Saint-Gobain Reports Financials with New Accounting Method

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 information.

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.

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