Saint-Gobain First-half 2017 Results
July 28th, 2017
- Organic growth at 3.5% with volumes up 1.7% despite a negative impact of around €220 million (1.1%) resulting from the June 27, 2017 cyber-attack, fully in line with our July 13, 2017 announcement
- Prices up 1.8%, offsetting the rise in raw material and energy costs at Group level
- Reported sales up 4.4%, aided by a positive 0.8% Group structure impact and a positive 0.1% currency effect
- Operating income up 7.1% on a reported basis and 6.6% like-for-like, despite the negative impact of the cyber-attack, estimated at €65 million, or 4.4% of first-half operating income
- Recurring net income up 20.4% and free cash flow up 19.4%
- 18 acquisitions in first-half 2017 in line with investor day objectives
- Objectives for full-year 2017 confirmed
Pierre-André de Chalendar, Chairman and Chief Executive Officer of Saint-Gobain, commented:
“The first half of 2017 confirmed the encouraging trends seen in 2016, particularly in France. Excluding the one-off impact of the cyber-attack, the Group grew at its fastest rate since the first half of 2011 translating into double-digit growth in operating income. The focus on sales prices paid off, allowing us to offset the rise in raw material and energy costs at Group level. Overall, the results were in line with our expectations, and we can therefore confirm with confidence our 2017 objectives.”
- Recurring net income excluding capital gains and losses on disposals, asset write-downs and material non-recurring provisions.
- Free cash flow excluding the tax impact of gains and losses on disposals, asset write-downs and material non-recurring provisions, and less capital expenditure.