Saint Gobain Or Regulatory News (COD)

23 Mar 2007 18:00

Compagnie de Saint-Gobain23 March 2007 March 22, 2007 Press release FINAL RESULTS FOR 2006: CONFIRMATION OF THE FIGURES PUBLISHED AT THE END OF JANUARY 2007 Strong growth, outperforming targets - Sales: up 18.5% to €41,596 million; up 18.2% at constant exchange rates* and up 6.7% like-for-like - Operating income: up 29.9% to €3,714 million; up 29.8% at constant exchange rates* - Net income (excluding capital gains and losses on sales of non-current assets): up 32.6% to €1,702 million * average exchange rates for 2005 2007 targets: another year of growth - Robust increase in operating income, at constant exchange rates** - Double-digit growth in net income (excluding capital gains and losses on sales of non-current assets) ** average exchange rates for 2006 2006 DIVIDEND***: €1.7 per share, up 25% on 2005 *** Recommended dividend payable in respect of 2006 to be submitted by the Board of Directors to the Annual General Meeting on June 7, 2007 for approval. The Group's 2006 consolidated financial statements were adopted bySaint-Gobain's Board of Directors at their meeting of Thursday March 22, 2007. 2006 Consolidated financial statements ....................................... The key consolidated data for the Group, as well as the results by businesssector and geographical area set out in the appendix, are the same as theestimated figures published at the end of January (**), and are summarized below: 2005 2006 % In • millions In • millions change (1) (2) (2)/(1) Net sales (a) 35,110 (a) 41,596 (a) +18.5%Operating income 2,860 3,714 +29.9%Non-operating costs (288) (367) +27.4%Capital gains and losses and exceptional asset write-downs (21) (27) -28.6%Dividend income 3 2 -50.0%Business income 2,554 3,322 +30.1%Net financial expense (569) (748) +31.5%Income tax (701) (899) +28.2%Share in net income of equity investees 10 7 -30.0%Income before minority interests 1,294 1,682 +30.0%Minority interests (30) (45) +50.0%Net attributable income 1,264 1,637 +29.5%Earnings per share based on the number of shares atDecember 31 (in •) 3.66 4.44 +21.3%Earnings per share excluding capital gains 1,284 1,702 +32.6%Earnings per share excluding capital gains based on thenumber of shares at December 31 (in •) 3.72 4.62 +24.2%Cash flow from operations 2,735 3,347 +22.4%Cash flow from operations excluding capital gains tax 2,730 3,374 +23.6%Depreciation and amortization 1,420 1,717 (b) +20.9%Capital expenditure 1,756 2,191 +24.8%Investments in securities (c) 6,991 584 n.m.Net debt 12,850 11,599 -9.7% (a) including ancillary revenue of €273 million in 2006, versus €250million in 2005 (b) including additional amortization of €17 million in 2006 resultingfrom the allocation of BPB's acquisition cost to certain items of property, plant and equipment (gypsum quarries and industrial plants) andintangible assets such as patents (c) excluding buy-backs and/or sales of own shares All of the comments published at the end of January (**) regarding the Group'sconsolidated financial statements therefore apply to the final figures. (**) The press release relating to the Group's estimated 2006 results -published at the end of January 2007 - is available on the Saint-Gobain website(www.saint-gobain.com) Annual General Meeting The Board of Directors also adopted the accounts of Compagnie de Saint-Gobain,the parent company. At the General Meeting of the Company's shareholders called for June 7, 2007,the Board will recommend a dividend payout of €617 million, representing 36.1%of net income excluding capital gains on sales of non-current assets andexceptional asset write-downs, and 37.6% of net income. The dividend per share would therefore be €1.7, an increase of 25% on 2005.Based on the closing share price on December 29, 2006 (€63.65), this dividendwould represent a net yield of 2.7%. The dividend will be paid entirely in cashas from June 21, 2007. At the General Meeting of