Saint-Gobain first half results 2009

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

• Cost cutting program extended: €440m in cost savings over the first half; €1,100m over the full year (versus an initial target of €600 million).

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

• Acquisition projects put on hold and capital expenditure significantly reduced: down €358m over the first half and down €700m over the full year (versus an initial target reduction of €500 million).

• Free cash flow¹ totaling €873m over 12 months, and operating working capital requirement (WCR) reduced by €924m over the 12 months to June 30.

• Balance sheet strengthened: €2.4bn 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.

To download a copy of the full results, please click here.

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