TIDMCOD
RNS Number : 9799G
Compagnie de Saint-Gobain
29 July 2021
PRESS RELEASE
Paris, July 29, 2021 , 6: 00pm
First-half 2021 results
New records for all performance indicators
-- +11.9% in organic growth versus first-half 2019 and +27.4% versus first-half 2020:
o +7.6% in volumes versus first-half 2019: strong momentum on
underlying markets and market share gains
o +4.3% in prices versus first-half 2019 (+3.9% versus
first-half 2020), an acceleration in a far more inflationary
environment
-- +53% in like-for-like operating income versus first-half 2019, to EUR2,376 million
-- 10.7% operating margin in first-half 2021 versus 7.6% in first-half 2019
-- Successful conclusion of "Transform & Grow", with
objectives significantly exceeded : 10.4% operating margin on a
rolling 12-month basis
-- +34% in EBITDA versus first-half 2019 to EUR3,248 million, and EBITDA margin at 14.7%
-- +60% in recurring net income versus first-half 2019 to EUR1,506 million
-- +47% in free cash flow versus first-half 2020 to EUR2,461
million with a conversion ratio of 84%
2021 operating income target raised:
record figure for the full year
Enhanced growth and profitability profile
as a leading player in light and sustainable construction
Benoit Bazin, Chief Executive Officer of Saint-Gobain,
commented:
"These first-half 2021 record results surpass even our
second-half 2020 performance. This success reflects the profound
positive changes in our organization from "Transform & Grow" -
streamlined, agile and closely aligned with its customers - thanks
to our extremely committed teams who have stepped up to the
challenge across the globe in this unprecedented period. It also
reflects structural changes in our markets, which should show an
acceleration in growth over the coming years. With divestitures of
EUR5.3 billion in sales either closed or signed since the end of
2018, the Group continues to optimize its profile. Saint-Gobain is
now on a new growth and profitability trajectory and is affirming
its position as a leading player in decarbonization solutions for
construction and industry, thanks to its comprehensive range of
integrated and light solutions providing customers with
sustainability and performance.
Against this supportive backdrop, we are targeting a very strong
increase in operating income over full-year 2021 to a new all-time
high, and for second-half 2021 we are confident in the Group's
ability to deliver like-for-like operating income close to the
previous record of second-half 2020."
Group operating performance
First-half consolidated sales were up 11.9% on first-half 2019
on a like-for-like basis (up 9.0% in the first quarter and 14.7% in
the second). This acceleration in organic growth was supported by
the Group's comprehensive range of solutions for sustainability and
performance. It reflects market share gains and very good momentum
across our segments, particularly renovation in Europe, and
construction in the Americas and in Asia-Pacific. Overall, our main
industrial markets continued their sequential improvement,
excluding the automotive market in Europe.
Group volumes were up by 7.6% on first-half 2019 and the price
increase accelerated to 4.3% (3.9% versus first-half 2020, of which
2.6% in the first quarter and 5.1% in the second) amid increased
energy and raw material cost inflation.
On a reported basis , sales totaled EUR22,131 million, up 24.6%
year-on-year and up 2.1% on first-half 2019. The 2.6% negative
currency effect compared to first-half 2020 mainly reflects the
depreciation of the US dollar, Brazilian real and other emerging
country currencies.
Changes in Group structure had a negative 0.2% impact compared
to first-half 2020, due to the ongoing optimization of the Group's
profile, with total divestitures of EUR5.3 billion in sales either
closed or signed since the end of 2018. The sale of the Pipe
business in China was finalized on July 28, while closing of the
transaction relating to the sale of Saint-Gobain's Distribution
activities in the Netherlands is expected to occur on July 30,
2021.
In terms of acquisitions, the Group has integrated several
companies on targeted fast-growing markets such as Brüggemann in
turnkey modular timber construction solutions in Germany and
Strikolith in exterior insulation systems in the Netherlands . Over
the first six months of 2021, Continental Building Products
(plasterboard in the US) generated USD 289 million in sales and USD
82 million in EBITDA (versus USD 50 million in first-half 2020),
representing an EBITDA margin of 28.4% (20.8% in first-half 2020).
