Saint-Gobain: 2013 Results

                          Saint-Gobain: 2013 Results

Sharp upswing in operating income in the second half

PR Newswire

PARIS, February 19, 2014

PARIS, February 19, 2014 /PRNewswire/ --

  oOrganic growth at -0.3% but +2.6% in H2
  oStrong negative currency impact of 2.7% on sales and 3.8% on operating
    income
  oSharp 9.9% year-on-year upswing in operating income in H2 2013
  oSteep increase in free cash flow^[^2]over the year: up 40.8% to €1,157
    million
  oStronger balance sheet: net debt down almost €1 billion
  o2013 dividend: stable at €1.24, 50% payable in cash, and 50% in cash or in
    shares at shareholders' discretion

    (EURm)                      2012*   2013   Change*   Change*
                                                          (2012
                                                        constant
                                                        exchange
                                                         rates)

    Sales                      43,198  42,025   -2.7%     0.0%

    EBITDA                      4,413   4,189   -5.1%     -1.7%

    Operating income            2,863   2,764   -3.5%     +0.4%

    Recurring[1] net income     1,053   1,027   -2.5%     +2.4%

    Net income                   693     595   -14.1%     -6.9%

    Free cash flow[2]            822    1,157  +40.8%    +45.3%

Pierre-André de Chalendar, Chairman and Chief Executive Officer of
Saint-Gobain, said:

"2013 confirmed our expectations of a recovery in operating income in the
second half, powered by the upturn in certain Western European countries,
particularly the UK and Germany, along with a brighter picture in Asia and
emerging countries. Amid signs of an improvement in the macroeconomic climate,
we continued to cut costs while successfully maintaining our price-focused
policy.

"In 2014, trends for our different markets should improve even though the
climate is likely to remain uncertain, and we expect a clear like-for-like
improvement in operating income."

*  Figures restated to reflect the impacts of the amended IAS 19.

1. Excluding capital gains and losses on disposals, asset write-downs and
material non-recurring provisions.

2. Excluding the tax impact of capital gains and losses on disposals, asset
write-downs and material non-recurring provisions.

Operating performance

After a tough first half penalized by fewer working days and poor weather
conditions, the Group reported organic growth of 2.6% for the six months to
December 31, 2013, with volumes up 1.5% and prices gaining 1.1%, as
third-quarter trends continued in the last three months of the year.

Sales stabilized over the year as a whole, down 0.3% on a like-for-like basis
with a solid 1.0% increase in sales prices despite a less inflationary
environment. On a reported basis, sales retreated 2.7% due to the negative
2.7% currency impact. Changes in Group structure had a slightly positive 0.3%
impact.

All of the Group's Business Sectors and Divisions reported an improvement in
second-half trading, driven by more upbeat trends in their Western European
markets (0.9% organic growth), as well as in Asia and emerging countries
(10.4% organic growth). The upturn in North America was held in check by the
decline in businesses linked to capital spending and by volatility in Exterior
Products.

Despite the decline in sales, the Group's operating margin in 2013 held firm
at 6.6% and rose to 7.1% in the second half.

The Group's focus on its action plan priorities continues to pay off:

  oan increase in sales prices in line with objectives;
  oadditional cost savings of €600 million in 2013 compared to 2012,
    particularly in Flat Glass, which saw its margin improve to 4.0% versus
    2.0% in second-half 2012;
  oa €400 million reduction in capex thanks to optimized timing of
    expenditures and to unit cost savings, while maintaining a strong focus on
    growth capex outside Western Europe;
  oa selective acquisitions and divestments policy;
  oa stronger balance sheet, with net debt down almost €1 billion thanks to
    an ongoing tight rein on cash.

Performance of Group Business Sectors

Innovative Materials sales were down just 0.7% in the year on a like-for-like
basis, thanks to 1.5% growth in the second half. The operating margin was
7.3%, and came in at 7.8% in the second half compared to 6.9% in second-half
2012 and 6.7% in first-half 2013, spurred by upbeat trends in Flat Glass.

  oLike-for-like, Flat Glass sales moved up 0.8%, jumping 2.8% in the second
    half. In the six months to December 31, construction markets remained
    fragile in Western Europe (with prices for commodity products - float
    glass - stabilizing), but proved bullish in Asia and emerging countries.
    Automotive glass sales confirmed a double-digit rise over the year in Asia
    and emerging countries and stabilized over the second half in Western
    Europe.
    Buoyed by increased cost cutting efforts, the operating margin reached
    2.8% of sales in 2013, coming in at 4.0% in the second half and 1.5% in
    the first.
  oHigh-Performance Materials (HPM) like-for-like sales retreated 2.6%, hit
    by the downturn in businesses linked to capital spending (Ceramics). The
    other HPM businesses (Abrasives, Plastics, Textile Solutions) delivered
    organic growth on the back of a trading upswing in the second half and a
    good performance in Asia and emerging countries.
    The operating margin came out at a solid 12.7% despite a sharp drop in
    Ceramics, thanks to stability or to improvements in other HPM businesses.
    Compared to the two previous six-month periods, the operating margin
    stabilized.
    Like-for-like sales for the Construction Products (CP) Sector climbed
    1.9%, rallying 5.6% in the second half. The operating margin widened to
    8.7% from 8.3% in 2012.
  oInterior Solutions delivered 3.4% organic growth. The US saw volumes
    accelerate in the second half and maintained a significant price increase.
    Growth in Asia and emerging countries remained brisk over the year as a
    whole, while Western Europe was almost flat after a very tough start to
    the year.
    The operating margin stabilized at 8.1%, coming in at 8.6% for the second
    half, up sharply on the two previous six-month periods (7.6% in first-half
    2013 and 7.9% in second-half 2012).
  oExterior Solutions reported 0.5% organic growth, with trading down 4.1% in
    the first half but up 5.4% in the six months to December 31, fuelled by a
    rebound in all of its businesses. Exterior Products in the US stabilized
    in the second half, after having been hit in the first six months of the
    year by temporary destocking by distributors. As expected, Pipe reported
    double-digit organic growth in the second half, powered by the rally in
    the Export business. Industrial Mortars delivered further good growth in
    Asia and emerging countries and stabilized in Western Europe in the second
    half. Sales prices held firm for all Exterior Solutions businesses in 2013
    in a context of decreasing raw material prices.
    The operating margin rose to 9.1% of sales from 8.3% of sales in 2012,
    buoyed by a positive raw material and energy price-cost spread and by an
    upturn in Pipe volumes.

