TIDMCOD
RNS Number : 4089E
Compagnie de Saint-Gobain
27 February 2020
PRESS RELEASE
Paris, February 27, 2020, at 5:45pm
2019 Results
Sharp 50.2% rise in free cash flow
Recurring earnings per share up 11.0%
Increase in operating margin of 30 basis points
-- Organic growth at 2.4%, with prices up 1.8% and volumes up 0.6%
-- Increase in operating income to EUR3,390 million, up 5.7% as
reported and 4.7% like-for-like, including a rise of 1.6% in the
second half
-- 30 basis point gain in the operating margin(1) to 8.0% for
the year and 8.4% for the second half
-- Further increase of 10.0% in recurring net income(2) and
11.0% in recurring earnings per share
-- Sharp 50% rise in free cash flow(3) , representing a
significant improvement in the free cash flow conversion ratio(4)
at 44%
-- Reduction in net debt, down to EUR10.5 billion at end-2019 from EUR11.2 billion at end-2018
-- "Transform & Grow" ahead of targets: (1) divestments
representing around EUR3.3 billion in sales, ahead of the initial
target, and continuation of selective acquisitions; (2) cost
savings program delivering results faster than initially expected,
with savings of EUR120 million in 2019 compared to savings of over
EUR80 million announced at the end of July
-- 2019 dividend up to EUR1.38 per share, to be paid wholly in cash
(EURm) 2018 2019 Change Change
Restated(5) like-for-like
Sales 41,774 42,573 1.9% 2.4%
EBITDA(6) 4,649 4,870 4.8%
Operating income 3,207 3,390 5.7% 4.7%
Recurring net income(2) 1,741 1,915 10.0%
Net attributable income 397 1,406 254.2%
Free cash flow(3) 1,236 1,857 50.2%
1. Operating margin = operating income divided by sales.
2. Recurring net income = net attributable income excluding
capital gains and losses on disposals, asset write-downs, material
non-recurring provisions and Sika income.
3. Free cash flow = EBITDA less depreciation of right-of-use
assets, plus net financial expense excluding Sika, plus income tax,
less investments in property, plant and equipment and intangible
assets excluding additional capacity investments, plus changes in
working capital requirement.
4. Free cash flow conversion ratio = free cash flow divided by
EBITDA less depreciation of right-of-use assets.
5. Figures for 2018 have been restated for IFRS 16 with
retroactive effect from January 1, 2018.
6. EBITDA = operating income plus operating depreciation, less
non-operating costs excluding Sika.
Pierre-André de Chalendar, Chairman and Chief Executive Officer
of Saint-Gobain, commented:
"Saint-Gobain has delivered another significant improvement in
its annual results, despite a less supportive market environment in
the second half. Our strategic decisions are paying off, with the
Group's positioning in the buoyant markets of energy-efficient
renovation and other high value-added segments, and the swift and
rigorous execution of our transformation plan. We have exceeded our
commitments in terms of disposals, with around EUR3.3 billion in
sales divested at the end of 2019 for over EUR1 billion. We
continue to optimize our portfolio, with both divestments and
value-creating acquisitions in the context of the new organization.
For 2020, in a more uncertain market environment, Saint-Gobain
should continue to benefit from its attractive positioning and from
the results of its "Transform & Grow" initiative, and is
targeting a further like-for-like increase in operating income with
an uncertainty about the impact of the coronavirus."
Benoit Bazin, Chief Operating Officer of Saint-Gobain,
commented:
"Our teams worked hard to make the roll-out of the new
organization a great success, providing us with added agility and
growth, along with increased efficiency for our customers. Thanks
to the accelerated implementation of our cost savings plan, we were
able to unlock EUR120 million in 2019 compared to over EUR80
million as previously announced. The rotation in our portfolio
helped enhance the Group's growth and profitability profile, thanks
both to the success of our divestment program and the completion of
18 selective acquisitions. The acquisition of Continental Building
Products was finalized quickly on February 3, 2020 and the
integration plan is already in place. It will strengthen our
positioning on the dynamic North American construction market."
2019 performance
The Group's 2019 sales totaled EUR42,573 million, up 1.9% on a
reported basis and up 2.4% like-for-like, with prices up 1.8% in a
less inflationary environment for raw material and energy costs.
Volumes were up 0.6% in a less supportive market environment
overall .
