Interim Results

Compagnie de Saint-Gobain
28 July 2006



                                                               July 27, 2006.


    Press
        release



STRONG UPSWING IN FIRST-HALF 2006  RESULTS


>  SALES: up 21.8% to €20,551 million; up 19.7% at constant exchange rates*.


>  OPERATING INCOME: up 32.3% to €1,815 million; up 29.8% at constant exchange 
   rates*.


>  NET INCOME (EXCLUDING PROFIT/(LOSS) ON SALES OF NON-CURRENT ASSETS*): 
   up 26.6%, to €813 million.



* average exchange rates for first-half 2005


2006 TARGETS RAISED


>  27% TO 28% INCREASE IN OPERATING INCOME AT CONSTANT EXCHANGE RATES** 
   (versus an increase of 23% to 25% initially announced in January).


>  25% TO 26% RISE IN NET INCOME EXCLUDING PROFIT/(LOSS) ON SALES OF NON-CURRENT 
   ASSETS (versus a rise of 18% to 20% initially announced in January)



** average exchange rates for 2005




Performance of Group business sectors 


Overall, the Group's five business sectors saw a rise in like-for-like sales
(constant Group structure and exchange rates) over first-half 2006 (see appendix
1). Most businesses reported a solid increase in sales volumes as well as a
significant rise in sales prices, enabling them to pass on the higher costs of
energy and certain raw materials at Group level. On a like-for-like basis,
first-half sales climbed 6.3% (including a +3.0% price impact and a 3.3% volume
effect). Business trends observed in the first quarter - which were boosted by a
higher number of working days than first-quarter 2005 - sustained their momentum
over the three months to June 30, 2006 (based on a constant number of working
days). The Group's growth continued to be driven by businesses serving the
construction markets (in particular the Construction Products and Building
Distribution sectors), while businesses related to industrial markets held firm.


The Group's ongoing expansion in Asia and emerging countries continues to
bolster performance, posting like-for-like growth of 10.9% in first-half 2006.



Building Distribution delivered a sharp 14.1% increase in underlying sales,
fuelled by both the first-half contribution of acquisitions carried out in 2005
(particularly Optimera and Sanitas-Troesch) and by the strong 5.4% organic
growth reported by the sector's main banners, namely in France and Scandinavia.
The UK businesses posted moderate growth, while the German market showed the
first signs of an upturn in the second quarter. The sector's operating margin
continued on an upward trend, at 5.0% compared with 4.9% in the year-earlier
period.



High-Performance Materials posted a 3.4% rise in like-for-like sales, reflecting
strong sales volumes. Ceramics & Plastics and Abrasives delivered a further
improvement in profitability, which climbed to 13.8% against 13.4% in the first
six months of 2005. However, the Reinforcements division saw its operating
margin narrow due to a further decrease in sales prices, as well as rising
energy, raw materials and freight costs. Operating margin for the sector as a
whole slipped to 10.8% versus 11.2% in first-half 2005.



Flat Glass sales advanced 4.2% like-for-like, on the back of robust growth in
sales volumes, in particular on the construction markets. The hike in the cost
of energy and certain raw materials dented profitability, however, and was not,
on average, fully passed on to sales prices over first-half 2006. Sales prices
rose mainly in the second quarter and the full benefits of this will therefore
be felt in the second half of the year, which will also be boosted by a more
favorable comparison basis.



Like-for-like sales for the Packaging sector edged up by 3.3%, thanks to sales
price increases implemented in the past few months across both Europe and the
US. This helped to partly counter the strong upward spiral observed since summer
2005 in the cost of energy and certain raw materials. The sector's operating
margin, which improved on second-half 2005, nevertheless remains below
first-half 2005 levels.



On the back of strong contributions from each of its businesses, the
Construction Products (CP) sector posted the Group's highest organic growth at
11.5% (including a 5.7% price impact and a 5.8% volume effect). Both 'interior
building solutions' businesses (Gypsum and Insulation) turned in an excellent
performance, registering organic growth above the sector average (at 13.7% and
12.2%, respectively), and marked price increases. The Building Materials
division also raised its prices significantly, while the Pipe division continued
to report vigorous export sales (up 17.0% like-for-like). Thanks to improved
profitability across all of its businesses, the sector's operating margin leapt
to 12.9% compared with 9.1% in first-half 2005 (or 10.6% pro forma including BPB
over the six-month period to June 30, 2005).



                     *             *              *




Analysis of the interim consolidated financial statements for first-half 2006



The interim consolidated financial statements set out below were reviewed by the
Board of Directors on July 27, 2006:



                                                                    H1 2005              H1 2006         % change
                                                                   € million            € million

                                                                      (1)                  (2)          (2)/(1)

Sales*                                                                16,877*             20,551*        +21.8%
Operating income                                                        1,372               1,815        +32.3%
Non-operating expenses                                                  (108)               (157)        +45.4%
Capital gains and losses and exceptional write-offs                         4                  13          n.m.
Business income                                                         1,268               1,671        +31.8%
Net financial income                                                    (266)               (374)        -40.6%
Income taxes                                                            (359)               (479)        +33.4%
Share in net income of associates                                           5                 (2)          n.m.
Income before minority interests                                          648                 816        +25.9%
Minority interests                                                       (16)                (19)        +18.7%
Net income                                                                632                 797        +26.1%
Earnings per share (in €)                                                1.83                2.27        +24.0%
Net income excluding profit/(loss) on sales of
non-current assets                                                        642                 813        +26.6%
Earnings per share excluding profit/(loss) on sales of
non-current assets (in €)                                                1.86                2.32        +24.7%
Cash flow from operations                                               1,355               1,643        +21.3%
Cash flow from operations excluding capital gains tax                   1,360               1,672        +22.9%
Amortization and depreciation                                             689               887**        +28.7%
Capital expenditure                                                       598                 811        +35.6%
Investments in securities                                                 563                 346        -38.5%
Net debt                                                                7,463              13,738        +84.1%



*  including ancillary revenue of €134 million in first-half 2006 and
€118 million in first-half 2005.



** including additional amortization of €9 million in first-half 2006
resulting from the allocation of BPB's acquisition cost to certain items of
property, plant and equipment (gypsum quarries and industrial plants) and
intangible assets such as patents.





Consolidated first-half sales jumped 21.8% on an actual structure basis and
19.7% at constant exchange rates*. Contributions from acquisitions, net of
disposals, accounted for 12.9% of this increase. British Plaster Board (BPB),
which has been consolidated within the Group's accounts since December 1, 2005,
delivered sales of €1,964 million in the six months to June 30, 2006.

At constant Group structure and exchange rates*, Group sales advanced by €1,146
million, a rise of 6.3% including BPB organic growth (13.7%), and of 5.6%
excluding BPB.



The breakdown of like-for-like sales by geographic area reveals robust business
levels in France and other Western European countries, with the first signs of
an upturn in Germany in the second quarter. Business in North America remained
vigorous, with an advance in non-residential construction markets, although
residential housing starts stalled as predicted. Emerging countries and Asia
reported the Group's highest organic growth, at 10.9%.



By geographic area, France accounted for 29.1% of sales, with other Western
European countries contributing 41.2%, North America 17.3%, and emerging
countries and Asia/Pacific 12.4%.



*  based on average exchange rates for first-half 2005



Operating income surged 32.3%, or 29.8% at constant exchange rates. The Group
reported a significant rise in operating margin to 8.8% (11.1% excluding
Building Distribution), compared with 8.1% (10.4% excluding Building
Distribution) in the same year-ago period. This chiefly reflects the
contribution from BPB, which posted first-half operating income of €334 million
(including €20 million in synergies), representing 17.0% of sales.



All geographic areas reported improved profitability figures, with the exception
of Asia and emerging countries, which were hit by an appreciation in certain
currencies.



Business income soared 31.8%, fuelled mainly by an increase in operating income.



Non-operating expenses advanced to €157 million, compared with €108 million in
the six months to June 30, 2005, due to additional restructuring measures
designed to boost productivity and competitiveness of Group businesses. They
also include a €50 million charge in respect of asbestos claims filed against
CertainTeed (compared with €54 million in the year-earlier period).



