RNS Number:8986G
Compagnie de Saint-Gobain
28 July 2006
July 27, 2006.
Press
release
STRONG UPSWING IN FIRST-HALF 2006 RESULTS
> SALES: up 21.8% to Euro20,551 million; up 19.7% at constant exchange rates*.
> OPERATING INCOME: up 32.3% to Euro1,815 million; up 29.8% at constant exchange
rates*.
> NET INCOME (EXCLUDING PROFIT/(LOSS) ON SALES OF NON-CURRENT ASSETS*):
up 26.6%, to Euro813 million.
* average exchange rates for first-half 2005
2006 TARGETS RAISED
> 27% TO 28% INCREASE IN OPERATING INCOME AT CONSTANT EXCHANGE RATES**
(versus an increase of 23% to 25% initially announced in January).
> 25% TO 26% RISE IN NET INCOME EXCLUDING PROFIT/(LOSS) ON SALES OF NON-CURRENT
ASSETS (versus a rise of 18% to 20% initially announced in January)
** average exchange rates for 2005
Performance of Group business sectors
Overall, the Group's five business sectors saw a rise in like-for-like sales
(constant Group structure and exchange rates) over first-half 2006 (see appendix
1). Most businesses reported a solid increase in sales volumes as well as a
significant rise in sales prices, enabling them to pass on the higher costs of
energy and certain raw materials at Group level. On a like-for-like basis,
first-half sales climbed 6.3% (including a +3.0% price impact and a 3.3% volume
effect). Business trends observed in the first quarter - which were boosted by a
higher number of working days than first-quarter 2005 - sustained their momentum
over the three months to June 30, 2006 (based on a constant number of working
days). The Group's growth continued to be driven by businesses serving the
construction markets (in particular the Construction Products and Building
Distribution sectors), while businesses related to industrial markets held firm.
The Group's ongoing expansion in Asia and emerging countries continues to
bolster performance, posting like-for-like growth of 10.9% in first-half 2006.
Building Distribution delivered a sharp 14.1% increase in underlying sales,
fuelled by both the first-half contribution of acquisitions carried out in 2005
(particularly Optimera and Sanitas-Troesch) and by the strong 5.4% organic
growth reported by the sector's main banners, namely in France and Scandinavia.
The UK businesses posted moderate growth, while the German market showed the
first signs of an upturn in the second quarter. The sector's operating margin
continued on an upward trend, at 5.0% compared with 4.9% in the year-earlier
period.
High-Performance Materials posted a 3.4% rise in like-for-like sales, reflecting
strong sales volumes. Ceramics & Plastics and Abrasives delivered a further
improvement in profitability, which climbed to 13.8% against 13.4% in the first
six months of 2005. However, the Reinforcements division saw its operating
margin narrow due to a further decrease in sales prices, as well as rising
energy, raw materials and freight costs. Operating margin for the sector as a
whole slipped to 10.8% versus 11.2% in first-half 2005.
Flat Glass sales advanced 4.2% like-for-like, on the back of robust growth in
sales volumes, in particular on the construction markets. The hike in the cost
of energy and certain raw materials dented profitability, however, and was not,
on average, fully passed on to sales prices over first-half 2006. Sales prices
rose mainly in the second quarter and the full benefits of this will therefore
be felt in the second half of the year, which will also be boosted by a more
favorable comparison basis.
Like-for-like sales for the Packaging sector edged up by 3.3%, thanks to sales
price increases implemented in the past few months across both Europe and the
US. This helped to partly counter the strong upward spiral observed since summer
2005 in the cost of energy and certain raw materials. The sector's operating
margin, which improved on second-half 2005, nevertheless remains below
first-half 2005 levels.
