Final Results
Compagnie de Saint-Gobain
02 February 2006
January 26, 2006
Press
release
ESTIMATED 2005 RESULTS: ANOTHER YEAR OF GROWTH
Excluding the impact of British Plaster Board (BPB), consolidated at December
1, 2005:
O SALES UP 8.4% TO EUR 34,873 million
O OPERATING INCOME UP 4.6% TO EUR 2,868 million
O BUSINESS INCOME UP 8.0% TO EUR 2,611 million
O NET INCOME UP 6.4% TO EUR 1,318 million
Including the impact of the consolidation, at December 1, 2005,
of British Plaster Board (BPB), together with the one-off items associated with
this acquisition
O SALES UP 9.1% TO EUR 35,110 million
O OPERATING INCOME UP 4.3% TO EUR 2,860 million
O BUSINESS INCOME UP 5.6% TO EUR 2,554 million
O NET INCOME UP 2.0% TO EUR 1,264 million
2006 TARGET: STRONG GROWTH IN EARNINGS
O Between 23% and 25% growth in operating income at constant exchange rates
O Between 18% and 20% growth in net income excluding profit (loss) on sales
of non-current assets
O Continuing strong free cash flow levels
Update on the consolidation of British Plaster Board (BPB):
BPB's accounts are reflected in Saint-Gobain Group's consolidated data for 2005
as from December 1, the date at which they were fully consolidated within the
Construction Products (CP) Sector. The public tender offer followed by a
squeeze-out procedure launched on December 7 resulted in the delisting of BPB
shares with effect from January 9, 2006 and the acquisition by Saint-Gobain of
all of BPB's capital on January 19, 2006.
In accordance with IFRS, and in particular IFRS 3 on Business Combinations,
BPB's consolidated financial data was restated when consolidated into the
Saint-Gobain Group's accounts (see appendixes 2 and 3):
- Several acquisition-related adjustments were recorded in the opening
balance sheet at November 30, but other fair value allocations will only be
finalized in fiscal 2006.
- Substantially all of the non-recurring impacts on the income
statement were recorded in December. These mainly concerned (i) the revaluation
of inventories (approximately one month's sales) at market value, which affects
profit margins on inventory sales in December 2005 and reduces operating income
for that month to EUR (8) million from EUR 24 million; and (ii) exceptional
non-operating costs of EUR 13 million, relating to the termination of the BPB
Company Savings Plan.
Some restructuring costs intended to generate operating synergies as from 2006
were also recorded in December 2005. These costs mainly relate to the closure of
the BPB head office (EUR 23 million in restructuring costs and a provision for
unavoidable future rent payments due) and the termination of an IT project at
BPB (resulting in an asset write-down of EUR 13 million).
Overall, after adjusting for finance costs of EUR 18 million, in particular
costs recorded in the books of BPB and those relating to its acquisition by
Saint-Gobain, and after taxes, the contribution of BPB to Saint-Gobain's net
income was a negative EUR 54 million for 2005.
As these restated BPB figures are clearly not representative of the Company's
overall performance, which is on track to meet its published operating
forecasts, and to ensure Saint-Gobain comparability with 2004 data, the
following comments on Saint-Gobain Group's 2005 estimated results are primarily
based on its performance excluding BPB.
* * *
Excluding BPB, consolidated sales for the Saint-Gobain Group are estimated at
EUR 34,873 million for 2005, representing an increase of 8.4%, or 7.4% at
constant exchange rates*. The contribution of the Group's acquisitions
(excluding BPB) to the growth figure, net of disposals, amounted to EUR 1,502
million, accounting for a rise of 4.7% in net sales. On a like-for-like basis
(constant structure and exchange rates), the Group's consolidated sales advanced
2.7% in 2005.
Excluding BPB, Saint-Gobain Group consolidated net income is estimated at EUR
1,318 million, up 6.4% on the year-earlier figure. Excluding profit (loss) on
sales of non-current assets, net income is expected to come in at EUR 1,328
million, up 3.0% on 2004. This earnings growth is primarily fueled by a 4.6%
increase in operating income (3.3% at constant exchange rates*) and an 8.0% rise
in business income, but is hit by a higher year-on-year tax rate.
