sain t-gobain annu al report 2008 annual report

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Saint-Gobain: a Solid Group 2 Saint-Gobain’s 2008 results were in line with our forecasts. Consolidated net sales rose 3.7% over the year, while operating income and recurring net income saw single-digit decreases of 9.1% and 9.5% respectively. Most of the decline came in the second half and especially the fourth quarter, reflecting the impact of the global economic crisis. The current recession is unprecedented in its breadth—affecting all economic sectors and all countries—and its depth. 2009 is likely to be even more difficult, shaped by a gradual turnaround in the European building markets and shrinking demand in the world’s main industrial markets. In response to this situation, Saint-Gobain proactively deployed a program to cut costs, rightsize production capacity and sharply reduce capital spending and investment in the second half of 2008. These measures will be expanded in 2009. We have already launched a wide-ranging plan that makes use of all operating and financial levers—including a €1.5 billion capital increase—to guide us through the current financial turbulence and help us emerge even stronger than before. At the same time, we intend to continue implementing our strategic vision. Thanks to our global leadership in energy efficiency solutions for buildings—a market that accounts for a third of our business—and our broad exposure to the more resilient building renovation market in Europe (36% of consolidated sales), we are well positioned to reap the full benefits of the stimulus plans being rolled out by the major Western nations. We also remain fully committed to research and innovation and to targeted expansion in emerging economies. In a time of poor visibility, Saint-Gobain is a solid enterprise with a detailed roadmap for the short term and a carefully considered vision for the long-term. We have what it takes to make the difference and to pull even farther ahead of our competitors. In light of the Group’s solid fundamentals and the action plans implemented in all our business sectors, we are more confident than ever in Saint-Gobain’s future. We are certain that Saint-Gobain stands to benefit greatly when the economy recovers. Saint-Gobain - 2008 Annual Report
3 STRATEGY AND BUSINESSES Jean-Louis Beffa, Chairman of the Board of Directors Pierre-André de Chalendar, Chief Executive Officer Saint-Gobain - 2008 Annual Report
Page 1 and 2: 2008 annual report
Page 3: Contents 05 • Strategy and busine
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 and 18: Construction Products Businesses an
Page 19 and 20: Finland, Estonia, Lithuania and Pol
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
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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
Page 68 and 69:
66 SAINT-GOBAIN AND THE BROAD-BASED
Page 70 and 71:
68 Honest, open, high quality socia
Page 72 and 73:
70 Construction Products The Constr
Page 74 and 75:
72 IV. Values supporting responsibl
Page 76 and 77:
74 INTERNATIONAL CORPORATE FOUNDATI
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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
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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
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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
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
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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
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
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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
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136 Non-current assets held for sal
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138 asset’s fair value less costs
Page 142 and 143:
140 Fair value of financial instrum
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142 Other business income and expen
Page 146 and 147:
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
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
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NOTE 21 Business income by expense
Page 174 and 175:
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
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
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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
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Grant stock options exercisable for
Page 202 and 203:
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
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
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Saint-Gobain Vetrotex Deutschland G
Page 222 and 223:
Saint-Gobain Construction Products
Page 224 and 225:
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
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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