Synergies exceeded USD 20 million in the first half of 2021.
Note that in light of the hyperinflationary environment in
Argentina, this country which represents less than 1% of the
Group's consolidated sales, is excluded from the like-for-like
analysis.
Consolidated operating income hit a new record in first-half
2021, at EUR2,376 million (after EUR2,028 million in second-half
2020), a like-for-like rise of 53% on first-half 2019.
The Group's operating margin hit another all-time high of 10.7%
in first-half 2021 (after a record 10.0% in second-half 2020),
compared to 7.6% in first-half 2019.
Over the past 12 months, the Group's operating margin was 10.4%
(versus 7.7% in 2018), significantly exceeding the objectives set
out in "Transform & Grow", and benefiting from:
- A structural improvement linked to the success of "Transform
& Grow" , with a 60 bps increase thanks to EUR 250 million in
recurring and structural savings in the context of the new
organization, and an additional 60 bps increase linked to the
successful optimization of the Group's profile;
- A structurally improved volume dynamic with a very good
leverage effect , adding around 60 bps to the margin, thanks in
particular to increased demand on the renovation market
post-pandemic, which the Group has been able to take full advantage
of thanks to its new organization close to customers in each
country or market;
- One-off or temporary impacts adding around 90 bps to the
margin : generation of a positive price-cost spread of around
EUR235 million (EUR110 million in second-half 2020 and EUR125
million in first-half 2021), a low level of overhead costs thanks
to reduced discretionary spending, and post-coronavirus catch-up
effects.
Operating performance by segment ( like-for-like sales)
High Performance Solutions (HPS): slight growth in sales versus
first-half 2019 and sequential margin improvement
HPS sales were up by 2.0% on first-half 2019, benefiting from
the improvement in our main industrial markets excluding European
automotive. The operating margin was 13.5% versus 13.0% in
first-half 2019 and 14.4% in first-half 2018, continuing its
sequential improvement after 11.1% in second-half 2020.
- The Mobility business saw strong sales growth against a
prior-year comparison basis affected by automotive manufacturing
plant shutdowns. However, sales remained around 3% down on the
first half of 2019, owing to the contraction in the European
market, while sales to the Americas and China were up sharply.
Supply chain tensions related to the shortage of semi-conductors
weighed on trading in the second quarter to some extent. Mobility
continued to outperform the automotive market in the period, thanks
to its increasing exposure to electric vehicles and to high
value-added products.
- Businesses serving Industry also rebounded strongly against a
weak first-half 2020 comparison basis and were up slightly on
first-half 2019. Surface finishing solutions were notably driven by
Do-It-Yourself (DIY) markets. Activities related to our customers'
investment cycles continued to report a sequential improvement, but
remained down on first-half 2019.
- Businesses serving the Construction Industry, little affected
by the pandemic in first-half 2020, continued to deliver
double-digit growth and to benefit from gains in market share and
upbeat trends in textile solutions for external thermal insulation
systems (ETICS).
- Life Sciences , which was up in first-half 2020, enjoyed
double-digit growth with good momentum in the pharmaceutical and
medical sector, buoyed by its recent capacity investments.
Northern Europe: growth in sales driven by renovation and a good
margin level
Sales in Northern Europe progressed by 9.9% compared to
first-half 2019 in a Region in which the UK was the only country to
have been severely impacted by the coronavirus pandemic in
first-half 2020. All countries in the Region reported growth, due
in particular to households reallocating savings towards renovation
spending. The operating margin for the Region came in at 7.9%
versus 6.0% in first-half 2019, buoyed by good volume trends, an
optimized business profile, structural cost reductions and
post-coronavirus adaptation measures.
Nordic countries , which were up in first-half 2020, continued
to deliver solid growth, particularly thanks to the success of our
omnichannel digital strategy in a supportive renovation market.
