PARIS, July 30, 2014 /PRNewswire/ --


  • Organic growth at 4.1% (including a positive 1.2% price impact)
  • Strong negative currency impact of 3.2% on sales and negative 1.9% Group structure impact with the disposal of Verallia North America
  • Operating income up 14.8% like-for-like
  • Stronger balance sheet: net debt reduced by almost €1 billion compared to June 30, 2013


    (EURm)                     H1 2013* H1 2014 Change      Change
                                                        (like-for-like)

    Sales                       20,651  20,446   -1.0%       +4.1%

    EBITDA                      1,939    1,997   +3.0%

    Operating income            1,224    1,330   +8.7%      +14.8%

    Recurring[1] net income      402      511   +27.1%

    Net income                   313      671  +114.4%

    Free cash flow[2]            644      713   +10.7%

Pierre-André de Chalendar, Chairman and Chief Executive Officer of Saint-Gobain, commented:  

"After a first quarter boosted by favorable weather conditions in Europe, the second quarter confirmed the slight uptrend in our markets first seen in second-half 2013 across all of our regions; only France remains down. Besides the continuing strong negative currency effect during this first half and the impact of the Verallia North America sale, these results − along with our ongoing tight rein on costs − support our objective of a clear like-for-like improvement in operating income for full-year 2014."  

* 2013 figures restated to reflect the impacts of IFRS 10, IFRS 11 and IFRIC 21.

1. Excluding capital gains and losses on disposals, asset write-downs and material non-recurring provisions.

2. Excluding the tax impact of capital gains and losses on disposals, asset write-downs and material non-recurring provisions

Operating performance  

Sales were up 4.1% in first-half 2014 on a like-for-like basis (comparable structure and exchange rates) and rose 1.6% in the second quarter, with volumes gaining 0.5% (including a negative 0.9% impact resulting from fewer working days) and prices advancing 1.1%. The upbeat trends observed as from second-half 2013 continued throughout the six months to June 30, 2014 (volumes up 2.9%), with favorable weather conditions boosting the first-quarter performance. Growth was confirmed in our main regions over the first half, even though France was down slightly in the second quarter. Despite a less inflationary cost environment, sales prices gained 1.2% over the first half.

Exchange rates continued to have a strong negative impact of 3.2%. Changes in Group structure had a negative 1.9% impact and include the disposal of Verallia North America (VNA) as of April 11. Sales were therefore down 1.0% on a reported basis.

Thanks to good operating leverage, the Group's like-for-like operating income rose 14,8%. The consolidated operating margin widened to 6.5%, compared to 5.9% in first-half 2013 (based on comparable accounting standards).

Performance of Group Business Sectors   

Innovative Materials like-for-like sales continued to improve up 3.7%, lifting the Business Sector's operating margin to 9.1% from 6.6% one year earlier.

  • Like-for-like Flat Glass sales were up 3.4%. Construction markets remain weak in Western Europe but are on the mend (with a slight rise in the price of commodity products such as float glass) and performed well in Asia and emerging countries despite a slowdown in Latin America. Automotive glass proved less buoyant, particularly in Brazil in the second quarter.

Thanks to cost cutting measures and an improved product mix, the operating margin continued to widen compared to the two previous half-year periods, up to 5.5% of sales (versus 1.1% of sales in first-half 2013 and 4.0% of sales in second-half 2013).

  • High-Performance Materials (HPM) sales moved up 4.0% like-for-like. Excluding Ceramics, HPM businesses (Plastics, Abrasives, Textile Solutions) continued to report organic growth in all regions despite the recent volume downturn in Brazil.

The operating margin edged up to 13.3% from 12.9%, owing to an improved performance from Plastics, Abrasives and Textile Solutions.

Construction Products (CP) like-for-like sales advanced 5.5%. The operating margin came in at 9.0% versus 8.5% in the same year-ago period.

  • Interior Solutions posted 7.1% organic growth. In Western Europe, volumes stabilized in the three months to June 30 after increasing in the first quarter, while prices dipped slightly. The US, Asia and emerging countries continued to deliver double-digit growth, powered by volumes with good price momentum.

The operating margin widened to 8.5% versus 7.6% in first-half 2013.

  • Exterior Solutions reported 3.9% organic growth. Exterior Products in the US retreated over the first half, with the slight second-quarter improvement against weak prior-year comparatives failing to offset the first-quarter decline. Pipe enjoyed a sharp rise in organic growth, buoyed by the rally in Exports. Industrial Mortars posted good growth in terms of both volumes and prices, driven by Asia and emerging countries.

Despite the decline in Exterior Products in the US, the operating margin came in at 9.5% of sales versus 9.3% of sales in first-half 2013.

