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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cie de SaintGobain | EU:SGO | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.26 | 1.60% | 79.98 | 80.00 | 80.04 | 80.06 | 79.02 | 79.16 | 108,131 | 10:00:13 |
PARIS, October 23, 2014 /PRNewswire/ --
Organic growth at 2.7%; stable in the third quarter
Pierre-André de Chalendar, Chairman and Chief Executive Officer of Saint-Gobain, commented:
"The Group's organic growth in the third quarter reflects the contraction in certain economies in Western Europe, milder growth in Asia and emerging countries, and a downturn in the Roofing business in the US. The positive trends in the UK and Scandinavia, and in US new-build and industrial markets, continued apace.
The Group has stepped up measures to address this uncertain macroeconomic environment, including the planned 2015 cost cutting program.
For full-year 2014, the Group continues to target a clear improvement in its operating income expected between 5% and 10% based on comparable Group structure and exchange rates and excluding Verallia North America, as well as a high level of free cash flow."
The table below presents nine-month sales trends by Business Sector and major geographic area:
Change on 9 months 9 Change on a 9 months 2013 months an actual comparable 2013 Sales 2014 structure structure Like-for-like Sales EURm Restated* Sales basis basis change Published BUSINESS SECTOR Innovative Materials[1] 6,738 6,770 0.5% 0.4% 3.6% 6,865 Flat Glass 3,625 3,621 -0.1% 0.7% 3.0% 3,753 High-Performance Materials 3,121 3,156 1.1% 0.1% 4.2% 3,121 Construction Products[1] 8,641 8,543 -1.1% -0.1% 3.5% 8,717 Interior Solutions 4,385 4,505 2.7% 2.7% 5.8% 4,385 Exterior Solutions 4,300 4,085 -5.0% -2.9% 1.1% 4,376 Building Distribution 13,977 14,084 0.8% 1.1% 1.7% 13,977 Packaging (Verallia)[2] 2,740 2,116 -22.8% -1.4% 2.4% 2,740 Including VNA 920 314 --- --- --- 920 Internal sales and misc. (717) (697) --- --- --- (726) GEOGRAPHIC AREA France 8,708 8,672 -0.4% -0.5% -0.5% 8,750 Other Western European countries 13,097 13,508 3.1% 3.3% 3.4% 13,136 North America[2] 4,594 3,875 -15.7% -0.8% 2.6% 4,609 Emerging countries and Asia 6,285 6,241 -0.7% -0.2% 8.5% 6,402 Internal sales (1,305) (1,480) --- --- --- (1,324) GROUP 31,379 30,816 -1.8% 0.5% 2.7% 31,573
* 2013 figures restated to reflect the impacts of the amended IFRS 11.
[1] Including inter-division eliminations.
[2] Including Verallia North America (VNA) which was deconsolidated with effect from April 11, 2014.
Saint-Gobain's sales for the first nine months of 2014 came in at €30,816 million, down 1.8% from €31,379 million in the same period one year earlier.
The currency impact was a negative 2.2%, due to the depreciation against the euro of Latin American and Scandinavian currencies as well as the US dollar - chiefly in the first half.
The Group structure impact was a negative 2.3%, essentially reflecting the disposal of Verallia North America (VNA) with effect from April 11, as well as the sale of certain non-core Exterior Solutions and Building Distribution businesses.
Like-for-like (comparable structure and exchange rates), sales were up 2.7%. Volumes grew 1.7%, despite a negative third quarter. Sales prices gained 1.0% over the nine months to September 30, following a 1.2% rise in the first half.
