Compagnie de Saint-Gobain

Compagnie de Saint-Gobain - Financial and Strategic Analysis Review

Publication Date: 15-Apr-2011 Reference Code: GDPE10077FSA

Company Snapshot
Key Information
Compagnie de Saint-Gobain, Key Information Web Address www.saint-gobain.com Financial year-end December Number of Employees 187,891 EPA SGO
Source : GlobalData

Company Overview
Compagnie de Saint Gobain (Saint Gobain) is a diversified company, engaged in designing, manufacturing, and distribution of building material such as glass, ceramics, plastics, and cast iron. It principally operates in four segments, namely, Building Distribution; Construction Products; Innovative Materials, and Packaging. The company holds the leading position in habitat and construction markets. It is engaged in designing, manufacturing and distributing building materials. In addition, Saint Gobain is also involved in providing innovative solution to save energy, to meet growing energy demand and protect the environment.
21.03 6.32 55.57 6.29 0.03 Focused Research and Development Activities Increasing Financial Performance Wide Products and Services Opportunities 47.16 2.17 2,401 31,542 526 Rising Demand for Flat Glass Stringent Regulations Focus on Renewable Energy Operational Expansion Initiatives
Source : GlobalData

Key Ratios
Compagnie de Saint-Gobain, Key Ratios P/E Return on Equity (%) Debt/Equity (%) Operating profit margin (%) Dividend Yield
Note: Above ratios are based on share price as of 28-Apr-2011 Source : GlobalData

SWOT Analysis
Compagnie de Saint-Gobain, SWOT Analysis Strengths Weaknesses Cash from Operating Activities Limited Liquidity Position

Share Data
Compagnie de Saint-Gobain, Share Data Price (EUR) as on 28-Apr-2011 EPS (EUR) Market Cap (million EUR) Enterprise Value (million EUR) Shares Outstanding (million)
Source : GlobalData

Threats

Intense Competition Risk from International Operations

Performance Chart
Compagnie de Saint-Gobain, Performance Chart (2006 2010)

Financial Performance
The company reported revenues of (Euro) EUR 40,119.00 million during the fiscal year ended December 2010, an increase of 6.17% over 2009. The operating profit of the company was EUR 2,524.00 million during the fiscal year 2010, an increase of 103.55% over 2009. The net profit of the company was EUR 1,129.00 million during the fiscal year 2010, an increase of 458.91% over 2009.

Source : GlobalData

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Compagnie de Saint-Gobain Compagnie de Saint-Gobain - Key Facts

Compagnie de Saint-Gobain, Key Facts Les Miroirs, 18, avenue d'Alsace, Corporate Address Courbevoie, Ile-de-France, 92400, France +33 1 47623000 Telephone

Ticker Symbol, Stock Exchange No. of Employees Fiscal Year End Revenue (in USD Million) Revenue (in EUR Million)

SGO [Euronext Paris]

187,891 December 53,492.0 40,119.0

Fax URL Industry Locations

Source : GlobalData

+33 1 47625062 www.saint-gobain.com Chemicals, Clean Technology, Construction & Real Estate, Energy and Utilities France, United States

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Compagnie de Saint-Gobain Compagnie de Saint-Gobain - Business Description

Compagnie de Saint Gobain (Saint Gobain) is engaged in the designing, manufacturing, and distribution of building material such as glass, ceramics, plastics, and cast iron. The company along with its subsidiaries operates manufacturing facilities in 64 countries worldwide. It operates in four segments namely, Building Distribution; Construction Products; Innovative Materials, and Packaging. The company through its Building Distribution segment distributes building materials and ceramic tiles to building contractors, trades people, architects, and contractors, as well as homeowners. This segment caters the construction, renovation, and interior decoration markets in 26 countries worldwide. In the fiscal year ended December 2010, the segments revenue increased 1.3%, to 17,323. Its Construction Products segment offers interior products for the home, including insulating glass wool, plasterboard, and rock or glass wool acoustic ceilings; and exterior products, such as wall facings, roofing, water supply, pipes, roadwork, and utility connection components. This segment also offers ductile cast iron piping for drinking water distribution, irrigation, sanitation and rain-water drainage, taps and other plumbing equipment. The construction products segment operates in 55 counties worldwide and sells its products in over 100 countries worldwide. In the fiscal year ended December 2010, the segments revenue increased 5.4%, to 10,078m. Saint Gobain's Innovative Materials segment comprises Flat Glass and High-Performance Materials divisions. Flat Glass segment processes and sells glass and glazing products for the building and automotive industries. It also manufactures, processes, and distributes glass for the building industry and produces automotive glass. This segment also offers a range of specialty products, including glass for home appliances, fireproof glass, nuclear safety glass, and glass for the solar energy market. High-Performance Materials division provides mineral ceramics, such as ceramics, grains and powders, abrasives, and crystals; performance polymers, including performance plastics; and glass fabrics, such as textile solutions for industrial and construction markets. The solar energy solutions are utilized in photovoltaic systems, solar heating, and solar thermodynamic systems. In the fiscal year ended December 2010, the segments revenue increased 19.4%, to 9,162m. The company's Packaging segment produces glass containers for the food and beverage industry. It is the leading player in the wine and spirits bottle and food jar segments. This segment also serves the fruit juice, soft drinks, mineral water, oil, baby food, solubles, dairy products and dessert container markets. This segment operates with 60 manufacturing facilities in 13 counties worldwide. In the fiscal year ended December 2010, the segments revenue increased 3.1%, to 3,553m. Apart from designing, manufacturing, and distributing functional materials, the company also provides innovative solutions for Environmental protection and Energy saving. Saint Gobain offers high-performance energy-saving solutions through its extensive range of products. These products contributes towards sustainable development which includes the environmental impact of buildings, preserving wood, renewable energies, cleaner vehicles, air and water treatment, CO2 emissions and waste and recycling. The company manufactures construction products which make a significant contribution to saving the energy consumed for heating and air conditioning. It also contributes to the development of Light Emitting Diodes (LEDs) that consumes five times less energy than incandescent light bulbs, have a life 100 times longer and can offer a spectrum of light close to that of natural daylight. Through several of its product lines and R&D projects, Saint Gobain promotes alternatives to fossil energies and makes an active contribution to the development of renewable energies. It is also a major supplier of products and solutions for the photovoltaic industry that includes quartz crucibles for smelting silicon slabs, engineered abrasive grains for cutting them, fluoropolymer films for encapsulating photovoltaic panels, and high-efficiency PV Lite and Albarino glass. Saint Gobain also produces high quality windshields and particulate filters for diesel engines to reduce the CO2 emission from vehicles. In addition, the company makes a major contribution to promoting the recycling of three of its core materials glass, cast-iron and gypsum. Geographically, Saint Gobain derives its revenue from France, which contributed for 28.4% of the total revenue in 2010, followed by Other Western European countries (42.5%), North America (13.7%) and Emerging countries and Asia (19.9%). Recently, the companys joint venture (JV) company Cebrace declared to construct its sixth float glass plant in Bahia State, Brazil. The plant once installed would be capable of producing around 600 tons of flat glass daily and would cater to the Brazilian construction and automotive markets.

