TIDMCOD
RNS Number : 2085Q
Compagnie de Saint-Gobain
29 July 2010
July 29, 2010
+----------+--+--+--------------------------+------------------+-------------------------+
| | | H1 2010: SHARP UPSWING IN RESULTS |
+----------+--+--------------------------------------------------------------------------+
| | | | | | |
| | | | FIRST-HALF 2010 | H1 2010 | Change |
| | | | KEY FIGURES (EURm) | | H1-10/H1-09 |
+----------+--+--+--------------------------+------------------+-------------------------+
| | | | | 19,529 | |
| | | | Sales | | +4.3% |
+----------+--+--+--------------------------+------------------+-------------------------+
| | | | | 1,445 | |
| | | | Operating income | | +55.4% |
+----------+--+--+--------------------------+------------------+-------------------------+
| | | | Recurring net income¹ | 580 | |
| | | | | | +176.2% |
+----------+--+--+--------------------------+------------------+-------------------------+
| | | | | | |
| | | | Net income² | 501 | +291.4% |
+----------+--+--+--------------------------+------------------+-------------------------+
| | | | | | |
| | | | Free cash flow³ | 987 | +79.5% |
| | | | | | |
+----------+--+--+--------------------------+------------------+-------------------------+
+----------+--+-------------------------------------------------------------------------+
| | | H1 2010: ROLL-OUT OF ACTION PLAN |
+----------+--+-------------------------------------------------------------------------+
| | | |
| | | Ø Sales prices +0.1% over the first half; +0.8% over the |
| | | second quarter |
| | | |
+----------+--+-------------------------------------------------------------------------+
| | | Ø Costs scaled back EUR450m over the first half; EUR600m over |
| | | the year |
| | | |
+----------+--+-------------------------------------------------------------------------+
| | | Ø Free cash flow³ after operating WCR: EUR1.9bn over 12 |
| | | months |
| | | |
+----------+--+-------------------------------------------------------------------------+
| | | Ø EUR1.8bn of net debt paid down over 12 months; gearing |
| | | ratio cut to 51% |
| | | |
+----------+--+-------------------------------------------------------------------------+
| | | Ø Expansion in Asia and emerging countries and in energy |
| | | efficiency markets |
| | | |
+----------+--+-------------------------------------------------------------------------+
+----------+--+-------------------------------------------------------------------------+
| | | 2010 OBJECTIVES: |
| | | - Strong growth in operating income (at constant exchange |
| | | rates), with second-half operating income slightly above |
| | | the first half |
| | | - Free cash flow³: EUR1.4bn versus EUR1.0bn. |
| | | |
+----------+--+-------------------------------------------------------------------------+
1. Excluding capital gains and losses on disposals, asset write-downs and
material non-recurring provisions.
+-----------------------------------------------------------------------------------------------------------------------------------------------+
| 2. Attributable to equity holders of the parent. |
| 3. Excluding the tax effect of capital gains and losses on disposals, asset write-downs and material non-recurring provisions. |
+-----------------------------------------------------------------------------------------------------------------------------------------------+
Operating performance
After a first quarter affected by very cold winter weather in Europe, trading
rebounded sharply overall in the second quarter of 2010, with the Group
reporting 3.9% organic growth. This reflects both a significant upturn in sales
volumes, which rose 3.1% after slipping 1.7% in the first quarter, boosted by a
positive 1.4% impact due to the rise in the number of working days, and upward
trends in prices, which gained 0.8% after falling 0.7% in the first quarter. All
of the Group's Business Sectors and activities contributed to the upswing,
reporting a gradual improvement in market conditions as from March. In the
second quarter as in the first, organic growth continued to be driven overall by
emerging countries and Asia, along with businesses related to industrial output
(each reporting double-digit organic growth in the three months to June 30).
Most of the Group's businesses linked to construction markets in Europe and
North America also reported a relative improvement in trading over the second
quarter, in terms of both volumes and sales prices, partly due to a favorable
basis for comparison. Household consumption remained stable over the first half.