This performance bears testimony to the Group's resilience and the dynamics of
its business model. The merits of the business model were again evident in 2005,
with strong growth reported in the Construction Products and Building
Distribution Sectors in particular, and ongoing expansion into emerging markets.
* based on average 2004 exchange rates
Performances of Group Sectors (excluding BPB):
Overall, all of the Group's sectors reported like-for-like sales growth in 2005
(see appendix 1). As in the first half, the Group's growth over the year was
mainly driven by businesses relating to the residential construction market. The
Insulation Division, in particular, turned in the Group's highest organic growth
figures, at 7.1%.
The Building Distribution Sector made the largest contribution to growth in
consolidated sales and operating income on a reported basis, posting a 13.2%
increase in sales and a 16.5% rise in operating income. Thanks to recent
internal progress and the positive contribution from recent acquisitions
(especially Dahl, Sanitas-Troesch, and Optimera), the Building Distribution
business registered a further improvement in operating margin to 5.7%, as
against 5.6% in 2004. Robust French and Scandinavian markets continue to
spearhead the Sector's growth, whilst Germany, and to a lesser extent the UK
remain on a downward trend.
The High-Performance Materials Sector reported a renewed increase in sales and
operating income on an underlying basis thanks to a sustained improvement in the
Ceramics & Plastics and Abrasives Divisions, which continue to benefit from
vigorous manufacturing and industrial investment activity, notably in the US.
Despite a recent upturn in volumes in Reinforcements, falling sales prices
dented the division's profitability.
Sales volumes continued to progress in the Flat Glass Sector, with an upturn in
the construction markets in both Europe and emerging countries countering the
drop in Automotive sales observed in the second half. Due to the energy
surcharge, sales prices for flat glass used in the building industry are
slightly up on average compared with 2004. However, certain non-recurring
start-up costs reported in emerging countries weighed on operating income.
Packaging registered a slight rise in like-for-like sales, mainly due to price
increases implemented throughout the year, in particular in the second half.
However, rising prices failed to counter the significant impact on the sector's
operating income of the spike in the cost of energy and particularly natural gas
in the US.
On the back of strong contributions by each of its businesses, the Construction
Products Sector posted the Group's highest like-for-like growth in terms of both
sales, which jumped 6.0%, and operating income, up 13.6%. Building Materials and
particularly Insulation, with sales growth of 5.2% and 7.1% respectively,
continued to reap the rewards of buoyant construction markets in the US and
Europe, barring Germany. The Insulation business also profited from intensified
development and tighter legislation regarding improved thermal insulation in
homes, especially in the UK. Pipe sales experienced a sharp turnaround in the
last three months of 2005, which took its organic growth to 5.6% for the full
year. Increases in the cost of raw materials were comfortably offset by
significant price increases implemented from early 2005 onwards across the
Sector, driving up profitability.
* * *
Analysis of the 2005 estimated consolidated financial statements:
Based on the estimates presented at the Board of Directors' meeting of January
26, 2006, unaudited key consolidated data for 2005 are set out below. The final
version of the 2005 consolidated financial statements will be approved by the
Board of Directors at their meeting of March 23, 2006.
2004 2005 2005
(IFRS) (excl. BPB) % Change (incl. BPB)
In EUR In EUR In EUR
millions millions millions
(1) (2) (2)/(1) (3)
Net sales* 32,172* 34,873* +8.4% 35,110*
Operating income 2,743 2,868 +4.6% 2,860
Non-operating costs (271) (252) -7.0% (288)
Other business income and expenses (54) (5) n.m. (18)
Business income 2,418 2,611 +8.0% 2,554
Net financial income (expense) (535) (550) +2.8% (569)
Income taxes (616) (721) +17.0% (701)
Share in net income of equity investees 8 8 n.m. 10
Income before minority interests 1,275 1,348 +5.7% 1,294
Minority interests (36) (30) -16.7% (30)
Net income excluding profit (loss) on sales of
non-current assets
1,239 1,318 +6.4 1,264
Earnings per share excluding profit (loss) on sales of
non-current assets (in EUR)
3.63 3.82 +5.2% 3.66
Net income 1,289 1,328 +3.0% 1,284
Earnings per share (in EUR) 3.78 3.85 +1.9% 3.72
Cash flow from operations 2,639 2,767 +4.9% 2,735
Cash flow from operations excluding capital gains tax
2,635 2,767 +5.0% 2,730
Capital expenditure 1,540 1,705 +10.7% 1,756
Investments in securities 899 1,208 +34.4% 7,137
Depreciation and amortization 1,374 1,396 +1.6% 1,420
Net debt 6,218 6,571 +5,7% 12,853
* including ancillary revenue of EUR 250 million in 2005, up from EUR 190
million in 2004.
