sain t-gobain annu al report 2008 annual report

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The level of coverage is considered as compatible with the Group’s US operations. Exclusions are in line with current market practice in the United States and primarily concern contractual liability and third party consequential loss. Within the operating units, action is taken to raise awareness of liability risks. In the case of a claim, the deductible is paid directly by the unit concerned, representing an added incentive to contain these risks. Deductibles do not, however, constitute self-insurance. Saint-Gobain also runs a risk prevention program at its operating units with the support of the Environment, Health and Safety Department. Exceptions Joint ventures and companies not controlled by the Group are excluded from the above programs. These entities purchase separate insurance coverage, based on the advice of the Risks and Insurance Department. 126 Saint-Gobain - 2008 Annual Report
Consolidated financial statements 128 • Consolidated balance sheet 130 • Consolidated income statement 131 • Consolidated cash flow statement 132 • Statement of recognized income and expense 133 • Consolidated statement of changes in equity 134 • Notes to the consolidated financial statements 134 • Note 1 - Accounting principles and policies 143 • Note 2 - Changes in group structure 145 • Note 3 - Goodwill 146 • Note 4 - Other intangible assets 147 • Note 5 - Property, plant and equipment 148 • Note 6 - Investments in associates 149 • Note 7 - Other non-current assets 150 • Note 8 - Inventories 150 • Note 9 - Trade and other accounts receivable 150 • Note 10 - Equity 151 • Note 11 - Stock option plans 153 • Note 12 - Group savings plan (“PEG”) 154 • Note 13 - Provisions for pensions and other employee benefits 159 • Note 14 - Current and deferred taxes 161 • Note 15 - Other current and non-current liabilities and provisions 162 • Note 16 - Trade and other accounts payable and accrued expenses 163 • Note 17 - Risk factors 165 • Note 18 - Net debt 168 • Note 19 - Financial instruments 169 • Note 20 - Financial assets and liabilities 170 • Note 21 - Business income by expense type 170 • Note 22 - Net financial expense 171 • Note 23 - Recurring net income and cash flow from operations 171 • Note 24 - Earnings per share 172 • Note 25 - Commitments 173 • Note 26 - Litigation 175 • Note 27 - Environment – Health – Safety (EHS) 176 • Note 28 - Related-party transactions 176 • Note 29 - Joint ventures 176 • Note 30 - Management compensation 177 • Note 31 - Employees 177 • Note 32 - Segment information 181 • Note 33 - Principal fully consolidated companies 182 • Note 34 - Subsequent events 127 CONSOLIDATED FINANCIAL STATEMENTS Saint-Gobain – Financial Report 2008
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2008 annual report
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Contents 05 • Strategy and busine
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3 STRATEGY AND BUSINESSES Jean-Loui
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Strategy and Businesses of Saint-Go
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Responding to recession by demonstr
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The High-Performance Materials Divi
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High-Performance Materials Business
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Insulation products are made from m
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Construction Products Businesses an
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Finland, Estonia, Lithuania and Pol
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ecovered glass can be recycled inde
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The “Germ-free Surfaces” progra
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24 2008 results dampened by the fin
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holders of the parent contracted 7.
