sain t-gobain annu al report 2008 annual report

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COMPANIES Capital Reserves % Book value Loans and Guarantees 2008 2008 Dividends (in thousands stock interest of shares held advances given net net received of euros or local Gross Net granted by by the sales income/ in 2008 currency) the Company Company (loss) €k €k €k €k €k 1 - SUBSIDIARIES (1) At least 50%-owned by Compagnie de Saint-Gobain Saint-Gobain Schleifmittel- Beteiligungen GmbH Viktoria - Allee 3-5 €k €k €k €k D-52066 Aachen 10,226 50,925 100.00 61,151 61,151 – (5,884) (5,884) Saint-Gobain Vidros SA 482, avenida Santa Marina Agua Branca k BRL k BRL k BRL k BRL 05036-903 Säo Paulo-SP (Brazil) 387,259 99.96 67,181 67,181 461,196 43,920 46,411 Peslogro Participacoes LTDA (2) 482, avenida Santa Marina Agua Branca k BRL k BRL k BRL k BRL 05036-903 Säo Paulo-SP (Brazil) 10,153 1,999 São Lourenço Administradora (3) 482, avenida Santa Marina Agua Branca k BRL k BRL k BRL k BRL 05036-903 São Paulo-SP (Brazil) – – 34,773 Saint-Gobain SFM (4) 18, avenue d’Alsace €k €k €k €k 92400 Courbevoie – 895 1,080 2 - AFFILIATES (1) 10% to 50%-owned by Compagnie de Saint-Gobain Saint-Gobain Cristaleria Edificio Ederra Centro Azca Paseo de la Castellana 77 €k €k €k €k 28046 Madrid 89,750 136,545 24.51 211,220 211,220 482,847 574,815 101,224 107,410 Saint-Gobain Emballage 18, avenue d’Alsace €k €k €k €k 92400 Courbevoie 42,069 430,024 20.52 61,553 61,553 30,221 736,184 148,345 31,537 SEPR 18, avenue d’Alsace €k €k €k €k 92400 Courbevoie 63,361 6,365 25.73 53,310 53,310 84,726 243,032 58,527 1,398 OTHER COMPANIES Subsidiaries (over 50% owned) Total French companies 14,707 14,707 285,165 1,007 Total foreign companies 14,045 14,045 24,089 2,500,848 5,419 Affiliates (10 to 50%-owned) Total French companies – Total foreign companies 648 648 Other investments 31,119 30,972 718,666 3,981 Own shares 193,631 127,182 TOTAL 9,261,793 9,194,660 7,680,776 2,500,848 985,625 (1) The amount shown for subsidiaries of the German branch corresponds to 2008 profit or loss transferred under the group relief system. (2) Peslogro Participacoes Ltda merged with Saint-Gobain Vidros SA on December 31, 2008. (3) São Lourenzo was broken up and its net assets transferred to Jarvis Participacoes Ltda and Peslogro Participacoes Ltda on July 2, 2008. (4) Saint-Gobain SFM was sold to Vertec in July 2008 and merged into Vertec on October 1, 2008. 208 Saint-Gobain – Financial Report 2008
NOTE 16 Financial commitments excluding leases Commitments given (in € thousands) Amount Guarantees (1) 2,785,122 Other commitments given A. Commitment related to the fine levied on the Flat Glass business by the European Commission (see Note 20.2) 896,000 B. Commitments towards other members of “GIE” intercompany partnerships 6,904 Total 3,688,026 (1) Of which guarantees given on behalf of consolidated companies 2,500,848 Commitments received Commitments relating to interest rate hedging instruments are as follows: At December 31, 2008 (Euro equivalent in thousands) Amount Interest rate swaps (fixed rate borrower/variable rate lender) 1,250,000 Interest rate swaps (fixed rate lender/variable rate borrower) 133,000 Interest rate swaps (variable rate lender/variable rate borrower) 155,000 Greenhouse gas emission allowance swaps – sales of EUAs/purchases of CERs 1,885 Greenhouse gas emission allowance swaps – purchases of CERs/sales of EUAs 1,560 Commodity swaps – fixed price payer /variable price receiver 94,111 Commodity swaps – variable price payer/fixed price receiver 94,111 (in € thousands) Amount Guarantees Retention money 71 Other commitments received Debt waivers with a clawback clause 3,720 Total 3,791 Of which: Commitments received from consolidated companies 3,720 Commitments relating to currency hedging instruments are as follows: (in thousands of the currency concerned) Amount Equivalent in euros of forward purchases and sales of foreign currency EUR 739,897 Purchased currency options EUR 39,764 Written currency options EUR 39,764 Currency swaps EUR 2,733,282 NOTE 17 Lease commitments On December 18, 1996, Compagnie de Saint-Gobain entered into a 12-year finance lease on its head office building at La Défense (Les Miroirs), starting February 1, 1997. (in € thousands) Head office Cost at inception of the lease 80,798 Depreciation: Accumulated depreciation at January 1, 2008 15,983 Depreciation for the year 1,464 Total 17,447 Lease payments: Cumulative lease payments at January 1, 2008 100,073 Lease payment for the year 9,552 Total 109,625 Future minimum lease payments: Due within one year 773 Due in one to five years – Due beyond 5 years – Total 773 Residual value: Within one year 12,120 In one to five years – Beyond 5 years – Total 12,120 The purchase option was exercised at the end of the lease, on January 31, 2009, at a price equal to the residual value. NOTES THE PARENT COMPANY FINANCIAL STATMENTS 209 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
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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
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,
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 212 and 213: NOTE 18 Fees paid to the Statutory
Page 214 and 215: Asbestos-related litigation in Braz
Page 216 and 217: Statutory Auditors’ report on the
Page 218 and 219: Main subsidiaries by country and de
Page 220 and 221: Saint-Gobain Vetrotex Deutschland G
Page 222 and 223: Saint-Gobain Construction Products
Page 224 and 225: Saint-Gobain Building Distribution
Page 226 and 227: Subsidiaries: Saint-Gobain Technica
Page 228 and 229: CHINA €1 = CNY 10.227 Saint-Gobai
Page 230 and 231: Table of concordance 1 Person respo
Page 232 and 233: COMPAGNIE DE SAINT-GOBAIN France He
Page 234 and 235: Notes 232 Saint-Gobain - Financial
Page 236: Saint-Gobain photo library ; p1 ©
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