TIDMCOD
RNS Number : 0585U
Compagnie de Saint-Gobain
28 July 2022
PRESS RELEASE
July 27, 2022, 6:00pm
The worldwide leader
in light & sustainable construction
Excellent first-half 2022 results
2022 outlook confirmed
-- Sales up 15.1%, with dynamic organic growth of 15.0% versus
H1 2021 (double-digit growth for all segments)
-- Positive price-cost spread at the Group level in H1 2022
-- Successful execution of our "Grow & Impact" plan thanks
to the development of energy efficiency and decarbonization
solutions for construction and industry
-- Operating income up 17.5% on H1 2021 to EUR2,791 million (up
13% at constant exchange rates); record margin at 11.0%
-- Record recurring net income, up 20.5% to EUR1,814 million
-- Robust free cash flow of EUR1,686 million, with a conversion ratio of 51%
-- Share buybacks: EUR431 million in H1 2022, net of employee shareholding transactions
A transformed and resilient Group
2022 outlook confirmed: further increase in operating income in
2022
compared to 2021 at constant exchange rates
Benoit Bazin, Chief Executive Officer of Saint-Gobain,
commented:
"Our excellent first-half 2022 performance reflects the profound
changes made in the Group, the successful execution of our "Grow
& Impact" plan, and good momentum on our underlying markets.
Thanks to our comprehensive range of sustainability solutions - for
energy efficiency and decarbonization of construction and industry
- and extensive exposure to the renovation market, the Group is
ideally positioned on robust market fundamentals.
Over the coming quarters, we are ready to adapt as needed to the
consequences of rising interest rates and inflation along with the
geopolitical and energy situation in Europe. Each country CEO has
designed action plans, focusing especially on margins and cash
flow. In this more uncertain environment, our target is to continue
to outperform our markets and our deep transformation will enable
us to demonstrate greater resilience.
Over the past three years, our teams have successfully risen to
the challenges of the coronavirus pandemic, supply chain
disruptions, and a strong inflationary environment. With portfolio
rotation of almost EUR10 billion in sales since the end of 2018,
and with a local organization keenly aware of immediate realities
on the ground, Saint-Gobain has significantly increased its value
creation.
Against this backdrop, I am confident in the Group's 2022
outlook which targets a further increase in operating income
compared to 2021 at constant exchange rates."
Group operating performance
Like-for-like sales rose sharply in first-half 2022, up 15.0% on
first-half 2021. This strong performance reflects the Group's
position as worldwide leader in light and sustainable construction
thanks to its unique range of innovative solutions offering
sustainability and performance rolled out as part of the "Grow
& Impact" plan. It also reflects good momentum across our
segments, which all reported double-digit organic growth, driven in
particular by renovation in Europe and by construction in the
Americas and in Asia.
Thanks to the added value of the Group's solutions, the increase
in prices was 15.3% over the first half (14.5% in the first quarter
and 16.1% in the second) - in a far more inflationary raw material
and energy cost environment - enabling the Group to generate a
positive price-cost spread in the first half.
Faced with a high comparison basis last year, the Group's
volumes stabilized over the first half (down 0.3%), and progressed
8.2% on first-half 2019 (pre-Covid), with the good first-quarter
trends continuing in the second quarter (up 8.2% on 2019).
On a reported basis , sales hit a new record-high of EUR25,481
million, up 15.1% year-on-year. The 3.3% positive currency effect
mainly reflects the appreciation of the US dollar, pound sterling,
Brazilian real and other emerging country currencies.
The Group structure impact reduced sales by 3.2% due to the
ongoing optimization of the Group's profile, in terms of both
disposals (mainly Lapeyre in France, distribution in the
Netherlands and Spain, specialized distribution in the UK,
Glassolutions in Germany and Denmark, and pipe in China) and
acquisitions (mainly Chryso in construction chemicals and
Panofrance, a French specialist in modular timber solutions).
Overall, since the launch of its transformation at the end of 2018,
Saint-Gobain has signed or closed divestments and acquisitions
representing around EUR6.2 billion and EUR3.5 billion in sales,
respectively.
The integration of Chryso is progressing particularly well, with
strong organic growth of 24%, an increase in EBITDA to more than
EUR50 million in the first half (after EUR87 million in EBITDA over
2021 as a whole) and a margin that remains best-in-class.
