2nd Feb 2006 08:22
Compagnie de Saint-Gobain02 February 2006 January 26, 2006 Press release ESTIMATED 2005 RESULTS: ANOTHER YEAR OF GROWTH Excluding the impact of British Plaster Board (BPB), consolidated at December 1, 2005: O SALES UP 8.4% TO EUR 34,873 millionO OPERATING INCOME UP 4.6% TO EUR 2,868 millionO BUSINESS INCOME UP 8.0% TO EUR 2,611 millionO NET INCOME UP 6.4% TO EUR 1,318 million Including the impact of the consolidation, at December 1, 2005,of British Plaster Board (BPB), together with the one-off items associated with this acquisition O SALES UP 9.1% TO EUR 35,110 millionO OPERATING INCOME UP 4.3% TO EUR 2,860 millionO BUSINESS INCOME UP 5.6% TO EUR 2,554 millionO NET INCOME UP 2.0% TO EUR 1,264 million 2006 TARGET: STRONG GROWTH IN EARNINGS O Between 23% and 25% growth in operating income at constant exchange ratesO Between 18% and 20% growth in net income excluding profit (loss) on sales of non-current assets O Continuing strong free cash flow levels Update on the consolidation of British Plaster Board (BPB): BPB's accounts are reflected in Saint-Gobain Group's consolidated data for 2005as from December 1, the date at which they were fully consolidated within theConstruction Products (CP) Sector. The public tender offer followed by asqueeze-out procedure launched on December 7 resulted in the delisting of BPBshares with effect from January 9, 2006 and the acquisition by Saint-Gobain ofall of BPB's capital on January 19, 2006. In accordance with IFRS, and in particular IFRS 3 on Business Combinations,BPB's consolidated financial data was restated when consolidated into theSaint-Gobain Group's accounts (see appendixes 2 and 3): - Several acquisition-related adjustments were recorded in the openingbalance sheet at November 30, but other fair value allocations will only befinalized in fiscal 2006. - Substantially all of the non-recurring impacts on the incomestatement were recorded in December. These mainly concerned (i) the revaluationof inventories (approximately one month's sales) at market value, which affectsprofit margins on inventory sales in December 2005 and reduces operating incomefor that month to EUR (8) million from EUR 24 million; and (ii) exceptionalnon-operating costs of EUR 13 million, relating to the termination of the BPBCompany Savings Plan. Some restructuring costs intended to generate operating synergies as from 2006were also recorded in December 2005. These costs mainly relate to the closure ofthe BPB head office (EUR 23 million in restructuring costs and a provision forunavoidable future rent payments due) and the termination of an IT project atBPB (resulting in an asset write-down of EUR 13 million). Overall, after adjusting for finance costs of EUR 18 million, in particularcosts recorded in the books of BPB and those relating to its acquisition bySaint-Gobain, and after taxes, the contribution of BPB to Saint-Gobain's netincome was a negative EUR 54 million for 2005. As these restated BPB figures are clearly not representative of the Company'soverall performance, which is on track to meet its published operatingforecasts, and to ensure Saint-Gobain comparability with 2004 data, thefollowing comments on Saint-Gobain Group's 2005 estimated results are primarilybased on its performance excluding BPB. * * * Excluding BPB, consolidated sales for the Saint-Gobain Group are estimated atEUR 34,873 million for 2005, representing an increase of 8.4%, or 7.4% atconstant exchange rates*. The contribution of the Group's acquisitions(excluding BPB) to the growth figure, net of disposals, amounted to EUR 1,502million, accounting for a rise of 4.7% in net sales. On a like-for-like basis(constant structure and exchange rates), the Group's consolidated sales advanced2.7% in 