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CONSOLIDATED SALES FOR THE FIRST NINE MONTHS OF 1999
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The consolidated net sales of the Saint-Gobain Group for the first nine months of 1999 amounted to EUR 16,721 million (FRF 109,683 million), compared with EUR 13,300 million (FRF 87,241 million) for the same period of 1998. This represented an increase of 25.7% or 8.9% excluding Essilor and the downstream Flat Glass business. Based on a comparable structure, before full consolidation of Essilor and the Flat Glass transformation subsidiaries, net sales dropped 0.6% in euro but rose by 1.3% in local currencies.
The confirmation of improved economic conditions in Europe helped the increase in third quarter sales across substantially all divisions, offsetting the continued decline in Pipe sales.
Sales by sector, division and geographic area were as follows:
| |
9 months ended
September 30, 1998 |
9 months ended
September 30, 1999
|
Change |
Change based
on comparable
structure and
in local currencies |
| GLASS (1) |
6 113 |
7 522 |
23.0% |
2.7% |
| Flat glass |
1 705 |
2 716 |
59.3% |
4.2% |
| Insulation & Reinforcements |
1 830 |
2 077 |
13.5% |
5.1% |
| Containers |
2 580 |
2 731 |
5.8% |
0.1% |
| HIGH PERFORMANCE MATERIALS (1) |
2 106 |
3 05 |
n.s. |
-2.9% |
| Industrial Ceramics and Abrasives |
2 106 |
2 085 |
-1.0% |
-2.9% |
| Essilor |
- |
1 220 |
- |
- |
| HOUSING (1) |
5 161 |
5 994 |
16.1% |
1.5% |
| Building Materials |
1 715 |
1 968 |
14.8% |
8.6% |
| Building distribution |
2 386 |
2 995 |
25.5% |
7.7% |
| Pipe |
1 174 |
1 149 |
-2.2% |
-23.5% |
| INTERCOMPANY (INTER-SECTOR) SALES |
-80 |
-100 |
- |
- |
| TOTAL SALES |
13 300 |
16 721 |
25.7% |
1.3% |
BY GEOGRAPHIC AREA |
| France |
5 210 |
6 845 |
31.3% |
-2.6% |
| Other Europe |
4 014 |
5 452 |
35.8% |
2.7% |
| America/Asia |
4 569 |
4 952 |
8.4% |
3.4% |
| INTERCOMPANY SALES |
-493 |
-528 |
- |
- |
| TOTAL SALES |
13 300 |
16 721 |
25.7% |
1.3% |
(1) before elimination of inter-divisional sales
Glass sector sales continued to grow, reflecting sustained demand in both Europe and the United States - especially in the construction market - and the effect of price increases in the Insulation Division.
High performance materials sales were affected, as in the first half-year, by weak demand for the electro-fused ceramics and refractories in the Industrial Ceramics Division. The Division's third quarter sales were up on the same period of 1998, however, based on a comparable structure and at constant exchange rates.
Housing sector sales expanded at a similar rate as total Group sales, on a comparable structure basis and at constant exchange rates, despite lower Pipe Division sales. Sales by the Building Materials and Building Distribution Divisions continued to grow, helped by the good level of activity in the market in the United States and France.
Outlook
The Group confirms its objective of achieving at least 15% growth in 1999 earnings per share, excluding capital gains and after taking into account the, impact of last Junes reduction of 5% of share capital.
04/11/99 |
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