Changes in Group structure had a negative 1.2% impact on sales,
and a particularly negative impact of 4.7% in the fourth quarter,
with negative structure impacts for the year of 5.8% in
Asia-Pacific, of 3.0% in Northern Europe and of 0.4% in Southern
Europe - Middle East & Africa. In 2019, the Group structure
impact also reflects ongoing acquisitions in new niche technologies
and services (Kaimann in technical insulation), in Asia and
emerging countries (Join Leader in adhesives) and to consolidate
our strong positions (Hunter Douglas in specialty ceilings). 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.
Sales growth benefited from a positive 0.7% currency effect,
resulting mainly from the appreciation of the US dollar against the
euro, despite the depreciation of Nordic krona and the Brazilian
real.
Operating income rose once again in 2019, up 5.7% as reported
and 4.7% like-for-like over the year, including a rise of 1.6% in
the second half. The Group's operating margin increased to 8.0%
from 7.7% in 2018 (7.5% as reported prior to the IFRS 16
adjustment), with 8.4% in the second half (versus 8.1% in
second-half 2018).
Acceleration in the Group's transformation continues apace :
- Divestments completed to date for an amount over EUR1 billion
represent sales of approximately EUR3.3 billion, exceeding the
initial target of more than EUR3 billion by the end of 2019. The
full-year operating margin impact is an improvement of more than 40
basis points, reaching the "Transform & Grow" target. In 2019
alone, the positive operating margin impact was 15 basis
points.
- The program to unlock EUR250 million in additional cost
savings over the period 2019-2021 thanks to the new organization is
producing results faster than initially expected, with an
accelerated timetable: a EUR120 million impact on operating income
in 2019 (versus over EUR80 million estimated at the end of July),
and overall savings of EUR200 million in 2020 and EUR250 million in
2021.
The Group also pursued its operational excellence program
(outside the scope of "Transform & Grow"), which aims to offset
inflation excluding that in raw material and energy costs. This
program generated cost savings of EUR310 million in 2019 compared
to 2018.
Segment performance (like-for-like sales)
High Performance Solutions (HPS) sales rose 0.4%, driven by good
pricing progression. Volumes were down slightly, affected by the
slowdown in industrial markets. Against this backdrop, the
operating margin came in at 12.7% compared to 13.4% in 2018, with
12.5% in the second half (compared to 12.4% in second-half
2018).
- Mobility sales were up slightly in a global automotive market
that remains challenging (market volumes down around 6%), but
benefited from a weaker comparison basis in the second half.
Despite the ongoing contraction in Europe and China, the
differentiating strategy focused on high value-added products, in
particular those for electric vehicles, continues to pay off. Our
activities in the aerospace market advanced significantly.
- Activities serving Industry reported a decline in sales, with
a slowdown in industrial markets in most regions in the second
half.
- Activities serving the Construction Industry saw further
growth, buoyed by gains in market share, upbeat trends in external
thermal insulation solutions (ETICS) and recent acquisitions.
- Life Sciences continued to enjoy a strong growth dynamic in
the pharmaceutical and medical sector, aided by recent investments
in additional capacity.
Northern Europe reported a 1.7% rise in sales over the year,
stabilizing in the second half
(-0.2%) with a particularly negative calendar impact in the
fourth quarter.
Sales in Nordic countries rose, particularly in Distribution,
with the renovation market remaining robust but new construction
slowing down. The UK contracted amid a difficult economic
environment, particularly in Distribution in the second half. Sales
in Germany were up slightly despite a decrease in volumes in the
second half with less favorable trends in non-residential; Eastern
Europe continued to advance, benefiting from sales synergies within
each country under the new organization.
The operating margin for the region rose sharply to 6.3% from
5.6% in 2018, fueled by a positive raw material and energy
price-cost spread and the acceleration of "Transform & Grow" in
terms of portfolio optimization and cost savings.
Southern Europe - Middle East & Africa saw a 3.3% rise in
sales over the year and a 2.3% rise in the second half, despite a
particularly negative calendar effect in the fourth quarter.
Distribution continued to drive growth; industrial businesses
progressed, led by energy efficiency solutions and to a lesser
extent, facade solutions (glass and mortars).
