Interim Results

Compagnie de Saint-Gobain
19 September 2002




                       FINAL RESULTS FOR FIRST-HALF 2002:
               CONFIRMATION OF NET INCOME EXCLUDING CAPITAL GAINS
                               AT EUR 515 MILLION

                               REDUCTION IN DEBT



The Board of Directors of Saint-Gobain met on September 19, 2002 to review the
final consolidated financial statements of the Group for the six months ended
June 30, 2002. The main consolidated results, which are in line with the
estimates announced on July 25, are as follows:



Within the Housing Products Sector, the Pipe Division's distribution operations
have been transferred, as from January 1, 2002, to the Building Materials
Distribution Division, in order to set up a European organization for sales of
materials in civil engineering markets.

This transfer does not affect overall Group income as presented below, but it
does impact sales and operating income data by division presented in the
Appendix.




                                                                     H1 2001         H1 2002        Change
                                                                  EUR millions    EUR millions         %

                                                                       (1)             (2)          (2)/(1)

Net sales                                                               15,286          15,350        +0.4%
Operating income                                                         1,376           1,292        -6.1%
Dividend income                                                             22              17       -22.7%
Interest and other financial charges, net                                (311)           (274)       -11.9%
Non-operating costs                                                       (43)            (99)         N.M.
Income before profit on sales of non-current assets and taxes            1,044             936       -10.3%
Profit on sales of non-current assets, net                                 134             -24         N.M.
Provisions for income tax                                                (407)           (321)       -21.1%
Amortization of goodwill                                                  (93)            (78)       -16.1%
Share in net results of equity investees                                     9               1       -88.9%
Net income before minority interests                                       687             514       -25.2%
Minority interests                                                        (24)            (16)       -33.3%
Net income                                                                 663             498       -24.9%
Earnings per share (in EUR)                                               1.92*           1.44       -25.0%
Net income excluding capital gains                                         560             515        -8.0%
Earnings per share excluding capital gains (in EUR)                       1.63*           1.49        -8.6%
Cash flow from operations                                                1,390           1,357        -2.4%
Cash flow excluding capital gains tax                                    1,437           1,350        -6.1%
Capital expenditure                                                        557             575        +3.2%             
Investments in securities                                                  537             480       -10.6%
Dividend distribution                                                        -             378**       N.M.
Net indebtedness                                                         8,376           8,009        -4.4%
Gearing ratio                                                               67%             67%          -



* Earnings per share for first-half 2001 have been restated to take into account
the four-for-one stock split carried out on June 27, 2002

** EUR 357 million were distributed in July 2001



Group net indebtedness improved: taking into account the fact that the dividend
had not been paid at the end of June 2001, net indebtedness at June 30, 2002 was
EUR 724 million lower than a year earlier.



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 520 million for the
first six months of 2002, compared with net income of EUR 1,027 million for the
same period of 2001, which included capital gains from disposals that did not
recur in 2002.

* * *

Group sales over the months of July and August were in line with the full-year
target of net income excluding capital gains on a par with 2001.



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

Appendix 2: Consolidated balance sheet at June 30, 2002.


September 19, 2002



                                                              Investor Relations Department

Tel.: Florence Triou-Teixeira  [phone] - mailto: [e-mail]

Tel.: Claire Moses             [phone] - mailto: [e-mail]
                                                         Fax: [phone]






Appendix 1

Result by Business Sector, Division and Geographic Area
(in EUR millions)


                                                                        change on  change on a     change on
                                                     H1         H1      an actual   comparable    a comparable
I. SALES                                            2001       2002     structure   structure    structure and
                                                                          basis       basis      currency basis

by sector and division:
Glass (1)                                           5 967      6 018      +0,9%       +0,0%          +0,9%
Flat Glass                                          2 262      2 244      -0,8%       -1,6%          -0,1%
Insulation and Reinforcements                       1 652      1 678      +1,5%       -0,0%          -0,1%
Containers                                          2 059      2 101      +2,1%       +1,7%          +2,8%
High-Performance Materials (1)                      2 129      1 913      -10,2%      -11,0%         -10,1%
Ceramics & Plastics and Abrasives                   2 129      1 913      -10,2%      -11,0%         -10,1%
Housing Products (1)                                7 310      7 565      +3,5%       +1,4%          +1,8%
Building Materials                                  1 596      1 644      +3,0%       +3,3%          +4,4%
Building Materials Distribution                     4 914      5 371      +9,3%       +1,4%          +1,5%
Building Materials Distribution pro forma (2)       5 142      5 371      +4,4%       +1,4%          +1,5%
Pipe                                                 916        690       -24,7%      -5,3%          -4,5%
Pipe pro forma (2)                                   729        690       -5,3%       -5,3%          -4,5%

internal sales                                      -120       -146
Group                                              15 286     15 350      +0,4%       -1,0%          -0,3%

by geographic area:
France                                              4 662      4 793      +2,8%       +1,1%          +1,1%
Other European Countries                            6 404      6 420      +0,3%       -2,5%          -2,8%
North America                                       3 652      3 614      -1,0%       +0,4%          +0,4%
Rest of the world                                   1 159      1 127      -2,8%       -4,2%          +6,5%
internal sales                                      -591       -604
Group                                              15 286     15 350      +0,4%       -1,0%          -0,3%

(1) including inter-division eliminations
(2) 2001 pro forma, i.e. including sales from Pipe distribution operations within Building Materials
Distribution



