Estimates results for first half 2001
ESTIMATED RESULTS FOR FIRST-HALF 2001:
. CONTINUED GROWTH
- Sales up 3.6% on a comparable structure basis
- Operating income up 5.2% on a comparable structure basis
- Net income excluding capital gains up 2.9%, to EUR 560 million
. OBJECTIVE MAINTAINED FOR FULL YEAR 2001:
10% GROWTH IN NET INCOME EXCLUDING
CAPITAL GAINS
Excluding profit on sales of non-current assets, net income of the Saint-Gobain Group for the first
half of 2001 is estimated at EUR 560 million (FF 3,673 million), up 2.9% compared with the same
period of 2000.
Consolidated net income is estimated at EUR 658 million (FF 4,316 million). This is 24.6% below
the first-half 2000 figure, due to lower capital gains.
The Group's consolidated financial statements for first-half 2000 included the results of Essilor, which was
fully consolidated over the entire period. In first-half 2001, however, Essilor was no longer consolidated, as
the Group had sold its entire stake in this company in November 2000. For purposes of comparability, the
Group's consolidated financial statements for first-half 2000 are also presented with Essilor accounted for by
the equity method, and the comments that follow are based on this presentation.
2
The estimated interim consolidated financial statements were reviewed by the Board of Directors
at its meeting of July 26, 2001. Key figures for the period are as follows:
H1 2000 H1 2000 H1 2001 Change
EUR millions pro forma est. %
Essilor by EUR million
E.M.
EUR millions
(1)
(2)
(2)/(1)
Net sales 13,782 12,804 15,286 19.4%
Operating income 1,401 1,271 1,377 8.3%
Dividend income 22 22 22 0%
Interest and other financial charges, net (272) (254) (311) 22.4%
Non-operating costs (63) (62) (43) -30.6%
Income before profit on sales of noncurrent
assets and taxes
1,088 977 1,045 7.0%
Profit on sales of non-current assets, net 414 414 134 -67.6%
Provisions for income tax (483) (450) (412) -8.4%
Amortization of goodwill (97) (86) (93) 8.1%
Share in net results of equity investees 31 50 9 -82.0%
Net income before minority interests 953 905 683 -24.5%
Minority interests (80) (32) (25) -21.9%
Net income 873 873* 658 -24.6%
Earnings per share (in EUR) 10.41 10.41 7.64 -26.6%
Net income excuding capital gains 544 544* 560 2.9%
Earnings per share excluding capital
gains (in EUR)
6.49 6.49 6.5 0.2%
Cash flow from operations 1,339 1,226** 1,384 12.9%
Cash flow excluding capital gains 1,428 1,315** 1,435 9.2%
Depreciation and amortization
(including goodwill)
813 756 836 10.6%
Capital expenditure 779 695 557 -19.9%
Investments in securities 2,242 2,170 539 -75.2%
Net indebtedness 8,421 8,421 8,355 -0.8%
* of which Essilor: EUR 20 million
** of which Essilor: EUR 11 million
This performance in first-half 2001, compared to a particularly strong first-half 2000, reflects the
Saint-Gobain Group's ability to continue to grow despite a markedly more difficult economic
environment, particularly in the United States. The Group's sturdier operations mix, added to the
constant profitability-boosting efforts pursued in each of the business sectors (see Appendix)
explains this resilience.
The Glass Sector posted the strongest performance within the Group in first-half 2001. Its sales
and earnings were bolstered by sustained demand across all business lines and higher Flat Glass
and Reinforcements prices.
3
The High-Performance Materials Sector recorded a slight dip in relation to first-half 2000, in
terms of both sales and profitability, due to the impact on the Abrasives Divison of the
manufacturing slowdown in the United States and to the abrupt contraction in the worldwide
electronics market, which has hurt several Ceramics & Plastics businesses since the beginning of
the second quarter.