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Compagnie de Saint-Gobain Compagnie de Saint-Gobain - Major Products and Services

Saint-Gobain together with its subsidiaries, engages in the design, manufacture, and distribution of functional materials, such as glass, ceramics, plastics, and cast iron worldwide. The companys key products, services and brands include the following:
Compagnie de Saint-Gobain, Major Products and Services Products: Flat glass: Automotive glazing Building glass Processing and distribution Specialty glass Insulation: Glass wool Stone wool XPS foams Substrates Reinforcement: Glass filament Glass fabrics Glass tissues Packaging: Bottles and jars Flaconnage Pumps and sprayers Glass blocks Ceramics: Ceramic materials Industrial ceramics Specialty ceramics Plastics: Engineered components Precision products Elastomers Films and fabrics Fluid systems Abrasives: Super abrasives Bonded abrasives Coated abrasives Building distribution:

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Compagnie de Saint-Gobain
Loadbearing structure Internal joinery External joinery Flooring Kitchens Bathrooms Industrial carpentry Building materials Partitions Tools Information and services Insulation Panels Roofing Wood/framework Sanitary installation Pipelines: Ductile cast-iron Cast-iron List of Selected Brands: Point.P, Lapeyre la maison K par K. Services: Limit the environmental impact made by buildings Promote the sustainable development of wood Develop alternative energies Optimise air and water treatment Design cleaner vehicles Raise awareness on environmental issues
Source : GlobalData

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Compagnie de Saint-Gobain

Compagnie de Saint-Gobain - History

Compagnie de Saint-Gobain, History 2010 Corporate Changes/Expansions In June, the company declared that its subsidiary Avancis would build a new plant to produce photovoltaic (PV) modules in Torgau, Germany. In June, Pierre-Andre de Chalendar was appointed the Chairman and Chief Executive Officer of the company. In May, the company and NSG Group declared to construct a new flat glass (float) plant in Jacarei, Brazil. In April, the company and Trakya Cam signed an MoU (Memorandum of Understanding) to set up a 50-50 joint-venture to produce and sell automotive glass in Russia. The company has signed a partnership agreement with Solaire France to supply PV tiles systems. Saint Gobain began operation of Covilis Plant, which manufactures parabolic cylindrical mirrors that are used in solar power plants. Saint-Gobain finalized its acquisition of the Maxit group from HeidelbergCement on March 13, 2008. In late 2005, Saint-Gobain took over the British Plaster Board (BPB). The Poliet Group was acquired in 1996 by Saint-Gobain. Saint-Gobain was privatized in 1986. The Group was nationalized in 1982. Majority holding in CertainTeed was acquired by the company in 1976. Saint-Gobain and Pont-a-Mousson merged in 1970. Saint Gobain adopts Float Glass and establishes first factory for this purpose in 1962. Saint Gobain sets up in Pisa, Italy followed by other sites in Belgium (1900) and Spain (1904). The company was formed in 1665 as The Royal Glass Works.

2010

Management Changes

2010

Corporate Changes/Expansions

2010

Contracts/Agreements

2009

Contracts/Agreements

2009

Commercial Operation

2008

Acquisitions/Mergers/Takeovers

2005 1996 1986 1982 1976 1970 1962

Acquisitions/Mergers/Takeovers Acquisitions/Mergers/Takeovers Corporate Changes/Expansions Corporate Changes/Expansions Acquisitions/Mergers/Takeovers Acquisitions/Mergers/Takeovers New Product Approvals

1889

Corporate Changes/Expansions

1750

Incorporation/Establishment

Source : GlobalData

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Compagnie de Saint-Gobain Compagnie de Saint-Gobain - SWOT Analysis

SWOT Analysis - Overview Saint Gobain along with its subsidiaries is engaged in the design, manufacture and distribution of building material such as glass, ceramics, plastics, and cast iron worldwide. It operates in five business sectors namely, Building Distribution, Construction Products, Innovative Materials and Packaging. The companys wide products and services coupled with strategic focus on innovation and research strategy enables the company to enhance and expand its business operations and its competitive position. However, risk associated with international operations, and increasing competition in the industry due to globalization are major focus areas, so as to maintain and enhance its competitive and financial stability in the markets it serves. Compagnie de Saint-Gobain - Strengths Strength - Focused Research and Development Activities Innovation and research act as the key strength to the companys development strategy and also plays an important role towards its competitive edge. Saint Gobain has a strong research and development (R&D) wing. The company besides innovating in new products also invests innovating in new markets and distribution methods. Its R&D wing comprises twelve research centers and around 100 development units worldwide. Saint Gobain through its innovation strategies engages in the development of new product ranges. Few of its recent product innovations include, SGG Bioclean, which is a self-cleaning glass; ULTIMATE (fire-resistant glasswool); SGG Climaplus N (thermal insulation glass); Vario intelligent dampness vents; SGG Priva-Lite (controlled-opacification glass); among others. Saint Gobain also focuses to innovate in new markets, such as solar power, lighting, intelligent glass, high-performance insulation systems and others. Apart from innovating in new products and markets, the company also engages in developing in its building distribution segment. Its innovations in the segment include POINT.P, a new product meant to meet garden and landscape layout needs and has also opened Greenworks, which is the first sales outlet in the UK specifically meant for renewable energies. As of 2010, Saint Gobain had more than 700 projects in study and applied for 361 patents in the year. Further, in 2010, the company invested 402m in its R&D activities. With strong focus on R&D Saint Gobain would further be able to enhance its product offerings.