The acquisition of Kaycan, a leading exterior building materials
player in North America and the top siding player in Canada, is
expected to close on July 29, 2022. The acquisition of GCP Applied
Technologies in construction chemicals is expected to close before
year-end.
Operating income hit a new record in first-half 2022, at
EUR2,791 million, a rise of 17.5% as reported and of 13.0% at
constant exchange rates (up 11.1% like-for-like) versus first-half
2021.
The Group's operating margin hit another all-time high of 11.0%
in first-half 2022 versus 10.7% in first-half 2021, a rise of 370
basis points since the start of the transformation (first-half
2018).
Update on inflation and the energy situation
Amid accelerating inflation, Saint-Gobain now expects its energy
and raw material costs to increase by almost EUR3 billion in 2022
compared to 2021 (versus EUR2.5 billion previously). This inflation
concerns raw materials, freight and energy, especially in Europe.
The Group has hedged around 80% of its natural gas and electricity
purchasing needs for 2022 as a whole and around 60% for 2023.
Saint-Gobain's total energy bill amounted to EUR1.5 billion in
2021, representing 3% of Group sales.
In light of its proactive energy cost hedging policy, the
positive price-cost spread in the first half and the acceleration
of the price effect to 15.3% in the first half, Saint-Gobain is
confident that it will be able to offset the estimated inflation in
raw material and energy costs for 2022.
In those countries most sensitive to Russian gas supplies for
Saint-Gobain, namely Germany, the Czech Republic and Poland (the
latter to become independent of Russian gas at the end of 2022),
the Group has continued to formulate various plans for continuing
its operations, enabling it to significantly mitigate the direct
impact of a potential scenario in which all supplies of Russian gas
are terminated to approximately 2% of consolidated sales through
various levers:
- Classification of priority industries, particularly in glass
and insulation;
- Use of alternative energy sources (heavy fuel or diesel) at
certain sites. In Germany for example, the Group has four float
lines: one has already been converted, and three are currently
being prepared for a conversion by the end of the year;
- Increasing the flexibility of our plants to function with less
energy.
For the whole of Europe, the Group is putting into place
logistics plans for the substitution of production between
countries and has also set up a business continuity plan for the
main gas-consuming manufacturing activities in the event of an
exceptional reduction in supply:
- Glass: in all, Saint-Gobain has 13 float lines in Europe that
are already or will soon be able to operate without Russian gas -
four are already able to operate using alternative energy sources;
four are currently being prepared for a possible conversion by the
end of 2022; and five have very limited exposure to Russian
gas;
- Insulation: more than half of the Group's European plants have
an electricity-powered furnace; additional investments are being
undertaken to use alternative energy sources and thereby maintain
production at facilities where needed;
- Plasterboard: production facilities are extremely flexible;
investments are in progress to convert certain processes to diesel
or liquefied natural gas.
Segment performance (like-for-like sales)
Northern Europe: strong sales growth driven by renovation;
record margin
Sales in the Northern Europe Region were up by 15.2% against a
high comparison basis. Despite some signs of a slowdown in new
construction, renovation markets remained supportive on the back of
demand driven by both government assistance measures and stricter
regulations. Compared to first-half 2019 (pre-Covid), volumes
progressed by around 6% over first-half 2022. The operating margin
for the Region came in at a new record high of 8.2% (versus 7.9% in
first-half 2021 and 6.0% in first-half 2019), thanks to an
optimized business profile, good volume levels and especially
successful efforts to pass on inflation to sales prices.
Nordic countries (13% of consolidated sales) reported further
growth thanks to their successful presence across the entire trade
professional value chain and to a renovation market supported by
energy efficiency projects. The investment to create the world's
first carbon-neutral plasterboard plant in Norway made good
progress, with the plant scheduled to open in 2023. The UK (9% of
consolidated sales) - which has been very active recently in
optimizing its portfolio - reported a satisfactory performance in a
market broadly down on first-half 2021, which had seen a very
strong post-Covid rally. Germany (3% of consolidated sales)
benefited from its solid market positions in energy efficiency
renovation, with enhanced stimulus measures, and is preparing for
increasing uncertainty as to the supply and cost of energy. Eastern
Europe (4% of consolidated sales) reported very strong momentum
thanks to very supportive markets and to market share gains in its
main countries, particularly Poland, the Czech Republic and
Romania.
