TIDMCOD
RNS Number : 3460Y
Compagnie de Saint-Gobain
20 February 2013
2012 Results
Paris, February 20, 2013 - Publication of sales for the fourth quarter
of 2012 and of results for the year ended December 31, 2012.
KEY FIGURES 2011 2012 Change
(EURm) 2012/2011
------------------------- ------- -------- -----------
Sales 42,116 43,198 +2.6%
------------------------- ------- -------- -----------
Operating income 3,441 2,881 -16.3%
------------------------- ------- -------- -----------
Recurring net income(1) 1,736 1,126 -35.1%
------------------------- ------- -------- -----------
Net income 1,284 766 -40.3%
------------------------- ------- -------- -----------
2012 dividend: stable at EUR1.24, paid in cash or in shares, at shareholders'
discretion
Ongoing pursuit of strategic goals:
* Refocus on Habitat: sale of Verallia North America
announced for USD 1.7bn
* Development in high-growth countries, energy
efficiency and energy markets and Building
Distribution: EUR1.3bn invested in 2012, or 66% of
the Group's capital expenditure and acquisitions
Swift roll-out of action plan to address economic climate:
* Priority focus on sales prices: up 1.7% (up 2.0%
excluding Flat Glass)
* EUR520m in cost savings in 2012; EUR1,100m in 2013
(calculated on the 2011 cost base)
* Sharp improvement in operating WCR(2) : down 5.0 days
representing a gain of EUR555m
* Free cash flow(3) after changes in operating WCR: up
73.2% to EUR1.4bn
* Strong balance sheet: net debt/equity at 47% and net
debt/EBITDA at 1.9
Pierre-André de Chalendar, Chairman and Chief Executive Officer
of Saint-Gobain, commented:
"2012 saw a further general slowdown in economies across Europe as well
as slacker growth on our main markets (particularly Flat Glass) in Asia
and emerging countries. Faced with this bleaker economic climate, which
hit our trading and earnings performances, we were very quick to react,
cutting another EUR520 million in costs and keeping a closer watch on
cash. At the same time, we continued to pursue a selective investment
policy focused on our strategic goals. The announced divestment of Verallia
North America on very favorable financial terms confirms the refocusing
of our business on the Habitat sector.
The global economic environment looks set to remain uncertain for the
time being, despite the improvements expected in the US and Asia. We
remain firmly committed to our strategic goals, while continuing to keep
an extremely tight rein on cash. In 2013, we anticipate operating income
to recover in the second half of the year, after having bottomed out
in the second half of 2012 or first half of 2013".
1. Excluding capital gains and losses on disposals, asset write-downs
and material non-recurring provisions.
2. Operating working capital requirements.
3. Excluding the tax effect of capital gains and losses on disposals,
asset write-downs and material non-recurring provisions.
Operating performance
After a broadly satisfactory start to the year, the Group's
businesses were hit as from the second quarter by the deteriorating
economic climate in Europe and by difficult trading in Flat Glass,
in both Europe and Asia and emerging countries. Sales edged down
1.9% on a like-for-like basis (comparable Group structure and
exchange rates), with volumes down 3.6% and prices up 1.7% over the
year as a whole. Barring Interior Solutions - buoyed by the upturn
in residential construction in the US and the growing energy
efficiency market in Europe - and Packaging (Verallia) - boosted by
good household consumption levels, all of the Group's Business
Sectors and Divisions saw sales decline over the year as a whole,
affected by the slowdown in industrial and residential construction
markets in Western Europe. While Latin America picked up in the
second half, markets in Asia and emerging countries remained stable
overall in 2012. Among the major geographic areas in which the
Group operates, only North America remained upbeat, fuelled by the
ongoing upturn in housing and despite tough 2011 comparatives for
this market (roofing renovations had been boosted in this prior
period by severe storms).
In this challenging economic environment, with commodity and
energy costs jumping over the year, sales prices remained an
important priority for the Group, and moved up 1.7%, or 2.0%
excluding Flat Glass.
Despite profitability gains in North America, the Group's
operating margin narrowed, to 6.7% versus 8.2% in 2011, impacted
mainly by the decline in sales volumes in Western Europe and a
sharply negative price/cost spread in Flat Glass.
