RESULTS FOR THE FIRST HALF 1999
At its meeting of September 23, 1999, the Board of Directors of Saint-Gobain reviewed the Group's consolidated financial statements for the first half of 1999.
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The key consolidated figures, which confirm the estimates published on July 22, 1999, are as follows:

  First half 1999 First half 1998
In millions € FF € FF
Sales 10,957 71,873 8,795 57,691
Operating income 1,115 7,314 879 5,766
Dividend income 31 204 49 323
Interest and other financial charges, net (132) (866) (142) (932)
Non-operating costs (85) (558) (57) (374)
Income before tax and before
profit on sales of non-current assets		 929 6,094 729 4,783
Profit on sales of non-current assets 537 3,522 137 899
Income tax (452) (2,965) (287) (1,885)
Amortization of goodwill (65) (426) (50) (326)
Share in net results of associated companies 16 105 43 281
Net income before minority interests 965 6,330 572 3,752
Minority interests (83) (544) (46) (304)
Net income 882 5,786 526 3,448
Earnings per share (in € and FF) 10.14 66.53 5.83 38.23
Net income excluding capital gains 469 3,076 423 2,773
Resources from operations (cash flow) 1,126 7,386 991 6,499
Capital expenditure on plant and equipment 673 4,415 563 3,695
Acquisition of investments 1,845 12,102 577 3,786
Net indebtedness 5,873 38,524 3,299 21,641

The Board of Directors also reviewed the accounts of Compagnie de Saint-Gobain, the parent (holding) company. Income before tax and before sales of non-current assets totalled € 278 million (FF 1,825 million) for first-half 1999, against € 219 million (FF 1,435 million) for the same period in 1998.

OUTLOOK
Taking into account the sustained good level of activity in its various business lines, the Saint-Gobain Group confirms its objective of 15% growth in earnings per share for the 1999 full year. This objective includes the 5% share capital cancellation occurred on June 24th.