TIDMCOD
RNS Number : 7963Q
Compagnie de Saint-Gobain
21 February 2019
PRESS RELEASE
Paris, February 21, 2019
2018 Results
Increase in operating income(1) of 4.5%
with H2 up 7.2%
-- Solid organic growth at 4.4%, including 4.8% in Q4. Strong
pricing dynamic, up 3.0%; acceleration in H2, up 3.5%
-- Like-for-like increase in operating income of 7.2% in H2,
clearly above the level achieved in H1; increase of 4.5% over the
full year
-- Significant operating margin growth in H2 to 7.9%
-- Further increase in recurring net income(2) of 6.0%; net
income at EUR420 million after EUR2.0 billion in asset
impairment
-- Slight rise in cash flow from operations; acceleration in
growth capex led by emerging countries
-- Acceleration of portfolio rotation: selective acquisition
strategy targeting small and mid-sized businesses for EUR768
million; significant divestments completed or announced for a total
of over EUR2.4 billion in sales as part of the EUR3 billion target
already announced; within the context of the new organization, new
strategic review of the business portfolio launched which will lead
to an additional dynamic of divestments and acquisitions
-- 2018 dividend up to EUR1.33 per share, to be wholly paid in cash
(EURm) 2017 2018 Change Change
like-for-like
Sales 40,810 41,774 2.4% 4.4%
EBITDA 4,234 4,324 2.1%
Operating income 3,028 3,122 3.1% 4.5%
Recurring net income(2) 1,631 1,729 6.0%
Net attributable income 1,566 420 -73.2%
Free cash flow(3) 1,353 1,270 -6.1%
1. Like-for-like.
2. Recurring net income: net attributable income excluding
capital gains and losses on disposals, asset write-downs, material
non-recurring provisions and Sika income.
3. Cash flow from operations excluding the tax impact of capital
gains and losses on disposals, asset write-downs and material
non-recurring provisions, less capital expenditure.
Pierre-André de Chalendar, Chairman and Chief Executive Officer
of Saint-Gobain, commented:
"As expected, our results for the second half show a significant
improvement, benefiting from broadly supportive markets, a strong
pricing dynamic and the settlement of industrial issues that had
weighed on the Group's profitability in the first half. For 2019,
in the context of a market which, despite some uncertainties,
should be favorable overall, we are targeting a further
like-for-like increase in operating income.
As part of the acceleration of our portfolio rotation program
announced at the end of July and the reorganization presented in
late November, the Group has launched a divestment program
representing sales of more than EUR3.0 billion by the end of 2019.
The divestment process for the Distribution business in Germany is
well under way. The new strategic review currently in progress will
lead to an additional dynamic of divestments and acquisitions."
Benoit Bazin, Chief Operating Officer of Saint-Gobain,
commented:
"The new organization is being swiftly put into place and the
teams are fully committed to unlocking additional growth and
profitability. It is leading us to assess our positioning country
by country and to focus the Group's strengths by optimizing the
allocation of its resources in its core industrial and distribution
businesses, with solid competitive positions, strong synergies and
a profitable growth outlook. We therefore have full confidence in
our program to achieve EUR250 million of additional savings by
2021."
2018 performance
The Group's 2018 sales totaled EUR41,774 million, up 2.4% on a
reported basis and up 4.4% like-for-like. Organic growth was driven
both by prices (up 3.0%), accelerating in the second half (up
3.5%), and by volumes (up 1.4%), progressing in all regions. All
Business Sectors delivered significant price increases amid
continued raw material and energy inflation.
The Group structure impact added 0.9% to overall growth and
essentially corresponds to the consolidation of acquisitions in
Asia and emerging countries (KIMMCO, Megaflex, Isoroc Poland), in
new niche technologies and services (TekBond, Scotframe, Maris,
HKO), and to consolidate our strong positions (Glava, Kirson,
Wattex, bolt-on acquisitions in Building Distribution including Per
Strand in Norway).
