Final Results

Compagnie de Saint-Gobain
25 March 2004


                                                                  March 25, 2004


Press release


   FINAL RESULTS FOR 2003:

     Confirmation of the figures published at the end of January 2004

•      At constant exchange rates (*), growth in sales and operating income
       in line with objectives:

          -  Sales down 2.3% to EUR 29,590 million (up 4.1% excluding currency 
             effects and up 2.5% on a like-for-like basis)

          -  Operating income down 5.4% to EUR 2,442 million (up 1.0% excluding 
             currency effects and up 0.1% on a like-for-like basis)

          -  Operating margin: 8.3%


•      Stable net income: down 0.1% to EUR 1,039 million

          -   Net income excluding capital gains down 2.9%, to EUR 1,020 million


•      Strong free cash flow, at EUR 1.2 billion (excluding taxes on capital 
       gains)

•      Significant 19% decrease in net debt, to EUR 5.7 billion


DIVIDEND RECOMMENDED FOR APPROVAL BY THE AGM: EUR 1.15 per share, up 1.8%.

2004 TARGETS CONFIRMED: to outperform 2003 growth in operating income at
constant exchange rates, and to maintain strong free cash flow levels.


(*) based on average 2002 exchange rates




At its meeting of Thursday, March 25, 2004, the Board of Directors of
Saint-Gobain reviewed the Group's consolidated financial statements for 2003.



•       Analysis of the 2003 key consolidated data:

The Group's key consolidated data, which confirm the estimates published at the
end of January, are set out in the table below. Except for investments in
securities, which amounted to EUR 789 million (compared with the estimated
figure of EUR 783 million), and net indebtedness which came to EUR 5,657 million
(compared with the estimated figure of EUR 5,656 million), the data set out
below, as well as the results by business sector, division and geographical area
in the appendix, are exactly the same as the estimated figures published at the
end of January(**).

                                                                          2002          2003            %
                                                                        in EUR        in EUR          change
                                                                      millions      millions

Net sales                                                               30,274        29,590           -2.3%
Operating income                                                         2,582         2,442           -5.4%
Dividend income                                                             22            12          -45.5%
Interest and other financial charges, net                                (504)         (457)           -9.3%
Non-operating costs                                                      (252)         (275)           +9.1%
Income before profit on sales of non-current assets and taxes            1,848         1,722           -6.8%
Profit on sales of non-current assets, net                                   3            86            n.m.
Provision for income tax                                                 (612)         (595)           -2.8%
Amortization of goodwill                                                 (169)         (154)           -8.9%
Share in net results of equity investees                                     4             6            +50%
Net income before minority interests                                     1,074         1,065           -1.0%
Minority interests                                                        (34)          (26)          -23.5%
Net income                                                               1,040         1,039           -0.1%
Earnings per share (in EUR )                                              3.05          2.99           -2.0%
Earnings per share excluding treasury stock                               3.10          3.09           -0.3%
(in EUR)
Net income excluding profit on sales of non-current assets               1,051         1,020           -2.9%
Earnings per share excluding profit on sales of non-current               3.08          2.93           -4.9%
assets (in EUR )
Earnings per share excluding profit on sales of non-current               3.13          3.03           -3.2%
assets and treasury stock (in EUR)
Cash flow from operations                                                2,673         2,471           -7.6%
Cash flow excluding capital gains tax                                    2,688         2,540           -5.5%
Capital expenditure                                                      1,431         1,351           -5.6%
Investments in securities                                                  789           789            0,0%
Net indebtedness                                                         7,012         5,657          -19.3%


All of the comments made at the end of January(**) about the Group's
consolidated financial statements therefore apply to the final figures, except
for those relating to investments in securities, which are updated as follows:

Investments in securities amounted to EUR 789 million, including EUR 436 million
for bolt-on acquisitions in the Building Materials Division, and EUR 229 million
for share buybacks.


                                           *          *          *


Asbestos claims against CertainTeed in the United States:

The Group confirms the figures and comments relating to 2003, published at the
end of January(**) concerning this issue.

In addition, the Senate Republican leader intends to have the draft legislation
to create a federal asbestos trust fund (as approved by the US Senate Judiciary
Committee on July 11, 2003) put on the Senate floor for consideration in the
coming weeks.

                                            *          *          *

Annual General Meeting

The Board of Directors also reviewed the accounts of Compagnie de Saint-Gobain,
the parent company. Net income amounted to EUR 514 million for the year ended
December 31, 2003, against EUR 596 million for 2002.

At the General Meeting of the Company's shareholders, called for June 10, 2004,
the Board will recommend the distribution of EUR 387 million (which accounts for
38% of net income excluding capital gains), compared with EUR 379 million last
year. The dividend per share would therefore amount to EUR 1.15, an increase of
1.8% over last year. To this would be added a tax credit of EUR 0.575, giving a
total of EUR 1.725 per share. Based on today's closing share price, this
dividend represents a gross yield of 4.3%. The dividend will be paid entirely in
cash as from June 24, 2004.

In addition, the Board of Directors will ask the General Meeting of June 10,
2004 to re-elect Jean-Louis Beffa, Isabelle Bouillot, Sylvia Jay, and Jose Luis
Leal Maldonado as directors for a further four-year term, and to elect Gian
Paolo Caccini as a director, to replace Eric d'Hautefeuille who passed away on
January 17, 2004. Gian Paolo Caccini is currently Saint-Gobain's Chief Operating
Officer and will be retiring on April 1, 2004.


