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FINAL RESULTS FOR 2004 |
CONFIRMATION OF THE FIGURES PUBLISHED AT THE END OF JANUARY 2005
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• Strong growth in operating performance :
- Sales up 8.2% to EUR 32,025 million,
- Operating income up 7.8% to EUR 2,632 million,
up 10.3% at constant exchange rates*.
On a like-for-like basis :
- Sales up 4.6%
- Operating income up 8.1%
• Net income excluding capital gains and losses up by 10.0%, to eur 1,122 million.
• Further decrease in net debt, to eur 5.6 billion.
• Dividend for 2004 recommended for approval by the AGM: EUR 1.28 per share, up 11.3%.
2005 TARGETS CONFIRMED :
• To achieve 6% growth in operating income at constant exchange rates (average rates for 2004) and based on comparable accounting standards.
• To maintain strong free cash flow levels.
* based on average 2003 exchange rates.
At its meeting of Thursday March 24, 2005, the Board of Directors of Saint-Gobain reviewed the Group’s consolidated financial statements for 2004.
ANALYSIS OF THE 2004 KEY CONSOLIDATED DATA :
The key consolidated data for the Group, as well as the results by business sector, division and geographical area set out in the appendix, are exactly the same as the estimated figures published at the end of January. These figures are as follows:
|
2003
In EUR millions
(1) |
2004
In EUR millions
(2) |
% Change
(2)/(1) |
| Net sales |
29,590 |
32,025 |
+8.2% |
| Operating income |
2,442 |
2,632 |
+7.8% |
| Dividend income |
12 |
3 |
-75.0% |
| Interest and other financial charges, net |
(457) |
(441) |
-3.5% |
| Non-operating costs |
(275) |
(280) |
+1.8% |
| Income before profit on sales of non-current assets and taxes |
1,722 |
1,914 |
-11.1% |
| Profit (loss) on sales of non-current assets, net |
86 |
(44) |
n.m. |
| Provisions for income tax |
(595) |
(603) |
+1.3% |
| Amortization of goodwill |
(154) |
(155) |
+0.6% |
| Share in net results of equity investees |
6 |
8 |
+33.3% |
| Net income before minority interests |
1,065 |
1,120 |
+5.2% |
| Minority interests |
(26) |
(37) |
+42.3% |
| Net income |
1,039 |
1,083 |
+4.2% |
| Earnings per share (in EUR) |
2.99 |
3.18 |
+6.4% |
| Earnings per share excluding treasury stock (in EUR) |
3.09 |
3.23 |
+4.5% |
| Net income excluding profit on sales of non-current assets |
1,020 |
1,122 |
+10.0% |
| Earnings per share excluding profit on sales of non-current assets (in EUR) |
2.93 |
3.29 |
+12.3% |
| Earnings per share excluding profit on sales of non-current assets and treasury stock (in EUR) |
3.03 |
3.35 |
+10.6% |
| Cash flow from operations |
2,471 |
2,612 |
+5.7% |
| Cash flow excluding capital gains tax |
2,540 |
2,608 |
+2.7% |
| Capital expenditure |
1,351 |
1,537 |
+13.8% |
| Investments in securities |
789 |
899 |
+13.9% |
| Net indebtedness |
5,657 |
5,566 |
-1.6% |
All of the comments made at the end of January about the Group’s consolidated financial statements therefore apply to the final figures.
ASBESTOS CLAIMS AGAINST CERTAINTEED IN THE UNITED STATES
The Group confirms the figures and comments relating to 2004, published at the end of January concerning this issue.
At the initiative of the new Chairman of the US Senate Judiciary Committee, active negotiations have resumed in the past few weeks concerning the draft legislation to create a federal asbestos trust fund. A new bill is expected to be put before the Senate soon.
ANNUAL GENERAL MEETING
The Board of Directors also reviewed the accounts of Compagnie de Saint-Gobain, the parent company. Net income amounted to EUR 766 million for the year ended December 31, 2004, compared with EUR 514 million for 2003.
At the General Meeting of the Company’s shareholders, called for June 9, 2005, the Board will recommend the distribution of EUR 429 million (representing 38.2% of net income excluding capital gains). The dividend per share would therefore amount to EUR 1.28, an increase of 11.3% over last year. Based on today’s closing share price, this dividend represents a gross yield of 2.75%. The dividend will be paid entirely in cash as from June 23, 2005.
In addition, the Board of Directors will ask the General Meeting of June 9, 2005 to renew the terms of office as directors of Gianpaolo Caccini, Jean-Martin Folz and Michel Pébereau, and to appoint Gerhard Cromme, Chairman of the ThyssenKrupp’s Supervisory Board (replacing Rolf-E. Breuer), and Jean-Cyril Spinetta, Chariman of Air-France KLM (replacing Bruno Roger), to the Board of Directors.
2005 OUTLOOK AND TARGETS
the Group confirms that in 2005 it will aim to achieve 6% growth in operating income at constant exchange rates (average 2004 exchange rates) and based on comparable accounting standards. The group also aims to maintain strong free cash flow levels.
The press release relating to the Group’s estimated 2004 results – published at the
end of January 2005 – is available on the Saint-Gobain website at www.saint-gobain.com.
Forthcoming results announcements:
- Main impacts of the changeover to IFRS on the Group’s 2004 consolidated financial statements: March 29, 2005, after close of trading on the Paris stock-exchange.
- Sales for the first quarter of 2005 (under IFRS): April 26, 2005, after close of trading on the Paris stock-exchange.
 Access to detailed figures
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