Overall, the Group's organic growth for first-half 2010 came in at 1.0%
(including a positive 0.9% volume impact and a positive 0.1% price effect).
Thanks to the cost savings achieved, Saint-Gobain's operating margin widened
significantly, to 7.4% versus 5.0% for first-half 2009, with a positive
contribution from all of the Group's major geographic areas.
1 ) Performance of Group Business Sectors
Innovative Materials delivered the Group's best organic growth performance, at
13.8%. Trading for the Sector gained momentum in the second quarter compared to
the first (up 17.0% versus 10.4%). The rebound in markets linked to industrial
output intensified over the three months to June 30, both in North America and
Western Europe. The Business Sector was also buoyed by very strong growth in
Asia and emerging countries throughout the first half. Together with the
positive impact of the Group's restructuring programs, this helped drive a
very significant rise in the Sector's operating margin to 10.4% from 2.7% in
first-half 2009.
· Flat Glass reported a 10.1% rise in like-for-like sales over the first
half, following on from the 9.6% increase in the three months to March 30. This
was powered by the strong rally in the global automotive market and robust
growth in Asia and emerging countries, which accounted for 40% of the business'
sales. In contrast, sales of Flat Glass for the building industry in Western
Europe continued to be hit by sluggish construction markets, though they showed
a relative improvement in the second quarter. Despite the steep price increases
for commodity products (float glass) in Europe in first-half 2010, sales prices
for construction glass and for Flat Glass as a whole remained slightly under
2009 levels, due mainly to the time-lag in passing float glass price increases
onto processed products. The operating margin was up sharply, at 7.8% of sales
versus 0.6% of sales for first-half 2009.
· High-Performance Materials (HPM) like-for-like sales surged 19.1% during
the six months to June 30, powered by a 26.3% rise in the second quarter. This
reflects the increased pace of recovery in worldwide industrial output over the
three months to June 30, particularly in North America and to a lesser extent in
Europe. Although trading for the business remained significantly below its
pre-crisis level, the strong upsurge in the operating margin owing to enhanced
operating leverage puts it virtually back to its first-half 2008 level, at 13.5%
of sales compared with 5.5% of sales in first-half 2009.
Like-for-like sales for Construction Products (CP) remained stable over
first-half 2010, with the 2.9% sales advance in the second quarter fully
offsetting the 3.3% drop in sales over the three months to March 30 due to very
poor weather conditions. The Business Sector's operating margin continued on an
upward trend, at 10.1% versus 9.1% in first-half 2009, thanks mainly to the cost
savings achieved.
· Like-for-like sales for the Interior Solutions business slipped 3.6% over
the first half, but edged up 0.9% in the three months to June 30. This chiefly
reflects the relative improvement in market conditions across North America and
all of Europe over the last few months. Markets in Asia and Latin America
continued to enjoy vigorous growth throughout the first half. Despite the sales
price increases implemented in the US during the second quarter, prices on
average remained slightly below the same year-ago period. Operating margin
remained stable, at 6.8% versus 6.7% in first-half 2009.
· Like-for like sales in the Exterior Solutions business rose 3.4% over the
first half, and 4.5% over the second quarter, buoyed by brisk trading conditions
in Asia and Latin America, and strong sales of exterior products in the US,
which offset the sales decline in Europe. The rise in sales prices observed in
the first quarter also gathered pace in the three months to June 30, against a
backdrop of rising raw material costs. As a result, and thanks to the impact of
restructuring efforts, the operating margin continued to improve, up from 11.2%
to 13%.
Building Distribution continued to be affected by persistently tough conditions
on European construction markets throughout the first half and by very slack
trading in the first two months of the year due to harsh winter weather.
First-half sales for the Sector therefore fell 4.1% but were virtually flat in
the second quarter (down 0.1%). This stability reflects widely contrasting
trends across Europe: while trading recovered in the UK, Scandinavia and
Germany, there was a further decline in Southern and Eastern Europe as well as
in the Netherlands, and a more moderate slowdown in France. The Business
Sector's operating margin improved, up to 2.4% of sales from 1.4% of sales in
the year-earlier period, owing mainly to the cost savings achieved.