Southern Europe - Middle East & Africa: strong sales
momentum driven by renovation; robust margin
The Southern Europe - Middle East & Africa Region enjoyed
good momentum, with sales up 13.6% driven by prices owing to a very
high comparison basis for volumes in first-half 2021. Despite some
signs of a slowdown in new construction, all countries in the
Region reported double-digit organic growth as our comprehensive
solutions enabled us to outperform the renovation market. Volumes
progressed by around 7% in first-half 2022 compared to first-half
2019 (pre-Covid). The Region posted an excellent operating margin
of 8.9% (a clear sequential increase after 7.4% in second-half 2021
and 5.0% in first-half 2019), supported by a strongly optimized
profile post-transformation, a good level of prices and volumes,
and productivity gains from our teams.
France (24% of consolidated sales) continued to report good
momentum against a high first-half 2021 comparison basis, driven by
structurally supportive renovation markets - thanks particularly to
a favorable regulatory environment and household stimulus packages
such as MaPrimeRénov', which is to be extended over the coming
years. Trade professionals are still seeing full order books.
Saint-Gobain continued to outperform thanks to its comprehensive
range of innovative and sustainable solutions and to its presence
across the entire value chain. In the current inflationary climate,
the Group has taken the initiative to put in place various measures
to support trade professionals, whether it be transparency and
information on pricing, the timeframe for which a quotation remains
valid, or assistance through optimum credit terms. In France in
May, Saint-Gobain became the first player in the world to achieve
zero-carbon production of flat glass, a technological feat achieved
by using 100% recycled material (cullet) and 100% green energy
produced from biogas and carbon-free electricity. The Group is
beginning to roll out low-carbon flat glass solutions that will be
gradually ramped up from September. Saint-Gobain also launched a
EUR120 million capital expenditure program for insulation in
France, aimed at expanding production capacities, of which EUR20
million is earmarked specifically for efforts to decarbonize
activities and develop the circular economy.
Spain enjoyed further robust growth, especially for light and
sustainable construction solutions, as did Italy where the Group
has fully leveraged its commercial synergies to meet the strong
demand for energy efficiency renovation. Saint-Gobain also
continues to invest to improve its energy mix, for example by
installing solar panels in Italy at its Vidalengo insulation plant.
Benelux held up well in a slowing market, benefiting from the
development of its comprehensive range of renovation solutions with
catalogs for each market, such as schools or hospitals. Middle East
and Africa delivered further robust growth, benefiting from the
opening of new plants and upbeat markets, particularly in Turkey
and Egypt.
Americas: strong sales growth driven by comprehensive light
construction solutions; robust margin
The Americas Region delivered 16.9% organic growth over
first-half 2022, buoyed by a good level of pricing and volumes
against a high comparison basis. Compared to first-half 2019
(pre-Covid), volumes were up by around 15%, supported by strong
demand and market share gains. Operating income for the Region hit
a new record high and the operating margin was 16.9%, driven mainly
by good volume levels and a clear positive raw material and energy
price-cost spread.
- North America progressed by 17.3%, driven by the development
of a comprehensive range of solutions and by good momentum in light
construction - from roofing and siding for the building envelope to
interior performance solutions for user comfort and energy
efficiency. Our local organization close to customers once again
helped us mitigate supply chain tensions. In Canada, the Group
announced a CAD 90 million investment (almost half of which is to
be financed by subsidies) to create the first net-zero carbon
plasterboard production in North America and to increase its
production capacity. In the US, in a market shaped by a structural
housing shortage, the investment of around USD 100 million in the
Peachtree City (Georgia) roofing shingle manufacturing facility
will double the plant's production capacity and offer enhanced
customer service while reducing CO(2) emissions by 14%.
- Latin America reported 15.8% growth, despite a high comparison
basis and a less dynamic macroeconomic environment in Brazil due to
inflation and the three-fold increase in the Central Bank's
interest rates in the past year. Growth in all countries of the
Region continues to be driven by increased sales prices, an
improved mix, newly opened production facilities (Chile, Argentina,
Brazil, Peru and Mexico), and an enhanced geographical footprint
and product range thanks to targeted acquisitions
country-by-country in construction chemicals, especially in
waterproofing (IMPAC in Mexico and Brasprefer in Brazil).
Asia-Pacific: strong sales growth and robust margin
The Asia-Pacific Region reported 29.7% organic growth, led by
India and with moderate growth in China despite a difficult health
situation, leading to an overall acceleration in volumes to 11.3%.