1deg) Performance of Group Business Sectors
Innovative Materials sales fell 4.4% on a like-for-like basis,
hit by tough trading in Flat Glass and by the slowdown in
High-Performance Materials, particularly in Western Europe. The
Business Sector's operating margin fell to 7.7%, from 11.8% in
2011.
-- Flat Glass reported a 6.6% decline in like-for-like sales,
driven by a combination of adverse economic factors including a
contraction in its main markets (automotive, construction and
solar) in Western Europe, slack trading in Asia and emerging
countries, lower float glass prices, and soaring raw material and
energy costs. Only Latin America remained upbeat, with growth
picking up pace in the second half. Despite measures taken to
address the deteriorating economic climate (significant capacity
reductions, restructuring, etc.), the operating margin for the
Division was down sharply, at 2.0% of sales from 8.8% in 2011.
-- After brisk first-half trading, High-Performance Materials
(HPM) sales slipped 1.7% on a like-for-like basis over the year as
a whole, chiefly due to the economic slowdown in the second half of
2012, particularly in Europe. Thanks to cost savings and to upbeat
sales prices, the operating margin held up well, at 14.2% versus
15.7% in 2011.
Construction Products (CP) like-for-like sales dipped 1.3%, due
to the decline in sales volumes in Western Europe and Asia. Sales
prices remained upbeat. The operating margin fell to 8.3% from 9.5%
in 2011.
-- Interior Solutionsreported mild 1.3% organic growth for the
year, buoyed by strong sales price momentum (especially in the US),
which helped offset the impact of rising energy and raw material
costs on earnings. Volumes were up in both North and especially
South America, and also in Asia, but retreated in Western and
Eastern Europe. In France, Isover continued to benefit from
stricter energy efficiency regulations in the Habitat industry (and
particularly from Thermal Regulation 2012 in France), and delivered
organic growth of 5.4% for the year. The Division's operating
margin improved, at 8.3% of sales versus 8.2% of sales in 2011.
-- Exterior Solutionssaw like-for-like sales fall 3.7%, hit by
the sharp drop in Pipe sales, while the Division's other businesses
remained stable. Exterior Products continued to benefit from the
upturn in residential construction in the US, but suffered from the
very tough 2011 comparison basis (severe storms in the US in early
2011 had temporarily boosted roofing renovations). This temporarily
conceals advances in the business. Industrial Mortars delivered
double-digit growth in Asia and emerging countries, but the
worsening economic crisis took its toll on trading in Western
Europe. For the Division as a whole and Mortars in particular,
sales prices remained upbeat, but could not fully offset the spike
in raw material and energy costs. Consequently, despite the first
effects of the cost cutting measures, the operating margin declined
to 8.3% from 10.7% in 2011.
Building Distribution saw a 2.0% dip in like-for-like sales,
reflecting the gradual deterioration in market conditions across
all Western European countries as from the second quarter, not
entirely offset by sales prices. Over the year as a whole, only
Germany, Scandinavia, the US and Brazil continued to report
positive organic growth. Trading in France proved resilient (down
slightly), as a result of further market share gains, as in
Scandinavia. The operating margin for the Business Sector came in
at 4.0% versus 4.2% in 2011.
Packaging (Verallia) delivered 3.5% organic growth, buoyed by a
strong uptrend in sales prices in the main countries in which it
operates. Trading remained brisk in the US, France and Brazil, but
fell back in Southern and Eastern Europe. However, the Business
Sector's operating margin lost ground, falling to 10.9% of sales
from 12.3% of sales in 2011, due mainly to difficulties in Southern
Europe and to the time needed to fully pass on the rise in energy
costs to sales prices.
2deg) Analysis by geographic area
An analysis by geographic area reveals contrasting trends
between Western Europe - where trading slowed - and North America -
which reported modest organic growth. Asia and emerging countries
remained stable, although there were stark differences from one
country to the next.
Profitability improved in North America, but waned in all other
geographic areas.
