Strong market positions, a broad geographic scale, and excellent product diversity. Exposure to renovation end-markets; energy-saving applications; and local, rather than global competition. Broad exposure to the cyclical new construction sector and more limited exposure to the volatile auto industry. Robust margins and ability to generate operating cash flow consistently through the cycle. Cyclicality, seasonality, and high capital and energy intensity of the building materials' industry. Good track record of containing operating costs and capital expenditure (capex), which helped limit leverage metrics. Credit metrics expected to weaken in 2018-2019 compared with 2017, reflecting the acquisition of a stake in Sika, and increased cash-out for bolt-on acquisitions and share buybacks. Significant working capital swings and intrayear working capital cash demands. Exposure