The operating margin for the Region was up sharply at 12.7% (versus
11.2% in first-half 2021 and 9.5% in first-half 2019), supported by
a good volume dynamic.
India delivered another excellent performance with growth of
over 60% on the back of market share gains and an integrated and
innovative range of solutions for energy- and resource-efficient
buildings. The integration of Rockwool India Pvt Ltd. (stone wool
insulation) was completed as planned in early February, and rounds
out the Group's leading positions in façade and interior solutions.
Despite a difficult health situation in the second quarter, China
reported further growth driven by prices, thanks to market share
gains in the supportive light construction sector, where recent
low-carbon building directives will help accelerate growth.
South-East Asia had a good first half - particularly in Vietnam and
Malaysia - driven by the market recovery and the diversified
offering, particularly in construction chemicals.
High Performance Solutions (HPS): accelerating sales growth and
sequential improvement in margin to a good level
HPS sales were up by 12.5%, benefiting from an acceleration in
prices and volumes (up 5.4%) on the back of the broad market
recovery excluding European automotive. The HPS operating margin
came in at 12.9%, a clear sequential improvement (11.4% in
second-half 2021).
- Businesses serving global construction customers reported
record sales and outperformed the market with 21.2% growth. They
continue to benefit from upbeat trends in textile solutions for
external thermal insulation systems (ETICS) thanks to good momentum
in sustainable construction. The very strong trends in Chryso sales
continued, driven by decarbonization in the construction sector.
Integration and growth synergies are progressing well thanks to
excellent Chryso management teams.
- The Mobility business progressed by 5.7%, driven by rising
sales prices and by volume growth in the Americas, India and China
- despite difficulties in the second quarter related to the health
situation - especially in electric vehicles which represent an
increasing proportion of sales. The downturn in Europe continued,
easing however towards the end of the period. Thanks to its very
strong positioning in electric vehicles and high value-added
products, the Mobility business continues to outperform the
automotive market.
- Businesses serving Industry progressed by 16.0%, supported by
activities relating to investment cycles such as ceramic
refractories, which benefit from innovation in specialty materials
and decarbonization technologies for our customers. Thanks to
co-development with customers and the high added-value of the
Group's solutions, the sales momentum was driven by both prices and
volumes. Against this backdrop, Valoref, a pioneer in ceramic
recycling in Europe, plans to expand operations into North America,
China and India.
Analysis of the consolidated financial statements for first-half
2022
The unaudited interim consolidated financial statements for
first-half 2022 were subject to a limited review by the statutory
auditors and adopted by the Board of Directors on July 27,
2022.
in EUR million H1 H1 % change
2021 2022
Sales 22,131 25,481 15.1%
Operating income 2,376 2,791 17.5%
Operating depreciation and amortization 954 992 4.0%
Non-operating costs -82 -100 -22.0%
EBITDA 3,248 3,683 13.4%
Capital gains and losses on disposals,
asset write-downs and impact of
changes in Group structure -150 -198 -32.0%
Business income 2,144 2,493 16.3%
Net financial expense -213 -194 8.9%
Dividends received from investments 1 n.s.
Income tax -593 -530 10.6%
Share in net income of associates 2 4 n.s.
Net income before non-controlling
interests 1,340 1,774 32.4%
Non-controlling interests 42 50 19.0%
Net attributable income 1,298 1,724 32.8%
Earnings per share(2) (in EUR) 2.45 3.34 36.3%
Recurring net income(1) 1,506 1,814 20.5%
Recurring(1) earnings per share(2)
(in EUR) 2.85 3.51 23.2%
EBITDA 3,248 3,683 13.4%
Depreciation of right-of-use assets -333 -350 -5.1%
Net financial expense -213 -194 8.9%
Income tax -593 -530 10.6%
Capital expenditure(3) -431 -590 36.9%
o/w additional capacity investments 121 241 99.2%
Changes in working capital requirement(4) 662 -574 n.s.
Free cash flow(5) 2,461 1,686 -31.5%
Free cash flow conversion(6) 84% 51%
ROCE 15.1% 15.3%
Lease investments 285 395 38.6%
Investments in securities net
of debt acquired(7) 87 283 225.3%
Divestments -79 79 n.s.
Consolidated net debt 7,584 8,276 9.1%
------------------------------------------- ------- ----------
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 (516,797,123 shares in 2022, versus 529,188,715 shares
in 2021).
