Saint Gobain: Final results for first-half 2002

The Board of Directors of Saint-Gobain met on September 19, 2002 to review the final consolidated financial statements of the Group for the six months ended June 30, 2002.

The main consolidated results, which are in line with the estimates announced on July 25, are as follows:

Within the Housing Products Sector, the Pipe Division's distribution operations have been transferred, as from January 1, 2002, to the Building Materials Distribution Division, in order to set up a European organization for sales of materials in civil engineering markets.

Group net indebtedness improved: taking into account the fact that the dividend had not been paid at the end of June 2001, net indebtedness at June 30, 2002 was EUR 724 million lower than a year earlier.

The Board of Directors also reviewed the financial statements of Compagnie de Saint-Gobain, the parent company of the Group, which operates as a holding company. These financial statements show net income of EUR 520 million for the first six months of 2002, compared with net income of EUR 1,027 million for the same period of 2001, which included capital gains from disposals that did not recur in 2002.

Group sales over the months of July and August were in line with the full-year target of net income excluding capital gains on a par with 2001.

600450 Saint Gobain: Final results for first-half 2002

See more news about:

Others also read

William A. Wulfsohn, vice president and general manager of Nylon System for Honeywell International, has been named vice president of European coatings for PPG Industries (NYSE:PPG) and managing director of PPG Europe. "Bill will play a vital role in helping our European coatings businesses achieve their full potential," said Michael A.
Apogee Enterprises Inc. reported level sales but an increase in earnings for the third quarter of its fiscal 2003. Bloomington-based Apogee, which makes glass products and services, said the earnings increase was mainly the result of improvements in its architectural glass business.
Bystronic is to take over Armatec Vierhaus GmbH with effect from 1 January 2003. For Bystronic, a global supplier of system solutions for the manufacture of architectural and automotive glass, the takeover of Armatec, which specialises in laminated safety glass and handling systems, ideally complements the Bystronic portfolio.
The butterflies at Melbourne Zoo have gone upmarket with a new accommodation wing featuring Pilkington glass.
Owens-Brockway Glass Container Inc., an indirect wholly-owned subsidiary of Owens-Illinois, Inc., (NYSE: OI) announced today that is has closed on the sale of $175 million principal amount of its 8-3/4% Senior Secured Notes due November 15, 2012.
UCB reached an agreement with Solutia to acquire Solutia's Resins, Additives & Adhesives activity for $500 million, plus a $10 million exclusivity fee.

Add new comment