France had a good year, buoyed by a construction market where
renovation was supportive despite a slowdown in new construction in
the second half. The Group's energy efficiency renovation solutions
continued to perform strongly, with double-digit growth in
insulation. Distribution continued to progress, benefiting from its
stronger presence in digital and from training initiatives for
trade professionals in the full range of Saint-Gobain solutions.
The reorganization of technical sales teams in the context of the
new organization is also paying off. Other European countries
continued to progress and particularly Spain, driven by sales
synergies unlocked by "Transform & Grow" initiatives and market
share gains. The Middle East and Africa were down, especially
Turkey in a very tough environment. Pipe continued its successful
efforts to improve competitiveness in a difficult export
market.
The operating margin for the region increased sharply, up to
5.4% from 4.6% in 2018, driven by a sharp improvement in France and
the acceleration of cost savings under "Transform & Grow".
The Americas reported 2.9% organic growth.
North America was up 2.1% over the year and 4.7% in the second
half, buoyed by better volumes in gypsum, where we have an enhanced
range of acoustic solutions (specialty ceilings), and in exterior
solutions, where roofing and siding sales teams were successfully
combined. Insulation reported a good overall performance. After a
good start to the year, prices were down slightly in the second
half against a high comparison basis in 2018. Canada retreated over
the year, affected by a decline in the construction market. Latin
America posted 4.6% growth for the year, slowing to 0.5% in the
second half, particularly in Brazil in glass amid a still uncertain
macroeconomic environment.
The operating margin for the region came in at 10.1% compared to
11.2% in 2018, which had been bolstered by a very strong
second-half performance; second-half 2019 (11.2%) improved on the
first half (9.0%) despite a more difficult environment in Latin
America, due chiefly to an upturn in volumes in North America.
Asia-Pacific delivered 4.1% organic growth, spurred by continued
strong momentum in productivity solutions (gypsum and mortars).
Glass declined in the second half owing to lower plant utilization
rates given the contraction in the automotive market which put
pressure on prices.
India progressed significantly, especially in gypsum which
continued to deliver double-digit growth, and in glass to a lesser
extent. The Group has developed a comprehensive integrated offering
in residential and customer productivity improvement solutions
(combining glass, gypsum and mortars) in the country, targeting new
growth niches. Elsewhere in Asia, China reported a good year,
notably benefiting from the start-up of a new plaster plant in the
first half and strong growth in mortars aided by the combination of
marketing and sales teams under the new organization. South-East
Asia was driven by higher volumes, notably in Vietnam, but
continued to face a fiercely competitive environment which put
pressure on sales prices.
The operating margin for the region progressed to 10.6% from
10.4% in 2018, in particular thanks to higher volumes .
Analysis of the 2019 consolidated financial statements
The 2019 consolidated financial statements were approved and
adopted by Saint-Gobain's Board of Directors at its meeting of
February 27, 2020. The consolidated financial statements were
audited and certified by the statutory auditors.
2018 2019 % 2018
Restated change Published
EURm (A) (B) (B)/(A)
------- --------
Sales and ancillary revenue 41,774 42,573 1.9% 41,774
Operating income 3,207 3,390 5.7% 3,122
Operating depreciation and amortization 1,904 1,901 -0.2% 1,202
Non-operating costs (excl. Sika) -462 -421 -8.9% -464
EBITDA 4,649 4,870 4.8% 3,860
Sika non-operating costs 180 0 n.m. 180
Capital gains and losses on disposals,
asset write-downs, corporate acquisition
fees and earn-out payments -2,074 -416 n.m. -2,040
Business income 851 2,553 200.0% 798
Net financial income (expense) 115 -496 n.m. 189
Sika dividends 0 28 n.m. 0
Income tax -492 -631 28.3% -490
Net income before minority interests 474 1,454 206.8% 497
Minority interests 77 48 -37.7% 77
Net attributable income 397 1,406 254.2% 420
Earnings per share (2) (in EUR) 0.73 2.59 254.8% 0.77
Recurring net income (1) 1,741 1,915 10.0% 1,729
Recurring earnings per share(2) (in
EUR) 3.18 3.53 11.0% 3.16
EBITDA 4,649 4,870 4.8% 3,860
Depreciation of right-of-use assets -720 -682 -5.3% 0
Net financial expense (excluding Sika) -486 -496 2.1% -412
Income tax -492 -631 28.3% -490
Investments in property, plant and
equipment and in intangible assets -1,855 -1,818 -2.0% -1,855
o/w additional capacity investments 592 536 -9.5% 592
Change in working capital requirements -452 78 n.m. -453
Free cash flow(3) 1,236 1,857 50.2% 1,242
Free cash flow conversion(4) 31.5% 44.3% n.m. 32.2%
Lease investments 730 955 30.8% 0
Investments in securities(5) 1,699 297 n.m. 1,699
Divestments 148 1,052 n.m. 112
Consolidated net debt 11,189 10,491 -6.2% 8,193
---------- ------- --------
1. Recurring net income = net attributable income excluding
capital gains and losses on disposals, asset write-downs, material
non-recurring provisions and Sika income.
