PARIS, July 26, 2001 (PRIMEZONE) -- (SGOB : Paris Stock Exchange)
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.
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 non-current
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
The entire text and tables for this release, including the Appendix can be found at the following link: