Interim Results
Compagnie de Saint-Gobain
26 July 2007
July 26, 2007
STRONG FIRST-HALF 2007 GROWTH
- SALES: up 6.0% to €21,779 million up 6.9% like-for-like*
- OPERATING INCOME: up 15.3% to €2,093 million
up 16.6% like-for-like*
- RECURRING NET INCOME**: up 31.2% to €1,067 million
Net income amounts to €465 million, taking into account the €650 million
provision for the Flat Glass fines (European Commission).
* based on average exchange rates for first-half 2006
** excluding capital gains, asset write-downs and the €650 million provision
for the Flat Glass fines (European Commission)
2007 TARGETS RAISED
- DOUBLE-DIGIT GROWTH IN OPERATING INCOME
(at constant exchange rates***)
- GROWTH IN RECURRING NET INCOME OF AT LEAST +20%
** excluding capital gains, asset write-downs and the Flat Glass fines
(European Commission)
*** based on average exchange rates for 2006
Performance of Group sectors
All of the Group's business sectors saw a rise in like-for-like sales (constant
Group structure and exchange rates) in the six months to June 30, 2007 (see
Appendix 1). Organic growth for the Group came in at +6.9% (including a +3.7%
price impact and a +3.2% volume effect). Business trends observed in the first
quarter - which had been boosted by particularly favorable weather conditions -
generally held firm over the three months to June 30, 2007.
Vigorous construction markets in Europe, bolstered by the impact of regulations
promoting energy efficiency in the building industry, more than offset the
significant downturn in the US housing market. Trading momentum remained very
strong in Asia and emerging countries (organic growth of 19%), where the swift
expansion of the Group continues apace. Demand related to capital spending and
industrial output also remained largely robust.
The Flat Glass sector delivered the Group's strongest growth in like-for-like
sales, which surged +12.9%. Construction in Europe is on an upward trend, with a
high capacity utilization rate, a very favorable pricing environment and
vigorous growth in coated glass for thermal insulation. Sales of automotive
glass performed well over the first half of the year. The operating margin for
the sector jumped to 13.1%, versus 9.1% in the same year-ago period.
High-Performance Materials reported +2.4% like-for-like sales growth, with a
+5.1% advance in the Ceramics & Plastics and Abrasives businesses on the back of
robust industrial capital spending. The operating margin for these businesses
continued to advance, coming in at 14.0% for first-half 2007 compared to 13.8%
for the same year-ago period, while the Reinforcements business delivered an
improved 6.7% operating margin versus 3.2% for first-half 2006 despite a dip in
sales (down -4.5% on a like-for-like basis). Overall, the sector's operating
margin represented 12.1% of sales versus 10.8% of sales over the six months to
June 30, 2006.
Construction Products (CP) posted +4.1% like-for-like growth (+3.4% on a
reported basis) and its operating margin held up well, edging up to 13.1%
(versus 12.9% in first-half 2006). Buoyant demand in construction markets across
Europe and in emerging countries (76% of sales) more than offset the significant
slowdown in US construction (24% of sales):
- Interior solutions businesses (insulation and gypsum) reported solid
organic growth of +6.6%. The upbeat trading environment in Europe, which was
further boosted by energy-efficiency measures in the building industry, offset
the fall in volumes and prices in the US. The operating margin for these
businesses advanced to 15.9% (versus 15.8% in the year-earlier period).
- Exterior solutions businesses (exterior fittings, mortars and pipe)
posted very modest +0.8% growth. US activities (siding and roofing products in
particular) reported a sharp downturn, while sales of mortars and pipe in Europe
and emerging countries performed well. The operating margin for exterior
solutions businesses remained virtually unchanged year-on-year, at 8.7%.
The Building Distribution sector posted a strong +13.3% rise in sales on a
reported basis, buoyed by acquisitions made in 2006 and solid organic growth of
+8.7%. Building on favorable first-quarter trading conditions, the business
delivered robust sales in France, Scandinavia, and southern and central Europe,
and improved its performance in the UK. The sector delivered a further increase
in its operating margin, which came in at 5.2% compared to 5.0% in first-half
2006 and 4.9% in the first six months of 2005.
Like-for-like sales for the Packaging sector climbed +6.5%, thanks to the sales
price increases implemented over the last few months and robust volumes in
Europe, which resulted in maximum utilization of existing production capacity.
Excluding Calmar and Desjonqueres, which were sold on July 1, 2006 and March 31,
2007, respectively, operating income for the sector surged by almost +25%, with
the operating margin advancing nearly two percentage points from 9.2% in the
first six months of 2006 to 11% in first-half 2007.
Analysis of the interim consolidated financial statements for first-half 2007
The interim consolidated financial statements set out below were authorized for
issue by the Board of Directors on July 26, 2007:
H1 2006 H1 2007 %
In € millions In € millions change
(1) (2) (2)/(1)
Sales* 20,551* 21,779* +6.0%
Operating income 1,815 2,093 +15.3%
Non-operating costs** (157) (776)** n.m.
Capital gains and losses and exceptional asset 13 3 n.m.
write-downs
Dividends received 1 n.m.
Business income 1,671 1,321 -20.9%
Net financial expense (374) (351) +6.1%
Income taxes (479) (491) +2.5%
Share in net income/(loss) of associates (2) 8 n.m.
Income before minority interests 816 487 -40.3%
Minority interests (19) (22) +15.8%
Recurring net income *** 813 1,067 +31.2%
Recurring earnings per share *** 2.40 2.93 +22.1%
Net income 797 465 -41.7%
Earnings per share (in €) 2.35 1.28 -45.5%
Cash flow from operations 1,643 1,932 +17.6%
Cash flow from operations excluding capital gains tax 1,672 1,883 +12.6%
Depreciation and amortization 887 1,005 +13.3%
Capital expenditure 811 822 +1.4%
Investments in securities 346 432 +24.9%
Net debt 13,738 12,007 -12.6%
* including ancillary revenue of €145 million in first-half 2007, versus
€134 million in first-half 2006
** including a €650 million provision for the Flat Glass fines (European
Commission)
*** excluding capital gains, asset write-downs and the provision for the Flat
Glass fines (European Commission)
Group sales advanced +6.0% on an actual structure basis. Like-for-like*, Group
sales moved up €1,395 million, or 6.9%, including a 3.7% price effect and a 3.2%
volume impact. Changes in the scope of consolidation had a small 0.5% positive
impact, while the impact of currency fluctuations was a negative 1.4%,
reflecting mainly changes in the value of the US dollar.
The breakdown of like-for-like sales by geographic area reveals vigorous trading
in France (up +6.5%) and other western European countries (up +9.2%). The
downturn witnessed in the US (-7.2%), due to a correction of the housing market,
is largely in line with the trend observed in the second half of 2006 and first
quarter of 2007. The emerging countries and Asia region delivered the Group's
strongest organic growth, at +19%.
By geographic area, France accounted for 29% of first-half sales, with other
western European countries contributing 44%, North America 13%, and the emerging
countries and Asia 14%.
* Based on average exchange rates for first-half 2006
Operating income jumped +15.3% or +16.6% at constant exchange rates*. The
Group's operating margin leapt to 9.6% of sales (12.6% excluding Building
Distribution), versus 8.8% of sales in the six months to June 30, 2006 (11.1%
excluding Building Distribution). With the exception of North America, all
geographic areas reported profitability gains.
Non-operating costs came in at €776 million in first-half 2007 (versus €157
million in first-half 2006) and include a €78.5 million charge for restructuring
costs, a €47.5 million charge for asbestos-related litigation involving
CertainTeed in the US (versus €50 million in first-half 2006) and lastly, a €650
million charge to the provision set aside in respect of the two proceedings
conducted by the European Commission into the Flat Glass sector.
Further to its investigations in February and March 2005, the European
Commission sent Statements of Objections to Saint Gobain Glass France (glass for
the construction industry) on March 12, 2007, and to Saint-Gobain Glass France,
Saint-Gobain Sekurit Deutschland and Saint-Gobain Sekurit France (automotive
glass) on April 19, 2007. The two Statements of Objections, which were also sent
to Compagnie de Saint-Gobain in its capacity as parent company of these
entities, concerned an alleged breach of Article 81 of the Treaty of Rome.
The Statements of Objections claim that the above-mentioned glass subsidiaries
contacted or met with one or more competitors to discuss pricing strategies or
market share stabilization, or to exchange illicit information.
Following a review of the case and the objections, Saint-Gobain Glass France is
not challenging the allegations made in respect of its construction glass
activity, while Saint-Gobain Glass France, Saint-Gobain Sekurit Deutschland and
Saint-Gobain Sekurit France have acknowledged the claims against their
automotive glass businesses but are challenging the scope given to certain such
claims by the Commission.
In their responses to the Commission, the companies concerned nevertheless set
forth a series of arguments based on the seriousness and duration of the alleged
infringements, the amount of sales generated by the activities to be taken into
account in the claim, and the impact of the repeat offence. Compagnie de
Saint-Gobain has formally denied any liability whatsoever for the allegations
made in the two cases. Based on the arguments set forth, the Group decided to
set aside a total provision of €650 million in its accounts at June 30, 2007.
Capital gains and losses and exceptional asset write-downs came in at €3
million, compared with €13 million in the same year-ago period. Capital gains of
€252 million arising mainly on the sale of Desjonqueres, were almost fully
offset by exceptional asset write-downs (€249 million, including around €190
million relating to the planned sale of the Reinforcements and Composites
business).
Business income fell back -20.9%, after taking into account the above-mentioned
factors (non-operating costs, capital gains and losses and exceptional asset
write-downs.
Net financial expense improved +6.1% to €351 million compared with €374 million
in the first six months of 2006, reflecting mainly the reduction in net debt.
Recurring net income (excluding capital gains and losses, exceptional asset
write-downs and the provision for the Flat Glass fines) advanced +31.2% to
€1,067 million compared with €813 million in the year-earlier period. Based on
the average number of shares outstanding at June 30, 2007 (364,639,299 shares),
recurring earnings per share amounts to €2.93, up +22.1% on June 30, 2006
(€2.40).
Net income came in at €465 million, down -41.7% on the year-earlier period due
to the provision for the Flat Glass fines indicated above. Based on the average
number of shares outstanding at June 30, 2007, (364,639,299 shares), earnings
per share amounts to €1.28, a fall of -45.5% on June 30, 2006 (€2.35).
* Based on average exchange rates for first-half 2006
Cash flow from operations stands at €1,932 million, up +17.6% on first-half
2006. Excluding the tax impact of capital gains and losses and asset
write-downs, cash flow from operations advanced 12.6% to €1,883 million, versus
€1,672 million for first-half 2006.
Capital expenditure edged up +1.4% to €822 million, as against €811 million in
the six months to June 30, 2006, representing 3.8% of first-half 2007 sales
versus 3.9% of sales for first-half 2006. Strong growth-driven capital spending
in Construction Products and Flat Glass businesses continued apace, accounting
for just over 50% of total capital expenditure. By geographic area, emerging
countries and Asia continue to account for a significant part of growth
initiatives and represent around 30% of total Group capital spending, double the
contribution of these businesses to sales.
Investments in securities totaled €432 million in first-half 2007, including
€285 million relating to the Building Distribution sector, where 34 acquisitions
brought in €560 million in full-year sales, and €72 million relating to the
Construction Products sector.
Net debt stands at €12,007 million at June 30, 2007, an increase of 3.5% on
end-2006 (€11,599 million) and a fall of 12.6% compared with the same year-ago
period. Net debt represents 80% of consolidated shareholders' equity, compared
with 107% at end-June 2006.
* * *
Update on asbestos claims in the United States
Some 4,000 claims were filed against CertainTeed in the first six months of 2007
(around 7,000 claims over the last 12 months), broadly in line with the number
of new claims recorded in 2006. Around 5,000 claims were settled over the
period, bringing the number of outstanding claims at June 30, 2007 to 75,000,
versus 76,000 at December 31, 2006. Total damages paid over the last 12 months
totaled USD 78 million at end-June 2007, compared to USD 83 million at December
31, 2006.
* * *
2007 outlook and targets
The Group expects its markets in Europe, Asia and emerging countries to remain
robust in the second half of the year. Despite the fact that no swift turnaround
seems likely in the US construction market, the global trading environment
should remain largely favorable. Accordingly, the Group is raising its targets
for 2007:
- Double-digit growth in operating income at constant exchange
rates (average exchange rates for 2006)
- Growth in recurring net income of at least +20% - excluding
capital gains and losses and the Flat Glass fines (European Commission).
These objectives take into account the sale of Desjonqueres at March 31, 2007
and of the Reinforcements and Composites business in second-half 2007.
* * *
Strategy
Following the sale of its plastics packaging business (Calmar) in 2006 and its
glass flasks business (Desjonqueres) in the first six months of 2007, the Group
has recently announced its intention to sell its Reinforcements and Composites
business before the end of the year (2006 sales of €715 million, representing
around 60% of total sales for the Reinforcements business) to Owens Corning. The
Wichita Falls plant, which delivered sales of around €180 million for the
Reinforcements and Composites business in 2006) will be the subject of a
separate sale agreement.
The Group intends to press ahead with its strategy by carrying out acquisitions
in the construction, energy and environment markets, by pursuing its R&D and
innovation initiatives, and stepping up its geographic expansion efforts in
emerging countries.
The Group believes it is ideally placed to meet its ambition of worldwide
leadership in the construction markets, offering innovative solutions that
address the fundamental global concerns of growth, energy and the environment.
This clear market strategy will also allow Saint-Gobain to leverage growth
synergies in a more integrated Group and unlock significant cost savings of
around €300 million in 2010.
By 2010, the Group expects its growth and profitability momentum to gather pace,
with 5% annual growth in sales (excluding acquisitions and currency impacts) and
double-digit annual growth in earnings per share. The Group has lifted its
targets as from 2010 and is tabling ROI of between 22%-25% (versus 20%
previously) and ROCE of between 13%-14% (versus 12% previously).
* * *
Forthcoming results announcements
Sales for the first nine months of 2007: October 25, 2007, 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 : Results by
Business Sector and
geographic area
H1 H1 Change on Change on a Change on a
I. SALES 2006 2007 an actual comparable comparable
(in EUR (in EUR structure structure structure and
m) m) basis basis currency
basis
By sector and division:
Flat Glass 2,498 2,797 +12.0% +12.0% +12.9%
High Performance 2,544 2,486 -2.3% -1.5% +2.4%
Materials (1)
Ceramics & Plastics and 1,833 1,825 -0.4% +0.8% +5.1%
Abrasives
Reinforcements 718 667 -7.1% -7.6% -4.5%
Construction Products (1) 5,460 5,644 +3.4% +1.9% +4.1%
Interior Solutions (2) 3,183 3,393 +6.6% +4.8% +6.6%
Exterior Solutions (2) 2,288 2,267 -0.9% -2.0% +0.8%
Building Distribution 8,401 9,522 +13.3% +8.8% +8.7%
Packaging 2,129 1,871 -12.1% +3.6% +6.5%
Internal sales and (481) (541) n.m. n.m. n.m.
misc.
GROUP TOTAL 20,551 21,779 +6.0% +5.5% +6.9%
By geographic area :
France 6,357 6,706 +5.5% +6.5% +6.5%
Other Western European 8,887 9,920 +11.6% +9.5% +9.2%
countries
North America 3,634 2,981 -18.0% -14.2% -7.2%
Emerging countries and 2,762 3,289 +19.1% +16.5% +19.0%
Asia
Internal sales (1,089) (1117) n.m. n.m. n.m.
GROUP TOTAL 20,551 21,779 +6.0% +5.5% +6.9%
(1) including intra-sector
eliminations
(2) See Appendix 3 for
details
H1 H1 Change on H1 H1
II. OPERATING INCOME 2006 2007 an actual 2006 2007
(in EUR (in EUR structure (in % of sales) (in % of sales)
m) m) basis
By sector and division:
Flat Glass 228 366 +60.5% 9.1% 13.1%
High Performance 276 300 +8.7% 10.8% 12,1%
Materials
Ceramics & Plastics and 253 255 +0.8% 13.8% 14.0%
Abrasives
Reinforcements 23 45 n.m. 3.2% 6.7%
Construction Products 704 739 +5.0% 12.9% 13.1%
Interior Solutions (*) 503 541 +7.6% 15.8% 15.9%
Exterior Solutions (*) 201 198 -1.5% 8.8% 8.7%
Building Distribution 418 494 +18.2% 5.0% 5.2%
Packaging 205 212 +3.4% 9.6% 11.3%
Miscellaneous (16) (18) n.m. n.m. n.m.
GROUP TOTAL 1,815 2,093 +15.3% 8.8% 9.6%
By geographic area :
France 491 565 +15.1% +7.7% +8.4%
Other Western European 695 926 +33.2% +7.8% +9.3%
countries
North America 407 234 -42.5% +11.2% +7.8%
Emerging countries and 222 368 +65.8% +8.0% +11.2%
Asia
GROUP TOTAL 1,815 2,093 +15.3% +8.8% +9.6%
(*) See Appendix 3 for
details
H1 H1 Change on H1 H1
III. BUSINESS INCOME 2006 2007 an actual 2006 2007
(in EUR (in EUR structure (in % of sales) (in % of sales)
m) m) basis
By sector and division:
Flat Glass 216 (328) n.m. 8.6% -11.7%
(a)
High Performance 232 43 -81.5% 9.1% 1.7%
Materials
Ceramics & Plastics and 220 233 +5.9% 12.0% 12.8%
Abrasives
Reinforcements 12 (190) n.m. 1.7% n.m.
(b)
Construction Products 664 727 +9.5% 12.2% 12.9%
Interior Solutions (*) 498 540 +8.4% 15.6% 15.9%
Exterior Solutions (*) 166 187 +12.7% 7.3% 8.2%
Building Distribution 411 494 +20.2% 4.9% 5.2%
Packaging 229 462 (c) n.m. 10.8% n.m.
Miscellaneous (81) (77) (d) n.m. n.m. n.m.
(d)
GROUP TOTAL 1,671 1,321 -20.9% 8.1% 6.1%
(a) after a provision of €650m for the
flat glass fines (European Commission)
(b) after €190 m of asset write-downs
related to the disposal of the
Reinforcements & Composites businesses
(c) after €253m of
capital gains following
the disposal of
Desjonqueres
(d) after asbestos-related
charge (before tax) of € 47.5m
in H1 2007 versus €50m in H1
2006
(*) See Appendix 3 for
details
By geographic area :
France 442 (36) (a) -108.1% 7.0% -0.5%
Other Western European 737 928 +25.9% 8.3% 9.4%
countries
North America 277 160 (b) -42.2% 7.6% 5.4%
Emerging countries and 215 269 +25.1% 7.8% 8.2%
Asia
GROUP TOTAL 1,671 1,321 -20.9% 8.1% 6.1%
(a) after a provision of €650m for the
flat glass fines (European Commission)
(b) after asbestos-related charge
(before tax) of € 47.5m in H1 2007
versus €50m in H1 2006
H1 H1 Change on H1 H1
IV. CASH FLOW 2006 2007 an actual 2006 2007
(in EUR (in EUR structure (in % of sales) (in % of sales)
m) m) basis
By sector and division:
Flat Glass 261 347 +33.0% 10.4% 12.4%
High Performance 211 304 +44.1% 8.3% 12.2%
Materials
Ceramics & Plastics and 167 207 +24.0% 9.1% 11.3%
Abrasives
Reinforcements 44 97 +120.5% 6.1% 14.5%
Construction Products 552 577 +4.5% 10.1% 10.2%
Interior Solutions (*) 369 392 +6.2% 11.6% 11.6%
Exterior Solutions (*) 183 185 +1.1% 8.0% 8.2%
Building Distribution 310 380 +22.6% 3.7% 4.0%
Packaging 225 211 -6.2% 10.6% 11.3%
Miscellaneous 84(a) 113 n.m. n.m. n.m.
GROUP TOTAL 1,643 1,932 +17.6% 8.0% 8.9%
By geographic area :
France 414 494 +19.3% 6.5% 7.4%
Other Western European 658 852 +29.5% 7.4% 8.6%
countries
North America 304 224 (a) -26.3% 8.4% 7.5%
Emerging countries and 267 362 +35.6% 9.7% 11.0%
Asia
GROUP TOTAL 1,643 1,932 +17.6% 8.0% 8.9%
(a) after asbestos-related charge (after tax)
of € 29m in H1 2007 versus €33m in H1 2006
(*) See Appendix 3 for
details
H1 H1 Change on H1 H1
V. CAPITAL EXPENDITURE 2006 2007 an actual 2006 2007
(in EUR (in EUR structure (in % of sales) (in % of sales)
m) m) basis
By sector and division:
Flat Glass 166 166 +0.0% 6.6% 5.9%
High Performance 76 73 -3.9% 3.0% 2.9%
Materials
Ceramics & Plastics and 61 57 -6.6% 3.3% 3.1%
Abrasives
Reinforcements 15 16 +6.7% 2.1% 2.4%
Construction Products 306 301 -1.6% 5.6% 5.3%
Interior Solutions (*) 250 230 -8.0% 7.9% 6.8%
Exterior Solutions (*) 56 71 +26.8% 2.4% 3.1%
Building Distribution 134 147 +9.7% 1.6% 1.5%
Packaging 119 125 +5.0% 5.6% 6.7%
Miscellaneous 10 10 n.m. n.m. n.m.
GROUP TOTAL 811 822 +1.4% 3.9% 3.8%
By geographic area :
France 147 167 +13.6% 2.3% 2.5%
Other Western European 310 259 -16.5% 3.5% 2.6%
countries
North America 113 161 +42.5% 3.1% 5.4%
Emerging countries and 241 235 -2.5% 8.7% 7.1%
Asia
GROUP TOTAL 811 822 +1.4% 3.9% 3.8%
Appendix 2: Consolidated Balance Sheet
in EUR millions June 30, 2007 Dec 31, 2006
Assets
Goodwill 9,402 9,327
Other intangible assets 3,180 3,202
Property, plant and equipment 12,436 12,769
Investments in associates 114 238
Deferred tax assets 405 348
Other non-current assets 577 390
Non-current assets 26,114 26,274
Inventories 6,079 5,629
Trade accounts receivable 7,381 6,301
Current tax receivable 73 66
Other accounts receivable 1,363 1,390
Assets held for sale 789 548
Cash and cash equivalents 1,203 1,468
Current assets 16,888 15,402
Total assets 43,002 41,676
Liabilities and Shareholders' equity
Capital stock 1,495 1,474
Additional paid-in capital and legal reserve 3,604 3,315
Retained earnings and net income for the year 9,738 9,562
Cumulative translation adjustments 137 140
Fair value reserves (7) (20)
Treasury stock (215) (306)
Shareholders' equity 14,752 14,165
Minority interests 290 322
Total equity 15,042 14,487
Long-term debt 9,795 9,877
Provisions for pensions and other employee benefits 1,803 2,203
Deferred tax liabilities 1,401 1,222
Provisions for other liabilities and charges 1,496 936
Non-current liabilities 14,495 14,238
Current portion of long-term debt 637 993
Current portion of provisions for other liabilities and 473 467
charges
Trade accounts payable 5,824 5,519
Current tax liabilities 275 190
Other accounts payable 3,200 3,336
Liabilities held for sale (*) 278 249
Short-term debt and bank overdrafts 2,778 2,197
Current liabilities 13,465 12,951
Total equity and liabilities 43,002 41,676
(*) Reinforcement and Composites and Flasks Businesses
Appendix 3 : Construction Products sector - details
The activities of the Construction Products sector are henceforth
presented in two sub-groups: Interior Solutions, (Insulation and
Gypsum), and Exterior Solutions, (Building Materials and Pipe).
H1 H1 Change on Change on Change on a
a
I. SALES 2006 2007 an actual comparable comparables
(in (in structure structure structure
EURm) EURm) basis basis and
currency
basis
Interior Solutions 3,183 3,393 6.6% 4.9% 6.6%
Insulation 1,224 1,399 14.3% 6.1% 7.8%
Gypsum 1,964 2,004 2.1% 4.4% 6.1%
internal sales -5 -10 n.m. n.m. n.m.
Exterior Solutions 2,288 2,267 -0.9% -2,0% 0.8%
Building Materials 1,383 1,313 -5.1% -5.6% -1.4%
Pipe 905 954 5.4% 3.5% 4.0%
internal sales - - n.m. n.m. n.m.
Eliminations (11) (16) n.m. n.m. n.m.