Germany enjoyed stronger momentum on dynamic construction markets,
and notably in modular timber construction, other light and
sustainable construction, and related construction chemicals
applications. The UK saw an acceleration in growth in the period
compared to first-half 2019, led by double-digit growth in the
second quarter in sales to trade professionals via Distribution,
which benefited from the network optimization carried out in 2019
and 2020. Eastern Europe reported robust growth.
Southern Europe - Middle East & Africa: strong sales
momentum in the renovation market and record margin
Sales for the Southern Europe - Middle East & Africa Region
enjoyed strong momentum, up 13.1% on first-half 2019, reflecting
the Group's outperformance on flourishing renovation markets and
households prioritizing spending on renovation. The operating
margin for the Region came in at a record 9.1% (a clear sequential
increase after 8.0% in second-half 2020), up from 5.0% in
first-half 2019, thanks to the very good volume dynamic in the
renovation market, productivity gains from our teams, and the
impact of divestments and structural cost reductions.
France 's compelling performance drove the Region's growth, with
market share gains and robust demand for renovation work which
benefited the Group's energy efficiency solutions both manufactured
and sold on a large scale thanks to the unrivalled presence of
Saint-Gobain's Distribution network, our digital services for trade
professionals and our intermediation platform for end-customers.
The full impact of France's household stimulus package
MaPrimeRénov' for home renovation contributed to the good overall
dynamic, with more than 380,000 projects submitted in the first
half. In terms of renovation of public buildings, the first effects
of the stimulus plan should begin to be felt in late 2021 or early
2022. Spain advanced, particularly in light construction solutions
and construction chemicals, despite the closure of a flat glass
manufacturing plant in 2020 as part of the optimization of our
industrial footprint. Italy continued to benefit from support for
energy-efficient renovation in the form of tax credits, which
helped accelerate growth. Benelux, which was relatively unaffected
by the lockdown measures in first-half 2020, was also up. The
acquisition of Strikolith in the Netherlands has enhanced the
Group's offering in the fast-growing exterior insulation systems
market. Middle East and African countries progressed very
strongly.
Americas: sharp growth in sales and record margin
After delivering an already strong performance with 15.7% growth
in the second half of 2020, sales for the Americas were up 25.2% on
first-half 2019 in very dynamic markets. The first-half performance
also benefited from double-digit price increases. The operating
margin for the Region came in at a record 17.0% versus 9.0% in
first-half 2019, mainly supported by double-digit growth in volumes
and by a clear positive raw material and energy price-cost
spread.
- North America progressed by 19.9% versus first-half 2019,
driven by particularly strong demand in single-family homes, and by
the acceleration in the price increase - in both interior and
exterior solutions - in a far more inflationary environment. Sales
synergies are bearing fruit and accelerating sales growth. Our
extremely agile local organization enabled us to overcome strong
tensions on supply chains, leading all businesses to report a clear
increase in sales. Light construction continued to deliver an
excellent performance, thanks particularly to the successful
integration of Continental Building Products.
- Latin America achieved further vigorous growth in terms of
both volumes and prices, enabling it to manage inflation. Despite a
challenging health situation for part of the first half, especially
in Brazil, the Region reported impressive growth of 37.1% compared
to first-half 2019, driven by façade solutions, construction
chemicals applications and interior solutions. Thanks to the local
organization and an approach in which the Group's full range of
solutions can be offered to customers, Latin America continues to
see sales synergies and market share gains.
Asia-Pacific: strong sales and margin growth
The Asia-Pacific Region saw 16.2% organic growth versus
first-half 2019, led by China and despite a challenging health
situation in India. The operating margin for the Region came in at
11.2%, versus 9.5% in first-half 2019, driven by China and India,
despite the challenging health context in the latter.
China reported very dynamic growth, which accelerated in the
second quarter versus 2019 thanks to an upbeat market and to market
share gains in construction solutions. India rebounded sharply
compared to first-half 2020, when the pandemic had caused the
country to come to a standstill, and was up slightly on first-half
2019 thanks to increased sales prices. After a good first-quarter
2021 with double-digit organic growth compared to pre-Covid levels,
the second quarter was penalized by a deteriorating health
situation. South-East Asia reported a very mixed picture in terms
of recovery, buoyed by business growth in Vietnam where we
continued to capture market share, but with most other countries
still below 2019 levels.