On the back of strong contributions from each of its businesses, the
Construction Products (CP) sector posted the Group's highest organic growth at
11.5% (including a 5.7% price impact and a 5.8% volume effect). Both "interior
building solutions" businesses (Gypsum and Insulation) turned in an excellent
performance, registering organic growth above the sector average (at 13.7% and
12.2%, respectively), and marked price increases. The Building Materials
division also raised its prices significantly, while the Pipe division continued
to report vigorous export sales (up 17.0% like-for-like). Thanks to improved
profitability across all of its businesses, the sector's operating margin leapt
to 12.9% compared with 9.1% in first-half 2005 (or 10.6% pro forma including BPB
over the six-month period to June 30, 2005).
* * *
Analysis of the interim consolidated financial statements for first-half 2006
The interim consolidated financial statements set out below were reviewed by the
Board of Directors on July 27, 2006:
H1 2005 H1 2006 % change
Euro million Euro million
(1) (2) (2)/(1)
Sales* 16,877* 20,551* +21.8%
Operating income 1,372 1,815 +32.3%
Non-operating expenses (108) (157) +45.4%
Capital gains and losses and exceptional write-offs 4 13 n.m.
Business income 1,268 1,671 +31.8%
Net financial income (266) (374) -40.6%
Income taxes (359) (479) +33.4%
Share in net income of associates 5 (2) n.m.
Income before minority interests 648 816 +25.9%
Minority interests (16) (19) +18.7%
Net income 632 797 +26.1%
Earnings per share (in Euro) 1.83 2.27 +24.0%
Net income excluding profit/(loss) on sales of
non-current assets 642 813 +26.6%
Earnings per share excluding profit/(loss) on sales of
non-current assets (in Euro) 1.86 2.32 +24.7%
Cash flow from operations 1,355 1,643 +21.3%
Cash flow from operations excluding capital gains tax 1,360 1,672 +22.9%
Amortization and depreciation 689 887** +28.7%
Capital expenditure 598 811 +35.6%
Investments in securities 563 346 -38.5%
Net debt 7,463 13,738 +84.1%
* including ancillary revenue of Euro134 million in first-half 2006 and
Euro118 million in first-half 2005.
** including additional amortization of Euro9 million in first-half 2006
resulting from the allocation of BPB's acquisition cost to certain items of
property, plant and equipment (gypsum quarries and industrial plants) and
intangible assets such as patents.
Consolidated first-half sales jumped 21.8% on an actual structure basis and
19.7% at constant exchange rates*. Contributions from acquisitions, net of
disposals, accounted for 12.9% of this increase. British Plaster Board (BPB),
which has been consolidated within the Group's accounts since December 1, 2005,
delivered sales of Euro1,964 million in the six months to June 30, 2006.
At constant Group structure and exchange rates*, Group sales advanced by Euro1,146
million, a rise of 6.3% including BPB organic growth (13.7%), and of 5.6%
excluding BPB.
The breakdown of like-for-like sales by geographic area reveals robust business
levels in France and other Western European countries, with the first signs of
an upturn in Germany in the second quarter. Business in North America remained
vigorous, with an advance in non-residential construction markets, although
residential housing starts stalled as predicted. Emerging countries and Asia
reported the Group's highest organic growth, at 10.9%.
By geographic area, France accounted for 29.1% of sales, with other Western
European countries contributing 41.2%, North America 17.3%, and emerging
countries and Asia/Pacific 12.4%.
* based on average exchange rates for first-half 2005
Operating income surged 32.3%, or 29.8% at constant exchange rates. The Group
reported a significant rise in operating margin to 8.8% (11.1% excluding
Building Distribution), compared with 8.1% (10.4% excluding Building
Distribution) in the same year-ago period. This chiefly reflects the
contribution from BPB, which posted first-half operating income of Euro334 million
(including Euro20 million in synergies), representing 17.0% of sales.
All geographic areas reported improved profitability figures, with the exception
of Asia and emerging countries, which were hit by an appreciation in certain
currencies.
Business income soared 31.8%, fuelled mainly by an increase in operating income.
Non-operating expenses advanced to Euro157 million, compared with Euro108 million in
the six months to June 30, 2005, due to additional restructuring measures
designed to boost productivity and competitiveness of Group businesses. They
also include a Euro50 million charge in respect of asbestos claims filed against
CertainTeed (compared with Euro54 million in the year-earlier period).