Capital gains and losses and exceptional write-offs came in at €13 million,
compared with €4 million in the year-earlier period. Capital gains on sales of
assets during the first half of the year (€141 million including €139 million on
the sale of Calmar) were almost fully offset by one-off asset impairment charges
(€128 million).



Net financial income fell 40.6% to €(374) million versus €(266) million in
first-half 2005, reflecting the increase in net debt due to the BPB acquisition.
Excluding BPB-related acquisition financing costs, net financial income remained
virtually unchanged.



Net income climbed 26.1% on first-half 2005, to €797 million. Based on the total
number of shares outstanding at June 30, 2006 (350,655,561 following the
issuance of 5,399,291 shares in connection with the Group Savings Plan),
earnings per share surged 24.0% to €2.27, compared with €1.83 at June 30, 2005
(based on 345,255,470 shares). Based on the number of shares excluding treasury
stock (343,262,396 shares at June 30, 2006 compared with 340,058,134 shares at
June 30, 2005), earnings per share amounts to €2.32, an increase of 24.7% on
June 30, 2005 (€1.86).



Excluding profit/(loss) on sales of non-current assets, net income leapt 26.6%
to €813 million, versus €642 million in the year-earlier period. Based on the
total number of shares outstanding at June 30, 2006 (350,655,561 shares),
earnings per share excluding profit/(loss) on sales of non-current assets jumped
24.7% to €2.32, compared with €1.86 at end-June 2005. Based on the number of
shares excluding treasury stock (343,262,396 shares at June 30, 2006 compared
with 340,058,134 shares at June 30, 2005), earnings per share comes in at EUR
2.37, reflecting an increase of 25.4% on June 30, 2005 (EUR 1.89).



Cash flow from operations was 21.3% higher than the year-earlier period, at
€1,643 million. Excluding the impact of capital gains tax, cash flow from
operations advanced 22.9% to €1,672 million, versus €1,360 million for the six
months to June 30, 2005.



Capital expenditure rose 35.6% to €811 million, compared with €598 million in
first-half 2005. This increase reflects primarily the integration of BPB, whose
higher year-on-year capital expenditure accounted for 10.5% of sales. The
Group's capital expenditure programs in emerging countries and Asia also remain
vigorous, accounting for 29.7% of the Group's capital expenditure in first-half
2006.



Investments in securities totaled €346 million, including €306 million relating
to the Building Distribution business.



After adjusting for the dividend payout, and before the proceeds from the sale
of Calmar (paid in July for an amount of €560 million), net debt totaled €13,738
million at June 30, 2006, an increase of 6.9% on December 31, 2005 (€12,850
million). Net debt represents 106.6% of consolidated shareholders' equity,
compared with 104.4% at December 31, 2005.



                     *             *              *



Update on asbestos claims in the United States



Some 4,000 new claims were filed against CertainTeed in the first six months of
2006, down 60% on the first half of 2005 (10,000 claims). 8,000 claims were
resolved (versus 13,000 in first-half 2005), and 10,000 claims were transferred
to an 'inactive docket' further to a number of court rulings in the State of
Ohio. The number of outstanding claims therefore continued on a downward trend,
falling to 86,000 at June 30, 2006 versus 100,000 at December 31, 2005. The
average cost of claims settled in the past 12 months or in the process of
settlement fell to around USD 2,200 per claim, down on the first-quarter figure
(around USD 2,500 per claim), owing to a higher number of mass actions dismissed
in the past twelve months.



Regarding the legislative effort to create a Federal asbestos trust fund, the
probability of a vote on reform in 2006 appears to be remote.

However, a large number of States are considering tort reform measures in order
to adopt medical criteria requirements and reduce abuses of the system.



Strategy                                         


The Group's robust results for the six months to June 30, 2006 highlight the
efficiency of its business model and the high-quality acquisition of BPB, which
posted better-than-expected operating results, was integrated swiftly, and
unlocked synergies ahead of term.



The Group intends to focus its strategy on:



-   prioritizing development of construction and housing related businesses, 
    in particular through bolt-on acquisitions in Building Distribution
    and Construction Products sectors;

-   pushing ahead with R&D and innovation initiatives, particularly in
    High-Performance Materials and Flat Glass sectors;

-   stepping up expansion efforts in emerging countries for all businesses.



