Saint-Gobain group final results for 2000
1
SAINT-GOBAIN GROUP FINAL RESULTS FOR 2000:
ANOTHER YEAR OF VIGOROUS GROWTH
o Net sales up 25.5% to EUR 28.8 billion (FRF 189 billion)
o Consolidated net income up 23.7% to EUR 1.5 billion (nearly FRF 10 billion)
o Net income excluding capital gains up 16.2% to EUR 1 billion (FRF 6.7 billion)
o EARNINGS PER SHARE EXCLUDING CAPITAL GAINS UP 19% TO EUR 12.04
DIVIDEND (RECOMMENDED TO THE GENERAL MEETING)
EUR 4.30 PER SHARE, UP 19.4%%
TARGET FOR 2001: 10% GROWTH IN NET INCOME
EXCLUDING CAPITAL GAINS
2
2
At its meeting of Thursday March 29, 2001, the Board of Directors of Saint-Gobain approved the Group's consolidated financial statements for 2000.
The Group's consolidated financial statements for the year ended December 31, 2000 reflect the full consolidation of Essilor from January 1, 2000 until June 30, 2000; the company was then accounted for by the equity method from July 1, 2000 to November 15, 2000, at which time the Group disposed of its entire interest in Essilor. Key consolidated figures for 1999 and 2000 are also presented in Appendix 1 with Essilor accounted for by the equity method up to November 15, 2000.
The key consolidated figures, which confirm the estimates published at the end of January, are as follows:
2000
1999
% change
in EUR millions
in EUR millions
Net sales
28,815
22,952
25.5%
Operating income
2,693
2,314
16.4%
Dividend income
24
26
-7.69%
Interest and other financial charges, net
(612)
(328)
86.6%
Non-operating costs
(158)
(191)
-17.3%
Income before tax and before profit on sale of non-current assets and taxes
1,947
1,821
6.9%
Profit on sale of non-current assets
584
457
27.8%
Provision for income taxes
(791)
(775)
2.1%
Amortization of goodwill
(182)
(142)
28.2%
Share in net results of equity investees
84
28
200.0%
Net income before minority interests
1,642
1,389
18.2%
Minority interests
(125)
(163)
-23.3%
Net income
1,517
1,226
23.7%
EPS (in EUR)
17.80
14.05
26.7%
Net income before profit on sale of non-current assets
1,026
883
16.2%
EPS before profit on sale of non-current assets (in EUR)
12.04
10.12
19.0%
Cash flow from operations
2,643
2,360
12.0%
Capital expenditure on plant and equipment
1,722
1,712
0.6%
Expenditure on securities
3,347
2,481
34.9%
Net debt
8,217
6,306
30.3%
These results are slightly above the target set by the Group for 2000, despite less favorable economic conditions in the second half. They represent the pay-off from the transformation of the business portfolio and the Group's strategy to boost the profitability of its three core businesses, Glass, High-Performance Materials and Housing Products (see Appendix 2).
Glass Sector sales and earnings were boosted by sustained demand across most of its business lines and higher Flat Glass and Reinforcements prices.
The High-Performance Materials Sector reported only modest growth on an actual structure basis, due to the use of the equity method to account for Essilor in the second half. Excluding Essilor, the Sector turned in a very satisfactory performance on both a published and like-for-like basis, thanks to strong gains by the Ceramics and Plastics division.
3
3
The Housing Products Sector experienced a sharp dip in its profitability, despite robust sales growth, especially in distribution. Significant increases in raw materials and energy costs eroded margins, particularly in the Building Materials and Pipe divisions. Building Materials Distribution operating margin was diluted by the Raab-Karcher acquisition, masking a modest improvement in underlying profitability.
Excluding Essilor, consolidated net sales expanded by 30.8% (25.5% including Essilor). Based on a comparable structure, the growth rates were 11% in euros and 5.5% in local currencies. Sales prices rose 2.1%, reflecting increases in Flat Glass, Reinforcements and Building Materials prices throughout the year 2000. Sales volumes rose sharply in the first half, especially in Europe, but flattened in the second half, due mainly to slacker demand in the United States and Germany.
