 |
|
 |
INTERIM RESULTS OF THE 1ST HALF YEAr 2007 |
APPENDIX 1
Results by Business Sector and Geographic Area
I. SALES
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on an actual structure basis |
Change on a comparable structure basis |
Change on a comparable structure and currency basis |
| By sector and division: |
|
| Flat Glass |
2,498 |
2,797 |
+12.0% |
+12.0% |
+12.9% |
| High Performance Materials (1) |
2,544 |
2,486 |
-2.3% |
-1.5% |
+2.4% |
| Ceramics & Plastics and Abrasives |
1,833 |
1,825 |
-0.4% |
+0.8% |
+5.1% |
| Reinforcements |
718 |
667 |
-7.1% |
-7.6% |
-4.5% |
| Construction Products (1) |
5,460 |
5,644 |
+3.4% |
+1.9% |
+4.1% |
| Interior Solutions (2) |
3,183 |
3,393 |
+6.6% |
+4.8% |
+6.6% |
| Exterior Solutions (2) |
2,288 |
2,267 |
-0.9% |
-2.0% |
+0.8% |
| Building Distribution |
8,401 |
9,522 |
+13.3% |
+8.8% |
+8.7% |
| Packaging |
2,129 |
1,871 |
-12.1% |
+3.6% |
+6.5% |
| Internal sales and misc. |
(481) |
(541) |
n.m. |
n.m. |
n.m. |
| Group Total |
20,551 |
21,779 |
+6.0% |
+5.5% |
+6.9% |
| |
|
| By geographic area : |
|
| France |
6,357 |
6,706 |
+5.5% |
+6.5% |
+6.5% |
| Other Western European countries |
8,887 |
9,920 |
+11.6% |
+9.5% |
+9.2% |
| North America |
3,634 |
2,981 |
-18.0% |
-14.2% |
-7.2% |
| Emerging countries and Asia |
2,762 |
3, 289 |
+19.1% |
+16.5% |
+19.0% |
| Internal sales |
(1,089) |
(1,117) |
n.m. |
n.m. |
n.m. |
| Group Total |
20,551 |
21,779 |
+6.0% |
+5.5% |
+6.9% |
(1) including intra-sector eliminations
(2) See Appendix 3 for details
II. OPERATING INCOME
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual
structure basis |
H1 2006
(in % of sales) |
H1 2007
(in % of sales) |
| By sector and division: |
|
| Flat Glass |
228 |
366 |
+60.5% |
9.1% |
13.1% |
| High Performance Materials |
276 |
300 |
+8.7% |
10.8% |
12.1% |
| Ceramics & Plastics and Abrasives |
253 |
255 |
+0.8% |
13.8% |
14.0% |
| Reinforcements |
23 |
45 |
n.m. |
3.2% |
6.7% |
| Construction Products |
704 |
739 |
+5.0% |
12.9% |
13.1% |
| Interior Solutions (*) |
503 |
541 |
+7.6% |
15.8% |
15.9% |
| Exterior Solutions (*) |
201 |
198 |
-1.5% |
8.8% |
8.7% |
| Building Distribution |
418 |
494 |
+18.2% |
5.0% |
5.2% |
| Packaging |
205 |
212 |
+3.4% |
9.6% |
11.3% |
| Miscellaneous |
(16) |
(18) |
n.m. |
n.m. |
n.m. |
| Group Total |
1,815 |
2,093 |
+15.3% |
+8.8% |
+9.6% |
| |
|
| By geographic area : |
|
| France |
491 |
565 |
+15.1% |
+7.7% |
+8.4% |
| Other Western European countries |
695 |
926 |
+33.2% |
+7.8% |
+9.3% |
| North America |
407 |
234 |
-42.5% |
+11.2% |
+7.8% |
| Emerging countries and Asia |
222 |
368 |
+65.8% |
+8.0% |
+11.2% |
| Group Total |
1,815 |
2,093 |
+15.3% |
+8.8% |
+9.6% |
(*) See Appendix 3 for details
III. BUSINESS INCOME
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual
structure basis |
H1 2006
(in % of sales) |
H1 2007
(in % of sales) |
| By sector and division: |
|
| Flat Glass |
216 |
(328) (a) |
n.m. |
8.6% |
-11.7% |
| High Performance Materials |
232 |
43 |
-81.5% |
9.1% |
1.7% |
| Ceramics & Plastics and Abrasives |
220 |
233 |
+5.9% |
12.0% |
12.8% |
| Reinforcements |
12 |
(190) (b) |
n.m. |
1.7% |
n.m. |
| Construction Products |
664 |
727 |
+9.5% |
12.2% |
12.9% |
| Interior Solutions (*) |
498 |
540 |
+8.4% |
15.6% |
15.9% |
| Exterior Solutions (*) |
166 |
187 |
+12.7% |
7.3% |
8.2% |
| Building Distribution |
