sain t-gobain annu al report 2008 annual report

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II - Justification of our assessments Accounting estimates used for the preparation of the consolidated financial statements for the year ended December 31, 2008 have been made in the context of a sharp deterioration in the general economic and financial environment which makes assessing the business outlook difficult, as described in Note 1 to the consolidated financial statements (Estimates and assumptions). Against this backdrop, and in accordance with the requirements of article L.823-9 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention the following matters: Measurement of property, plant and equipment and intangible assets The Group regularly carries out impairment tests on its property, plant and equipment, goodwill and other intangible assets, and also assesses whether there is any indication of impairment of property, plant and equipment and amortizable intangible assets, based on the methods described in Note 1 to the consolidated financial statements (section “Impairment of assets”). We examined the methods applied in implementing these tests and the estimates and assumptions used, and we verified that the information disclosed in Note 1 is appropriate. Employee benefits The methods applied for assessing employee benefits are set out in Note 1 to the consolidated financial statements (section “Employee benefits – defined benefit plans”). These benefit obligations were reviewed by independent actuaries. Our work consisted of assessing the data and assumptions used, examining, on a test basis, the calculations performed and verifying that the information disclosed in Notes 1 and 13 to the consolidated financial statements is appropriate. Provisions As specified in Note 1 to the consolidated financial statements (section “Other current and non-current liabilities and provisions”), the Group books provisions to cover risks. The types of provisions recorded under “Other non-current liabilities and provisions” are described in Note 15 to the consolidated financial statements. Based on the information available at the time of our audit, we ensured that the methods and data used to determine provisions, particularly that relating to the European Commission’s decision concerning the automotive glass industry, as well as the disclosures regarding said provisions provided in the notes to the consolidated financial statements, are appropriate. These assessments were made in the context of our audit of the consolidated financial statements taken as a whole, and therefore contributed to the unqualified opinion we formed which is expressed in the first part of this report. III - Specific verification As required by law, we have also verified the information given in the Group’s management report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. Neuilly-sur-Seine and Paris La Défense, March 19, 2009 The Statutory Auditors 184 PricewaterhouseCoopers Audit KPMG Audit Division of KPMG S.A. Pierre Coll Rémi Didier Jean Gatinaud Jean-Paul Vellutini Saint-Gobain – Financial Report 2008
Financial statements of Compagnie de Saint-Gobain (Parent Company) 186 • Income statement 188 • Balance sheet 190 • Cash flow statement 191 • Notes to the parent company financial statements 191 • Note 1 - Accounting principles and methods 192 • Note 2 - Net financial income 193 • Note 3 - Exceptional income and expense 193 • Note 4 - Income taxes 194 • Note 5 - Intangible assets 194 • Note 6 - Property and equipment 194 • Note 7 - Financial investments 196 • Note 8 - Current assets 197 • Note 9 - Shareholders’ equity 200 • Note 10 - Other equity 201 • Note 11 - Provisions 202 • Note 12 - Debt and payables 205 • Note 13 - Related party transactions 206 • Note 14 - Investment portfolio 207 • Note 15 - Information about direct investments in subsidiaries and affiliates with a carrying amount representing over 1% of the Company’s capital stock 209 • Note 16 - Financial commitments excluding leases 209 • Note 17 - Lease commitments 210 • Note 18 - Fees paid to the Statutory Auditors 210 • Note 19 - Employees 210 • Note 20 - Litigation 212 • Note 21 - Subsequent events 213 • Five-year financial summary FINANCIAL STATEMENTS 185 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
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 184 and 185: 182 Principal fully consolidated co
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
Page 234 and 235: Notes 232 Saint-Gobain - Financial
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