Saint-Gobain has just published a new press release on its 2020 first-quarter sales.
- Volumes down 5.5 percent as a result of disruptions related to the coronavirus pandemic, with very different situations from one country to the next
- Prices holding up well, up 0.6 percent in a slightly inflationary cost environment
- Negative currency impact of 0.5 percent and negative Group structure impact of 4.4 percent, reflecting disposals carried out in the context of “Transform & Grow” and the consolidation of Continental Building Products
- No dividend distribution in respect of 2019
- General Shareholders’ Meeting to be held behind closed doors on June 4, 2020 and streamed live on the Group’s website
Pierre-Andréde Chalendar, Chairman and Chief Executive Officer of Saint-Gobain, commented, “In the unprecedented context of the coronavirus pandemic, Saint-Gobain has reacted firmly and efficiently thanks to the new organization by country and by market, taking decisions locally and coordinating internationally.
“Our priorities are clear. First and foremost, we want to protect the health and safety of the Group’s employees and other stakeholders across the globe. Secondly, we have further strengthened our liquidity and cash with new financing facilities, significantly cut planned investments and are strictly monitoring working capital. In addition to this financial solidity, the Group is adapting its production by reducing costs and using the available government-backed measures, particularly in terms of partial unemployment. Together with Benoit Bazin, Chief Operating Officer, I would like to thank all of our teams for their commitment and their responsiveness and for leading by example.
“In the current context, the Board of Directors has decided not to recommend any dividend distribution to the June 4, 2020 Shareholders’ Meeting. Depending on how the situation evolves, it will review the Group’s shareholder return policy by the end of the year. Given the impact of the global economic crisis caused by the coronavirus, the Group expects a challenging second quarter 2020 before a recovery in the second half. Due to the scale of the current uncertainties and the very different patterns of recovery from one country to the next, the Group is not currently in a position to give an earnings outlook for 2020.”
To read the full report please click here.