ESG: solid progress in the 2030 roadmap in first-half 2021
A total of 1,000 initiatives have been logged since the launch
of the internal Carbon Fund to engage all of the Group's employees
on the road to carbon neutrality. First implemented in Northern
Europe, it aims to accelerate the reduction of non-industrial CO(2)
emissions through the everyday actions of employees and targeted
investments in sites. This Carbon Fund is based on Saint-Gobain's
internal carbon price and converts part of the CO(2) emissions
reductions achieved into financing for projects which themselves
seek to reduce the Group's carbon footprint, creating a virtuous
circle.
The Group has recently increased its internal carbon prices to
EUR50 per ton for investment decisions and to EUR150 per ton for
R&D investments in disruptive technologies.
Saint-Gobain has also committed to supporting 1,000 complete
energy renovation projects from employees eligible for France's new
reinforced MaPrimeRénov' stimulus package.
Elsewhere, the Group has signed Power Purchase Agreements (PPA)
which will enable it to achieve almost 40% of green electricity in
2021, double that in 2020. The latest PPA was signed in March for a
capacity of 120 megawatts (MW) of a wind farm in the US. The
renewable energy certificates related to this agreement represent
40% of the Group's CO(2) emissions from electricity in the US.
Each year through to 2030, the Group will also dedicate a budget
of EUR100 million to targeted capital expenditure and research and
development to reduce its industrial CO (2) emissions.
As part of this, Saint-Gobain is to invest in Fredrikstad in
Norway to create the world's first carbon-neutral plasterboard
plant. This project will eliminate more than 20,000 tons of CO(2)
emissions per year and reduce the site's energy consumption. This
investment is a tangible demonstration of Saint-Gobain's commitment
to reduce its scope 1 and 2 emissions by 33% by 2030 compared to
2017, as part of its key target to become carbon neutral by
2050.
Lastly, the Group has recently decided to build a sixth flat
glass production plant in India. The plant will enable Saint-Gobain
to reduce CO(2) emissions by 25% per square meter of flat glass ,
thanks in particular to heat recovery, the use of recycled cullet
and solar panels.
Analysis of the consolidated financial statements for first-half
2021
The unaudited interim consolidated financial statements for
first-half 2021 were subject to a limited review by the statutory
auditors and adopted by the Board of Directors on July 29,
2021.
H1 2019 H1 2020 H1 2021 % change
-------- -------- -------- ----------------------
in EUR million 2021/2019 2021/2020
-------- -------- -------- ---------- ----------
Sales 21,677 17,764 22,131 2.1% 24.6%
Operating income 1,638 827 2,376 45.1% 187.3%
Operating depreciation and amortization 947 950 954 0.7% 0.4%
Non-operating costs -168 -142 -82 51.2% 42.3%
EBITDA 2,417 1,635 3,248 34.4% 98.7%
Capital gains and losses on
disposals, asset write-downs
and impact of changes in Group
structure -217 -734 -150 30.9% 79.6%
Business income (loss) 1,253 -49 2,144 71.1% n.s.
Net financial expense -250 -234 -213 14.8% 9.0%
Dividends received from investments 28 34 0 n.s. n.s.
Income tax -318 -183 -593 -86.5% -224.0%
Share in net income (loss) of
associates 1 -1 2 n.s. n.s.
Net income (loss) before non-controlling
interests 714 -433 1,340 87.7% 409.5%
Non-controlling interests 25 1 42 68.0% n.s.