To enhance comparability with 2004 data, the following comments mainly relate to
the Group's 2005 consolidated data excluding the impact of BPB.
Group sales climbed 8.4% on an actual structure basis, and 3.6% like-for-like.
At constant exchange rates**, consolidated sales rose by 7.4% on an actual
structure basis and 2.7% like-for-like. Sales prices edged up by 1.9% on
average, while volumes were up by 0.8%.
** based on average 2004 exchange rates
The breakdown of like-for-like sales by geographic area reveals continuing
robust business levels in France and the United States, which posted increases
of 4.7% and 4.0% respectively. Business held firm in other western European
countries, with the fall-off in sales in Germany and the UK offset by strong
performances elsewhere, particularly in Spain, Portugal and Scandinavia.
Delivering vigorous sales growth of 6.8%, emerging countries and Asia made a
healthy contribution to the Group's growth momentum.
By geographic area, France accounted for 31.1% of total sales, with other
western European countries contributing 40.6%, North America 16.2%, and emerging
countries and Asia-Pacific 12.1%.
Operating income is up by 4.6%, or by 3.3% at constant exchange rates**.
Operating margin stands at 8.2% compared with 8.5% in 2004 and, in accordance
with IFRS, includes costs relating to stock option programs and the Group
Savings Scheme, which amounted to EUR 41 million, compared with EUR 32 million
in 2004. This dip in profit margin reflects the increased relative weight of
Building Distribution within the Group, although it should be noted that the
operating margin reported by this sector once again increased, to 5.7% of sales
in 2005, up from 5.6% in 2004. Another contributing factor was the impact of
energy and transport costs, as well as the rise in certain start-up costs
related to the Group's accelerated growth in emerging countries.
Business income advanced by 8.0%, mainly on the back of the rise in operating
income and profit on the sale of non-current assets, coupled with a fall in
non-operating costs over 2005, to EUR 252 million from EUR 271 million in the
year-earlier period. These costs include an amount of EUR 100 million set aside
to the provision for asbestos claims against CertainTeed in the US, compared
with EUR 108 million in 2004.
Net financial income fell 2.8% to EUR (550) million compared with EUR (535)
million in 2004, due to higher finance costs stemming from the increase in
financial investments.
Income taxes climbed 17% to EUR 721 million, compared with EUR 616 million a
year earlier, chiefly due to year-on-year adjustments under the consolidated tax
system.
Minority interests experienced a slight dip, to EUR 30 million as against EUR 36
million in 2004.
Consolidated net income is estimated at EUR 1,318 million, up 6.4% on the
year-earlier figure. Based on the 345,256,270 shares outstanding at December 31,
2005, earnings per share totaled EUR 3.82, which represents a rise of 5.2% on
2004 (EUR 3.63 for 340,988,000 shares). Based on the number of shares excluding
treasury stock outstanding at December 31, 2005 (336,873,109 shares compared
with 335,127,590 shares at December 31, 2004), earnings per share amounts to EUR
3.91, reflecting a rise of 5.7% on 2004 (EUR 3.70).
Excluding profit (loss) on sales of non-current assets, consolidated net income
comes in at an estimated EUR 1,328 million, up 3.0% on the 2004 figure. Based on
the 345,256,270 shares outstanding at December 31, 2005, earnings per share
excluding profit (loss) on sales of non-current assets amounted to EUR 3.85,
compared with EUR 3.78 in 2004 (based on 340,988,000 shares), which represents
an increase of 1.9%. Based on the number of shares excluding treasury stock
outstanding at December 31, 2005 (336,873,109 shares compared with 335,127,590
shares at December 31, 2004), earnings per share excluding profit (loss) on
sales of non-current assets amounts to EUR 3.94, reflecting a rise of 2.3% on
2004 (EUR 3.85).