Capital gains and losses and exceptional write-offs came in at Euro13 million,
compared with Euro4 million in the year-earlier period. Capital gains on sales of
assets during the first half of the year (Euro141 million including Euro139 million on
the sale of Calmar) were almost fully offset by one-off asset impairment charges
(Euro128 million).
Net financial income fell 40.6% to Euro(374) million versus Euro(266) million in
first-half 2005, reflecting the increase in net debt due to the BPB acquisition.
Excluding BPB-related acquisition financing costs, net financial income remained
virtually unchanged.
Net income climbed 26.1% on first-half 2005, to Euro797 million. Based on the total
number of shares outstanding at June 30, 2006 (350,655,561 following the
issuance of 5,399,291 shares in connection with the Group Savings Plan),
earnings per share surged 24.0% to Euro2.27, compared with Euro1.83 at June 30, 2005
(based on 345,255,470 shares). Based on the number of shares excluding treasury
stock (343,262,396 shares at June 30, 2006 compared with 340,058,134 shares at
June 30, 2005), earnings per share amounts to Euro2.32, an increase of 24.7% on
June 30, 2005 (Euro1.86).
Excluding profit/(loss) on sales of non-current assets, net income leapt 26.6%
to Euro813 million, versus Euro642 million in the year-earlier period. Based on the
total number of shares outstanding at June 30, 2006 (350,655,561 shares),
earnings per share excluding profit/(loss) on sales of non-current assets jumped
24.7% to Euro2.32, compared with Euro1.86 at end-June 2005. Based on the number of
shares excluding treasury stock (343,262,396 shares at June 30, 2006 compared
with 340,058,134 shares at June 30, 2005), earnings per share comes in at EUR
2.37, reflecting an increase of 25.4% on June 30, 2005 (EUR 1.89).
Cash flow from operations was 21.3% higher than the year-earlier period, at
Euro1,643 million. Excluding the impact of capital gains tax, cash flow from
operations advanced 22.9% to Euro1,672 million, versus Euro1,360 million for the six
months to June 30, 2005.
Capital expenditure rose 35.6% to Euro811 million, compared with Euro598 million in
first-half 2005. This increase reflects primarily the integration of BPB, whose
higher year-on-year capital expenditure accounted for 10.5% of sales. The
Group's capital expenditure programs in emerging countries and Asia also remain
vigorous, accounting for 29.7% of the Group's capital expenditure in first-half
2006.
Investments in securities totaled Euro346 million, including Euro306 million relating
to the Building Distribution business.
After adjusting for the dividend payout, and before the proceeds from the sale
of Calmar (paid in July for an amount of Euro560 million), net debt totaled Euro13,738
million at June 30, 2006, an increase of 6.9% on December 31, 2005 (Euro12,850
million). Net debt represents 106.6% of consolidated shareholders' equity,
compared with 104.4% at December 31, 2005.
* * *
Update on asbestos claims in the United States
Some 4,000 new claims were filed against CertainTeed in the first six months of
2006, down 60% on the first half of 2005 (10,000 claims). 8,000 claims were
resolved (versus 13,000 in first-half 2005), and 10,000 claims were transferred
to an "inactive docket" further to a number of court rulings in the State of
Ohio. The number of outstanding claims therefore continued on a downward trend,
falling to 86,000 at June 30, 2006 versus 100,000 at December 31, 2005. The
average cost of claims settled in the past 12 months or in the process of
settlement fell to around USD 2,200 per claim, down on the first-quarter figure
(around USD 2,500 per claim), owing to a higher number of mass actions dismissed
in the past twelve months.
Regarding the legislative effort to create a Federal asbestos trust fund, the
probability of a vote on reform in 2006 appears to be remote.
However, a large number of States are considering tort reform measures in order
to adopt medical criteria requirements and reduce abuses of the system.
Strategy
The Group's robust results for the six months to June 30, 2006 highlight the
efficiency of its business model and the high-quality acquisition of BPB, which
posted better-than-expected operating results, was integrated swiftly, and
unlocked synergies ahead of term.