Strength - Increasing Financial Performance The companys improved financial performance would help it to enhance its future growth prospects. In the fiscal year ended December 2010, Saint Gobains revenue increased 6.2%, to 40,119.00m, compared to 37,786.00m in previous fiscal year. Operating income improved 103.5%, to 2,524.00m, compared to 1,240.00m in previous fiscal year. Increment in the operating income led to increase in operating margin, which increased from 3.3% in 2009, to 6.3% in 2010, Return on Equity (ROE) increased from 1.3% in 2009, to 6.3% in 2010. Additionally, other profitability ratios such as Return on Assets increased from 0.5% in 2009, to 2.6%. Increase in profits could be attributed to decrease in operating costs (% of Sales), which decreased from 96.7% in 2009 to 93.7% in 2010. Net income for the company also increased 458.9%, to 1,129.00m, compared to 202.00m in previous fiscal year. The improvement in performance could be attributed to overall improvement in its business segments. Revenues from Innovative Materials segment increased 19.4%, Construction Products segments revenue increased 5.4%, Building Distribution segment revenue increased 1.3% and Packaging segments revenue increased 3.1%. The overall segments revenue would further help Saint Gobain to gain further competitive edge.

Strength - Wide Products and Services The company provides a wide range of products for habitat and construction markets. Saint Gobain offers products and services in four categories, namely, Building Distribution, Construction Products, Innovative Materials and Packaging. Building distribution segment engages in the distribution of products for renovation, new building and building improvements markets. The segment is a leading building materials distributor in Europe and world's number one distributor for tiles. The Construction Products segment offers insulation, exterior products, gypsum, pipework and industrial mortars. The products find applications in acoustic and thermal insulation, roofing, exterior wall covering, interior and exterior fittings and piping. In the Innovative Materials segment, Saint Gobain offers materials and processes for homebuilding and industrial markets. The segment offers high-performance materials, which are broadly classified as ceramics, performance polymers and glass fabrics. The segments Flat Glass division is engaged in the manufacture of an array of products that offer safety, energy-saving, environmental protection, comfort and aesthetics. The Packaging segment manufactures specialized glass containers for the food and beverage industry. The wide range of products and services enable Saint Gobain to meet diverse customer requirements that helps the company to improve its revenue generation ability.

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Compagnie de Saint-Gobain

Compagnie de Saint-Gobain - Weaknesses Weakness - Cash from Operating Activities The companys generated operating income of 6,528.00m in 2010, against operating loss of 2,152.00m in 2009. However, cash from operating activities declined from 2,773.00 m in 2010, compared to 3,390.00m in 2009. Changes in working capital declined from 3,302.00m in 2009, to 1,208.00m in 2010. As a result, the net change in the companys cash position at the financial year ended 2010 declined from 17,602.00m in 2009, to negative 21,488.00m in 2010.

Weakness - Limited Liquidity Position The limited liquidity position makes Saint Gobain vulnerable to pay for its short term obligations. Although the companys current ratio increased slightly from 1.2 in 2009, to 1.3 in 2010. Saint Gobain reported a decrease in its cash and cash equivalents. The companys cash and cash equivalents at the fiscal year ended 2010 was 2,762.00m, compared to 3,157.00m in fiscal 2009, representing a decrease of 12.5%. Further its quick ratio decreased from 0.81 in 2009, to 0.78 in 2010. The decrease in quick ratio could be attributed to decline in inventory turnover from 5.02% in 2009, 4.69% in 2010. Inventory turnover decline could be attributed to increase in total inventory. The total inventory at the end of fiscal year ended 2010 increased from 5,256.00m in 2009, to 5,841.00m in 2010. This could be because of the reason that the company could not convert its inventory into sales.

Compagnie de Saint-Gobain - Opportunities Opportunity - Rising Demand for Flat Glass The companys flat glass segment is the leading provider of flat glass in Europe, and has a leading position in world market. The segment specializes in the production of flat glass for the aerospace, transport, optics, and household electrical appliance industry. According to industry forecast, the world demand for flat glass is expected to rise by 5.1% per year through 2012 to 6.5 billion square meters. The growth in worldwide solar market is expected to play a key role in leading the development of the flat glass business. It is also anticipated that developing countries will register the strongest advances, especially China, Brazil and India. Leveraging its line of flat glass segment, Saint-Gobain could tap the growing demand, which could help improve its financial performance in the future.

Opportunity - Focus on Renewable Energy The favorable macro-economic trends have drawn attention of several governments across the globe towards renewable energy sources. Many countries provided fiscal incentives and schemes to encourage the increasing usage of renewable energy sources. These incentives and schemes range from preferential tariffs or tax credits for renewable energy projects to framing taxing schemes for those who contribute to emission of carbon dioxide. Saint-Gobain is developing its expertise in renewable energies and is making swift progress towards solar power solutions with a presence across the value chain and the technology base, including photovoltaic panels, solar concentrators and solar heating systems. In June 2010, the companys joint venture (JV), with Hyundai Heavy Industries Co., Ltd. (HHI), Hyundai Avancis declared to construct a new plant in Germany to produce photovoltaic (PV) modules that would find applications in residential, industrial and commercial buildings as well as solar plants. Later in October 2010, Hyundai Avancis declared to set up another PV panel facility in Korea. Both the plants once operational would produce an annual volume of 850,000 modules based on CIGS (Copper Indium Gallium Selenide) thin-film technology, meant for roofs and solar fields. This will further secure its supply, climate protection and economic efficiency.

Opportunity - Operational Expansion Initiatives The companys plans to expand its production facilities in cooperation with other companies would enable it to improve and diversify its production ability. In November 2010, Cebrace, the joint venture (JV) between Saint-Gobain Glass and NSG Group in Brazil declared to build its sixth float glass plant in Bahia State, Brazil. The plant would be capable to produce around 600 tonnes of flat glass daily and would cater to the Brazilian construction and automotive markets. Earlier the same month, Saint-Gobain acquired 50% of the equity in SAGE Electrochromics, a US based company engaged in large scale manufacture of electrochromic glass. In October 2010, Saint-Gobain and Trakya Cam, subsidiary of the Sisecam Group, signed a contract to form a JV to potentially benefit from the strong market growth in Russia. The combined company would operate a flat glass manufacturing unit, a magnetron coater line and a mirror production line. With new expansion initiatives the company would benefit with increased production and revenue generation opportunities.

