 |
|
 |
SAINT-GOBAIN CONFIRMS ITS TARGET OF 15% GROWTH IN NET INCOME (WITHOUT CAPITAL GAINS) FOR THE FULL YEAR 2000
|
The Board of Directors of Saint-Gobain met on September 21, 2000 to review the final consolidated financial statements of the Group for the six months ended June 30, 2000. The main consolidated results, which are in line with the estimates announced on July 27, are as follows:
| |
1st half 2000
|
1st half 1999
|
% |
|
E M
|
FF M
|
E M
|
FF M
|
|
| Net sales |
13 782
|
90 404
|
10 957
|
71 873 |
25,8% |
| Operating income |
1 401
|
9 190
|
1 115
|
7 314
|
25,7% |
| Dividend income |
22 |
144 |
31 |
204 |
29,0% |
| Interest and other financial charges, net |
(272) |
(1 784) |
(132) |
(866) |
|
| Non-operating costs Income before profit on sale of non-current |
(63) |
(413) |
(85) |
(558) |
25,9% |
| assets and taxes |
1 088 |
7 137 |
929 |
6 094 |
17,1% |
| Profit on sale of non-current assets, net |
414 |
2 715 |
537 |
3 522 |
22,9% |
| Provision for income taxes |
(483) |
(3 168) |
(452) |
(2 965) |
6,9% |
| Amortization of goodwill |
(97) |
(636) |
(65) |
(426) |
49,2% |
| (Share in net results of equity investees) |
31 |
203 |
16 |
105 |
93,8% |
| Net income before minority interests |
953 |
6 251 |
965 |
6 330 |
1,2% |
| Minority interests |
(80) |
(524) |
(83) |
(544) |
3,6% |
| Net income |
873 |
|
882 |
5 786 |
1,0% |
| Earnings per share (in , in FF) |
10,41 |
68,29 |
10,14 |
66,53 |
2,7% |
| Net income excluding profit on sale of non-current assets |
544 |
3 568 |
469 |
3 076 |
16,0% |
| Earnings per share before net profit on sale of non-current assets (in , in FF) |
6,49 |
42,57 |
5,39 |
35,36 |
20,4% |
| Cash flow from operations |
1 339 |
8 783 |
1 126 |
7 386 |
18,9% |
| Capital expenditure |
779 |
5 110 |
673 |
4415 |
15,8% |
| Investments in securities |
2 242 |
14 707 |
1 845 |
12102 |
21,5% |
| Net Indebtedness |
8 421
|
55 238 |
5 873 |
38 524 |
43,4% |
The Board of Directors also reviewed the financial statements of Compagnie de Saint-Gobain, the parent company of the Group, which operates as a holding company. These financial statements show net income of E 551 million for the first six months of 2000, compared with E 513 million for the same period of 1999.
Outlook: Sales are at a satisfactory level across all businesses and rising oil prices are having a limited impact on income. The Saint-Gobain Group is therefore holding firm to its target of 15% growth in earnings per share excluding capital gains over the full year, to which will be added the accretive impact of cancelling 5% of the share capital.
APPENDIX 1: RESULTS BY BUSINESS SECTOR, DIVISION and GEOGRAPHIC AREA
(in millions of euros)
|
| I. SALES |
H1 1999 |
H1 2000 |
Change on an actual structure basis |
Change on a comparable structure and currency basis |
| GLASS(1) |
4,959 |
5,519 |
11.3% |
5.1% |
| Flat Glass |
1,808 |
2,055 |
13.7% |
9.4% |
| Insulation & Reinforcements |
1,347 |
1,548 |
14.9% |
6.2% |
| Containers |
1,808 |
1,921 |
6.3% |
-0.1% |
| HIGH-PERFORMANCE MATERIALS & PLASTICS(1) |
2,205 |
2,996 |
35.9% |
8.0% |
| Ceramics & High Performance Plastics and Abrasives |
1,383 |
2,018 |
45.9% |
8.1% |
| Essilor |
822 |
978 |
19.0% |
7.8% |
| HOUSING PRODUCTS(1) |
3,865 |
5,343 |
38.2% |
10.5% |
| Building Materials |
1,229 |
1,527 |
24.2% |
9.3% |
| Building Distribution |
1,970 |
3,028 |
53.7% |
12.0% |
| Pipe |
744 |
882 |
18.5% |
9.8% |
| INTERNAL SALES |
-72 |
-76 |
5.6% |
n.a. |
| GROUP |
10,957 |
13,782 |
25.8% |
7.6% |
| MAIN GEOGRAPHIC AREAS |
|
|
|
|
| France |
3,767 |
4,313 |
14.5% |
10.7% |
| Other European Countries |
3,553 |
4,707 |
32.5% |
6.2% |
| North America |
2,494 |
3,356 |
34.6% |
3.9% |
| Rest of the world |
686 |
957 |
39.5% |
17.8% |
| ESSILOR |
822 |
978 |
+19,0% |
7.8% |
| INTERNAL SALES |
-365 |
-529 |
44.9% |
n.a. |
| GROUP |
10,957 |
13,782 |
25.8% |
7.6% |
| II. OPERATING INCOME |
H1 1999 |
H1. 2000 |
Change on an actual structure basis |
|
| GLASS |
510 |
589 |
15.5% |
| Flat Glass |
152 |
192 |
26.3% |
| Insulation & Reinforcements |
160 |
199 |
24.4% |