- InFrance and other Western European countries, like-for-like
sales were down 2.5% and 4.3%, respectively, due to the sharp drop
in Flat Glass and Pipe sales. Overall, all of the Group's other
businesses were affected by the deteriorating economic environment
in Western Europe as from the second quarter. In contrast,
Packaging sales (Verallia) held up well throughout the year. The
operating margin declined, both in France and in other Western
European countries, to 5.4% and 5.3%, respectively (versus 6.6% and
6.7%, respectively, in 2011).
- North America posted 2.3% organic growth, with a positive
contribution from all Business Sectors and especially Construction
Products, where the gradual upturn in residential construction and
positive trends in sales prices boosted trading. The operating
margin continued to advance, up to 11.1% from 10.4% in 2011.
- Sales in Asia and emerging countries were virtually stable
(down 0.1%) on a like-for-like basis, with the downturn in the
Group's Asian markets (particularly in Flat Glass and Pipe)
countered by upbeat trading in Latin America. Trading in Eastern
Europe retreated slightly, as strong growth in Russia and the
Baltics failed to fully offset the slowdown in other Eastern
European countries. The operating margin fell sharply, chiefly
reflecting tough trading conditions for Flat Glass, and came out at
6.8% of sales versus 10.2% of sales in 2011.
2012 consolidated financial statements
The Group's consolidated financial statements and the financial
statements of the Group's parent company, Compagnie de
Saint-Gobain, were approved and adopted by Saint-Gobain's Board of
Directors at its meeting of February 20, 2013. These financial
statements have been audited by the Statutory Auditors. Key
consolidated data are shown below:
2011 2012 %
EURm EURm change
Sales and ancillary revenue 42,116 43,198 +2.6%
Operating income 3,441 2,881 -16.3%
Operating depreciation and amortization 1,511 1,550 +2.6%
EBITDA (op. inc. + operating depreciation/amortization) 4,952 4,431 -10.5%
Non-operating costs (395) (507) +28.4%
Capital gains and losses on disposals,
asset write-downs,
corporate acquisition fees and earn-out
payments (400) (390) -2.5%
Business income 2,646 1,984 -25.0%
Net financial expense (638) (724) +13.5%
Income tax (656) (476) -27.4%
Share in net income of associates 8 12 +50.0%
Income before minority interests 1,360 796 -41.5%
Minority interests (76) (30) -60.5%
Recurring(1) net income 1,736 1,126 -35.1%
Recurring(1) earnings per share(2) (in
EUR) 3.30 2.14 -35.2%
Net income 1,284 766 -40.3%
Earnings per share(2) (in EUR) 2.44 1.46 -40.2%
Cash flow from operations(3) 3,421 2,791 -18.4%
Cash flow from operations excl. capital
gains tax(4) 3,349 2,668 -20.3%
Capital expenditure 1,936 1,773 -8.4%
Free cash flow (excluding capital gains
tax)(4) 1,413 895 -36.7%
Investments in securities 702 354 -49.6%
Net debt 8,095 8,490 +4.9%
-------------------------------------------------------------- ------- --------- ----------
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
(excluding treasury stock) at December 31 (526,434,577 shares in
2012 versus 526,205,696 shares in 2011). Based on the number of
shares comprising the share capital at December 31 (531,125,642
shares in 2012 versus 535,563,723 shares in 2011), recurring
earnings per share comes out at EUR2.12 (versus EUR3.24 in 2011),
and earnings per share comes out at EUR1.44 (versus EUR2.40 in
2011).
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 climbed 2.6% to EUR43,198 million, versus EUR42,116
million in 2011. The currency impact was a positive 1.8%, primarily
reflecting gains in the US dollar and pound sterling against the
euro. Changes in Group structure also had a positive impact of
2.7%, resulting mainly from the acquisitions of Build Center and
Brossette (Building Distribution) and Solar Gard (High-Performance
Materials), along with bolt-on acquisitions carried out by
Construction Products (CP) in Asia and emerging countries and on
energy efficiency markets in Europe.
Like-for-like, sales slipped 1.9%, with the 1.7% increase in
sales prices failing to fully offset the 3.6% downturn in
volumes.