Building Distribution sales were up 3.6% on a like-for-like basis (up 2.1% on a reported basis, or €188 million). Sales stabilized in the second quarter after the bullish growth reported in the first three months of the year, aided by mild winter weather and a weak comparison basis. The UK, Brazil, Nordic countries and Germany contributed to the good first-half growth performance, while trading in France was virtually stable despite a good first quarter.

Thanks to good management of its trade margin and costs, operating income for the Business Sector improved sharply, up to €265 million versus €198 million in first-half 2013. The operating margin rose to 2.9% from 2.2% in the same period one year earlier.

Packaging (Verallia) sales advanced 1.7% on a like-for-like basis, taking into account the disposal of VNA with effect from April 11. Volumes were up slightly in Europe, although prices declined and the mix deteriorated. Latin America posted good organic growth, buoyed chiefly by price trends reflecting the impact of inflation.

The operating margin bottomed out at 9.8% due to narrowing margins in Europe and a one-off inventory adjustment.

Analysis by geographic area     

    The Group reported positive organic growth in all of its main regions in first-half 2014, driven by Asia and emerging countries as well as by North America. Western Europe also advanced, boosted by a favorable weather impact in the first quarter.

Profitability improved in Western Europe and in Asia and emerging countries, but retreated in North America due to the downturn in trading for Exterior Products in the US.

  • France continued to be affected by the decline in the market for new-builds in the second quarter, posting negative organic growth of 1.0%. Thanks to the first quarter performance, organic growth over the six months to June 30 remains slightly positive (+0.8%).

The operating margin proved resilient, at 4.2% based on comparable accounting standards (IFRIC 21).

  • Other Western European countries saw like-for-like sales climb 5.3%, including a 1.5% rise in the second quarter. This advance reflects healthy market conditions in the UK and Scandinavia. Germany reported 5.1% organic growth for the first half and a decline in the second quarter due to business having been brought forward to the first three months of the year. Trading in Southern European countries improved in the six months to June 30 and stabilized in the second quarter.

The operating margin rallied sharply, at 5.0% versus 3.1% in first-half 2013, powered by volume growth.

  • North America saw confirmation of the positive momentum in construction and industrial markets, posting 2.2% organic growth over the first half and 6.5% in the second quarter. Interior Solutions reported further double-digit growth, which also reflects the uptrend in sales prices. In contrast, Exterior Products contracted over the first half despite small growth gains in the second quarter. Industrial businesses returned to organic growth, despite Ceramics which was down slightly.

The operating margin narrowed to 11.3% due to a negative mix effect, versus 13.2% in first-half 2013.

  • Asia and emerging countries continued to deliver good organic growth at 10.6% against a tougher basis for comparison as from the second quarter of 2013. Asia and Latin America put in satisfactory growth, despite volumes contracting in the second quarter in Brazil. Eastern Europe improved sharply, delivering double-digit growth over the six-month period.

Operating leverage drove a rise in the operating margin, which increased to 8.5% of sales from 7.2% of sales one year earlier.

Analysis of the consolidated financial statements for first-half 2014  

The unaudited interim consolidated financial statements were subject to a limited review by the statutory auditors. They were approved and adopted by the Board of Directors on July 30, 2014.

The comparative income statement presented below for first-half 2013 has been restated to reflect the impacts of IFRS 10 "Consolidated Financial Statements", IFRS 11 "Joint Arrangements", and IFRIC 21 "Levies".  


                                                H1 2013             %      H1 2013
                                               Restated* H1 2014 change   Published
    EURm                                          (A)      (B)   (B)/(A)

    Sales and ancillary revenue                   20,651  20,446   -1.0%     20,771

    Operating income                               1,224   1,330    8.7%      1,260
    Operating depreciation and amortization          715     667   -6.7%        723
    EBITDA (op.inc. + operating depr./amort.)      1,939   1,997    3.0%      1,983

    Non-operating costs                            (259)    (16)  -93.8%      (260)
    Capital gains and losses on disposals,
    asset write-downs, corporate acquisition
    fees and earn-out payments                      (26)    (54)  107.7%       (26)
    Business income                                  939   1,260   34.2%        974
    Net financial expense                          (400)   (354)  -11.5%      (403)
    Income tax                                     (214)   (212)   -0.9%      (231)
    Share in net income of equity-accounted
    companies                                          3     (1) -133.3%          7
    Income before minority interests                 328     693  111.3%        347
    Minority interests                              (15)    (22)   46.7%       (15)
    Net income                                       313     671  114.4%        332
    Earnings per share[2] (in EUR)                  0.57    1.19  108.8%       0.61

    Recurring[1] net income                          402     511   27.1%        422
    Recurring[1] earnings per share[2] (in
    EUR)                                            0.73    0.91   24.7%       0.77

    Cash flow from operations[3]                   1,118   1,198    7.2%      1,146
    Cash flow from operations excl. capital
    gains tax[4]                                   1,137   1,162    2.2%      1,165
    Capital expenditure                              493     449   -8.9%        519
    Free cash flow                                   644     713   10.7%        646
    (excluding capital gains tax)[4]

    Investments in securities                         43      48   11.6%         41
    Net debt                                       9,482   8,519  -10.2%      9,497

*     2013 figures have been restated to reflect the impacts of IFRS 10, IFRS 11 and IFRIC 21.