After particularly poor weather conditions took their toll on its first-half
performance, Building Distribution was down 1.4% on a like-for-like basis,
despite recovering 1.7% in the second half, reflecting improved trading in all
regions.

The UK delivered solid growth over the year as a whole, following a sharp
upturn as from April. Trading stabilized in Germany and Nordic countries as
growth returned in the second half. In France, the business remained sluggish
but continued to prove resilient thanks to market share gains. Southern Europe
was still negative but stabilized in the second half. Shrinking markets
continued to penalize the Netherlands and Eastern Europe, while outside
Europe, Brazil reported further robust growth and the US improved slightly in
the second half.

In line with expectations, the Business Sector's operating income improved, up
to €423 million in second-half 2013 from €391 million in second-half 2012 and
€215 million in the six months to June 30, 2013. This drove a rally in its
operating margin, which widened to 4.4% in the second half from 4.0% in
second-half 2012, and came out at 3.4% for 2013 as a whole.

The Business Sector continued to consolidate its leadership positions and
remained focused on its selective divestments plan (Argentina, Belgium and
Eastern Europe).

Packaging (Verallia) sales retreated 1.8% on a like-for-like basis, despite a
1.9% rise in sales prices. Strong momentum in Latin America failed to offset
the slowdown in trading in other regions (mainly Southern Europe and to a
lesser extent, the US).

Operating income includes €65 million as a result of applying IFRS 5 (assets
and liabilities held for sale) to Verallia North America (VNA) as of January
1, 2013, since depreciation of VNA's fixed assets is no longer charged to
operating income. Adjusted for this one-off item, the operating margin was in
line with the previous year, at 11.0%, thereby confirming the resilience of
this business.

Regarding the planned divestment of VNA, negotiations between Ardagh and the
Federal Trade Commission (FTC) continue apace and the Group remains confident
that the sale will be finalized before the new deadline, set at April 30,
2014.

Analysis by geographic area

  Over the year as a whole and particularly in the second half, the Group's
organic growth was powered by Asia and emerging countries. Profitability
improved in this region, was up slightly in North America, but came under
renewed pressure in Western Europe.

  oFrance posted negative 3.8% organic growth, although the pace of decline
    slowed in the second half to a negative 1.2%. Thanks to its exposure to
    renovation, the Group outperformed its markets in a challenging
    macroeconomic environment.
    Despite a further drop in volumes, the operating margin proved resilient
    at 5.0%.
  oOther Western European countries reported a 1.2% fall in like-for-like
    sales for the year as a whole, but a rebound in the second half, with
    sales gaining 2.3%. This upturn reflects improved market conditions,
    especially in the UK, Germany, and to a lesser extent in Scandinavia.
    Trading in Southern Europe and Benelux improved, though continued to
    contract.
    The operating margin narrowed to 4.2%, hit by a poor first-half
    performance at 3.1%. The operating margin rallied sharply in the second
    half, coming in at 5.3% compared to 4.6% in second-half 2012.
  oNorth America stabilized, posting negative organic growth of 0.3%. Despite
    double-digit growth in Interior Solutions fuelled by upbeat trends in
    construction markets and sales prices, the region was affected by a
    downturn in other businesses: Exterior Products declined due to lower
    weather-related demand and destocking, as did Ceramics, on the back of a
    slowdown in capital spending.
    Excluding the positive one-off impact of VNA, the operating margin
    improved to 11.6% from 11.0% in 2012.
  oIn Asiaand emerging countries, organic growth accelerated in the second
    half, at 10.4%, and came in at 7.2% for the year as a whole. Latin America
    outperformed its underlying markets, up 12.0%. Eastern Europe and Asia
    reported a significant improvement in the second half, led by Poland, the
    Czech Republic, China and India, and posted 4.1% and 2.9% organic growth,
    respectively, for the year as a whole. Trading in Russia remained
    extremely bullish.
    The operating margin jumped to 8.0% of sales versus 6.8% of sales one year
    earlier.

2013 consolidated financial statements

The Group's consolidated financial statements were approved and adopted by
Saint-Gobain's Board of Directors at its meeting of February 19, 2014..

The comparative income statement for 2012 shown below has been restated to
reflect the amendments to IAS 19 (Employee Benefits). Had the IAS 19
amendments been applied at January 1, 2012, the impacts on the financial
statements for 2012 would have been the following:

  oan increase of €88 million in financial expenses (€62 million after tax),
    as a result of using a rate of return on plan assets equal to the discount
    rate used for employee benefit obligations (instead of the expected rate
    of return on plan assets);
  oan increase of €18 million in operating expenses (€11 million after tax),
    due to the impact of plan amendments;
  oa decrease of €14 million in equity at January 1, 2012 (€10 million after
    tax), following the immediate recognition of €8 million in past service
    costs.

The impact of all these adjustments would be a €32 million decrease in equity
(€21 million after tax) at December 31, 2012, and €62 million in movements in
actuarial gains and losses (income and expenses recognized directly in
equity).

Key consolidated data are shown below:


                                             2012                      2012
                                          restated*   2013     %     published
                                             EURm     EURm  change     EURm
                                          (A)         (B)   (B)/(A)

    Sales and ancillary revenue               43,198 42,025   -2.7%     43,198

    Operating income                           2,863  2,764   -3.5%      2,881
    Operating depreciation and
    amortization                               1,550  1,425   -8.1%      1,550

    EBITDA (op. inc. + operating                                  
    depr./amort.)                              4,413 4,189    -5.1%      4,431

    Non-operating costs                        (507)  (492)   -3.0%      (507)
    Capital gains and losses on    
    disposals, asset write-downs,
    corporate acquisition fees and
    earn-out payments                          (390)  (381)   -2.3%      (390)
                                      
    Business income                            1,966  1,891   -3.8%      1,984
    Net financial expense                      (812)  (795)   -2.1%      (724)
    Income tax                                 (443)  (476)   +7.4%      (476)
    Share in net income of associates             12     11   -8.3%         12
    Income before minority interests             723    631  -12.7%        796
    Minority interests                            30     36  +20.0%         30
    Net income                                   693    595  -14.1%        766
    Earnings per share[2] (in EUR)              1.32   1.08  -18.2%       1.46

    Recurring[1] net income                    1,053  1,027   -2.5%      1,126
    Recurring[1] earnings per share[2]
    (in EUR)                                    2.00   1.86   -7.0%       2.14

    Cash flow from operations[3]               2,718  2,537   -6.7%      2,791
    Cash flow from operations excl.
    capital gains
    tax[4]                                     2,595  2,511   -3.2%      2,668
    Capital expenditure                        1,773  1,354  -23.6%      1,773
    Free cash flow

    (excluding capital gains tax)[4]             822  1,157  +40.8%        895

    Investments in securities                    354    100  -71.8%        354
    Net debt                                   8,490  7,521  -11.4%      8,490

* Restated to reflect the impacts of the amended IAS 19.