2005. Excluding BPB, Saint-Gobain Group consolidated net income is estimated at EUR1,318 million, up 6.4% on the year-earlier figure. Excluding profit (loss) onsales of non-current assets, net income is expected to come in at EUR 1,328million, up 3.0% on 2004. This earnings growth is primarily fueled by a 4.6%increase in operating income (3.3% at constant exchange rates*) and an 8.0% risein business income, but is hit by a higher year-on-year tax rate. This performance bears testimony to the Group's resilience and the dynamics ofits business model. The merits of the business model were again evident in 2005,with strong growth reported in the Construction Products and BuildingDistribution Sectors in particular, and ongoing expansion into emerging markets. * based on average 2004 exchange rates Performances of Group Sectors (excluding BPB): Overall, all of the Group's sectors reported like-for-like sales growth in 2005(see appendix 1). As in the first half, the Group's growth over the year wasmainly driven by businesses relating to the residential construction market. TheInsulation Division, in particular, turned in the Group's highest organic growthfigures, at 7.1%. The Building Distribution Sector made the largest contribution to growth inconsolidated sales and operating income on a reported basis, posting a 13.2%increase in sales and a 16.5% rise in operating income. Thanks to recentinternal progress and the positive contribution from recent acquisitions(especially Dahl, Sanitas-Troesch, and Optimera), the Building Distributionbusiness registered a further improvement in operating margin to 5.7%, asagainst 5.6% in 2004. Robust French and Scandinavian markets continue tospearhead the Sector's growth, whilst Germany, and to a lesser extent the UKremain on a downward trend. The High-Performance Materials Sector reported a renewed increase in sales andoperating income on an underlying basis thanks to a sustained improvement in theCeramics & Plastics and Abrasives Divisions, which continue to benefit fromvigorous manufacturing and industrial investment activity, notably in the US.Despite a recent upturn in volumes in Reinforcements, falling sales pricesdented the division's profitability. Sales volumes continued to progress in the Flat Glass Sector, with an upturn inthe construction markets in both Europe and emerging countries countering thedrop in Automotive sales observed in the second half. Due to the energysurcharge, sales prices for flat glass used in the building industry areslightly up on average compared with 2004. However, certain non-recurringstart-up costs reported in emerging countries weighed on operating income. Packaging registered a slight rise in like-for-like sales, mainly due to priceincreases implemented throughout the year, in particular in the second half.However, rising prices failed to counter the significant impact on the sector'soperating income of the spike in the cost of energy and particularly natural gasin the US. On the back of strong contributions by each of its businesses, the ConstructionProducts Sector posted the Group's highest like-for-like growth in terms of bothsales, which jumped 6.0%, and operating income, up 13.6%. Building Materials andparticularly Insulation, with sales growth of 5.2% and 7.1% respectively,continued to reap the rewards of buoyant construction markets in the US andEurope, barring Germany. The Insulation business also profited from intensifieddevelopment and tighter legislation regarding improved thermal insulation inhomes, especially in the UK. Pipe sales experienced a sharp turnaround in thelast three months of 2005, which took its organic growth to 5.6% for the fullyear. Increases in the cost of raw materials were comfortably offset bysignificant price increases implemented from early 2005 onwards across theSector, driving up profitability. * * * Analysis of the 2005 estimated consolidated financial statements: Based on the estimates presented at the Board of Directors' meeting of January26, 2006, unaudited key consolidated data for 2005 are set out below. The finalversion of the 2005 consolidated financial statements will be approved by theBoard of Directors at their meeting of March 23, 2006. 