RNS Number:4228B
Compagnie de Saint-Gobain
19 September 2002
FINAL RESULTS FOR FIRST-HALF 2002:
CONFIRMATION OF NET INCOME EXCLUDING CAPITAL GAINS
AT EUR 515 MILLION
REDUCTION IN DEBT
The Board of Directors of Saint-Gobain met on September 19, 2002 to review the
final consolidated financial statements of the Group for the six months ended
June 30, 2002. The main consolidated results, which are in line with the
estimates announced on July 25, are as follows:
Within the Housing Products Sector, the Pipe Division's distribution operations
have been transferred, as from January 1, 2002, to the Building Materials
Distribution Division, in order to set up a European organization for sales of
materials in civil engineering markets.
This transfer does not affect overall Group income as presented below, but it
does impact sales and operating income data by division presented in the
Appendix.
H1 2001 H1 2002 Change
EUR millions EUR millions %
(1) (2) (2)/(1)
Net sales 15,286 15,350 +0.4%
Operating income 1,376 1,292 -6.1%
Dividend income 22 17 -22.7%
Interest and other financial charges, net (311) (274) -11.9%
Non-operating costs (43) (99) N.M.
Income before profit on sales of non-current assets and taxes 1,044 936 -10.3%
Profit on sales of non-current assets, net 134 -24 N.M.
Provisions for income tax (407) (321) -21.1%
Amortization of goodwill (93) (78) -16.1%
Share in net results of equity investees 9 1 -88.9%
Net income before minority interests 687 514 -25.2%
Minority interests (24) (16) -33.3%
Net income 663 498 -24.9%
Earnings per share (in EUR) 1.92* 1.44 -25.0%
Net income excluding capital gains 560 515 -8.0%
Earnings per share excluding capital gains (in EUR) 1.63* 1.49 -8.6%
Cash flow from operations 1,390 1,357 -2.4%
Cash flow excluding capital gains tax 1,437 1,350 -6.1%
Capital expenditure 557 575 +3.2%
Investments in securities 537 480 -10.6%
Dividend distribution - 378** N.M.
Net indebtedness 8,376 8,009 -4.4%
Gearing ratio 67% 67% -
* Earnings per share for first-half 2001 have been restated to take into account
the four-for-one stock split carried out on June 27, 2002
** EUR 357 million were distributed in July 2001
Group net indebtedness improved: taking into account the fact that the dividend
had not been paid at the end of June 2001, net indebtedness at June 30, 2002 was
EUR 724 million lower than a year earlier.
The Board of Directors also reviewed the financial statements of Compagnie de
Saint-Gobain, the parent company of the Group, which operates as a holding
company. These financial statements show net income of EUR 520 million for the
first six months of 2002, compared with net income of EUR 1,027 million for the
same period of 2001, which included capital gains from disposals that did not
recur in 2002.
* * *
Group sales over the months of July and August were in line with the full-year
target of net income excluding capital gains on a par with 2001.
Appendix 1: Results by business sector, division and geographic area.
Appendix 2: Consolidated balance sheet at June 30, 2002.
September 19, 2002
Investor Relations Department
Tel.: Florence Triou-Teixeira +33 (0)1 47 62 45 19 - mailto: florence.triou@saint-gobain.com
Tel.: Claire Moses +33 (0)1 47 62 32 36 - mailto: claire.moses@saint-gobain.com
Fax: +33 (0)1 47 62 50 62
Appendix 1
Result by Business Sector, Division and Geographic Area
(in EUR millions)
change on change on a change on
H1 H1 an actual comparable a comparable
I. SALES 2001 2002 structure structure structure and
basis basis currency basis
by sector and division:
Glass (1) 5 967 6 018 +0,9% +0,0% +0,9%
Flat Glass 2 262 2 244 -0,8% -1,6% -0,1%
Insulation and Reinforcements 1 652 1 678 +1,5% -0,0% -0,1%
Containers 2 059 2 101 +2,1% +1,7% +2,8%
High-Performance Materials (1) 2 129 1 913 -10,2% -11,0% -10,1%
Ceramics & Plastics and Abrasives 2 129 1 913 -10,2% -11,0% -10,1%
Housing Products (1) 7 310 7 565 +3,5% +1,4% +1,8%
Building Materials 1 596 1 644 +3,0% +3,3% +4,4%
Building Materials Distribution 4 914 5 371 +9,3% +1,4% +1,5%
Building Materials Distribution pro forma (2) 5 142 5 371 +4,4% +1,4% +1,5%
Pipe 916 690 -24,7% -5,3% -4,5%
Pipe pro forma (2) 729 690 -5,3% -5,3% -4,5%
internal sales -120 -146
Group 15 286 15 350 +0,4% -1,0% -0,3%
by geographic area:
France 4 662 4 793 +2,8% +1,1% +1,1%
Other European Countries 6 404 6 420 +0,3% -2,5% -2,8%
North America 3 652 3 614 -1,0% +0,4% +0,4%
Rest of the world 1 159 1 127 -2,8% -4,2% +6,5%