1. Excluding capital gains and losses on disposals, asset write-downs and
material non-recurring provisions.

2. Calculated based on the number of shares outstanding (excluding treasury
stock) at December 31 (551,417,617 shares in 2013 versus 526,434,577 in 2012).

3. Excluding material non-recurring provisions.

4. Excluding the tax impact of capital gains and losses on disposals, asset
write-downs and material non-recurring provisions.

The comments below were drawn up based on restated 2012 figures.

Consolidated sales were down 2.7%. The currency impact was a negative 2.7%,
resulting primarily from the fall against the euro of the currencies of the
main emerging markets where the Group operates (particularly Latin America)
and of the US dollar and pound sterling. Changes in Group structure had a
slightly positive 0.3% impact, chiefly reflecting the integration of Brossette
in April 2012 and of Celotex in September 2012, as well as the sale of the PVC
Pipe & Foundations business in May 2013 and of certain non-core businesses
within Building Distribution. Like-for-like (comparable Group structure and
exchange rates), sales were down 0.3%, with the 1.0% rise in sales prices
virtually offsetting the 1.3% downturn in volumes.

Operating income fell 3.5%, squeezed by the negative currency impact and by
tough trading in the first half, but rallied in the six months to December 31,
up 9.9%. The operating margin remained stable at 6.6% of sales thanks to cost
cutting measures and to the second-half improvement up to 7.1%. Excluding
Building Distribution, the operating margin for the year climbed from 8.5% to
8.8%.

EBITDA (operating income + operating depreciation and amortization) was down
5.1%. The consolidated EBITDA margin came out at 10.0% of sales.

Non-operating costs totaled €492 million due to the restructuring program,
especially in Flat Glass. As in 2012, non-operating costs include a €90
million accrual to the provision for asbestos-related litigation involving
CertainTeed in the US.

The net balance of capital gains and losses on disposals,asset write-downs
and corporate acquisition fees was a negative €381 million versus a negative
€390 million in 2012. This line includes €99 million in capital gains on
disposals of assets relating mainly to the PVC Pipe & Foundations business,
and €476 million in asset write-downs. Most of these write-downs relate to the
restructuring measures and site closures implemented in the period, especially
in Flat Glass (for €143 million), and to the impairment of part of Lapeyre
goodwill in the Building Distribution Sector (for €211 million). Business
income is down 3.8%.

Net financial expense fell slightly to €795 million from €812 million in 2012,
as the cost of gross debt decreased, to 4.4% at December 31, 2013 from 4.7% at
end-2012.

Income tax expense on recurring net income came out at 32% versus 34% in 2012.
Income tax rose from €443 million to €476 million, reflecting mainly the
reduction in tangible asset write-downs.

Recurring net income (excluding capital gains and losses, asset write-downs
and material non-recurring provisions) retreated 2.5% to €1,027 million.

Net income shed 14.1% at €595 million.

Capital expenditure was slashed by 23.6% to €1,354 million from €1,773 million
in 2012, and represents 3.2% of sales, versus 4.1% of sales one year earlier.

Cash flow from operations came in at €2,537 million, down 6.7% from €2,718
million in 2012. Before the tax impact of capital gains and losses on
disposals, asset write-downs and material non-recurring provisions, cash flow
from operations fell 3.2% to €2,511 million.

Due to the reduction in capital expenditure:

- free cash flow (cash flow from operations less capital expenditure) was up
25.2% to €1,183 million. Before the tax impact of capital gains and losses on
disposals, asset write-downs and material non-recurring provisions, it jumped
40.8% to €1,157 million, at 2.8% of sales (1.9% of sales in 2012);

- the difference between EBITDA and capital expenditure increased to €2,835
million, up 7.4% on 2012 (€2,640 million), representing 6.7% of sales (6.1% of
sales in 2012).

Operating working capital requirements (WCR) continued to improve in value
terms (down €97 million to €3,417 million) and remained stable in terms of
number of days' sales, at a record low of 29 days. This testifies to the
Group's constant efforts to maintain a tight rein on cash.

Investments in securities totaled just €100 million (€354 million in 2012),
and focused on the Group's key growth drivers.

Net debt was down 11.4% year-on-year to €7.5 billion, driven chiefly by the
sharp decrease in capital expenditure and financial investments over the past
12 months. Net debt represents 42% of consolidated equity, compared to 47% at
December 31, 2012.

The net debt to EBITDA ratio fell to 1.80 from 1.92 at December 31, 2012.

Update on asbestos claims in the US              

Some 4,500 claims were filed against CertainTeed in 2013, slightly more than
in 2012 (4,000). At the same time, 4,500 claims were settled (versus 9,000 in
2012). As a result, the total number of outstanding claims at December 31,
2013 was 43,000, stable compared with end-2012.

A total of USD 88 million in indemnity payments were made in the 12 months to
December 31, 2013, a rise on the USD 67 million paid out in 2012 due to
certain settlements relating to 2012 that were postponed to 2013. In light of
these trends and of the €90 million provision accrual in 2013, the total
provision for CertainTeed's asbestos-related claims amounts to USD 561million
at December 31, 2013 compared to USD 550 million at December 31, 2012.

Dividend

At its meeting of February 19, Compagnie de Saint-Gobain's Board of Directors
decided to recommend to the June 5, 2014 Shareholders' Meeting a dividend of
€1.24 per share, 50% payable in cash and 50% in cash or in shares, at
shareholders'discretion.

For the payment of dividends in shares, the Board will recommend that the
shareholders set the issue price for the new shares by applying a 10% discount
to the average opening share price during the 20 trading days preceding the
June 5, 2014 Shareholders' Meeting, after having deducted the dividend amount.

The dividend represents 67% of recurring earnings per share, and a dividend
yield of 3.1% based on the closing share price at December 31, 2013 (€39.975).

The ex-date, set at June 11, will be followed by an option period of 15 days,
running from June 11 to June 25. Consequently, the dividend will be paid in
cash or in shares on July 4, 2014.