Net attributable income (loss) 689 -434 1,298 88.4% 399.1%
Earnings (loss) per share (2)
(in EUR) 1.27 -0.81 2.45 92.9% 402.5%
Recurring net income (1) 944 272 1,506 59.5% 453.7%
Recurring earnings per share(2)
(in EUR) 1.74 0.51 2.85 63.8% 458.8%
EBITDA 2,417 1,635 3,248 34.4% 98.7%
Depreciation of right-of-use
assets -340 -336 -333 2.1% 0.9%
Net financial expense -250 -234 -213 14.8% 9.0%
Income tax -318 -183 -593 -86.5% -224.0%
Capital expenditure(3) -682 -447 -431 -36.8% -3.6%
o/w additional capacity investments 220 155 121 -45.0% -21.9%
Changes in working capital requirement(4) -357 1,088 662 285.4% -39.2%
Free cash flow(5) 690 1,678 2,461 256.7% 46.7%
Free cash flow conversion(6) 33% 129% 84%
Lease investments 353 409 285 -19.3% -30.3%
Investments in securities(7) 158 1,256 91 -42.4% -92.8%
Divestments 227 2,434 -79 -134.8% -103.2%
Consolidated net debt 12,799 9,841 7,584 -40.7% -22.9%
------------------------------------------- -------- -------- ---------- ----------
1. Recurring net income = net attributable income excluding
capital gains and losses on disposals, asset write-downs and
material non-recurring provisions
2. Calculated based on the weighted average number of shares
outstanding (529,188,715 shares in 2021, versus 538,242,661 shares
in 2020)
3. Capital expenditure = investments in tangible and intangible assets
4. Change in working capital requirement: over a 12-month period
(see Appendix 4, bottom of "Consolidated cash flow statement")
5. Free cash flow = EBITDA less depreciation of right-of-use
assets, plus net financial expense, plus income tax, less capital
expenditure excluding additional capacity investments, plus change
in working capital requirement over a 12-month period
6. Free cash flow conversion = free cash flow divided by EBITDA,
less depreciation of right-of-use assets
7. Investments in securities: EUR91 million in first-half 2021,
of which EUR80 million in controlled companies
EBITDA climbed 34.4% versus first-half 2019 to a record EUR3,248
million, while the EBITDA margin came in at an all-time high of
14.7%, up from 11.2% in first-half 2019.
Non-operating costs fell to EUR82 million versus EUR142 million
in first-half 2020, with a significant drop in restructuring costs,
as expected. The net balance of capital gains and losses on
disposals, asset write-downs and the impacts of changes in Group
structure represented an expense of EUR150 million (versus an
expense of EUR734 million in first-half 2020), reflecting EUR97
million in asset write-downs and EUR53 million in disposal losses
and impacts relating to changes in Group structure. Business income
was EUR2,144 million versus a business loss of EUR49 million in the
first half of 2020.
Net financial expense excluding dividends from investments
improved, at EUR213 million versus EUR234 million in first-half
2020.
The tax rate on recurring net income was 24.8%, stable compared
to first-half 2019. Income tax was EUR593 million, including an
exceptional EUR105 million which relates to the deferred tax in the
UK (liability method) owing to the rise in the corporate income tax
rate from 19% to 25%.
Recurring net income hit an all-time high of EUR1,506 million
(excluding capital gains and losses on disposals, asset write-downs
and material non-recurring provisions), up from EUR272 million in
first-half 2020 and EUR944 million in first-half 2019.
Net attributable income amounted to EUR1,298 million, compared
to EUR689 million in first-half 2019.
Capital expenditure represented EUR431 million (EUR447 million
in first-half 2020): the abnormally low figure is attributable to
availability restrictions due to the coronavirus pandemic. Certain
planned growth capex projects - in the Construction Industry and in
façade and gypsum solutions in emerging countries (Mexico, India
and China) - will be caught up in second-half 2021 and will round
out the 13 new plants successfully opened over the past 12 months,
mainly to reinforce our leadership on the fast-growing light
construction markets in Asia, Africa and Latin America.
Free cash flow jumped 47% versus first-half 2020 to a record
EUR2,461 million, or 11.1% of sales (9.4% of sales in first-half
2020 and 3.2% in first-half 2019), with a free cash flow conversion
ratio of 84%, buoyed by an almost two-fold increase in EBITDA and
very low levels of working capital requirement and capital
expenditure. Operating working capital requirement came in at 25
days' sales at June 30, 2021, compared to 32 days at end-June 2020
(and 41 days at end-June 2019), with significant depletion of
inventories in order to ensure the best service for our customers.