The smaller positive Group structure impact of 0.4% in the
second half reflects the acceleration in the Group's portfolio
optimization program, with in particular the disposal of the Pipe
business in Xuzhou, China, the EPS insulating foam business in
Germany, and glazing installation operations in the UK. It should
be noted that in light of the now hyperinflationary environment in
Argentina, this country which represents less than 1% of the
Group's consolidated sales, is excluded from the like-for-like
analysis as of July 1, 2018.
However, overall growth was tempered by a negative 2.9% currency
effect over the year, albeit with a smaller negative 1.5% impact in
the second half resulting mainly from the appreciation of the US
dollar against the euro, despite the continued depreciation of the
Brazilian real, Nordic krona and other Asian and emerging country
currencies.
As expected, like-for-like operating income improved
significantly in the second half, rising 7.2%, bringing growth over
the full year to 4.5%. The Group's operating margin(1) widened to
7.5% from 7.4% in 2017, with 7.9% in the second half (versus 7.7%
in second-half 2017).
The acceleration of the Group's transformation continues, with
the new organizational structure in place as of January 1, 2019.
The Group has reviewed its asset impairment tests. In this context,
given the current situation and the downward revisions to the
outlook for certain businesses and countries, impairment amounts to
EUR2.0 billion and mainly concerns Distribution in the UK, Pipe,
Lapeyre and Distribution in Germany.
Saint-Gobain recorded a capital gain of EUR781 million on the
Sika transaction in 2018 and became the company's largest
shareholder, with 10.75% of the capital.
The Group continued to implement its strategic priorities in
2018:
- EUR1.67 billion in capital expenditure, versus EUR1.54 billion
in 2017, with an acceleration in growth capex in emerging
countries;
- around EUR300 million in cost savings versus 2017 as part of
the EUR1.2 billion cost reduction program for 2017-2020, with a
particular focus on Industry 4.0 and digitalization.
Performance of Group Business Sectors
Innovative Materials sales climbed 4.8% like-for-like over the
year and 3.6% in the second half. The operating margin for the
Business Sector remained stable over the year at 12.4% and stood at
12.5% in the second half.
-- Flat Glass like-for-like sales increased 2.8% over the year
(up 2.1% in the second half). Automotive glass advanced in line
with the division over the year, buoyed by growth in Latin America
despite a significant downturn in European and Chinese markets in
the fourth quarter. Recent industrial and innovation investments
continue to ramp up. Sales linked to the construction market in
Europe, Asia and emerging countries progressed, driven by prices.
Following the restart of production at the three float glass
facilities under repair in 2018 (Poland, Romania and Egypt), India
started up its fifth float line in the second half of the year. The
operating margin rallied sharply in the second half at 9.8% (after
8.0% in the first half), in a context of improved industrial
performance and price increases. Over the year, the operating
margin was 8.9% versus 10.1% in 2017.
-- High-Performance Materials (HPM) sales rose 7.2% on a
like-for-like basis (up 5.2% in the second half), driven by all
businesses and all regions, especially Asia and emerging countries.
The strategy of allocating capital to niche technologies and
fast-growing markets is paying off. Despite a higher comparison
basis in the second half, HPM continued to deliver growth. The
operating margin increased sharply to 16.3% from 15.1% in 2017 on
the back of good volumes, particularly in Ceramics in the first
half.
Construction Products (CP) reported 5.6% organic growth, with
4.2% in the second half. The operating margin progressed to 9.3%
versus 9.1% in 2017.
-- Interior Solutions like-for-like sales moved up 5.5% over the
year and 3.9% in the second half in the context of an acceleration
in sales prices. All regions advanced, especially Asia and emerging
countries. The strong pricing dynamic in North America intensified
in the second half. The operating margin came in at 10.5% in 2018
(versus 9.5% in 2017), benefiting in particular from a positive
price-cost spread in terms of raw materials and energy.
-- Exterior Solutions reported 5.7% organic growth over the year
and 4.8% in the second half. Amid strong inflation in raw material
and transport costs, Exterior Products in the US successfully
implemented significant price increases in the second half, against
a high comparison basis in terms of volumes (weather-related
impacts in 2017). Pipe advanced over the year thanks to the
increase in its second-half sales and efforts to improve its
competitiveness. Mortars recorded an increase in sales led by Asia
and emerging countries, with a pick-up in Brazil. The operating
margin was 7.5% for the year versus 8.4% in 2017, affected by the
spread between prices and raw material and energy costs for
Exterior Products in the US, which improved significantly in the
second half.
