2018 Saint-Gobain Results


Increase in operating income1 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 income2 of 6.0%; net income at €420 million after €2.0 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 €768 million; significant divestments completed or announced for a total of over €2.4 billion in sales as part of the €3 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 €1.33 per share, to be wholly paid in cash


  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 €3.0 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 €250 million of additional savings by 2021.”

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