Saint-Gobain has agreed with Owens Corning to transfer its Reinforcements and
Composites businesses (€850 million in sales in 2005, i.e. 60% of Reinforcement
sales) to a newly created joint venture which will be 40%-held by the Group.



Following the successful divestments of Calmar and Synflex, the Group will press
ahead with a significant divestment program through to mid-2007, in line with
its business model, and growth and profitability potential.


                     *             *              *



2006 outlook and targets



The Group expects trading in the second half of the year to be broadly in line
with the trends observed in the six months to June 30, 2006, and is therefore
lifting its full-year growth targets:



-   growth in operating income at constant exchange rates (average rates
    for 2005) is now targeted at 27%-28%, up from an initial target of 23%-25%;

-   growth in net income is now targeted at 25%-26%, up from an initial
    target of 18%-20%.



The Group's revised targets take account of the June 30, 2006 divestment of
Calmar.



                     *             *              *



Forthcoming results announcements



-  Sales for the first nine months of 2006: October 24, 2006, after close of
   trading on the Paris Bourse.




                     *             *              *



                   Investor Relations department



Florence Triou-Teixeira                    Tel.: [phone]
Alexandre Etuy                             Tel.: [phone]
                                           Fax : [phone]


Appendix 1: Results by business
sector and geographic area

                                                          Change on   Change on a    Change on a
                                        H1        H1      an actual   comparable     comparable
I. SALES                               2005      2006     structure    structure    structure and
                                     (in EURm) (in EURm)    basis        basis        currency
                                                                                        basis
By sector and division:
Building Distribution                  7 364     8 401     +14,1%        +5,8%          +5,4%
High-Performance Materials (1)         2 415     2 544      +5,3%        +7,0%          +3,4%
Ceramics & Plastics and Abrasives      1 788     1 833      +2,5%        +5,4%          +1,8%
Reinforcements                          638       718      +12,5%       +10,6%          +7,0%
Flat Glass                             2 329     2 498      +7,3%        +6,9%          +4,2%
Packaging                              1 977     2 129      +7,7%        +5,8%          +3,3%
Construction Products (1)              3 096     5 460     +76,4%       +14,2%         +11,5%
Building Materials                     1 361     1 383      +1,6%        +9,7%          +5,2%
Insulation                             1 045     1 224     +17,1%       +14,1%         +12,2%
Gypsum                                   0       1 964      n.m.        +16,0%         +13,7%
Pipe                                    700       905      +29,3%       +18,5%         +17,0%
Internal sales and misc.               -304      -481       n.m.         n.m.           n.m.
Total Group                           16 877    20 551     +21,8%        +8,2%          +6,3%
H1-2005 BPB pro forma*:
Building Distribution                  7 433     8 401     +13,0%        +5,8%          +5,4%
Construction Products (1)              4 838     5 460     +12,9%       +14,2%         +11,5%
Insulation                             1 064     1 224     +15,0%       +14,1%         +12,2%
Gypsum                                 1 724     1 964     +13,9%       +16,0%         +13,7%
Internal sales and misc.               -474      -481       n.m.         n.m.           n.m.
Group total based on H1-2005 BPB pro  18 518    20 551     +11,0%        +8,2%          +6,3%
forma

By geographic area:
France                                 5 826     6 357      +9,1%        +4,9%          +4,9%
Other Western European countries       7 135     8 887     +24,6%        +5,7%          +5,8%
North America                          2 876     3 634     +26,4%       +12,8%          +7,4%
Emerging countries and Asia            1 978     2 762     +39,6%       +20,0%         +10,9%
Internal sales                         -938     -1 089      n.m.         n.m.           n.m.
Group total                           16 877    20 551     +21,8%        +8,2%          +6,3%
H1-2005 BPB pro forma*:
France                                 6 071     6 357      +4,7%        +4,9%          +4,9%
Other Western European countries       7 985     8 887     +11,3%        +5,7%          +5,8%
North America                          3 282     3 634     +10,7%       +12,8%          +7,4%
Emerging countries and Asia            2 160     2 762     +27,9%       +20,0%         +10,9%
Internal sales                         -980     -1 089      n.m.         n.m.           n.m.
Group total based on H1-2005 BPB pro  18 518    20 551     +11,0%        +8,2%          +6,3%
forma