The Housing Products Sector recorded mixed results: Building Materials Distribution continued
to develop through both organic growth and bolt-on acquisitions, but the Division's operating
margin has been diluted by the acquisition of Raab-Karcher in 2000. The Pipe Division's sales were
on a par with those of first-half 2000, but its margins grew thanks to the cost-reduction drive
undertaken in the final months of 2000. Although affected by the slowdown in the U.S. building
industry since the peak of the first-half 2000, the performance of the Building Materials Division
has improved compared to second-half 2000 thanks to the industrial rationalization efforts it has
carried out and to a marked upturn in activity in the United States in the second quarter.
* * *
Group sales were up 19.4%. Based on a comparable Group structure, sales rose 3.6% in euros and
2.6% in local currencies. This growth was mainly attributable to higher sales prices in all Group
Divisions, as volumes declined slightly: the drop in North America was not fully offset by
expansion in Europe and in emerging countries.
Sales in France accounted for 29.4% of the total, with other European countries contributing 40.3%,
North America 23% and other countries 7.3%.
Operating income rose by 8.3%, and 5.2% on a comparable structure basis. Operating margin was
9%, compared to 9.9% in first-half 2000. The change was wholly attributable to the increased
weight of the Distribution Division. Excluding Distribution, operating margin rose to 11%, up from
10.9% in first-half 2000.
Profitability gains were achieved in France and in other European countries (excluding Building
Materials Distribution) as well as in emerging countries, but margins contracted in North America
due to the overall slowdown in most of the Group's markets (with the notable exception of glass
containers).
The increase in net interest and other financial charges was the result of the acquisitions carried
out in the course of 2000. Non-operating costs contracted sharply to EUR 43 million from EUR 62
million in first-half 2000.
Profit on sales of non-current assets, in an amount of EUR 134 million, mainly concerned capital
gains on the disposal of the Group's entire stake in BNP Paribas, less asset write-downs recorded
by the Lapeyre Group with a view to disposing of its operations involving sales of third-party
products and sales to building sites.
The Group’s share in net results of equity investees amounted to €EUR 9 million, against
EUR 50 million in first-half 2000. This sharp decrease was mainly due to the sale in November
2000 of the Group’s interest in Essilor and also to the full consolidation of certain subsidiaries.
Net income amounted to EUR 658 million, down 24.6% in relation to first-half 2000. Based on
the number of shares outstanding at June 30, 2001 (86,133,298 shares, taking into account the
903,150 shares issued under the Group Savings Plan), earnings per share came to EUR 7.64. In
line with the commitments made by the Group, the new shares issued in the course of the first
half will be neutralized in the second, by the cancellation of an equivalent number of shares, to
bring total capital stock back to its level at December 31, 2000, i.e. 85,213,263 shares.
4
Excluding profit on sales of non-current assets, net income came to EUR 560 million, 2.9%
higher than the EUR 544 million recorded in first-half 2000. Based on the total number of shares
outstanding at June 30, 2001 (86,133,298), earnings per share excluding capital gains stood at
EUR 6.5.
Cash flow from operations expanded by 12.9% to EUR 1,384 million. Excluding the EUR 51
million in tax on profit on sales of non-current assets, cash flow from operations stood at
EUR 1,435 million, an increase of 9.2% over the EUR 1,314 million for first-half 2000.
Capital expenditure on plant and equipment totalled EUR 557 million (compared to EUR 695
million for the same period last year), representing 3.6% of sales, down from 5.4% in first-half
2000.
Expenditure on securities amounted to EUR 538 million, including EUR 322 million for the
buyback of minority interests in Saint-Gobain Cristalería and in the Group’s Brazilian
subsidiaries.
Net debt at June 30, 2001 stood at EUR 8.4 billion, on a par with the amount at December 31,
2000 and representing approximately 67% of shareholders’ equity.