•            2004 outlook and targets: the Group confirms that in 2004 it will
aim to outperform 2003 growth in operating income at constant exchange rates,
and to maintain strong free cash flow levels.


(**) the press release relating to the Group's estimated 2003 results -
published at end-January 2004 - is available on the Saint-Gobain website at
www.saint-gobain.com.


Next results announcements:

-  First quarter 2004 sales:  April 27, 2004, after the close of the Paris Stock
Exchange.

-  Final results for the first half of 2004:  July 29, 2004, after the
close of the Paris Stock Exchange.


Appendix:

Results by Business Sector, Division and Geographic Area
(in millions of euros)



                                                                Change on   Change on a     Change on
I. SALES                                     2002      2003     an actual    comparable   a comparable
                                                                structure    structure    structure and
                                                                    basis      basis        currency
                                                                                              basis
1.)By sector and division:
Glass (1)                                   11,818    11,266      -4.7%        -5.2%          +1.5%
Flat Glass                                   4,423     4,298      -2.8%        -3.3%          +1.9%
Insulation and Reinforcements                3,329     3,110      -6.6%        -7.8%          -0.6%
Containers                                   4,076     3,869      -5.1%        -5.1%          +2.7%
High-Performance Materials (1)               3,637     3,256     -10.5%        -10.5%         +0.5%
Ceramics & Plastics and Abrasives            3,637     3,256     -10.5%        -10.5%         +0.5%
Housing Products (1)                        15,102    15,362      +1.7%        -0.8%          +3.9%
Building Materials                           3,074     2,824      -8.1%        -6.7%          +4.9%
Building Materials Distribution             10,953    11,305      +3.2%        -0.5%          +2.5%
Pipe                                         1,344     1,516     +12.8%        +11.0%        +14.2%
Internal sales                               (283)     (294)

2.)By geographic area:
France                                       9,439     9,926      +5.2%        +2.7%          +2.7%
Other European Countries                    13,068    12,948      -0.9%        -2.7%          +0.4%
North America                                6,785     5,735     -15.5%        -13.9%         +2.8%
Rest of the world                            2,195     2,227      +1.5%        -3.0%         +17.4%
Internal sales                              (1,213)   (1,246)
GROUP TOTAL                                 30,274    29,590      -2.3%        -3.7%          +2.5%

(1) including inter-division eliminations



II. OPERATING INCOME                         2002      2003      Change

1.)By sector and division:
Glass                                        1,325     1,178     -11.1%
Flat Glass                                    495       471       -4.8%
Insulation and Reinforcements                 351       265      -24.5%
Containers                                    479       442       -7.7%
High-Performance Materials                    244       273      +11.9%
Ceramics & Plastics and Abrasives             244       273      +11.9%
Housing Products                             1,004      976       -2.8%
Building Materials                            335       265      -20.9%
Building Materials Distribution               534       560       +4.9%
Pipe                                          135       151      +11.9%

2.)By geographical area:
France                                        841       884       +5.1%
Other European Countries                      923       869       -5.9%
North America                                 586       452      -22.9%
Rest of the world                             232       237       +2.2%
GROUP TOTAL                                  2,582     2,442      -5.4%


III. CASH FLOW                               2002      2003      Change

1.)By sector and division:
Glass                                        1,614     1,406     -12.9%
Flat Glass                                    622       548      -11.9%
Insulation and Reinforcements                 436       354      -18.8%
Containers                                    556       504       -9.4%
High-Performance Materials                    246       291      +18.3%
Ceramics & Plastics and Abrasives             246       291      +18.3%
Housing Products                              814       714      -12.3%
Building Materials                           247*       172      -30.4%
Building Materials Distribution               414       398       -3.9%
Pipe                                          153       144       -5.9%

2.)By geographic area:
France                                        794       832       +4.8%
Other European Countries                     1,050      921      -12.3%
North America                                513*      450*      -12.3%
Rest of the world                             316       268      -15.2%
GROUP TOTAL                                  2,673     2,471      -7.6%

* after the CertainTeed asbestos-related charge of EUR 67 m after tax

IV. CAPITAL EXPENDITURE
ON PLANT AND EQUIPMENT                       2002      2003      Change

1.)By sector and division:
Glass                                         869       861       -0.9%
Flat Glass                                    377       364       -3.4%
Insulation and Reinforcements                 198       232      +17.2%
Containers                                    294       265       -9.9%
High-Performance Materials                    160       108      -32.5%
Ceramics & Plastics and Abrasives             160       108      -32.5%
Housing Products                              401       380       -5.2%
Building Materials                            135       117      -13.3%
Building Materials Distribution               227       213       -6.2%
Pipe                                          39        50       +28.2%

2.)By geographic area:
France                                        309       305       -1.3%
Other European Countries                      575       587       +2.1%
North America                                 316       233      -26.3%
Rest of the world                             231       226       -2.2%
GROUP TOTAL                                  1,431     1,351      -5.6%


                         Investor Relations Department

Mrs. Florence Triou-Teixeira       Tel.: [phone]
Mr. Alexandre Etuy                 Tel.: [phone]
                                   Fax: [phone]



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