INTERIM RESULTS OF THE 1ST HALF YEAR

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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").