sain t-gobain annu al report 2008 annual report

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182 Principal fully consolidated companies at December 31, 2008 % interest (held directly and indirectly) BPB Italia SpA Italy 100.00% British Gypsum Ltd United Kingdom 100.00% Gypsum Industries Ltd Ireland 100.00% Placoplatre SA France 99.75% Rigips GmbH Germany 100.00% Thai Gypsum Products PLC Thailand 99.66% Exterior Solutions Saint-Gobain Weber France 99.99% Saint-Gobain Do Brazil Ltda Brazil 100.00% Saint-Gobain Weber Cemarksa SA Spain 99.99% Maxit Group AB Sweden 99.99% Maxit Deutschland GmbH Germany 99.99% CertainTeed Corporation United States 100.00% Saint-Gobain PAM SA France 100.00% Saint-Gobain Gussrohr KG Germany 100.00% Saint-Gobain Pipelines Plc United Kingdom 99.97% Saint-Gobain Canalizacion SA Spain 99.94% Saint-Gobain PAM Italia SpA Italy 100.00% Saint-Gobain Canalizaçao SA Brazil 100.00% Saint-Gobain Xuzhou Pipe Co Ltd China 100.00% BUILDING DISTRIBUTION SECTOR Distribution Sanitaire Chauffage France 100.00% Lapeyre France 100.00% Point.P France 100.00% Saint-Gobain Distribucion y Construccion Spain 100.00% Saint-Gobain Building Distribution Deutschland GmbH Germany 100.00% Saint-Gobain Building Distribution Ltd United Kingdom 99.97% Saint-Gobain Distribution The Netherlands BV Netherlands 100.00% Saint-Gobain Distribution Nordic AB Sweden 100.00% Optimera A/S Norway 100.00% Optimera Danmark A/S Denmark 100.00% Sanitas Troesch Switzerland 100.00% Norandex Building Material Distribution Inc United States 100.00% PACKAGING SECTOR Saint-Gobain Emballage France 100.00% Saint-Gobain Vidros SA Brazil 100.00% Saint-Gobain Oberland AG Germany 96.67% Saint-Gobain Vicasa SA Spain 99.64% Saint-Gobain Containers Inc United States 100.00% Saint-Gobain Vetri SpA Italy 99.99% NOTE 34 Subsequent events On January 14, 2009, Compagnie de Saint-Gobain placed a €1 billion five-and-a-half-year 8.25% bond issue. The issue proceeds, which were received on January 26, will be used to refinance the Group’s existing debt and extend its average maturity. Saint-Gobain – Financial Report 2008
Statutory Auditors’ report on the consolidated financial statements Year ended December 31, 2008 This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English speaking readers. The Statutory Auditors’ report includes information specifically required by French law in such reports, whether qualified or not. This information is presented below the opinion on the consolidated financial statements and includes an explanatory paragraph discussing the Auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual account captions or on information taken outside of the consolidated financial statements. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Shareholders, In compliance with the assignment entrusted to us by your Shareholders’ Meeting, we hereby report to you, for the year ended December 31, 2008, on: the audit of the accompanying financial statements of Compagnie de Saint-Gobain; the justification of our assessments; the specific verification required by law. These consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these financial statements based on our audit. I - Opinion on the financial statements We conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit involves performing procedures, on a test basis or by selection, to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting policies used and the significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of Compagnie de Saint-Gobain and its subsidiaries as at December 31, 2008, and of the results of their operations for the year then ended in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union. 183 STATUTORY AUDITORS’ REPORT 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
Page 134 and 135: Statement of recognized income and
Page 136 and 137: Notes to the consolidated financial
Page 138 and 139: 136 Non-current assets held for sal
Page 140 and 141: 138 asset’s fair value less costs
Page 142 and 143: 140 Fair value of financial instrum
Page 144 and 145: 142 Other business income and expen
Page 146 and 147: 2006 In 2005, the Group acquired th
Page 148 and 149: NOTE 4 Other intangible assets Pate
Page 150 and 151: NOTE 6 Investments in associates (i
Page 152 and 153: 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
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 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 210 and 211: 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
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
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Notes 232 Saint-Gobain - Financial
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Saint-Gobain photo library ; p1 ©
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