(1) including intra-sector
eliminations
                                        H1        H1      Change on       H1             H1
II. OPERATING INCOME                   2005      2006     an actual      2005           2006
                                     (in EURm) (in EURm)  structure    (as % of    (as % of sales)
                                                                        sales)
                                                            basis
By sector and division:
Building Distribution                   363       418      +15,2%        4,9%           5,0%
High-Performance Materials              271       276       +1,8%        11,2%          10,8%
Ceramics & Plastics and Abrasives       240       253       +5,4%        13,4%          13,8%
Reinforcements                          31        23       -25,8%        4,9%           3,2%
Flat Glass                              233       228       -2,1%        10,0%          9,1%
Packaging                               221       205       -7,2%        11,2%          9,6%
Construction Products (1)               283       704      +148,8%       9,1%           12,9%
Building Materials                      103       120      +16,5%        7,6%           8,7%
Insulation                              121       169      +39,7%        11,6%          13,8%
Gypsum                                   0        334       n.m.         n.m.           17,0%
Pipe                                    59        81       +37,3%        8,4%           9,0%
Miscellaneous                            1        -16       n.m.         n.m.           n.m.
Group total                            1 372     1 815     +32,3%        8,1%           8,8%
H1-2005 BPB pro forma*:
Building Distribution                   365       418      +14,5%        4,9%           5,0%
Construction Products (1)               512       704      +37,5%        10,6%          12,9%
Insulation                              123       169      +37,4%        11,6%          13,8%
Gypsum                                  227       334      +47,1%        13,2%          17,0%
Group total based on H1-2005 BPB pro   1 603     1 815     +13,2%        8,7%           8,8%
forma

By geographic area:
France                                  440       491      +11,6%        7,6%           7,7%
Other Western European countries        490       695      +41,8%        6,9%           7,8%
North America                           269       407      +51,3%        9,4%           11,2%
Emerging countries and Asia             173       222      +28,3%        8,7%           8,0%
Group total                            1 372     1 815     +32,3%        8,1%           8,8%
H1-2005 BPB pro forma*:
France                                  478       491       +2,7%        7,9%           7,7%
Other Western European countries        607       695      +14,5%        7,6%           7,8%
North America                           326       407      +24,8%        9,9%           11,2%
Emerging countries and Asia             192       222      +15,6%        8,9%           8,0%
Group total based on H1-2005 BPB pro   1 603     1 815     +13,2%        8,7%           8,8%
forma

* unaudited. BPB pro forma information is disclosed solely for those business
sectors affected by the BPB acquisition. Figures for BPB's building merchants'
business are included within the Building Distribution sector.

                                        H1        H1      Change on       H1             H1
III. BUSINESS INCOME                   2005      2006     an actual      2005           2006
                                     (in EURm) (in EURm)  structure    (as % of    (as % of sales)
                                                                        sales)
                                                            basis
By sector and division
Building Distribution                   358       411      +14,8%        4,9%           4,9%
High-Performance Materials              242       232       -4,1%        10,0%          9,1%
Ceramics & Plastics and Abrasives       216       220       +1,9%        12,1%          12,0%
Reinforcements                          26        12       -53,8%        4,1%           1,7%
Flat Glass                              229       216       -5,7%        9,8%           8,6%
Packaging                               233       229       -1,7%        11,8%          10,8%
Construction Products                   267       664      +148,7%       8,6%           12,2%
Building Materials                      99        106       +7,1%        7,3%           7,7%
Insulation                              122       165      +35,2%        11,7%          13,5%
Gypsum                                   0        333       n.m.         n.m.           17,0%
Pipe                                    46        60       +30,4%        6,6%           6,6%
Miscellaneous                          -61**     -81**      n.m.         n.m.           n.m.
Group total                            1 268     1 671     +31,8%        7,5%           8,1%
H1-2005 BPB pro forma*:
Building Distribution                   360       411      +14,2%        4,8%           4,9%
Construction Products                   465       664      +42,8%        9,6%           12,2%
Insulation                              124       165      +33,1%        11,7%          13,5%
Gypsum                                  196       333      +69,9%        11,4%          17,0%
Group total based on H1-2005 BPB pro   1 468     1 671     +13,8%        7,9%           8,1%
forma