The table below presents third-quarter sales trends by Business Sector and major geographic area:
Change on Q3 2013 Q3 2014 Change on a Q3 2013 an actual comparable Sales Sales structure structure Like-for-like Sales EURm Restated* basis basis change Published BUSINESS SECTOR Innovative Materials[1] 2,194 2,286 4.2% 3.4% 3.4% 2,242 Flat Glass 1,187 1,223 3.0% 2.9% 2.2% 1,234 High-Performance Materials 1,010 1,065 5.4% 3.8% 4.8% 1,010 Construction Products[1] 2,964 2,900 -2.2% -1.4% -0.4% 2,993 Interior Solutions 1,515 1,551 2.4% 2.3% 3.3% 1,515 Exterior Solutions 1,465 1,366 -6.8% -5.2% -4.1% 1,494 Building Distribution 4,878 4,797 -1.7% -1.3% -1.8% 4,878 Packaging (Verallia)[2] 927 616 -33.5% 0.6% 4.0% 927 Including VNA 315 0 --- --- --- 315 Internal sales and misc. (235) (229) --- --- --- (238) GEOGRAPHIC AREA France 2,816 2,724 -3.3% -3.3% -3.3% 2,831 Other Western European countries 4,641 4,673 0.7% 0.9% 0.0% 4,659 North America[2] 1,526 1,234 -19.1% 3.2% 3.6% 1,531 Emerging countries and Asia 2,178 2,217 1.8% 1.6% 4.6% 2,220 Internal sales (433) (478) --- --- --- (439) GROUP 10,728 10,370 -3.3% -0.3% 0.0% 10,802
* 2013 figures restated to reflect the impacts of the amended IFRS 11.
[1] Including inter-division eliminations.
[2] Including Verallia North America (VNA) which was deconsolidated with effect from April 11, 2014.
Consolidated sales for the third quarter came in at €10,370million, down 3.3% on the same period one year earlier (€10,728 million). This reflects a negative Group structure impact of 3.0% and a milder negative currency impact of 0.3% thanks to the appreciation of the Group's main currencies against the euro over the past few months.
On a like-for-like basis, sales remained stable over the quarter. Volumes slipped 0.5%, hit by the downturn in construction markets in France and Germany, the decline in Exterior Solutions, and softer growth in Asia and emerging countries.
Prices had a slight 0.5% positive impact, with a decline in prices for US Exterior Products and lower inflation in Western Europe.
Like-for-like performance of Group Business Sectors
Innovative Materials sales climbed 3.6% over the nine-month period, including 3.4% in the third quarter powered by High-Performance Materials.
Construction Products (CP) sales advanced 3.5% over the nine months despite slipping 0.4% in the third quarter due to Exterior Solutions.
Building Distribution posted 1.7% organic growth over the nine-month period, with sales losing 1.8% in the three months to September 30 after slipping 0.2% in the second quarter.
The downturn in France worsened, due to the sharp contraction in the new-build market. After a first quarter buoyed by mild winter weather, Germany has been declining fairly significantly since the second quarter. However, the upbeat momentum was confirmed in the UK and Scandinavia posted slight growth over the third quarter. Brazil saw small growth gains, despite the cyclical downturn.
Packaging (Verallia) sales moved up 2.4% over the nine months to September 30, powered by a 4.0% rise in the third quarter.
Sales prices for the Business Sector remained under pressure in Western Europe, while volumes increased slightly. Latin America once again reported good growth, driven by inflation-related price trends.
Like-for-like analysis by geographic area
Organic growth slowed in the third quarter:
Update on asbestos claims in the United States
Some 3,000 new claims were filed against CertainTeed in the first nine months of 2014, in line with the same period in 2013. Taking into account around 4,000 claims settled in the period (versus 3,000 in the first nine months of 2013), and around 4,000 claims transferred to inactive dockets, some 38,000 claims were outstanding at September 30, 2014, compared with 43,000 at end- 2013.
Update on the share buyback
Over the past three months Saint-Gobain has bought back 3,786,095 of its own shares at an average price of €35.35.
Outlook and objectives for full-year 2014
The Group expects the following trends for the fourth quarter:
The Group is rolling out specific measures to address this uncertain macroeconomic environment:
For full-year 2014, Saint-Gobain continues to target:
Financial calendar
Results for 2014: February 25, 2015, after close of trading on the Paris Bourse.
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.
For any further information, please visit http://www.saint-gobain.com.
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
Copyright 2014 PR Newswire
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