Inventory levels should be built back up in the second half of
2021.
Investments in securities totaled EUR91 million (versus EUR1,256
million in first-half 2020, mainly reflecting the acquisition of
Continental Building Products).
Divestments represented an outflow of EUR79 million (versus an
inflow of EUR2,434 million in first-half 2020 mainly reflecting the
sale of Sika shares) and mainly related to the sale of Lapeyre
(outflow of EUR193 million), partly offset by other divestments
(Distribution in Spain, advance payment for Pipe in China).
Net debt fell sharply to EUR7.6 billion at June 30, 2021, from
EUR9.8 billion at end-June 2020, thanks to a sharp rise in free
cash flow generation. Excluding IFRS 16, net debt fell to EUR4.5
billion at June 30, 2021, from EUR6.7 billion at end-June 2020. Net
debt represents 39% of consolidated equity compared to 54% at June
30, 2020. The net debt to EBITDA ratio on a rolling 12-month basis
was 1.3 (0.9 excluding IFRS 16) compared to 2.4 (2.0 excluding IFRS
16) at June 30, 2020.
Outlook
In second-half 2021, against a higher comparison basis and in a
macroeconomic and health environment which remains affected by
uncertainties , the Group should continue to benefit from strong
momentum in its main markets - especially renovation in Europe, as
well as construction in the Americas and in Asia-Pacific - and from
a solid operating performance. In this environment, and provided
there is no new major impact relating to the coronavirus pandemic,
Saint-Gobain expects the following trends for its segments:
- High Performance Solutions : continued sequential improvement
in industrial markets, excluding automotive in Europe. Businesses
related to customer investment should rally steadily, although are
expected to remain down on the good level recorded in 2018;
- Europe: continued outperformance in construction led by
renovation and support from stimulus programs, albeit with a high
comparison basis for the summer months and in December, when trade
professionals are expected to take more holiday than in 2020;
- Americas : market growth, particularly residential
construction, in both North and Latin America;
- Asia-Pacific : market growth with continued good momentum in
China, ongoing uncertainty in India and significant health-related
disruptions in South-East Asia.
The Group recalls its priorities:
1) Accelerate growth as leader in light and sustainable
construction, offering decarbonization solutions for construction
and industry
- Outperformance versus the market thanks to an agile
organization focused on its customers in each country and end
market;
- A range of integrated, differentiated and innovative solutions
to help our customers decarbonize;
- Further progress in ESG , with the deployment of our 2030
roadmap towards carbon neutrality in 2050;
- Continued optimization of the Group's profile (divestments and
acquisitions) and integration of Chryso, a leading global player in
construction chemicals.
2) Continue its initiatives focused on profitability and
performance: maintain robust margins and strong free cash flow
generation
- Constant focus on the price-cost spread , thanks to strong
pricing discipline, amid strong inflation in raw material and
energy costs;
- Reduction in costs as part of post-coronavirus adaptation
measures to lower the break-even point of certain businesses, which
should generate EUR150 million in cost savings in 2021 (EUR100
million in first-half 2021 and EUR50 million in second-half 2021)
compared to 2020, following EUR50 million in second-half 2020;
- Reinforcement of the operational excellence program aimed at
offsetting inflation (excluding raw material and energy costs);
- Maintaining the structural improvement in operating working
capital requirement and rebuilding adequate inventories in order to
best serve customers;
- Capital expenditure of around EUR 1.5 billion, focused
strictly on high-growth markets, and ongoing digital
transformation;
- Continued reduction in non-operating costs.
For full-year 2021, the Group is now targeting a very strong
increase in operating income to a new all-time high, with
like-for-like operating income in second-half 2021 close to the
previous record of second-half 2020.