2. Calculated based on the weighted average number of shares
outstanding (542,079,771 shares in 2019, versus 547,105,985 shares
in 2018).
3. Free cash flow = EBITDA less depreciation of right-of-use
assets, plus net financial expense excluding Sika, plus income tax,
less investments in property, plant and equipment and intangible
assets excluding additional capacity investments, plus changes in
working capital requirement.
4. Free cash flow conversion ratio = free cash flow divided by
EBITDA less depreciation of right-of-use assets.
5. Investments in securities: EUR297 million in 2019, of which
EUR261 million in consolidated entities or entities in the process
of being consolidated.
Consolidated sales advanced 2.4% like-for-like, with a positive
1.8% price effect. On a reported basis, sales were 1.9% higher,
with a positive 0.7% currency impact and a negative 1.2% Group
structure impact reflecting the acceleration in the divestment
program.
Consolidated operating income was up 5.7% on a reported basis
and 4.7% like-for-like. The operating margin rose to 8.0% of sales
from 7.7% in 2018 (7.5% as reported before the IFRS 16 adjustment)
. EBITDA increased by 4.8% to EUR4,870 million, while the EBITDA
margin increased to 11.4% of sales from 11.1% in 2018.
Non-operating costs improved, at EUR421 million compared to
EUR462 million in 2018 (excluding a one-off gain of EUR180 million
relating to the Sika transaction), despite EUR130 million in
restructuring costs associated with the execution of the "Transform
& Grow" initiative. The accrual to the provision for the legacy
asbestos liabilities of the former CertainTeed Corporation in the
US now carried by DBMP LLC amounted to EUR88 million in 2019.
The net balance of capital gains and losses on disposals, asset
write-downs and corporate acquisition fees represented an expense
of EUR416 million compared to an expense of EUR2,074 million in
2018. In 2019, this item mainly includes write-downs of businesses
sold. Business income was EUR2,553 million compared to EUR851
million in 2018.
Net financial expense excluding Sika remained virtually stable
at EUR496 million versus EUR486 million in 2018 (excluding a EUR601
million gain relating to the Sika transaction). Dividends received
from Sika totaled EUR28 million.
The income tax rate on recurring net income was 25% (versus 24%
in 2018). Income tax totaled EUR631 million compared to EUR492
million in 2018.
Recurring net income (excluding capital gains and losses, asset
write-downs, material non-recurring provisions and Sika income)
increased 10.0% to EUR1,915 million.
Net attributable income rose sharply to EUR1,406 million from
EUR397 million in 2018.
Investments in property, plant and equipment and intangible
assets (capital expenditure) were down 2.0% to EUR1,818 million and
declined as a percentage of sales, at 4.3% versus 4.4% in 2018.
Additional capacity investments for organic growth represented
EUR536 million, mainly in Life Sciences, Construction Industry,
energy efficiency solutions (in Europe) and facade solutions (glass
in Mexico and India).
Free cash flow increased 50.2% to EUR1,857 million (4.4% of
sales versus 3.0% in 2018), with an increased free cash flow
conversion ratio of 44% (versus 31% in 2018), thanks mainly to a
significant improvement in working capital requirement and a
decrease in non-operating costs. The operating working capital
requirement came in at 27 days' sales at December 31, 2019 compared
to 29 days at December 31, 2018.
Investments in securities totaled EUR297 million (EUR1,699
million in 2018 which included Sika for EUR933 million) and were
made to develop innovative niches (American Seal, HTMS) and the
Group's positions in emerging counties (mortars in Peru,
plasterboard and ceilings in Latin America), and to consolidate our
strong positions (acoustic solutions in the US with Norton
Industries).