June 7, 2007, shareholders will be asked to approve: - the appointment and renewal of the term of office as director ofBernard Cusenier, representing current employee and former employee shareholdersof Saint-Gobain (replacing Pierre Kerhuel); - the renewal of the terms of office as directors of Gerard Mestrallet,Chairman and CEO of Suez and Denis Ranque, Chairman and CEO of Thales; - and the appointment as directors of Robert Chevrier, a Canadiannational company administrator (replacing Paul David, who has reached the agelimit applicable to directors) and of Japanese national Yuko Harayama, a memberof the Japanese government's Committee for Science and Technology and executiveadvisor to the Chairman of the University of Tohoku in Japan (replacing SehoonLee, who has decided not to seek re-election). The Board of Directors wishes to thank Pierre Kerhuel, Paul David and Sehoon Leefor their contribution to its work. 2007 outlook and objectives The Group confirms its objectives as published at the end of January 2007: - robust growth in operating income, at constant exchange rates (averageexchange rates for 2006); - double-digit growth in net income, excluding capital gains and losseson sales of non-current assets. These objectives are based on the assumption that Saint-Gobain Desjonqueres andthe Reinforcements & Composites business will be deconsolidated in first-half2007, but do not reflect any other major scope adjustments that may occur in2007. Forthcoming results announcements - Sales for the first quarter of 2007: April 26, 2007, after close oftrading on the Paris Bourse. *** Investor Relations Department Florence Triou-Teixeira Tel.: +33 1 47 62 45 19Alexandre Etuy Tel.: +33 1 47 62 37 15 Fax: +33 1 47 62 50 62 Appendix 1: Results by Business Sector, Division andGeographic Area Change on Change on a Change on a an actual comparable comparableI. SALES 2005 2006 structure structure structure and (in EUR m) (in EUR m) basis basis currency basisBy sector and division:Flat Glass 4,680 5,083 +8.6% +9.0% +7.8%High-Performance Materials (1) 4,880 4,938 +1.2% +3.5% +3.3%Ceramics & Plastics and Abrasives 3,591 3,589 -0.1% +3.4% +3.3%Reinforcements 1,306 1,365 +4.5% +3.6% +3.0%Construction Products (1) 6,694 10,876 +62.5% +8.9% +8.7%Building Materials 2,733 2,694 -1.4% +2.5% +2.3%Insulation 2,244 2,542 +13.3% +10.7% +10.4%Gypsum 263 3,895 n.m. +12.2% +12.1%Pipe 1,474 1,783 +21.0% +10.1% +9.6%Building Distribution 15,451 17,581 +13.8% +7.2% +7.0%Packaging (2) 4,008 4,080 +1.8% +4.0% +3.6%Internal sales and misc. -603 -962 n.m. n.m. n.m.GROUP TOTAL 35,110 41,596 +18.5% +7.1% +6.7%2005 BPB pro forma*Construction Products (1) 9,986 10,876 +8.9% +8.9% +8.7%Insulation 2,280 2,542 +11.5% +10.7% +10.4%Gypsum 3,521 3,895 +10.6% +12.2% +12.1%Building Distribution 15,593 17,581 +12.7% +7.2% +7.0%Internal sales and misc. -979 -962 n.m. n.m. n.m.Group total based on 2005 BPB pro forma 38,168 41,596 +9.0% +7.1% +6.7% By geographic area:France 11,438 12,528 +9.5% +5.7% +5.7%Other western European countries 15,193 18,448 +21.4% +7.1% +7.1%North America 5,956 6,790 +14.0% +2.6% +3.1%Emerging countries and Asia 4,443 5,933 +33.5% +16.4% +12.7%Internal sales -1,920 -2,103 n.m. n.m. n.m.GROUP TOTAL 35,110 41,596 +18.5% +7.1% +6.7%2005 BPB pro forma*France 11,892 12,528 +5.3% +5.7% +5.7%Other western European countries 16,576 18,448 +11.3% +7.1% +7.1%North America 6,836 6,790 -0.7% +2.6% +3.1%Emerging countries and Asia 4,842 5,933 +22.5% +16.4% +12.7%Internal sales -1,978 -2,103 n.m. n.m. n.m.Group total based on 2005 BPB pro forma 38,168 41,596 +9.0% +7.1% +6.7% (1) including intra-sector eliminations(2) o/w Calmar (sold in july 2006): €313m in 2005;€183m in 2006 *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. Change onII. OPERATING INCOME 2005 2006 an actual 2005 2006 (in EUR m) (in EUR m) structure (in % of sales) (in % of sales) basisBy sector and division:Flat Glass 453 480 +6.0% 9.7% 9.4%High-Performance