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2008 RESULTS IN LINE WITH REVISED OBJECTIVES €1.5 BILLION RIGHTS ISSUE

Post Time:Feb 24,2009Classify:Company NewsView:291

  • Sales up 3.7% at constant exchange rates¹
  • Single-digit decline in operating income (-9.1% at constant exchange rates¹) and recurring net income² (-9.5%)
  • Continuing high level of cash flow from operations³ (€3.5 billion) and free cash flow³ (€1.3 billion)
  • 2008 dividend: €1 per share
  • More cost reductions: €400 million in 2008 and a further €600 million in 2009
  • €1.5 billion rights issue

2008 KEY FIGURES

 

2007

2008

% Change

At constant exchange rates¹

Sales

43,421

43,800

+0.9%

+3.7%

Operating income

4,108

3,649

-11.2%

-9.1%

Recurring net income²

2,114

1,914

-9.5%

 

1 Average exchange rates for 2007
2 Excluding capital gains and losses on disposals, asset write-downs, and material non-recurring provisions (including Flat Glass fines levied by the European Commission)
3 Excluding the tax effect of capital gains and losses on disposals and exceptional asset write-downs

Operating performance
Amid a difficult economic climate, Saint-Gobain delivered 2008 sales in line with 2007 figures, which marked a record year for the Group. Organic growth came in at 0.3% (including a positive 3.4% price impact and a negative 3.1% volume effect) and reflects the stark contrast between a satisfactory performance in the first nine months of the year (2.4% organic growth, including a positive 3.3% price impact and a negative 0.9% volume effect) and a sharp downturn in the fourth quarter (5.5% negative organic growth including a positive 3.8% price impact and a negative 9.3% volume effect). The last few months of 2008 were affected by the deepening financial crisis, which compounded the decline in the construction sector in most developed countries and took its toll on the world’s industrial markets, in particular the automotive industry. The crisis also began to take hold of emerging economies. Despite the sharp slowdown in sales volumes over the last few months of the year, the Group was able to maintain its price increases across each of its businesses throughout 2008.

Source: Saint-Gobain Author: shangyi

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