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Compagnie de Saint-Gobain - Threats Threat - Stringent Regulations The operations of the company are subject to several rules and regulations. Saint-Gobain is required to comply with various commercial and environmental regulations in terms of manufacturing and finished products. It needs to meet different guidelines such as the European Union Directive for the Restriction on the Use of Hazardous Substances (RoHS), REACH (Registration Evaluation and Authorization of Chemicals) and Waste Electrical and Electronic Equipment (WEEE). The RoHS directive restricts the use of certain substances and chemicals in products. REACH regulates the chemical products manufactured and marketed in Europe and may require phasing out many existing chemicals from the market which may be regarded as toxic and hazardous. The WEEE directive requires the producers of electrical goods, including computers and printers to collect, recycle, treat and dispose its products in an ecologically-friendly manner. The failure of the company to comply with such regulations could have an adverse impact on the companys operations.

Threat - Intense Competition The company is facing intense competition within the industry. Saint-Gobain operates in many local and regional markets around the world. The company competes with big players such as 3M, Armstrong World Industries, Asahi Glass Company, Avanquest Software, Bacou-Dalloz, Ball Corporation, Chabert Duval Groupe, Corning Incorporated, Egide, Espace Production Internationale, Faiveley, Franz Haniel & Cie., Guardian Industries, Hanson, Kyocera Corporation, Lafarge, Le Belier, Le Tanneur & Cie, Mecelec, Mermet, Mitsubishi Chemical Corporation, Mitsubishi Corporation, Owens Corning, PPG Industries, TUI and USG Corporation. There are many factors that affect the competitive environments. These factors include the number of competitors in the market, the pricing policies and financial strength of those competitors, the total production capacity serving the market, the barriers to enter the market as well as general economic conditions and demand in the market. High competition could adversely affect Saint-Gobains margin.

Threat - Risk from International Operations The company sells products and operates plants throughout the world. Its international sales and operations are subject to risks and uncertainties, including, possible government legislations, difficulties and costs associated with complying with a wide variety of complex laws, treaties and regulations, unexpected changes in regulatory environments, economic and political conditions, tax rates that may exceed those in the US, nationalization of properties by foreign and governments. As the company continue to expand its business globally, it may face difficulty expanding and effectively managing these and other risks that international operations may face, which may adversely affect its business outside the France, financial condition and results of operations.

NOTE: * Sector average represents top companies within the specified sector The above strategic analysis is based on in-house research and reflects the publishers opinion only

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Compagnie de Saint-Gobain Compagnie de Saint-Gobain - Key Competitors

The following companies are the major competitors of Compagnie de Saint-Gobain: PPG Industries, Inc. Asahi Glass Co., Ltd. Armstrong Holdings, Inc. Bricorama SA Ball Corporation Corning Incorporated KYOCERA Corporation Owens-Illinois, Inc. Mitsubishi Chemical Corporation

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Compagnie de Saint-Gobain - Key Employees

Compagnie de Saint-Gobain, Key Employees Name Job Title Pierre-Andre de Chalendar Isabelle Bouillot Robert Chevrier Gerhard Cromme Bernard Cusenier Jean-Martin Folz Bernard Gautier Yuko Harayama Sylvia Jay Frederic Lemoine Gerard Mestrallet Michel Pebereau Denis Ranque Jean-Cyril Spinetta Gilles Schnepp Jean-Claude Breffort Benoit Bazin Jerome Fessard Bernard Field Jean-Pierre Floris Jean-Francois Phelizon Claude Imauven Laurent Guillot Claire Pedini
Source : GlobalData

Chairman, Chief Executive Officer, Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director General Delegate, Senior Vice President, International Development Director, Building Distribution Sector, Senior Vice President Director of the Packaging Sector, Senior Vice President Corporate Secretary Director, Innovative Material Sector, Senior Vice President Director, Audit and Internal Control, Senior Vice President Director, Construction Products Sector, Senior Vice President Chief Financial Officer Incharge, Human Resources, Senior Vice President

Board Level Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Non Executive Board Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management Senior Management

Since 2010

Age 52 61 67 67 64 64 51 58 64 45 61 69 59 67 51

2010 2010 2004 1991 2009 1998 2004 2009 2010

61 41 55 55 62 63 53 41 45

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Compagnie de Saint-Gobain - Key Employee Biographies

Compagnie de Saint-Gobain, Key Employee Biographies Mr. Chalendar has been the Chairman and Chief Executive Officer of the company since 2010. He also serves as the Chief Operating Officer since 2005, and a Director since 2006. He joined the company in November 1st 1989, as the Pierre-Andre de Chalendar Job Title: Chairman, Chief Executive Officer, Director Vice President, Corporate Planning. He was also the Chief Operating Office of Compagnie de Saint-Gobain since May 2005. During 1992-1996, he served as Board Level: Executive Board the Director of the Abrasives Division in Europe. He was also the Director of the Since: 2010 worldwide Abrasives Division from 1996 to 2000. Later, he became the General Age: 52 Delegate for the United Kingdom and Republic of Ireland from 2000 to 2002. In 2003, he was appointed as the Senior Vice-President of Compagnie de Saint-Gobain in charge of the Building Distribution Sector. Laurent Guillot Job Title: Chief Financial Officer Board Level: Senior Management Since: 2009 Age: 41
Source : GlobalData

Mr. Guillot has been the Chief Financial Officer of the company since 2009. Prior, he was associated with the organization as General Delegate to Brazil, Argentina and Chile between 2007 and 2009. Earlier, he served as Director, High-Performance Refractories and Director, Diesel Particulate Filters between 2005 and 2007. Prior joining the organization in 2002, he served as the Technical Advisor to the Minister of Infrastructure, Transport and Housing, first on maritime issues and then relating to budgetary, financial and industrial issues.

