PARIS, Jan. 25, 2002 (PRIMEZONE) -- Saint-Gobain:
-- Operating margin (excluding building materials distribution) holds
firm at 10.6%
-- Objective for 2002: Growth of 0 to 4% in net income excluding
capital gains
-- Simplified tender offer or the minority interests in Lapeyre at a
price of Eur 62 per share
Excluding capital gains, net income of the Saint-Gobain Group for 2001 is estimated at EUR 1,057 million, up 3% compared with 2000.
Earnings per share (EPS) rose 3% to EUR 12.40 from EUR 12.04 in 2000, based on the 85,258,628 shares outstanding at December 31, 2001.
This growth is on a par with what was achieved in the first half and in line with the objective set by the Group on October 30, 2001 (growth of 1 to 5% in net income excluding capital gains). It reflects the ability of the Group as a whole to continue to develop despite a more difficult environment, especially in the last four months of the year, following the events of September 11th.
Consolidated net income is estimated at EUR 1,137 million. This is 25% below the figure for 2000, due to lower capital gains in 2001.
Earnings per share (EPS) amounted to EUR 13.34, down 25.1% from EUR 17.80 in 2000, based on the 85,258,628 shares outstanding at December 31, 2001.
The Group's consolidated financial statements for 2000 included the results of Essilor, which was fully consolidated up to June 30, 2000, then accounted for by the equity method up to November 15, 2000, when the Group sold its entire interest in this company.
For purposes of comparability, the Group's consolidated financial statements for 2000 are also presented with Essilor accounted for by the equity method, and the comments that follow are based on this presentation.
Based on the estimates presented at the Board of Directors Meeting of January 24, 2002, the Group's key consolidated data for 2001 are as follows:
2000 2000 2001 % change
in EUR pro forma, estimated
millions Essilor by EUR
E.M.EUR millions
millions
(1) (2) (2)/(1)
Net sales 28,815 27,837 30,391 9.2%
Operating income 2,693 2,563 2,677 4.4%
Dividend income 24 24 33 37.5%
Interest and other
financial charges,
net (612) (594) (603) 1.5%
Non-operating costs (158) (157) (123) -21.7%
Income before
profit on sales
of non-current
assets and taxes 1,947 1,836 1,984 8.1%
Profit on sales of
non-current assets,
net 584 584 89 -84.8%
Provision for
income tax (791) (758) (720) -5%
Amortization of
goodwill (182) (171) (183) 7%
Share in net results
of equity investees 84 103 7 -93.2%
Net income before
minority interests 1,642 1,594 1,177 -26.2%
Minority interests (125) (77) (40) -48.1%
Net income 1,517 1,517* 1,137 -25%
Earnings per share
(in EUR) 17.80 17.80 13.34 -25.1%
Net income excluding
capital gains 1,026 1,026* 1,057 3%
Earnings per share
excluding capital
gains (in EUR) 12.04 12.04 12.40 3%
Cash flow from
operations 2,643 2,530** 2,725 7.7%
Cash flow excluding
capital gains 2,747 2,634** 2,758 4.7%
Capital expenditure 1,722 1,638 1,430 -12.7%
Investments in
securities 3,347 3,275 848 -74.1%
Net indebtedness 8,217 8,217 7,797 -5.1%
* of which Essilor: EUR 39 million
** of which Essilor: EUR 11 million
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