Out of total sales (excluding Essilor), France contributed 29.6%, the rest of Europe 38.8%, North America 24.2% and the rest of the world 7.4%.
Exluding Essilor, operating income expanded 22.9% (16.4 including Essilor). Operating margin stood at 9.2% (9.3% including Essilor) versus 9.8% in 1999. Excluding both Essilor and the Building Materials Distribution division, operating margin came to 10.6% compared with 10.5% in 1999.
Margins improved in France and the rest of Europe – excluding Building Materials Distribution – as well as in emerging markets, but they contracted in North America due to slower economic growth in the United States in the second half of the year.
Excluding Essilor, income before profit on sale of non-current assets and taxes expanded by 12.8% (6.9% including Essilor). Growth in operating income offset the increase in net interest and other financial charges triggered by the financing of acquisitions made during the year. Excluding Essilor, non-operating costs contracted sharply to EUR 157 million from EUR 185 million in 1999.
Profit on sale of non-current assets, in an amount of EUR 584 million, mainly concerned the sale of 4 million Vivendi shares and the Group's entire interest in Essilor.
Net income reached EUR 1,517 million, up 23.7%. Earnings per share rose 26.7% to EUR 17.80 from EUR 14.05 in 1999, based on the 85,213,263 shares outstanding at December 31, 2000 following the cancellation of 5% of capital stock.
Excluding profit on sale of non-current assets, net income came to EUR 1,026 million versus EUR 883 million in 1999, representing an increase of 16.2%. Based on the number of shares outstanding at December 31, 2000, earnings per share before profit on sale of non-current assets stood at EUR 12.04, up 19% compared with EUR 10.12 in 1999.
Excluding Essilor, cash flow from operations expanded by 18.7% to EUR 2,530 million (12% increase with Essilor). Excluding the EUR 104 million in tax on profit on sale of non-current assets, cash flow from operations stood at EUR 2,634 million, an increase of 16.9% (10.7% including Essilor).
Excluding Essilor, capital expenditure on plant and equipment totalled EUR 1,638 million, representing 5.9% of sales against 7.4% in 1999. Including Essilor, capital expenditure came to EUR 1,722 million, representing 6% of sales.
Excluding Essilor, expenditure on securities amounted to EUR 3,275 million (EUR 3,347 million with Essilor), including EUR 1,978 million for the Meyer and Raab Karcher acquisitions and EUR 376 million for the buyback of 2.5 million Saint-Gobain shares.
4
4
Net debt at December 31, 2000 stood at EUR 8.2 billion, representing approximately 68% of shareholders' equity.
General Meeting
The Board of Directors also reviewed the accounts of Compagnie de Saint-Gobain, the parent (holding) company. Net income amounted to EUR 1,015 million for the year ended December 31, 2000, against EUR 574 million for 1999.
At the General Meeting of the Company's shareholders, called for June 28, 2001, the Board will recommend the distribution of EUR 357.3 million, against EUR 300.9 million last year. The dividend per share would therefore amount to EUR 4.30, a 19.4% increase over last year. To this would be added a tax credit of EUR 2.15 per share, giving a total of EUR 6.45 per share. The dividend will be paid entirely in cash as from July 2, 2001.
In addition, the Board of Directors will recommend that the General Meeting confirm the appointment of Jean-Martin Folz, Chairman of the Management Board of Peugeot S.A., appointed as a Director on March 29, 2001, to replace Pierre Faurre following the latter’s death. The Board of Directors will also recommend that the General Meeting elect Paul A.David, Professor at the universities of Stanford and Oxford, as a Director.
Outlook: the Saint-Gobain Group confirms its target for 2001 a 10% increase in net income before profit on sale of non-current assets, provided there is no new and significant deterioration in the economic environment.