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Compagnie de Saint-Gobain - Locations And Subsidiaries

Head Office Compagnie de Saint-Gobain Les Miroirs 18, avenue d'Alsace Courbevoie Ile-de-France ZIP: 92400 France Tel: +33 1 47623000 Fax: +33 1 47625062

Other Locations & Subsidiaries

Compagnie de Saint-Gobain, Subsidiaries Saint-Gobain Abrasives Australia Pty. Ltd. 25 NYRANG STREET PO BOX 44 Lidcombe NSW Zip: 2141 Australia Tel: +61 2 9649 0161 Fax: +61 2 9749 1215 Saint-Gobain K.K. Saint-Gobain Building, 3-7, Kojimachi Chiyoda-Ku Tokyo Japan Tel: +3 3263 0281 Url: www.saint-gobain.co.jp Saint-Gobain plc Aldwych House 81 Aldwych London Zip: WC2B 4HQ United Kingdom Tel: +44 0 20 7400 8800 Fax: +44 0 20 7400 8899 Url: www.saint-gobain.co.uk

Saint Gobain Ceramics CERBEC USA 10 Airport Park Road East Granby CT United States Tel: +1 860 653 8071 Fax: +1 860 653 6834 Url: www.cerbec.com/

Saint-Gobain Building Distribution Ltd Aldwych House 81 Aldwych, WC2B 4HQ London United Kingdom Tel: +44 20 7400 8800 Fax: +44 20 7400 8899 Url: www.saint-gobain.co.uk

Saint-Gobain Deutsche Glas Gmbh VIKTORIAALLEE 3-5 AACHEN Zip: 52066 Germany Tel: +49 241 5160 Fax: +49 241 5162380 Url: www.saint-gobain-glass.com

BPB plc 18 avenue d'Alsace La Defense Zip: 92096 France Tel: +33 0 1 47 62 52 00 Url: www.bpb.com

Saint-Gobain Ceramics & Plastics, Inc. 10300 Ormsby Park Place Ste. 450 Louisville Ky Zip: 40223 6185 United States Tel: +1 502 423 6324 Hankuk Glass Industries Inc. Youngpoong Building 6th FL

SEPR Refractories India Ltd. Palakkad

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Compagnie de Saint-Gobain
33, Seoring-Dong, Jongno-Gu Seoul Zip: 110 752 Republic of Korea Tel: +2 3706 9120 Fax: +2 773 4957 Url: www.hanglas.co.kr Saint-Gobain Crystals 17900 Great Lakes Parkway Hiram OH United States Tel: +1 440 8345600 Fax: +1 440 8347680 Url: www.bicron.com Saint-Gobain Corporation 750 East Swedesford Road Valley Forge PA Zip: 19482 United States Tel: +610 341 7000 Fax: +610 341 1777 Url: www.saint-gobain-corporation.com

Kerala India

AVANCIS GmbH & Co. KG Solarstrasse 3 Torgau Zip: 04860 Germany Tel: +49 34213788 Fax: +49 34213788 Url: www.avancis.de Groupe Lapeyre 4 rue Andre Karman BP 149 Aubervilliers Zip: 93304 France Tel: +33 0 1 48 11 74 00 Fax: +33 0 1 48 11 74 01 Url: www.groupe-lapeyre.com CertainTeed Corporation P.O. Box 860, 750 East Swedesford Road Valley Forge PA Zip: 19482 United States Tel: +1 610 341 7000 Fax: +1 610 3417777 Url: www.certainteed.com

Grindwell Norton Ltd. Army & Navy Building 148, M G Road Mumbai Zip: 400 001 India Tel: +91 22 22844727 Fax: +91 22 22023711 Url: www.grindwellnorton.co.in

Saint-Gobain Sekurit

Saint-Gobain Performance Plastics United States

Jewson Ltd Merchant House Binley Business Park Coventry Zip: +V3 2TT United Kingdom Tel: +24 7643 8400 Url: www.jewson.co.uk Saint-Gobain Glass India Limited 33A, 3rd Floor RR-V Building, SIDCO Industrial Estate Chennai Tamil Nadu Zip: 600032 India Tel: +91 44 43854000

SAINT-GOBAIN ISOVER A/S Denmark

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Compagnie de Saint-Gobain
Url: in.saint-gobain-glass.com
Source : GlobalData

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Compagnie de Saint-Gobain Compagnie de Saint-Gobain - Financial Ratios

Financial Ratios - Capital Market Ratios
Compagnie de Saint-Gobain, Ratios based on current share price Key Ratios P/E (Price/Earnings) Ratio EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization) Enterprise Value/Sales Enterprise Value/Operating Profit Enterprise Value/Total Assets Dividend Yield
Note: Above ratios are based on share price as of 28-Apr-2011, the above ratios are absolute numbers Source : GlobalData

28-Apr-2011 21.03 9.49 0.79 12.50 0.72 0.03

Financial Ratios - Annual Ratios

Compagnie de Saint-Gobain, Annual Ratios Key Ratios Unit/Currency 2006 4.17 1.57 2.65 36.25 3.76 31.89 7.99 3.94 46.82 6.2 11.56 11.56 3.93 12.64 135.54 18.47 30.07 19.31 29.51 17.65 5.46 92.01 19.3 1.19 0.75 0.11 2007 3.68 1.90 1.94 37.48 3.24 31.72 7.27 3.42 46.46 5.69 9.93 11.26 3.61 12.12 159.39 4.39 -5.00 -2.75 -9.16 -13.76 -19.22 92.73 18.76 1.15 0.71 0.10 2008 3.53 0.93 3.82 34.95.00 4.74 30.62 6.42 3.15 44.14 4.74 9.65 9.25 3.18 10.04.00 117.64 0.87 -10.84 -10.13 -7.33 35.91 20.81 93.58 18.84 1.18 0.71 0.15 2009 0.41 0.97.00 0.43 30.24 6.00 30.13 3.28 0.53 43.12 1.16 1.27 3.99.00 0.47 4.41 42.01.00 -13.73 -55.93 -45.59 -85.34 -70.26 23.41 96.72 20.26 1.25 0.81 0.26 2010 2.17 1.15 1.89 33.99.00 5.25 31.61 6.29 2.81 46.23 4.46 6.32 7.86 2.57 8.72 79.17 6.17 103.55 70.43 458.91 96.91 7.99.00 93.71 20.02.00 1.27 0.78 0.23

