French construction materials supplier Saint-Gobain, which has operations around
the globe, has reported its 2004 financial information under the International
Financial Reporting Standards (IFRS) which went into effect within the European
Union on January 1, 2005.
Previously, the company had used the French GAAP method of reporting financial
The company said that overall the switch had minimal impact. The company's
sales increased by 147 million euros to 32.172 billion euros and operating income
increased 111 million euros to 2.743 billion euros, a 4.2-percent increase.
In its flat glass segment, sales and ancillary revenue were up under the new
accounting method to 4.429 billion euros from 4.394 billion euros, a 35 million
euro increase. Operating income for 2004 on like-for-like sales with a constant
currency were up 21 million euros, more than 10 percent, from 440 million euros
to 461 million euros.
Cash flow for the flat glass segment last year increased 3 million euros under
the new accounting system to 51 million euros. Capital expenditures remained the
same at 448 million euros.