March 29, 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 1 :
Key proforma consolidated figures for the years 1999 and 2000
with Essilor accounted for by the equity method (until Nov. 15,2000)
(in millions of euros)
1999
2000 est.
change
Net Sales
21,290
27,837
+30.8%
Operating Income
2,085
2,563
+22.9%
Dividend Income
26
24
-7.7%
Interest and other financial charges, net
-298
-594
+99.3%
Non-operating costs
-185
-157
-15.1%
Income before tax and before capital gains
1,628
1,836
+12.8%
Capital gains
457
584
+27.8%
Provision for Income taxes
-725
-758
+4.6%
Amortization of goodwill
-122
-171
+40.2%
Share in net results of equity investees
67
103
+53.7%
Net income before minority interests
1,305
1,594
+22.1%
Minority interests
-79
-77
-2.5%
Net income
1,226
1,517
+23.7%
Earnings per share (in euros)
14.05
17.8
+26.7%
Net income excluding capital gains
883
1,026
+16.2%
Earnings per share excluding capital gains (in euros)
10.12
12.04
+19.0%
Cash flow from operations
2,131
2,530
+18.7%
Capital expenditure on plant and equipment
1,583
1,638
+3.5%
Expenditure on securities
2,436
3,275
+34.4%
Net debt
6,142
8,217
+33.8%
Appendix 2:
Results by Business Sector, Division and Geographic Area
(in millions of euros)
change on
change on
change on
an actual
a comparable
a comparable
I. SALES
1999
2000
structure
structure
structure and
basis
currency basis
by sector and division:
Glass (1)
10,217
11,317
+10.8%
+10.0%
+4.3%
Flat Glass
3,718
4,167
+12.1%
+11.8%
+7.8%
Insulation and Reinforcements
2,864
3,254
+13.6%
+11.4%
+4.7%
Containers
3,640
3,906
+7.3%
+7.2%
+0.4%
High Performance Materials & Plastics (1)
4,726
5,073
+7.3%
+16.3%
+6.9%
Ceramics and H.P. Plastics & Abrasives
3,066
4,095
+33.6%
+16.3%
+6.9%
Essilor
1,662
978
-41.1%
Housing Products (1)
8,157
12,596
+54.4%
+10.4%
+6.6%
Building Materials
2,625
3,067
+16.8%
+14.3%
+3.8%
Building Distribution
4,078
7,930
+94.5%
+10.1%
+10.0%
Pipe
1,605
1,778
+10.8%
+5.6%
+3.2%
internal sales
-306
-360
Group
22,952
28,815
+25.5%
+11.0%
+5.5%
by geographic area:
France
7,631
8,541
+11.9%
+8.7%
+8.7%
Other European Countries
7,561
11,204
+48.2%
+6.1%
+4.7%
North America
5,306
7,002
+32.0%
+17.3%
+1.2%
Rest of the world
1,614
2,148
+33.1%
+31.9%
+14.7%
Essilor
1,662
978
-41.1%
internal sales
-822
-1,058
Group
22,952
28,815
+25.5%
+11.0%
+5.5%
(1) including inter-divisions eliminations
II. OPERATING INCOME
1999
2000
change
by sector and division:
Glass
1,053
1,227
+16.5%
Flat Glass
328
430
+31.1%
Insulation and Reinforcements
358
423
+18.2%
Containers
367
374
+1.9%
High Performance Materials & Plastics
594
668
+12.5%
Ceramics and H.P. Plastics & Abrasives
365
538
+47.4%
Essilor
229
130
-43.2%
Housing Products
664
780
+17.5%
Building Materials
283
252
-11.0%
Building Distribution
252
422
+67.5%
Pipe
129
106
-17.8%
misc.