Outlook: the Saint-Gobain confirms its target for 2001 a 10% increase in net income before profit
on sales of non-current assets, provided there is no new and significant deterioration in the
economic environment. The Group is therefore aiming for a sharp year-on-year expansion in its
second-half net income excluding capital gains, taking into account, on the one hand, a lower
reference point (as the effects of the slowdown in North America had already been felt in
second-half 2000) and, secondly, potential for performance improvements in the Housing
Products Sector, particularly the Distribution Division.
* * *
Next results announcements:
- Final results for first-half 2001: Thursday, September 20, after the Paris Stock Exchange has
closed.
- Sales for the nine months to September 30, 2001: Tuesday, October 30, after the Paris Stock
Exchange has closed.
* * *
The Saint-Gobain Group will be holding an analysts’ meeting on Friday, July 27 at 8 :30 a.m.
(Paris time) to present its interim results. This meeting will be broadcast on the Internet, live
beginning at 8:30 a.m. (Paris time), and recorded as from 2:00 p.m. (Paris time). If you wish to
take part and ask questions directly, we invite you to visit the Saint-Gobain website at
www.saint-gobain.com. You will need a personal computer with a sound card and with the
RealPlayer program installed and correctly configured for the browser you are using.
To test your equipment setup prior to the live event, you can tune in to the webcast of the
Annual Shareholders’ Meeting of June 28, 2001, which is already available on the Saint-Gobain
website.
July 26, 2001
Investor Relations Department
Tel. : Florence TRIOU-TEIXEIRA +33 1 47 62 45 19 – mailto : [email protected]
Tel. : Lounis BEKKAT +33 1 47 62 32 36 – mailto : [email protected]
Fax : +33 1 47 62 50 62
Appendix
Results by Business Sector, Division and Geographic Area
(in EUR millions)
change on change on
H1 H1 an actual change on a comparable
2000 2001 structure a comparable structure and
I. SALES est. basis structure currency basis
by sector and division:
Glass (1) 5 519 5 967 +8.1% +6.2% +5.2%
Flat Glass 2 055 2 262 +10.1% +7.3% +8.0%
Insulation and Reinforcements 1 548 1 652 +6.7% +1.7% +0.1%
Containers 1 921 2 059 +7.2% +8.8% +6.2%
High-Performance Materials & Plastics (1) 2 996 2 129 -28.9% -0.6% -3.1%
Ceramics and H.P. Plastics & Abrasives 2 018 2 129 +5.5% -0.6% -3.1%
Essilor 978 0 -100.0%
Housing Products (1) 5 343 7 310 +36.8% +2.4% +2.0%
Building Materials 1 527 1 596 +4.5% +1.8% -1.2%
Building Distribution 3 028 4 914 +62.3% +4.4% +4.8%
Pipe 882 916 +3.9% -1.4% -0.5%
internal sales -76 -120
Group 13 782 15 286 +10.9% +3.6% +2.6%
by geographic area:
Essilor 4 313 4 662 +8.1% +6.1% +6.1%
France 4 707 6 404 +36.1% +2.5% +3.1%
Other European Countries 3 356 3 652 +8.8% +2.6% -4.3%
North America 957 1 159 +21.1% +5.2% +12.5%
Rest of the world 978 0 -100.0%
internal sales -529 -591 n.s.
Group 13 782 15 286 +10.9% +3.6% +2.6%
(1) including inter-division eliminations
H1 H1
II. OPERATING INCOME 2000 2001 change
est.
by Sector and Division:
Glass 589 684 +16.1%
Flat Glass 192 274 +42.7%
Insulation and Reinforcements 199 208 +4.5%
Containers 198 202 +2.0%
High-Performance Materials & Plastics 399 253 -36.6%
Ceramics and H.P. Plastics & Abrasives 269 253 -5.9%
Essilor 130 0 -100.0%
Housing Products 408 429 +5.1%
Building Materials 152 130 -14.5%
Building Distribution 192 220 +14.6%
Pipe 64 79 +23.4%
misc. 5 11
Group 1 401 1 377 -1.7%
by geographic area:
France 425 480 +12.9%
Other European Countries 359 470 +30.9%
North America 390 297 -23.8%
Rest of the world 97 130 +34.0%
Essilor 130 0 -100.0%
Group 1 401 1 377 -1.7%
H1 H1
III. CASH FLOW 2000 2001 change
est.