Operating income shed 16.3%, squeezed by both a decline in sales
volumes and a sharply negative cost/price spread in Flat Glass, to
come in at EUR2,881 million versus EUR3,441 million one year
earlier. The operating margin was 6.7% (8.5% excluding Building
Distribution) compared to 8.2% (10.9% excluding Building
Distribution) in 2011.
EBITDA (operating income + operating depreciation and
amortization) fell 10.5%. The consolidated EBITDA margin came in at
10.3% of sales (13.7% excluding Building Distribution), versus
11.8% of sales (16.0% excluding Building Distribution) in 2011.
Non-operating costs rose 28.4%, due to the rise in restructuring
costs aimed at addressing the deteriorating economic climate in
Europe. The accrual to the provision for asbestos-related
litigation in the US was the same as in 2011, at EUR90 million (see
"Update on asbestos claims in the US" on page 7).
The net balance of capital gains and losses on disposals, asset
write-downs, and corporate acquisition fees was a negative EUR390
million. This amount includes EUR436 million in asset write-downs
and EUR60 million in capital gains on disposals. Asset write-downs
include EUR310 million taken against property, plant and equipment
relating to solar businesses (restructuring plans and site
closures), with the remainder relating primarily to cost cutting
programs put in place in certain Building Distribution and
Construction Products businesses in Southern Europe.
Business income fell 25.0% to EUR1,984 million, hit by the sharp
rise in asset write-downs and non-operating costs (see above).
Net financial expense advanced EUR86 million (up 13.5%) to
EUR724 million, chiefly reflecting the rise in average net debt
over 2012 as a whole. The average cost of gross debt at December 31
fell slightly, to 4.7% from 4.8% in 2011.
In line with the 36.9% decline in pre-tax income, income tax
expense was 27.4% lower, falling to EUR476 million from EUR656
million one year earlier. Due mainly to the rise in the income
contribution from the United States (with an income tax rate of
39%), the tax rate on recurring net income rose to 34% from 29% in
2011.
Recurring net income (excluding capital gains and losses, asset
write-downs and material non-recurring provisions) amounted to
EUR1,126 million, a 35.1% fall on 2011. Based on the number of
shares outstanding (excluding treasury stock) at December 31, 2012
(526,434,577 shares versus 526,205,696 shares at December 31,
2011), recurring earnings per share came out at EUR2.14, down 35.2%
on 2011 (EUR3.30).
Net income came in at EUR766 million, a decline of 40.3%
year-on-year. Based on the number of shares outstanding (excluding
treasury stock) at December 31, 2012 (526,434,577 shares versus
526,205,696 shares at December 31, 2011), earnings per share came
out at EUR1.46, down 40.2% on 2011 (EUR2.44).
Demonstrating the Group's strict financial discipline amid a
slowing economy, capital expenditure was down 8.4% or EUR163
million over the year, after a fall of 21.3% or EUR276 million, in
the second half. Capital expenditure totaled EUR1,773 million over
the year as a whole, or 4.1% of sales, compared to 4.6% in 2011.
Almost half of this amount relates to growth capex, earmarked
almost entirely for Asia and emerging countries.
Cash flow from operations came in at EUR2,791 million, 18.4%
lower than in 2011. Before the tax impact of capital gains and
losses on disposals and asset write-downs, cash flow from
operations fell 20.3% to EUR2,668 million, from EUR3,349 million in
2011.
Following the 25.0% fall in business income and despite the
tight rein on capital expenditure:
- free cash flow (cash flow from operations less capital
expenditure) fell 31.4%, to EUR1,018 million. Before the tax impact
of capital gains and losses on disposals and asset write-downs,
free cash flow stood at EUR895 million,down 36.7% on 2011 (EUR1,413
million), representing 2.1% of sales (versus 3.4% in 2011);
- the difference between EBITDA and capital expenditure was
EUR2,658 million, versus EUR3,016 million in 2011, representing
6.2% of sales (7.2% in 2011).
Operating working capital requirements (WCR) improved sharply
amid a slowdown in trading, falling 5 days to 29 days' sales at
December 31, 2012, a record low for the Group. This performance
represents a gain of EUR555 million.