2013-2018 strategy

The Group will continue to roll out its strategy, focusing on the three main
goals defined at its Investor Meeting on November 27, 2013:

  oImproving the Group's growth potential by focusing more sharply on high
    value-added, asset-light activities; expanding its footprint in emerging
    countries; and further strengthening its business portfolio, particularly
    through the disposal of Verallia;
  oCreating a stronger presence in differentiated products and solutions,
    with R&D efforts focused on local projects co-developed with its customers
    and on the fast-growing markets of sustainable habitat and industrial
    applications. Marketing initiatives will also be stepped up, with an
    ambitious digital strategy and the development of ever stronger brands;
  oContinuing to work towards management's priorities of achieving
    operational excellence, with an additional cost savings plan of €800
    million over 2014-2015; further progress in Corporate Social
    Responsibility; attractive returns for shareholders; and a persistently
    solid financial structure.

2014 outlook

After bottoming out in first-half 2013 and rallying in the second half of the
year, operating income should see a clear improvement in 2014 on a comparable
structure and currency basis, even though the macroeconomic environment
remains unsettled.

The Group should benefit from the ongoing recovery in the US, satisfactory
growth in emerging countries, and a more stable economic environment in Europe
led by growth areas (UK and Germany). Household consumption markets should
hold firm.

The Group will continue to apply strict cash discipline and to maintain a
strong balance sheet in 2014, along with targeting a continuing high level of
free cash flow. It will:

  omaintain its priority focus on increasing sales prices amid a smaller rise
    in raw material and energy costs;
  opursue its cost cutting measures to unlock additional savings of €450
    million (calculated on the 2013cost base);
  ostep up its capital expenditure to around €1,500 million, the priority
    being growth capex outside Western Europe (around €550 million);
  omaintain its commitment to invest in R&D in order to support its
    differentiated, high value-added strategy;
  oplan to finalize the divestment of Verallia NorthAmericain the first
    half.

Financial calendar

     - Sales for the first quarter of 2014: April 29, 2014, after close
of trading on the Paris Bourse.

     - First-half 2014results: July 30, 2014, after close of trading on
the Paris Bourse.

    Appendix 1: Results by business sector
    and geographic area - Full Year
    2012: restated
    accounts
    including IAS19
    impact

                                                          change on
                                     change on change on      a
                                                   a
    I. SALES           2012    2013  an actual comparable comparable
                     (in EUR   (in                        structure
                        m)    EUR m) structure structure     and
                                                           currency
                                       basis     basis      basis
    by sector and
    division:
    Innovative
    Materials (1)     9,485   9,070    -4.4%     -4.5%      -0.7%
    Flat Glass        5,130   4,996    -2.6%     -2.6%      +0.8%
    High-Performance
    Materials         4,376   4,086    -6.6%     -6.9%      -2.6%
    Construction
    Products (1)      11,709  11,525   -1.6%     -1.8%      +1.9%
    Interior
    Solutions         5,847   5,905    +1.0%     -0.2%      +3.4%
    Exterior
    Solutions         5,915   5,678    -4.0%     -3.3%      +0.5%
    Building
    Distribution      19,233  18,773   -2.4%     -2.9%      -1.4%
    Packaging
    (Verallia)        3,792   3,616    -4.6%     -4.2%      -1.8%
    Including VNA     1,260   1,181    -6.3%     -6.3%      -3.3%
    Internal sales
    and misc.         -1,021   -959    n.m.       n.m.       n.m.
    Group Total       43,198  42,025   -2.7%     -3.0%      -0.3%
    (1) including
    intra-sector
    eliminations

    by geographic
    area:
    France            12,044  11,743   -2.5%     -3.8%      -3.8%
    Other Western
    European
    countries         18,014  17,587   -2.4%     -2.6%      -1.2%
    North America     6,179   5,917    -4.2%     -3.6%      -0.3%
    Emerging
    countries and
    Asia              8,709   8,564    -1.7%     -1.1%      +7.2%
    Internal sales    -1,748  -1,786   n.m.       n.m.       n.m.
    Group Total       43,198  42,025   -2.7%     -3.0%      -0.3%



                                     change on                            2012
    II. OPERATING
    INCOME             2012    2013  an actual    2012       2013
                     Restated        structure                          Published IAS19
                     (in EUR   (in              (in % of   (in % of
                        m)    EUR m)   basis     sales)     sales)                impact
    by sector and
    division:
    Innovative
    Materials          726     658     -9.4%      7.7%       7.3%          726
    Flat Glass         104     138    +32.7%      2.0%       2.8%          104
    High-Performance
    Materials          622     520    -16.4%     14.2%      12.7%          622
    Construction
    Products           972     999     +2.8%      8.3%       8.7%          974      -2
    Interior
    Solutions          484     480     -0.8%      8.3%       8.1%          484
    Exterior
    Solutions          488     519     +6.4%      8.3%       9.1%          490      -2
    Building
    Distribution       762     638    -16.3%      4.0%       3.4%          761      1
    Packaging
    (Verallia)         414     462    +11.6%     10.9%      12.8%          414
    Including VNA
    (2)                132     196    +48.5%     10.5%      16.6%          132
    Misc.              -11      7      n.m.       n.m.       n.m.           6      -17
    Group Total       2,863   2,764    -3.5%      6.6%       6.6%         2,881    -18
    (2) after discontinuing depreciation of fixed assets as of
    Januray 1st, 2013 (IFRS 5): EUR65m in 2013



    by geographic
    area:
    France             635     582     -8.3%      5.3%       5.0%          648     -13
    Other Western
    European
    countries          956     746    -22.0%      5.3%       4.2%          955      1
    North America      680     751    +10.4%     11.0%      12.7%          683      -3
    Emerging
    countries and
    Asia               592     685    +15.7%      6.8%       8.0%          595      -3
    Group Total       2,863   2,764    -3.5%      6.6%       6.6%         2,881    -18