by Sector and Division:
Glass 687 797 +16.0%
Flat Glass 230 310 +34.8%
Insulation and Reinforcements 215 232 +7.9%
Containers 242 255 +5.4%
High-Performance Materials & Plastics 348 210 -39.7%
Ceramics and H.P. Plastics & Abrasives 224 210 -6.3%
Essilor 124 0 -100.0%
Housing Products 360 347 -3.6%
Building Materials 149 129 -13.4%
Building Distribution 144 145 +0.7%
Pipe 67 73 +9.0%
misc. -56 30
Group 1 339 1 384 +3.4%
by geographic area:
France 316 425 +34.5%
Other European Countries 423 495 +17.0%
North America 341 297 -12.9%
Rest of the world 135 167 +23.7%
Essilor 124 0 -100.0%
Group 1 339 1 384 +3.4%
IV. CAPITAL EXPENDITURE H1 H1
ON PLANT AND EQUIPMENT 2000 2001 variation
est.
by Sector and Division:
Glass 430 292 -32.1%
Flat Glass 189 115 -39.2%
Insulation and Reinforcements 136 91 -33.1%
Containers 105 86 -18.1%
High-Performance Materials & Plastics 170 75 -55.9%
Ceramics and H.P. Plastics & Abrasives 86 75 -12.8%
Essilor 84 0 -100.0%
Housing Products 178 190 +6.7%
Building Materials 66 55 -16.7%
Building Distribution 87 119 +36.8%
Pipe 25 16 -36.0%
misc. 1 0
Group 779 557 -28.5%
by geographic area:
France 166 144 -13.3%
Other European Countries 231 191 -17.3%
North America 158 141 -10.8%
Rest of the world 140 81 -42.1%
Essilor 84 0 -100.0%
Group 779 557 -28.5%
. CONTINUED GROWTH
- Sales up 3.6% on a comparable structure basis
- Operating income up 5.2% on a comparable structure basis
- Net income excluding capital gains up 2.9%, to EUR 560 million
. OBJECTIVE MAINTAINED FOR FULL YEAR 2001:
10% GROWTH IN NET INCOME EXCLUDING
CAPITAL GAINS
Excluding profit on sales of non-current assets, net income of the Saint-Gobain Group for the first
half of 2001 is estimated at EUR 560 million (FF 3,673 million), up 2.9% compared with the same
period of 2000.
Consolidated net income is estimated at EUR 658 million (FF 4,316 million). This is 24.6% below
the first-half 2000 figure, due to lower capital gains.
The Group's consolidated financial statements for first-half 2000 included the results of Essilor, which was
fully consolidated over the entire period. In first-half 2001, however, Essilor was no longer consolidated, as
the Group had sold its entire stake in this company in November 2000. For purposes of comparability, the
Group's consolidated financial statements for first-half 2000 are also presented with Essilor accounted for by
the equity method, and the comments that follow are based on this presentation.
2
The estimated interim consolidated financial statements were reviewed by the Board of Directors
at its meeting of July 26, 2001. Key figures for the period are as follows:
H1 2000 H1 2000 H1 2001 Change
EUR millions pro forma est. %
Essilor by EUR million
E.M.
