Publication of sales for the fourth quarter of 2012 and of results for the year ended December 31, 2012.
On February 20 Saint-Gobain reported its sales for the fourth quarter and full year ended December 31, 2012, recording full year sales of €43,198 million, up 2.6% on 2011; operating income of €2,881 million, down 16.3% year on year; recurring net income of €1,126 million, down 35.1% year on year, and net income of €766 million, down 40.5% year on year.
The company’s dividend: stable at €1.24, 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: €1.3bn 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) €520m in cost savings in 2012; €1,100m in 2013 (calculated on the 2011 cost base)
Sharp improvement in operating WCR2: down 5.0 days, representing a gain of €555m
Free cash flow after changes in operating WCR: up 73.2% to €1.4bn
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 €520 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”.
Full data can be downloaded at http://www.saint-gobain.com/files/Results2012_VA_t.pdf
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