3
18
Group
2,314
2,693
+16.4%
by geographic area:
France
701
797
+13.7%
Other European Countries
602
791
+31.4%
North America
607
739
+21.7%
Rest of the world
175
236
+34.9%
Essilor
229
130
-43.2%
Group
2,314
2,693
+16.4%
III. CASH FLOW
1999
2000
change
by sector and division:
Glass
1,273
1,421
+11.6%
Flat Glass
408
489
+19.9%
Insulation and Reinforcements
389
452
+16.2%
Containers
476
480
+0.8%
High Performance Materials & Plastics
554
582
+5.1%
Ceramics and H.P. Plastics & Abrasives
315
458
+45.4%
Essilor
239
124
-48.1%
Housing Products
690
702
+1.7%
Building Materials
306
273
-10.8%
Building Distribution
241
309
+28.2%
Pipe
143
120
-16.1%
misc.
-157
-62
Group
2,360
2,643
+12.0%
by geographic area:
France
526
598
+13.7%
Other European Countries
761
926
+21.7%
North America
566
673
+18.9%
Rest of the world
268
322
+20.1%
Essilor
239
124
-48.1%
Group
2,360
2,643
+12.0%
IV. CAPITAL EXPENDITURE
1999
2000
change
ON PLANT AND EQUIPMENT
by sector and division:
Glass
995
961
-3.4%
Flat Glass
389
425
+9.3%
Insulation and Reinforcements
345
258
-25.2%
Containers
261
278
+6.5%
High Performance Materials & Plastics
266
289
+8.6%
Ceramics and H.P. Plastics & Abrasives
137
205
+49.6%
Essilor
129
84
-34.9%
Housing Products
393
468
+19.1%
Building Materials
159
172
+8.2%
Building Distribution
145
229
+57.9%
Pipe
89
67
-24.7%
misc.
58
4
Group
1,712
1,722
+0.6%
by geographic area:
France
398
433
+8.8%
Other European Countries
653
572
-12.4%
North America
320
362
+13.1%
Rest of the world
212
271
+27.8%
Essilor
129
84
-34.9%
Group
1,712
1,722
+0.6%
SAINT-GOBAIN GROUP FINAL RESULTS FOR 2000:
ANOTHER YEAR OF VIGOROUS GROWTH
o Net sales up 25.5% to EUR 28.8 billion (FRF 189 billion)
o Consolidated net income up 23.7% to EUR 1.5 billion (nearly FRF 10 billion)
o Net income excluding capital gains up 16.2% to EUR 1 billion (FRF 6.7 billion)
o EARNINGS PER SHARE EXCLUDING CAPITAL GAINS UP 19% TO EUR 12.04
DIVIDEND (RECOMMENDED TO THE GENERAL MEETING)
EUR 4.30 PER SHARE, UP 19.4%%
TARGET FOR 2001: 10% GROWTH IN NET INCOME
EXCLUDING CAPITAL GAINS
2
2
At its meeting of Thursday March 29, 2001, the Board of Directors of Saint-Gobain approved the Group's consolidated financial statements for 2000.
The Group's consolidated financial statements for the year ended December 31, 2000 reflect the full consolidation of Essilor from January 1, 2000 until June 30, 2000; the company was then accounted for by the equity method from July 1, 2000 to November 15, 2000, at which time the Group disposed of its entire interest in Essilor. Key consolidated figures for 1999 and 2000 are also presented in Appendix 1 with Essilor accounted for by the equity method up to November 15, 2000.
The key consolidated figures, which confirm the estimates published at the end of January, are as follows:
2000
1999
% change
in EUR millions
in EUR millions
Net sales
28,815
22,952
25.5%
Operating income
2,693
2,314
16.4%
Dividend income
24
26
-7.69%
Interest and other financial charges, net
(612)
(328)
86.6%
Non-operating costs
(158)
(191)
-17.3%
Income before tax and before profit on sale of non-current assets and taxes
1,947
1,821
6.9%
Profit on sale of non-current assets
584
457
27.8%
Provision for income taxes
(791)
(775)
2.1%
Amortization of goodwill
(182)
(142)
28.2%
Share in net results of equity investees
84
28
200.0%
Net income before minority interests
1,642
1,389
18.2%
Minority interests
(125)
(163)
-23.3%
Net income
1,517
1,226
23.7%
EPS (in EUR)
17.80
14.05
26.7%
Net income before profit on sale of non-current assets
1,026
883
16.2%
EPS before profit on sale of non-current assets (in EUR)
12.04
10.12
19.0%
Cash flow from operations
2,643
2,360
12.0%
Capital expenditure on plant and equipment
1,722
1,712
0.6%
Expenditure on securities
3,347
2,481
34.9%
Net debt
8,217
6,306
30.3%
These results are slightly above the target set by the Group for 2000, despite less favorable economic conditions in the second half. They represent the pay-off from the transformation of the business portfolio and the Group's strategy to boost the profitability of its three core businesses, Glass, High-Performance Materials and Housing Products (see Appendix 2).
Glass Sector sales and earnings were boosted by sustained demand across most of its business lines and higher Flat Glass and Reinforcements prices.
The High-Performance Materials Sector reported only modest growth on an actual structure basis, due to the use of the equity method to account for Essilor in the second half. Excluding Essilor, the Sector turned in a very satisfactory performance on both a published and like-for-like basis, thanks to strong gains by the Ceramics and Plastics division.
3
3
The Housing Products Sector experienced a sharp dip in its profitability, despite robust sales growth, especially in distribution. Significant increases in raw materials and energy costs eroded margins, particularly in the Building Materials and Pipe divisions. Building Materials Distribution operating margin was diluted by the Raab-Karcher acquisition, masking a modest improvement in underlying profitability.
Excluding Essilor, consolidated net sales expanded by 30.8% (25.5% including Essilor). Based on a comparable structure, the growth rates were 11% in euros and 5.5% in local currencies. Sales prices rose 2.1%, reflecting increases in Flat Glass, Reinforcements and Building Materials prices throughout the year 2000. Sales volumes rose sharply in the first half, especially in Europe, but flattened in the second half, due mainly to slacker demand in the United States and Germany.
Out of total sales (excluding Essilor), France contributed 29.6%, the rest of Europe 38.8%, North America 24.2% and the rest of the world 7.4%.
Exluding Essilor, operating income expanded 22.9% (16.4 including Essilor). Operating margin stood at 9.2% (9.3% including Essilor) versus 9.8% in 1999. Excluding both Essilor and the Building Materials Distribution division, operating margin came to 10.6% compared with 10.5% in 1999.
Margins improved in France and the rest of Europe – excluding Building Materials Distribution – as well as in emerging markets, but they contracted in North America due to slower economic growth in the United States in the second half of the year.
Excluding Essilor, income before profit on sale of non-current assets and taxes expanded by 12.8% (6.9% including Essilor). Growth in operating income offset the increase in net interest and other financial charges triggered by the financing of acquisitions made during the year. Excluding Essilor, non-operating costs contracted sharply to EUR 157 million from EUR 185 million in 1999.
Profit on sale of non-current assets, in an amount of EUR 584 million, mainly concerned the sale of 4 million Vivendi shares and the Group's entire interest in Essilor.
Net income reached EUR 1,517 million, up 23.7%. Earnings per share rose 26.7% to EUR 17.80 from EUR 14.05 in 1999, based on the 85,213,263 shares outstanding at December 31, 2000 following the cancellation of 5% of capital stock.
Excluding profit on sale of non-current assets, net income came to EUR 1,026 million versus EUR 883 million in 1999, representing an increase of 16.2%. Based on the number of shares outstanding at December 31, 2000, earnings per share before profit on sale of non-current assets stood at EUR 12.04, up 19% compared with EUR 10.12 in 1999.
