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News and Information Article
COURBEVOIE, France, October 24 /-FirstCall/ --
- Up 20.1% on a Reported Basis
- Up 6.3% Like-for-like
The Saint-Gobain Group delivered consolidated sales of EUR30,925
million during the first nine months of 2006, an increase of 20.1% on a
reported basis and of 19.1% at constant exchange rates (based on average
exchange rates for the first nine months of 2005).
The contribution from acquisitions, net of disposals, accounted for an
increase of 12.8%. The Gypsum division (formerly BPB) posted a 13.3% rise
in sales over the nine months period, to EUR2,931 million.
Organic growth for the first nine month came in at 6.3% on a
like-for-like basis (comparable Group structure and exchange rates),
fuelled by continuous sales price rises (up 3.3%) and on-going satisfactory
growth in volumes (up 3.0%). The robust trading performance recorded in the
first six months of the year (up 6.3% for first-half 2006) continued
throughout the third quarter (up 6.2%), enabling the Group to maintain
organic growth for the nine months at the same level as for first-half
2006.
Each of the Groups five business sectors reported a notable advance in
like-for-like sales over the first nine months of 2006.
Businesses related to construction markets, in particular, continued to
post overall healthy growth figures, boosted by the impact of new European
regulations on energy efficiency in the building industry and by the
upswing in Germany. In Europe, vigorous construction markets (new
residential and commercial construction and renovation spending) balanced
the impact of the slowdown in US housing starts, which broadly evolved in
line with the Groups economic assumptions for full-year 2006.
Businesses exposed to household consumption and industrial production
markets remain on the growth track.
Sales trends by business sector, division and geographic area are as
follows:
Sales for Sales for Change Change Change
the first the first based on based on based on
nine nine actual comparable comparable
months of months of structure structure structure
2006 2005 and
exchange
rates
(in EUR (in EUR (%) (%) (%)
millions) millions)
SECTORS & DIVISIONS
Building Distribution 12,883 11,370 13.3% 6.0% 5.7%
sector
High-Performance 3,745 3,623 3.4% 5.6% 3.8%
Materials sector (1)
Ceramics & Plastics 2,706 2,668 1.4% 4.9% 3.3%
and Abrasives
Reinforcements 1,050 969 8.4% 6.9% 5.0%
Flat Glass sector 3,716 3,460 7.4% 7.5% 5.7%
Packaging sector 3,094 2,990 3.5% 4.2% 2.9%
Construction Products 8,198 4,740 72.9% 11.6% 10.3%
sector (1)
Gypsum 2,931 n.a. n.a. 13.3% 12.2%
Building Materials 2,087 2,082 0.2% 6.1% 4.0%
Insulation 1,872 1,612 16.1% 13.1% 12.2%
Pipe 1,333 1,060 25.8% 15.2% 14.1%
Internal sales and (711) (440) ------ ------ -----
misc.
GROUP 30,925** 25,743** 20.1% 7.3% 6.3%*
GEOGRAPHIC AREAS
France 9,296 8,524 9.1% 5.3% 5.3%
Other western 13,604 11,025 23.4% 5.7% 5.8%
European countries
North America 5,309 4,430 19.8% 7.8% 5.7%
Emerging countries 4,316 3,168 36.2% 17.6% 11.9%
and Asia-Pacific
Internal sales and (1,600) (1,404) ----- ----- -----
misc.
GROUP 30,925** 25,743** 20.1% 7.3% 6.3%*
* 5.8% excluding BPBs organic growth
** including ancillary revenue of EUR197 million for the first nine
months of 2006, compared with EUR181 million for the year-earlier period
(1) including inter-division eliminations
The Building Distribution sector posted a sharp increase in sales on a
reported basis (up 13.3% over the first nine months and up 11.9% in the
third quarter), including contributions from recent acquisitions,
particularly Sanitas-Troesch and Optimera, which were consolidated with
effect from March 1, 2005 and August 1, 2005, respectively. Organic growth
for the nine-month period (5.7%) picked up pace compared with the first six
months of 2006, thanks to a very good third quarter (+6.3% organic growth),
buoyed by brisk business conditions in French and Scandinavian markets, the
upswing in the German market and a more favorable trading environment in
the UK.