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 shares) at June 30 (564,079,733 shares in 2014, including the increase in capital following the payment of the stock dividend on July 4, 2014, versus 548,470,319 in 2013).

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.

The comments below refer to the restated financial statements for 2013.

Consolidated sales slipped 1.0%. Despite easing towards the end of the first half, the currency impact had a negative 3.2% impact on sales, due chiefly to the rise in the value of the euro against major Latin American and Scandinavian currencies along with the US dollar. Changes in Group structure had a negative 1.9% impact, resulting mainly from the disposal of VNA as from April 11, and from the sale of certain non-core Exterior Solutions and Building Distribution businesses. Like-for-like (comparable structure and exchange rates), sales were up 4.1%, with prices gaining 1.2% and volumes up 2.9%.

Operating income advanced 8.7% on a reported basis, hampered by the negative currency impact and the disposal of VNA. The operating margin improved to 6.5% of sales compared with 5.9% of sales in first-half 2013, thanks to cost cutting measures (€240 million impact over the first half) and operating leverage.

EBITDA (operating income + operating depreciation and amortization) was up 3.0%. The consolidated EBITDA margin came out at 9.8% of sales (13.8% excluding Building Distribution) versus 9.4% of sales (13.4% excluding Building Distribution) in first-half 2013.

Non-operating costs totaled €16 million, down from €259 million in first-half 2013, following the €202 million write-back from the provision to reflect the reduction in the automotive Flat Glass fine and the decrease in restructuring costs. Non-operating costs include a €45 million accrual to the provision for asbestos-related litigation involving CertainTeed in the US (unchanged from the last few half-year periods).

The net balance of capital gains and losses on disposals, asset write-downs and corporate acquisition fees was a negative €54 million versus a negative €26 million in first-half 2013. This line includes €398 million of capital gains on disposals of assets relating mainly to VNA, and €452 million in asset write-downs. These write-downs relate to ongoing restructuring plans, mainly in Flat Glass in Europe and Pipe in China and Spain. The write-downs also relate to goodwill, mainly in the Building Distribution Business Sector in the US and Spain. Business income was up 34.2% to €1,260 million.

Net financial expense improved, down 11.5% to €354 million from €400 million, reflecting the decrease in average net debt and the fall in the cost of gross debt to 4.5% at June 30, 2014 from 4.7% at June 30, 2013.

The income tax rate on recurring net income remained stable at 32%. Income tax expense totaled €212 million, versus €214 million in the same period one year earlier.

Recurring net income (excluding capital gains and losses, asset write-downs and material non-recurring provisions) rose 27.1% to €511 million.

Net income jumped 114.4% to €671 million.

Capital expenditure totaled €449 million (€493 million in first-half 2013), representing 2.2% of sales (2.4% of sales in first-half 2013).

Cash flow from operations rose 7.2% to €1,198 million. Before the tax impact of capital gains and losses on disposals, asset write-downs and material non-recurring provisions, cash flow from operations rose 2.2% to €1,162 million, while free cash flow (cash flow from operations less capital expenditure) advanced 10.7% to €713 million (3.5% of sales versus 3.1% of sales in first-half 2013).

The difference between EBITDA and capital expenditure increased to €1,548 million, up 7.1% on first-half 2013 (€1,446 million), representing 7.6% of sales (7.0% of sales in first-half 2013).

Operating working capital requirements (WCR) remained at a good level (€4,888 million), representing 43.3 days' sales versus 42.4 days' sales at end-June 2013. Investments in securities totaled just €48 million (€43 million in first-half 2013) and relate to small-scale acquisitions in Building Distribution and High-Performance Materials.

Net debt was down 10.2% year-on-year to €8.5 billion, in line with the decrease recorded at end-2013. Net debt represents 46% of consolidated equity, compared to 52% at June 30, 2013.

The net debt to EBITDA ratio came in at 2.0 versus 2.3 one year earlier.

Update on asbestos claims in the US                               

Some 2,000 claims were filed against CertainTeed in the first half of 2014 (as in first-half 2013). At the same time, around 3,000 claims were settled (versus 2,000 in first-half 2013) and around 4,000 claims were transferred to inactive dockets, bringing the total number of outstanding claims to around 38,000 at June 30, 2014, compared to 43,000 at December 31, 2013.