Materials 511 500 -2.2% 10.5% 10.1%Ceramics & Plastics and Abrasives 462 468 +1.3% 12.9% 13.0%Reinforcements 49 32 -34.7% 3.8% 2.3%Construction Products 614 1,376 +124.1% 9.2% 12.7%Building Materials 223 208 -6.7% 8.2% 7.7%Insulation 292 379 +29.8% 13.0% 14.9%Gypsum -8 649 n.m. n.m. 16.7%Pipe 107 140 +30.8% 7.3% 7.9%Building Distribution 888 1,001 +12.7% 5.7% 5.7%Packaging (2) 385 376 -2.3% 9.6% 9.2%Miscellaneous 9 -19 n.m. n.m. n.m.GROUP TOTAL 2,860 3,714 +29.9% 8.1% 8.9%2005 BPB pro forma*Construction Products (1) 1,113 1,376 +23.6% 11.1% 12.7%Insulation 296 379 +28.0% 13.0% 14.9%Gypsum 487 649 +33.3% 13.8% 16.7%Building Distribution 893 1,001 +12.1% 5.7% 5.7%Group total based on 2005 BPB pro forma 3,364 3,714 +10.4% 8.8% 8.9% By geographic area:France 889 970 +9.1% 7.8% 7.7%Other western European countries 1,090 1,506 +38.2% 7.2% 8.2%North America 487 701 +43.9% 8.2% 10.3%Emerging countries and Asia 394 537 +36.3% 8.9% 9.1%GROUP TOTAL 2,860 3,714 +29.9% 8.1% 8.9%2005 BPB pro forma*France 965 970 +0.5% 8.1% 7.7%Other western European countries 1,335 1,506 +12.8% 8.1% 8.2%North America 627 701 +11.8% 9.2% 10.3%Emerging countries and Asia 437 537 +22.9% 9.0% 9.1%Group total based on 2005 BPB pro forma 3,364 3,714 +10.4% 8.8% 8.9% * 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. (2) o/w Calmar: €35m in 2005; €28m in 2006 Change onIII. BUSINESS INCOME 2005 2006 an actual 2005 2006 (in EUR m) (in EUR m) structure (in % of sales) (in % of sales) basisBy sector and division:Flat Glass 443 455 +2.7% 9.5% 9.0%High-Performance Materials 411 416 +1.2% 8.4% 8.4%Ceramics & Plastics and Abrasives 378 411 +8.7% 10.5% 11.5%Reinforcements 33 5 -84.8% 2.5% 0.4%Construction Products 559 1,229 +119.9% 8.4% 11.3%Building Materials 247 170 -31.2% 9.0% 6.3%Insulation 278 341 +22.7% 12.4% 13.4%Gypsum -57 648 n.m. n.m. 16.6%Pipe 91 70 -23.1% 6.2% 3.9%Building Distribution 874 979 +12.0% 5.7% 5.6%Packaging (2) 375 379 +1.1% 9.4% 9.3%Miscellaneous** -108 -136 n.m. n.m. n.m.GROUP TOTAL 2,554 3,322 +30.1% 7.3% 8.0%2005 BPB pro forma*Construction Products (1) 1,079 1,229 +13.9% 10.8% 11.3%Insulation 282 341 +20.9% 12.4% 13.4%Gypsum 459 648 +41.2% 13.0% 16.6%Building Distribution 879 979 +11.4% 5.6% 5.6%Group total based on 2005 BPB pro forma 3,079 3,322 +7.9% 8.1% 8.0% By geographic area:France 856 883 +3.2% 7.5% 7.0%Other western European countries 1,012 1,457 +44.0% 6.7% 7.9%North America ** 302 481 +59.3% 5.1% 7.1%Emerging countries and Asia 384 501 +30.5% 8.6% 8.4%GROUP TOTAL 2,554 3,322 +30.1% 7.3% 8.0%2005 BPB pro forma*France 924 883 -4.4% 7.8% 7.0%Other western European countries 1,287 1,457 +13.2% 7.8% 7.9%North America 441 481 +9.1% 6.5% 7.1%Emerging countries and Asia 427 501 +17.3% 8.8% 8.4%Group total based on 2005 BPB pro forma 3,079 3,322 +7.9% 8.1% 8.0% * 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 asbestos-related charge (before tax) of • 95 million in 2006, versus • 100 million in 2005. (2) o/w Calmar: €34m in 2005; €31m in 2006 Change onIV. CASH FLOW 2005 2006 an actual 2005 2006 (in EUR m) (in EUR m) structure (in % of sales) (in % of sales) basisBy sector and division:Flat Glass 528 529 +0.2% 11.3% 10.4%High-Performance Materials 446 432 -3.1% 9.1% 8.7%Ceramics & Plastics and Abrasives 342 363 +6.1% 9.5% 10.1%Reinforcements 104 69 -33.7% 8.0% 5.1%Construction Products 559 1,048 +87.5% 8.4% 9.6%Building Materials 212 204 -3.8% 7.8% 7.6%Insulation 287 358 +24.7% 12.8% 14.1%Gypsum -31 368 n.m. n.m. 9.4%Pipe 91 118 +29.7% 6.2% 6.6%Building Distribution 667 817 +22.5% 4.3% 4.6%Packaging (2) 432 402 -6.9% 10.8% 9.9%Miscellaneous** 103 119 n.m.GROUP TOTAL 2,735 3,347 +22.4% 7.8% 8.0%2005 BPB pro forma*Construction Products 908 1,048 +15.4% 9.1% 9.6%Insulation 282 358 +27.0% 12.4% 14.1%Gypsum 323 368 +13.9% 9.2% 9.4%Building Distribution 672 817 +21.6% 4.3% 4.6%Miscellaneous 109 119 n.m. n.m. n.m.Group total based on 2005 BPB pro forma 3,095 3,347 +8.1% 8.1% 8.0% By geographic area:France 