 |



|

 |
INTERIM RESULTS OF THE 1ST HALF YEAR |
|
|
APPENDIX 1
Results by Business Sector and Geographic Area
I. SALES
|
H1
2005
(in EURm) |
H1
2006
(in EURm) |
Change on an actual structure basis |
Change on a comparable structure basis |
Change on a comparable structure and currency basis |
| by Sector and Division: |
|
| Building Distribution |
7 364 |
8 401 |
+14,1% |
+5,8% |
+5,4% |
| High-Performance Materials (1) |
2 415 |
2 544 |
+5,3% |
+7,0% |
+3,4% |
| Ceramics and Plastics & Abrasives |
1 788 |
1 833 |
+2,5% |
+5,4% |
+1,8% |
| Reinforcements |
638 |
718 |
+12,5% |
+10,6% |
+7,0% |
| Flat Glass |
2 329 |
2 498 |
+7,3% |
+6,9% |
+4,2% |
| Packaging |
1 977 |
2 129 |
+7,7% |
+5,8% |
+3,3% |
| Construction Products (1) |
3 096 |
5 460 |
+76,4% |
+14,2% |
+11,5% |
| Building Materials |
1 361 |
1 383 |
+1,6% |
+9,7% |
+5,2% |
| Insulation |
1 045 |
1 224 |
+17,1% |
+14,1% |
+12,2% |
| Gypsum |
0 |
1 964 |
n.m. |
+16,0% |
+13,7% |
| Pipe |
700 |
905 |
+29,3% |
+18,5% |
+17,0% |
| Internal sales and misc |
-304 |
-481 |
n.m. |
n.m. |
n.m. |
| Group Total |
16 877 |
20 551 |
+21,8% |
+8,2% |
+6,3% |
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| Building Distribution |
7 433 |
8 401 |
+13,0% |
+5,8% |
+5,4% |
| Construction Products (1) |
4 838 |
5 460 |
+12,9% |
+14,2% |
+11,5% |
| Insulation |
1 064 |
1 224 |
+15,0% |
+14,1% |
+12,2% |
| Gypsum |
1 724 |
1 964 |
+13,9% |
+16,0% |
+13,7% |
| Internal sales and misc. |
-474 |
-481 |
n.m. |
n.m. |
n.m. |
| Group total based on H1-2005 BPB pro forma |
18 518 |
20 551 |
+11,0% |
+8,2% |
+6,3% |
| |
| by geographic area: |
|
| France |
5 826 |
6 357 |
+9,1% |
+4,9% |
+4,9% |
| Other Western European Countries |
7 135 |
8 887 |
+24,6% |
+5,7% |
+5,8% |
| North America |
2 876 |
3 634 |
+26,4% |
+12,8% |
+7,4% |
| Emerging countries and Asia |
1 978 |
2 762 |
+39,6% |
+20,0% |
+10,9% |
| Internal sales |
-938 |
-1 089 |
n.m. |
n.m. |
n.m. |
| Group Total |
16 877 |
20 551 |
+21,8% |
+8,2% |
+6,3% |
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| France |
6 071 |
6 357 |
+4,7% |
+4,9% |
+4,9% |
| Other Western European countries |
7 985 |
8 887 |
+11,3% |
+5,7% |
+5,8% |
| North America |
3 282 |
3 634 |
+10,7% |
+12,8% |
+7,4% |
| Emerging countries and Asia |
2 160 |
2 762 |
+27,9% |
+20,0% |
+10,9% |
| Internal sales |
-980 |
-1 089 |
n.m. |
n.m. |
n.m. |
| Group total based on H1-2005 BPB pro forma |
18 518 |
20 551 |
+11,0% |
+8,2% |
+6,3% |
(1) including intra-sector eliminations
II. OPERATING INCOME
|
H1
2005
(in EURm) |
H1
2006
(in EURm) |
Change on an actual structure basis |
H1
2005
(as % of sales) |
H1
2006
(as % of sales) |
| by Sector and Division: |
|
| Building Distribution |
363
|
418
|
+15,2%
|
4,9%
|
5,0%
|
| High-Performance Materials |