Packaging continued to report robust trading conditions and earnings, which
remained broadly stable year-on-year. The Sector's operating margin narrowed
slightly, to 12.9% of sales versus 13.4% of sales in first-half 2009, due to a
more significant reduction in its inventories than in first-half 2009.
.
2 ) Analysis by geographic area
The analysis of trading by geographic area reveals a sharp contrast between (i)
the Americas and Asia (27% of consolidated sales), which delivered overall
double-digit growth in the first half, and (ii) Western and Eastern Europe,
which continued to underperform first-half 2009, despite a slight 0.5% sales
advance in the second quarter. However, profitability improved significantly
across all regions, buoyed chiefly by the impact of cost reduction programs.
- In France and other Western European countries, like-for-like sales fell
1.9% and 1.7%, respectively, over the first half, although organic growth was
respectively 1.1% and 1.7% in the second quarter. The strong rebound in markets
related to industrial output over the period as a whole, and the gradual
improvement in construction markets as from March, failed to wholly offset the
impact of cold winter weather in the first two months of the year. Theoperating
margin improved, in both France and other Western European countries.
- North America posted organic growth of 11.4% over first-half 2010 (16.3%
in the second quarter), bolstered by a sharp rally in businesses linked to
industrial output and a robust performance from all other businesses except
Interior Solutions, which suffered from continuing weakness in construction
markets. The region'soperating margin, which was also boosted by the
restructuring measures completed, continued to improve, up to 12.0% of sales
versus 8.8% of sales in the same year-ago period.
- Organic growth in emerging countries and Asia also picked up pace during
the second quarter, at 10.4% versus 8.3% in the three months to March 30,
reflecting both bullish conditions in Asia and Latin America and the relative
improvement in Central and Eastern European economies - particularly Poland - in
the second quarter as compared to the first. The operating margin came in at
9.1% of sales, versus 4.5% one year earlier.
Analysis of the interim consolidated financial statements for first-half 2010
The interim consolidated financial statements set out below were authorized for
issue by the Board of Directors on July 29, 2010:
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | H1 | H1 | % | |
| | 2009 | 2010 | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | EURm | EURm | change | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Sales and ancillary revenue | 18,715 | 19,529 | +4.3% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Operating income | 930 | 1,445 | +55.4% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Non-operating costs | (264) | (193) | -26.9% | |
| EBITDA (op. inc. + operating | 1,686 | 2,220 | +31.7% | |
| depreciation/amortization) | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Capital gains and losses on disposals | (65) | (51) | -21.5% | |
| and exceptional | | | | |
| asset write-downs | | | | |
+ + + + +------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Business income | 601 | 1,201 | +99.8% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Net financial expense | (412) | (387) | -6.1% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Income tax | (53) | (279) | n.m. | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Share in net income of associates | 2 | 3 | +50.0% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Income before minority interests | 138 | 538 | +289.9% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Minority interests | (10) | (37) | +270.0% | |
+ + + + +------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Recurring net income1 | 210 | 580 | +176.2% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Recurring1 earnings per share2 (in EUR) | 0.41 | 1.09 | +165.9% | |
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Net income (attributable to | 128 | 501 | +291.4% | |
| equity holders of the parent) | | | | |
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Earnings per share 2 (in EUR) | 0.25 | 0.94 | +276.0% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Operating depreciation and amortization | 756 | 775 | +2.5% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Cash flow from operations3 | 1,079 | 1,431 | +32.6% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Cash flow from operations excluding | 1,064 | 1,419 | +33.4% | |
| capital gains tax4 | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Capital expenditure | 514 | 432 | -16.0% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Free cash flow (excluding capital gains | 550 | 987 | +79.5% | |
| tax)4 | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| | | | | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Investments in securities | 164 | 36 | -78.0% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
| Net debt | 10,890 | 9,081 | -16.6% | |
+------------------------------------------+--------+--------+----------+------------------------------------------+
1 Excluding capital gains and losses on disposals, asset write-downs
and material non-recurring provisions.
