Interim Results

Compagnie de Saint-Gobain
20 September 2001





        SAINT-GOBAIN CONFIRMS ITS NET INCOME (WITHOUT CAPITAL GAINS) 
          OF EUR 560 MILLION (UP 2.9%) FOR THE FIRST HALF OF 2001

The Board of Directors of Saint-Gobain met on September 20, 2001 to review the 
final consolidated financial statements of the Group for the six months ended 
June 30, 2001. The main consolidated results, which are in line with the 
estimates released on July 26, are as follows:

The Group's consolidated financial statements for first half 2000 included the 
results of Essilor, which was fully consolidated over the entire period. In 
first-half 2001, however, Essilor was no longer consolidated, as the Group had 
sold its entire stake in this company in November 2000. For purposes of 
comparability, the Group's consolidated financial statements for first-half 2000
are also presented with Essilor accounted for by the equity method.

                                First-half   First-half   First-half     Change
                                    2001         2000        2000         %
                                                           pro forma
                                   in EUR      in EUR     Essilor by
                                  millions    millions    equity method  
                                                           in EUR
                                                           millions
                                    (1)                       (2)        (1)/(2)
Net sales                          15,286       13,782       12,804       19.4%
Operating income                    1,376        1,401        1,271        8.3%
Dividend income                        22           22           22          0%
Interest and other financial 
 charges, net                        (311)        (272)        (254)      22.4%
Non-operating costs                   (43)         (63)         (62)     -30.6%
Income before profit on sales 
of non-current assets and taxes     1,044        1,088          977        6.9%
Profit on sales of non-current
 assets, net                          134          414          414      -67.6%
Provision for income tax             (407)        (483)        (450)      -9.6%
Amortization of goodwill              (93)         (97)         (86)       8.1%
Share in net results of 
  equity investees                      9           31           50      -82.0%
Net income before minority interests  687          953          905      -24.1%
Minority interests                    (24)         (80)         (32)       -25%
Net income                            663          873          873*     -24.1%
Earnings per share (in EUR)          7.70        10.41        10.41        -26%
Net income excluding capital gains    560          544          544*       2.9%
Earnings per share excluding 
 capital gains (in EUR)               6.5         6.49         6.49        0.2%
Cash flow from operations           1,390        1,339        1,226**     13.4%
Cash flow excluding capital gains   1,437        1,428        1,315**      9.3%
Depreciation and amortization 
(incl. goodwill)                      839          813          756         11%
Capital expenditure                   557          779          695      -19.9%
Investments in securities             537        2,242        2,170      -75.3%
Net indebtedness                    8,376        8,421        8,421       -0.5%
Gearing ratio                          67%          75%          75%     -8pts  

*of which Essilor: EUR 20 million
** of which Essilor: EUR 11 million

The Board of Directors also reviewed the financial statements of Compagnie de 
Saint-Gobain, the parent company of the Group, which operates as a holding 
company. These financial statements show net income of EUR 1,027 million for the
first six months of 2001 compared with EUR 551 million for the same period of
2000.

Outlook: Group sales in July and August were in line with the trends expected in
the second half to reach the objective set for the full year, of 10% growth in 
net income excluding capital gains. In particular, the three divisions of the 
Housing Products Sector have recorded significant improvements in their 
performance.

Nevertheless, the short- and medium-term consequences of the tragic events of 
September 11, 2001 are for the time being impossible to predict. To date, the 
first available data show no material impact on the Group's activity levels.

Appendix 1: Results by business sector, division and geographic area.
Appendix 2: Consolidated balance sheet at June 30, 2001.


Investor Relations Department
Tel.: Florence TRIOU-TEIXEIRA   [phone] - 
mailto : [e-mail] 
Tel.: Lounis BEKKAT             [phone] - 
mailto : [e-mail]

Fax : [phone]


Appendix 1: Results by business sector, division and geographic area

In millions of euros
    

                            First-   First-   Change     Change      Change
                             half     half    based on   based on    based on
                             2001     2000    actual     comparable  comparable
                                             structure   structure   structure
1.SALES                                                             and exchange
                                                                    rates (like-
                                                                    for-like)
by Sector and Division:
Glass Sector (1)            5,967    5,519      +8.1%       +6.2%       +5.2%
Flat Glass                  2,262    2,055     +10.1%       +7.3%       +8.0%
Insulation & Reinforcements 1,652    1,548      +6.7%       +1.7%       +0.1%
Containers                  2,059    1,921      +7.2%       +8.8%       +6.2%
High Performance 
 Materials Sector (1)       2,129    2,996     -28.9%       -0.6%       -3.1%
Ceramics & Plastics and 
 Abrasives                  2,129    2,018      +5.5%       -0.6%       -3.1%
Essilor                         0      978    -100.0%
Housing Products Sector (1) 7,310    5,343     +36.8%       +2.4%       +2.0%
Building Materials          1,596    1,527      +4.5%       +1.8%       -1.2%
Building Materials 
 Distribution               4,914    3,028     +62.3%       +4.4%       +4.8%
Pipe                          916      882      +3.9%       -1.4%       -0.5%

Internal sales               -120      -76

Group                      15,286   13,782     +10.9%       +3.6%       +2.6%

by geographic area:
France                      4,662    4,313      +8.1%       +6.1%       +6.1%
Other European countries    6,404    4,707     +36.1%       +2.5%       +3.1%
North America               3,652    3,356      +8.8%       +2.6%       -4.3%
Rest of the world           1,159      957     +21.1%       +5.2%      +12.5%
Essilor                         0      978    -100.0%
Internal sales               -591     -529       n.m.
Group                      15,286   13,782     +10.9%       +3.6%       +2.6%