Equity Ratios
EPS (Earnings per Share) Dividend per Share Dividend Cover Book Value per Share Cash Value per Share EUR EUR Absolute EUR EUR % % % % % % % % % % % % % % % % % % Absolute Absolute Absolute

Profitability Ratios
Gross Margin Operating Margin Net Profit Margin Profit Markup PBT Margin (Profit Before Tax) Return on Equity Return on Capital Employed Return on Assets Return on Fixed Assets Return on Working Capital

Growth Ratios
Sales Growth Operating Income Growth EBITDA Growth Net Income Growth EPS Growth Working Capital Growth

Cost Ratios
Operating Costs (% of Sales) Administration Costs (% of Sales)

Liquidity Ratios
Current Ratio Quick Ratio Cash Ratio

Leverage Ratios

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Debt to Equity Ratio Net Debt to Equity Debt to Capital Ratio % % % Absolute Absolute Absolute Absolute Absolute Absolute EUR EUR % 5.49 5.48 5.09 3.49 92.25 81.88 45.49 1 3.26 5.03 2.7 2.94 16.97 74.93 66.29 40.05 1.06 3.40 5.08 2.88 2.90 21.93 95.39 81.82 44.76 1.01.00 3.28 4.97.00 2.85 3.07 18.31 73.60 53.76 37.65 0.88 2.84 5.02.00 2.54 2.37 12.80 55.57 40.12 30.91 0.91 2.92 4.70 2.66 2.25 12.58 213,523 6,009 3.79

Efficiency Ratios
Asset Turnover Fixed Asset Turnover Inventory Turnover Current Asset Turnover Capital Employed Turnover Working Capital Turnover Revenue per Employee Net Income per Employee Capex to Sales
Source : GlobalData

Financial Ratios - Interim Ratios

Compagnie de Saint-Gobain, Interim Ratios Key Ratios Unit/Currency Interim EPS (Earnings per Share) EUR Dividend per Share Book Value per Share Gross Margin Operating Margin Net Profit Margin Profit Markup PBT Margin (Profit Before Tax) Operating Costs (% of Sales) Administration Costs (% of Sales) Current Ratio Quick Ratio Debt to Equity Ratio Net Debt to Equity Debt to Capital Ratio
Source : GlobalData

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Dec-2009 0.13 0.97 30.24 23.99 3.35 0.39 31.57 1.29 96.65 19.37 1.25 0.81 73.60 53.76 37.65

Jun-2010 0.98 33.30 7.40 6.15 2.57 7.99 4.18 93.85 20.86 1.24 0.76 60.32 51.82 32.54

Dec-2010 1.18 1.15 33.99 41.84 6.43 3.05 71.94 4.73 93.57 19.22 1.27 0.78 55.57 40.12 30.91

EUR EUR % % % % % % % Absolute Absolute % % %

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Financial Ratios - Ratio Charts
Compagnie de Saint-Gobain, Ratio Charts EPS

Operating Margin

Return on Equity

Return on Assets

Debt to Equity Ratio

Current Ratio

Source : GlobalData

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Recent Developments
Oct 11, 2010 : Hyundai Heavy Industries Signs Contract With Saint-Gobain To Build Thin-Film Solar Cell Factory In Korea Hyundai Heavy Industries Co., Ltd. (Hyundai Heavy Industries) has signed a contract with Saint-Gobain on October 8, 2010 to build thin-film solar cell factory in Korea. Under the contract, Hyundai Heavy Industries and Saint-Gobain will each invest 50% of the KRW220 billion solar cell factory. Construction will start from December 2010 and is scheduled to be completed by the first half of 2012. Upon completion, the solar cell factory will have an annual production capacity of 100MW CIGS (copper, indium, gallium, selenide) solar cells.Saint-Gobain will provide high quality glass for the production of CIGS solar cells through its Korean unit, HanGlas. Jun 07, 2010 : Avancis To Build New PV Modules Production Plant In Torgau, Germany Saint-Gobain has announced that its subsidiary AVANCIS GmbH & Co. KG (Avancis), will be building a new plant to produce photovoltaic (PV) modules to cover the roofs of residential, industrial and commercial buildings as well as solar plants. This industrial site will be located in Torgau, Germany, where the Group is already present through Saint-Gobain Glass (flat glass and coated glass), Saint-Gobain Sekurit (automotive glass) and Avancis (PV modules). This new plant will be Avancis' second German facility manufacturing thin-film CIGS (copper - indium - gallium - selenide) photovoltaic panels. It will be built close to the first Avancis industrial site. The new Avancis plant will have a production output of 100MWp/year, capable of supplying year after year the electricity needs for cities of 15,000 inhabitants. With a surface area of 25,000msquared, the site should come on stream by the first quarter of 2012. The technology based on depositing a coating of CIGS on a glass substrate offers a way to avoid traditional crystalline silicon and achieve higher conversion efficiencies than other thin-film technologies (above 12% industrially and up to 20% in the laboratory), the company said. It is also efficient at lower light levels, and offers competitive advantages in terms of manufacturing costs. This technology requires expertise when it comes to coating and thermally-treating glass material, two core-competency processes for Saint-Gobain. Jean-Pierre Floris, president of the innovative materials sector and senior-vice president of Saint-Gobain, said: "This project marks a new milestone in Saint-Gobain's commitment to the renewable energy sector. With this plant, Saint-Gobain will boost the industrial development of AVANCIS and help it become a major reference in the field of high-efficiency thin-film PV modules. This is an extremely promising technology which combines the low production costs associated with all thin-film based techniques, with efficiencies approaching the higher levels achieved using polycrystalline silicon cells. Whilst being well-adapted for solar fields, the AVANCIS modules are particularly recommended for roof installation, being simple to mount, stylish and reliable." Feb 25, 2010 : Saint-Gobain Reports Net Income Of EUR202 Million In 2009 Compagnie de Saint-Gobain (Saint-Gobain) has reported net revenues of EUR37.7 billon for the year-end 2009, compared with the net revenues of EUR43.8 billion in the previous year. It has also reported net income of EUR202 million, or EUR0.39 per share, for the year-end 2009, compared with the net income of EUR1.4 billion, or EUR3.60 per share, in the previous year. Sales declined 13.7%. The positive 0.9% impact of changes in the scope of consolidation was offset by a negative 1.4% currency impact, reflecting a decline in the pound sterling and Brazilian real against the euro. Like-for-like (comparable Group structure and exchange rates), consolidated sales fell 13.2%: sales volumes retreated 14.0%, while prices remained upbeat, gaining 0.8%. Non-operating costs came in at EUR596 million (EUR310 million in 2008, excluding EUR400 million in provisions for flat glass fines). The rise in non-operating costs reflects the acceleration in restructuring measures and other adjustments made in response to the crisis, which represented costs of EUR435 million in 2009 versus EUR190 million in 2008. Accruals to the provision set aside for asbestos-related litigation involving CertainTeed in the US totaled EUR75 million in 2009, as in 2008. Business income tumbled 55.9% after taking into account the items mentioned above (non operating costs, capital gains/losses on disposals and exceptional asset write-downs).