The Group intends to focus its strategy on:
- prioritizing development of construction and housing related businesses,
in particular through bolt-on acquisitions in Building Distribution
and Construction Products sectors;
- pushing ahead with R&D and innovation initiatives, particularly in
High-Performance Materials and Flat Glass sectors;
- stepping up expansion efforts in emerging countries for all businesses.
Saint-Gobain has agreed with Owens Corning to transfer its Reinforcements and
Composites businesses (Euro850 million in sales in 2005, i.e. 60% of Reinforcement
sales) to a newly created joint venture which will be 40%-held by the Group.
Following the successful divestments of Calmar and Synflex, the Group will press
ahead with a significant divestment program through to mid-2007, in line with
its business model, and growth and profitability potential.
* * *
2006 outlook and targets
The Group expects trading in the second half of the year to be broadly in line
with the trends observed in the six months to June 30, 2006, and is therefore
lifting its full-year growth targets:
- growth in operating income at constant exchange rates (average rates
for 2005) is now targeted at 27%-28%, up from an initial target of 23%-25%;
- growth in net income is now targeted at 25%-26%, up from an initial
target of 18%-20%.
The Group's revised targets take account of the June 30, 2006 divestment of
Calmar.
* * *
Forthcoming results announcements
- Sales for the first nine months of 2006: October 24, 2006, after close of
trading on the Paris Bourse.
* * *
Investor Relations department
Florence Triou-Teixeira Tel.: +33 1 47 62 45 19
Alexandre Etuy Tel.: +33 1 47 62 37 15
Fax : +33 1 47 62 50 62
Appendix 1: Results by business
sector and geographic area
Change on Change on a Change on a
H1 H1 an actual comparable comparable
I. SALES 2005 2006 structure structure structure and
(in EURm) (in EURm) basis basis currency
basis
By sector and division:
Building Distribution 7 364 8 401 +14,1% +5,8% +5,4%
High-Performance Materials (1) 2 415 2 544 +5,3% +7,0% +3,4%
Ceramics & Plastics and Abrasives 1 788 1 833 +2,5% +5,4% +1,8%
Reinforcements 638 718 +12,5% +10,6% +7,0%
Flat Glass 2 329 2 498 +7,3% +6,9% +4,2%
Packaging 1 977 2 129 +7,7% +5,8% +3,3%
Construction Products (1) 3 096 5 460 +76,4% +14,2% +11,5%
Building Materials 1 361 1 383 +1,6% +9,7% +5,2%
Insulation 1 045 1 224 +17,1% +14,1% +12,2%
Gypsum 0 1 964 n.m. +16,0% +13,7%
Pipe 700 905 +29,3% +18,5% +17,0%
Internal sales and misc. -304 -481 n.m. n.m. n.m.
Total Group 16 877 20 551 +21,8% +8,2% +6,3%
H1-2005 BPB pro forma*:
Building Distribution 7 433 8 401 +13,0% +5,8% +5,4%
Construction Products (1) 4 838 5 460 +12,9% +14,2% +11,5%
Insulation 1 064 1 224 +15,0% +14,1% +12,2%
Gypsum 1 724 1 964 +13,9% +16,0% +13,7%
Internal sales and misc. -474 -481 n.m. n.m. n.m.
Group total based on H1-2005 BPB pro 18 518 20 551 +11,0% +8,2% +6,3%
forma
By geographic area:
France 5 826 6 357 +9,1% +4,9% +4,9%
Other Western European countries 7 135 8 887 +24,6% +5,7% +5,8%
North America 2 876 3 634 +26,4% +12,8% +7,4%
Emerging countries and Asia 1 978 2 762 +39,6% +20,0% +10,9%
Internal sales -938 -1 089 n.m. n.m. n.m.
Group total 16 877 20 551 +21,8% +8,2% +6,3%
H1-2005 BPB pro forma*:
France 6 071 6 357 +4,7% +4,9% +4,9%
Other Western European countries 7 985 8 887 +11,3% +5,7% +5,8%
North America 3 282 3 634 +10,7% +12,8% +7,4%
Emerging countries and Asia 2 160 2 762 +27,9% +20,0% +10,9%
Internal sales -980 -1 089 n.m. n.m. n.m.
