TIDMCOD
RNS Number : 0373P
Compagnie de Saint-Gobain
04 June 2020
PRESS RELEASE
June 4, 2020, at 5:45pm
GENERAL SHAREHOLDERS' MEETING, jUNE 4, 2020
OPERATIONAL UPDATE AS OF END-MAY
The General Shareholders' Meeting of Compagnie de Saint-Gobain
was held today, exceptionally in closed session given the current
health context. The shareholders represented at the meeting held an
aggregate 66.78% of the outstanding shares. All the resolutions
were adopted.
The Directors' terms of office of Jean-Dominique SENARD, Lead
Independent Director, and I ê da GOMES YELL, Independent Director,
were renewed by the General Shareholders' Meeting. It also ratified
the co-optation of Sibylle DAUNIS as Director representing employee
shareholders decided by the Board of Directors held on March 26,
2020, to replace Jacques PESTRE who retired.
In addition, this General Shareholders' Meeting appointed
Jean-François CIRELLI as a new Independent Director. Frédéric
LEMOINE, whose experience and judgement have contributed
significantly to the Board's debates and decisions, did not wish to
renew his term of office following Wendel's withdrawal from
Saint-Gobain's share capital, and leaves the Board today.
The Board of Directors of Compagnie de Saint-Gobain is composed
of 14 members (including two Employee Directors and one Director
representing employee shareholders). In accordance with the law and
the AFEP-MEDEF Corporate Governance Code, it comprises 45% women
and 82% Independent Directors. There are three Board Committees:
the Audit and Risk Committee, the Nomination and Remuneration
Committee and, as from today, the Corporate Social Responsibility
Committee which succeeds the Strategy and Corporate Social
Responsibility Committee and will be chaired by Agnès
LEMARCHAND.
Given the context of the coronavirus pandemic and the
introduction of partial unemployment measures, the Board of
Directors decided during its April 23, 2020 meeting not to
recommend any dividend distribution to the June 4, 2020 General
Shareholders' Meeting. It considered that this exceptional decision
was in the best interests of the Group and its stakeholders, given
the uncertainty as to the impact and duration of the crisis, and
the caution required at this time. As mentioned at the end of
April, depending on how the situation evolves, Saint-Gobain will
review the Group's shareholder return policy by the end of the
year.
A webcast of the General Shareholders' Meeting and the results
of the vote on each resolution will be available on the Company's
website (www.saint-gobain.com) from tonight.
Update on operations as of end-May
Prioritizing the health and safety of all, the Group continues
to ramp up its operations and is seeing gradual improvement week
after week. Since April, when the overall level of Group activity
for the month reached around 60% of 2019 levels, many countries
have seen a positive evolution in their health and economic
situations. For the month of May, the Group's level of activity
surpassed 80% at comparable working days, with large variations by
market and country.
- High Performance Solutions (HPS) : automotive activities
gradually picked up again in May with a low level of activity,
except in China which has already significantly surpassed last
year's levels. Activities serving industrial markets, less impacted
than the automotive sector, continue to improve. The Construction
Industry business is operating moderately below 2019 levels, while
the Life Sciences business continues to show good growth.
- Northern Europe: disruptions continue to vary widely from one
country to the next across the Region. By the end of May Nordic
countries had almost reached 2019 levels. Germany and Eastern
Europe are still seeing activity levels below those of last year,
mainly due to the gradual restart of glass production sites which
serve both the automotive and construction markets. The UK has seen
activity levels progress by around 10% per week since the low point
of mid-April when activity was at a virtual standstill, reaching
around 70% of 2019 levels in the last week of May.
- Southern Europe - Middle East & Africa: since mid-April
where the level of activity surpassed 50% of 2019 levels, the
Region has shown an improvement each week to surpass 80% for the
month of May at comparable working days. In France, activity in
Distribution came close to the 2019 level in the last week of May
with big differences by region and brand. Spain and Italy are
picking up gradually, but remain below the average level of the
Region. The Netherlands remain close to a normal level of activity,
while the Middle East and Africa remain impacted to varying
degrees.
- Americas: North America has faced a contrasting situation
state by state, but has shown constant improvement since the low
point of mid-April. Activity in May moved closer to 2019 levels
thanks to significant volumes in exterior solutions and a rebound
in gypsum volumes. In Latin America, despite the health situation
remaining difficult, activity is picking up week after week, from
40% in mid-April to around 80% in May with a ramp-up in Brazil.
- Asia-Pacific: after the gradual restart of all its production
sites in China in March, sales have now reached the level recorded
for the same period in 2019. India remains severely disrupted with
the restart dependent on the relaxing of confinement measures. The
situation is varied across South-East Asia with a strong rebound in
Vietnam where activity has surpassed 2019 levels, but disruptions
still relatively significant in Thailand and neighboring
countries.
In this context, the Group confirms its outlook set out at the
end of April with the first quarter sales release. Given the impact
of the global economic crisis caused by the coronavirus, the Group
expects a challenging second quarter 2020 before a recovery in the
second half. Actions to preserve cash and to reduce costs and
discretionary expenses continue at a good pace and we expect to
stop using partial unemployment schemes at the end of June. The
sale of our stake in Sika under very good conditions has allowed
the balance sheet and liquidity position of Saint-Gobain to be
strengthened further.
Due to the scale of the current uncertainties and the very
different patterns of recovery from one country to the next, the
Group is still not in a position to give an earnings outlook for
2020.
Saint-Gobain's medium and long-term outlook remains robust
thanks to its enhanced profile as part of "Transform & Grow"
and to its successful strategic choices. The strategy of
differentiation and innovation puts Saint-Gobain in the best
position to benefit from its three profitable growth drivers:
protecting our planet with sustainable solutions, health and
comfort for all, productivity.
ABOUT SAINT-GOBAIN
Saint-Gobain designs, manufactures and distributes materials and
solutions which are key ingredients in the wellbeing of each of us
and the future of all. They can be found everywhere in our living
places and our daily life: in buildings, transportation,
infrastructure and in many industrial applications. They provide
comfort, performance and safety while addressing the challenges of
sustainable construction, resource efficiency and climate
change.
EUR42.6 billion in sales in 2019
Operates in 68 countries
More than 170,000 employees
For more information about Saint-Gobain
Visit www.saint-gobain.com
and follow us on Twitter @saintgobain
Analyst/Investor relations Press relations
+33 1 88 54 +33 1 88 54 23
29 77 45
+33 1 88 54 +33 1 88 54
Vivien Dardel 19 09 Laurence Pernot 26 83
Floriana Michalowska +33 1 88 54 Patricia Marie +33 1 88 54
Christelle Gannage 15 49 Susanne Trabitzsch 27 96
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END
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