Divestments represented EUR1,052 million in 2019 compared to
EUR148 million in 2018, and include the sale of Distribution in
Germany, Hankuk Glass Industries in South Korea, Silicon Carbide
and DMTP in France.
Net debt fell sharply to EUR10.5 billion at end-2019 from
EUR11.2 billion at end-2018 as restated for IFRS 16 which increased
net debt by EUR3.1 billion. The Group took into account a
retroactive impact as of January 1, 2018 following the IFRIC's
November 2019 decision to revise the lease terms for certain
contracts (increasing net debt by EUR182 million). Excluding IFRS
16, the decrease in net debt was even more significant, falling to
EUR7.3 billion at end-2019 from EUR8.1 billion at end-2018.
Acquisitions over the past 12 months represented EUR297 million and
divestments EUR1,052 million. Net debt represents 53% of
consolidated equity compared to 62% as restated at December 31,
2018. The net debt to EBITDA ratio was 2.2 (1.8 excluding IFRS 16)
compared to 2.4 (2.1 excluding IFRS 16) at December 31, 2018.
Update on asbestos claims in the US
Some 2,600 new claims - now carried by DBMP LLC - were filed
against the former CertainTeed Corporation in 2019, stable compared
to 2018. At the same time, around 2,500 claims were settled (versus
4,300 claims in 2018), bringing the total number of outstanding
claims to around 32,700 at December 31, 2019, compared to 32,600 at
December 31, 2018.
A total of USD 59 million in indemnity payments were made in the
year to December 31, 2019. The accrual to the provision for
asbestos-related litigation and related costs amounted to EUR88
million in 2019.
DBMP LLC, which holds the legacy asbestos liabilities of the
former CertainTeed Corporation, filed a voluntary petition for
Chapter 11 relief in the US Bankruptcy Court on January 23, 2020.
This stays all DBMP LLC asbestos-related litigation and all related
costs, allowing DBMP LLC the necessary time and protection to
negotiate an agreement to be approved by all claimants and by the
court.
All estimated costs related to the resolution of the bankruptcy
process of DBMP LLC have been provisioned in the Group financial
statements, at USD 576 million at December 31, 2019.
At this stage of the proceedings, the stay of litigation results
in all legal costs and indemnity payments related to DMBP LLC's
asbestos-related claims being suspended, and no more annual charges
in relation to such claims. As from January 23, 2020, DBMP LLC is
no longer consolidated with the Group (together with its
subsidiary, annual operating income of around EUR12 million).
Shareholder policy
In 2019, the Group bought back 8.5 million shares , contributing
to the reduction in the number of shares outstanding (542.1 million
at December 31, 2019).
At today's meeting, Compagnie de Saint-Gobain's Board of
Directors decided to recommend to the June 4, 2020 Shareholders'
Meeting to pay in cash an increased dividend of EUR1.38 per share.
This dividend represents 39% of recurring net income and a dividend
yield of 3.8% based on the closing share price at December 31, 2019
(EUR36.50). The ex-dividend date has been set at June 8 and the
dividend will be paid on June 10, 2020.
During 2020 the Group will reduce the number of shares
outstanding in accordance with its portfolio optimization and its
wider capital allocation policy.
Strategic priorities: update on "Transform & Grow"
"Transform & Grow": acceleration in portfolio rotation
- Divestments completed to date represent around EUR3.3 billion
in sales, ahead of the objective set for end-2019: Northern Europe
(Distribution in Germany, Optimera in Denmark, glazing installation
in the UK and glass processing in Sweden and Norway, expanded
polystyrene in Germany); Southern Europe - Middle East & Africa
(DMTP, K par K, expanded polystyrene in France, Glassolutions in
the Netherlands); Asia-Pacific (Pipe at Xuzhou in China, Hankuk
Glass Industries in South Korea); High Performance Solutions (
Silicon Carbide). The full-year operating margin impact is over 40
basis points, reaching the "Transform & Grow" objective. The
total amount of divestments represents over EUR1 billion.
- Acquisition of Continental Building Products finalized on
February 3, 2020 for a total enterprise value of EUR1,287 million,
with 2019 sales of USD 505 million and 2019 adjusted EBITDA of USD
126 million before synergies of at least USD 50 million on a
full-year basis in 2022. The newly integrated team, composed of the
most talented employees from the two companies, has already begun
to deploy its action plan to unlock the expected synergies.
