sain t-gobain annu al report 2008 annual report

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Building Distribution 16 Saint-Gobain’s Building Distribution Sector is Europe’s leading distributor of building materials and the world’s leading distributor of ceramic tiles (1) , serving the building, renovation and interior decoration markets. Its customers include builders, architects, interior decorators and DIY enthusiasts. Since it was founded in 1996, the Sector has expanded rapidly through a combination of organic and external growth. The acquisition process began in France, with Point.P and Lapeyre, and continued in the United Kingdom, with Jewson and Graham, Germany, the Netherlands and Eastern Europe, with Raab Karcher, the Nordic countries with Dahl and Optimera, and the United States, where the acquisition of Norandex has taken the business to a new level. In 2008, the Sector continued to consolidate its network through bolt-on acquisitions and by opening new sales outlets, while also extending its geographic footprint with the acquisition of DLH in Denmark and Famar Desi in the Baltic countries. A unique European network With over 4,200 outlets in 27 countries, the Building Distribution Sector boasts a unique European network. Its success is rooted in the diversity and strategic fit of its banners. Each of these has its own specific features and market position, whether geared to building professionals or DIY enthusiasts, contributing to the marketing strength of the network as a whole while meeting the needs of local markets. This organization creates a strong growth dynamic by promoting the development of a particularly abundant product offer that is tailored to the various customer profiles and reflects their needs and expectations in terms of products, services, styles and trends. French market leader (1) Point.P primarily targets building professionals through a highly decentralized structure. Its network of 1,820 outlets is organized around general and specialist banners. For example, Point.P Matériaux de Construction is a traditional builders’ merchant, while Cedeo, Dupont Sanitaire Chauffage and Sem Angles specialize in plumbing and HVAC supplies, SFIC is an insulation and interior fittings merchant, Asturienne is a roofing merchant, Point.P Travaux Publics serves the public works market, Dubois Matériaux is a timber and insulation merchant, and Pum Plastiques sells plastic pipes and related products for water and wastewater networks. Together, Point.P and its various banners cover all segments of the building and renovation markets in France. Lapeyre specializes in home improvements, covering four main product areas: fitted kitchens, fitted bathrooms, interior building solutions, and external joinery. It primarily serves the DIY market. In addition to an extensive presence in France, Lapeyre also has operations in Belgium and Switzerland, as well as in Brazil under the Telhanorte banner and in Argentina under the Barugel banner. In all, the network comprises a total of 192 stores with showroom areas of up to 4,000 sq.m. In the United Kingdom and Ireland, the Sector is the second largest building materials distributor (1) , with a network of over 930 outlets split between general and specialized banners. The two main banners are Jewson, a builders’ merchant, and Graham, a plumbers’ merchant. Both are currently expanding their positions by acquiring existing stores and opening new ones. Raab Karcher is the leading builders’ merchant in Germany, Hungary and the Czech Republic (1) . and it is also present in the Netherlands and Poland. In 2008, the Sector expanded its presence in Eastern Germany with the acquisition of Sporkenbach, and in the interior fittings market by acquiring BR Holding. Over 480 sales outlets now operate under the Raab Karcher banner. Dahl is the foremost distributor (1) of plumbing and heating products in the Nordic countries, with a network of over 310 sales outlets spanning Sweden, Denmark, Norway, Saint-Gobain - 2008 Annual Report (1) Source Saint-Gobain.