903 733 -18.8% 7.9% 5.9%Other western European countries 969 1,446 +49.2% 6.4% 7.8%North America** 410 573 +39.8% 6.9% 8.4%Emerging countries and Asia 453 595 +31.3% 10.2% 10.0%GROUP TOTAL 2,735 3,347 +22.4% 7.8% 8.0%2005 BPB pro forma*France 830 733 -11.7% 7.0% 5.9%Other western European countries 1,252 1,446 +15.5% 7.6% 7.8%North America 513 573 +11.7% 7.5% 8.4%Emerging countries and Asia 500 595 +19.0% 10.3% 10.0%Group total based on 2005 BPB pro forma 3,095 3,347 +8.1% 8.1% 8.0% * 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 asbestos-related charge (before tax) of • 64 million in 2006, versus • 68 million in 2005. (2) o/w Calmar: €36m in 2005; €19m in 2006 Change onV. CAPITAL EXPENDITURE 2005 2006 an actual 2005 2006 (in EUR m) (in EUR m) structure (in % of sales) (in % of sales) basisBy sector and division:Flat Glass 485 448 -7.6% 10.4% 8.8%High-Performance Materials 271 225 -17.0% 5.6% 4.6%Ceramics & Plastics and Abrasives 187 161 -13.9% 5.2% 4.5%Reinforcements 84 64 -23.8% 6.4% 4.7%Construction Products 355 844 +137.7% 5.3% 7.8%Building Materials 102 142 +39.2% 3.7% 5.3%Insulation 145 145 +0.0% 6.5% 5.7%Gypsum 52 487 n.m. n.m. 12.5%Pipe 56 70 +25.0% 3.8% 3.9%Building Distribution 327 315 -3.7% 2.1% 1.8%Packaging (2) 305 335 +9.8% 7.6% 8.2%Miscellaneous 13 24 n.m. n.m. n.m.GROUP TOTAL 1,756 2,191 +24.8% 5.0% 5.3%2005 BPB pro forma*Construction Products 667 844 +26.5% 6.7% 7.8%Gypsum 364 487 +33.8% 10.3% 12.5%Building Distribution 328 315 -4.0% 2.1% 1.8%Group total based on 2005 BPB pro forma 2,069 2,191 +5.9% 5.4% 5.3% By geographic area:France 391 485 +24.0% 3.4% 3.9%Other western European countries 574 749 +30.5% 3.8% 4.1%North America 256 363 +41.8% 4.3% 5.3%Emerging countries and Asia 535 594 +11.0% 12.0% 10.0%GROUP TOTAL 1,756 2,191 +24.8% 5.0% 5.3%2005 BPB pro forma*France 432 485 +12.3% 3.6% 3.9%Other western European countries 697 749 +7.5% 4.2% 4.1%North America 298 363 +21.8% 4.4% 5.3%Emerging countries and Asia 642 594 -7.5% 13.3% 10.0%Group total based on 2005 BPB pro forma 2,069 2,191 +5.9% 5.4% 5.3% * 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. (2) o/w Calmar: €26m in 2005; €9m in 2006 Appendix 2: Consolidated Balance Sheet at December 31, 2006 in EUR millions Dec 31, 2006 Dec 31, 2005 restated (*) AssetsGoodwill 9,327 9,718Other intangible Assets 3,202 3,196Property, plant and equipment 12,769 12,820Investments in associates 238 139Deferred tax assets 348 447Other non-current assets 390 443Non-current assets 26,274 26,763Inventories 5,629 5,535Trade accounts receivable 6,301 5,813Current tax receivable 66 82Other accounts receivable 1,390 939Assets held for sale 548 0Cash and cash equivalents 1,468 2,080Currents assets 15,402 14,449Total assets 41,676 41,212 Liabilities and Shareholders' equityShareholders' equity 14,165 11,991Minority interests 322 327Total equity 14,487 12,318Long-term debt 9,877 11,315Provisions for pensions and other employee benefits 2,203 3,430Deferred tax liabilities 1,222 1,149Provisions for other liabilities and charges 936 875Non-current liabilities 14,238 16,769Current portion of long-term debt 993 922Current portion of provisions for other liabilities and 467 680chargesTrade accounts payable 5,519 4,779Current tax liabilities 190 216Other accounts payable 3,336 2,835Liabilities held for sale 249 0Short-term debt and bank overdrafts 2,197 2,693Current liabilities 12,951 12,125Total equity and liabilities 41,676 41,212 (*) In accordance with IAS 8, at january 1, 2006 shareholders' equity was restated by €274 million.Of this amount, €208 million relates to the restatement at December 31, 2005 of actuarial gains andlosses of the deferred tax effect. These actuarial differences relate to pension obligations andare recognized against equity with effect from January 1, 2006, in accordance with the optionavailable under the revised IAS 19. This information is provided by RNS The company news service from the London Stock Exchange