PARIS, Sept. 20, 2001 (PRIMEZONE) -- The Board of Directors of Saint-Gobain (Paris Stock Exchange:SGOB) met on Sept. 20, 2001, to review the final consolidated financial statements of the Group for the six months ended June 30, 2001. The main consolidated results, which are in line with the estimates released on July 26, are as follows:
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.
First-half First-half First-half Change 2001 2000 2000 % in EUR in EUR pro forma millions millions Essilor (1) (2) by equity method in EUR millions (1)/(2) Net sales 15,286 13,782 12,804 19.4% Operating income 1,376 1,401 1,271 8.3% Dividend income 22 22 22 0% Interest and other financial charges, net (311) (272) (254) 22.4% Non-operating costs (43) (63) (62) -30.6% Income before profit on sales of non-current assets and taxes 1,044 1,088 977 6.9% Profit on sales of non-current assets, net 134 414 414 -67.6% Provision for income tax (407) (483) (450) -9.6% Amortization of goodwill (93) (97) (86) 8.1% Share in net results of equity investees 9 31 50 -82.0% Net income before minority interests 687 953 905 -24.1% Minority interests (24) (80) (32) -25% Net income 663 873 873* -24.1% Earnings per share (in Euros) 7.70 10.41 10.41 -26% Net income excluding capital gains 560 544 544* 2.9% Earnings per share excluding capital gains (in Euros) 6.5 6.49 6.49 0.2% Cash flow from operations 1,390 1,339 1,226** 13.4% Cash flow excluding capital gains 1,437 1,428 1,315** 9.3% Depreciation and amortization (incl. goodwill) 839 813 756 11 Capital expenditure 557 779 695 -19.9% Investments in securities 537 2,242 2,170 -75.3% Net indebtedness 8,376 8,421 8,421 -0.5% Gearing ratio 67% 75% 75%n -8 pts * of which Essilor: EUR 20 million ** of which Essilor: EUR 11 million
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 1,027 million for the first six months of 2001, compared with EUR 551 million for the same period of 2000.
Outlook: Group sales in July and August were in line with the trends expected in the second half to reach the objective set for the full year, of 10% growth in net income excluding capital gains. In particular, the three divisions of the Housing Products Sector have recorded significant improvements in their performance.
Nevertheless, the short- and medium-term consequences of the tragic events of Sept. 11, 2001 are for the time being impossible to predict. To date, the first available data show no material impact on the Group's activity levels.
Note 1: See Appendix 1: Results by business sector, division and geographic area.
Note 2: See Appendix 2: Consolidated balance sheet at June 30, 2001.
To view Appendix 1 and 2, go to http://www.prline.fr/pdf/Pressrelease20090.pdf
-0- CONTACT : Saint-Gobain, Paris Investor Relations Department Florence Triou-Teixeira +33 1 47 62 45 19 florence.triou@saint-gobain.com Lounis Bekkat +33 1 47 62 32 36 lounis.bekkat@saint-gobain.com Fax : +33 1 47 62 50 62