Excluding Essilor, cash flow from operations expanded by 18.7% to EUR 2,530 million (12% increase with Essilor). Excluding the EUR 104 million in tax on profit on sale of non-current assets, cash flow from operations stood at EUR 2,634 million, an increase of 16.9% (10.7% including Essilor).
Excluding Essilor, capital expenditure on plant and equipment totalled EUR 1,638 million, representing 5.9% of sales against 7.4% in 1999. Including Essilor, capital expenditure came to EUR 1,722 million, representing 6% of sales.
Excluding Essilor, expenditure on securities amounted to EUR 3,275 million (EUR 3,347 million with Essilor), including EUR 1,978 million for the Meyer and Raab Karcher acquisitions and EUR 376 million for the buyback of 2.5 million Saint-Gobain shares.
4
4
Net debt at December 31, 2000 stood at EUR 8.2 billion, representing approximately 68% of shareholders' equity.
General Meeting
The Board of Directors also reviewed the accounts of Compagnie de Saint-Gobain, the parent (holding) company. Net income amounted to EUR 1,015 million for the year ended December 31, 2000, against EUR 574 million for 1999.
At the General Meeting of the Company's shareholders, called for June 28, 2001, the Board will recommend the distribution of EUR 357.3 million, against EUR 300.9 million last year. The dividend per share would therefore amount to EUR 4.30, a 19.4% increase over last year. To this would be added a tax credit of EUR 2.15 per share, giving a total of EUR 6.45 per share. The dividend will be paid entirely in cash as from July 2, 2001.
In addition, the Board of Directors will recommend that the General Meeting confirm the appointment of Jean-Martin Folz, Chairman of the Management Board of Peugeot S.A., appointed as a Director on March 29, 2001, to replace Pierre Faurre following the latter’s death. The Board of Directors will also recommend that the General Meeting elect Paul A.David, Professor at the universities of Stanford and Oxford, as a Director.
Outlook: the Saint-Gobain Group confirms its target for 2001 a 10% increase in net income before profit on sale of non-current assets, provided there is no new and significant deterioration in the economic environment.
March 29, 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 1 :
Key proforma consolidated figures for the years 1999 and 2000
with Essilor accounted for by the equity method (until Nov. 15,2000)
(in millions of euros)
1999
2000 est.
change
Net Sales
21,290
27,837
+30.8%
Operating Income
2,085
2,563
+22.9%
Dividend Income
26
24
-7.7%
Interest and other financial charges, net
-298
-594
+99.3%
Non-operating costs
-185
-157
-15.1%
Income before tax and before capital gains
1,628
1,836
+12.8%
Capital gains
457
584
+27.8%
Provision for Income taxes
-725
-758
+4.6%
Amortization of goodwill
-122
-171
+40.2%
Share in net results of equity investees
67
103
+53.7%
Net income before minority interests
1,305
1,594
+22.1%
Minority interests
-79
-77
-2.5%
Net income
1,226
1,517
+23.7%
Earnings per share (in euros)
14.05
17.8
+26.7%
Net income excluding capital gains
883
1,026
+16.2%
Earnings per share excluding capital gains (in euros)
10.12
12.04
+19.0%
Cash flow from operations
2,131
2,530
+18.7%
Capital expenditure on plant and equipment
1,583
1,638
+3.5%