Investments in securities came in at EUR354 million, almost half
the figure for 2011 (EUR702 million), reflecting the Group's
emphasis on cash generation. Investments in securities relate
chiefly to acquisitions focused on the Group's key growth drivers,
namely Asia and emerging countries, energy efficiency and
consolidation in the Construction Products and Building
Distribution businesses (in particular, with the purchase of
Brossette on April 1, 2012).
Net debt rose 4.9%, or EUR395 million, to EUR8.5 billion at
December 31, 2012. Net debt represents 47% of consolidated equity
versus 44% one year earlier. The net debt to EBITDA ratio came out
at 1.92, slightly above the end-2011 figure (1.63). Based on the
proforma financial statements at December 31, 2012 (following the
sale of Verallia North America), the Group's net debt falls to
EUR7.5 billion, giving a net debt to equity ratio of 41% and a net
debt to EBITDA ratio of 1.77.
Update on asbestos claims in the US
Some 4,000 claims were filed against CertainTeed in 2012, stable
compared with 2011. At the same time, 9,000 claims were settled
(versus 8,000 in 2011), and 4,000 claims were transferred to
inactive dockets. As a result, the total number of outstanding
claims at December 31, 2012 fell sharply, to 43,000 from 52,000 at
December 31, 2011.
A total of USD 67 million in indemnity payments were made in the
12 months to December 31, 2012, down sharply compared to 2011 (USD
82 million).
In light of these trends, and particularly the decrease in
indemnity payments and the EUR90 million provision accrual in 2012
(see p.6), the total provision for CertainTeed's asbestos-related
claims amounted to around USD 550 million at December 31, 2012,
compared to USD 504 million at December 31, 2011.
Action plan to address the deteriorating economic climate
The Group once again showed its extensive capacity to adapt to
the deterioration in the economic climate as from the second
quarter in Western Europe and in Flat Glass as a whole. It also
showed steely financial discipline while pursuing its strategic
goals, by:
- continuing to give priority to sales prices, which rose 1.7%
over the year (2.0% excluding Flat Glass), and helped curb the
impact of rising raw material and energy costs;
- rolling out new cost cutting measures representing savings of
EUR520 million over the year as a whole (including EUR110 million
in Flat Glass). The cost cutting program primarily focused on
Western Europe, Asia and emerging countries (for Flat Glass and
Pipe in particular) will be extended and intensified in 2013,
bringing its full-year impact (in 2013) to EUR1,100 million
(calculated on the 2011 cost base) - including EUR240 million in
Flat Glass - instead of the EUR750 million initially forecast;
- slashing operating working capital requirements (WCR), with a
gain of 5 days (EUR555 million) over the year as a whole,
representing a rise of EUR613 million (73.2%) in cash generated
(free cash flow* + change in operating WCR) to reach EUR1,450
million;
- keeping capital expenditure and financial investments in check
(down 19% on 2011), particularly in the second half (down 39% on
second-half 2011). Spending focused primarily (66%) on strategic
growth drivers, namely Asia and emerging countries, energy
efficiency and energy markets, and consolidation of the Group's
strengths in Construction Products and Building Distribution;
- entering a new phase in its strategy of refocusing on Habitat,
with the signature of an agreement concerning the sale of Verallia
North America on very favorable pricing terms (USD 1.7 billion, or
6.5 x EBITDA). This transaction also enables the Group to reinforce
its balance sheet and consolidate its financial strength.
Accordingly, taking into account this disposal and on a pro forma
basis at December 31, 2012:
- the gearing ratio (net debt to equity) falls from 47% to
41%,
- the net debt to EBITDA ratio falls from 1.92 to 1.77;
- increasing its R&D expenditure by 11.1%, up to EUR479 million.
* Excluding the tax effect of capital gains and losses on
disposals, asset write-downs and material non-recurring
provisions.
Dividend
At its meeting of February 20, Compagnie de Saint-Gobain's Board
of Directors decided to recommend to the June 6, 2013 Shareholders'
Meeting a dividend of EUR1.24 per share, unchanged from 2011. The
Board also decided that shareholders may receive their dividends in
cash or in shares*, at their own discretion. The dividend
represents 58% of recurring earnings per share, 85% of earnings per
share, and a dividend yield of 3.8% based on the closing share
price at December 31, 2012 (EUR32.22). The record date is set for
June 11 and will be followed by an option period of 15 days, from
June 12 to 26. Consequently, the dividends will be paid in cash or
in shares on July 5, 2013.