271
|
276
|
+1,8%
|
11,2%
|
10,8%
|
| Ceramics and Plastics & Abrasives |
240
|
253
|
+5,4%
|
13,4%
|
13,8%
|
| Reinforcements |
31
|
23
|
-25,8%
|
4,9%
|
3,2%
|
| Flat Glass |
233
|
228
|
-2,1%
|
10,0%
|
9,1%
|
| Packaging |
221
|
205
|
-7,2%
|
11,2%
|
9,6%
|
| Construction Products (1) |
283
|
704
|
+148,8%
|
9,1%
|
12,9%
|
| Building Materials |
103
|
120
|
+16,5%
|
7,6%
|
8,7%
|
| Insulation |
121
|
169
|
+39,7%
|
11,6%
|
13,8%
|
| Gypsum |
0 |
334
|
n.m. |
n.m. |
17,0%
|
| Pipe |
59
|
81
|
+37,3%
|
8,4%
|
9,0%
|
| Miscellaneous |
1
|
-16
|
n.m.
|
n.m. |
n.m. |
| Group Total |
1 372
|
1 815
|
+32,3%
|
8,1%
|
8,8%
|
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| Building Distribution |
365 |
418 |
+14,5% |
4,9% |
5,0% |
| Construction Products (1) |
512 |
704 |
+37,5% |
10,6% |
12,9% |
| Insulation |
123 |
169 |
+37,4% |
11,6% |
13,8% |
| Gypsum |
227 |
334 |
+47,1% |
13,2% |
17,0% |
| Group total based on H1-2005 BPB pro forma |
1 603 |
1 815 |
+13,2% |
8,7% |
8,8% |
| |
| by geographic area: |
|
| France |
440
|
491
|
+11,6%
|
7,6%
|
7,7%
|
| Other Western European Countries |
490
|
695
|
+41,8%
|
6,9%
|
7,8%
|
| North America |
269
|
407
|
+51,3%
|
9,4%
|
11,2%
|
| Emerging countries and Asia |
173
|
222
|
+28,3%
|
8,7%
|
8,0%
|
| Group Total |
1 372
|
1 815
|
+32,3%
|
8,1%
|
8,8%
|
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| France |
478 |
491 |
+2,7% |
7,9% |
7,7% |
| Other Western European countries |
607 |
695 |
+14,5% |
7,6% |
7,8% |
| North America |
326 |
407 |
+24,8% |
9,9% |
11,2% |
| Emerging countries and Asia |
192 |
222 |
+15,6% |
8,9% |
8,0% |
| Group total based on H1-2005 BPB pro forma |
1 603 |
1 815 |
+13,2% |
8,7% |
8,8% |
* unaudited. BPB pro forma information is disclosed solely for those business sectors affected by the BPB acquisition. Figures for BPB's building merchants' business are included within the Building Distribution sector.
III. BUSINESS INCOME
|
H1
2005
(in EURm) |
H1
2006
(in EURm) |
Change on an actual structure basis |
H1
2005
(as % of sales) |
H1
2006
(as % of sales) |
| by Sector and Division: |
|
| Building Distribution |
358
|
411
|
+14,8%
|
4,9%
|
4,9%
|
| High-Performance Materials |
242
|
232
|
-4,1%
|
10,0%
|
9,1%
|
| Ceramics and Plastics & Abrasives |
216
|
220
|
+1,9%
|
12,1%
|
12,0%
|
| Reinforcements |
26
|
12
|
-53,8%
|
4,1%
|
1,7%
|
| Flat Glass |
229
|
216
|
-5,7%
|
9,8%
|
8,6%
|
| Packaging |
233
|
229
|
-1,7%
|
11,8%
|
10,8%
|
| Construction Products |
267
|
664
|
+148,7%
|
8,6%
|
12,2%
|
| Building Materials |
99
|
106
|
+7,1%
|
7,3%
|
7,7%
|
| Insulation |
122
|
165
|
+35,2%
|
11,7%
|
13,5%
|
| Gypsum |
0 |
333
|
n.m. |
n.m. |
17,0%
|
| Pipe |
46
|
60
|
+30,4%
|
6,6%
|
6,6%
|
| Miscellaneous* |
-61**
|
-81**
|
n.m.