By geographic area
France                                  435       442       +1,6%        7,5%           7,0%
Other Western European countries        490       737      +50,4%        6,9%           8,3%
North America                          174**     277**     +59,2%        6,1%           7,6%
Emerging countries and Asia             169       215      +27,2%        8,5%           7,8%
Group total                            1 268     1 671     +31,8%        7,5%           8,1%
H1-2005 BPB pro forma*:
France                                  472       442       -6,4%        7,8%           7,0%
Other Western European countries        576       737      +28,0%        7,2%           8,3%
North America                           230       277      +20,4%        7,0%           7,6%
Emerging countries and Asia             190       215      +13,2%        8,8%           7,8%
Group total based on H1-2005 BPB pro   1 468     1 671     +13,8%        7,9%           8,1%
forma

* *after a pre-tax asbestos-related charge of €50 million at June 30, 2006,
versus €54 million at end-June 2005


                                        H1        H1      Change on       H1             H1
IV. CASH FLOW                          2005      2006     an actual      2005           2006
                                     (in EURm) (in EURm)  structure    (as % of    (as % of sales)
                                                                        sales)
                                                         basis
By sector and division:
Building Distribution                   258       310      +20,2%        3,5%           3,7%
High-Performance Materials              254       211      -16,9%        10,5%          8,3%
Ceramics & Plastics and Abrasives       195       167      -14,4%        10,9%          9,1%
Reinforcements                          59        44       -25,4%        9,2%           6,1%
Flat Glass                              260       261       +0,4%        11,2%          10,4%
Packaging                               233       225       -3,4%        11,8%          10,6%
Construction Products                   274       552      +101,5%       8,9%           10,1%
Building Materials                      97        111      +14,4%        7,1%           8,0%
Insulation                              122       168      +37,7%        11,7%          13,7%
Gypsum                                   0        201       n.m.         n.m.           10,2%
Pipe                                    55        72       +30,9%        7,9%           8,0%
Miscellaneous                          76**      84**       n.m.         n.m.           n.m.
Group total                            1 355     1 643     +21,3%        8,0%           8,0%
H1-2005 BPB pro forma*:
Construction Products                   413       552      +33,7%        8,5%           10,1%
Gypsum                                  139       201      +44,6%        8,1%           10,2%
Group total based on H1-2005 BPB pro   1 494     1 643     +10,0%        8,1%           8,0%
forma

By geographic area:
France                                  480       414      -13,8%        8,2%           6,5%
Other Western European countries        448       658      +46,9%        6,3%           7,4%
North America                          224**     304**     +35,7%        7,8%           8,4%
Emerging countries and Asia             203       267      +31,5%        10,3%          9,7%
Group total                            1 355     1 643     +21,3%        8,0%           8,0%
H1-2005 BPB pro forma*:
France                                  450       414       -8,0%        7,4%           6,5%
Other Western European countries        542       658      +21,4%        6,8%           7,4%
North America                           275       304      +10,5%        8,4%           8,4%
Emerging countries and Asia             227       267      +17,6%        10,5%          9,7%
Group total based on H1-2005 BPB pro   1 494     1 643     +10,0%        8,1%           8,0%
forma

* unaudited. BPB pro forma information is disclosed solely for those business
sectors affected by the BPB acquisition. Figures for BPB's building merchants'
business are included within the Building Distribution sector.

* *after a pre-tax asbestos-related charge of €33 million at June
30, 2006 versus €36 million at end-June 2005


                                        H1        H1      Change on       H1             H1
V. CAPITAL EXPENDITURE                 2005      2006     an actual      2005           2006
                                     (in EURm) (in EURm)  structure    (as % of    (as % of sales)
                                                          basis         sales)
                                                        