Building Distribution delivered 3.6% organic growth in 2018 and
4.0% in the second half which benefited from a positive calendar
effect of around 0.5%. France had a good year in a growing market.
Nordic countries enjoyed robust growth throughout the year, while
Germany progressed slightly. The UK saw a decline in volumes and
increased competitive pressure on margins, despite a sharp rise in
prices. Brazil remained hesitant over the year and stabilized in
the second half. Despite a rise in operating margin in France and
Nordic countries, the Business Sector operating margin came out at
3.3% for the year (versus 3.4% in 2017) with a second half at 3.9%,
affected by the contraction in the UK. The acceleration in
digitalization investments took around 20 basis points off the
margin between 2017 and 2018.
Analysis by region
-- The growth momentum in France continued, with like-for-like
sales up 3.0% over the year (up 2.9% in the second half) in a
market that remains constrained by the lack of skilled labor. The
operating margin widened to 3.6% in 2018 from 3.1% in 2017.
-- Other Western European countries reported like-for-like sales
growth of 3.5% over the year and 3.3% in the second half. Nordic
countries continued to enjoy good momentum. Germany remained
hesitant, affected by disruptions in the automotive market,
significantly down in the second half of the year. The UK reported
further organic growth led by pricing, with declining volumes in an
uncertain environment. As a result, the operating margin narrowed
to 5.5% in 2018 from 5.9% in 2017.
-- North America climbed 6.2% like-for-like, with 2.6% in the
second half against a high comparison basis in Exterior Products
and HPM. Construction and industrial markets continued to trend
well. The operating margin improved, at 11.9% in 2018 versus 11.3%
in 2017, aided notably by price increases.
-- Asia and emerging countries continued to advance, posting
robust organic growth of 7.4% (6.7% in the second half), with a
positive contribution from all regions and particularly Brazil,
which saw an improvement on the prior year. The operating margin
continued to rise, up to 11.7% in 2018 from 11.5% in 2017.
Analysis of the 2018 consolidated financial statements
The 2018 consolidated financial statements were approved and
adopted by Saint-Gobain's Board of Directors at its meeting of
February 21, 2019. The consolidated financial statements were
audited and certified by the statutory auditors.
2017 2018 %
change
EURm (A) (B) (B)/(A)
-------- --------
Sales and ancillary revenue 40,810 41,774 2.4%
Operating income 3,028 3,122 3.1%
Operating depreciation and amortization 1,206 1,202 -0.3%
EBITDA (operating income + operating
depr./amort.) 4,234 4,324 2.1%
Non-operating costs (337) (284) -15.7%
Capital gains and losses on disposals,
asset write-downs, corporate acquisition
fees and earn-out payments (180) (2,040) n.s.
Business income 2,511 798 -68.2%
Net financial income (expense) (448) 189 n.s.
Income tax (438) (490) 11.9%
Share in net income of associates 0 0 n.s.
Net income before minority interests 1,625 497 -69.4%
Minority interests 59 77 30.5%
Net attributable income 1,566 420 -73.2%
Earnings per share(2) (in EUR) 2.84 0.77 -72.9%
Recurring(1) net income 1,631 1,729 6.0%
Recurring(1) earnings per share(2) (in
EUR) 2.96 3.18 7.4%
Cash flow from operations(3) 3,020 3,023 0.1%
Cash flow from operations excluding
capital gains tax(4) 2,891 2,936 1.6%
Capital expenditure(5) 1,538 1,666 8.3%
Free cash flow(6) 1,353 1,270 -6.1%
Investments in securities 641 1,699 n.s.
Net debt 5,955 8,193 37.6%
1. Recurring net income: net attributable income excluding
capital gains and losses on disposals, asset write-downs, material
non-recurring provisions and Sika income.
2. Calculated based on the number of shares outstanding at
December 31 (543,879,267 shares in 2018, versus 550,785,719 shares
in 2017).
