SAINT-GOBAIN (EPA:SGO) - Saint-Gobain: impact of IFRS16 application
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01/07/2019 07:57
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PRESS RELEASE
July 1st, 2019
SAINT-GOBAIN: IMPACT OF IFRS 16 APPLICATION
The Group has chosen to apply IFRS 16 using the full retrospective method at
January 1, 2019, with retroactive effect from January 1, 2018. IFRS 16 aligns
the accounting treatment of operating leases with that of finance leases
(subject to the exemptions set out in the standard). The impact of IFRS 16 on
the Group's consolidated financial statements arises chiefly from leases of
property assets.
Applying this standard will result in a change in presentation in the
consolidated financial statements for the six months ended June 30, 2019, with
restatement of first-half 2018:
- In the balance sheet: a liability will be recognized in respect of future
lease payments and an asset will be recognized in respect of the right-of-use
granted (net value). The difference between these two amounts will be
recognized in equity.
- In the income statement: the rental expense previously recognized within
operating income will partly be recorded in depreciation and amortization
expense, and partly in net financial expense.
Based on the lease contracts analyzed, the Group estimates that the impact at
the transition date is EUR3,011 million on debt and EUR2,744 million on
right-of-use assets.
The full-year 2018 impact is an increase of +EUR787 million in EBITDA and
+EUR85 million on operating income as detailed below with the new reporting
segments following the Group organization change as of January 1, 2019.
Operating income H1 2018 2018 H1 2018 2018
(EURm) (EURm) (in % of sales) (in % of sales)
Post IFRS 16
High Performance
Solutions 532 986 14.4% 13.4%
Northern Europe 388 856 5.2% 5.6%
Southern Europe -
ME & Africa 293 603 4.4% 4.6%
Americas 235 578 9.1% 11.2%
Asia-Pacific 85 194 9.3% 10.4%
Misc. -19 -10 --- ---
Group total post
IFRS 16 1,514 3,207 7.3% 7.7%
Group total pre
IFRS 16 1,469 3,122 7.1% 7.5%
Delta IFRS 16 45 85 0.2% 0.2%
Post IFRS 16
Industry Europe 397 777 7.9% 7.8%
Distribution Europe 284 682 3.0% 3.6%
Disclaimer: the data presented are currently being reviewed by the statutory
auditors.
SAINT-GOBAIN
Siège social : Les Miroirs - 18, avenue d'Alsace - 92096 - La Défense Cedex -
France -
Tél. : +33 1 47 62 30 00 www.saint-gobain.com
ABOUT SAINT-GOBAIN
Saint-Gobain designs, manufactures and distributes materials and solutions
which are key ingredients in the wellbeing of each of us and the future of all.
They can be found everywhere in our living places and our daily life: in
buildings, transportation, infrastructure and in many industrial applications.
They provide comfort, performance and safety while addressing the challenges of
sustainable construction, resource efficiency and climate change.
EUR41.8 billion in sales in 2018
Operates in 68 countries
More than 180,000 employees
To learn more about Saint-Gobain
go to www.saint-gobain.com
Contacts analystes, investisseurs Contacts presse
Vivien Dardel +33 1 47 62 44 29 Laurence Pernot +33 1 47 62 30 10
Floriana Michalowska +33 1 47 62 35 98 Patricia Marie +33 1 47 62 51 37
Christelle Gannage +33 1 47 62 30 93 Susanne Trabitzsch +33 1 47 62 43 25