Cash flow from operations came in at EUR 2,767 million, an increase of 4.9% on
the prior-year figure. Excluding the impact of capital gains tax, cash flow from
operations climbed by 5.0% in relation to 2004, coming in at EUR 2,767 million,
compared with EUR 2,635 million a year earlier.
** based on average 2004 exchange rates
Capital expenditure rose 10.7% to EUR 1,705 million, from EUR 1,540 million in
2004, and represented 4.9% of sales, compared to 4.8% a year earlier. This rise
was mainly fueled by the ramp-up of the capital expenditure program in emerging
countries, particularly Asia.
Investments in securities totaled EUR 1,208 million, including EUR 1,062 million
relating to acquisitions (value of shares acquired) - primarily concerning the
Building Distribution business (EUR 628 million) - and EUR 146 million relating
to share buyback programs.
Net debt came in at EUR 6.6 billion at end-2005, slightly up on the figure
reported at December 31, 2004 (EUR 6.2 billion). Net debt represents 52% of
consolidated shareholders' equity.
After the impact of BPB (see appendix 2), net debt came in at EUR 12.9 billion
at December 31, 2005, which is double the end-2004 figure of EUR 6.2 billion,
due chiefly to the acquisition of BPB. Net debt after the impact of BPB
represents 102.1% of consolidated shareholders' equity.
* * *
Update on asbestos claims in the United States
Some 17,000 new claims were filed against CertainTeed during the year 2005
(against 18,000 in 2004). Some 6,000 of these new claims could be considered to
be mass claims not supported by any medical proof (3,000 in Kentucky in
first-half 2005; 3,000 in Texas over the second half). Excluding these mass
claims, around 4,000 new claims were filed in second-half 2005, compared with
7,000 in the first six months of the year. The rate at which claims are filed
seems to have stabilized at about the 4,000 per quarter level.
Over the full year, approximately 20,000 claims were resolved (13,000 in the
first half and 7,000 in the second half) and 3,000 claims were transferred to an
inactive docket. Therefore, the number of outstanding claims at December 31,
2005 continued on a downward trend, standing at around 100,000, compared with
106,000 at December 31, 2004.
Over the last 12 months, the average cost of claims settled fell to
approximately US$ 2,800 per claim (against US$ 2,900 per claim in 2004), due to
a slightly more favorable claims mix than in the prior period.
Based on all these trends, an additional accrual of €100 million (compared to
€108 million in 2004) was recorded in 2005, increasing the total coverage for
CertainTeed's asbestos-related claims to approximately US$ 422 million at
December 31, 2005.
On the legislative front, the US Senate Judiciary Committee approved the FAIR
Act (the asbestos trust fund bill) by a bipartisan vote on May 26, 2005. The
bill is expected to be debated by the full Senate as from February 2006.
* * *
2006 Outlook and targets:
Against a backdrop of moderate economic growth, and in light of the
consolidation of BPB as from December 1, 2005, the Group's target for 2006 is to
achieve:
- between 23% and 25% growth in operating income at constant exchange rates
(average rates for 2005).
- between 18% and 20% growth in net income excluding profit (loss) on sales of
non-current assets
These targets do not take into account any major change in the scope of
consolidation that may occur in 2006.
- continuing strong levels of free cash flow.
Saint-Gobain has initiated a series of actions concerning the divestiture
program it announced at the end of 2005, and has launched a strategic reflection
process regarding Calmar. The findings of this process should be known during
the first half of 2006. Other divestitures are also being considered.
Forthcoming results announcements:
- Final results for 2005: March 23, 2006, after close of trading on the Paris
bourse.
- Sales for the first quarter of 2006: April 27, 2006, after close of trading on
the Paris bourse.