411 |
494 |
+20.2% |
4.9% |
5.2% |
| Packaging |
229 |
462 (c) |
n.m. |
10.8% |
n.m. |
| Miscellaneous |
(81) (d) |
(77) (d) |
n.m. |
n.m. |
n.m. |
| Group Total |
1,671 |
1,321 |
-20.9% |
8.1% |
6.1% |
(a) after a provision of €650m for the flat glass fines (European Commission)
(b) after €190 m of asset write-downs related to the disposal of the Reinforcements & Composites businesses
(c) after €253m of capital gains following the disposal of Desjonquères
(d) after asbestos-related charge (before tax) of € 47.5m in H1 2007 versus €50m in H1 2006
(*) See Appendix 3 for details
|
| By geographic area : |
|
| France |
442 |
(36) (a) |
-108.1% |
7.0% |
-0.5% |
| Other Western European countries |
737 |
928 |
+25.9% |
8.3% |
9.4% |
| North America |
277 |
160 (b) |
-42.2% |
7.6% |
5.4% |
| Emerging countries and Asia |
215 |
269 |
+25.1% |
7.8% |
8.2% |
| Group Total |
1,671 |
1,321 |
-20.9% |
8.1% |
6.1% |
(a) after a provision of €650m for the flat glass fines (European Commission)
b) after asbestos-related charge (before tax) of € 47.5m in H1 2007 versus €50m in H1 2006
IV. CASH FLOW
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual
structure basis |
H1 2006
(in % of sales) |
H1 2007
(in % of sales) |
| By sector and division: |
|
| Flat Glass |
261 |
347 |
+33.0% |
10.4% |
12.4% |
| High Performance Materials |
211 |
304 |
+44.1% |
8.3% |
12.2% |
| Ceramics & Plastics and Abrasives |
167 |
207 |
+24.0% |
9.1% |
11.3% |
| Reinforcements |
44 |
97 |
+120.5% |
6.1% |
14.5% |
| Construction Products |
552 |
577 |
+4.5% |
10.1% |
10.2% |
| Interior Solutions (*) |
369 |
392 |
+6.2% |
11.6% |
11.6% |
| Exterior Solutions (*) |
183 |
185 |
+1.1% |
8.0% |
8.2% |
| Building Distribution |
310 |
380 |
+22.6% |
3.7% |
4.0% |
| Packaging |
225 |
211 |
-6.2% |
10.6% |
11.3% |
| Miscellaneous |
84 (a) |
113 |
n.m. |
n.m. |
n.m. |
| Group Total |
1,643 |
1,932 |
+17.6% |
8.0% |
8.9% |
| |
|
| By geographic area : |
|
| France |
414 |
494 |
+19.3% |
6.5% |
7.4% |
| Other Western European countries |
658 |
852 |
+29.5% |
7.4% |
8.6% |
| North America |
304 |
224 (a) |
-26.3% |
8.4% |
7.5% |
| Emerging countries and Asia |
267 |
362 |
+35.6% |
9.7% |
11.0% |
| Group Total |
1,643 |
1,932 |
+17.6% |
8.0% |
8.9% |
(a) after asbestos-related charge (after tax) of € 29m in H1 2007 versus €33m in H1 2006
(*) See Appendix 3 for details
V. CAPITAL EXPENDITURE
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual
structure basis |
H1 2006
(in % of sales) |
H1 2007
(in % of sales) |
| By sector and division: |
|
| Flat Glass |
166 |
166 |
+0.0% |
6.6% |
5.9% |
| High Performance Materials |
76 |
73 |
-3.9% |
3.0% |
2.9% |
| Ceramics & Plastics and Abrasives |
61 |
57 |
-6.6% |
3.3% |
3.1% |
| Reinforcements |
15 |
16 |
+6.7% |
2.1% |
2.4% |
| Construction Products |
306 |
301 |
-1.6% |
5.6% |
5.3% |
| Interior Solutions (*) |
250 |
230 |
-8.0% |
7.9% |
6.8% |
| Exterior Solutions (*) |
56 |
71 |
+26.8% |
2.4% |
3.1% |
| Building Distribution |
134 |
147 |
+9.7% |
1.6% |
1.5% |
| Packaging |
119 |
125 |
+5.0% |
5.6% |
6.7% |
| Miscellaneous |
10 |
10 |
n.m. |
n.m. |
n.m. |
| Group Total |
811 |
822 |
+1.4% |
3.9% |
3.8% |
| |
|
| By geographic area : |
|
| France |
147 |
167 |
+13.6% |
2.3% |
2.5% |
| Other Western European countries |
310 |
259 |
-16.5% |
3.5% |
2.6% |
| North America |
113 |
161 |
+42.5% |
