RNS Number:9647W
Compagnie de Saint-Gobain
25 March 2004
March 25, 2004
Press release
FINAL RESULTS FOR 2003:
Confirmation of the figures published at the end of January 2004
* At constant exchange rates (*), growth in sales and operating income
in line with objectives:
- Sales down 2.3% to EUR 29,590 million (up 4.1% excluding currency
effects and up 2.5% on a like-for-like basis)
- Operating income down 5.4% to EUR 2,442 million (up 1.0% excluding
currency effects and up 0.1% on a like-for-like basis)
- Operating margin: 8.3%
* Stable net income: down 0.1% toEUR 1,039 million
- Net income excluding capital gains down 2.9%, to EUR 1,020 million
* Strong free cash flow, at EUR 1.2 billion (excluding taxes on capital
gains)
* Significant 19% decrease in net debt, to EUR 5.7 billion
DIVIDEND RECOMMENDED FOR APPROVAL BY THE AGM: EUR 1.15 per share, up 1.8%.
2004 TARGETS CONFIRMED: to outperform 2003 growth in operating income at
constant exchange rates, and to maintain strong free cash flow levels.
(*) based on average 2002 exchange rates
At its meeting of Thursday, March 25, 2004, the Board of Directors of
Saint-Gobain reviewed the Group's consolidated financial statements for 2003.
* Analysis of the 2003 key consolidated data:
The Group's key consolidated data, which confirm the estimates published at the
end of January, are set out in the table below. Except for investments in
securities, which amounted to EUR 789 million (compared with the estimated
figure of EUR 783 million), and net indebtedness which came to EUR 5,657 million
(compared with the estimated figure of EUR 5,656 million), the data set out
below, as well as the results by business sector, division and geographical area
in the appendix, are exactly the same as the estimated figures published at the
end of January(**).
2002 2003 %
in EUR in EUR change
millions millions
Net sales 30,274 29,590 -2.3%
Operatingincome 2,582 2,442 -5.4%
Dividend income 22 12 -45.5%
Interest and other financial charges, net (504) (457) -9.3%
Non-operating costs (252) (275) +9.1%
Income before profit on sales of non-current assets and taxes 1,848 1,722 -6.8%
Profit on sales of non-current assets, net 3 86 n.m.
Provision for income tax (612) (595) -2.8%
Amortization of goodwill (169) (154) -8.9%
Share in net results of equity investees 4 6 +50%
Net income before minority interests 1,074 1,065 -1.0%
Minority interests (34) (26) -23.5%
Net income 1,040 1,039 -0.1%
Earnings per share (in EUR ) 3.05 2.99 -2.0%
Earnings per share excluding treasury stock 3.10 3.09 -0.3%
(in EUR)
Net income excluding profit on sales of non-current assets 1,051 1,020 -2.9%
Earnings per share excluding profit on sales of non-current 3.08 2.93 -4.9%
assets (inEUR )
Earnings per share excluding profit on sales of non-current 3.13 3.03 -3.2%
assets and treasury stock (in EUR)
Cash flow from operations 2,673 2,471 -7.6%
Cash flow excluding capital gains tax 2,688 2,540 -5.5%
Capital expenditure 1,431 1,351 -5.6%
Investments in securities 789 789 0,0%
Net indebtedness 7,012 5,657 -19.3%
All of the comments made at the end of January(**) about the Group's
consolidated financial statements therefore apply to the final figures, except
for those relating to investments in securities, which are updated as follows:
Investments in securities amounted to EUR 789 million, including EUR 436million
for bolt-on acquisitions in the Building Materials Division, and EUR 229 million
for share buybacks.
* * *
Asbestos claims against CertainTeed in the United States:
TheGroup confirms the figures and comments relating to 2003, published at the
end of January(**) concerning this issue.
In addition, the Senate Republican leader intends to have the draft legislation
to create a federal asbestos trust fund (as approved by the US Senate Judiciary
Committee on July 11, 2003) put on the Senate floor for consideration in the
coming weeks.
* * *
Annual General Meeting
The Board of Directors also reviewed the accounts of Compagnie de Saint-Gobain,
the parent company. Net income amounted to EUR 514 million for the year ended
December 31, 2003, against EUR 596 million for 2002.
At the General Meeting of the Company's shareholders, called for June 10, 2004,
the Board will recommend the distribution of EUR 387 million (which accounts for
38% of net income excluding capital gains), compared with EUR 379 million last
year. The dividend per share would therefore amount to EUR 1.15, an increase of
1.8% over last year. To this would be added a tax credit of EUR 0.575, giving a
total of EUR 1.725 per share. Based on today's closing share price, this
dividend represents a gross yield of 4.3%. The dividend will be paid entirely in
cash as fromJune 24, 2004.
In addition, the Board of Directors will ask the General Meeting of June 10,
2004 to re-elect Jean-Louis Beffa, Isabelle Bouillot, Sylvia Jay, and Jose Luis
Leal Maldonado as directors for a further four-year term, and to elect Gian
Paolo Caccini as a director, to replace Eric d'Hautefeuille who passed away on
January 17, 2004. Gian Paolo Caccini is currently Saint-Gobain's Chief Operating
Officer and will be retiring on April 1, 2004.