The Group is ideally placed to assist the growing number of
countries committing to carbon-neutrality thanks to its light and
sustainable construction solutions, which are crucial for achieving
this ambition. It is supported by stimulus plans focused on the
energy transition across the globe.
Saint-Gobain's structural medium and long-term outlook is robust
thanks to its successful strategic and organizational choices, and
to the development of a range of integrated solutions for each
country and end market. The strategy of differentiation and
innovation means that Saint-Gobain is ideally placed to provide its
customers with solutions for sustainability and performance. This
strategy is perfectly aligned with the Group's purpose of "Making
the World a better Home ".
Financial calendar
- An information meeting for analysts and investors will be held
on July 30, 2021 at 8:30am (GMT+1), and will be streamed live on
Saint-Gobain's website:
www.saint-gobain.com/
- Investor Day: October 6, 2021 .
- Sales for the first nine months of 2021: October 28, 2021,
after close of trading on the Paris Bourse.
Analyst/Investor relations Press relations
+33 1 88 54 29 +33 1 88 54
77 26 83
+33 1 88 54 19 Patricia Marie +33 1 88 54
Vivien Dardel 09 Bénédicte 14 75
Floriana Michalowska +33 1 88 54 15 Debusschere +33 1 88 54
Christelle Gannage 49 Susanne Trabitzsch 27 96
----------------------- ----------------- ------------------------ ---------------
Glossary
- Indicators of organic growth and like-for-like changes in
sales/operating income reflect the Group's underlying performance
excluding the impact of:
-- changes in Group structure, by calculating indicators for the
year under review based on the scope of consolidation of the
previous half-year period (Group structure impact)
-- changes in foreign exchange rates, by calculating indicators
for the year under review and those for the previous year based on
identical foreign exchange rates for the previous half-year period
(currency impact)
-- changes in applicable accounting policies
- EBITDA = operating income plus operating depreciation and
amortization less non-operating costs
- Operating margin = operating income divided by sales
- Recurring net income = net attributable income excluding
capital gains and losses on disposals, asset write-downs and
material non-recurring provisions.
- Free cash flow = EBITDA less depreciation of right-of-use
assets, plus net financial expense, plus income tax, less capital
expenditure excluding additional capacity investments, plus change
in working capital requirement over a 12-month period
- Free cash flow conversion ratio = free cash flow divided by
EBITDA less depreciation of right-of-use assets
- ESG = Environment, Social, Governance
All indicators contained in this press release (not defined
above or in the footnotes) are explained in the notes to the
financial statements in the interim financial report, available by
clicking here:
https://www.saint-gobain.com/en/finance/information-reglementee/half-yearly-financial-report
EBITDA Note 4
Net debt Note 9
Non-operating costs Note 4
Operating income Note 4
Net financial expense Note 9
Recurring net income Note 4
Business income Note 4
Working capital requirement Note 4
Important disclaimer- forward-looking statements :
This press release contains forward-looking statements with
respect to Saint-Gobain's financial condition, results, business,
strategy, plans and outlook. Forward-looking statements are
generally identified by the use of the words "expect",
"anticipate", "believe", "intend", "estimate", "plan" and similar
expressions. Although Saint-Gobain believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions as at the time of publishing this document,
investors are cautioned that these statements are not guarantees of
its future performance. Actual results may differ materially from
the forward-looking statements as a result of a number of known and
unknown risks, uncertainties and other factors, many of which are
difficult to predict and are generally beyond the control of
Saint-Gobain, including but not limited to the risks described in
the "Risk Factors" section of Saint-Gobain's Universal Registration
Document available on its website ( www.saint-gobain.com ) .
Accordingly, readers of this document are cautioned against relying
on these forward-looking statements. These forward-looking
statements are made as of the date of this document. Saint-Gobain
disclaims any intention or obligation to complete, update or revise
these forward-looking statements, whether as a result of new
information, future events or otherwise.
This press release does not constitute any offer to purchase or
exchange, nor any solicitation of an offer to sell or exchange
securities of Saint-Gobain.
For further information, please visit www.saint-gobain.com .
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