EUR millions
(1)
(2)
(2)/(1)
Net sales 13,782 12,804 15,286 19.4%
Operating income 1,401 1,271 1,377 8.3%
Dividend income 22 22 22 0%
Interest and other financial charges, net (272) (254) (311) 22.4%
Non-operating costs (63) (62) (43) -30.6%
Income before profit on sales of noncurrent
assets and taxes
1,088 977 1,045 7.0%
Profit on sales of non-current assets, net 414 414 134 -67.6%
Provisions for income tax (483) (450) (412) -8.4%
Amortization of goodwill (97) (86) (93) 8.1%
Share in net results of equity investees 31 50 9 -82.0%
Net income before minority interests 953 905 683 -24.5%
Minority interests (80) (32) (25) -21.9%
Net income 873 873* 658 -24.6%
Earnings per share (in EUR) 10.41 10.41 7.64 -26.6%
Net income excuding capital gains 544 544* 560 2.9%
Earnings per share excluding capital
gains (in EUR)
6.49 6.49 6.5 0.2%
Cash flow from operations 1,339 1,226** 1,384 12.9%
Cash flow excluding capital gains 1,428 1,315** 1,435 9.2%
Depreciation and amortization
(including goodwill)
813 756 836 10.6%
Capital expenditure 779 695 557 -19.9%
Investments in securities 2,242 2,170 539 -75.2%
Net indebtedness 8,421 8,421 8,355 -0.8%
* of which Essilor: EUR 20 million
** of which Essilor: EUR 11 million
This performance in first-half 2001, compared to a particularly strong first-half 2000, reflects the
Saint-Gobain Group's ability to continue to grow despite a markedly more difficult economic
environment, particularly in the United States. The Group's sturdier operations mix, added to the
constant profitability-boosting efforts pursued in each of the business sectors (see Appendix)
explains this resilience.
The Glass Sector posted the strongest performance within the Group in first-half 2001. Its sales
and earnings were bolstered by sustained demand across all business lines and higher Flat Glass
and Reinforcements prices.
3
The High-Performance Materials Sector recorded a slight dip in relation to first-half 2000, in
terms of both sales and profitability, due to the impact on the Abrasives Divison of the
manufacturing slowdown in the United States and to the abrupt contraction in the worldwide
electronics market, which has hurt several Ceramics & Plastics businesses since the beginning of
the second quarter.
The Housing Products Sector recorded mixed results: Building Materials Distribution continued
to develop through both organic growth and bolt-on acquisitions, but the Division's operating
margin has been diluted by the acquisition of Raab-Karcher in 2000. The Pipe Division's sales were
on a par with those of first-half 2000, but its margins grew thanks to the cost-reduction drive
undertaken in the final months of 2000. Although affected by the slowdown in the U.S. building
industry since the peak of the first-half 2000, the performance of the Building Materials Division
has improved compared to second-half 2000 thanks to the industrial rationalization efforts it has
carried out and to a marked upturn in activity in the United States in the second quarter.
* * *
Group sales were up 19.4%. Based on a comparable Group structure, sales rose 3.6% in euros and
2.6% in local currencies. This growth was mainly attributable to higher sales prices in all Group
Divisions, as volumes declined slightly: the drop in North America was not fully offset by
expansion in Europe and in emerging countries.
Sales in France accounted for 29.4% of the total, with other European countries contributing 40.3%,
North America 23% and other countries 7.3%.
Operating income rose by 8.3%, and 5.2% on a comparable structure basis. Operating margin was
9%, compared to 9.9% in first-half 2000. The change was wholly attributable to the increased
weight of the Distribution Division. Excluding Distribution, operating margin rose to 11%, up from
10.9% in first-half 2000.
Profitability gains were achieved in France and in other European countries (excluding Building
Materials Distribution) as well as in emerging countries, but margins contracted in North America
due to the overall slowdown in most of the Group's markets (with the notable exception of glass
containers).
The increase in net interest and other financial charges was the result of the acquisitions carried
out in the course of 2000. Non-operating costs contracted sharply to EUR 43 million from EUR 62
million in first-half 2000.
Profit on sales of non-current assets, in an amount of EUR 134 million, mainly concerned capital
gains on the disposal of the Group's entire stake in BNP Paribas, less asset write-downs recorded
by the Lapeyre Group with a view to disposing of its operations involving sales of third-party
products and sales to building sites.
