As expected currency exchange rates negatively impacted the 2003 consolidated financial results of French-based glass & materials giant, Saint-Gobain, in particular due to the significant depreciation of the US dollar, pound sterling and the Brazilian real which were down respectively by 16%, 9% and 20% when compared to the average exchange rate in 2002. Consolidate sales decreased over 2002 by 2.3% to Euro 29,590M on an actual structure basis, but excluding currency effects increased by 4.1% and were up 2.5% on a like-for-like basis. Sales volume increased 1.7% over the prior year spurred by a second half recovery while, at the same time, prices rose by 0.8%. Operating income fell by 5.4% to Euro 2,442M (2.582M) but excluding currency effects was up 1.0% and up 0.1% on a like-for-like basis. Net income for the year is estimated at Euros 1,039M (1,040).