|
n.m. |
n.m. |
| Group Total |
1 268
|
1 671
|
+31,8%
|
7,5%
|
8,1%
|
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| Building Distribution |
360 |
411 |
+14,2% |
4,8% |
4,9% |
| Construction Products |
465 |
664 |
+42,8% |
9,6% |
12,2% |
| Insulation |
124 |
165 |
+33,1% |
11,7% |
13,5% |
| Gypsum |
196 |
333 |
+69,9% |
11,4% |
17,0% |
| Group total based on H1-2005 BPB pro forma |
1 468 |
1 671 |
+13,8% |
7,9% |
8,1% |
| |
| by geographic area: |
|
| France |
435
|
442
|
+1,6%
|
7,5%
|
7,0%
|
| Other Western European Countries |
490
|
737
|
+50,4%
|
6,9%
|
8,3%
|
| North America |
174**
|
277**
|
+59,2%
|
6,1%
|
7,6%
|
| Emerging countries and Asia |
169
|
215
|
+27,2%
|
8,5%
|
7,8%
|
| Group Total |
1 268
|
1 671
|
+31,8%
|
7,5%
|
8,1%
|
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| France |
472 |
442 |
-6,4% |
7,8% |
7,0% |
| Other Western European countries |
576 |
737 |
+28,0% |
7,2% |
8,3% |
| North America |
230 |
277 |
+20,4% |
7,0% |
7,6% |
| Emerging countries and Asia |
190 |
215 |
+13,2% |
8,8% |
7,8% |
| Group total based on H1-2005 BPB pro forma |
1 468 |
1 671 |
+13,8% |
7,9% |
8,1% |
**after a pre-tax asbestos-related charge of €50 million at June 30, 2006, versus €54 million at end-June 2005

IV. CASH FLOW
|
H1
2005
(in EURm) |
H1
2006
(in EURm) |
Change on an actual structure basis |
H1
2005
(as % of sales) |
H1
2006
(as % of sales) |
| by Sector and Division: |
|
| Building Distribution |
258
|
310
|
+20,2%
|
3,5%
|
3,7%
|
| High-Performance Materials |
254
|
211
|
-16,9%
|
10,5%
|
8,3%
|
| Ceramics and Plastics & Abrasives |
195
|
167
|
-14,4%
|
10,9%
|
9,1%
|
| Reinforcements |
59
|
44
|
-25,4%
|
9,2%
|
6,1%
|
| Flat Glass |
260
|
261
|
+0,4%
|
11,2%
|
10,4%
|
| Packaging |
233
|
225
|
-3,4%
|
11,8%
|
10,6%
|
| Construction Products |
274
|
552
|
+101,5%
|
8,9%
|
10,1%
|
| Building Materials |
97
|
111
|
+14,4%
|
7,1%
|
8,0%
|
| Insulation |
122
|
168
|
+37,7%
|
11,7%
|
13,7%
|
| Gypsum |
0 |
201
|
n.m. |
n.m. |
10,2%
|
| Pipe |
55
|
72
|
+30,9%
|
7,9%
|
8,0%
|
| Miscellaneous* |
76**
|
84**
|
n.m.