2 Calculated based on the number of shares outstanding at June 30
(530,786,373 shares in 2010 versus 512,893,494 shares in 2009). Based on the
weighted average number of shares outstanding (509,735,208 shares in first-half
2010 versus 439,305,156 shares in first-half 2009), recurring earnings per share
comes out at EUR1.14 (EUR0.48 in first-half 2009), and earnings per share comes out
at EUR0.98 (EUR0.29 in first-half 2009).
3 Excluding material non-recurring provisions.
4 Excluding the tax effect of capital gains and losses on disposals,
asset write-downs and material non-recurring provisions.
Sales increased 4.3%, powered by a strong 3.0% positive currency impact. This
reflects the appreciation of most other currencies against the euro,
particularly Scandinavian currencies and currencies of the main emerging
countries in which the Group operates - especially the Brazilian real. On a
constant exchange rate basis*, sales therefore climbed 1.3%. Changes in the
scope of consolidation had a mild 0.3% positive impact on sales. Like-for-like
(constant Group structure and exchange rates), Group sales rose 1.0%, including
a positive 0.9% volume impact and a positive 0.1% price effect.
Thanks chiefly to the cost savings achieved, the Group's operating
income increased sharply compared to both first-half 2009 (up 55% or 50% at
constant exchange rates*), and the six months to December 31, 2009 (up 12.4%).
This fueled a steep rise in the operating margin, which climbed to 7.4% of sales
(10.7% excluding Building Distribution), versus 5.0% of sales (7.6% excluding
Building Distribution) in first-half 2009 and 6.7% (9.1% excluding Building
Distribution) in the six months to December 31, 2009.
EBITDA (operating income + operating depreciation and amortization) moved up
31.7%. The consolidated EBITDA margin came in at 11.4% of sales (16.2% excluding
Building Distribution), versus 9.0% (13.3% excluding Building Distribution) in
first-half 2009.
Non-operating costs fell 26.9% to EUR193 million (EUR264 million in first-half
2009), thanks to lower restructuring costs. They also include a EUR37.5 million
accrual to the provision for asbestos-related litigation involving CertainTeed
in the United States (unchanged from first-half 2009).
The net balance of capital gains and losses on disposals and exceptional asset
write-downs was a negative EUR51 million, including EUR58 million in exceptional
asset write-downs. Most of these write-downs relate to restructuring plans and
site closures initiated during the period.
Business income totaled EUR1,201 million for the period, twice the figure for
first-half 2009 after taking into account the items mentioned above
(non-operating costs, capital gains/losses on disposals and exceptional asset
write-downs).
Net financial expense fell slightly to EUR387 million from EUR412 million in
first-half 2009. This chiefly reflects the net debt reduction. The average cost
of net debt in the first half of 2010 came out at 5.5%, versus 5.4% in the six
months to June 30, 2009.
Income tax rose sharply from EUR53 million to EUR279 million, reflecting chiefly the
rise in pre-tax income and, to a lesser extent, the business tax reform
introduced in France as of January 1, 2010, which led the Group to reclassify
the new CVAE ("Cotisation sur la Valeur Ajoutée des Entreprises") tax as income
tax.
Recurring net income (excluding capital gains and losses, exceptional asset
write-downs and material non-recurring provisions) leapt 176.2% year-on-year, to
EUR580 million. Based on the number of shares outstanding at June 30, 2010
(530,786,373 shares versus 512,893,494 shares at June 30, 2009), recurring
earnings per share came out at EUR1.09, up 165.9% on first-half 2009 (EUR0.41).
Net income surged 291.4% year-on-year to EUR501 million. Based on the number of
shares outstanding at June 30, 2010 (530,786,373 shares versus 512,893,494
shares at June 30, 2009), earnings per share was EUR0.94, up 276% on first-half
2009 (EUR0.25).