Group total based on H1-2005 BPB pro 18 518 20 551 +11,0% +8,2% +6,3%
forma
(1) including intra-sector
eliminations
H1 H1 Change on H1 H1
II. OPERATING INCOME 2005 2006 an actual 2005 2006
(in EURm) (in EURm) structure (as % of (as % of sales)
sales)
basis
By sector and division:
Building Distribution 363 418 +15,2% 4,9% 5,0%
High-Performance Materials 271 276 +1,8% 11,2% 10,8%
Ceramics & Plastics and Abrasives 240 253 +5,4% 13,4% 13,8%
Reinforcements 31 23 -25,8% 4,9% 3,2%
Flat Glass 233 228 -2,1% 10,0% 9,1%
Packaging 221 205 -7,2% 11,2% 9,6%
Construction Products (1) 283 704 +148,8% 9,1% 12,9%
Building Materials 103 120 +16,5% 7,6% 8,7%
Insulation 121 169 +39,7% 11,6% 13,8%
Gypsum 0 334 n.m. n.m. 17,0%
Pipe 59 81 +37,3% 8,4% 9,0%
Miscellaneous 1 -16 n.m. n.m. n.m.
Group total 1 372 1 815 +32,3% 8,1% 8,8%
H1-2005 BPB pro forma*:
Building Distribution 365 418 +14,5% 4,9% 5,0%
Construction Products (1) 512 704 +37,5% 10,6% 12,9%
Insulation 123 169 +37,4% 11,6% 13,8%
Gypsum 227 334 +47,1% 13,2% 17,0%
Group total based on H1-2005 BPB pro 1 603 1 815 +13,2% 8,7% 8,8%
forma
By geographic area:
France 440 491 +11,6% 7,6% 7,7%
Other Western European countries 490 695 +41,8% 6,9% 7,8%
North America 269 407 +51,3% 9,4% 11,2%
Emerging countries and Asia 173 222 +28,3% 8,7% 8,0%
Group total 1 372 1 815 +32,3% 8,1% 8,8%
H1-2005 BPB pro forma*:
France 478 491 +2,7% 7,9% 7,7%
Other Western European countries 607 695 +14,5% 7,6% 7,8%
North America 326 407 +24,8% 9,9% 11,2%
Emerging countries and Asia 192 222 +15,6% 8,9% 8,0%
Group total based on H1-2005 BPB pro 1 603 1 815 +13,2% 8,7% 8,8%
forma
* unaudited. BPB pro forma information is disclosed solely for those business
sectors affected by the BPB acquisition. Figures for BPB's building merchants'
business are included within the Building Distribution sector.
H1 H1 Change on H1 H1
III. BUSINESS INCOME 2005 2006 an actual 2005 2006
(in EURm) (in EURm) structure (as % of (as % of sales)
sales)
basis
By sector and division
Building Distribution 358 411 +14,8% 4,9% 4,9%
High-Performance Materials 242 232 -4,1% 10,0% 9,1%
Ceramics & Plastics and Abrasives 216 220 +1,9% 12,1% 12,0%
Reinforcements 26 12 -53,8% 4,1% 1,7%
Flat Glass 229 216 -5,7% 9,8% 8,6%
Packaging 233 229 -1,7% 11,8% 10,8%
Construction Products 267 664 +148,7% 8,6% 12,2%
Building Materials 99 106 +7,1% 7,3% 7,7%
Insulation 122 165 +35,2% 11,7% 13,5%
Gypsum 0 333 n.m. n.m. 17,0%
Pipe 46 60 +30,4% 6,6% 6,6%
Miscellaneous -61** -81** n.m. n.m. n.m.
