Compagnie De Saint-gobain Sa · EURONEXT:SGO
Compagnie De Saint-gobain Sa — Merger or Acquisition (February 2024)
18 slides from Compagnie De Saint-gobain Sa's merger presentation, Feb 26, 2024
Slide 1: Saint-Gobain to Acquire CSR Limited
SAINT-GOBAIN TO ACQUIRE CSR LIMITED February 26th, 2024
Slide 2: CSR Acquisition Has a Compelling Strategic Rationale
CSR ACQUISITION HAS A COMPELLING STRATEGIC RATIONALE Full alignment with Saint-Gobain vision as worldwide leader in light and sustainable construction Strengthens Group presence in high-growth Asia-Pacific region, with strong prospects in Australia Light building materials leader in Australia with p
Slide 3: Acquisition Is a Significant Milestone in the Saint-Gobain Strategy
ACQUISITION IS A SIGNIFICANT MILESTONE IN THE SAINT-GOBAIN STRATEGY BUILDING SOLUTIONS FOR A BETTER FUTURE Leader in Australia with Interior & exterior best & iconic brands solutions and construction systems By leveraging Saint-Gobain combination, CSR will further deepen and broaden its leadership i
Slide 4: Australia Is an Attractive High-Growth Market
AUSTRALIA IS AN ATTRACTIVE HIGH-GROWTH MARKET …and clear federal & state …support the country’s Strong demographic trends… programs… construction activity Population growth (2023 – 2030 CAGR) >A$15bn funds at federal level Construction output (2023 – 2030 CAGR) x3 investing in housing support x1.8 3
Slide 5: Overview of CSR Activities
OVERVIEW OF CSR ACTIVITIES PROPERTY1 ALUMINIUM Comprehensive solutions for residential & non-residential construction • Will be monetized in the • Indirect minority participation (~25%) short to mid-term for a • Saint-Gobain role & options to be value of at least A$1.3bn explored moving forward 2024
Slide 6: CSR Building Products: An Australian Leader in Light & Sustainable Construction
CSR BUILDING PRODUCTS: AN AUSTRALIAN LEADER IN LIGHT & SUSTAINABLE CONSTRUCTION A$2.0bn A$346m 17.7% 30 2,500 2024 Revenues1 2024 EBITDA1 2024 EBITDA margin1 Manufacturing Plants Employees (€1.2bn) (€210m) BUILDING PRODUCTS Iconic & trusted brands with leading market positions in both interior and e
Slide 7: A Track Record of Strong Performance
A TRACK RECORD OF STRONG PERFORMANCE Strong revenue growth Over-proportional EBITDA growth CSR Building Products sales CSR Building Products EBITDA2 (A$m) (A$m) +6.6% CAGR +12.2% CAGR 1 953 346 1 833 323 1 535 1 614 282 245 971 17.7% 98 EBITDA 15.9% margin 10.0% 2013 2021 2022 2023 20241 2013 2021 2
Slide 8: An Attractive End-Market Exposure
AN ATTRACTIVE END-MARKET EXPOSURE A broad exposure across residential & non-residential A presence at every step of the build cycle Renovation 8% Structure Façade Interior finishing Non-residential 21% Split of Insulation Plaster & plasterboard sales 52% New Residential - Single-family Autoclaved Ac
Slide 9: CSR Has a Compelling Customer Offering Across Australia
CSR HAS A COMPELLING CUSTOMER OFFERING ACROSS AUSTRALIA A strategic footprint Trusted relationships with all types of Australian covering all of Australia and New Zealand customers and very strong routes-to-market Close proximity to customers: builders, New Zealand Other South Australia / Northern T
Slide 10: CSR's Ongoing Transformation Program Aligned with Saint-Gobain Strategy
CSR’S ONGOING TRANSFORMATION PROGRAM ALIGNED WITH SAINT-GOBAIN STRATEGY & PROMISING FURTHER PROFITABLE GROWTH Launched in 2020 Building solutions for a better future Safety & Sustainability At the of decisions and actions Customer-centricity Customer-driven and innovative and experiences Focused num
Slide 11: CSR's Offering Combines a Full Range of Solutions
CSR’S OFFERING COMBINES A FULL RANGE OF SOLUTIONS WITH UNIQUE AND INNOVATIVE PRODUCTS Complete & innovative solutions leveraging One CSR approach to the market unique product offering Complete solutions with with active tracking of large projects Insulated partitioned Pitched roof walls systems Inve
Slide 12: CSR & Saint-Gobain Cooperation Has Strongly Accelerated in Recent Years
CSR & SAINT-GOBAIN COOPERATION HAS STRONGLY ACCELERATED IN RECENT YEARS An established relationship Acceleration in the collaboration since 2019 Licensing of Saint-Gobain Multiple contacts and reciprocal visits insulation glass wool technology between CSR and Saint-Gobain teams Start best practice s
Slide 13: CSR Will Benefit from Saint-Gobain's Operational Expertise & Low-Carbon Offering
CSR WILL BENEFIT FROM SAINT-GOBAIN’S OPERATIONAL EXPERTISE & UNIQUE LOW-CARBON OFFERING CSR will benefit from Saint-Gobain’s global CSR will have access to Saint-Gobain’s experience in manufacturing best practices low-carbon solutions program and benchmarking at global level for Best-in-class method
Slide 14: A Robust Synergy Plan with Potential Upside
A ROBUST SYNERGY PLAN WITH POTENTIAL UPSIDE Total synergies (with minimal implementation costs) Industrial performance improvement (World EBITDA Impact in A$m Class Manufacturing best practices) 60 Cost synergies 41 32 Purchasing optimization 32 10 Savings related to delisting 8 10 Year 1 Year 2 Yea
Slide 15: Multiple Routes for Accelerated Growth Roadmap
MULTIPLE ROUTES FOR ACCELERATED GROWTH ROADMAP A strong & Worldwide leader in Generating additional revenues recognized light & sustainable = from new products and solutions local leader construction New product development Innovative & low-carbon Access to all customer leveraging Saint-Gobain globa
Slide 16: A Value-Creative & Growth-Driven Acquisition
A VALUE-CREATIVE & GROWTH-DRIVEN ACQUISITION • A$9.00 per share in cash, i.e. premium of 33% over the 1-month VWAP1 • 10.7x on Group 2024 EBITDA2 (total EV3 of A$4.5bn) FINANCIAL TERMS • 7.9x on Building Products 2024 EBITDA after A$60m synergies (EV3 of A$3.2bn excluding property) • Value creation
Slide 17: A Decisive & Logical Step to Strengthen Light & Sustainable Construction Leadership in Asia-Pacific
A DECISIVE & LOGICAL STEP TO STRENGTHEN SAINT-GOBAIN LIGHT & SUSTAINABLE CONSTRUCTION LEADERSHIP IN ASIA-PACIFIC Leading player for Strategy fully aligned Very solid team to growth in building with comprehensive deliver strong value materials in Australia solutions approach creation 17 CSR – Investo
Slide 18: Saint-Gobain to Acquire CSR Limited
SAINT-GOBAIN TO ACQUIRE CSR LIMITED February 26th, 2024
Compagnie de Saint-Gobain — Merger or Acquisition (February 2024) on 6ix