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Net financial expense edged up to EUR805 million from EUR750 million in 2008, mainly reflecting the rise in the interest cost of pensions (up EUR105 million on 2008), while net borrowing costs were down 12%. The average cost of net debt came out at 5.5%, on a par with 2008. Cash flow from operations totaled EUR2,303 million, down 35% on 2008. Before the tax impact of capital gains and losses on disposals and asset write-downs, cash flow from operations was EUR2,268 million versus EUR3,487 million in 2008, also down 35%.

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Appendix
The data and analysis within this report is driven by GlobalData. GlobalData gives you key information to drive sales, investment and deal making activity in your business. The key industries include Alternative Energy, Construction, Oil & Gas, Clean Technology, Technology and Telecommunication, Healthcare, Power, Financial Services, Retail & Consumer Packaged Goods and Transport. Methodology GlobalData company reports are based on a core set of research techniques which ensure the best possible level of quality and accuracy of data. The key sources used include: Company Websites Company Annual Reports SEC Filings Press Releases Proprietary Databases
Currency Codes Currency Code EUR
GlobalData

Currency Euro

Ratio Definitions
Capital Market Ratios Capital Market Ratios measure investor response to owning a company's stock and also the cost of issuing stock. Price/Earnings Price/Earnings (P/E) ratio is a measure of the price paid for a share relative to the annual Ratio (P/E) income earned per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more for each unit of income, so the stock is more expensive compared to one with lower P/E ratio. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. Price per share is as of previous business close, and EPS is from latest annual report.
Calculation: Price per Share / Earnings per Share

Enterprise Value/Earnings before Interest, Tax, Depreciation & Amortization (EV/EBITDA)

Enterprise Value/EBITDA (EV/EBITDA) is a valuation multiple that is often used in parallel with, or as an alternative to, the P/E ratio. The main advantage of EV/EBITDA over the PE ratio is that it is unaffected by a company's capital structure. It compares the value of a business, free of debt, to earnings before interest. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / (Net Income + Interest + Tax + Depreciation + Amortization)

Enterprise Value/Sales

Enterprise Value/Sales (EV/Sales) is a ratio that provides an idea of how much it costs to buy the company's sales. EV/Sales is seen as more accurate than Price/Sales because market capitalization does not take into account the amount of debt a company has, which needs to be paid back at some point. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Sales

Enterprise Value/Operating Profit Enterprise Value/Total Assets

Enterprise Value/Operating Profit measures the company's enterprise value to the operating profit. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Operating Income

Enterprise Value/Total Assets measures the company's enterprise value to the total assets. Price per share is as of previous business close, and shares outstanding last reported. Other items are from latest annual report.
Calculation: (Market Cap + Debt + Preferred Stock - Cash & Cash Equivalents) / Total Assets

Dividend Yield

Dividend Yield shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. Calculation: Annual Dividend per Share / Price per Share

GlobalData

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Equity Ratios These ratios are based on per share value. Earnings per share (EPS) is the portion of a company's profit allocated to each Earnings per outstanding share of common stock. EPS serves as an indicator of a company's Share (EPS) profitability. Calculation: Net Income / Weighted Average Shares

Dividend per Share Dividend Cover Book Value per Share Cash Value per Share
GlobalData

Dividend is the distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.

Dividend cover is the ratio of company's earnings (net income) over the dividend paid to shareholders. Calculation: Earnings per share / Dividend per share Book Value per Share measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Calculation: (Shareholders Equity - Preferred Equity) / Outstanding Shares Cash Value per Share is a measure of a company's cash (cash & equivalents on the balance sheet) that is determined by dividing cash & equivalents by the total shares outstanding. Calculation: Cash & equivalents / Outstanding Shares

Profitability Ratios Profitability Ratios are used to assess a company's ability to generate earnings, based on revenues generated or resources used. For most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a previous period is indicative that the company is doing well. Gross margin is the amount of contribution to the business enterprise, after paying for Gross Margin direct-fixed and direct-variable unit costs. Calculation: {(Revenue-Cost of revenue) / Revenue}*100 Operating Margin is a ratio used to measure a company's pricing strategy and operating Operating efficiency. Margin Calculation: (Operating Income / Revenues) *100

Net Profit Margin Profit Markup PBIT Margin (Profit Before Interest & Tax) PBT Margin (Profit Before Tax) Return on Equity Return on Capital Employed Return on

Net Profit Margin is the ratio of net profits to revenues for a company or business segment - that shows how much of each dollar earned by the company is translated into profits. Calculation: (Net Profit / Revenues) *100 Profit Markup measures the company's gross profitability, as compared to the cost of revenue. Calculation: Gross Income / Cost of Revenue Profit Before Interest & Tax Margin shows the profitability of the company before interest expense & taxation. Calculation: {(Net Profit+Interest+Tax) / Revenue} *100

Profit Before Tax Margin measures the pre-tax income over revenues. Calculation: {Income Before Tax / Revenues} *100

Return on Equity measures the rate of return on the ownership interest (shareholders' equity) of the common stock owners. Calculation: (Net Income / Shareholders Equity)*100 Return on Capital Employed is a ratio that indicates the efficiency and profitability of a company's capital investments. ROCE should always be higher than the rate at which the company borrows; otherwise any increase in borrowing will reduce shareholders' earnings. Calculation: EBIT / (Total Assets Current Liabilities)*100 Return on Assets is an indicator of how profitable a company is relative to its total assets, the ratio measures how efficient management is at using its assets to generate earnings.