Group total 1 268 1 671 +31,8% 7,5% 8,1%
H1-2005 BPB pro forma*:
Building Distribution 360 411 +14,2% 4,8% 4,9%
Construction Products 465 664 +42,8% 9,6% 12,2%
Insulation 124 165 +33,1% 11,7% 13,5%
Gypsum 196 333 +69,9% 11,4% 17,0%
Group total based on H1-2005 BPB pro 1 468 1 671 +13,8% 7,9% 8,1%
forma
By geographic area
France 435 442 +1,6% 7,5% 7,0%
Other Western European countries 490 737 +50,4% 6,9% 8,3%
North America 174** 277** +59,2% 6,1% 7,6%
Emerging countries and Asia 169 215 +27,2% 8,5% 7,8%
Group total 1 268 1 671 +31,8% 7,5% 8,1%
H1-2005 BPB pro forma*:
France 472 442 -6,4% 7,8% 7,0%
Other Western European countries 576 737 +28,0% 7,2% 8,3%
North America 230 277 +20,4% 7,0% 7,6%
Emerging countries and Asia 190 215 +13,2% 8,8% 7,8%
Group total based on H1-2005 BPB pro 1 468 1 671 +13,8% 7,9% 8,1%
forma
* *after a pre-tax asbestos-related charge of Euro50 million at June 30, 2006,
versus Euro54 million at end-June 2005
H1 H1 Change on H1 H1
IV. CASH FLOW 2005 2006 an actual 2005 2006
(in EURm) (in EURm) structure (as % of (as % of sales)
sales)
basis
By sector and division:
Building Distribution 258 310 +20,2% 3,5% 3,7%
High-Performance Materials 254 211 -16,9% 10,5% 8,3%
Ceramics & Plastics and Abrasives 195 167 -14,4% 10,9% 9,1%
Reinforcements 59 44 -25,4% 9,2% 6,1%
Flat Glass 260 261 +0,4% 11,2% 10,4%
Packaging 233 225 -3,4% 11,8% 10,6%
Construction Products 274 552 +101,5% 8,9% 10,1%
Building Materials 97 111 +14,4% 7,1% 8,0%
Insulation 122 168 +37,7% 11,7% 13,7%
Gypsum 0 201 n.m. n.m. 10,2%
Pipe 55 72 +30,9% 7,9% 8,0%
Miscellaneous 76** 84** n.m. n.m. n.m.
Group total 1 355 1 643 +21,3% 8,0% 8,0%
H1-2005 BPB pro forma*:
Construction Products 413 552 +33,7% 8,5% 10,1%
Gypsum 139 201 +44,6% 8,1% 10,2%
Group total based on H1-2005 BPB pro 1 494 1 643 +10,0% 8,1% 8,0%
forma
By geographic area:
France 480 414 -13,8% 8,2% 6,5%
Other Western European countries 448 658 +46,9% 6,3% 7,4%
North America 224** 304** +35,7% 7,8% 8,4%
Emerging countries and Asia 203 267 +31,5% 10,3% 9,7%
Group total 1 355 1 643 +21,3% 8,0% 8,0%
H1-2005 BPB pro forma*:
France 450 414 -8,0% 7,4% 6,5%
Other Western European countries 542 658 +21,4% 6,8% 7,4%
North America 275 304 +10,5% 8,4% 8,4%
Emerging countries and Asia 227 267 +17,6% 10,5% 9,7%
Group total based on H1-2005 BPB pro 1 494 1 643 +10,0% 8,1% 8,0%
forma
* unaudited. BPB pro forma information is disclosed solely for those business
sectors affected by the BPB acquisition. Figures for BPB's building merchants'
business are included within the Building Distribution sector.