A total of USD 65 million in indemnity payments were made in the US in the 12 months to June 30, 2014, versus USD 88 million in the year to December 31, 2013.

2014 action plan priorities and outlook  

The Group is maintaining its action plan priorities for the year and will keep a close watch on its cash and financial strength:

  • priority focus on increasing sales prices amid a small rise in raw material and energy costs;  
  • €450 million in additional cost savings (calculated on the 2013 cost base), including €240 million in the first half;  
  • capital expenditure program of around €1,500 million, the priority being growth capex outside Western Europe (around €550 million);  
  • renewed commitment to invest in R&D in order to support its differentiated, high value-added strategy;  
  • selective acquisitions and divestments policy.  

The outlook for full-year 2014 is in line with the improving trends first noted in the second half of 2013:

  • In Western Europe, our markets should continue to improve gradually, spurred by growth in the UK, while France is expected to remain down.  
  • In North America, construction should remain upbeat and industrial markets should improve.  
  • In Asia and emerging countries, our businesses are expected to deliver satisfactory organic growth.  
  • Lastly, household consumption markets could continue to be affected by competitive pressure on prices.  

Saint-Gobain is confirming its objectives for full-year 2014 of a clear improvement in operating income on a comparable structure and currency basis and a continuing high level of free cash flow.

Financial calendar  

- Sales for the first nine months of 2014: October 23, 2014, after close of trading on the Paris Bourse.

For further information, please visit http://www.saint-gobain.com

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 (http://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.  

 

Appendix 1 : Results by business sector and geographic area

H1 2013: restated accounts including IFRS 10 and 11, and IFRIC 21 impact


                                                      H1             H1          Change on
    I. SALES                                          2013           2014        an actual
                                                      Restated                   structure
                                                     (in EUR m)     (in EUR m)   basis
    By sector and division:
    Innovative Materials [1]                                4544         4484      -0.0132
    Flat Glass                                              2438         2398     -0.01641
    High-Performance Materials                              2111         2091     -0.00947
    Construction Products [1]                               5677         5643     -0.00599
    Interior Solutions                                      2870         2954     0.029268
    Exterior Solutions                                      2835         2719     -0.04092
    Building Distribution                                   9099         9287     0.020662
    Packaging (Verallia)                                    1813         1500     -0.17264
             Including VNA                                   605          314
    Internal sales and misc.                                -482         -468 n.m.
    Group Total                                            20651        20446     -0.00993
    [1] including intra-sector eliminations

    By geographic area:
    France                                                  5892         5948     0.009504
    Other Western European countries                        8456         8835      0.04482
    North America                                           3068         2641     -0.13918
    Emerging countries and Asia                             4107         4024     -0.02021
    Internal sales                                          -872        -1002 n.m.
    Group Total                                            20651        20446     -0.00993

                                            Change on     Change on          H1 2013
    I. SALES                               a comparable  a comparable
                                            structure     structure and   Published  Impact
                                            basis         currency basis
    By sector and division:
    Innovative Materials [1]                        -0.01        0.037         4623     -79
    Flat Glass                                     -0.005        0.034         2519     -81
    High-Performance Materials                     -0.017         0.04         2111       0
    Construction Products [1]                       0.006        0.055         5724     -47
    Interior Solutions                              0.029        0.071         2870       0
    Exterior Solutions                             -0.017        0.039         2882     -47
    Building Distribution                           0.025        0.036         9099       0
    Packaging (Verallia)                           -0.022        0.017         1813       0
             Including VNA                                                      605       0
    Internal sales and misc.                         n.m.          n.m.        -488       6
    Group Total                                     0.009        0.041        20771    -120
    [1] including intra-sector eliminations

    By geographic area:
    France                                          0.008        0.008         5919     -27
    Other Western European countries                0.046        0.053         8477     -21
    North America                                  -0.026        0.022         3078     -10
    Emerging countries and Asia                    -0.012        0.106         4182     -75
    Internal sales                                   n.m.          n.m.        -885      13
    Group Total                                     0.009        0.041        20771    -120

                                     H1               H1            Change on
    II. OPERATING INCOME             2013             2014          an actual
                                     Restated                       structure basis
                                     (in EUR m)       (in EUR m)
    By sector and division:
    Innovative Materials                          299           409     0.367893
    Flat Glass                                     27           131     3.851852
    High-Performance Materials                    272           278     0.022059
    Construction Products                         481           508     0.056133
    Interior Solutions                            218           251     0.151376
    Exterior Solutions                            263           257     -0.02281
    Building Distribution                         198           265     0.338384
    Packaging (Verallia)                          240           147      -0.3875
             Including VNA                        105            45
    Misc.                                           6             1 n.m.
    Group Total                                  1224          1330     0.086601

