PARIS, Sept. 19, 2002 (PRIMEZONE) -- The Board of Directors of Saint-Gobain met on September 19, 2002 to review the final consolidated financial statements of the Group for the six months ended June 30, 2002. The main consolidated results, which are in line with the estimates announced on July 25, are as follows:
Within the Housing Products Sector, the Pipe Division's distribution operations have been transferred, as from January 1, 2002, to the Building Materials Distribution Division, in order to set up an European organization for sales of materials in civil engineering markets.
This transfer does not affect overall Group income as presented below, but it does impact sales and operating income data by division presented in the Appendix.
H1 2001 H1 2002 % Change
(1) (2) (2)/(1)
(EUR Millions)
Net sales 15,286 15,350 +0.4%
Operating income 1,376 1,292 -6.1%
Dividend income 22 17 -22.7%
Interest and other
financial charges, net (311) (274) -11.9%
Non-operating costs (43) (99) N.M.
Income before profit on
sales of non-current
assets and taxes 1,044 936 -10.3%
Profit on sales of
non-current assets, net 134 -24 N.M.
Provisions for income tax (407) (321) -21.1%
Amortization of goodwill (93) (78) -16.1%
Share in net results of
equity investees 9 1 -88.9%
Net income before
minority interests 687 514 -25.2%
Minority interests (24) (16) -33.3%
Net income 663 498 -24.9%
Earnings per share
(in EUR) 1.92(a) 1.44 -25.0%
Net income excluding
capital gains 560 515 -8.0%
Earnings per share excluding
capital gains (in EUR) 1.63* 1.49 -8.6%
Cash flow from operations 1,390 1,357 -2.4%
Cash flow excluding
capital gains tax 1,437 1,350 -6.1%
Capital expenditure 557 575 +3.2%
Investments in securities 537 480 -10.6%
Dividend distribution -- 378(b) N.M.
Net indebtedness 8,376 8,009 -4.4%
Gearing ratio 67% 67% --
(a) Earnings per share for first-half 2001 have been restated to take
into account the four-for-one stock split carried out on June 27,
2002
(b) EUR 357 million were distributed in July 2001
Group net indebtedness improved: taking into account the fact that the dividend had not been paid at the end of June 2001, net indebtedness at June 30, 2002 was EUR 724 million lower than a year earlier.
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 EUR 520 million for the first six months of 2002, compared with net income of EUR 1,027 million for the same period of 2001, which included capital gains from disposals that did not recur in 2002.
Group sales over the months of July and August were in line with the full-year target of net income excluding capital gains on a par with 2001.
Appendix 1: Results by business sector, division and geographic area.
Appendix 2: Consolidated balance sheet at June 30, 2002.
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