SAINT_GOBAIN_REGISTRATION_DOCUMENT_2017

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Financial and accounting information 2017 Consolidated financial statements

Changes in working capital requirement 3.5.3. Changes in working capital requirement can be analyzed as follows: (inɸ€ millions) Dec.b31, 2017 Dec.b31, 2016 INVENTORIES, NET 6,041 5,875 TRADE ACCOUNTS RECEIVABLE, NET 5,134 4,935 Other operating receivables 1,278 1,176 Other non-operating receivables 117 339 OTHER RECEIVABLES 1,395 1,515 CURRENT TAX RECEIVABLE 204 445 TRADE ACCOUNTS PAYABLE 6,027 5,805 Other operating payables 3,286 3,171 Other non-operating payables 537 465 OTHER PAYABLES 3,823 3,636 CURRENT TAX LIABILITIES 157 148 Operating working capital requirements 3,140 3,010 Non-operating working capital requirements (including current tax receivables and liabilities) (373) 171 WORKING CAPITAL REQUIREMENTS 2,767 3,181 Off-balance sheet commitments 3.6. related to operating activities Obligations under finance leases 3.6.1. Non-current assets acquired under finance leases are recognized as an asset and a liability in the balance sheet (see Note 5.4 for further information).

Future payment commitments under finance leases are as follows: (inɸ€ millions) 2017 2016 Future minimum lease payments Due within 1 year 19 17 Due in 1 to 5 years 43 40 Due beyond 5 years 17 12 TOTAL FUTURE MINIMUM LEASE PAYMENTS 79 69 Less finance charge (13) (10) PRESENT VALUE OF FUTURE MINIMUM LEASE PAYMENTS 66 59 At December 31, 2017, future finance lease payment commitments represented €56 million under equipment and machinery leases and €23 million under leases of land and buildings. Obligations under operating leases 3.6.2. The Group leases equipment, vehicles, offices, warehouses and production or sales premises. Lease terms generally range from one to nine years. The liability for total future minimum payments over the lease terms is discounted. The leases contain rollover options for varying periods of time and some include clauses covering the payment of real estate taxes and insurance. In most cases, management expects that these leases will be rolled over or replaced by other leases in the normal course of business. In 2017, rental expenses amounted to €870 million, including €569 million for land and buildings, and revenue from subleases represented €19 million. Net rental expense was €851 million.

Payments due under non-cancelable operating leases are as follows:

Payments due by period

Total 2016

Total 2017

Due within 1 year

Due in 1 to 5 years Due beyond 5 years

(inɸ€ millions) Rental expense

3,209

727 (17) 710

1,572

910 (35) 875

3,185

Subletting revenue

(81)

(29)

(76)

TOTAL

3,128

1,543

3,109

234 SAINT-GOBAIN - REGISTRATION DOCUMENT 2017