2004 2005 2005 (IFRS) (excl. BPB) % Change (incl. BPB) In EUR In EUR In EUR millions millions millions (1) (2) (2)/(1) (3) Net sales* 32,172* 34,873* +8.4% 35,110*Operating income 2,743 2,868 +4.6% 2,860Non-operating costs (271) (252) -7.0% (288)Other business income and expenses (54) (5) n.m. (18)Business income 2,418 2,611 +8.0% 2,554Net financial income (expense) (535) (550) +2.8% (569)Income taxes (616) (721) +17.0% (701)Share in net income of equity investees 8 8 n.m. 10Income before minority interests 1,275 1,348 +5.7% 1,294Minority interests (36) (30) -16.7% (30)Net income excluding profit (loss) on sales ofnon-current assets 1,239 1,318 +6.4 1,264Earnings per share excluding profit (loss) on sales ofnon-current assets (in EUR) 3.63 3.82 +5.2% 3.66Net income 1,289 1,328 +3.0% 1,284Earnings per share (in EUR) 3.78 3.85 +1.9% 3.72Cash flow from operations 2,639 2,767 +4.9% 2,735Cash flow from operations excluding capital gains tax 2,635 2,767 +5.0% 2,730Capital expenditure 1,540 1,705 +10.7% 1,756Investments in securities 899 1,208 +34.4% 7,137Depreciation and amortization 1,374 1,396 +1.6% 1,420Net debt 6,218 6,571 +5,7% 12,853 * including ancillary revenue of EUR 250 million in 2005, up from EUR 190million in 2004. To enhance comparability with 2004 data, the following comments mainly relate tothe Group's 2005 consolidated data excluding the impact of BPB. Group sales climbed 8.4% on an actual structure basis, and 3.6% like-for-like.At constant exchange rates**, consolidated sales rose by 7.4% on an actualstructure basis and 2.7% like-for-like. Sales prices edged up by 1.9% onaverage, while volumes were up by 0.8%. ** based on average 2004 exchange rates The breakdown of like-for-like sales by geographic area reveals continuingrobust business levels in France and the United States, which posted increasesof 4.7% and 4.0% respectively. Business held firm in other western Europeancountries, with the fall-off in sales in Germany and the UK offset by strongperformances elsewhere, particularly in Spain, Portugal and Scandinavia.Delivering vigorous sales growth of 6.8%, emerging countries and Asia made ahealthy contribution to the Group's growth momentum. By geographic area, France accounted for 31.1% of total sales, with otherwestern European countries contributing 40.6%, North America 16.2%, and emergingcountries and Asia-Pacific 12.1%. Operating income is up by 4.6%, or by 3.3% at constant exchange rates**.Operating margin stands at 8.2% compared with 8.5% in 2004 and, in accordancewith IFRS, includes costs relating to stock option programs and the GroupSavings Scheme, which amounted to EUR 41 million, compared with EUR 32 millionin 2004. This dip in profit margin reflects the increased relative weight ofBuilding Distribution within the Group, although it should be noted that theoperating margin reported by this sector once again increased, to 5.7% of salesin 2005, up from 5.6% in 2004. Another contributing factor was the impact ofenergy and transport costs, as well as the rise in certain start-up costsrelated to the Group's accelerated growth in emerging countries. Business income advanced by 8.0%, mainly on the back of the rise in operatingincome and profit on the sale of non-current assets, coupled with a fall innon-operating costs over 2005, to EUR 252 