    By geographic area:
    France                                        261           247     -0.05364
    Other Western European countries              264           442     0.674242
    North America                                 405           298      -0.2642
    Emerging countries and Asia                   294           343     0.166667
    Group Total                                  1224          1330     0.086601

                                     H1               H1                H1 2013
    II. OPERATING INCOME             2013             2014
                                     (in % of sales)  (in % of sales) Published    Impact

    By sector and division:
    Innovative Materials                     0.065801      0.091213        312          -13
    Flat Glass                               0.011075      0.054629         38          -11
    High-Performance Materials               0.128849      0.132951        274           -2
    Construction Products                    0.084728      0.090023        485           -4
    Interior Solutions                       0.075958       0.08497        218            0
    Exterior Solutions                       0.092769       0.09452        267           -4
    Building Distribution                    0.021761      0.028535        215          -17
    Packaging (Verallia)                     0.132377         0.098        243           -3
             Including VNA                                                 105            0
    Misc.                            n.m.             n.m.                   5            1
    Group Total                              0.059271      0.065049       1260          -36

    By geographic area:
    France                                   0.044297      0.041527        292          -31
    Other Western European countries          0.03122      0.050028        264            0
    North America                            0.132008      0.112836        405            0
    Emerging countries and Asia              0.071585      0.085239        299           -5
    Group Total                              0.059271      0.065049       1260          -36

                                     H1               H1            Change on
    III. BUSINESS INCOME             2013             2014          an actual
                                     Restated                       structure basis
                                     (in EUR m)       (in EUR m)
    By sector and division:
    Innovative Materials                           87           359     3.126437
    Flat Glass                                   -171           131     1.766082
    High-Performance Materials                    258           228     -0.11628
    Construction Products                         507           323     -0.36292
    Interior Solutions                            193           235     0.217617
    Exterior Solutions                            314            88     -0.71975
    Building Distribution                         156           105     -0.32692
    Packaging (Verallia)                          219           515     1.351598
             Including VNA                        104            43
    Misc. (a)                                     -30           -42 n.m.
    Group Total                                   939          1260     0.341853

    By geographic area:
    France                                        173           696     3.023121
    Other Western European countries              106           240     1.264151
    North America (a)                             415           110     -0.73494
    Emerging countries and Asia                   245           214     -0.12653
    Group Total                                   939          1260     0.341853

    (a) after asbestos-related charge (before tax) of EUR45m in H1 2013 and in H1 2014

                                     H1               H1               H1 2013
    III. BUSINESS INCOME             2013             2014
                                     (in % of sales)  (in % of sales)  Published    Impact

    By sector and division:
    Innovative Materials                     0.019146      0.080062        98          -11
    Flat Glass                               -0.07014      0.054629      -162           -9
    High-Performance Materials               0.122217      0.109039       260           -2
    Construction Products                    0.089308      0.057239       513           -6
    Interior Solutions                       0.067247      0.079553       193            0
    Exterior Solutions                       0.110758      0.032365       320           -6
    Building Distribution                    0.017145      0.011306       173          -17
    Packaging (Verallia)                     0.120794      0.343333       221           -2
             Including VNA                                                104            0
    Misc. (a)                        n.m.             n.m.                -31            1
    Group Total                               0.04547      0.061626       974          -35

    By geographic area:
    France                                   0.029362      0.117014       204          -31
    Other Western European countries         0.012535      0.027165       105            1
    North America (a)                        0.135267      0.041651       416           -1
    Emerging countries and Asia              0.059654      0.053181       249           -4
    Group Total                               0.04547      0.061626       974          -35

    (a) after asbestos-related charge (before tax) of EUR45m in H1 2013 and in H1 2014

                                     H1               H1            Change on
    IV. CASH FLOW                    2013             2014          an actual
                                     Restated                       structure basis
                                     (in EUR m)       (in EUR m)
    By sector and division:
    Innovative Materials                          252           344     0.365079
    Flat Glass                                     22           105     3.772727
    High-Performance Materials                    230           239      0.03913
    Construction Products                         298           369     0.238255
    Interior Solutions                              0
    Exterior Solutions                             -2
    Building Distribution                         112           199     0.776786
    Packaging (Verallia)                          213           123     -0.42254
             Including VNA                         63            27
    Misc. (a)                                     243           163 n.m.
    Group Total                                  1118          1198     0.071556

    By geographic area:
    France                                        152           134     -0.11842
    Other Western European countries              357           439     0.229692
    North America (a)                             256           236     -0.07813
    Emerging countries and Asia                   353           389     0.101983
    Group Total                                  1118          1198     0.071556

