Saint-Gobain: profit and debt rise under IFRS

French glass and building materials giant Saint-Gobain revealed on 29 March 2005 the differences which the adoption of International Financial Reporting Standards (IFRS) will make to its accounts.
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French glass and building materials giant Saint-Gobain revealed on 29 March 2005 the differences which the adoption of International Financial Reporting Standards (IFRS) will make to its accounts. For 2004, IFRS will increase the group“s net profit by 14.4% or EUR 156 million, owing to the abolition of goodwill amortisation under the new accounting standards. Turnover is up EUR 147 million at EUR 32.17 billion, thanks to the inclusion of client discounts, other activities and the like under IFRS. On the other hand Saint-Gobain“s net debt is 11.7% higher under IFRS, at EUR 6.2 billion, while its equity capital goes down by 7.6%, to EUR 10.9 billion.