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[April 2004]
Final Annual Results for Saint-Gobain
Saint-Gobain (Paris, France) has confirmed its preliminary figures for the year ended 31 December 2003. Sales were down 2.3% to €,29.59 billion (up 4.1% excluding currency effects and up 2.5% on a like-for-like basis). Operating income was down 5.4% to €,2.442 billion (up 1% excluding currency effects and up 0.1% on a like-for-like basis). Operating margin was 8.3%. Stable net income was down 0.1% to €,1.039 billion. Net income excluding capital gains was down 2.9% to €,1.02 billion.
The group confirmed a strong free cash flow at €,1.2 billion (excluding taxes on capital gains). There was a significant 19% decrease in net debt, to €,5.7 billion. The dividend recommended for approval by the AGM was €,1.15 per share, up 1.8%.
Sectoral sales analysis - where changes are taken on a comparable structure and currency basis - showed improvements in all but one sector (Insulation & Reinforcements). Ceramics, Plastics & Abrasives were up 0.5%; Pipe was up 14.2%; High Performance Materials were up 0.5%; and Building Materials were up 4.9%. When looking at operating income, strong improvements were shown by the first three sectors mentioned - all up 11.9% over 2002.
Among the many investments and acquisitions made during 2003, Saint-Gobain acquired Ceramic Tile Distributors Newcastle Ltd in the UK; the activities of silicon carbide batts for the porcelain industry of Borgestadt in Norway; the thin grinding wheels company Rastawerk in Switzerland; and it increased its stake to 60% in the fused-cast refractories company Toshiba Monofrax, based in Japan.
www.saint-gobain.com
ENDS