Capital expenditure retreated 16.1% to EUR432 million (EUR514 million in the six
months to June 30, 2009), accounting for 2.2% of sales (2.7% of sales in
first-half 2009). Most of these investments (58%) related to energy efficiency
(Flat Glass - including Solar Power - and Construction Products), and to
selective growth projects in Asia and emerging countries.
Cash flow from operations totaled EUR1,431 million in first-half 2010, up 32.6% on
the same period in 2009. Before the tax impact of capital gains and losses on
disposals and asset write-downs, cash flow from operations climbed 33.4% to
EUR1,419 million, up from EUR1,064 million in first-half 2009.
* Based on average exchange rates for first-half 2009.
Free cash flow (cash flow from operations less capital expenditure) jumped 77.0%
to EUR999 million. Before the tax impact of capital gains and losses on disposals
and asset write-downs, free cash flow was up 79.5% to EUR987 million, or 5.0% of
sales (2.9% of sales in first-half 2009). Consequently, the Group has already
virtually achieved its initial target of EUR1 billion in free cash flow for
full-year 2010.
The difference between EBITDA and capital expenditure increased 52.6% to EUR1,788
million in first-half 2010, versus EUR1,172 million in the year-earlier period,
representing 9.2% of sales (6.3% in first-half 2009).
After seven years of continuous improvements, operating working capital
requirements (WCR) were further cut by 2 days (to 45 days' sales at June 30,
2010), despite the negative impact of the "LME" ("Loi de Modernisation
Financière") in France and the depreciation of the euro. This represents a cash
gain of EUR421 million over 12 months.
Investments in securities totaled EUR36 million (down 78% on first-half 2009), and
primarily related to acquisitions in solar power and energy efficiency as well
as in emerging countries for the High-Performance Materials Sector.
Net debt stood at EUR9.1 billion at June 30, 2010, down EUR1.8 billion, or 16.6%, on
June 30, 2009 (EUR10.9 billion) on the back of the strong free cash flow generated
and the improvements in working capital requirements unlocked over the last 12
months. Net debt came out at 51% of shareholders' equity, compared with 67% at
June 30, 2009. The net debt to EBITDA ratio came out at 2.1X, versus 2.7X a year
earlier.
Update on asbestos claims in the US
Some 2,000 claims were filed against CertainTeed in the six months to June 30,
2010, as in first-half 2009. During the same period, 2,000 claims were settled
(versus 3,000 in first-half 2009), bringing the total number of outstanding
claims to 64,000 at June 30, 2010, stable compared to December 31, 2009.
A total of USD 96 million in indemnity payments were made in the United States
over the 12 months to June 30, 2010, versus USD 77 million in the year to
December 31, 2009.
Strong capacity to adapt to changes in the Group's markets
In a persistently fragile economic climate marked by sharply contrasting trends
from one country to the next, in first-half 2010 Saint-Gobain again demonstrated
its strong capacity to adapt to changes in its markets. The Group continued to
scale back costs in businesses and/or countries still affected by lackluster
markets, while leveraging development opportunities in businesses and countries
enjoying fast-paced growth.
In the first half of 2010, Saint-Gobain:
· continued to give clear operating priority to sales prices, which inched
up 0.1% over the period and 0.8% in the second quarter.
· extended its cost cutting program across all of its businesses:
- EUR450 million in additional cost savings were unlocked in first-half
2010 compared with the six months to June 30, 2009, including EUR400 million
carried over from second-half 2009 and EUR50 million regarding the program
launched at the beginning of 2010 targeting additional savings of EUR200 million
over the year;
- for full-year 2010, the Group confirms its target of EUR600 million in
additional cost savings compared to 2009, bringing the total cost savings
realized in 2008, 2009 and 2010 to EUR2.1 billion.
· continued to optimize free cash flow generation, by:
- maintaining a tight rein on operating working capital requirements (WCR),
which fell by EUR421 million (a reduction of 2 days' sales) over the 12 months to
June 30, 2010;
- generating EUR1,456 million in free cash flow over the 12 months to June 30,
2010 (excluding the tax impact of capital gains and losses on disposals,
exceptional asset write-downs and material non-recurring provisions).