million from EUR 271 million in theyear-earlier period. These costs include an amount of EUR 100 million set asideto the provision for asbestos claims against CertainTeed in the US, comparedwith EUR 108 million in 2004. Net financial income fell 2.8% to EUR (550) million compared with EUR (535)million in 2004, due to higher finance costs stemming from the increase infinancial investments. Income taxes climbed 17% to EUR 721 million, compared with EUR 616 million ayear earlier, chiefly due to year-on-year adjustments under the consolidated taxsystem. Minority interests experienced a slight dip, to EUR 30 million as against EUR 36million in 2004. Consolidated net income is estimated at EUR 1,318 million, up 6.4% on theyear-earlier figure. Based on the 345,256,270 shares outstanding at December 31, 2005, earnings per share totaled EUR 3.82, which represents a rise of 5.2% on2004 (EUR 3.63 for 340,988,000 shares). Based on the number of shares excludingtreasury stock outstanding at December 31, 2005 (336,873,109 shares comparedwith 335,127,590 shares at December 31, 2004), earnings per share amounts to EUR3.91, reflecting a rise of 5.7% on 2004 (EUR 3.70). Excluding profit (loss) on sales of non-current assets, consolidated net incomecomes in at an estimated EUR 1,328 million, up 3.0% on the 2004 figure. Based onthe 345,256,270 shares outstanding at December 31, 2005, earnings per shareexcluding profit (loss) on sales of non-current assets amounted to EUR 3.85,compared with EUR 3.78 in 2004 (based on 340,988,000 shares), which representsan increase of 1.9%. Based on the number of shares excluding treasury stockoutstanding at December 31, 2005 (336,873,109 shares compared with 335,127,590shares at December 31, 2004), earnings per share excluding profit (loss) onsales of non-current assets amounts to EUR 3.94, reflecting a rise of 2.3% on2004 (EUR 3.85). Cash flow from operations came in at EUR 2,767 million, an increase of 4.9% onthe prior-year figure. Excluding the impact of capital gains tax, cash flow fromoperations climbed by 5.0% in relation to 2004, coming in at EUR 2,767 million,compared with EUR 2,635 million a year earlier. ** based on average 2004 exchange rates Capital expenditure rose 10.7% to EUR 1,705 million, from EUR 1,540 million in2004, and represented 4.9% of sales, compared to 4.8% a year earlier. This risewas mainly fueled by the ramp-up of the capital expenditure program in emergingcountries, particularly Asia. Investments in securities totaled EUR 1,208 million, including EUR 1,062 millionrelating to acquisitions (value of shares acquired) - primarily concerning theBuilding Distribution business (EUR 628 million) - and EUR 146 million relatingto share buyback programs. Net debt came in at EUR 6.6 billion at end-2005, slightly up on the figurereported at December 31, 2004 (EUR 6.2 billion). Net debt represents 52% ofconsolidated shareholders' equity. After the impact of BPB (see appendix 2), net debt came in at EUR 12.9 billionat December 31, 2005, which is double the end-2004 figure of EUR 6.2 billion,due chiefly to the acquisition of BPB. Net debt after the impact of BPBrepresents 102.1% of consolidated shareholders' equity. * * * Update on asbestos claims in the United States Some 17,000 new claims were filed against CertainTeed during the year 2005(against 18,000 in 2004). Some 6,000 of these new claims could be considered tobe mass claims not supported by any medical proof (3,000 in Kentucky infirst-half 2005; 3,000 in Texas over the second half). Excluding these massclaims, around 4,000 new claims were filed in second-half 2005, compared with7,000 in the first six months of the year. The rate at which claims are filedseems to have stabilized at about the 4,000 per quarter level. Over