    (a) after asbestos-related charge (after tax) of EUR27m in H1 2013 and in H1 2014

                                     H1               H1               H1 2013
    IV. CASH FLOW                    2013             2014
                                     (in % of sales)  (in % of sales) Published    Impact

    By sector and division:
    Innovative Materials                     0.055458      0.076717       261           -9
    Flat Glass                               0.009024      0.043786        31           -9
    High-Performance Materials               0.108953      0.114299       230            0
    Construction Products                    0.052493      0.065391       304           -6
    Interior Solutions                              0
    Exterior Solutions                       -0.00071                                   -2
    Building Distribution                    0.012309      0.021428       123          -11
    Packaging (Verallia)                     0.117485         0.082       215           -2
             Including VNA                                                 63            0
    Misc. (a)                        n.m.             n.m.                243            0
    Group Total                              0.054138      0.058593      1146          -28

    By geographic area:
    France                                   0.025798      0.022529       180          -28
    Other Western European countries         0.042219      0.049689       358           -1
    North America (a)                        0.083442       0.08936       256            0
    Emerging countries and Asia              0.085951       0.09667       352            1
    Group Total                              0.054138      0.058593      1146          -28

    (a) after asbestos-related charge (after tax) of EUR27m in H1 2013 and in H1 2014

                                     H1               H1            Change on
    V. CAPITAL EXPENDITURE           2013             2014          an actual
                                     Restated                       structure basis
                                     (in EUR m)       (in EUR m)
    By sector and division:
    Innovative Materials                          169           129     -0.23669
    Flat Glass                                     89            75      -0.1573
    High-Performance Materials                     80            54       -0.325
    Construction Products                         130           150     0.153846
    Interior Solutions                             81            79     -0.02469
    Exterior Solutions                             49            71      0.44898
    Building Distribution                          68            76     0.117647
    Packaging (Verallia)                          110            86     -0.21818
             Including VNA                         43            19
    Misc.                                          16             8 n.m.
    Group Total                                   493           449     -0.08925

    By geographic area:
    France                                         70            80     0.142857
    Other Western European countries              127           139     0.094488
    North America                                 113            83     -0.26549
    Emerging countries and Asia                   183           147     -0.19672
    Group Total                                   493           449     -0.08925

                                     H1               H1               H1 2013
    V. CAPITAL EXPENDITURE           2013             2014
                                     (in % of sales)  (in % of sales) Published    Impact

    By sector and division:
    Innovative Materials                     0.037192      0.028769       193          -24
    Flat Glass                               0.036505      0.031276       113          -24
    High-Performance Materials               0.037897      0.025825        80            0
    Construction Products                    0.022899      0.026582       132           -2
    Interior Solutions                       0.028223      0.026743        81            0
    Exterior Solutions                       0.017284      0.026113        51           -2
    Building Distribution                    0.007473      0.008183        68            0
    Packaging (Verallia)                     0.060673      0.057333       110            0
             Including VNA                                                 43            0
    Misc.                            n.m.             n.m.                 16            0
    Group Total                              0.023873       0.02196       519          -26

    By geographic area:
    France                                   0.011881       0.01345        71           -1
    Other Western European countries         0.015019      0.015733       127            0
    North America                            0.036832      0.031427       113            0
    Emerging countries and Asia              0.044558      0.036531       208          -25
    Group Total                              0.023873       0.02196       519          -26

    VI. EBITDA                       H1               H1            Change on
                                     2013             2014          an actual
                                     Restated                       structure basis
                                     (in EUR m)       (in EUR m)
    By sector and division:
    Innovative Materials                          534           626     0.172285
    Flat Glass                                    185           274     0.481081
    High-Performance Materials                    349           352     0.008596
    Construction Products                         726           732     0.008264
    Interior Solutions                            376           403     0.071809
    Exterior Solutions                            350           329        -0.06
    Building Distribution                         330           394     0.193939
    Packaging (Verallia)                          328           230     -0.29878
             Including VNA                        105            45
    Misc.                                          21            15 n.m.
    Group Total                                  1939          1997     0.029912

    By geographic area:
    France                                        439           419     -0.04556
    Other Western European countries              514           674     0.311284
    North America                                 483           372     -0.22981
    Emerging countries and Asia                   503           532     0.057654
    Group Total                                  1939          1997     0.029912

    VI. EBITDA                       H1               H1              H1 2013
                                     2013             2014
                                     (in % of sales)  (in % of sales)  Published    Impact