* 2004 outlook and targets: the Group confirms that in 2004 it will
aim to outperform 2003 growth in operating income at constant exchange rates,
and to maintain strong free cash flow levels.
(**) the press release relating to the Group's estimated 2003 results -
published at end-January 2004 - is available on the Saint-Gobain website at
www.saint-gobain.com.
Next results announcements:
- First quarter 2004 sales: April 27, 2004, after the close of the Paris Stock
Exchange.
- Final results for the firsthalf of 2004: July 29, 2004, after the
close of the Paris Stock Exchange.
Appendix:
Results by Business Sector, Division and Geographic Area
(in millions of euros)
Changeon Change on a Change on
I. SALES 2002 2003 an actual comparable a comparable
structure structure structure and
basis basis currency
basis
1.)By sector and division:
Glass (1) 11,818 11,266 -4.7% -5.2% +1.5%
Flat Glass 4,423 4,298 -2.8% -3.3% +1.9%
Insulation and Reinforcements 3,329 3,110 -6.6% -7.8%-0.6%
Containers 4,076 3,869 -5.1% -5.1% +2.7%
High-Performance Materials (1) 3,637 3,256 -10.5% -10.5% +0.5%
Ceramics & Plastics and Abrasives 3,637 3,256 -10.5% -10.5% +0.5%
Housing Products (1) 15,102 15,362 +1.7% -0.8% +3.9%
Building Materials 3,074 2,824 -8.1% -6.7% +4.9%
Building Materials Distribution 10,953 11,305 +3.2% -0.5% +2.5%
Pipe 1,344 1,516 +12.8% +11.0% +14.2%
Internal sales (283) (294)
2.)By geographic area:
France 9,439 9,926 +5.2% +2.7% +2.7%
Other European Countries 13,068 12,948 -0.9% -2.7% +0.4%
North America 6,785 5,735 -15.5% -13.9% +2.8%
Rest of the world 2,195 2,227 +1.5% -3.0% +17.4%
Internal sales (1,213) (1,246)
GROUP TOTAL 30,274 29,590 -2.3% -3.7% +2.5%
(1) including inter-division eliminations
II. OPERATING INCOME 2002 2003 Change
1.)By sectorand division:
Glass 1,325 1,178 -11.1%
Flat Glass 495 471 -4.8%
Insulation and Reinforcements 351 265 -24.5%
Containers 479 442 -7.7%
High-Performance Materials 244 273 +11.9%
Ceramics & Plastics and Abrasives 244 273 +11.9%
Housing Products 1,004 976 -2.8%
Building Materials 335 265 -20.9%
Building Materials Distribution 534 560 +4.9%
Pipe 135 151 +11.9%
2.)By geographical area:
France 841 884 +5.1%
Other European Countries 923 869 -5.9%
North America 586 452 -22.9%
Rest of the world 232 237 +2.2%
GROUP TOTAL 2,582 2,442 -5.4%
III. CASH FLOW 2002 2003 Change
1.)By sector and division:
Glass 1,614 1,406 -12.9%
Flat Glass 622 548 -11.9%
Insulation and Reinforcements 436 354 -18.8%
Containers 556 504 -9.4%
High-Performance Materials 246 291 +18.3%
Ceramics & Plastics and Abrasives 246 291 +18.3%
Housing Products 814 714 -12.3%
Building Materials 247* 172 -30.4%
Building Materials Distribution 414 398 -3.9%
Pipe 153 144 -5.9%
2.)By geographic area:
France 794 832 +4.8%
Other European Countries 1,050 921 -12.3%
North America 513* 450* -12.3%
Rest of the world 316 268 -15.2%
GROUP TOTAL 2,673 2,471 -7.6%
* after the CertainTeed asbestos-related charge of EUR 67 m after tax
IV. CAPITAL EXPENDITURE
ON PLANT AND EQUIPMENT 2002 2003 Change
1.)By sector and division:
Glass 869 861 -0.9%
Flat Glass 377 364 -3.4%
Insulation and Reinforcements 198 232 +17.2%
Containers 294 265 -9.9%
High-Performance Materials 160 108 -32.5%
Ceramics & Plastics and Abrasives 160 108 -32.5%
Housing Products 401 380 -5.2%
Building Materials 135 117 -13.3%
Building Materials Distribution 227 213 -6.2%
Pipe 39 50 +28.2%
2.)By geographic area:
France 309 305 -1.3%
Other European Countries 575 587 +2.1%
North America 316 233 -26.3%
Rest of the world 231 226 -2.2%
GROUP TOTAL 1,431 1,351 -5.6%
Investor Relations Department
Mrs. Florence Triou-Teixeira Tel.: +33 1 47 62 45 19
Mr. Alexandre Etuy Tel.: +33 1 47 62 37 15
Fax: +33 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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