3.1% |
5.4% |
| Emerging countries and Asia |
241 |
235 |
-2.5% |
8.7% |
7.1% |
| Group Total |
811 |
822 |
+1.4% |
3.9% |
3.8% |
(*) See Appendix 3 for details
APPENDIX 2: Consolidated balance sheet
| in EUR millions |
June 30, 2007 |
Dec 31, 2006 |
| Assets |
|
| Goodwill |
9,402 |
9,327 |
| Other intangible assets |
3,180 |
3,202 |
| Property, plant and equipment |
12,436 |
12,769 |
| Investments in associates |
114 |
238 |
| Deferred tax assets |
405 |
348 |
| Other non-current assets |
577 |
390 |
| |
| Non-current assets |
26,114 |
26,274 |
| |
| Inventories |
6,079 |
5,629 |
| Trade accounts receivable |
7,381 |
6,301 |
| Current tax receivable |
73 |
66 |
| Other accounts receivable |
1,363 |
1,390 |
| Assets held for sale |
789 |
548 |
| Cash and cash equivalents |
1,203 |
1,468 |
| |
| Current assets |
16,888 |
15,402 |
| |
| Total assets |
43,002 |
41,676 |
| |
| Liabilities and Shareholders' equity |
|
| Capital stock |
1,495 |
1,474 |
| Additional paid-in capital and legal reserve |
3,604 |
3,315 |
| Retained earnings and net income for the year |
9,738 |
9,562 |
| Cumulative translation adjustments |
137 |
140 |
| Fair value reserves |
(7) |
(20) |
| Treasury stock |
(215) |
(306) |
| |
| Shareholders' equity |
14,752 |
14,165 |
| |
| Minority interests |
290 |
322 |
| |
| Total equity |
15,042 |
14,487 |
| |
| Long-term debt |
9,795 |
9,877 |
| Provisions for pensions and other employee benefits |
1,803 |
2,203 |
| Deferred tax liabilities |
1,401 |
1,222 |
| Provisions for other liabilities and charges |
1,496 |
936 |
| |
| Non-current liabilities |
14,495 |
14,238 |
| |
| Current portion of long-term debt |
637 |
993 |
| Current portion of provisions for other liabilities and charges |
473 |
467 |
| Trade accounts payable |
5,824 |
5,519 |
| Current tax liabilities |
275 |
190 |
| Other accounts payable |
3,200 |
3,336 |
| Liabilities held for sale (*) |
278 |
249 |
| Short-term debt and bank overdrafts |
2,778 |
2,197 |
| |
| Current liabilities |
13,465 |
12,951 |
| |
| Total equity and liabilities |
43,002 |
41,676 |
(*) Reinforcement and Composites and Flasks Businesses
APPENDIX 3: Construction Products sector - details
The activities of the Construction Products sector are henceforth presented in two sub-groups: Interior Solutions, (Insulation and Gypsum), and Exterior Solutions, (Building Materials and Pipe).
I. SALES
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual structure basis |
Change on a comparable structure basis |
Change on a comparable structure and currency basis |
| Interior Solutions |
3,183 |
3,393 |
+6.6% |
+4.9% |
+6.6% |
| Insulation |
1,224 |
1,399 |
+14.3% |
+6.1% |
+7.8% |
| Gypsum |
1,964 |
2,004 |
+2.0% |
+4.2% |
+6.1% |
| internal sales |
-5 |
-10 |
n.m. |
n.m. |
n.m. |
| Exterior Solutions |
2,288 |
2,267 |
-0.9% |
-2.0% |
+0.8% |
| Building Materials |
1,383 |
1,313 |
-5.1% |
-5.6% |
-1.4% |
| Pipe |
905 |
954 |
+5.4% |
+3.5% |
+4.0% |
| internal sales |
- |
- |
n.m. |
n.m. |
n.m. |
| Eliminations |
-11 |
-16 |
n.m. |
n.m. |
n.m. |
| Construction Products sector |
5,460 |
5,644 |
+3.4% |
+2.0% |
+4.1% |
II. OPERATING INCOME
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual
structure basis |
H1 2006
(as % of sales) |
H1 2007
(as % of sales) |
| Interior Solutions |
503 |
541 |
+7.6% |
15.8% |
15.9% |
| Insulation |
169 |
228 |
+34.9% |