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28 2008 business review 2008 sales
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30 The Division also continued to e
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32 In the Nordic countries, Dahl de
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Sustainable development 34 Sustaina
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Environment Challenges Action taken
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38 I. Products and services contrib
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40 Sun Saint-Gobain is a major supp
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42 a British trade association that
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44 Mobilizing resources to deploy t
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46 EHS auditors are drawn from a po
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48 Lastly, we make every effort to
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To help them to implement the plan,
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52 Wood dust is primarily an issue
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54 BRØDRENE DAHL’S PROGRAM FOR R
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56 2008-2010 OBJECTIVE Saint-Gobain
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58 warehouses and other similar spa
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product developed in 2006 by Lapeyr
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62 Internships during a student’s
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64 Geographical and job mobility is
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66 SAINT-GOBAIN AND THE BROAD-BASED
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68 Honest, open, high quality socia
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70 Construction Products The Constr
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72 IV. Values supporting responsibl
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74 INTERNATIONAL CORPORATE FOUNDATI
Page 78 and 79: 76 In countries facing certain soci
Page 80 and 81: 78 for example, 91% of the Group’
Page 82 and 83: ENVIRONMENTAL INDICATORS 2007 2008
Page 84 and 85: Trading volume since September 2007
Page 86 and 87: Trading volume since September 2007
Page 88 and 89: Changes in capital over the last fi
Page 90 and 91: 88 The decision to grant stock opti
Page 92 and 93: Information Policy and 2009 Financi
Page 94 and 95: 92 Yuko HARAYAMA Professor at Tohok
Page 96 and 97: Other directorships and positions h
Page 98 and 99: 96 Director’s name and current ma
Page 100 and 101: 98 • Committees of the Board. Thr
Page 102 and 103: 100 The Committee’s remit, as def
Page 104 and 105: • The Annual General Meeting of J
Page 106 and 107: 4. Stock options granted to the Cha
Page 108 and 109: 106 Management compensation In Grou
Page 110 and 111: Fees paid by the Group to the Audit
Page 112 and 113: 110 Related party agreements Relate
Page 114 and 115: 112 The audits are based on a 20-st
Page 116 and 117: 114 being applied. The TAS framewor
Page 118 and 119: Statutory Auditors’ report Prepar
Page 120 and 121: Commitment concerning the payment o
Page 122 and 123: 120 Restructuring risks The Group h
Page 124 and 125: 122 • Volumes are not material, o
Page 126 and 127: 124 or any specific illness or phys
Page 130 and 131: Consolidated balance sheet at 31 De
Page 132 and 133: Consolidated income statement (in
Page 134 and 135: Statement of recognized income and
Page 136 and 137: Notes to the consolidated financial
Page 138 and 139: 136 Non-current assets held for sal
Page 140 and 141: 138 asset’s fair value less costs
Page 142 and 143: 140 Fair value of financial instrum
Page 144 and 145: 142 Other business income and expen
Page 146 and 147: 2006 In 2005, the Group acquired th
Page 148 and 149: NOTE 4 Other intangible assets Pate
Page 150 and 151: NOTE 6 Investments in associates (i
Page 152 and 153: 150 NOTE 8 Inventories Dec. 31, Dec
Page 154 and 155: Movements relating to stock options
Page 156 and 157: The plan costs are calculated under
Page 158 and 159: The following tables show the funde
Page 160 and 161: Actuarial assumptions used to measu
Page 162 and 163: The effective tax rate paid by the
Page 164 and 165: Provisions for claims and litigatio
Page 166 and 167: isks is hedged wherever possible wi
Page 168 and 169: Bond issues On June 13, 2008, Saint
Page 170 and 171: NOTE 19 Financial instruments Deriv
Page 172 and 173: NOTE 21 Business income by expense
Page 174 and 175: The weighted average number of shar
Page 176 and 177: 174 In addition, as of December 31,
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NOTE 28 Related-party transactions
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Innovative Construction Building Pa
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Information by geographic area Fran
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182 Principal fully consolidated co
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II - Justification of our assessmen
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Income statement at December, 31 (i
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Balance sheet at December, 31 ASSET
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Cash flow statement (in € thousan
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Risk management/Financial instrumen
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NOTE 5 Intangible assets Intangible
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Changes in Compagnie de Saint-Gobai
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Grant stock options exercisable for
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9.4 Compagnie de Saint-Gobain Group
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NOTE 12 Debt and payables Total deb
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12.1 Perpetual bonds In 1985, Compa
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NOTE 14 Investment portfolio Countr
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COMPANIES Capital Reserves % Book v
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NOTE 18 Fees paid to the Statutory
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Asbestos-related litigation in Braz
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Statutory Auditors’ report on the
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Main subsidiaries by country and de
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Saint-Gobain Vetrotex Deutschland G
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Saint-Gobain Construction Products
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Saint-Gobain Building Distribution
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Subsidiaries: Saint-Gobain Technica
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CHINA €1 = CNY 10.227 Saint-Gobai
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Table of concordance 1 Person respo
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COMPAGNIE DE SAINT-GOBAIN France He
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Notes 232 Saint-Gobain - Financial
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Saint-Gobain photo library ; p1 ©
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