The Group’s share in net results of equity investees amounted to €EUR 9 million, against
EUR 50 million in first-half 2000. This sharp decrease was mainly due to the sale in November
2000 of the Group’s interest in Essilor and also to the full consolidation of certain subsidiaries.
Net income amounted to EUR 658 million, down 24.6% in relation to first-half 2000. Based on
the number of shares outstanding at June 30, 2001 (86,133,298 shares, taking into account the
903,150 shares issued under the Group Savings Plan), earnings per share came to EUR 7.64. In
line with the commitments made by the Group, the new shares issued in the course of the first
half will be neutralized in the second, by the cancellation of an equivalent number of shares, to
bring total capital stock back to its level at December 31, 2000, i.e. 85,213,263 shares.
4
Excluding profit on sales of non-current assets, net income came to EUR 560 million, 2.9%
higher than the EUR 544 million recorded in first-half 2000. Based on the total number of shares
outstanding at June 30, 2001 (86,133,298), earnings per share excluding capital gains stood at
EUR 6.5.
Cash flow from operations expanded by 12.9% to EUR 1,384 million. Excluding the EUR 51
million in tax on profit on sales of non-current assets, cash flow from operations stood at
EUR 1,435 million, an increase of 9.2% over the EUR 1,314 million for first-half 2000.
Capital expenditure on plant and equipment totalled EUR 557 million (compared to EUR 695
million for the same period last year), representing 3.6% of sales, down from 5.4% in first-half
2000.
Expenditure on securities amounted to EUR 538 million, including EUR 322 million for the
buyback of minority interests in Saint-Gobain Cristalería and in the Group’s Brazilian
subsidiaries.
Net debt at June 30, 2001 stood at EUR 8.4 billion, on a par with the amount at December 31,
2000 and representing approximately 67% of shareholders’ equity.
Outlook: the Saint-Gobain confirms its target for 2001 a 10% increase in net income before profit
on sales of non-current assets, provided there is no new and significant deterioration in the
economic environment. The Group is therefore aiming for a sharp year-on-year expansion in its
second-half net income excluding capital gains, taking into account, on the one hand, a lower
reference point (as the effects of the slowdown in North America had already been felt in
second-half 2000) and, secondly, potential for performance improvements in the Housing
Products Sector, particularly the Distribution Division.
* * *
Next results announcements:
- Final results for first-half 2001: Thursday, September 20, after the Paris Stock Exchange has
closed.
- Sales for the nine months to September 30, 2001: Tuesday, October 30, after the Paris Stock
Exchange has closed.
* * *
The Saint-Gobain Group will be holding an analysts’ meeting on Friday, July 27 at 8 :30 a.m.
(Paris time) to present its interim results. This meeting will be broadcast on the Internet, live
beginning at 8:30 a.m. (Paris time), and recorded as from 2:00 p.m. (Paris time). If you wish to
take part and ask questions directly, we invite you to visit the Saint-Gobain website at
www.saint-gobain.com. You will need a personal computer with a sound card and with the
RealPlayer program installed and correctly configured for the browser you are using.
To test your equipment setup prior to the live event, you can tune in to the webcast of the
Annual Shareholders’ Meeting of June 28, 2001, which is already available on the Saint-Gobain
website.