Finland, Estonia, Lithuania and Poland, primarily serving trade customers. Optimera, which has 147 outlets, is Norway’s third largest builders’ merchant (1) (and the market leader (1) excluding franchise chains) and a major player in the Swedish builders’ merchant market. In Switzerland, Sanitas Troesch is the leading plumbers’ merchant and the second largest supplier of kitchen units (1) . The Sector is continuing to expand in Southern Europe, building on its established presence in Spain and Portugal under the Point.P and Distriplac banners. In 2008, it acquired Can Prunera in the Catalonia region, and Sanigrif, a plumbing and heating distributor in the Levante region of Spain, raising the total network to 125 outlets. In the United States, the Sector holds a significant position in the specialist builders’ merchant market through Meyer Decorative Surfaces, a distributor of laminate, and the Norandex network of 155 outlets specialized in siding and other exterior products. In France, La Plateforme du Bâtiment is geared to helping small building firms in urban areas to save time and money. It operates according to the cash-and-carry principle, offering a selected range of items under the same roof, guaranteed to always be in stock at competitive prices all year round. Launched in 1998, there are now La Plateforme du Bâtiment outlets in all major French cities, along with local versions of the concept in Poland, Hungary, Spain, Brazil, Germany and Italy. Today, the network comprises 76 outlets in eight countries. In 2006, the Sector launched Aquamondo, a new specialist bathroom retailer. Targeted at the home-owner market, Aquamondo already has five stores in France and one in Spain. The Building Distribution Sector promotes synergies between its banners through expertise-sharing, while ensuring that each banner retains its individuality. Examples of this approach include creating cross-functional departments, harmonizing product ranges, rolling out innovative sales concepts and new services, generating synergies in logistics, forging partnerships with the best suppliers, setting up a common IT platform and encouraging staff mobility. Leveraging the power of its network and the responsiveness of each banner’s teams, the Sector intends to push ahead with expansion in Europe and beyond. STRATEGY AND BUSINESSES 17 Building Distribution Businesses and Products Main Applications Main Competitors (1) Competitive Ranking (1) • Distribution of construction materials for the newbuild and renovation markets • Industrial joinery • Individual and collective housing market • Home fittings: fitted kitchens, doors and windows, fitted bathrooms, heating systems • Wolseley (United Kingdom/France) • CRH (United Kingdom/ Netherlands/France/ Switzerland) • Travis Perkins (United Kingdom) • SIG (United Kingdom, France, Germany, Netherlands, Poland) • Grafton (United Kingdom, Ireland) • BSS (United Kingdom) • European leader in building materials distribution and worldwide leader in tile distribution (1) Source Saint-Gobain. Saint-Gobain - 2008 Annual Report
Page 1 and 2: 2008 annual report
Page 3 and 4: Contents 05 • Strategy and busine
Page 5 and 6: 3 STRATEGY AND BUSINESSES Jean-Loui
Page 7 and 8: Strategy and Businesses of Saint-Go
Page 9 and 10: Responding to recession by demonstr
Page 11 and 12: The High-Performance Materials Divi
Page 13 and 14: High-Performance Materials Business
Page 15 and 16: Insulation products are made from m
Page 17: Construction Products Businesses an
Page 21 and 22: ecovered glass can be recycled inde
Page 23: The “Germ-free Surfaces” progra
Page 26 and 27: 24 2008 results dampened by the fin
Page 28 and 29: holders of the parent contracted 7.
Page 30 and 31: 28 2008 business review 2008 sales
Page 32 and 33: 30 The Division also continued to e
Page 34 and 35: 32 In the Nordic countries, Dahl de
Page 36 and 37: Sustainable development 34 Sustaina
Page 38 and 39: Environment Challenges Action taken
Page 40 and 41: 38 I. Products and services contrib
Page 42 and 43: 40 Sun Saint-Gobain is a major supp
Page 44 and 45: 42 a British trade association that
Page 46 and 47: 44 Mobilizing resources to deploy t
Page 48 and 49: 46 EHS auditors are drawn from a po
Page 50 and 51: 48 Lastly, we make every effort to
Page 52 and 53: To help them to implement the plan,
Page 54 and 55: 52 Wood dust is primarily an issue
Page 56 and 57: 54 BRØDRENE DAHL’S PROGRAM FOR R
Page 58 and 59: 56 2008-2010 OBJECTIVE Saint-Gobain
Page 60 and 61: 58 warehouses and other similar spa
Page 62 and 63: product developed in 2006 by Lapeyr
Page 64 and 65: 62 Internships during a student’s
Page 66 and 67: 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
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110 Related party agreements Relate
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112 The audits are based on a 20-st
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114 being applied. The TAS framewor
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Statutory Auditors’ report Prepar
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Commitment concerning the payment o
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120 Restructuring risks The Group h
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122 • Volumes are not material, o
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124 or any specific illness or phys
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The level of coverage is considered
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Consolidated balance sheet at 31 De
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Consolidated income statement (in
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Statement of recognized income and
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Notes to the consolidated financial
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136 Non-current assets held for sal
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138 asset’s fair value less costs
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140 Fair value of financial instrum
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142 Other business income and expen
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2006 In 2005, the Group acquired th
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NOTE 4 Other intangible assets Pate
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NOTE 6 Investments in associates (i
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150 NOTE 8 Inventories Dec. 31, Dec
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Movements relating to stock options
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The plan costs are calculated under
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The following tables show the funde
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Actuarial assumptions used to measu
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The effective tax rate paid by the
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Provisions for claims and litigatio
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isks is hedged wherever possible wi
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Bond issues On June 13, 2008, Saint
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NOTE 19 Financial instruments Deriv
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NOTE 21 Business income by expense
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The weighted average number of shar
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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
Page 218 and 219:
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
Page 230 and 231:
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
Page 236:
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