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Saint-Gobain: First-Half 2009: Amid a Sharp Slowdown in Markets, Acceleration and Extension of Action Plan Unveiled at the Beginning of the Year

Post Time:Jul 24,2009Classify:Company NewsView:351

Against the backdrop of an unprecedented economic crisis, the Group has
    resolutely implemented and extended its action plan.

    - Cost cutting program extended: EUR440m in cost savings over the first
      half; EUR1,100m over the full year (versus an initial target of EUR600
      million).

    - Priority given to sales prices: up 1.7% over the period.

    - Acquisition projects put on hold and capital expenditure significantly
      reduced: down EUR358m over the first half and down EUR700m over the
      full year (versus an initial target reduction of EUR500 million).

    - Free cash flow1 totaling EUR873m over 12 months, and operating working
      capital requirement (WCR) reduced by EUR924m over the 12 months to
      June 30.

    - Balance sheet strengthened: EUR2.4bn of net debt paid down over 12
      months and gearing ratio reduced to 66.5% of shareholders' equity.

    - Outlook for second-half 2009: barring a further deterioration in the
      economic environment, operating income and recurring net income should
      outperform first-half figures.


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

2. Excluding capital gains and losses, exceptional asset write-downs and material non-recurring provisions.

Source: Saint-GobainAuthor: shangyi

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