3. Cash flow from operations = operating cash flow excluding material non-recurring provisions.
4. Cash flow from operations excluding capital gains tax = (3)
less the tax impact of capital gains and losses on disposals, asset
write-downs and material non-recurring provisions.
5. Capital expenditure: investments in property, plant and equipment.
6. Free cash flow = (4) less capital expenditure (5).
Consolidated sales increased by 4.4% like-for-like, with a
positive 3.0% price impact. On a reported basis, sales were up 2.4%
with a negative 2.9% currency impact, albeit with a smaller
negative impact of 1.5% in the second half due mainly to the
appreciation of the US dollar against the euro, despite the
continued depreciation of the Brazilian real, Nordic krona and
other Asian and emerging country currencies. The positive 0.9%
Group structure impact essentially reflects the consolidation of
acquisitions made in Asia and emerging countries, in new niche
technologies and services, and to consolidate our strong positions.
The smaller positive Group structure impact of 0.4% in the second
half is attributable to the acceleration in the portfolio
optimization program.
Operating income rose 3.1% on a reported basis despite a
negative currency effect, and by 4.5% like-for-like. The operating
margin stood at 7.5% of sales versus 7.4% of sales in 2017. EBITDA
climbed 2.1% to EUR4,324 million, stable at 10.4% of sales.
Non-operating costs totaled EUR284 million versus EUR337 million
in 2017, reflecting on the one hand a one-off gain of EUR180
million relating to the Sika transaction and on the other, a rise
in restructuring costs relating to Pipe. Non-operating costs also
include a EUR90 million accrual to the provision for
asbestos-related litigation involving CertainTeed in the US,
unchanged from 2017. The launch of the "Transform & Grow"
program resulted in additional expenses of around EUR60
million.
The net balance of capital gains and losses, asset write-downs
and corporate acquisition fees represented an expense of EUR2,040
million versus an expense of EUR180 million in 2017. The Group
reviewed its asset impairment tests in light of the current
situation and the downward revision to the outlook for certain
businesses and countries. The UK faces uncertainty due to Brexit in
a more competitive environment. Restructuring measures continue at
Pipe and Lapeyre. The value of the Distribution business in Germany
has been adjusted in the context of its divestment. In 2018, asset
write-downs represented EUR2,037 million, of which EUR750 million
relates to the Distribution business in the UK, EUR511 million to
Pipe (including EUR223 million in first-half 2018, in particular in
China), EUR372 million to Lapeyre and EUR212 million to the
Distribution business in Germany. As a result, business income was
down 68.2%.
The Group reported net financial income of EUR189 million in
2018 versus a net financial expense of EUR448 million in 2017. The
interest cost on pensions fell (thanks to prior-year
contributions), as well as the average cost of gross debt, down to
2.3% from 2.8% at December 31, 2017; net financial income also
includes a EUR601 million gain resulting from the Sika
transaction.
The income tax rate on recurring net income was 24% compared to
25% in 2017, due mainly to the reduction in the US tax rate. Income
tax totaled EUR490 million versus EUR438 million in 2017.
Recurring net income (excluding capital gains and losses, asset
write-downs, material non-recurring provisions and Sika income)
rose 6.0% to EUR1,729 million.
Net attributable income came in at EUR420 million in 2018 versus
EUR1,566 million in 2017, owing to asset write-downs.
Cash flow from operations remained stable at EUR3,023 million;
before the tax impact of capital gains and losses on disposals,
asset write-downs and material non-recurring provisions, cash flow
from operations was 1.6% higher at EUR2,936 million.
Capital expenditure was increased to EUR1,666 million in 2018
versus EUR1,538 million in 2017, with a focus on growth capex in
emerging countries and on digitalization. Consequently, free cash
flow fell 6.1% to EUR1,270 million in 2018, or 3.0% of sales (3.3%
of sales in 2017).
Operating working capital requirements (WCR) came in at EUR3,227
million (EUR3,140 million at December 31, 2017), or 29 days of
sales, in line with our objective of less than 30 days.