Accordingly,over the 12 months to end-June, the Group exceeded its all-time high
recorded at June 30, 2009 (EUR1,797 million), and generated EUR1,877 million in free
cash flow after operating WCR.
· curbed investment expenditure (capex and investments in securities),
which totaled EUR468 million, representing a reduction of 31% year-on-year.
· continued to reorganize its HPM portfolio, by selling its "Advanced
Ceramics" business** on very favorable financial terms, while carrying out
various acquisitions in emerging countries.
· Thanks to these measures, coupled with the payment of 72% of the 2009
dividend in stock, the Group paid down EUR1.8 billion in net debt (over one year)
and strengthened its balance sheet: the gearing ratio has been cut to 51% versus
67% at June 30, 2009.
· The Group's development in fast-growing businesses and countries also
continued apace in first-half 2010, accounting for 58% of its capital
expenditure.
In the second half of the year, the Group will continue to resolutely pursue its
policy of adapting to change on an ongoing basis.
Outlook and objectives for full-year 2010
After broadly encouraging trading conditions in the six months to June 30, 2010
- and especially in the second quarter - the Group expects the global economic
climate to remain fragile in second-half 2010, with varying trends from one
country to the next. However, the overall improvement observed since the
beginning of the year should continue, with:
- ongoing vigorous growth in Latin America and Asia. Conditions should remain
broadly challenging in most Eastern European countries, with the exception of
Poland, which should confirm and accelerate its return to growth.
- continuing strong momentum in North America for Group businesses related to
industrial output and household consumption. In construction, market conditions
should remain fragile, but improve on the whole.
- consolidation of the relative improvement observed since March in Western
European residential construction markets. However, trends will continue to vary
widely from one country to the next (recovery in the UK, Scandinavia and
Germany; further decline in Southern Europe; relative stabilization in France).
Industrial markets are expected to remain healthy.
For the Group as a whole, these trends should help confirm the slight pick-up in
sales volumes and ongoing improvement in operations in the second half, despite
a higher comparison basis, especially in the fourth quarter.
Along the lines of the achievements of the six months to June 30, the Group will
continue to pursue its action plan priorities, and:
- continue to give priority to sales prices, following the 0.8% rise in the
second quarter.
- continue to demonstrate its ability to adapt to changing market
conditions. In particular, in the second half of the year it will complete its
EUR200 million cost cutting program for 2010, resulting in EUR600 million more cost
savings than in 2009.
- pursue R&D efforts.
- maintain strict financial discipline.
** with effect from second-half 2010.
- lastly, thanks to its enhanced financial structure and financial
potential, it will stand ready to leverage any growth opportunities that arise
in its markets, through a highly selective investment policy (capex and
investments in securities) focused on Asia and emerging countries, energy
efficiency and solar power. This policy will be intensified in the second half
of 2010 as compared with the first.
Accordingly, for full-year 2010, the Group:
- is confirming its objective of strong growth in operating income at constant
exchange rates (2009 exchange rates), with operating income for second-half 2010
slightly above the first half.
- is raising its free cash flow target of above EUR1 billion (already achieved in
first-half 2010) to EUR1.4 billion, despite a higher level of capital expenditure
in the second half.
The Group will also seek to maintain a robust financial structure.
Forthcoming results announcement
- Sales for the first nine months of 2010: October 21, 2010, after close of
trading on the Paris Bourse.
*
* *
+------------------------------------+----------------------------------------------------------+
| Analyst / Investor Relations | Press |
| | Relations |
+------------------------------------+----------------------------------------------------------+
| | |
| Florence Triou-Teixeira | Sophie |
| +33 1 47 62 45 19 | Chevallon |
| Etienne Humbert | +33 1 47 |
| +33 1 47 62 30 49 | 62 30 48 |
| Vivien Dardel | |
| +33 1 47 62 44 29 | |
| | |
+------------------------------------+----------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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