the full year, approximately 20,000 claims were resolved (13,000 in thefirst half and 7,000 in the second half) and 3,000 claims were transferred to aninactive docket. Therefore, the number of outstanding claims at December 31,2005 continued on a downward trend, standing at around 100,000, compared with106,000 at December 31, 2004. Over the last 12 months, the average cost of claims settled fell toapproximately US$ 2,800 per claim (against US$ 2,900 per claim in 2004), due toa slightly more favorable claims mix than in the prior period. Based on all these trends, an additional accrual of €100 million (compared to€108 million in 2004) was recorded in 2005, increasing the total coverage forCertainTeed's asbestos-related claims to approximately US$ 422 million atDecember 31, 2005. On the legislative front, the US Senate Judiciary Committee approved the FAIRAct (the asbestos trust fund bill) by a bipartisan vote on May 26, 2005. Thebill is expected to be debated by the full Senate as from February 2006. * * * 2006 Outlook and targets: Against a backdrop of moderate economic growth, and in light of theconsolidation of BPB as from December 1, 2005, the Group's target for 2006 is toachieve: - between 23% and 25% growth in operating income at constant exchange rates(average rates for 2005). - between 18% and 20% growth in net income excluding profit (loss) on sales ofnon-current assets These targets do not take into account any major change in the scope ofconsolidation that may occur in 2006. - continuing strong levels of free cash flow. Saint-Gobain has initiated a series of actions concerning the divestitureprogram it announced at the end of 2005, and has launched a strategic reflectionprocess regarding Calmar. The findings of this process should be known duringthe first half of 2006. Other divestitures are also being considered. Forthcoming results announcements: - Final results for 2005: March 23, 2006, after close of trading on the Parisbourse. - Sales for the first quarter of 2006: April 27, 2006, after close of trading onthe 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: (Estimated) Results by BusinessSector and Geographic Area Change on Change on a Change on a an actual comparable comparableI. SALES 2004 2005E structure structure structure and (in EUR (in EUR m) basis basis currency m) basisby Sector and Division:Building Distribution 13,653 15,451 +13.2% +3.0% +2.7%High-Performance Materials (1) 4,732 4,880 +3.1% +2.9% +1.4%Ceramics and Plastics & Abrasives 3,482 3,591 +3.1% +3.9% +2.6%Reinforcements 1,271 1,306 +2.8% -0.2% -2.2%Flat Glass 4,429 4,680 +5.7% +2.8% +0.4%Packaging 3,880 4,008 +3.3% +2.6% +1.9%Construction Products (1) 6,019 6,694 +11.2% +6.8% +6.0%Building Materials 2,620 2,733 +4.3% +6.4% +5.2%Insulation 2,030 2,244 +10.5% +7.6% +7.1%Gypsum 263 nsPipe 1,388 1,474 +6.2% +6.5% +5.6% Internal sales and misc. -541 -603 n.s. n.s. n.s.Group Total 32,172 35,110 +9.1% +3.6% +2.7%excluding Gypsum :Construction Products (1) 6,019 6,431 +6.8% +6.8% +6.0%Group Total 32,172 34,873 +8.4% +3.6% +2.7% by geographic area:France 10,772 11,438 +6.2% +4.7% +4.7%Other Western European Countries 13,801 15,193 +10.1% -0.2% +0.0%(2)North America 5,739 5,956 +3.8% +4.1% +4.0%Emerging countries and Asia 3,577 4,443 +24.2% +16,2% +6,8%Internal sales -1,717 -1,920 n.s. n.s. n.s.Group Total 32,172 35,110 +9.1% +3.6% +2.7%Excluding Gypsum :Other Western European Countries 13,801 14,939 +8.2% -0.2% +0.0%Group Total 32,172 34,873 +8.4% +3.6% +2.7%(1) including intra-sectoreliminations(2) BPB is included in OtherWestern European Countries Change onII. OPERATING INCOME 2004 2005E an actual 2004 2005E (in EUR (in EUR m) structure (in % of (in % of m) sales) sales) basisby Sector and Division:Building Distribution 