3rd Quarter Sales
October 30 2002 - 2:00AM
UK Regulatory
RNS Number:1072D
Compagnie de Saint-Gobain
29 October 2002
press release
CONSOLIDATED SALES
FOR THE FIRST NINE MONTHS OF 2002: UP 0.6%
ON COMPARABLE STRUCTURE AND EXCHANGE RATES BASIS
Saint-Gobain Group sales for the first nine months of 2002 amounted to
EUR 22,927 million, on a par with the EUR 22,932 million reported for the same
period of 2001.
Based on a comparable Group structure, sales were down 1.4% in euros and up 0.6%
in local currencies. Resilient prices boosted sales by 0.9%, offsetting the 0.3%
negative impact of slightly lower volumes.
The breakdown of sales by operating sector, division and major geographical area
is as follows:
% change
Sales, 9 months Sales, 9 months % change % change based on
to Sept. 30, to Sept. 30, incl. changes comparable comparable
2002 2001 in structure structure structure and
(in EUR millions) (in EUR millions) in euro exchange rates
(like-for-like)
SECTORS & DIVISIONS
GLASS (1) 8,946 8,906 0.5% -0.4% 2.0%
Flat Glass 3,308 3,323 -0.4% -1.1% 1.6%
Insulation and Reinforcements 2,505 2,481 0.9% -0.8% 0.6%
Containers 3,141 3,109 1.0% 0.7% 3.6%
HIGH-PERFORMANCE MATERIALS (1) 2,770 3,080 -10.1% -10.4% -7.4%
Ceramics, High-Perf. Plastics
and Abrasives 2,770 3,080 -10.1% -10.4% -7.4%
HOUSING PRODUCTS (1) 11,426 11,132 2.6% 0.6% 1.8%
Building Materials 2,427 2,469 -1.7% -1.6% 2.1%
Building Materials Distribution
before transfer 7,901** 7,450 6.1% 2.0% 2.5%
Building Materials Distribution
after transfer 8,196 7,807* 5.0% 2.0% 2.5%
Pipe before transfer 1,268** 1,369 -7.6% -5.6% -4.3%
Pipe after transfer 1,013 1,074* -5.6% -5.6% -4.3%
INTERNAL SALES (INTER-SECTOR) -215 -186 - - -
GROUP 22,927 22,932 0.0% -1.4% 0.6%
GEOGRAPHIC AREAS
France 7,085 6,813 3.9% -1.8% 1.8%
Other European countries 9,817 9,712 1.1% -1.2% -1.3%
North America 5,289 5,530 -4.4% -3.0% 0.4%
Rest of the world 1,654 1,716 -3.6% -5.6% 10.9%
INTERNAL SALES -918 -839 - - -
GROUP 22,927 22,932 0.0% -1.4% 0.6%
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.
* proforma 2001, after transfer of pipe distribution operations from the Pipe
Division to the Building Materials Distribution Division (sales amounting
to EUR 357 million before eliminations, and EUR 295 million after).
** proforma 2002, before transfer of pipe distribution operations from the Pipe
Division to the Building Materials Distribution Division (sales amounting to
EUR 295 million before eliminations, and EUR 255 million after).
(1) including inter-division eliminations
Overall, the trends observed in the first half of 2002 continued in the third
quarter, with businesses serving the new construction, renovation and consumer
markets enjoying robust demand both in the United States and in Europe, with the
exception of Germany. After a very difficult start to the year, High Performance
Materials sales are slightly down on the third quarter of 2001. Prices have
risen compared with last year in all divisions, with the exception of Insulation
and Reinforcements.
The Glass sector achieved the strongest growth in like-for-like sales. All of
the divisions contributed to this performance, led by Containers which benefited
from a combination of robust demand and resilient prices in the third quarter,
both in Europe and the United States. The Flat Glass division's operations in
Europe and the Reinforcements division continued to be affected by lower sales
prices but volumes increased at a healthy rate in the third quarter. The
Insulation division suffered the effects of the persistently lackluster
construction market in Germany, as well as experiencing pricing pressures.
The High Performance Materials sector recorded a sharp falloff in sales in the
first nine months, in both Industrial Ceramics and Abrasives. The increase in
corporate capital spending observed in the second quarter appears to have been
short-lived and fourth quarter sales are expected to be low.
The Housing Products sector's third quarter performance - based on a comparable
structure and constant exchange rates - was consistent with the favorable trend
observed in the first half. Building Materials sales benefited from the
satisfactory conditions in the US construction market, while the Building
Materials Distribution division continued to expand through a combination of
organic and external growth. Pipe sales for the first nine months were down on
the same period of 2001. However, fourth quarter sales will be boosted by the
first deliveries under the Abu Dhabi contract, helping to offset the relatively
weak demand forecast in Europe and Brazil.
By geographic area, sales remained good in France during the third quarter and
the German market showed signs of recovering. In the United States, Insulation
and Building Materials sales were strong, reflecting robust demand in the
construction market. The High Performance Materials sector and the
Reinforcements division reported higher US sales volumes in the third quarter.
Most of the Group's Brazilian operations achieved double-digit sales growth - on
a like-for-like basis - in the first nine months of the year.
Asbestos claims in the United States: the number of new claims filed against
Certain Teed in the third quarter - representing around 5,000 per month - is in
line with the trend observed since the start of the year and represents an
annual rate consistent with that for 2001. Assuming that the trend remains
unchanged in the fourth quarter, the Group expects to record an additional
charge of EUR 50 million for asbestos claims at December 31, 2002, raising the
total charge for the year to EUR 100 million (before tax).
Outlook:
Based on the satisfactory level of sales for the first nine months of 2002, the
Group is still aiming to meet its stated objective of matching 2001 net income
excluding capital gains.
October 29, 2002
Financial Communications 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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