                                                     H1         H1
II. OPERATING INCOME                                2001       2002       change

by sector and division:
Glass                                                684        641       -6,3%
Flat Glass                                           274        227       -17,2%
Insulation and Reinforcements                        208        176       -15,4%
Containers                                           202        238       +17,8%
High-Performance Materials                           253        137       -45,8%
Ceramics & Plastics and Abrasives                    253        137       -45,8%
Housing Products                                     430        511       +18,8%
Building Materials                                   131        199       +51,9%
Building Materials Distribution                      220        244       +10,9%
Building Materials Distribution pro forma (1)        213        244       +14,6%
Pipe                                                 79         68        -13,9%
Pipe pro forma (1)                                   86         68        -20,9%
misc.                                                 9          3
Group                                               1 376      1 292      -6,1%

by geographic area:
France                                               479        445       -7,1%
Other European Countries                             470        417       -11,3%
North America                                        297        328       +10,4%
Rest of the world                                    130        102       -21,5%
Group                                               1 376      1 292      -6,1%

(1) 2001 pro forma, i.e. including operating income from Pipe distribution operations
within Building Materials Distribution



                                                     H1         H1
III. CASH FLOW                                      2001       2002       change

by sector and division:
Glass                                                800        770       -3,8%
Flat Glass                                           313        292       -6,7%
Insulation and Reinforcements                        232        205       -11,6%
Containers                                           255        273       +7,1%
High-Performance Materials                           210        131       -37,6%
Ceramics & Plastics and Abrasives                    210        131       -37,6%
Housing Products                                     347        387       +11,5%
Building Materials                                   129        149       +15,5%
Building Materials Distribution                      146        166       +13,7%
Building Materials Distribution pro forma (1)        134        166       +23,9%
Pipe                                                 72         72        +0,0%
Pipe pro forma (1)                                   84         72        -14,3%
misc.                                                33         69       +109,1%
Group                                               1 390      1 357      -2,4%

by geographic area:
France                                               429        445       +3,7%
Other European Countries                             495        472       -4,6%
North America                                        297        295       -0,7%
Rest of the world                                    169        145       -14,2%
Group                                               1 390      1 357      -2,4%

(1) 2001 pro forma, i.e. including cash flow from Pipe distribution operations
within Building Materials Distribution


IV. CAPITAL EXPENDITURE                              H1         H1
      ON PLANT AND EQUIPMENT                        2001       2002       change

by sector and division:
Glass                                                296        345       +16,6%
Flat Glass                                           117        158       +35,0%
Insulation and Reinforcements                        94         78        -17,0%
Containers                                           85         109       +28,2%
High-Performance Materials                           75         58        -22,7%
Ceramics & Plastics and Abrasives                    75         58        -22,7%
Housing Products                                     186        171       -8,1%
Building Materials                                   55         52        -5,5%
Building Materials Distribution                      115        105       -8,7%
Building Materials Distribution pro forma (1)        118        105       -11,0%
Pipe                                                 16         14        -12,5%
Pipe pro forma (1)                                   13         14        +7,7%
misc.                                                 0          1
Group                                                557        575       +3,2%

by geographic area:
France                                               138        104       -24,6%
Other European Countries                             191        242       +26,7%
North America                                        141        114       -19,1%
Rest of the world                                    87         115       +32,2%
Group                                                557        575       +3,2%

(1) 2001 pro forma, i.e. including the capex of Pipe distribution operations
within Building Materials Distribution






Appendix 2: CONSOLIDATED BALANCE SHEET
In EUR millions


                            ASSETS                                    June 30, 2002                       Dec. 31, 2001

Goodwill                                                                      5 705                               6 065
Other intangible assets, net                                                  1 904                               1 805
                                                                              7 609                               7 870
Property, plant and equipment                                                22 188                              23 258
Less: depreciation                                                         (12 694)                            (12 909)
                                                                              9 494                              10 349
Investments in equity investees                                                 147                                 169
Investments, at cost                                                            151                                 171
Non-current marketable securities                                               176                                 176
Other non-current assets                                                        836                                 943
                                                                              1 310                               1 459
Non-current assets                                                           18 413                              19 678

Inventories                                                                   4 966                               5 075
Trade accounts receivable                                                     5 162                               4 552
Other receivables                                                             1 327                               1 228
Short-term loans                                                                320                                 245
Marketable securities                                                           369                                 406
Cash and cash equivalents                                                       950                                 958

Current assets                                                               13 094                              12 464

Total assets                                                                 31 507                              32 142

             LIABILITIES AND SHAREHOLDERS' EQUITY

Capital stock                                                                 1 383                               1 364
(At June 30, 2002 composed of 345,851,068 shares with a par
value of € 4;
and at Dec. 31, 2001 composed of 85,258,628 shares with a par
value of € 16.)
Additional paid-in capital and legal reserve                                  2 392                               2 249
Retained earnings and net income for the period                               8 662                               8 540
Translation adjustments                                                     (1 056)                               (161)
Treasury stock                                                                 (71)                                (67)

Shareholders' equity                                                         11 310                              11 925

Minority interests                                                              246                                 423

Net equity of consolidated entities                                          11 556                              12 348

Non-voting participating securities                                             391                                 391
Pensions and other post-retirement benefits                                   1 758                               1 836
Deferred tax liability                                                          657                                 685
Other liabilities                                                             1 090                               1 255
Long-term debt                                                                6 426                               5 247

Shareholders' equity and non-current liabilities                             21 878                              21 762

Trade accounts payable                                                        3 572                               3 425
Other payables                                                                2 836                               2 801
Current portion of long-term debt                                               794                                 991
Short-term debt and bank overdrafts                                           2 427                               3 163

Current liabilities                                                           9 629                              10 380

Total liabilities and shareholders' equity                                   31 507                              32 142





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