High-Performance Materials generated sustained like-for-like sales
growth (3.8% over the nine months to September 30, 2006 and 4.3% over the
third quarter). Sales reported by the Ceramics, Plastics and Abrasives
businesses expanded 3.3% over the first nine months (with a high basis for
comparison in 2005), while Reinforcement sales climbed 5%, chiefly in terms
of volumes.
The Flat Glass sector notched up a significant rise in sales at
comparable structure and exchange rates (up 5.7% over the first nine months
of 2006, and up 8.8% over the third quarter). This performance was
bolstered by strong construction markets which, in the third quarter, saw
significant price rises in Europe, coupled with robust business levels in
Europe and in most emerging countries. The automotive market continued to
present a mixed overall picture.
Like-for-like Packaging sales inched up a moderate 2.9% over the
nine-month period, and 2.0% in the third quarter, reflecting the sustained
organic growth of the Flasks business (4.8% over the nine-month period) and
the benefits reaped by the Bottles & Jars businesses from price increases
in both Europe and the US.
The Construction Products (CP) sector continued to register very
significant like-for-like growth (10.3% over the nine-month period and 7.6%
in the third quarter). The interior building solutions businesses (Gypsum
and Insulation) reported very strong overall organic growth figures (12.2%
over the nine-month period), powered by vigorous residential and commercial
construction markets, measures designed to promote energy efficiency, and
good price levels. The strong growth momentum experienced by the Pipe
division continued apace, coming in at 14.1%, on the back of robust sales
volumes and a healthy order book both in Europe and for exports. The
Building Materials division posted further organic growth gains in Europe
through the Industrial Mortars business, while on-going sharp increases in
sales prices in the US since the beginning of the year more than offset the
fall-off in volumes observed on the US market in recent months.
By geographic area, like-for-like growth remained buoyant in France
(5.3% over the nine first months) and accelerated in other western European
countries (5.8% over the nine-month period, of which 6.2% in the third
quarter). The upswing in the German economy - which currently accounts for
10.7% of Group sales - took hold and picked up pace, with organic growth of
5.3% over the nine-month period, and of 8.6% in the third quarter. Growth
slowed in the United States (16.0% of Group sales), as anticipated (5.7%
over the first nine months of 2006 and 2.2% in the third quarter).
Emerging countries and Asia-Pacific put in another strong performance,
particularly Eastern Europe and Latin America, with aggregate organic
growth of 11.9% over the nine months to September 30, 2006, and of 14% in
the third quarter.
Update on asbestos claims in the United States: Some 2,000 new claims
were filed against CertainTeed in the third quarter of 2006. Over the first
nine months of the year, approximately 6,000 new claims were filed,
compared with 12,000 in the same period of last year Since the beginning of
the year, 10,000 claims have been resolved, including 2,000 in the third
quarter. The number of claims outstanding at September 30, 2006 remained
stable in relation to end-June 2006, at 86,000. The average cost per claim
settled in the last 12 months or in the process of settlement came in at
USD 2,800, above the end-June 2006 figure due to fewer mass actions as a
proportion of total claims.
Outlook and targets: the Group confirms its targets for full-year 2006:
- an increase of 27% - 28% in operating income at constant exchange
rates (average rates for full year 2005),
- 25% - 26% growth in net income excluding capital gains.
Forthcoming results announcements:
>> Estimated 2006 results: Thursday, January 25, 2007, after close of
trading on the Paris Bourse.
Investor Relations department
Florence Triou-Teixeira Tel.: +33-1-47-62-45-19
Alexandre Etuy Tel.: +33-1-47-62-37-15
Fax: +33-1-47-62-50-62
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