Investor Relations Department
Florence Triou-Teixeira Tel.: +33 1 47 62 45 19
Alexandre Etuy Tel.: +33 1 47 62 37 15
Fax: +33 1 47 62 50 62
Appendix 1: (Estimated) Results by Business
Sector and Geographic Area
Change on Change on a Change on a
an actual comparable comparable
I. SALES 2004 2005E structure structure structure and
(in EUR (in EUR m) basis basis currency
m)
basis
by Sector and Division:
Building Distribution 13,653 15,451 +13.2% +3.0% +2.7%
High-Performance Materials (1) 4,732 4,880 +3.1% +2.9% +1.4%
Ceramics and Plastics & Abrasives 3,482 3,591 +3.1% +3.9% +2.6%
Reinforcements 1,271 1,306 +2.8% -0.2% -2.2%
Flat Glass 4,429 4,680 +5.7% +2.8% +0.4%
Packaging 3,880 4,008 +3.3% +2.6% +1.9%
Construction Products (1) 6,019 6,694 +11.2% +6.8% +6.0%
Building Materials 2,620 2,733 +4.3% +6.4% +5.2%
Insulation 2,030 2,244 +10.5% +7.6% +7.1%
Gypsum 263 ns
Pipe 1,388 1,474 +6.2% +6.5% +5.6%
Internal sales and misc. -541 -603 n.s. n.s. n.s.
Group Total 32,172 35,110 +9.1% +3.6% +2.7%
excluding Gypsum :
Construction Products (1) 6,019 6,431 +6.8% +6.8% +6.0%
Group Total 32,172 34,873 +8.4% +3.6% +2.7%
by geographic area:
France 10,772 11,438 +6.2% +4.7% +4.7%
Other Western European Countries 13,801 15,193 +10.1% -0.2% +0.0%
(2)
North America 5,739 5,956 +3.8% +4.1% +4.0%
Emerging countries and Asia 3,577 4,443 +24.2% +16,2% +6,8%
Internal sales -1,717 -1,920 n.s. n.s. n.s.
Group Total 32,172 35,110 +9.1% +3.6% +2.7%
Excluding Gypsum :
Other Western European Countries 13,801 14,939 +8.2% -0.2% +0.0%
Group Total 32,172 34,873 +8.4% +3.6% +2.7%
(1) including intra-sector
eliminations
(2) BPB is included in Other
Western European Countries
Change on
II. OPERATING INCOME 2004 2005E an actual 2004 2005E
(in EUR (in EUR m) structure (in % of (in % of
m) sales) sales)
basis
by Sector and Division:
Building Distribution 762 888 +16.5% 5.6% 5.7%
High-Performance Materials 503 511 +1.6% 10.6% 10.5%
Ceramics and Plastics & Abrasives 419 462 +10.3% 12.0% 12.9%
Reinforcements 84 49 -41.7% 6.6% 3.8%
Flat Glass 461 453 -1.7% 10.4% 9.7%
Packaging 459 385 -16.1% 11.8% 9.6%
Construction Products 542 614 +13.3% 9.0% 9.2%
Building Materials 202 223 +10.4% 7.7% 8.2%
Insulation 257 292 +13.6% 12.7% 13.0%
Gypsum -8 ns
Pipe 83 107 +28.9% 6.0% 7.3%
Miscellaneous 16 9 n.s.
Group Total 2,743 2,860 +4.3% 8.5% 8.1%
excluding Gypsum :
Construction Products 542 622 +14.8% 9.0% 9.7%
Group Total 2,743 2,868 +4.6% 8.5% 8.2%
by geographic area:
France 831 889 +7.0% 7,7% 7.8%
Other Western European Countries 961 1,090 +13.4% 7.0% 7.2%
North America 522 487 -6.7% 9.1% 8.2%
Emerging countries and Asia 429 394 -8.2% 12.0% 8.9%
Group Total 2,743 2,860 +4.3% 8.5% 8.1%
Excluding Gypsum :
Other Western European Countries 961 1,098 +14.3% 7.0% 7.3%
Group Total 2,743 2,868 +4.6% 8.5% 8.2%
Change on
III. BUSINESS INCOME 2004 2005E an actual 2004 2005E
(in EUR (in EUR m) structure (in % of (in % of
m) sales) sales)
basis
by Sector and Division:
Building Distribution 759 874 +15.2% 5.6% 5.7%
High-Performance Materials 409 411 +0.5% 8.6% 8.4%
Ceramics and Plastics & Abrasives 347 378 +8.9% 10.0% 10.5%
Reinforcements 62 33 -46.8% 4.9% 2.5%
Flat Glass 411 443 +7.8% 9.3% 9.5%
Packaging 422 375 -11.1% 10.9% 9.4%
Construction Products 468 559 +19.4% 7.8% 8.4%
Building Materials 187 247 +32.1% 7.1% 9.0%
Insulation 238 278 +16.8% 11.7% 12.4%
Gypsum -57 ns
Pipe 43 91 +111.6% 3.1% 6.2%
Miscellaneous* -51 -108 n.s.
