buildings, transportation,
infrastructure and in many industrial applications. They provide
comfort, performance and safety while addressing the challenges of
sustainable construction, resource efficiency and climate
change.
EUR41.8 billion in sales in 2018
Operates in 68 countries
More than 180,000 employees
To learn more about Saint-Gobain
go to www.saint-gobain.com
Contacts analystes, investisseurs Contacts presse
+33 1 47 62 +33 1 47 62 30
44 29 10
+33 1 47 62 +33 1 47 62 51
Vivien Dardel 35 98 Laurence Pernot 37
Floriana Michalowska +33 1 47 62 Patricia Marie +33 1 47 62 43
Christelle Gannage 30 93 Susanne Trabitzsch 25
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END
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