                       2012          change on                            2012
    III. BUSINESS
    INCOME           Restated  2013  an actual    2012       2013
                     (in EUR   (in              (in % of   (in % of
                        m)    EUR m) structure   sales)     sales)      Published IAS19
                                       basis                                      impact
    by sector and
    division:
    Innovative
    Materials          261     249     -4.6%      2.8%       2.7%          261
    Flat Glass         -274    -210   -23.4%     -5.3%      -4.2%         -274
    High-Performance
    Materials          535     459    -14.2%     12.2%      11.2%          535
    Construction
    Products           792     912    +15.2%      6.8%       7.9%          794      -2
    Interior
    Solutions          408     439     +7.6%      7.0%       7.4%          408
    Exterior
    Solutions          384     473    +23.2%      6.5%       8.3%          386      -2
    Building
    Distribution       614     329    -46.4%      3.2%       1.8%          613      1
    Packaging
    (Verallia)         387     422     +9.0%     10.2%      11.7%          387
    Including VNA
    (2)                131     191    +45.8%     10.4%      16.2%          131
    Misc. (a)          -88     -21     n.m.       n.m.       n.m.          -71     -17
    Group Total       1,966   1,891    -3.8%     +4.6%      +4.5%         1,984    -18
    (2) after discontinuing depreciation of fixed assets as of
    Januray 1st, 2013 (IFRS 5): EUR65m in 2013

    by geographic
    area:
    France             576     294    -49.0%      4.8%       2.5%          589     -13
    Other Western
    European
    countries          432     403     -6.7%      2.4%       2.3%          431      1
    North America
    (a)                521     606    +16.3%      8.4%      10.2%          524      -3
    Emerging
    countries and
    Asia               437     588    +34.6%      5.0%       6.9%          440      -3
    Group Total       1,966   1,891    -3.8%     +4.6%      +4.5%         1,984    -18
    (a) after asbestos-related charge (before tax) of
    EUR90m in 2012 and in 2013




                       2012          change on                            2012
    IV. CASH FLOW    Restated  2013  an actual    2012       2013
                     (in EUR   (in              (in % of   (in % of
                        m)    EUR m) structure   sales)     sales)      Published IAS19
                                       basis                                      impact
    by sector and
    division:
    Innovative
    Materials          730     580    -20.5%      7.7%       6.4%          730
    Flat Glass         221     133    -39.8%      4.3%       2.7%          221
    High-Performance
    Materials          509     447    -12.2%     11.6%      10.9%          509
    Construction
    Products           638     722    +13.2%      5.4%       6.3%          641      -3
    Building
    Distribution       555     420    -24.3%      2.9%       2.2%          555
    Packaging
    (Verallia)         489     436    -10.8%     12.9%      12.1%          506     -17
    Including VNA      143     116    -18.9%     11.3%       9.8%          143
    Misc. (a)          306     379     n.m.       n.m.       n.m.          359     -53
    Group Total       2,718   2,537    -6.7%     +6.3%      +6.0%         2,791    -73

    by geographic
    area:
    France             378     350     -7.4%      3.1%       3.0%          387      -9
    Other Western
    European
    countries         1,148    902    -21.4%      6.4%       5.1%         1,149     -1
    North America
    (a)                549     526     -4.2%      8.9%       8.9%          610     -61
    Emerging
    countries and
    Asia               643     759    +18.0%      7.4%       8.9%          645      -2
    Group Total       2,718   2,537    -6.7%     +6.3%      +6.0%         2,791    -73
    (a) after asbestos-related charge (after tax) of
    EUR55m in 2012 and in 2013




                                     change on
    V. CAPITAL
    EXPENDITURE        2012    2013  an actual    2012       2013
                     (in EUR   (in              (in % of   (in % of
                        m)    EUR m) structure   sales)     sales)
                                       basis
    by sector and
    division:
    Innovative
    Materials          695     412    -40.7%      7.3%       4.5%
    Flat Glass         459     234    -49.0%      8.9%       4.7%
    High-Performance
    Materials          236     178    -24.6%      5.4%       4.4%
    Construction
    Products           535     433    -19.1%      4.6%       3.8%
    Interior
    Solutions          339     246    -27.4%      5.8%       4.2%
    Exterior
    Solutions          196     187     -4.6%      3.3%       3.3%
    Building
    Distribution       233     205    -12.0%      1.2%       1.1%
    Packaging
    (Verallia)         282     270     -4.3%      7.4%       7.5%
    Including VNA       83      81     -2.4%      6.6%       6.9%
    Misc.               28      34     n.m.       n.m.       n.m.
    Group Total       1,773   1,354   -23.6%     +4.1%      +3.2%

    by geographic
    area:
    France             300     252    -16.0%      2.5%       2.1%
    Other Western
    European
    countries          435     373    -14.3%      2.4%       2.1%
    North America      314     245    -22.0%      5.1%       4.1%
    Emerging
    countries and
    Asia               724     484    -33.1%      8.3%       5.7%
    Group Total       1,773   1,354   -23.6%     +4.1%      +3.2%




    VI. EBITDA         2012          change on                            2012
                     Restated  2013  an actual    2012       2013
                     (in EUR   (in              (in % of   (in % of
                        m)    EUR m) structure   sales)     sales)      Published IAS19
                                       basis                                      impact
    by sector and
    division:
    Innovative
    Materials         1,226   1,129    -7.9%     12.9%      12.4%         1,226
    Flat Glass         437     454     +3.9%      8.5%       9.1%          437
    High-Performance
    Materials          789     675    -14.4%     18.0%      16.5%          789
    Construction
    Products          1,479   1,487    +0.5%     12.6%      12.9%         1,481     -2
    Interior
    Solutions          805     793     -1.5%     13.8%      13.4%          805
    Exterior
    Solutions          674     694     +3.0%     11.4%      12.2%          676      -2
    Building
    Distribution      1,036    899    -13.2%      5.4%       4.8%         1,035     1
    Packaging
    (Verallia)         657     637     -3.0%     17.3%      17.6%          657
    Including VNA      203     196     -3.4%     16.1%      16.6%          203
    Misc.               15      37     n.m.       n.m.       n.m.          32      -17
    Group Total       4,413   4,189    -5.1%     +10.2%     +10.0%        4,431    -18

    by geographic
    area:
    France            1,001    948     -5.3%      8.3%       8.1%         1,014    -13
    Other Western
    European
    countries         1,501   1,241   -17.3%      8.3%       7.1%         1,500     1
    North America      906     907     +0.1%     14.7%      15.3%          909      -3
    Emerging
    countries and
    Asia              1,005   1,093    +8.8%     11.5%      12.8%         1,008     -3
    Group Total       4,413   4,189    -5.1%     +10.2%     +10.0%        4,431    -18

    Appendix 2: Results by business sector
    and geographic area - Second Half
    H2-2012: restated
    accounts including IAS19
    impact