Group Total 2,418 2,554 +5.6% 7.5% 7.3%
excluding Gypsum :
Construction Products 468 616 +31.6% 7.8% 9.6%
Group Total 2,418 2,611 +8.0% 7.5% 7.5%
by geographic area:
France 838 856 +2.1% 7.8% 7.5%
Other Western European Countries 839 1,012 +20.6% 6.1% 6.7%
North America 329 302 -7.9% 5.7% 5.1%
Emerging countries and Asia 412 384 -7.0% 11.5% 8.6%
Group Total 2,418 2,554 +5.6% 7.5% 7.3%
Excluding Gypsum :
Other Western European Countries 839 1,069 +27.4% 6.1% 7.2%
Group Total 2,418 2,611 +8.0% 7.5% 7.5%
* after asbestos-related charge (before tax)
of EUR100m in 2005E and EUR108m in 2004
Change on
IV. CASH FLOW 2004 2005E an actual 2004 2005E
(in EUR (in EUR m) structure (in % of (in % of
m) sales) sales)
basis
by Sector and Division:
Building Distribution 524 667 +27.3% 3.8% 4.3%
High-Performance Materials 488 446 -8.6% 10.3% 9.1%
Ceramics and Plastics & Abrasives 354 342 -3.4% 10.2% 9.5%
Reinforcements 134 104 -22.4% 10.5% 8.0%
Flat Glass 511 528 +3.3% 11.5% 11.3%
Packaging 492 432 -12.2% 12.7% 10.8%
Construction Products 540 559 +3.5% 9.0% 8.4%
Building Materials 203 212 +4.4% 7.7% 7.8%
Insulation 266 287 +7.9% 13.1% 12.8%
Gypsum -31 ns
Pipe 71 91 +28.2% 5.1% 6.2%
Miscellaneous* 84 103 n.s.
Group Total 2,639 2,735 +3.6% 8.2% 7.8%
excluding Gypsum :
Construction Products 540 585 +8.3% 9.0% 9.1%
Group Total 2,639 2,767 +4.9% 8.2% 7.9%
by geographic area:
France 841 903 +7.4% 7.8% 7.9%
Other Western European Countries 893 969 +8,5% 6.5% 6.4%
North America 446 410 -8.1% 7.8% 6.9%
Emerging countries and Asia 459 453 -1.3% 12.8% 10.2%
Group Total 2,639 2,735 +3.6% 8.2% 7.8%
excluding Gypsum :
Construction Products 893 1,001 +12.1% 6.5% 6.7%
Group Total 2,639 2,767 +4.9% 8.2% 7.9%
* after asbestos-related charge (before tax)
of EUR68m in 2005E and EUR72m in 2004
Change on
V. CAPITAL EXPENDITURE 2004 2005E an actual 2004 2005E
(in EUR (in EUR m) structure (in % of (in % of
m) sales) sales)
basis
by Sector and Division:
Building Distribution 249 327 +31.3% 1.8% 2.1%
High-Performance Materials 240 271 +12.9% 5.1% 5.6%
Ceramics and Plastics & Abrasives 132 187 +41.7% 3.8% 5.2%
Reinforcements 108 84 -22.2% 8.5% 6.4%
Flat Glass 448 485 +8.3% 10.1% 10.4%
Packaging 302 305 +1.0% 7.8% 7.6%
Construction Products 296 354 +19.6% 4.9% 5.3%
Building Materials 101 102 +1.0% 3.9% 3.7%
Insulation 144 145 +0.7% 7.1% 6.5%
Gypsum 52 19.8%
Pipe 51 56 +9.8% 3.7% 3.8%
Miscellaneous* 5 14 n.s.
