sain t-gobain annu al report 2008 annual report

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The effective tax rate paid by the Group under the new tax system applicable as from 2007 is as follows: (in %) 2007 2008 Tax rate in France 34.4 34.4 Impact of tax rates outside France (5.7) (4.7) Provision for competition litigation not deductible for tax purposes 8.2 4.2 Taxable capital gains (2.9) 1.8 Provision for deferred tax assets 2.1 (0.1) Tax loss carryforwards (1.2) (0.1) Other deferred and miscellaneous taxes 2.6 (4.7) Effective tax rate 37.5 30.8 In the balance sheet, changes in net deferred tax liabilities break down as follows: (in € millions) Net deferred tax liabilities At January 1, 2006 702 Deferred tax expense/(benefit) 97 Changes in deferred taxes on actuarial gains and losses recognized in accordance with IAS 19 (Note 13) 131 Translation adjustments 31 Impact of changes in group structure and other (87) At December 31, 2006 874 Deferred tax expense/(benefit) 105 Changes in deferred taxes on actuarial gains and losses recognized in accordance with IAS 19 (Note 13) 67 Translation adjustments (12) Impact of changes in group structure and other (85) At December 31, 2007 949 Deferred tax expense/(benefit) (1) Changes in deferred taxes on actuarial gains and losses recognized in accordance with IAS 19 (Note 13) (228) Translation adjustments (111) Impact of changes in group structure and other 14 At December 31, 2008 623 The table below shows the principal components of net deferred tax liabilities: Dec. 31, Dec. 31, Dec. 31, (in € millions) 2008 2007 2006 Deferred tax assets 507 328 348 Deferred tax liabilities (1,130) (1,277) (1,222) Net deferred tax liability (623) (949) (874) Pensions 561 465 641 Brands (781) (844) (889) Depreciation & amortization, accelerated capital allowances and untaxed provisions (992) (1,029) (1,127) Tax loss carryforwards 140 97 181 Other 449 362 320 Total (623) (949) (874) Since January 1, 2007, deferred taxes are offset at the level of each tax entity, i.e., by tax group where applicable (France, the United Kingdom, Spain, Germany and the United States). Deferred tax assets of €507 million were recognized in 2008 (2007: €328 million), including €372 million in the United States (2007: €214 million). Deferred tax liabilities recognized in 2008 amounted to €1,130 million (2007: €1,277 million), including €457 million in France (2007: €460 million) and €271 million in the United Kingdom (2007: €392 million). Deferred tax liabilities recognized in other countries represented considerably smaller amounts. Deferred tax assets whose recovery is not considered probable totaled €175 million at December 31, 2008 and €198 million at December 31, 2007. 160 Saint-Gobain – Financial Report 2008
NOTE 15 Other current and non-current liabilities and provisions Provisions Provisions Provisions Provisions Provisions Provisions Investment- Total for claims for environ- for restruc- for person- for for other related and mental turing nel costs customer contin- liabilities (in € millions) litigation risks costs warranties gencies At January 1, 2006 Current portion 131 23 98 21 74 73 260 680 Non-current portion 245 122 99 32 83 164 130 875 Total 376 145 197 53 157 237 390 1,555 Movements during the year Additions 98 14 142 20 82 87 443 Reversals (1) (2) (16) (6) (21) (17) (63) Utilizations (78) (12) (124) (12) (43) (30) (299) Changes in group structure (2) 4 (7) (5) Other (reclassifications and translation adjustments) (34) (14) 4 1 (11) 15 (189) (228) Total (15) (14) 4 3 7 59 (196) (152) At December 31, 2006 Current portion 103 25 110 25 72 104 28 467 Non-current portion 258 106 91 31 92 192 166 936 Total 361 131 201 56 164 296 194 1,403 Movements during the year Additions 786 21 117 34 81 84 1,123 Reversals (1) (2) (32) (7) (22) (37) (101) Utilizations (79) (10) (119) (13) (48) (34) (303) Changes in group structure 7 3 (10) 0 Other (reclassifications and translation adjustments) (39) 6 (7) 2 (10) 50 (94) (92) Total 667 15 (41) 16 8 66 (104) 627 At December 31, 2007 Current portion 224 31 84 31 80 78 19 547 Non-current portion 804 115 76 41 92 284 71 1,483 Total 1,028 146 160 72 172 362 90 2,030 Movements during the year Additions 528 12 75 28 59 157 859 Reversals (1) (7) (17) (7) (24) (132) (188) Utilizations (198) (11) (73) (15) (49) (32) (378) Changes in group structure 8 3 13 17 (2) 39 Other (reclassifications and translation adjustments) (21) 10 (7) (2) 57 (20) 31 48 Total 308 12 (19) 4 56 (10) 29 380 At December 31, 2008 Current portion 95 24 80 32 81 120 28 460 Non-current portion 1,241 134 61 44 147 232 91 1,950 Total 1,336 158 141 76 228 352 119 2,410 161 NOTES TO THE 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
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76 In countries facing certain soci
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78 for example, 91% of the Group’
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ENVIRONMENTAL INDICATORS 2007 2008
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Trading volume since September 2007
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Trading volume since September 2007
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Changes in capital over the last fi
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88 The decision to grant stock opti
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Information Policy and 2009 Financi
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92 Yuko HARAYAMA Professor at Tohok
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Other directorships and positions h
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96 Director’s name and current ma
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98 • Committees of the Board. Thr
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100 The Committee’s remit, as def
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• The Annual General Meeting of J
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4. Stock options granted to the Cha
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106 Management compensation In Grou
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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 128 and 129: The level of coverage is considered
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 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,
Page 178 and 179: NOTE 28 Related-party transactions
Page 180 and 181: Innovative Construction Building Pa
Page 182 and 183: Information by geographic area Fran
Page 184 and 185: 182 Principal fully consolidated co
Page 186 and 187: II - Justification of our assessmen
Page 188 and 189: Income statement at December, 31 (i
Page 190 and 191: Balance sheet at December, 31 ASSET
Page 192 and 193: Cash flow statement (in € thousan
Page 194 and 195: Risk management/Financial instrumen
Page 196 and 197: NOTE 5 Intangible assets Intangible
Page 198 and 199: Changes in Compagnie de Saint-Gobai
Page 200 and 201: Grant stock options exercisable for
Page 202 and 203: 9.4 Compagnie de Saint-Gobain Group
Page 204 and 205: NOTE 12 Debt and payables Total deb
Page 206 and 207: 12.1 Perpetual bonds In 1985, Compa
Page 208 and 209: NOTE 14 Investment portfolio Countr
Page 210 and 211: 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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