    By sector and division:
    Innovative Materials                     0.117518      0.139607       552          -18
    Flat Glass                               0.075882      0.114262       202          -17
    High-Performance Materials               0.165324      0.168341       350           -1
    Construction Products                    0.127884      0.129718       732           -6
    Interior Solutions                        0.13101      0.136425       376            0
    Exterior Solutions                       0.123457         0.121       356           -6
    Building Distribution                    0.036268      0.042425       347          -17
    Packaging (Verallia)                     0.180916      0.153333       331           -3
             Including VNA                                                105            0
    Misc.                            n.m.             n.m.                 21            0
    Group Total                              0.093894      0.097672      1983          -44

    By geographic area:
    France                                   0.074508      0.070444       473          -34
    Other Western European countries         0.060785      0.076287       515           -1
    North America                            0.157432      0.140856       483            0
    Emerging countries and Asia              0.122474      0.132207       512           -9
    Group Total                              0.093894      0.097672      1983          -44

 



    Appendix 3: Consolidated balance sheet
    2013 restated accounts including IFRS 10 and 11, and IFRIC 21 impact


                                                               Dec 31,   Dec 31,
                                                                  2013     2013
    (in EUR million)                             June 30, 2014 Restated Published Impact

                                ASSETS
    Goodwill                                            10,276   10,401    10,413   (12)
    Other intangible assets                              3,161    3,128     3,131    (3)
    Property, plant and equipment                       12,304   12,438    12,635  (197)
    Investments in associates                              398      384       216    168
    Deferred tax assets                                  1,192    1,125     1,125      0
    Other non-current assets                               527      454       407     47

    Non-current assets                                  27,858   27,930    27,927      3

    Inventories                                          6,455    5,953     5,997   (44)
    Trade accounts receivable                            5,991    4,857     4,882   (25)
    Current tax receivable                                 151      236       238    (2)
    Other accounts receivable                            1,394    1,315     1,317    (2)
    Assets held for sale - Discontinued operations           0      974       974      0
    Cash and cash equivalents                            3,262    4,350     4,391   (41)

    Current assets                                      17,253   17,685    17,799  (114)

    Total assets                                        45,111   45,615    45,726  (111)

                 Liabilities and Shareholders' equity
    Capital stock                                        2,271    2,221     2,221      0
    Additional paid-in capital and legal reserve         6,623    6,265     6,265      0
    Retained earnings and net income for the year       10,577   10,677    10,661     16
    Cumulative translation adjustments                 (1,260)  (1,481)   (1,481)      0
    Fair value reserves                                   (46)        7         7      0
    Treasury stock                                       (147)    (147)     (147)      0

    Shareholders' equity                                18,018   17,542    17,526     16

    Minority interests                                     374      345       344      1

    Total equity                                        18,392   17,887    17,870     17

    Long-term debt                                       9,666    9,362     9,395   (33)
    Provisions for pensions and other employee benefits  2,990    2,783     2,785    (2)
    Deferred tax liabilities                               657      715       712      3
    Provisions for other liabilities and charges         1,160    2,185     2,189    (4)

    Non-current liabilities                             14,473   15,045    15,081   (36)

    Current portion of long-term debt                    1,143    1,707     1,721   (14)
    Current portion of provisions for other
    liabilities and charges                                451      477       479    (2)
    Trade accounts payable                               5,878    5,897     5,928   (31)
    Current tax liabilities                                 87       66        67    (1)
    Other accounts payable                               3,715    3,269     3,311   (42)
    Liabilities held for sale - Discontinued operations      0      473       473      0
    Short-term debt and bank overdrafts                    972      794       796    (2)

    Current liabilities                                 12,246   12,683    12,775   (92)

    Total equity and liabilities                        45,111   45,615    45,726  (111)


    Appendix 4: Consolidated cash flow statement
    2013 restated accounts including IFRS 10 and 11, and IFRIC 21 impact


                                                                         H1 2013
    (in EUR million)                                                    Restated   H1 2014

    Net income attributable to equity holders of the parent                   313      671

    Minority interests in net income                                           15       22
    Share in net income of associates, net of dividends received              (3)     (11)
    Depreciation, amortization and impairment of assets                       824    1,119
    Gains and losses on disposals of assets                                  (85)    (399)
    Unrealized gains and losses arising from changes in fair value and
    share-based payments                                                       10     (17)
    Changes in inventories                                                  (380)    (475)
    Changes in trade accounts receivable and payable, and other
    accounts receivable and payable                                       (1,160)  (1,199)
    Changes in tax receivable and payable                                      15       34
    Changes in deferred taxes and provisions for other liabilities and
    charges                                                                  (37)  (1,129)

    Net cash from operating activities                                      (488)  (1,384)