762 888 +16.5% 5.6% 5.7%High-Performance Materials 503 511 +1.6% 10.6% 10.5%Ceramics and Plastics & Abrasives 419 462 +10.3% 12.0% 12.9%Reinforcements 84 49 -41.7% 6.6% 3.8%Flat Glass 461 453 -1.7% 10.4% 9.7%Packaging 459 385 -16.1% 11.8% 9.6%Construction Products 542 614 +13.3% 9.0% 9.2%Building Materials 202 223 +10.4% 7.7% 8.2%Insulation 257 292 +13.6% 12.7% 13.0%Gypsum -8 nsPipe 83 107 +28.9% 6.0% 7.3%Miscellaneous 16 9 n.s.Group Total 2,743 2,860 +4.3% 8.5% 8.1%excluding Gypsum :Construction Products 542 622 +14.8% 9.0% 9.7%Group Total 2,743 2,868 +4.6% 8.5% 8.2% by geographic area:France 831 889 +7.0% 7,7% 7.8%Other Western European Countries 961 1,090 +13.4% 7.0% 7.2%North America 522 487 -6.7% 9.1% 8.2%Emerging countries and Asia 429 394 -8.2% 12.0% 8.9%Group Total 2,743 2,860 +4.3% 8.5% 8.1%Excluding Gypsum :Other Western European Countries 961 1,098 +14.3% 7.0% 7.3%Group Total 2,743 2,868 +4.6% 8.5% 8.2% Change onIII. BUSINESS INCOME 2004 2005E an actual 2004 2005E (in EUR (in EUR m) structure (in % of (in % of m) sales) sales) basisby Sector and Division:Building Distribution 759 874 +15.2% 5.6% 5.7%High-Performance Materials 409 411 +0.5% 8.6% 8.4%Ceramics and Plastics & Abrasives 347 378 +8.9% 10.0% 10.5%Reinforcements 62 33 -46.8% 4.9% 2.5%Flat Glass 411 443 +7.8% 9.3% 9.5%Packaging 422 375 -11.1% 10.9% 9.4%Construction Products 468 559 +19.4% 7.8% 8.4%Building Materials 187 247 +32.1% 7.1% 9.0%Insulation 238 278 +16.8% 11.7% 12.4%Gypsum -57 nsPipe 43 91 +111.6% 3.1% 6.2%Miscellaneous* -51 -108 n.s.Group Total 2,418 2,554 +5.6% 7.5% 7.3%excluding Gypsum :Construction Products 468 616 +31.6% 7.8% 9.6%Group Total 2,418 2,611 +8.0% 7.5% 7.5% by geographic area:France 838 856 +2.1% 7.8% 7.5%Other Western European Countries 839 1,012 +20.6% 6.1% 6.7%North America 329 302 -7.9% 5.7% 5.1%Emerging countries and Asia 412 384 -7.0% 11.5% 8.6%Group Total 2,418 2,554 +5.6% 7.5% 7.3%Excluding Gypsum :Other Western European Countries 839 1,069 +27.4% 6.1% 7.2%Group Total 2,418 2,611 +8.0% 7.5% 7.5% * after asbestos-related charge (before tax)of EUR100m in 2005E and EUR108m in 2004 Change onIV. CASH FLOW 2004 2005E an actual 2004 2005E (in EUR (in EUR m) structure (in % of (in % of m) sales) sales) basisby Sector and Division:Building Distribution 524 667 +27.3% 3.8% 4.3%High-Performance Materials 488 446 -8.6% 10.3% 9.1%Ceramics and Plastics & Abrasives 354 342 -3.4% 10.2% 9.5%Reinforcements 134 104 -22.4% 10.5% 8.0%Flat Glass 511 528 +3.3% 11.5% 11.3%Packaging 492 432 -12.2% 12.7% 10.8%Construction Products 540 559 +3.5% 9.0% 8.4%Building Materials 203 212 +4.4% 7.7% 7.8%Insulation 266 287 +7.9% 13.1% 12.8%Gypsum -31 nsPipe 71 91 +28.2% 5.1% 6.2%Miscellaneous* 84 103 n.s.Group Total 2,639 2,735 +3.6% 8.2% 7.8%excluding Gypsum :Construction Products 540 585 +8.3% 9.0% 9.1%Group Total 2,639 2,767 +4.9% 8.2% 7.9% by geographic area:France 841 903 +7.4% 7.8% 7.9%Other Western European Countries 893 969 +8,5% 6.5% 6.4%North America 446 410 -8.1% 7.8% 6.9%Emerging countries and Asia 459 453 -1.3% 12.8% 10.2%Group Total 2,639 2,735 +3.6% 8.2% 7.8%excluding Gypsum :Construction Products 893 1,001 +12.1% 6.5% 6.7%Group Total 2,639 2,767 +4.9% 8.2% 7.9% * after asbestos-related charge (before tax)of EUR68m in 2005E and EUR72m in 2004 Change onV. CAPITAL EXPENDITURE 2004 2005E an actual 2004 2005E (in EUR (in EUR m) structure (in % of (in % of m) sales) sales) basisby Sector and Division:Building Distribution 249 327 +31.3% 1.8% 2.1%High-Performance Materials 240 271 +12.9% 5.1% 5.6%Ceramics and Plastics & Abrasives 132 187 +41.7% 3.8% 5.2%Reinforcements 108 84 -22.2% 8.5% 6.4%Flat Glass 448 485 +8.3% 10.1% 10.4%Packaging 302 305 +1.0% 7.8% 7.6%Construction Products 296 354 +19.6% 4.9% 5.3%Building Materials 101 