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FINANCIAL AND ACCOUNTING INFORMATION
1. 2016 Consolidated Financial Statements
245
SAINT-GOBAIN
- REGISTRATION DOCUMENT 2016
Bonds
8.3.3
On May 31, 2016, Compagnie de Saint-Gobain redeemed a
€700 million 4,875% bond at maturity.
On September 14, 2016, Compagnie de Saint-Gobain redeemed
paid a variable coupon consisting of 3-month Euribor +0.27%.
a €500 million private placement at maturity. The bond had
On September 27, 2016, Compagnie de Saint-Gobain took
average borrowing costs, issuing €1 billion worth of 0% bonds
advantage of good conditions in the debt market to lower its
maturing on March 27, 2020.
On December 15, 2016, Compagnie de Saint-Gobain
redeemed a GBP 300 million 5,625% bond at maturity.
Perpetual bonds
8.3.4
bonds with a face value of ECU 5,000 (€5,000 today).
In 1985, Compagnie de Saint-Gobain issued 25,000 perpetual
bought back and canceled, and 6,504 perpetual bonds were
outstanding, representing a total face value of €33 million.
Up to December 31, 2016, 18,496 perpetual bonds had been
The bonds bear interest at a variable rate (average of
interbank rates offered by the five reference banks for
six-month euro deposits). The amount paid out per bond in
2016 was €11.11.
The bonds are not redeemable and interest on the bonds is
classified as a component of finance costs.
Participating securities
8.3.5
translation into euros in 1999.
non-voting participating securities with a face value of
FRF 1,000. Their face value is now €152.45, following their
In June 1983, Compagnie de Saint-Gobain issued 1,288,299
A certain number of participating securities have been
face value of €92.5 million.
bought back over the years. At December 31, 2016,
606,883 securities were still outstanding with an aggregate
consolidated income. The amount paid out per security in
2016 was €2.05.
Interest on the securities ranges from 75% to 125% of the
average corporate bond yield (TMO), based on the Group’s
In April 1984, 194,633 non-voting participating securities were
issued with a face value of ECU 1,000 (€1,000 today).
A certain number of securities have been bought back over
the years. At December 31, 2016, 77,516 securities were still
outstanding with an aggregate face value of €77.5 million.
per security in 2016 was €63.38, paid in two installments
(€30.83 and €32.55).
applicable to 60% of the nominal amount of the security, and
to consolidated net income of the previous year and to the
reference six-month Libor EUR rate +7/8%. The amount paid
(ii) a variable portion applicable to the remaining 40% of the
nominal amount of the participating security, which is linked
Interest comprises (i) a fixed portion of 7.5% paid per year
These participating securities are not redeemable and the
interest paid on them is reported under borrowing costs.
Financing programs
8.3.6
The Group has a number of medium- and long-term financing
programs (Medium-Term Notes) and short-term financing
programs (Commercial Paper).
At December 31, 2016, issuance under these programs was as follows:
(in € millions)
drawings
Authorized
Authorized limits
at Dec. 31, 2016
Balance outstanding
at Dec. 31, 2016
Balance outstanding
at Dec. 31, 2015
Medium Term Notes
15,000
7,777
7,719
NEU CP
up to 12 months
3,000
0
0
US Commercial Paper
up to 12 months
949*
0
0
Euro Commercial Paper
up to 12 months
949*
0
0
Equivalent of USD 1,000 million based on the exchange rate at December 31, 2016.
*
they are rolled over at frequent intervals.
Commercial Paper (NEU CP), US Commercial Paper and Euro
Commercial Paper are generally issued with maturities of one
In accordance with market practices, Negotiable European
to six months. They are treated as variable-rate debt since
8.3.7 Syndicated lines of credit
programs):
financing for the Group (including as additional backing for its
NEU CP, US Commercial Paper and Euro Commercial Paper
Compagnie de Saint-Gobain has various syndicated lines of
credit that are intended to provide a secure source of
December 2017 that was obtained in December 2012. This
facility was renegotiated in December 2013 and rolled over
an initial €1.5 billion syndicated line of credit expiring in
until December 2018;
a second €2.5 billion syndicated line of credit expiring in
December 2018 with two one-year rollover options that
December 2015, this syndicated facility was extended for a
further two years, and now falls due in December 2020.
was contracted in December 2013. Following exercise of
the two extension options in December 2014 and
covenants.
Based on the Group’s current credit rating for long-term debt
issues, the two facilities are not subject to any hard
Neither of these two lines of credit had been drawn down at
December 31, 2016.