|
n.m. |
n.m. |
| Group Total |
1 355 |
1 643 |
+21,3% |
8,0% |
8,0% |
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| Construction Products |
413 |
552 |
+33,7% |
8,5% |
10,1% |
| Gypsum |
139 |
201 |
+44,6% |
8,1% |
10,2% |
| Group total based on H1-2005 BPB pro forma |
1 494
|
1 643
|
+10,0%
|
8,1%
|
8,0%
|
| |
| by geographic area: |
|
| France |
480
|
414
|
-13,8%
|
8,2%
|
6,5%
|
| Other Western European Countries |
448
|
658
|
+46,9%
|
6,3%
|
7,4%
|
| North America |
224**
|
304**
|
+35,7%
|
7,8%
|
8,4%
|
| Emerging countries and Asia |
203
|
267
|
+31,5%
|
10,3%
|
9,7%
|
| Group Total |
1 355
|
1 643
|
+21,3%
|
8,0%
|
8,0%
|
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| France |
450 |
414 |
-8,0% |
7,4% |
6,5% |
| Other Western European countries |
542 |
658 |
+21,4% |
6,8% |
7,4% |
| North America |
275 |
304 |
+10,5% |
8,4% |
8,4% |
| Emerging countries and Asia |
227 |
267 |
+17,6% |
10,5% |
9,7% |
| Group total based on H1-2005 BPB pro forma |
1 494
|
1 643
|
+10,0%
|
8,1%
|
8,0%
|
* unaudited. BPB pro forma information is disclosed solely for those business sectors affected by the BPB acquisition. Figures for BPB's building merchants' business are included within the Building Distribution sector.
**after a pre-tax asbestos-related charge of €33 million at June 30, 2006 versus €36 million at end-June 2005

V. CAPITAL EXPENDITURE
|
H1
2005
(in EURm) |
H1
2006
(in EURm) |
Change on an actual structure basis |
H1
2005
(as % of sales) |
H1
2006
(as % of sales) |
| by Sector and Division: |
|
| Building Distribution |
131
|
134
|
+2,3%
|
1,8%
|
1,6%
|
| High-Performance Materials |
106
|
77
|
-27,4%
|
4,4%
|
3,0%
|
| Ceramics and Plastics & Abrasives |
61
|
62
|
+1,6%
|
3,4%
|
3,4%
|
| Reinforcements |
45
|
15
|
-66,7%
|
7,1%
|
2,1%
|
| Flat Glass |
164
|
166
|
+1,2%
|
7,0%
|
6,6%
|
| Packaging |
89
|
119
|
+33,7%
|
4,5%
|
5,6%
|
| Construction Products |
104
|
306
|
+194,2%
|
3,4%
|
5,6%
|
| Building Materials |
38
|
39
|
+2,6%
|
2,8%
|
2,8%
|
| Insulation |
50
|
43
|
-14,0%
|
4,8%
|
3,5%
|
| Gypsum |
0 |
207
|
n.m. |
n.m. |
10,5%
|
| Pipe |
16
|
17
|
+6,3%
|
2,3%
|
1,9%
|
| Miscellaneous |
4
|
10
|
n.m.
|
n.m. |
n.m. |
| Group Total |
598
|
811
|
+35,6%
|
3,5%
|
3,9%
|
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| Building Distribution |
132 |
134 |
+1,5% |
1,8% |
1,6% |
| Construction Products |
253 |
306 |
+20,9% |
5,2% |
5,6% |
| Gypsum |
149 |
207 |
+38,9% |
8,6% |
10,5% |
| Group total based on H1-2005 BPB pro forma |
748 |
811 |
+8,4% |
4,0% |
3,9% |
| |
| by geographic area: |
|
| France |
125
|
147
|
+17,6%
|
2,1%
|
2,3%
|
| Other Western European Countries |
184
|
310
|
+68,5%
|
2,6%
|
3,5%
|
| North America |
93
|
113
|
+21,5%
|
3,2%
|
3,1%
|
| Emerging countries and Asia |
196
|
241
|
+23,0%
|
9,9%
|
8,7%
|
| Group Total |
598
|
811
|
+35,6%
|
3,5%
|
3,9%
|
| H1-2005 BPB pro forma*: |
|
|
|
|
|
| France |
148 |
147 |
-0,7% |
2,4% |
2,3% |
| Other Western European countries |
244 |
310 |
+27,0% |
3,1% |
3,5% |
| North America |
109 |
113 |
+3,7% |
3,3% |
3,1% |
| Emerging countries and Asia |
247 |
241 |
-2,4% |
11,4% |
8,7% |
| Group total based on H1-2005 BPB pro forma |
748
|
811
|
+8,4%
|
4,0%
|
3,9%
|
* unaudited. BPB pro forma information is disclosed solely for those business sectors affected by the BPB acquisition. Figures for BPB's building merchants' business are included within the Building Distribution sector.

