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CONFIRMATION OF NET INCOME EXCLUDING CAPITAL GAINS FOR FIRST-HALF 1999 OF 469 MILLION EUROS (+10.9%) OR 3,076 MILLION FRENCH FRANCS
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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.
The key consolidated figures, which confirm the estimates published on July 22, 1999, are as follows :
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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 taxes |
(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 euros and francs) |
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.
23/09/99
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