3. Capital expenditure = investments in tangible and intangible assets.
4. Changes in working capital requirement over a rolling
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 changes
in working capital requirement over a rolling 12-month period.
6. Free cash flow conversion ratio = free cash flow divided by
EBITDA, less depreciation of right-of-use assets.
7. Investments in securities net of debt acquired = EUR283
million in 2022, of which EUR204 million in controlled
companies.
EBITDA climbed 13.4% to a record EUR3,683 million, while the
EBITDA margin came in at 14.5%.
Non-operating costs were EUR100 million versus EUR82 million in
first-half 2021. 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 EUR198 million (versus an
expense of EUR150 million in first-half 2021). It reflects EUR60
million in asset write-downs and Purchasing Price Allocation (PPA)
intangible amortization(1) , and EUR138 million in disposal losses
and impacts relating to changes in Group structure, including EUR77
million relating to litigation in connection with the sale of
Verallia North America in 2014. Business income was up by 16.3% to
EUR2,493 million.
Net financial expense excluding dividends from investments
improved, at EUR194 million versus EUR213 million in first-half
2021.
The tax rate on recurring net income was 24.1% compared to 24.8%
in first-half 2021. Income tax was EUR530 million versus EUR593
million in first-half 2021, which included an exceptional EUR105
million related to deferred tax in the UK (liability method)
following the rise in the corporate income tax rate from 19% to
25%.
Recurring net income hit an all-time high of EUR1,814 million
(excluding capital gains and losses on disposals, asset write-downs
and material non-recurring provisions), a rise of 20.5%.
Net attributable income jumped 32.8% to EUR1,724 million.
Capital expenditure represented EUR590 million (EUR431 million
in first-half 2021, an abnormally low figure due to restrictions
linked to the coronavirus pandemic). The rise in capital
expenditure mainly reflects a two-fold increase in growth capex. In
first-half 2022, the Group opened eight new plants and production
lines to reinforce its leadership on the fast-growing sustainable
construction markets, especially construction chemicals: in Asia
(Vietnam and the Philippines), Latin America (Mexico), Africa
(Kenya) and Europe (Poland and Czech Republic with a 3D printing
site), light construction solutions in India; and mobility in
China.
Free cash flow came in at a good level of EUR1,686 million after
the exceptional 2021 level, representing 6.6% of sales, with a free
cash flow conversion ratio of 51%, in line with our target. This
was attributable to an increase in EBITDA and despite a more normal
level of working capital requirement. Operating working capital
requirement represented 26 days' sales at June 30, 2022, compared
to 25 days at end-June 2021 (and 41 days at end-June 2019), owing
to the expected increase in inventories to ensure the best service
for our customers, and to the impact of inflation on inventory
valuation.
1. The amortization of intangible assets as part of the PPA
process corresponds to the amortization of brands, customer lists
and intellectual property. It is recognized on a separate line
within "Impairment of assets and other business expenses".
Investments in securities net of debt acquired totaled EUR283
million (EUR87 million in first-half 2021), primarily reflecting
the acquisition of IMPAC and Brasprefer in construction chemicals
in Mexico and in Brazil, of Rockwool India Pvt Ltd., and of
technology add-ons like Monofrax LLC in the US.
Divestments totaled EUR79 million (outflow of EUR79 million in
first-half 2021), mainly reflecting the sale of specialized
distribution activities in the UK.
Net debt was up slightly at EUR8.3 billion at June 30, 2022 from
EUR7.6 billion at end-June 2021, driven by high free cash flow
generation despite the more normal level of working capital
requirement, the Chryso acquisition and the share buyback program
(around EUR800 million over 12 months). Net debt represents 36% of
consolidated equity versus 39% at June 30, 2021. The net debt to
EBITDA ratio on a rolling 12-month basis was 1.2 versus 1.3 at June
30, 2021.
Outlook and strategic priorities
2022 outlook
Despite a more uncertain geopolitical and macroeconomic
environment shaped by ongoing disruptions to energy supply chains
in Europe, rising interest rates and continued high inflation that
increase the risks of a slowdown in the new construction market,
the Group should continue to benefit in 2022 from strong momentum
in its main markets - especially renovation in Europe as well as
construction in the Americas and in Asia - and reaffirm its
excellent operating performance thanks to an agile organization and
optimized business model.