internal sales -591 -604
Group 15 286 15 350 +0,4% -1,0% -0,3%
(1) including inter-division eliminations
(2) 2001 pro forma, i.e. including sales from Pipe distribution operations within Building Materials
Distribution
H1 H1
II. OPERATING INCOME 2001 2002 change
by sector and division:
Glass 684 641 -6,3%
Flat Glass 274 227 -17,2%
Insulation and Reinforcements 208 176 -15,4%
Containers 202 238 +17,8%
High-Performance Materials 253 137 -45,8%
Ceramics & Plastics and Abrasives 253 137 -45,8%
Housing Products 430 511 +18,8%
Building Materials 131 199 +51,9%
Building Materials Distribution 220 244 +10,9%
Building Materials Distribution pro forma (1) 213 244 +14,6%
Pipe 79 68 -13,9%
Pipe pro forma (1) 86 68 -20,9%
misc. 9 3
Group 1 376 1 292 -6,1%
by geographic area:
France 479 445 -7,1%
Other European Countries 470 417 -11,3%
North America 297 328 +10,4%
Rest of the world 130 102 -21,5%
Group 1 376 1 292 -6,1%
(1) 2001 pro forma, i.e. including operating income from Pipe distribution operations
within Building Materials Distribution
H1 H1
III. CASH FLOW 2001 2002 change
by sector and division:
Glass 800 770 -3,8%
Flat Glass 313 292 -6,7%
Insulation and Reinforcements 232 205 -11,6%
Containers 255 273 +7,1%
High-Performance Materials 210 131 -37,6%
Ceramics & Plastics and Abrasives 210 131 -37,6%
Housing Products 347 387 +11,5%
Building Materials 129 149 +15,5%
Building Materials Distribution 146 166 +13,7%
Building Materials Distribution pro forma (1) 134 166 +23,9%
Pipe 72 72 +0,0%
Pipe pro forma (1) 84 72 -14,3%
misc. 33 69 +109,1%
Group 1 390 1 357 -2,4%
by geographic area:
France 429 445 +3,7%
Other European Countries 495 472 -4,6%
North America 297 295 -0,7%
Rest of the world 169 145 -14,2%
Group 1 390 1 357 -2,4%
(1) 2001 pro forma, i.e. including cash flow from Pipe distribution operations
within Building Materials Distribution
IV. CAPITAL EXPENDITURE H1 H1
ON PLANT AND EQUIPMENT 2001 2002 change
by sector and division:
Glass 296 345 +16,6%
Flat Glass 117 158 +35,0%
Insulation and Reinforcements 94 78 -17,0%
Containers 85 109 +28,2%
High-Performance Materials 75 58 -22,7%
Ceramics & Plastics and Abrasives 75 58 -22,7%
Housing Products 186 171 -8,1%
Building Materials 55 52 -5,5%
Building Materials Distribution 115 105 -8,7%
Building Materials Distribution pro forma (1) 118 105 -11,0%
Pipe 16 14 -12,5%
Pipe pro forma (1) 13 14 +7,7%
misc. 0 1
Group 557 575 +3,2%
by geographic area:
France 138 104 -24,6%
Other European Countries 191 242 +26,7%
North America 141 114 -19,1%
Rest of the world 87 115 +32,2%
Group 557 575 +3,2%
(1) 2001 pro forma, i.e. including the capex of Pipe distribution operations
within Building Materials Distribution
Appendix 2: CONSOLIDATED BALANCE SHEET
In EUR millions
ASSETS June 30, 2002 Dec. 31, 2001
Goodwill 5 705 6 065
Other intangible assets, net 1 904 1 805
7 609 7 870
Property, plant and equipment 22 188 23 258
Less: depreciation (12 694) (12 909)
9 494 10 349
Investments in equity investees 147 169
Investments, at cost 151 171
Non-current marketable securities 176 176
Other non-current assets 836 943
1 310 1 459
Non-current assets 18 413 19 678
Inventories 4 966 5 075
Trade accounts receivable 5 162 4 552
Other receivables 1 327 1 228
Short-term loans 320 245
Marketable securities 369 406
Cash and cash equivalents 950 958
Current assets 13 094 12 464
Total assets 31 507 32 142
LIABILITIES AND SHAREHOLDERS' EQUITY
Capital stock 1 383 1 364
(At June 30, 2002 composed of 345,851,068 shares with a par
value of Euro 4;
and at Dec. 31, 2001 composed of 85,258,628 shares with a par
value of Euro 16.)
Additional paid-in capital and legal reserve 2 392 2 249
Retained earnings and net income for the period 8 662 8 540
Translation adjustments (1 056) (161)
Treasury stock (71) (67)
Shareholders' equity 11 310 11 925
Minority interests 246 423
Net equity of consolidated entities 11 556 12 348
Non-voting participating securities 391 391
Pensions and other post-retirement benefits 1 758 1 836
Deferred tax liability 657 685
Other liabilities 1 090 1 255
Long-term debt 6 426 5 247
Shareholders' equity and non-current liabilities 21 878 21 762
Trade accounts payable 3 572 3 425
Other payables 2 836 2 801
Current portion of long-term debt 794 991
Short-term debt and bank overdrafts 2 427 3 163
Current liabilities 9 629 10 380
Total liabilities and shareholders' equity 31 507 32 142
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