The Board of Directors of France“s Saint-Gobain met on 27 March and approved the consolidated financial statements of the Group for 1996.
1996 sales totalled FFr 91.38 billion compared to a 1995 fig…
The Board of Directors of France“s Saint-Gobain met on 27 March and approved the consolidated financial statements of the Group for 1996. 1996 sales totalled FFr 91.38 billion compared to a 1995 figure of FFr 70.31 billion. The group“s operating income rose to FFr 9.4 billion from FFr 7.78 billion, with a net result of FFr 4.32 billion (1995: FFr 4.21 billion). Capital expenditure on plant and equipment reached FFr 7.66 billion in 1996, against FFr 5.59 billion in 1995. According to the official statement of results, group sales increased by 30% in real terms, mainly due to the consolidation of Poliet since 1 July 1996, to the consolidation of Carborundum, Winter and Cerasiv in the Industrial Ceramics and Abrasives Division, and due to the inclusion for the whole year of Ball Foster Glass which has been 100% owned since 1 October 1996, in the Containers Division. The disposal of a controlling interest in Cise, as of 15 January 1997, has had no impact on the 1996 financial statements. On a comparable structure basis, sales show an increase of 2.1% in French Francs and of 1.9% in local currencies. Sales are split between France (35%), other European countries (32%), America and Asia (33%). Results of sales of non-current assets were higher than in 1995, due to the disposal, at the end of December 1996, of SGCC, a subsidiary of Saint-Gobain Emballage. Minority interests increased by FFr 222 million mainly concerning Ball Foster Glass and certain South American companies. The Board of Directors also approved the statutory accounts of Compagnie de Saint-Gobain, the parent company (holding) of the Group. These accounts show a profit of FFr 2.08 billion against FFr 2.01 billion in 1995.