Investments in securities totaled EUR1,699 million in 2018
(EUR641 million in 2017), including approximately EUR930 million
relating to the Sika transaction (on a net basis after the disposal
of 6.97% of shares) and EUR768 million in targeted acquisitions
made to consolidate leading positions, notably Per Strand in Norway
(Building Distribution) and Hankuk Glass in South Korea; to develop
innovative niches with Kaimann (technical insulation) and HyComp
(composite solutions for aerospace markets); and to establish a
foothold in new countries with KIMMCO in Insulation in Kuwait.
Net debt increased to EUR8.2 billion from EUR6.0 billion at
December 31, 2017, with in particular EUR1.7 billion of
acquisitions (including Sika for approximately EUR930 million) and
EUR532 million in share buybacks. Net debt represents 45% of
consolidated equity compared to 32% at end-2017.
The net debt to EBITDA ratio was 1.9 compared to 1.4 at December
31, 2017.
Update on asbestos claims in the US
Some 2,600 claims were filed against CertainTeed in 2018, a
noticeable decrease on 2017. At the same time, around 4,300 claims
were settled (versus 3,900 in 2017), bringing the total number of
outstanding claims to around 32,600 at December 31, 2018, a
decrease of around 1,700 compared to end-2017.
A total of USD 67 million in indemnity payments were made in the
12 months to December 31, 2018, compared to USD 76 million in 2017.
In light of these trends and of the EUR90 million provision accrual
in 2018, the total provision for CertainTeed's asbestos-related
claims amounted to USD 568 million at December 31, 2018, compared
to USD 555 million at December 31, 2017.
IFRS 16
The Group has chosen to apply IFRS 16 using the full
retrospective method at January 1, 2019, with retroactive effect
from January 1, 2018. IFRS 16 aligns the accounting treatment of
operating leases with that of finance leases (subject to the
exemptions set out in the standard). The impact of IFRS 16 on the
Group's consolidated financial statements arises chiefly from
leases of property assets.
Applying this standard will result in a change in presentation
in the consolidated financial statements for the six months ended
June 30, 2019, with restatement of first-half 2018:
- In the balance sheet: a liability will be recognized in
respect of future lease payments and an asset will be recognized in
respect of the right-of-use granted. The difference between these
two amounts will be recognized in equity.
- In the income statement: the rental expense currently
recognized within operating income will partly be recorded in
depreciation and amortization expense, and partly in net financial
expense.
Based on the lease contracts analyzed, the Group estimates that
the impact at the transition date should be around EUR3 billion to
EUR3.3 billion on debt and around EUR2.8 billion to EUR3 billion on
right-of-use assets.
The estimated full-year impact is an increase of around EUR0.7
billion to EUR0.8 billion in EBITDA and slightly positive on
operating income.
Shareholder policy
In 2018, the Group bought back 12.8 million shares, an
acceleration on 2017 (8.3 million shares), contributing to the
reduction in the number of shares outstanding to 543.9 million at
December 31, 2018 (550.8 million at December 31, 2017).
At today's meeting, Compagnie de Saint-Gobain's Board of
Directors decided to recommend to the June 6, 2019 Shareholders'
Meeting to pay in cash an increased dividend of EUR1.33 per share.
This dividend represents 42% of recurring net income and a dividend
yield of 4.6% based on the closing share price at December 31, 2018
(EUR29.165). The ex-dividend date has been set at June 10 and the
dividend will be paid on June 12, 2019.
Strategy: implementation of the "Transform & Grow"
program
New organization put into place
The new organization is being swiftly put into place. It intends
to align the Group more closely with its end markets, taking into
account the regional dimension of the majority of our markets and
the global nature of our most innovative businesses. The new
structure consists of five reporting units, with four regional
businesses and a global High Performance Solutions unit.
These five reporting units replaced the three Business Sectors
and 14 delegations as from January 1, allowing for a more agile
Group leveraging new opportunities from our digital transformation,
and for simplified decision-making processes which will enhance
competitiveness. Tailoring this business model to regional and
market specificities will allow us to accelerate profitable growth,
and streamlined management structures will result in a leaner
organization, with increased synergies at country and market level,
to the benefit of customers.