(1) including inter-division eliminations

                                           First-      First-       Change
                                            half        half
II. OPERATING INCOME                        2001        2000
     

by Sector and Division:
Glass Sector                                684         589         +16.1%
Flat Glass                                  274         192         +42.7%
Insulation & Reinforcements                 208         199          +4.5%
Containers                                  202         198          +2.0%
High-Performance Materials Sector           253         399         -36.6%
Ceramics & Plastics and Abrasives           253         269          -5.9%
Essilor                                       0         130        -100.0%
Housing Products Sector                     429         408          +5.1%
Building Materials                          130         152         -14.5%
Building Materials Distribution             220         192         +14.6%
Pipe                                         79          64         +23.4%
Other                                        10           5
Group                                     1,376       1,401          -1.8%

by geographic area:
France                                      479         425         +12.7%
Other European countries                    470         359         +30.9%
North America                               297         390         -23.8%
Rest of the world                           130          97         +34.0%
Essilor                                       0         130        -100.0%
Group                                     1,376       1,401          -1.8%



                                           First-      First-       Change
                                           half        half
III CASH FLOW                              2001        2000
                   
by Sector and Division:
Glass Sector                                800         687         +16.4%
Flat Glass                                  313         230         +36.1%
Insulation & Reinforcements                 232         215          +7.9%
Containers                                  255         242          +5.4%
High-Performance
Materials Sector                            210         348         -39.7%
Ceramics & Plastics and Abrasives           210         224          -6.3%
Essilor                                       0         124        -100.0%
Housing Products Sector                     347         360          -3.6%
Building Materials                          129         149         -13.4%
Building Materials Distribution             146         144          +1.4%
Pipe                                         72          67          +7.5%
Other                                        33         -56             
Group                                     1,390       1,339          +3.8%

by geographic area:
France                                      429         316         +35.8%
Other European countries                    495         423         +17.0%
North America                               297         341         -12.9%
Rest of the world                           169         135         +25.2%
Essilor                                       0         124        -100.0%
Group                                     1,390       1,339          +3.8%


IV. CAPITAL EXPENDITURE ON PLANT &        First-      First-        Change
     EQUIPMENT                             half        half
                                           2001        2000

by Sector and Division: 
Glass Sector                                296         430         -31.2%
Flat Glass                                  117         189         -38.1%
Insulation & Reinforcements                  94         136         -30.9%
Containers                                   85         105         -19.0%
High-performance Materials Sector            75         170         -55.9%
Ceramics & Plastics and Abrasives            75          86         -12.8%
Essilor                                       0          84        -100.0%
Housing Products Sector                     186         178          +4.5%
Building Materials                           55          66         -16.7%
Building Materials Distribution             115          87         +32.2%
Pipe                                         16          25         -36.0%
Other                                         0           1
Group                                       557         779         -28.5%

by geographic area:
France                                      138         166         -16.9%
Other European countries                    191         231         -17.3% 
North America                               141         158         -10.8%
Rest of the world                            87         140         -37.9%
Essilor                                       0          84        -100.0%
Group                                       557         779         -28.5%


Appendix 2: Consolidated balance sheet
  
   ASSETS                                At June 30, 2001      At Dec. 31, 2000
Goodwill                                        6,174               6,004
Other intangible assets, net                    1,806               1,766
                                                7,980               7,770

Property, plant and equipment                  23,276              21,938
Less: depreciation                            -12,818             -11,825
                                               10,458              10,113
Investments in equity investees                   165                 393
Investments, at cost                              200                 178
Marketable securities                             178                 310
Other non-current assets                          803                 766
                                                1,346               1,647
Non-current assets                             19,784              19,530

Inventories                                     5,280               4,752
Trade accounts receivable, net                  5,690               4,643
Other accounts receivable                       1,183               1,161
Short-term loans                                  143                 139
Marketable securities                             456                 530
Cash and cash equivalents                         824                 666

Current assets                                 13,576              11,891
     
Total assets                                   33,360              31,421

LIABILITIES AND SHAREHOLDERS' EQUITY     
     
Share capital                                   1,377               1,363

(EUR 16 par value; 137,968,123 shares authorized;
At June 30, 2001: 86,133,298 shares Issued and 
outstanding (at Dec. 31, 2000: 85,213,263)
Additional paid-in capital and legal 
retained earnings                               2,376               2,270
Retained earnings and net income for the period 8,066               7,760
Cumulative translation adjustments                110                -310
Treasury stock                                   -217                -182

Shareholders' equity                           11,712              10,901

Minority interests                                444                 823

Net equity of consolidated entities            12,156              11,724

Non-voting participating securities               391                 391
Pensions and other post-retirement benefits     1,721               1,682
Deterred tax liability                            674                 709
Other liabilities                               1,372               1,388
Long-term debt                                  6,069               4,999

Shareholders' equity and non-current 
     liabilities                               22,383              20,893

Trade accounts payable                          3,739               3,378
Other payables and Accrued expenses             3,508               2,597
Current portion of long-term debt               1,250               1,859
Short-term debt and bank overdrafts             2,480               2,694

Current liabilities                            10,977              10,528

Total liabilities and shareholders' equity     33,360              31,421