TIDMCOD
RNS Number : 7791D
Compagnie de Saint-Gobain
28 October 2015
Paris, October 28, 2015
Sales for the first nine months of 2015*
EUR29.8bn; organic growth at 0.4%
-- Sluggish volumes over the first 9 months of 2015 (down 0.1%)
and in Q3 (down 0.3%), hit by construction markets in France. In
Q3, the US contracted slightly, Germany stabilized and the UK and
Scandinavia reported growth. Emerging countries held firm.
-- Sales prices up 0.5% over the 9-month period, in line with Q3.
-- Significant 3.6% positive currency impact over the 9-month
period, but more limited in Q3 (+1.8%).
-- Minimal Group structure impact after the reclassification of the Packaging business.
-- Buyback of around 12.6 million shares since May 2015.
Pierre-André de Chalendar, Chairman and Chief Executive Officer
of Saint-Gobain, commented:
"The third quarter reflects a disappointing economic climate
versus our expectations, with a contraction in France - which is
not yet showing any signs of improvement - as well as moderate
growth in other Western European countries. Plunging sales in the
oil and gas industry put the brakes on the US, while emerging
markets continued to deliver good organic growth despite the
economic slowdown in certain countries including Brazil.
In this tougher-than-expected, highly uncertain macroeconomic
environment, for full-year 2015 the Group expects to at least
maintain operating income on a like-for-like basis and expects a
continuing high level of free cash flow."
* Following the signature of the agreement with Apollo and in accordance
with IFRS 5, the Packaging business (including Verallia North America)
was reclassified within "Net income from discontinued operations" in
the 2014 and 2015 income statement.
The table below presents nine-month sales trends by Business
Sector and region:
EURm 9-month 9-month Change Change on Like-for-like 9-month
2014 2015 on an a comparable change 2014 sales
sales sales actual structure (published)
(restated)* structure basis
basis
------------- -------- ----------- -------------- -------------- -------------
BUSINESS SECTOR
Innovative Materials(1) 6,770 7,300 7.8% 7.7% 2.5% 6,770
Flat Glass 3,621 3,911 8.0% 8.2% 5.6% 3,621
High-Performance
Materials 3,156 3,399 7.7% 7.1% -0.9% 3,156
Construction Products(1) 8,543 9,116 6.7% 6.5% 0.8% 8,543
Interior Solutions 4,505 4,834 7.3% 6.8% 1.9% 4,505
Exterior Solutions 4,085 4,333 6.1% 6.2% -0.4% 4,085
Building Distribution 14,084 14,124 0.3% 0.5% -1.1% 14,084
Packaging (Verallia)(2) 2,116
Including VNA 314
Internal sales and
misc. (696) (714) --- (697)
REGION
France 8,095 7,711 -4.7% -4.4% -4.4% 8,672
Other Western European
countries 12,541 13,062 4.2% 4.2% 1.6% 13,508
North America(2) 3,561 4,152 16.6% 18.0% -2.0% 3,875
Emerging countries
and Asia 5,954 6,316 6.1% 5.2% 4.9% 6,241
Internal sales (1,450) (1,415) --- --- --- (1,480)
-------------------------- ------------- -------- ----------- -------------- -------------- -------------
GROUP 28,701 29,826 3.9% 4.0% 0.4% 30,816
-------------------------- ------------- -------- ----------- -------------- -------------- -------------
* 2014 figures restated to reflect the impacts of IFRS 5.
(1) Including inter-division eliminations.
(2) Verallia North America (VNA) was deconsolidated with effect
from April 11, 2014.
Saint-Gobain's sales for the first nine months of 2015 came in
at EUR29,826 million, up 3.9% from EUR28,701 million in the same
period one year earlier. After reclassification of the Packaging
business, the Group structure impact was minimal (-0.1%).
Currency fluctuations had a positive 3.6% impact resulting from
gains in the US dollar and the pound sterling against the euro -
mainly in the first half.
Like-for-like (comparable structure and exchange rates), sales
were up 0.4% with no volume growth (-0.1%). Sales prices gained
0.5% over the nine months to September 30 in a slightly
deflationary environment for raw material and energy costs.
The table below presents third-quarter sales trends by Business
Sector and region:
EURm Q3 2014 Q3 2015 Change Change on Like-for-like Q3 2014
sales sales on an actual a comparable change sales
(restated)* structure structure (published)
basis basis
------------- -------- -------------- -------------- -------------- -------------
BUSINESS SECTOR
Innovative Materials(1) 2,286 2,378 4.0% 3.8% 2.3% 2,286
Flat Glass 1,223 1,278 4.5% 4.6% 5.5% 1,223
High-Performance Materials 1,065 1,102 3.5% 2.9% -1.3% 1,065
Construction Products(1) 2,900 3,037 4.7% 3.9% 0.4% 2,900
Interior Solutions 1,551 1,637 5.5% 4.5% 1.3% 1,551
Exterior Solutions 1,366 1,420 4.0% 3.4% -0.6% 1,366
Building Distribution 4,797 4,786 -0.2% -0.1% -1.0% 4,797
Packaging (Verallia)(2) 616
Internal sales and
misc. (228) (235) --- --- --- (229)
REGION
France 2,548 2,429 -4.7% -4.8% -4.8% 2,724
Other Western European
countries 4,336 4,488 3.5% 3.5% 1.4% 4,673
North America(2) 1,234 1,414 14.6% 16.0% -1.5% 1,234
Emerging countries
and Asia 2,103 2,097 -0.3% -1.8% 4.9% 2,217
Internal sales (466) (462) --- --- --- (478)
---------------------------- ------------- -------- -------------- -------------- -------------- -------------
GROUP 9,755 9,966 2.2% 2.0% 0.2% 10,370
---------------------------- ------------- -------- -------------- -------------- -------------- -------------
* 2014 figures restated to reflect the impacts of IFRS 5.
(1) Including inter-division eliminations.
(2) Verallia North America (VNA) was deconsolidated with effect
from April 11, 2014.
Consolidated sales for the third quarter came in at EUR9,966
million, up 2.2% from EUR9,755 million in third-quarter 2014,
including a positive Group structure impact of 0.2%.
Currency fluctuations continued to have a positive impact
(+1.8%), although less than in the first half due chiefly to the
sharp slide in the value of the Brazilian real against the euro.
This trend was more pronounced in September, with the currency
impact turning negative.
As a result, organic growth came in at 0.2% for the quarter.
Volumes slipped 0.3%, hit by the decline in construction markets in
France. In line with the first nine months of the year, prices had
a positive impact of 0.5%.
Like-for-like performance of Group Business Sectors
Innovative Materials sales climbed 2.5% over the nine-month
period (up 2.3% over the third quarter), powered once again by Flat
Glass.
- Flat Glass delivered further robust organic growth over the
quarter, at 5.5% (5.6% for the nine-month period). Automotive glass
continued to advance strongly in all regions except Brazil and
China. Construction markets remained upbeat in Asia and emerging
countries including Brazil; in Europe, prices were stable versus
the second quarter amid still shaky markets.
- High-Performance Materials (HPM) sales edged down 0.9% over
the nine months to September 30. They retreated 1.3% in the third
quarter, still affected by the decline in ceramic proppants. Other
HPM businesses continued to deliver organic growth, but at a slower
pace.
Construction Products (CP) sales climbed 0.8% over the nine
months and inched up 0.4% over the third quarter, affected by
Pipe.
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2015 13:16 ET (17:16 GMT)
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