    Purchases of property, plant and equipment [ H1-2013: (493),
    H1-2014: (449) ] and intangible assets                                  (528)    (499)
    Acquisitions of property, plant and equipment in finance leases           (9)      (5)
    Increase (decrease) in amounts due to suppliers of fixed assets         (175)    (140)
    Acquisitions of shares in consolidated companies [ H1-2013: (27),
    H1-2014:(29) ], net of debt acquired                                     (42)     (89)
    Acquisitions of other investments                                        (16)     (19)
    Increase in investment-related liabilities                                 10        1
    Decrease in investment-related liabilities                                (2)      (1)
                               Investments                                  (762)    (752)
    Disposals of property, plant and equipment and intangible assets           38       35
    Disposals of shares in consolidated companies, net of net debt
    divested                                                                  141      999
    Disposals of other investments and other divestments                        0        0
                               Divestments                                    179    1,034
    Increase in loans and deposits                                           (39)     (57)
    Decrease in loans and deposits                                             17       34

    Net cash used in investing activities / divestments                     (605)      259

    Issues of capital stock                                                   582      408
    Minority interests' share in capital increases of subsidiaries              3        8
    Increase (decrease) in investment-related liabilities (put on
    minority interests)                                                         0        0
    Disposals of minority interests without loss of control                    12        0
    (Increase) decrease in treasury stock                                      11        0
    Dividends paid                                                          (654)    (685)
    Increase (decrease) in dividends payable                                  179      441
    Dividends paid to minority shareholders of consolidated
    subsidiaries                                                             (55)     (35)

    Net Cash from (used in) financing activities                               78      137

    Increase (decrease) in net debt                                       (1,015)    (988)

    Net effect of exchange rate changes on net debt                            46      (5)
    Net effect from changes in fair value on net debt                        (25)     (13)

    Net debt at beginning of period                                       (8,488)  (7,513)
    Net debt at end of period                                             (9,482)  (8,519)

                                                                          H1 2013
    (in EUR million)                                                     Published  Impact

    Net income attributable to equity holders of the parent                   332     (19)

    Minority interests in net income                                           15        0
    Share in net income of associates, net of dividends received              (2)      (1)
    Depreciation, amortization and impairment of assets                       832      (8)
    Gains and losses on disposals of assets                                  (85)        0
    Unrealized gains and losses arising from changes in fair value and
    share-based payments                                                       10        0
    Changes in inventories                                                  (387)        7
    Changes in trade accounts receivable and payable, and other
    accounts receivable and payable                                       (1,198)       38
    Changes in tax receivable and payable                                      17      (2)
    Changes in deferred taxes and provisions for other liabilities and
    charges                                                                  (25)     (12)

    Net cash from operating activities                                      (491)        3

    Purchases of property, plant and equipment [ H1-2013: (493),
    H1-2014: (449) ] and intangible assets                                  (555)       27
    Acquisitions of property, plant and equipment in finance leases           (9)        0
    Increase (decrease) in amounts due to suppliers of fixed assets         (177)        2
    Acquisitions of shares in consolidated companies [ H1-2013: (27),
    H1-2014:(29) ], net of debt acquired                                     (24)     (18)
    Acquisitions of other investments                                        (16)        0
    Increase in investment-related liabilities                                 10        0
    Decrease in investment-related liabilities                                (2)        0
                               Investments                                  (773)       11
    Disposals of property, plant and equipment and intangible assets           39      (1)
    Disposals of shares in consolidated companies, net of net debt
    divested                                                                  141        0
    Disposals of other investments and other divestments                        0        0
                               Divestments                                    180      (1)
    Increase in loans and deposits                                           (39)        0
    Decrease in loans and deposits                                             17        0

    Net cash used in investing activities / divestments                     (615)       10

    Issues of capital stock                                                   582        0
    Minority interests' share in capital increases of subsidiaries              3        0
    Increase (decrease) in investment-related liabilities (put on
    minority interests)                                                         0        0
    Disposals of minority interests without loss of control                    12        0
    (Increase) decrease in treasury stock                                      11        0
    Dividends paid                                                          (654)        0
    Increase (decrease) in dividends payable                                  179        0
    Dividends paid to minority shareholders of consolidated
    subsidiaries                                                             (55)        0

    Net Cash from (used in) financing activities                               78        0

    Increase (decrease) in net debt                                       (1,028)       13

    Net effect of exchange rate changes on net debt                            46        0
    Net effect from changes in fair value on net debt                        (25)        0

    Net debt at beginning of period                                       (8,490)        2
    Net debt at end of period                                             (9,497)       15

Analyst/Investor relations

Gaetano Terrasini, +33-1-47-62-32-52
Vivien Dardel, +33-1-47-62-44-29
Marine Huet, +33-1-47-62-30-93

Press relations

Sophie Chevallon, +33-1-47-62-30-48
Susanne Trabitzsch, +33-1-47-62-43-25

SOURCE Saint-Gobain

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