102 +1.0% 3.9% 3.7%Insulation 144 145 +0.7% 7.1% 6.5%Gypsum 52 19.8%Pipe 51 56 +9.8% 3.7% 3.8%Miscellaneous* 5 14 n.s.Group Total 1,540 1,756 +14.0% 4.8% 5.0%excluding Gypsum :Construction Products 296 302 +2.0% 4.9% 4.7%Group Total 1,540 1,705 +10.7% 4.8% 4.9% 1,540 1,756by geographic area:France 363 391 +7.7% 3.4% 3.4%Other Western European Countries 483 574 +18.8% 3.5% 3.8%North America 273 256 -6.2% 4.8% 4.3%Emerging countries and Asia 421 535 +27.1% 11.8% 12.0%Group Total 1,540 1,756 +14.0% 4.8% 5.0%excluding Gypsum :Construction Products 483 523 +8.3% 3.5% 3.5%Group Total 1,540 1,705 +10.7% 4.8% 4.9% Appendix 2: (Estimated) Balance sheet at 12/31/05 (with BPB)(in EUR millions) December December Impact of 31, 2005 31, 2004 BPB acquisition Goodwill 10,541 5,203 4, 882Other intangible assets, 2,346 1,804 15netProperty, plant and 12,508 9,367 1,864equipmentInvestments in associates 136 64 49Available for sale and 161 92 1other securitiesDeferred Tax assets 352 350 0Other non-current assets 282 321 17 Non-current 26,326 17,201 6,828 assets Inventories 5,543 4,817 237 (2)Trade accounts receivable 5,848 4,789 471Other accounts receivable 1,015 1,070 70Cash and cash equivalents 2,080 2,898 239 Current 14,486 13,574 1,017 assets Total 40,812 30,775 7,845assets Shareholders' equity 12,261 10,673 (58)Minority interests 328 237 15 Shareholders' 12,589 10,910 (43) equity and minority interestsNon-voting participatingsecuritiesPensions and other 3,029 2,750 358post-retirement benefitsDeferred tax liability 816 588 61Non-current provisions for 704 548 82contingencies and expensesLong-term debt 11,204 5,629 6,193Long-term payables on 130 0 0investments Non-current 15,883 9,515 6,694 liabilities Current provisions for 409 353 36contingencies and expensesShort-term payables on 265 0 243 (3)investmentsTrade accounts payable 4,821 3,954 274Other payables and 3,116 2,556 313accrued expensesShort-term debt 3,729 3,487 328 Current 12,340 10,350 1, liabilities 194 Total liabilities and 40,812 30,775 7,845shareholder's equity Net Debt 12 853 6 218 6 282 (1) Main impacts related tothe acquisition of BPB(1) of which net debt related to BPB: EUR 6,282million, including EUR 5,609 millionrelated to the acquisition of shares and EUR 673 millionrelated to net debt reported in the books of BPB(2) All BPB inventories revalued at fair value atNovember 30 had been sold at December 31, 2005(3) Amounts payable on investments relate to the cost ofshares not cashed out at December 31 Appendix 3: BPB (estimated) consolidated incomestatement (before and after data restatements bySaint-Gobain)(in •millions) December 2005 BPB before BPB after Main restatements restatements restatementsSales and 263 237 Elimination ofancillary internal salesrevenue between BPB and Saint-Gobain Group companies: EUR (26)mOperating 24 (8) Impact ofincome revaluation of inventories at fair value in the opening balance sheet and cancellation of margins generated in December: EUR (32)mDividends fromnon-consolidated companiesNon-operating 0 (36) Restructuringcosts costs (implementation of synergies), of which EUR (13) million relating to the termination of BPB's Savings PlanProfit (loss) 0 (13) Write-down ofon disposals BPB's ERPand assetwrite-downsGoodwillamortizationBusiness 24 (57)incomeNet financial (2) (18) Finance costsincome relating to the(expense) acquisition (December 15 to 31): EUR (11) million; Exceptional items: EUR (5) millionIncome taxes (6) 20 Taxes related to the foregoing adjustmentsShare in net 1 1income ofequityinvesteesNet income 17 (54)beforeminorityinterestsMinorityinterestsNet 17 (54)incomeNet income 17 (45)excludingcapital gains(losses) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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