                                               change on  change on
                        H2      H2   change on     a          a
    I. SALES           2012    2013  an actual comparable comparable
                     (in EUR   (in             structure  structure
                        m)    EUR m) structure    and        and
                                                currency   currency
                                       basis     basis      basis
    by sector and
    division:
    Innovative
    Materials (1)     4,632   4,447    -4.0%     -4.1%      +1.5%
    Flat Glass        2,533   2,477    -2.2%     -2.2%      +2.8%
    High-Performance
    Materials         2,104   1,975    -6.1%     -6.3%      +0.0%
    Construction
    Products (1)      5,806   5,801    -0.1%     +0.1%      +5.6%
    Interior
    Solutions         3,001   3,035    +1.1%     +0.4%      +5.9%
    Exterior
    Solutions         2,831   2,796    -1.2%     -0.2%      +5.4%
    Building
    Distribution      9,777   9,674    -1.1%     -0.7%      +1.7%
    Packaging
    (Verallia)        1,883   1,803    -4.2%     -4.3%      -0.6%
    Including VNA      626     576     -8.0%     -8.1%      -3.2%
    Internal sales
    and misc.          -490    -471    n.m.       n.m.       n.m.
    Group Total       21,608  21,254   -1.6%     -1.5%      +2.6%
    (1) including
    intra-sector
    eliminations



    by geographic
    area:
    France            5,896   5,824    -1.2%     -1.2%      -1.2%
    Other Western
    European
    countries         9,113   9,110    -0.0%     -0.2%      +2.3%
    North America     2,987   2,839    -5.0%     -4.0%      +1.4%
    Emerging
    countries and
    Asia              4,446   4,382    -1.4%     -1.0%      +10.4%
    Internal sales     -834    -901    n.m.       n.m.       n.m.
    Group Total       21,608  21,254   -1.6%     -1.5%      +2.6%




                        H2      H2   change on     H2         H2      H2 2012
    II. OPERATING
    INCOME             2012    2013  an actual    2012       2013
                               (in              (in % of   (in % of
                     Restated EUR m) structure   sales)     sales)   Published IAS19
                     (in EUR
                        m)             basis                                   impact
    by sector and
    division:
    Innovative
    Materials          318     346     +8.8%      6.9%       7.8%       318
    Flat Glass          50     100    +100.0%     2.0%       4.0%       50
    High-Performance
    Materials          268     246     -8.2%     12.7%      12.5%       268
    Construction
    Products           454     514    +13.2%      7.8%       8.9%       454
    Interior
    Solutions          237     262    +10.5%      7.9%       8.6%       237
    Exterior
    Solutions          217     252    +16.1%      7.7%       9.0%       217
    Building
    Distribution       391     423     +8.2%      4.0%       4.4%       391
    Packaging
    (Verallia)         207     219     +5.8%     11.0%      12.1%       207
    Including VNA
    (2)                 70      91    +30.0%     11.2%      15.8%       70
    Misc.               -1      2      n.m.       n.m.       n.m.       -1
    Group Total       1,369   1,504    +9.9%      6.3%       7.1%      1,369     0
    (2) after discontinuing depreciation of fixed assets as of January
    1st, 2013 (IFRS 5): EUR29m in H2-2013

    by geographic
    area:
    France             300     290     -3.3%      5.1%       5.0%       299      1
    Other Western
    European
    countries          421     482    +14.5%      4.6%       5.3%       421
    North America      312     346    +10.9%     10.4%      12.2%       313      -1
    Emerging
    countries and
    Asia               336     386    +14.9%      7.6%       8.8%       336
    Group Total       1,369   1,504    +9.9%      6.3%       7.1%      1,369     0




                        H2      H2   change on     H2         H2      H2 2012
    III. BUSINESS
    INCOME             2012    2013  an actual    2012       2013
                               (in              (in % of   (in % of
                     Restated EUR m) structure   sales)     sales)   Published IAS19
                     (in EUR
                        m)             basis                                   impact
    by sector and
    division:
    Innovative
    Materials           -4     151     n.m.      -0.1%       3.4%       -4
    Flat Glass         -198    -48     n.m.      -7.8%      -1.9%      -198
    High-Performance
    Materials          194     199     +2.6%      9.2%      10.1%       194
    Construction
    Products           342     399    +16.7%      5.9%       6.9%       342
    Interior
    Solutions          203     246    +21.2%      6.8%       8.1%       203
    Exterior
    Solutions          139     153    +10.1%      4.9%       5.5%       139
    Building
    Distribution       338     156    -53.8%      3.5%       1.6%       338
    Packaging
    (Verallia)         186     201     +8.1%      9.9%      11.1%       186
    Including VNA
    (2)                 70      87    +24.3%     11.2%      15.1%       70
    Misc. (a)          -31      10     n.m.       n.m.       n.m.       -31
    Group Total        831     917    +10.3%      3.8%       4.3%       831      0
    (2) after discontinuing depreciation of fixed assets as of January
    1st, 2013 (IFRS 5): EUR29m in H2-2013




    by geographic
    area:
    France             261      90    -65.5%      4.4%       1.5%       260      1
    Other Western
    European
    countries          111     298    +168.5%     1.2%       3.3%       111
    North America
    (a)                215     190    -11.6%      7.2%       6.7%       216      -1
    Emerging
    countries and
    Asia               244     339    +38.9%      5.5%       7.7%       244
    Group Total        831     917    +10.3%      3.8%       4.3%       831      0
    (a) after asbestos-related charge (before tax) of
    EUR45m in H2-2012 and in H2-2013




                        H2      H2   change on     H2         H2      H2 2012
    IV. CASH FLOW      2012    2013  an actual    2012       2013
                               (in              (in % of   (in % of
                     Restated EUR m) structure   sales)     sales)   Published IAS19
                     (in EUR
                        m)             basis                                   impact
    by sector and
    division:
    Innovative
    Materials          338     319     -5.6%      7.3%       7.2%       338
    Flat Glass         118     102    -13.6%      4.7%       4.1%       119
    High-Performance
    Materials          220     217     -1.4%     10.5%      11.0%       219
    Construction
    Products           263     418    +58.9%      4.5%       7.2%       264      -1
    Building
    Distribution       300     297     -1.0%      3.1%       3.1%       300
    Packaging
    (Verallia)         249     221    -11.2%     13.2%      12.3%       258      -8
    Including VNA       61      54    -11.5%      9.7%       9.4%       61
    Misc. (a)          148     136     n.m.       n.m.       n.m.       169     -21
    Group Total       1,298   1,391    +7.2%      6.0%       6.5%      1,329    -30

    by geographic
    area:
    France             169     170     +0.6%      2.9%       2.9%       168      1
    Other Western
    European
    countries          514     544     +5.8%      5.6%       6.0%       515      -1
    North America
    (a)                259     270     +4.2%      8.7%       9.5%       289     -30
    Emerging
    countries and
    Asia               356     407    +14.3%      8.0%       9.3%       357
    Group Total       1,298   1,391    +7.2%      6.0%       6.5%      1,329    -30
    (a) after asbestos-related charge (after tax) of
    EUR28m in H2-2012 and in H2-2013