Acceleration of the rotation of the portfolio
- EUR768 million in acquisitions in 2018: 27 fully consolidated
acquisitions of small and mid-sized businesses;
- divestments completed or signed to date represent sales of
over EUR500 million: Pipe in China (Xuzhou plant), EPS insulating
foam in Germany, glazing installation operations in the UK, Silicon
Carbide, Glassolutions in Norway and Sweden;
- the process to divest the Distribution business in Germany
representing EUR1.9 billion in sales is well under way;
- a strategic review of the business portfolio is in progress in
the context of the new organization, which will lead to an
additional dynamic of divestments and acquisitions.
Positive impact on the operating margin
As a result of the new organizational structure and the
acceleration of the rotation of its portfolio, the Group expects a
positive impact on the operating margin of more than 100 basis
points:
- positive operating margin impact of around 40 basis points
relating to the divestment of businesses representing sales of more
than EUR3 billion by the end of 2019;
- positive operating margin impact of around 60 basis points
relating to the new organization, thanks to cost savings of EUR250
million by 2021 (including more than EUR50 million in 2019), in
addition to our existing EUR1.2 billion cost savings program for
2017-2020 (annual savings of EUR300 million on average).
Outlook
The Group expects the following trends for its new reporting
units in 2019:
- High Performance Solutions: industrial markets should remain
supportive, particularly in the US, despite uncertainties on the
automotive market in Europe and China;
- Northern Europe: should progress despite uncertainties in the
UK with the increased risk of a no-deal Brexit;
- Southern Europe, Middle East and Africa: overall growth
expected for the Region, with a construction market in France which
should be supported by renovation while new construction could be
down from the second half;
- Americas: market growth in both North and Latin America;
- Asia: further growth.
Saint-Gobain will continue its disciplined approach with regard
to its free cash flow and its financial strength. In particular, it
will maintain:
- its focus on sales prices amid continued inflationary pressure
on costs;
- its cost savings program, with the aim of unlocking additional
savings of around EUR300 million (calculated on the 2018 cost
base), as well as more than EUR50 million in 2019 as part of the
"Transform and Grow" program;
- its capital expenditure program close to the 2018 level, with
a focus on growth capex outside Western Europe and also on
productivity and continued digital transformation;
- its commitment to invest in R&D to support its
differentiated, high value-added strategy;
- its focus on high levels of free cash flow generation.
The Group is targeting a further like-for-like increase in
operating income in 2019.
Financial calendar
- An information meeting for analysts and investors will be held
at 8:30am (GMT+1) on February 22, 2019 and will be broadcast live
on:
www.saint-gobain.com/en/full-year-2018-results
- Sales for the first quarter of 2019: April 25, 2019, after
close of trading on the Paris Bourse.
- First-half 2019 results: July 25, 2019, after close of trading
on the Paris Bourse.
Analyst/Investor relations Press relations
+33 1 47 62 44
29 +33 1 47 62 30
Vivien Dardel +33 1 47 62 35 10
Floriana Michalowska 98 +33 1 47 62 Laurence Pernot +33 1 47 62 43
Christelle Gannage 30 93 Susanne Trabitzsch 25
------------------------ ------------------ -------------------------------------------- -----------------
Indicators of organic growth and like-for-like changes in
sales/operating income reflect the Group's underlying performance
excluding the impact of:
-- changes in Group structure, by calculating indicators for the
year under review based on the scope of consolidation of the
previous year (Group structure impact);
-- changes in foreign exchange rates, by calculating the
indicators for the year under review and those for the previous
year based on identical foreign exchange rates for the previous
year (currency impact);
-- changes in applicable accounting policies.
All indicators contained in this press release (not defined in
the footnotes) are explained in the notes to the 2018 consolidated
financial statements, available by clicking here:
www.saint-gobain.com/en/full-year-2018-results
The glossary below shows the note of the financial statements in
which you can find an explanation of each indicator.
Glossary:
Cash flow from operations Note 4
Net debt Note 9
EBITDA Note 4
Non-operating costs Note 4
Operating income Note 4
Net financial income (expense) Note 9
Recurring net income Note 4
Business income Note 4
Working capital Note 4
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
(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 further information, please visit www.saint-gobain.com
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END
FR SEIFWFFUSESE
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