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    Josep Pujal

    Research Analyst at Kepler Cheuvreux

    Josep Pujal's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership

    Josep Pujal's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • Q1 2021

    Question

    Josep Pujal from Kepler Cheuvreux asked if the significant pre-buying ahead of price increases implied that the announced hikes were unusually large. He also questioned when the downturn in new construction in markets like France might begin to impact Saint-Gobain.

    Answer

    CFO N. Sreedhar interpreted the pre-buying as a positive sign that price announcements are being taken seriously, rather than an indication of exceptionally large hikes. Pierre-Andre de Chalendar explained that the impact from the French new construction downturn is mitigated because the decline is mainly in collective housing, whereas Saint-Gobain has greater exposure to the more resilient individual housing segment.

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    Josep Pujal's questions to COMPAGNIE DE SAINT GOBAIN (CODYY) leadership • H1 2019

    Question

    Josep Pujal of Kepler Cheuvreux asked for quantification of the positive comparison base from H1 2018's operational issues, details on pricing weakness in Southeast Asia, and the rationale for an increase in Transform & Grow levers without a corresponding increase in the total savings target.

    Answer

    CFO Sreedhar explained that while the exact impact of last year's issues is hard to quantify, industrial performance is now better. CEO Pierre-André de Chalendar identified competitive pressure in plasterboard in Thailand and Indonesia as the source of pricing weakness, noting the situation is improving. COO Benoit Bazin clarified that the number of Transform & Grow levers increased as the program shifted from initial cost actions to include more growth-focused initiatives.

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