By sector and division:
Building Distribution                   131       134       +2,3%        1,8%           1,6%
High-Performance Materials              106       77       -27,4%        4,4%           3,0%
Ceramics & Plastics and Abrasives       61        62        +1,6%        3,4%           3,4%
Reinforcements                          45        15       -66,7%        7,1%           2,1%
Flat Glass                              164       166       +1,2%        7,0%           6,6%
Packaging                               89        119      +33,7%        4,5%           5,6%
Construction Products                   104       306      +194,2%       3,4%           5,6%
Building Materials                      38        39        +2,6%        2,8%           2,8%
Insulation                              50        43       -14,0%        4,8%           3,5%
Gypsum                                   0        207       n.m.         n.m.           10,5%
Pipe                                    16        17        +6,3%        2,3%           1,9%
Miscellaneous                            4        10        n.m.         n.m.           n.m.
Group total                             598       811      +35,6%        3,5%           3,9%
H1-2005 BPB pro forma*:
Building Distribution                   132       134       +1,5%        1,8%           1,6%
Construction Products                   253       306      +20,9%        5,2%           5,6%
Gypsum                                  149       207      +38,9%        8,6%           10,5%
Group total based on H1-2005 BPB pro    748       811       +8,4%        4,0%           3,9%
forma

By geographic area:
France                                  125       147      +17,6%        2,1%           2,3%
Other Western European countries        184       310      +68,5%        2,6%           3,5%
North America                           93        113      +21,5%        3,2%           3,1%
Emerging countries and Asia             196       241      +23,0%        9,9%           8,7%
Group total                             598       811      +35,6%        3,5%           3,9%
H1-2005 BPB pro forma*:
France                                  148       147       -0,7%        2,4%           2,3%
Other Western European countries        244       310      +27,0%        3,1%           3,5%
North America                           109       113       +3,7%        3,3%           3,1%
Emerging countries and Asia             247       241       -2,4%        11,4%          8,7%
Group total based on H1-2005 BPB pro    748       811       +8,4%        4,0%           3,9%
forma

* unaudited. BPB pro forma information is disclosed solely for those business
sectors affected by the BPB acquisition. Figures for BPB's building merchants'
business are included within the Building Distribution sector.




Appendix  2: Consolidated balance sheet

in EUR million                                                  June 30, 2006 Dec. 31, 2005
                                                                              restated (*)
                            ASSETS
Goodwill                                                                9 043       9 386
Other intangible assets                                                 3 595       3 649
Property, plant and equipment                                          12 566      12 894
Investments in associates                                                 107         137
Available-for-sale and other securities                                   101         161
Deferred tax assets                                                       421         410
Other non-current assets                                                  241         280
Non-current assets                                                     26 074      26 917
Inventories                                                             5 939       5 535
Trade accounts receivable                                               7 022       5 814
Current tax receivable                                                     51          66
Other accounts receivable                                               1 952         928
Assets held for sale                                                                    0
Cash and cash equivalents                                               1 254       2 080
Current assets                                                         16 218      14 423
Total assets                                                           42 292      41 340
             LIABILITIES AND SHAREHOLDERS' EQUITY
Capital stock                                                           1 403       1 381
(June 30, 2006: 350,655,561 shares with a par value of €4;
Dec. 31, 2005: 345,256,270 shares with a par value of €4)
Additional paid-in capital and legal reserve                            2 459       2 261
Retained earnings and net income                                        8 755       7 998
Cumulative translation adjustments                                        264         635
Fair value reserves                                                       (4)          16
Treasury stock                                                          (310)       (310)
Shareholders' equity                                                   12 567      11 981
Minority interests                                                        317         328
Total equity                                                           12 884      12 309
Provisions for pensions and other employee benefits                     2 674       3 419
Deferred tax liabilities                                                1 288       1 301
Provisions for other liabilities and charges                              668         673
Long-term debt                                                         10 280      11 315
Investment-related liabilities                                            148         130
Non-current liabilities                                                15 058      16 838
Current portion of provisions for other liabilities and charges           458         409
Current portion of long-term debt                                       1 886         922
Current portion of investment-related liabilities                         130         263
Trade accounts payable                                                  5 567       4 781
Current tax liabilities                                                   495         275
Other accounts payable                                                  2 988       2 850
Liabilities held for sale                                                               0
Short-term debt and bank overdrafts                                     2 826       2 693
Current liabilities                                                    14 350      12 193
Total equity and liabilities                                           42 292      41 340




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