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Compagnie de Saint-Gobain Assets

Calculation: (Net Income / Total Assets)*100

Return on Fixed Return on Fixed Assets measures the company's profitability to its fixed assets (property, plant & equipment). Assets
Calculation: (Net Income / Fixed Assets) *100 Return on Working Capital measures the company's profitability to its working capital. Return on Working Capital Calculation: (Net Income / Working Capital) *100
GlobalData

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Cost Ratios Cost ratios help to understand the costs the company is incurring as a percentage of sales. Operating costs Operating costs as percentage of total revenues measures the operating costs that a company incurs compared to the revenues. (% of Sales) Calculation: (Operating Expenses / Revenues) *100

Administration costs (% of Sales)

Administration costs as percentage of total revenue measures the selling, general and administrative expenses that a company incurs compared to the revenues. Calculation: (Administrative Expenses / Revenues) *100

Interest costs (% Interest costs as percentage of total revenues measures the interest expense that a company incurs compared to the revenues. of Sales)
Calculation: (Interest Expenses / Revenues) *100
GlobalData

Liquidity Ratios Liquidity ratios are used to determine a company's ability to pay off its short-terms debts obligations. Generally, the higher the value of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. A company's ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts and mortgage originators frequently use the liquidity ratios to determine whether a company will be able to continue as a going concern. Current Ratio measures a company's ability to pay its short-term obligations. The ratio Current Ratio gives an idea of the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. Calculation: Current Assets / Current Liabilities Quick ratio measures a company's ability to meet its short-term obligations with its most Quick Ratio liquid assets. Calculation: (Current Assets - Inventories) / Current Liabilities Cash ratio is the most stringent and conservative of the three short-term liquidity ratio. It Cash Ratio only looks at the most liquid short-term assets of the company, which are those that can be most easily used to pay off current obligations. It also ignores inventory and receivables, as there are no assurances that these two accounts can be converted to cash in a timely matter to meet current liabilities. Calculation: {(Cash & Bank Balance + Marketable Securities) / Current Liabilities)}
GlobalData

Leverage Ratios Leverage ratios are used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to measure its ability to meet financial obligations. There are several different ratios, but the main factors looked at include debt, equity, assets and interest expenses. Debt to Equity Ratio is a measure of a company's financial leverage. The debt/equity ratio Debt to Equity also depends on the industry in which the company operates. For example, Ratio capital-intensive industries tend to have a higher debt-equity ratio. Calculation: Total Liabilities / Shareholders Equity Debt to Capital Debt to capital ratio gives an idea of a company's financial structure, or how it is financing its operations, along with some insight into its financial strength. The higher the Ratio debt-to-capital ratio, the more debt the company has compared to its equity. This indicates to investors whether a company is more prone to using debt financing or equity financing. A company with high debt-to-capital ratios, compared to a general or industry average, may show weak financial strength because the cost of these debts may weigh on the company and increase its default risk. Calculation: {Total Debt / (Total assets - Current Liabilities)} Interest Coverage Ratio is used to determine how easily a company can pay interest on Interest Coverage Ratio outstanding debt, calculated as earnings before interest & tax by interest expense. Calculation: EBIT / Interest Expense
GlobalData

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Efficiency Ratios Efficiency ratios measure a company's effectiveness in various areas of its operations, essentially looking at maximizing its use of resources. Fixed Asset Turnover ratio indicates how well the business is using its fixed assets to Fixed Asset generate sales. A higher ratio indicates the business has less money tied up in fixed Turnover assets for each currency unit of sales revenue. A declining ratio may indicate that the business is over-invested in plant, equipment, or other fixed assets. Calculation: Net Sales / Fixed Assets Asset Turnover Asset turnover ratio measures the efficiency of a company's use of its assets in generating sales revenue to the company. A higher asset turnover ratio shows that the company has been more effective in using its assets to generate revenues. Calculation: Net Sales / Total Assets Current Asset Turnover indicates how efficiently the business uses its current assets to Current Asset generate sales. Turnover Calculation: Net Sales / Current Assets

Inventory Turnover Working Capital Turnover Capital Employed Turnover Capex to sales Net income per Employee Revenue per Employee Efficiency Ratio

Inventory Turnover ratio shows how many times a company's inventory is sold and replaced over a period. A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales or ineffective buying. Calculation: Cost of Goods Sold / Inventory Working Capital Turnover is a measurement to compare the depletion of working capital to the generation of sales. This provides some useful information as to how effectively a company is using its working capital to generate sales. Calculation: Net Sales / Working Capital Capital employed turnover ratio measures the efficiency of a company's use of its equity in generating sales revenue to the company. Calculation: Net Sales / Shareholders Equity

Capex to Sales ratio measures the company's expenditure (investments) on fixed and related assets' effectiveness when compared to the sales generated. Calculation: (Capital Expenditure / Sales) *100 Net income per Employee looks at a company's net income in relation to the number of employees they have. Ideally, a company wants a higher profit per employee possible, as it denotes higher productivity. Calculation: Net Income / No. of Employees Revenue per Employee measures the average revenue generated per employee of a company. This ratio is most useful when compared against other companies in the same industry. Generally, a company seeks the highest revenue per employee. Calculation: Revenue / No. of Employees Efficiency Ratio is used to calculate a bank's efficiency. An increase means the company is losing a larger percentage of its income to expenses. If the efficiency ratio is getting lower, it is good for the bank and its shareholders. Calculation: Non-interest expense / Total Interest Income

GlobalData

Notes The financial and operational data reported for the company is as per the industry defined standards Revenue converted to USD at average annual conversion rate as of fiscal year end About GlobalData GlobalData is a premium business information brand specializing in industry and company analysis. Disclaimer All Rights Reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData. The data and analysis within this report is driven by GlobalData from its own primary and secondary research of public and proprietary sources and does not necessarily represent the views of the company profiled.

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The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that GlobalData delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such GlobalData can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

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