Construction Products 5,460 5,644 3.4% 2.0% 4.1%
sector
H1 H1 Change on H1 H1
II. OPERATING INCOME 2006 2007 an actual 2006 2007
(in (in structure (as % of (as % of
EURm) EURm) basis sales) sales)
Interior Solutions 503 541 7.6% 15.8% 15.9%
Insulation 169 228 34.9% 13.8% 16.3%
Gypsum 334 313 -6.3% 17.0% 15.6%
Exterior Solutions 201 198 -1.5% 8.8% 8.7%
Building Materials 120 99 -17.5% 8.7% 7.5%
Pipe 81 99 21.6% 9.0% 10.4%
Construction Products 704 739 5.0% 12.9% 13.1%
sector
H1 H1 Change on H1 H1
III. BUSINESS INCOME 2006 2007 an actual 2006 2007
(in (in structure (as % of (as % of
EURm) EURm) basis sales) sales)
Interior Solutions 498 540 8.4% 15.6% 15.9%
Insulation 165 226 37.0% 13.5% 16.2%
Gypsum 333 314 -5.7% 17.0% 15.7%
Exterior Solutions 166 187 12.7% 7.3% 8.2%
Building Materials 106 95 -10.4% 7.7% 7.2%
Pipe 60 92 53.3% 6.6% 9.6%
Construction Products 664 727 9.5% 12.2% 12.9%
sector
H1 H1 Change on H1 H1
IV. CASH FLOW 2006 2007 an actual 2006 2007
(in (in structure (as % of (as % of
EURm) EURm) basis sales) sales)
Interior Solutions 369 392 6.2% 11.6% 11.6%
Insulation 168 231 37.5% 13.7% 16.5%
Gypsum 201 161 -19.9% 10.2% 8.0%
Exterior Solutions 183 185 1.1% 8.0% 8.2%
Building Materials 111 100 -9.9% 8.0% 7.6%
Pipe 72 85 18.1% 8.0% 8.9%
Construction Products 552 577 4.5% 10.1% 10.2%
sector
H1 H1 Change on H1 H1
V. CAPITAL EXPENDITURE 2006 2007 an actual 2006 2007
(in (in structure (as % of (as % of
EURm) EURm) basis sales) sales)
Interior Solutions 250 230 -8.0% 7.9% 6.8%
Insulation 43 65 51.2% 3.5% 4.6%
Gypsum 207 165 -20.3% 10.5% 8.2%
Exterior Solutions 56 71 26.8% 2.4% 3.1%
Building Materials 39 52 33.3% 2.8% 4,0%
Pipe 17 19 11.8% 1.9% 2.0%
Construction Products 306 301 -1.6% 5.6% 5.3%
sector
Appendix 4 : Interior Solutions and
Exterior Solutions
The activities of the Construction Products sector are henceforth presented in
two sub-groups: Interior Solutions, (Insulation and Gypsum), and Exterior
Solutions, (Building Materials and Pipe).
I. SALES First nine Full-Year Q1 2007 H1 2007
months 2006
(in EUR m) of 2006
Interior Solutions 4,795 6,424 1,680 3,393
Exterior Solutions 3,420 4,476 1,047 2,267
Internal sales (17) (24) (7) (16)
Construction Products 8,198 10,876 2,720 5,644
sector
II. OPERATING INCOME First nine Full-Year Q1 2007 H1 2007
months 2006
(in EUR m) of 2006
Interior Solutions 1,028 541
Exterior Solutions 348 198
Construction Products 1,376 739
sector
III. BUSINESS INCOME First nine Full-Year Q1 2007 H1 2007
months 2006
(in EUR m) of 2006
Interior Solutions 989 540
Exterior Solutions 240 187
Construction Products 1,229 727
sector
IV. CASH FLOW First nine Full-Year Q1 2007 H1 2007
months 2006
(in EUR m) of 2006
Interior Solutions 726 392
Exterior Solutions 322 185
Construction Products 1,048 577
sector
V. CAPITAL EXPENDITURE First nine Full-Year Q1 2007 H1 2007
months 2006
(in EUR m) of 2006
Interior Solutions 632 230
Exterior Solutions 212 71
Construction Products
sector 844 301
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