* *after a pre-tax asbestos-related charge of Euro33 million at June
30, 2006 versus Euro36 million at end-June 2005
H1 H1 Change on H1 H1
V. CAPITAL EXPENDITURE 2005 2006 an actual 2005 2006
(in EURm) (in EURm) structure (as % of (as % of sales)
basis sales)
By sector and division:
Building Distribution 131 134 +2,3% 1,8% 1,6%
High-Performance Materials 106 77 -27,4% 4,4% 3,0%
Ceramics & Plastics and Abrasives 61 62 +1,6% 3,4% 3,4%
Reinforcements 45 15 -66,7% 7,1% 2,1%
Flat Glass 164 166 +1,2% 7,0% 6,6%
Packaging 89 119 +33,7% 4,5% 5,6%
Construction Products 104 306 +194,2% 3,4% 5,6%
Building Materials 38 39 +2,6% 2,8% 2,8%
Insulation 50 43 -14,0% 4,8% 3,5%
Gypsum 0 207 n.m. n.m. 10,5%
Pipe 16 17 +6,3% 2,3% 1,9%
Miscellaneous 4 10 n.m. n.m. n.m.
Group total 598 811 +35,6% 3,5% 3,9%
H1-2005 BPB pro forma*:
Building Distribution 132 134 +1,5% 1,8% 1,6%
Construction Products 253 306 +20,9% 5,2% 5,6%
Gypsum 149 207 +38,9% 8,6% 10,5%
Group total based on H1-2005 BPB pro 748 811 +8,4% 4,0% 3,9%
forma
By geographic area:
France 125 147 +17,6% 2,1% 2,3%
Other Western European countries 184 310 +68,5% 2,6% 3,5%
North America 93 113 +21,5% 3,2% 3,1%
Emerging countries and Asia 196 241 +23,0% 9,9% 8,7%
Group total 598 811 +35,6% 3,5% 3,9%
H1-2005 BPB pro forma*:
France 148 147 -0,7% 2,4% 2,3%
Other Western European countries 244 310 +27,0% 3,1% 3,5%
North America 109 113 +3,7% 3,3% 3,1%
Emerging countries and Asia 247 241 -2,4% 11,4% 8,7%
Group total based on H1-2005 BPB pro 748 811 +8,4% 4,0% 3,9%
forma
* unaudited. BPB pro forma information is disclosed solely for those business
sectors affected by the BPB acquisition. Figures for BPB's building merchants'
business are included within the Building Distribution sector.
Appendix 2: Consolidated balance sheet
in EUR million June 30, 2006 Dec. 31, 2005
restated (*)
ASSETS
Goodwill 9 043 9 386
Other intangible assets 3 595 3 649
Property, plant and equipment 12 566 12 894
Investments in associates 107 137
Available-for-sale and other securities 101 161
Deferred tax assets 421 410
Other non-current assets 241 280
Non-current assets 26 074 26 917
Inventories 5 939 5 535
Trade accounts receivable 7 022 5 814
Current tax receivable 51 66
Other accounts receivable 1 952 928
Assets held for sale 0
Cash and cash equivalents 1 254 2 080
Current assets 16 218 14 423
Total assets 42 292 41 340
LIABILITIES AND SHAREHOLDERS' EQUITY
Capital stock 1 403 1 381
(June 30, 2006: 350,655,561 shares with a par value of Euro4;
Dec. 31, 2005: 345,256,270 shares with a par value of Euro4)
Additional paid-in capital and legal reserve 2 459 2 261
Retained earnings and net income 8 755 7 998
Cumulative translation adjustments 264 635
Fair value reserves (4) 16
Treasury stock (310) (310)
Shareholders' equity 12 567 11 981
Minority interests 317 328
Total equity 12 884 12 309
Provisions for pensions and other employee benefits 2 674 3 419
Deferred tax liabilities 1 288 1 301
Provisions for other liabilities and charges 668 673
Long-term debt 10 280 11 315
Investment-related liabilities 148 130
Non-current liabilities 15 058 16 838
Current portion of provisions for other liabilities and charges 458 409
Current portion of long-term debt 1 886 922
Current portion of investment-related liabilities 130 263
Trade accounts payable 5 567 4 781
Current tax liabilities 495 275
Other accounts payable 2 988 2 850
Liabilities held for sale 0
Short-term debt and bank overdrafts 2 826 2 693
Current liabilities 14 350 12 193
Total equity and liabilities 42 292 41 340
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFELDRITFIR
Compagnie De Saint-gobain (LSE:COD)
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