* For dividends paid in shares, Compagnie de Saint-Gobain's
Board of Directors will recommend that the Shareholders' Meeting
set the issue price for the new shares by applying a 10% discount
to the average opening share price over the 20 trading days
preceding the June 6, 2013 AGM, after deducting the discount from
the amount of the dividend.
Outlook for 2013
After a difficult year in 2012 affected by the sharp decline in
Flat Glass markets and slowdown in European economies, the outlook
for 2013 appears very uncertain for the time being. However, the
year should see an ongoing economic recovery in North and South
America and Asia, although significant uncertainties will continue
to plague Europe.
Against this backdrop, the Group expects the following trends in
its main markets:
- in North America, the gradual upturn in the residential
new-build and renovation markets should continue, while industrial
output should remain at a good level;
- in Asia and emerging countries, trading overall should get
back into positive territory, although trends are likely to differ
widely from one country to the next, with moderate growth in Brazil
and China, a slowdown in India, and stability in Eastern
Europe;
- in Western Europe, industrial markets and particularly
automotive, should continue to contract, while construction market
trends should remain very uncertain for the time being. Regulatory
measures promoting energy efficiency in new-builds and existing
homes should shore up demand, however, and allow the Group to
outperform its underlying markets;
- lastly, household consumption should hold firm overall.
In the face of persistently unsettled market conditions, in 2013
Saint-Gobain will continue to demonstrate its extensive capacity to
adapt to changes in its markets, by swiftly implementing the
necessary adjustments in countries and/or businesses where trading
continues to suffer (in particular Flat Glass and Southern Europe),
but also by continuing to pursue its strategic goals, namely
development in high-growth countries and on energy efficiency and
energy markets, and consolidation in Building Distribution and
Construction Products. Profitability will be a constant focus,
underpinned by strict financial discipline.
Its action priorities will be to continue:
- increasing sales prices, with the aim of passing on the rise
in raw material and energy costs;
- stepping up its cost cutting measures in order to achieve
savings of EUR1,100 million in 2013 (calculated on the 2011 cost
base);
- keeping a close watch on cash management and financial strength;
- continuing to pursue its strategic goals, through a selective
investment policy (capex and financial investments);
- pursuing its R&D efforts.
For 2013, the Group is therefore anticipating:
- its operating income to recover in the second half, after
having bottomed out between mid-2012 and mid-2013;
- a high level of free cash flow, namely as a result of a EUR200
million reduction in capital expenditure;
- a robust balance sheet, strengthened by the disposal of
Verallia North America.
Given the deterioration in the global (and particularly
European) economic environment in 2012 and the deep-seated
uncertainties plaguing the short-term macro-economic outlook, the
Group's 2015 financial targets set in 2010 are unlikely to be met
at this date. However, aside from the current lack of visibility,
the Group is firmly pursuing its strategy, underpinned by two key
growth drivers: high value-added products for mature markets in the
environment and energy efficiency sectors, and the growth of
Habitat markets in Asia and emerging countries.
In the second half of 2013, the Group will present its outlook
for the mid to long-term taking into account the economic
environment.
The Group will also maintain strict financial discipline, by
continuing to apply stringent financial criteria (to capital
expenditure, disposals and acquisitions, and restructuring
operations) and by pursuing its shareholder-focused policy defined
in 2010 (dividend to remain stable or to increase from one year to
the next, and to be paid as soon as possible in cash and the number
of shares comprising the share capital gradually stabilizing, at a
level close to today's figure of around 530 million shares).
Forthcoming results announcement
- Sales for the first quarter of 2013: April 25, 2013, after
close of trading on the Paris Bourse.
Analyst/Investor relations Press relations
------------------------------------------------ --------------------------------------------------------------
+33 1 47 62 45
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Florence Triou-Teixeira 29 48
Vivien Dardel +33 1 47 62 30 Sophie Chevallon +33 1 47 62 43
Alexandra Baubigeat 93 Susanne Trabitzch 25
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