July 26, 2001
Investor Relations Department
Tel. : Florence TRIOU-TEIXEIRA +33 1 47 62 45 19 – mailto : [email protected]
Tel. : Lounis BEKKAT +33 1 47 62 32 36 – mailto : [email protected]
Fax : +33 1 47 62 50 62
Appendix
Results by Business Sector, Division and Geographic Area
(in EUR millions)
change on change on
H1 H1 an actual change on a comparable
2000 2001 structure a comparable structure and
I. SALES est. basis structure currency basis
by sector and division:
Glass (1) 5 519 5 967 +8.1% +6.2% +5.2%
Flat Glass 2 055 2 262 +10.1% +7.3% +8.0%
Insulation and Reinforcements 1 548 1 652 +6.7% +1.7% +0.1%
Containers 1 921 2 059 +7.2% +8.8% +6.2%
High-Performance Materials & Plastics (1) 2 996 2 129 -28.9% -0.6% -3.1%
Ceramics and H.P. Plastics & Abrasives 2 018 2 129 +5.5% -0.6% -3.1%
Essilor 978 0 -100.0%
Housing Products (1) 5 343 7 310 +36.8% +2.4% +2.0%
Building Materials 1 527 1 596 +4.5% +1.8% -1.2%
Building Distribution 3 028 4 914 +62.3% +4.4% +4.8%
Pipe 882 916 +3.9% -1.4% -0.5%
internal sales -76 -120
Group 13 782 15 286 +10.9% +3.6% +2.6%
by geographic area:
Essilor 4 313 4 662 +8.1% +6.1% +6.1%
France 4 707 6 404 +36.1% +2.5% +3.1%
Other European Countries 3 356 3 652 +8.8% +2.6% -4.3%
North America 957 1 159 +21.1% +5.2% +12.5%
Rest of the world 978 0 -100.0%
internal sales -529 -591 n.s.
Group 13 782 15 286 +10.9% +3.6% +2.6%
(1) including inter-division eliminations
H1 H1
II. OPERATING INCOME 2000 2001 change
est.
by Sector and Division:
Glass 589 684 +16.1%
Flat Glass 192 274 +42.7%
Insulation and Reinforcements 199 208 +4.5%
Containers 198 202 +2.0%
High-Performance Materials & Plastics 399 253 -36.6%
Ceramics and H.P. Plastics & Abrasives 269 253 -5.9%
Essilor 130 0 -100.0%
Housing Products 408 429 +5.1%
Building Materials 152 130 -14.5%
Building Distribution 192 220 +14.6%
Pipe 64 79 +23.4%
misc. 5 11
Group 1 401 1 377 -1.7%
by geographic area:
France 425 480 +12.9%
Other European Countries 359 470 +30.9%
North America 390 297 -23.8%
Rest of the world 97 130 +34.0%
Essilor 130 0 -100.0%
Group 1 401 1 377 -1.7%
H1 H1
III. CASH FLOW 2000 2001 change
est.
by Sector and Division:
Glass 687 797 +16.0%
Flat Glass 230 310 +34.8%
Insulation and Reinforcements 215 232 +7.9%
Containers 242 255 +5.4%
High-Performance Materials & Plastics 348 210 -39.7%
Ceramics and H.P. Plastics & Abrasives 224 210 -6.3%
Essilor 124 0 -100.0%
Housing Products 360 347 -3.6%
Building Materials 149 129 -13.4%
Building Distribution 144 145 +0.7%
Pipe 67 73 +9.0%
misc. -56 30
Group 1 339 1 384 +3.4%
by geographic area:
France 316 425 +34.5%
Other European Countries 423 495 +17.0%
North America 341 297 -12.9%
Rest of the world 135 167 +23.7%
Essilor 124 0 -100.0%
Group 1 339 1 384 +3.4%
IV. CAPITAL EXPENDITURE H1 H1
ON PLANT AND EQUIPMENT 2000 2001 variation
est.
by Sector and Division:
Glass 430 292 -32.1%
Flat Glass 189 115 -39.2%
Insulation and Reinforcements 136 91 -33.1%
Containers 105 86 -18.1%
High-Performance Materials & Plastics 170 75 -55.9%
Ceramics and H.P. Plastics & Abrasives 86 75 -12.8%
Essilor 84 0 -100.0%
Housing Products 178 190 +6.7%
Building Materials 66 55 -16.7%
Building Distribution 87 119 +36.8%
Pipe 25 16 -36.0%
misc. 1 0
Group 779 557 -28.5%
by geographic area:
France 166 144 -13.3%
Other European Countries 231 191 -17.3%
North America 158 141 -10.8%
Rest of the world 140 81 -42.1%
Essilor 84 0 -100.0%
Group 779 557 -28.5%