REG - Compagnie St-Gobain - Half-year Report
28/07/2022 17:15
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220728:nRSb0585Ua&default-theme=true
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 €2,791 million (up 13% at
constant exchange rates); record margin at 11.0%
· Record recurring net income, up 20.5% to €1,814 million
· Robust free cash flow of €1,686 million, with a conversion ratio of
51%
· Share buybacks: €431 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 €10 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 €25,481 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 €6.2 billion and
€3.5 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 €50 million in
the first half (after €87 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 €2,791 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 €3 billion in 2022 compared to 2021
(versus €2.5 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 €1.5
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 €120 million capital expenditure
program for insulation in France, aimed at expanding production capacities, of
which €20 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 € 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 -150 -198 -32.0%
in Group structure
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 €) 2.45 3.34 36.3%
Recurring net income(1) 1,506 1,814 20.5%
Recurring(1) earnings per share(2) (in €) 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 = €283 million in
2022, of which €204 million in controlled companies.
EBITDA climbed 13.4% to a record €3,683 million, while the EBITDA margin
came in at 14.5%.
Non-operating costs were €100 million versus €82 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 €198 million (versus an expense of €150 million in first-half
2021). It reflects €60 million in asset write-downs and Purchasing Price
Allocation (PPA) intangible amortization(1), and €138 million in disposal
losses and impacts relating to changes in Group structure, including €77
million relating to litigation in connection with the sale of Verallia North
America in 2014. Business income was up by 16.3% to €2,493 million.
Net financial expense excluding dividends from investments improved, at €194
million versus €213 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 €530 million versus €593 million in first-half 2021,
which included an exceptional €105 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 €1,814 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 €1,724 million.
Capital expenditure represented €590 million (€431 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 €1,686 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 €283 million (€87
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 €79 million (outflow of €79 million in first-half
2021), mainly reflecting the sale of specialized distribution activities in
the UK.
Net debt was up slightly at €8.3 billion at June 30, 2022 from
€7.6 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 €800 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 €10 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 €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 €100 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
(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 (http://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
(http://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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END IR QVLBLLDLZBBDRecent news on Compagnie de Saint Gobain SA
See all newsREG - Compagnie St-Gobain - Acquisition
AnnouncementREG - Compagnie St-Gobain - New organization
AnnouncementREG - Compagnie St-Gobain - AGM Statement
AnnouncementREG - Compagnie St-Gobain - New plant
AnnouncementREG - Compagnie St-Gobain - New plant
Announcement