Group Total 1,540 1,756 +14.0% 4.8% 5.0%
excluding Gypsum :
Construction Products 296 302 +2.0% 4.9% 4.7%
Group Total 1,540 1,705 +10.7% 4.8% 4.9%
1,540 1,756
by geographic area:
France 363 391 +7.7% 3.4% 3.4%
Other Western European Countries 483 574 +18.8% 3.5% 3.8%
North America 273 256 -6.2% 4.8% 4.3%
Emerging countries and Asia 421 535 +27.1% 11.8% 12.0%
Group Total 1,540 1,756 +14.0% 4.8% 5.0%
excluding Gypsum :
Construction Products 483 523 +8.3% 3.5% 3.5%
Group Total 1,540 1,705 +10.7% 4.8% 4.9%
Appendix 2: (Estimated) Balance sheet at 12/
31/05 (with BPB)
(in EUR millions)
December December Impact of
31, 2005 31, 2004 BPB
acquisition
Goodwill 10,541 5,203 4,
882
Other intangible assets, 2,346 1,804 15
net
Property, plant and 12,508 9,367 1,864
equipment
Investments in associates 136 64 49
Available for sale and 161 92 1
other securities
Deferred Tax assets 352 350 0
Other non-current assets 282 321 17
Non-current 26,326 17,201 6,828
assets
Inventories 5,543 4,817 237 (2)
Trade accounts receivable 5,848 4,789 471
Other accounts receivable 1,015 1,070 70
Cash and cash equivalents 2,080 2,898 239
Current 14,486 13,574 1,017
assets
Total 40,812 30,775 7,845
assets
Shareholders' equity 12,261 10,673 (58)
Minority interests 328 237 15
Shareholders' 12,589 10,910 (43)
equity and
minority
interests
Non-voting participating
securities
Pensions and other 3,029 2,750 358
post-retirement benefits
Deferred tax liability 816 588 61
Non-current provisions for 704 548 82
contingencies and expenses
Long-term debt 11,204 5,629 6,193
Long-term payables on 130 0 0
investments
Non-current 15,883 9,515 6,694
liabilities
Current provisions for 409 353 36
contingencies and expenses
Short-term payables on 265 0 243 (3)
investments
Trade accounts payable 4,821 3,954 274
Other payables and 3,116 2,556 313
accrued expenses
Short-term debt 3,729 3,487 328
Current 12,340 10,350 1,
liabilities 194
Total liabilities and 40,812 30,775 7,845
shareholder's equity
Net Debt 12 853 6 218 6 282 (1)
Main impacts related to
the acquisition of BPB
(1) of which net debt related to BPB: EUR 6,282
million, including EUR 5,609 million
related to the acquisition of shares and EUR 673 million
related to net debt reported in the books of BPB
(2) All BPB inventories revalued at fair value at
November 30 had been sold at December 31, 2005
(3) Amounts payable on investments relate to the cost of
shares not cashed out at December 31
Appendix 3: BPB (estimated) consolidated income
statement (before and after data restatements by
Saint-Gobain)
(in €
millions)
December 2005
BPB before BPB after Main
restatements restatements restatements
Sales and 263 237 Elimination of
ancillary internal sales
revenue between BPB and
Saint-Gobain
Group
companies: EUR
(26)m
Operating 24 (8) Impact of
income revaluation of
inventories at
fair value in
the opening
balance sheet
and
cancellation of
margins
generated in
December: EUR
(32)m
Dividends from
non-consolidated companies
Non-operating 0 (36) Restructuring
costs costs
(implementation
of synergies),
of which EUR
(13) million
relating to the
termination of
BPB's Savings
Plan
Profit (loss) 0 (13) Write-down of
on disposals BPB's ERP
and asset
write-downs
Goodwill
amortization
Business 24 (57)
income
Net financial (2) (18) Finance costs
income relating to the
(expense) acquisition
(December 15 to
31): EUR (11)
million;
Exceptional
items: EUR (5)
million
Income taxes (6) 20 Taxes related
to the
foregoing
adjustments
Share in net 1 1
income of
equity
investees
Net income 17 (54)
before
minority
interests
Minority
interests
Net 17 (54)
income
Net income 17 (45)
excluding
capital gains
(losses)
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 5th July 2024
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