SAINT_GOBAIN_REGISTRATION_DOCUMENT_2017
5
2017 results and outlook for 2018 Financial results
OPERATING WCR (at December 31, in € million and no. of days)
5,123
Stable in no. of days over 12 months
4,858
4,773
4,677
4,069
3,514 3,417 3,356
3,493
3,284
3,140
2,835 3,010
49
44
40 38
34
31
31
29 29 30
26 28 28
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ONGOING TIGHT REIN ON OPERATING WCR
Operating working capital requirements (WCR) remained stable at a good level of 28 days’ sales, a rise of €130 million in value terms (to €3,140 million). Investments in securities picked up pace, at €641 million (€362 million in 2016), and relate to targeted acquisitions in
Asia and emerging countries (Megaflex, Isoroc, Tumelero), in new niche technologies and services (TekBond, Maris, Scotframe), and to consolidate our strong positions (Glava, Biolink, Kirson, Wattex, SimTek, bolt-on acquisitions in
Building Distribution).
NET DEBT AND SHAREHOLDERS'EQUITY (in € billion)
19.3
19.1
18.9
18.4
17.9
17.9
8.5
7.5
7.2
6.0
5.6
4.8
Q NET DEBT Q SHAREHOLDER’S EQUITY
12-2013 12-2012 12-2014 12-2015 12-2016 12-2017
47%
42%
39% 25% 29%
32% 1.4
NET DEBT
1.9
1.8
1.8 1.2 1.4
SHAREHOLDER’S EQUITY / EBITDA (1)
STRONG BALANCE SHEET MAINTAINED
Net debt rose to €5.95 billion from €5.64 billion, due mainly to the acceleration in acquisitions and to share buybacks for €403 million. Net debt represents 32% of consolidated equity, compared to 29% at December 31, 2016.
The net debt to EBITDA ratio remained stable at 1.4 at end-2017.
(1) EBITDA = Operating income + operating depreciation/amortization over a 12-month period.
106 SAINT-GOBAIN - REGISTRATION DOCUMENT 2017
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