| Containers |
198 |
198 |
0.0% |
| HIGH-PERFORMANCE MATERIALS & PLASTICS |
278 |
399 |
43.5% |
| Ceramics & High Performance Plastics and Abrasives |
170 |
269 |
58.2% |
| Essilor |
108 |
130 |
20.4% |
| HOUSING PRODUCTS |
330 |
408 |
23.6% |
| Building Materials |
149 |
152 |
2.0% |
| Building Distribution |
117 |
192 |
64.1% |
| Pipe |
64 |
64 |
|
| INTERNAL SALES |
-3 |
5 |
n.a. |
| GROUP |
1,115 |
1,401 |
25.7% |
| MAIN GEOGRAPHIC AREAS |
|
|
|
| France |
340 |
425 |
25.0% |
| Other European Countries |
290 |
359 |
23.8% |
| North America |
301 |
390 |
29.6% |
| Rest of the world |
76 |
97 |
27.6% |
| ESSILOR |
108 |
130 |
20.4% |
| GROUP |
1,115 |
1,401 |
25.7% |
| III. CASH FLOW |
H1 1999 |
H1 2000 |
Change on an actual structure basis |
|
| GLASS |
617 |
687 |
11.3% |
| Flat Glass |
193 |
230 |
19.2% |
| Insulation & Reinforcements |
180 |
215 |
19.4% |
| Containers |
244 |
242 |
-0.8% |
| HIGH-PERFORMANCE MATERIALS & PLASTICS |
270 |
348 |
28.9% |
| Ceramics & High Performance Plastics and Abrasives |
159 |
224 |
40.9% |
| Essilor |
111 |
124 |
11.7% |
| HOUSING PRODUCTS |
366 |
360 |
-1.6% |
| Building Materials |
168 |
149 |
-11.3% |
| Building Distribution |
115 |
144 |
25.2% |
| Pipe |
83 |
67 |
-19.3% |
| INTERNAL SALES |
-128 |
-56 |
n.a. |
| GROUP |
1,125 |
1,339 |
19.0% |
| MAIN GEOGRAPHIC AREAS |
|
|
|
| France |
210 |
316 |
50.5% |
| Other European Countries |
388 |
423 |
9.0% |
| North America |
280 |
341 |
21.8% |
| Rest of the world |
136 |
135 |
-0,7% |
| ESSILOR |
111 |
124 |
11.7% |
| GROUP |
1,125 |
1,339 |
19.0% |
| IV. CAPITAL EXPENDITURE ON PLANT & EQUIPMENT |
H1 1999 |
H1 2000 |
Change on an actual structure basis |
| GLASS |
410 |
430 |
4.9% |
| Flat Glass |
166 |
189 |
13.9% |
| Insulation & Reinforcements |
127 |
136 |
7.1% |
| Containers |
117 |
105 |
-10.3% |
| HIGH-PERFORMANCE MATERIALS & PLASTICS |
102 |
170 |
66.7% |
| Ceramics & High Performance Plastics and Abrasives |
48 |
86 |
79.2% |
| Essilor |
54 |
84 |
33.3% |
| HOUSING PRODUCTS |
160 |
178 |
11.3% |
| Building Materials |
70 |
66 |
-5.7% |
| Building Distribution |
62 |
87 |
40.3% |
| Pipe |
28 |
25 |
-10.7% |
| INTERNAL SALES |
1 |
1 |
n.a. |
| GROUP |
673 |
779 |
15.8% |
| MAIN GEOGRAPHIC AREAS |
|
|
|
| France |
132 |
166 |
25.8% |
| Other European Countries |
279 |
231 |
-17.2% |
| North America |
152 |
158 |
3.9% |
| Rest of the world |
56 |
140 |
150.0% |
| ESSILOR |
54 |
84 |
55.6% |
| GROUP |
673 |
779 |
15.8% |
APPENDIX 2: PRO FORMA KEY CONSOLIDATED FIGURES FOR THE FIRST HALFS 1999 AND 2000 WITH ESSILOR ACCOUNTED FOR BY THE EQUITY METHOD
|
| |
H1 2000 |
H1 1999 |
Change (%) |
| M. Euros |
M. Francs |
M. Euros |
M. Francs |
|
| Sales |
12,804 |
83,989 |
10,135 |
66,481 |
26.3% |
| Operating Income |
1,271 |
8,337 |
1,007 |
6,605 |
26.2% |
| Dividend income |
22 |
144 |
31 |
203 |
-29.0% |
| Interest and other financial charges, net |
-254 |
-1,666 |
-118 |
-774 |
115.3% |
| Non-operating costs |
-62 |
-406 |
-83 |
-544 |
-25.3% |
| Income before tax&before profit on sale of non-current assets |
977 |
6,409 |
837 |
5,490 |
16.7% |
| Profit on sale of non-current assets |
414 |
2,715 |
538 |
3,529 |
-23.0% |
| Income taxes |
-450 |
-2,952 |
-427 |
-2,801 |
5.4% |
| Amortization of goodwill |
-86 |
-564 |
-55 |
-360 |
56.4% |
| Group's share in net results of associated companies |
50 |
328 |
34 |
223 |
47.1% |
| Net income from consolidated subsidiaries |
905 |
5,936 |
927 |
6,081 |
-2.4% |
| Minority interests |
-32 |
-209 |
-45 |
-295 |
-28.9% |
| Net income |
873 |
5,727 |
882 |
5,786 |
-1.0% |
| Earnings per share (in euro and FF) |
10.41 |
68.29 |
10.14 |
66.53 |
2.7% |
| Net income excluding capital gains |
544 |
3,568 |
469 |
3,076 |
16.0% |
| Cash flow from operations |
1,226 |
8,042 |
1,025 |
6,724 |
19.6% |
| Capital expenditure on plant and equipment |
695 |
4,559 |
619 |
4,060 |
12.3% |
| Investments in securities |
2,170 |
14,234 |
1,808 |
11,860 |
20.0% |
| Net indebtedness |
8,421 |
55,238 |
5,649 |
37,055 |
49.1% |
|
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