Expenditure on securities
2,436
3,275
+34.4%
Net debt
6,142
8,217
+33.8%
Appendix 2:
Results by Business Sector, Division and Geographic Area
(in millions of euros)
change on
change on
change on
an actual
a comparable
a comparable
I. SALES
1999
2000
structure
structure
structure and
basis
currency basis
by sector and division:
Glass (1)
10,217
11,317
+10.8%
+10.0%
+4.3%
Flat Glass
3,718
4,167
+12.1%
+11.8%
+7.8%
Insulation and Reinforcements
2,864
3,254
+13.6%
+11.4%
+4.7%
Containers
3,640
3,906
+7.3%
+7.2%
+0.4%
High Performance Materials & Plastics (1)
4,726
5,073
+7.3%
+16.3%
+6.9%
Ceramics and H.P. Plastics & Abrasives
3,066
4,095
+33.6%
+16.3%
+6.9%
Essilor
1,662
978
-41.1%
Housing Products (1)
8,157
12,596
+54.4%
+10.4%
+6.6%
Building Materials
2,625
3,067
+16.8%
+14.3%
+3.8%
Building Distribution
4,078
7,930
+94.5%
+10.1%
+10.0%
Pipe
1,605
1,778
+10.8%
+5.6%
+3.2%
internal sales
-306
-360
Group
22,952
28,815
+25.5%
+11.0%
+5.5%
by geographic area:
France
7,631
8,541
+11.9%
+8.7%
+8.7%
Other European Countries
7,561
11,204
+48.2%
+6.1%
+4.7%
North America
5,306
7,002
+32.0%
+17.3%
+1.2%
Rest of the world
1,614
2,148
+33.1%
+31.9%
+14.7%
Essilor
1,662
978
-41.1%
internal sales
-822
-1,058
Group
22,952
28,815
+25.5%
+11.0%
+5.5%
(1) including inter-divisions eliminations
II. OPERATING INCOME
1999
2000
change
by sector and division:
Glass
1,053
1,227
+16.5%
Flat Glass
328
430
+31.1%
Insulation and Reinforcements
358
423
+18.2%
Containers
367
374
+1.9%
High Performance Materials & Plastics
594
668
+12.5%
Ceramics and H.P. Plastics & Abrasives
365
538
+47.4%
Essilor
229
130
-43.2%
Housing Products
664
780
+17.5%
Building Materials
283
252
-11.0%
Building Distribution
252
422
+67.5%
Pipe
129
106
-17.8%
misc.
3
18
Group
2,314
2,693
+16.4%
by geographic area:
France
701
797
+13.7%
Other European Countries
602
791
+31.4%
North America
607
739
+21.7%
Rest of the world
175
236
+34.9%
Essilor
229
130
-43.2%
Group
2,314
2,693
+16.4%
III. CASH FLOW
1999
2000
change
by sector and division:
Glass
1,273
1,421
+11.6%
Flat Glass
408
489
+19.9%
Insulation and Reinforcements
389
452
+16.2%
Containers
476
480
+0.8%
High Performance Materials & Plastics
554
582
+5.1%
Ceramics and H.P. Plastics & Abrasives
315
458
+45.4%
Essilor
239
124
-48.1%
Housing Products
690
702
+1.7%
Building Materials
306
273
-10.8%
Building Distribution
241
309
+28.2%
Pipe
143
120
-16.1%
misc.
-157
-62
Group
2,360
2,643
+12.0%
by geographic area:
France
526
598
+13.7%
Other European Countries
761
926
+21.7%
North America
566
673
+18.9%
Rest of the world
268
322
+20.1%
Essilor
239
124
-48.1%
Group
2,360
2,643
+12.0%
IV. CAPITAL EXPENDITURE
1999
2000
change
ON PLANT AND EQUIPMENT
by sector and division:
Glass
995
961
-3.4%
Flat Glass
389
425
+9.3%
Insulation and Reinforcements
345
258
-25.2%
Containers
261
278
+6.5%
High Performance Materials & Plastics
266
289
+8.6%
Ceramics and H.P. Plastics & Abrasives
137
205
+49.6%
Essilor
129
84
-34.9%
Housing Products
393
468
+19.1%
Building Materials
159
172
+8.2%
Building Distribution
145
229
+57.9%
Pipe
89
67
-24.7%
misc.
58
4
Group
1,712
1,722
+0.6%
by geographic area:
France
398
433
+8.8%
Other European Countries
653
572
-12.4%
North America
320
362
+13.1%
Rest of the world
212
271
+27.8%
Essilor
129
84
-34.9%
Group
1,712
1,722
+0.6%