Provided there is no new major impact related to the coronavirus
pandemic and the geopolitical situation, Saint-Gobain expects the
following trends for its segments:
- Europe: supportive renovation market requiring comprehensive
solutions within each country, especially for energy
efficiency;
- Americas: upbeat market trends, particularly in residential
construction in North America; less dynamic environment in
Brazil;
- Asia-Pacific: market growth with continued very good momentum
in India and a recovery in South-East Asia; short-term
uncertainties in China owing to coronavirus-related
restrictions;
- High Performance Solutions: market growth with supportive
long-term trends in terms of sustainable construction and a demand
for innovation and new materials for industry decarbonization and
green mobility, despite the low level of the automotive market in
Europe.
Strategic priorities
In a more uncertain environment, the Group's focus in the coming
quarters will be to consolidate its performance, particularly in
terms of resilience and adaptability post-transformation:
- Maintaining the structural improvement in the margin, thanks
to cost savings and the continued optimization of the Group's
profile (representing almost EUR10 billion in sales in terms of
both divestments and acquisitions) carried out since the start of
the transformation, as well as the effectiveness of the new
organization;
- Implementing various business continuity plans for those
European countries with the greatest exposure to gas supplies;
- Action plans prepared and overseen by country CEOs in order to
optimize in real time their P&Ls in terms of either sales
prices, fixed and variable costs, headcount or production
capacities, enabling them to react swiftly and effectively to
market developments.
The Group also continues to implement its strategic priorities
which are fully aligned with the medium and long-term growth
scenario in the "Grow & Impact" plan:
1) Continue our initiatives focused on profitability and
performance: maintain a robust margin and strong free cash flow
generation
- Constant focus on the price-cost spread, with strong pricing
proactivity as in 2021;
- Disciplined continuation of our operational excellence
program;
- Maintaining the structural improvement in operating working
capital requirement while rebuilding a good level of inventories to
best serve customers;
- Capital expenditure of around EUR 1.8 billion, consistent with
the Group's objective of between 3.5% and 4.5% of sales, with
strict allocation to high-growth markets and digital
transformation.
2) Accelerate the Group's growth and impact
- Outperformance versus our markets, thanks notably to our
comprehensive range of integrated, differentiated and innovative
solutions offering sustainability and performance for our
customers, developed within the scope of an organization as close
to the ground as possible in each country or market;
- Strengthen our key role in building a carbon-neutral economy
thanks to our positive-impact solutions, with an ESG strategy
embedded within our operating roadmaps for each country; around
EUR100 million per year allocated in capital expenditure and
R&D investments aimed at reducing direct carbon emissions;
- Ongoing optimization of the Group's profile, with the full
effect of the Chryso integration and preparation for the GCP and
Kaycan integrations, as part of an active, disciplined strategy of
targeted and value-creating acquisitions and divestments.
In this context, Saint-Gobain confirms that it is targeting a further increase in
operating
income in 2022 compared to 2021 at constant exchange rates.
Financial calendar
An information meeting for analysts and investors will be held
at 8:30am (GMT + 1) on July 28, 2022 and will be streamed live on
Saint-Gobain's website: www.saint-gobain.com/
- Sales for the third quarter of 2022: Thursday October 27,
2022, after close of trading on the Paris Bourse.
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 year (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 year (impact at
constant exchange rates);
-- changes in applicable accounting policies.
- EBITDA = operating income plus operating depreciation and
amortization, less non-operating costs.
- Operating margin = operating income divided by sales.
- ESG = Environment, Social, Governance.
- Purchase Price Allocation (PPA): the process of assigning a
fair value to all assets and liabilities acquired and of allocating
the residual goodwill, as required by IFRS 3 (revised) and IAS 38
for business combinations.
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
Net debt Note 10
Non-operating costs Note 5
Operating income Note 5
Net financial expense Note 10
Recurring net income Note 5
Business income Note 5
Working capital requirement Note 5
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 ) and the
main risks and uncertainties presented in the half-year 2022
financial report. 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,
except as required by applicable laws and regulations.
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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR QVLBLLDLZBBD
(END) Dow Jones Newswires
July 28, 2022 12:03 ET (16:03 GMT)
Compagnie De Saint-gobain (LSE:COD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Compagnie De Saint-gobain (LSE:COD)
Historical Stock Chart
From Apr 2023 to Apr 2024