                        H2      H2   change on     H2         H2
    V. CAPITAL
    EXPENDITURE        2012    2013  an actual    2012       2013
                     (in EUR   (in              (in % of   (in % of
                        m)    EUR m) structure   sales)     sales)
                                       basis
    by sector and
    division:
    Innovative
    Materials          370     219    -40.8%      8.0%       4.9%
    Flat Glass         214     121    -43.5%      8.4%       4.9%
    High-Performance
    Materials          156      98    -37.2%      7.4%       5.0%
    Construction
    Products           332     301     -9.3%      5.7%       5.2%
    Interior
    Solutions          218     165    -24.3%      7.3%       5.4%
    Exterior
    Solutions          114     136    +19.3%      4.0%       4.9%
    Building
    Distribution       136     137     +0.7%      1.4%       1.4%
    Packaging
    (Verallia)         166     160     -3.6%      8.8%       8.9%
    Including VNA       44      38    -13.6%      7.0%       6.6%
    Misc.               15      18     n.m.       n.m.       n.m.
    Group Total       1,019    835    -18.1%      4.7%       3.9%

    by geographic
    area:
    France             181     181     +0.0%      3.1%       3.1%
    Other Western
    European
    countries          261     246     -5.7%      2.9%       2.7%
    North America      181     132    -27.1%      6.1%       4.6%
    Emerging
    countries and
    Asia               396     276    -30.3%      8.9%       6.3%
    Group Total       1,019    835    -18.1%      4.7%       3.9%




    VI. EBITDA          H2      H2   change on     H2         H2      H2 2012
                       2012    2013  an actual    2012       2013
                               (in              (in % of   (in % of
                     Restated EUR m) structure   sales)     sales)   Published IAS19
                     (in EUR
                        m)             basis                                   impact
    by sector and
    division:
    Innovative
    Materials          575     577     +0.3%     12.4%      13.0%       575
    Flat Glass         223     252    +13.0%      8.8%      10.2%       223
    High-Performance
    Materials          352     325     -7.7%     16.7%      16.5%       352
    Construction
    Products           706     755     +6.9%     12.2%      13.0%       706
    Interior
    Solutions          398     417     +4.8%     13.3%      13.7%       398
    Exterior
    Solutions          308     338     +9.7%     10.9%      12.1%       308
    Building
    Distribution       530     552     +4.2%      5.4%       5.7%       530
    Packaging
    (Verallia)         324     306     -5.6%     17.2%      17.0%       324
    Including VNA      100      91     -9.0%     16.0%      15.8%       100
    Misc.               12      16     n.m.       n.m.       n.m.       12
    Group Total       2,147   2,206    +2.7%      9.9%      10.4%      2,147     0

    by geographic
    area:
    France             485     475     -2.1%      8.2%       8.2%       484      1
    Other Western
    European
    countries          695     726     +4.5%      7.6%       8.0%       695
    North America      423     424     +0.2%     14.2%      14.9%       424      -1
    Emerging
    countries and
    Asia               544     581     +6.8%     12.2%      13.3%       544
    Group Total       2,147   2,206    +2.7%      9.9%      10.4%      2,147     0

    Appendix 3: Sales by business sector and geographic area -
    Fourth Quarter

                                                                    change on
                                 Q4      Q4    change on change on      a
                                                             a
    I. SALES                    2012    2013   an actual comparable comparable
                               (in EUR (in EUR                      structure
                                 m)      m)    structure structure     and
                                                                     currency
                                                 basis     basis      basis
    by sector and division:
    Innovative Materials (1)    2,303   2,205    -4.3%     -4.5%      +0.8%
    Flat Glass                  1,270   1,243    -2.1%     -2.2%      +2.5%
    High-Performance Materials  1,036    965     -6.9%     -7.3%      -1.2%
    Construction Products (1)   2,805   2,808    +0.1%     +0.6%      +5.9%
    Interior Solutions          1,513   1,520    +0.5%     +0.3%      +5.5%
    Exterior Solutions          1,306   1,302    -0.3%     +0.8%      +6.2%
    Building Distribution       4,854   4,796    -1.2%     -0.9%      +1.3%
    Packaging (Verallia)         937     876     -6.5%     -6.5%      -3.0%
    Including VNA                293     261    -10.9%     -10.9%     -6.6%
    Internal sales and misc.    -242    -233     n.m.       n.m.       n.m.
    Group Total                10,657  10,452    -1.9%     -1.8%      +2.1%
    (1) including intra-sector
    eliminations




    by geographic area:
    France                      3,020   2,993    -0.9%     -0.9%      -0.9%
    Other Western European
    countries                   4,472   4,451    -0.5%     -0.5%      +1.9%
    North America               1,397   1,308    -6.4%     -5.5%      -0.5%
    Emerging countries and
    Asia                        2,185   2,162    -1.1%     -0.8%      +10.3%
    Internal sales              -417    -462     n.m.       n.m.       n.m.
    Group Total                10,657  10,452    -1.9%     -1.8%      +2.1%

    Appendix 4: Consolidated balance
    sheet
    2012: restated accounts including
    IAS19 impact
                                                   Dec 31,   Dec 31,
                                      Dec 31, 2012   2013     2012
                                                                       IAS19
    in EUR million                      Restated            Published  impact

                 Assets
    Goodwill                                10,936   10,413    10,936
    Other intangible assets                  3,196    3,131     3,196
    Property, plant and equipment           13,696   12,635    13,696
    Investments in associates                  206      216       206
    Deferred tax assets                      1,247    1,125     1,236       11
    Other non-current assets                   359      407       359

    Non-current assets                      29,640   27,927    29,629       11

    Inventories                              6,133    5,997     6,133
    Trade accounts receivable                5,017    4,882     5,017
    Current tax receivable                     204      238       204
    Other accounts receivable                1,425    1,317     1,425
    Assets held for sale -
    Discontinued operations                    936      974       936
    Cash and cash equivalents                4,179    4,391     4,179

    Current assets                          17,894   17,799    17,894        0

    Total assets                            47,534   45,726    47,523       11

      Liabilities and Shareholders'
                 equity
    Capital stock                            2,125    2,221     2,125
    Additional paid-in capital and
    legal reserve                            5,699    6,265     5,699
    Retained earnings and net income
    for the year                            10,313   10,661    10,334     (21)
    Cumulative translation
    adjustments                              (523)   (1481)     (523)
    Fair value reserves                       (15)        7      (15)
    Treasury stock                           (181)    (147)     (181)