13.8% |
16.3% |
| Gypsum |
334 |
313 |
-6.3% |
17.0% |
15.6% |
| Exterior Solutions |
201 |
198 |
-1.5% |
8.8% |
8.7% |
| Building Materials |
120 |
99 |
-17.5% |
8.7% |
7.5% |
| Pipe |
81 |
99 |
+21.6% |
9.0% |
10.4% |
| Construction Products sector |
704 |
739 |
+5.0% |
12.9% |
13.1% |
III. BUSINESS INCOME
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual
structure basis |
H1 2006
(as % of sales) |
H1 2007
(as % of sales) |
| Interior Solutions |
498 |
540 |
+8.4% |
15.6% |
15.9% |
| Insulation |
165 |
226 |
+37.0% |
13.5% |
16.2% |
| Gypsum |
333 |
314 |
-5.7% |
17.0% |
15.7% |
| Exterior Solutions |
166 |
187 |
+12.7% |
7.3% |
8.2% |
| Building Materials |
106 |
95 |
-10.4% |
7.7% |
7.2% |
| Pipe |
60 |
92 |
+53.3% |
6.6% |
9.6% |
| Construction Products sector |
664 |
727 |
+9.5% |
12.2% |
12.9% |
IV. CASH FLOW
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual
structure basis |
H1 2006
(as % of sales) |
H1 2007
(as % of sales) |
| Interior Solutions |
369 |
392 |
+6.2% |
11.6% |
11.6% |
| Insulation |
168 |
231 |
+37.5% |
13.7% |
16.5% |
| Gypsum |
201 |
161 |
-19.9% |
10.2% |
8.0% |
| Exterior Solutions |
183 |
185 |
+1.1% |
8.0% |
8.2% |
| Building Materials |
111 |
100 |
-9.9% |
8.0% |
7.6% |
| Pipe |
72 |
85 |
+18.1% |
8.0% |
8.9% |
| Construction Products sector |
552 |
577 |
+4.5% |
10.1% |
10.2% |
V. CAPITAL EXPENDITURE
|
H1 2006
(in EUR m) |
H1 2007
(in EUR m) |
Change on
an actual
structure basis |
H1 2006
(as % of sales) |
H1 2007
(as % of sales) |
| Interior Solutions |
250 |
230 |
-8.0% |
7.9% |
6.8% |
| Insulation |
43 |
65 |
+51.2% |
3.5% |
4.6% |
| Gypsum |
207 |
165 |
-20.3% |
10.5% |
8.2% |
| Exterior Solutions |
56 |
71 |
+26.8% |
2.4% |
3.1% |
| Building Materials |
39 |
52 |
+33.3% |
2.8% |
4.0% |
| Pipe |
17 |
19 |
+11.8% |
1.9% |
2.0% |
| Construction Products sector |
306 |
301 |
-1.6% |
5.6% |
5.3% |
APPENDIX 4: Interior Solutions and Exterior Solutions
The activities of the Construction Products sector are henceforth presented in two sub-groups: Interior Solutions, (Insulation and Gypsum), and Exterior Solutions, (Building Materials and Pipe).
I. SALES
(in EUR m)
|
First nine months of 2006 |
Full-Year 2006 |
Q1 2007 |
H1 2007 |
| Interior Solutions |
4,795 |
6,424 |
1, 680 |
3,393 |
| Exterior Solutions |
3,420 |
4,476 |
1, 047 |
2,267 |
| Internal sales |
(17) |
(24) |
(7) |
(16) |
| Construction Products sector |
8,198 |
10,876 |
2,720 |
5,644 |
II. OPERATING INCOME
(in EUR m)
|
First nine months of 2006 |
Full-Year 2006 |
Q1 2007 |
H1 2007 |
| Interior Solutions |
|
1,028 |
|
541 |
| Exterior Solutions |
|
348 |
|
198 |
| Construction Products sector |
|
1,376 |
|
739 |
III. BUSINESS INCOME
(in EUR m)
|
First nine months of 2006 |
Full-Year 2006 |
Q1 2007 |
H1 2007 |
| Interior Solutions |
|
989 |
|
540 |
| Exterior Solutions |
|
240 |
|
187 |
| Construction Products sector |
|
1,229 |
|
727 |
IV. CASH FLOW
(in EUR m)
|
First nine months of 2006 |
Full-Year 2006 |
Q1 2007 |
H1 2007 |
| Interior Solutions |
|
726 |
|
392 |
| Exterior Solutions |
|
322 |
|
185 |
| Construction Products sector |
|
1,048 |
|
577 |
V.CAPITAL EXPENDITURE
(in EUR m)
|
First nine months of 2006 |
Full-Year 2006 |
Q1 2007 |
H1 2007 |
| Interior Solutions |
|
632 |
|
230 |
| Exterior Solutions |
|
212 |
|
71 |
| Construction Products sector |
|
844 |
|
301 |
July 26, 2007
|
