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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