- 18 acquisitions completed in 2019 for EUR261 million,
representing full-year sales of EUR189 million and EBITDA of EUR36
million.
- The strategic review of the business portfolio in the context
of the new organization will lead to an additional dynamic of
divestments and acquisitions and has already enabled us to identify
further opportunities for divestments that are currently at various
stages of progress.
"Transform & Grow": acceleration in the cost savings
program
The program to unlock EUR250 million in additional cost savings
by 2021 thanks to the new organization is producing results faster
than initially expected, with an accelerated timetable: a EUR120
million impact in 2019 (versus a previous expectation of over EUR80
million), overall savings of EUR200 million in 2020 (versus a
previous expectation of EUR150 million) and overall savings of
EUR250 million in 2021, with a positive impact on the operating
margin of around 60 basis points.
2020 outlook
In 2020, in an environment marked by certain macroeconomic
uncertainties, Saint-Gobain should continue to benefit from its
attractive positions on the renovation and high value-added
solutions markets. The impact of the coronavirus, which is
affecting our operations in China (where sales represent around 2%
of the Group), is currently difficult to evaluate. In this market
environment, the Group expects the following trends for its
segments:
- High Performance Solutions : continued slowdown in industrial
markets with an easier comparison basis in the automotive
sector;
- Northern Europe : mixed performance overall, with slight
growth expected in Nordic countries but a more uncertain situation
in the UK;
- Southern Europe - Middle East & Africa : overall growth
expected for the region. In France, markets should be supported by
solid renovation activity, while new construction should see a
moderate slowdown;
- Americas : market growth in both North and Latin America;
- Asia-Pacific : further growth excluding coronavirus
impact.
2020 priorities:
1) Improvement in the Group's profitable growth profile , driven
by:
- the continuation of its portfolio optimization (divestments
and acquisitions); the integration of Continental Building
Products;
- the strategy of differentiation and innovation, to improve our
customers' productivity, develop sustainable solutions and
contribute to the well-being of all;
2) Increased free cash flow generation and further increase in
operating margin , driven by:
- constant focus on the price-cost spread thanks to strong
pricing discipline;
- the continuation of its cost savings program in the context of
"Transform & Grow", unlocking additional savings of EUR80
million in 2020 (representing total savings of EUR200 million over
the 2019-2020 period);
- a decrease in property, plant and equipment and intangible
assets investments (capital expenditure) to around EUR1.6 billion
after an investment peak and thanks to continued optimization of
maintenance capital expenditure;
- the continuation of the operational excellence program, aimed
at offsetting inflation (excluding raw material and energy costs):
around EUR300 million in additional cost savings in 2020
(calculated on the 2019 cost base); continued discipline on cost
structure.
For 2020, the Group is targeting a further like-for-like
increase in operating income with an uncertainty about the impact
of the coronavirus.
Financial calendar
- An information meeting for analysts and investors will be held
at 8:30am (GMT+1) on February 28, 2020 and will be broadcast live
on:
https://www.saint-gobain.com/en/full-year-2019-results
- Sales for the first quarter of 2020: April 23, 2020, after
close of trading on the Paris Bourse.
- First-half 2020 results: July 30, 2020, after close of trading
on the Paris Bourse.
Analyst/Investor relations Press relations
+33 1 47 62 30
+33 1 47 62 44 10
29 +33 1 47 62 51
Vivien Dardel +33 1 47 62 35 Laurence Pernot 37
Floriana Michalowska 98 +33 1 47 62 Patricia Marie +33 1 47 62 43
Christelle Gannage 30 93 Susanne Trabitzsch 25
------------------------ ------------------ -------------------------------------------- -----------------
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 the
indicators for the year under review and those for the previous
year based on identical foreign exchange rates for the previous
year (currency impact);
-- changes in applicable accounting policies.
All indicators contained in this press release (not defined in
the footnotes) are explained in the notes to the 2019 consolidated
financial statements, available by clicking here:
https://www.saint-gobain.com/en/full-year-2019-results
The glossary below shows the notes in which you can find an
explanation of each indicator.
Glossary :
EBITDA Note 4
Net debt Note 9
Non-operating costs Note 4
Operating income Note 4
Net financial income (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
Saint-Gobain's 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 .
This information is provided by RNS, the news service of the
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END
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