    Shareholders' equity                    17,418   17,526    17,439     (21)

    Minority interests                         412      344       412

    Total equity                            17,830   17,870    17,851     (21)

    Long-term debt                           9,588    9,395     9,588
    Provisions for pensions and other
    employee benefits                        3,470    2,785     3,465        5
    Deferred tax liabilities                   792      712       792
    Provisions for other liabilities
    and charges                              2,197    2,189     2,171       26

    Non-current liabilities                 16,047   15,081    16,016       31

    Current portion of long-term debt        1,732    1,721     1,732
    Current portion of provisions for
    other liabilities and charges              458      479       457        1
    Trade accounts payable                   6,143    5,928     6,143
    Current tax liabilities                     70       67        70
    Other accounts payable                   3,408    3,311     3,408
    Liabilities held for sale -
    Discontinued operations                    497      473       497
    Short-term debt and bank
    overdrafts                               1,349      796     1,349

    Current liabilities                     13,657   12,775    13,656        1

    Total equity and liabilities            47,534   45,726    47,523       11

    Appendix 5: Consolidated cash flow
    statement
    2012: restated accounts including IAS19
    impact
    (in EUR million)                          2012    2013     2012
                                                                       IAS19
                                            Restated         Published impact
    Net income attributable to equity
    holders of the parent                        693     595       766     (73)

    Minority interests in net income              30      36        30
    Share in net income of associates, net
    of dividents received                        (6)     (3)       (6)
    Depreciation, amortization and
    impairment of assets                       1,988   1,897     1,988
    Gains and losses on disposals of assets     (60)    (99)      (60)
    Unrealized gains and losses arising
    from changes in fair value and
    share-based payments                        (23)      34      (23)
    Changes in inventories                       252   (135)       252
    Changes in trade accounts receivable
    and payable, and other accounts
    receivable and payable                       429      22       429
    Changes in tax receivable and payable      (118)     (8)     (118)
    Changes in deferred taxes and
    provisions for other liabilities and
    charges                                    (623)   (153)     (696)       73

    Net cash from operating activities         2,562   2,186     2,562        0

    Purchases of property, plant and
    equipment [ 2012: (1,773), 2013:
    (1,354) ] and intangible assets          (1,883) (1,456)   (1,883)
    Purchases of property, plant and
    equipment in finance lease                  (18)    (18)      (18)
    Increase (decrease) in amounts due to
    suppliers of fixed assets                   (67)    (12)      (67)
    Acquisitions of shares in consolidated
    companies [ 2012: (338), 2013: (63) ],
    net of debt acquired                       (366)    (66)     (366)
    Acquisitions of other investments           (15)    (37)      (15)
    Increase in investment-related
    liabilities                                   46       6        46
    Decrease in investment-related
    liabilities                                  (8)     (3)       (8)
                  Investments                (2,311) (1,586)   (2,311)        0
    Disposals of property, plant and
    equipment and intangible assets               83     191        83
    Disposals of shares in consolidated
    companies, net of cash divested               98     153        98
    Disposals of other investments and
    other divestments                              1       0         1
                  Divestments                    182     344       182        0
    Increase in loans and deposits              (85)    (54)      (85)
    Decrease in loans and deposits                58      42        58

    Net cash used in investing activities /
    divestments                              (2,156) (1,254)   (2,156)        0

    Issues of capital stock                      127     662       127
    Minority interests' share in capital
    increases of subsidiaries                     13       4        13
    Acquisitions of minority interests             4      13         4
    Changes in investment related
    liabilities following the exercise of
    put options of minority                     (69)       0      (69)
    (Increase) decrease in treasury stock      (162)      31     (162)
    Dividends paid                             (646)   (654)     (646)
    Dividends paid to minority shareholders
    of consolidated subsidiaries and
    increase (decrease) in dividends
    payable                                     (55)    (61)      (55)

    Cash flows from (used in) financing
    activities                                 (788)     (5)     (788)        0

    Increase (decrease) in net debt            (382)     927     (382)        0

    Net effect of exchange rate changes on
    net debt                                     (4)      48       (4)
    Net effect from changes in fair value
    on net debt                                  (8)     (7)       (8)
    Cash and cash equivalents classified as
    assets held for sale                         (1)       1       (1)

    Net debt at beginning of year            (8,095) (8,490)   (8,095)
    Net debt at end of year                  (8,490) (7,521)   (8,490)


    Appendix 6: Debt at December 31, 2013

    Amounts in EURbn                               Comments

    Amount and structure of
    net debt                     EURbn

                                           At December 31, 84% of gross debt
                                           was at fixed interest rates and the
    Gross debt                    11.9     average cost of gross debt was 4.4%
    Cash & cash equivalents       4.4
    Net debt                      7.5

    Breakdown of gross debt       11.9

    Bond debt and perpetual                Amounts and maturities
    notes                         9.9      below
    April 2014                    0.5
    July 2014                     0.7
    September 2015                1.0
    May 2016                      0.7
    December 2016                 0.4      (GBP 0.3bn)
    April 2017                    1.3
    June 2017                     0.2
    March 2018                    0.1      (NOK 0.8bn)
    October 2018                  0.7
    After 2018                    4.3

    Other long-term debt          0.7

    Short-term debt               1.3      (excluding bonds)
    Commercial paper (< 3                  Maximum amount of bond
    months)                       0.1      issue: EUR3bn
    Securitization                0.3      (USD 0.1bn + EUR 0.2bn)
    Local debt and accrued                 Annual rollover; several hundreds
    interest                      0.9      of different sources of financing

    Credit lines, cash & cash
    equivalents                   8.4

    Cash and cash equivalents     4.4
    Back-up credit-lines          4.0      See breakdown below

    Breakdown of back-up
    credit lines                  4.0

    All lines are confirmed and undrawn, with no Material Adverse Change
    (MAC) clause

                                 Expiry    Covenants
                                December
    Syndicated line: EUR2.5bn     2018     None
                                December
    Syndicated line: EUR1.5bn     2018     None

    Analyst/Investor relations

    Gaetano Terrasini   +33-1-47-62-32-52
    Vivien Dardel       +33-1-47-62-44-29
    Alexandra Baubigeat +33-1-47-62-30-93

    Press relations

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SOURCE Saint-Gobain
 
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