APPENDIX 2: Consolidated balance sheet
| (in EUR millions) |
June 30, 2006 |
Dec. 31, 2005 restated (*) |
| ASSETS |
|
|
| Goodwill |
9 043 |
9 386 |
| Other intangible assets |
3 595 |
3 649 |
| Property, plant and equipment |
12 566 |
12 894 |
| Investments in associates |
107 |
137 |
| Available-for-sale and other securities |
101 |
161 |
| Deferred tax assets |
421 |
410 |
| Other non-current assets |
241 |
280 |
| Non-current assets |
26 074 |
26 917 |
| Inventories |
5 939 |
5 535 |
| Trade accounts receivable |
7 022 |
5 814 |
| Current tax receivable |
51 |
66 |
| Other accounts receivable |
1 952 |
928 |
| Assets held for sale |
|
0 |
| Cash and cash equivalents |
1 254 |
2 080 |
| Current assets |
16 218 |
14 423 |
| Total assets |
42 292 |
41 340 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
"Capital stock
(June 30, 2006: 350,655,561 shares with a par value of €4; Dec. 31, 2005: 345,256,270 shares with a par value of €4)" |
1 403 |
1 381 |
| Additional paid-in capital and legal reserve |
2 459 |
2 261 |
| Retained earnings and net income |
8 755 |
7 998 |
| Cumulative translation adjustments |
264 |
635 |
| Fair value reserves |
(4) |
16 |
| Treasury stock |
(310) |
(310) |
| Shareholders' equity |
12 567 |
11 981 |
| Minority interests |
317 |
328 |
| Total equity |
12 884 |
12 309 |
| Provisions for pensions and other employee benefits |
2 674 |
3 419 |
| Deferred tax liabilities |
1 288 |
1 301 |
| Provisions for other liabilities and charges |
668 |
673 |
| Long-term debt |
10 280 |
11 315 |
| Investment-related liabilities |
148 |
130 |
| Non-current liabilities |
15 058 |
16 838 |
| Current portion of provisions for other liabilities and charges |
458 |
409 |
| Current portion of long-term debt |
1 886 |
922 |
| Current portion of investment-related liabilities |
130 |
263 |
| Trade accounts payable |
5 567 |
4 781 |
| Current tax liabilities |
495 |
275 |
| Other accounts payable |
2 988 |
2 850 |
| Liabilities held for sale |
|
0 |
| Short-term debt and bank overdrafts |
2 826 |
2 693 |
| Current liabilities |
14 350 |
12 193 |
| Total equity and liabilities |
42 292 |
41 340 |
(*) In accordance with IAS 8, at January 1, 2006 shareholders' equity was restated by €284 million. Of this amount, €218 million relates to the restatement at December 31, 2005 of actuarial gains and losses net of the deferred tax effect. These actuarial differences relate to pension obligations and are recognized against equity with effect from January 1, 2006, in accordance with the option available under the revised IAS 19.
The balance of the restatement, together with other adjustments affecting the balance sheet, are disclosed in the notes to the interim consolidated financial statements, published on the Group's website (www.saint-gobain.com, under "Investor relations/results/published results").
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