Paris, July 30, 2014

First-half 2014 results

Strong upswing in performance

Organic growth at 4.1% (including a positive 1.2% price impact)
Strong negative currency impact of 3.2% on sales and negative 1.9% Group structure impact with the disposal of Verallia North America
Operating income up 14.8% like-for-like
Stronger balance sheet: net debt reduced by almost €1 billion compared to June 30, 2013

(€m)	H1 2013*	H1 2014	Change	Change (like-for-like)
Sales	20,651	20,446	-1.0%	+4.1%
EBITDA	1,939	1,997	+3.0%
Operating income	1,224	1,330	+8.7%	+14.8%
Recurring1 net income	402	511	+27.1%
Net income	313	671	+114.4%
Free cash flow2	644	713	+10.7%

Pierre-André de Chalendar, Chairman and Chief Executive Officer of Saint-Gobain, commented:

"After a first quarter boosted by favorable weather conditions in Europe, the second quarter confirmed the slight uptrend in our markets first seen in second-half 2013 across all of our regions; only France remains down. Besides the continuing strong negative currency effect during this first half and the impact of the Verallia North America sale, these results − along with our ongoing tight rein on costs − support our objective of a clear like-for-like improvement in operating income for full-year 2014."

* 2013 figures restated to reflect the impacts of IFRS 10, IFRS 11 and IFRIC 21.

^1. Excluding capital gains and losses on disposals, asset write-downs and material non-recurring provisions.

^2. Excluding the tax impact of capital gains and losses on disposals, asset write-downs and material non-recurring provisions.

Operating performance

Sales were up 4.1% in first-half 2014 on a like-for-like basis (comparable structure and exchange rates) and rose 1.6% in the second quarter, with volumes gaining 0.5% (including a negative 0.9% impact resulting from fewer working days) and prices advancing 1.1%. The upbeat trends observed as from second-half 2013 continued throughout the six months to June 30, 2014 (volumes up 2.9%), with favorable weather conditions boosting the first-quarter performance. Growth was confirmed in our main regions over the first half, even though France was down slightly in the second quarter. Despite a less inflationary cost environment, sales prices gained 1.2% over the first half.

Exchange rates continued to have a strong negative impact of 3.2%. Changes in Group structure had a negative 1.9% impact and include the disposal of Verallia North America (VNA) as of April 11. Sales were therefore down 1.0% on a reported basis.

Thanks to good operating leverage, the Group's like-for-like operating income rose 14,8%. The consolidated operating margin widened to 6.5%, compared to 5.9% in first-half 2013 (based on comparable accounting standards).

Performance of Group Business Sectors

Innovative Materials like-for-like sales continued to improve up 3.7%, lifting the Business Sector's operating margin to 9.1% from 6.6% one year earlier.

Like-for-like Flat Glass sales were up 3.4%. Construction markets remain weak in Western Europe but are on the mend (with a slight rise in the price of commodity products such as float glass) and performed well in Asia and emerging countries despite a slowdown in Latin America. Automotive glass proved less buoyant, particularly in Brazil in the second quarter. Thanks to cost cutting measures and an improved product mix, the operating margin continued to widen compared to the two previous half-year periods, up to 5.5% of sales (versus 1.1% of sales in first-half 2013 and 4.0% of sales in second-half 2013).
High-Performance Materials (HPM) sales moved up 4.0% like-for-like. Excluding Ceramics, HPM businesses (Plastics, Abrasives, Textile Solutions) continued to report organic growth in all regions despite the recent volume downturn in Brazil. The operating margin edged up to 13.3% from 12.9%, owing to an improved performance

from Plastics, Abrasives and Textile Solutions.

Construction Products (CP) like-for-like sales advanced 5.5%. The operating margin came in at 9.0% versus 8.5% in the same year-ago period.

Interior Solutions posted 7.1% organic growth. In Western Europe, volumes stabilized in the three months to June 30 after increasing in the first quarter, while prices dipped slightly. The US, Asia and emerging countries continued to deliver double-digit growth, powered by volumes with good price momentum.

The operating margin widened to 8.5% versus 7.6% in first-half 2013.

Exterior Solutions reported 3.9% organic growth. Exterior Products in the US retreated over the first half, with the slight second-quarter improvement against weak prior-year comparatives failing to offset the first-quarter decline. Pipe enjoyed a sharp rise in organic growth, buoyed by the rally in Exports. Industrial Mortars posted good growth in terms of both volumes and prices, driven by Asia and emerging countries.

Despite the decline in Exterior Products in the US, the operating margin came in at 9.5% of sales versus 9.3% of sales in first-half 2013.

Building Distribution sales were up 3.6% on a like-for-like basis (up 2.1% on a reported basis, or €188 million). Sales stabilized in the second quarter after the bullish growth reported in the first three months of the year, aided by mild winter weather and a weak comparison basis. The UK, Brazil, Nordic countries and Germany contributed to the good first-half growth performance, while trading in France was virtually stable despite a good first quarter.

Thanks to good management of its trade margin and costs, operating income for the Business Sector improved sharply, up to €265 million versus €198 million in first-half 2013. The operating margin rose to 2.9% from 2.2% in the same period one year earlier.

Packaging (Verallia) sales advanced 1.7% on a like-for-like basis, taking into account the disposal of VNA with effect from April 11. Volumes were up slightly in Europe, although prices declined and the mix deteriorated. Latin America posted good organic growth, buoyed chiefly by price trends reflecting the impact of inflation.

The operating margin bottomed out at 9.8% due to narrowing margins in Europe and a one-off inventory adjustment.

Analysis by geographic area

The Group reported positive organic growth in all of its main regions in first-half 2014, driven by Asia and emerging countries as well as by North America. Western Europe also advanced, boosted by a favorable weather impact in the first quarter.

Profitability improved in Western Europe and in Asia and emerging countries, but retreated in North America due to the downturn in trading for Exterior Products in the US.

France continued to be affected by the decline in the market for new-builds in the second quarter, posting negative organic growth of 1.0%. Thanks to the first quarter performance, organic growth over the six months to June 30 remains slightly positive (+0.8%).

The operating margin proved resilient, at 4.2% based on comparable accounting standards (IFRIC 21).

Other Western European countries saw like-for-like sales climb 5.3%, including a 1.5% rise in the second quarter. This advance reflects healthy market conditions in the UK and Scandinavia. Germany reported 5.1% organic growth for the first half and a decline in the second quarter due to business having been brought forward to the first three months of the year. Trading in Southern European countries improved in the six months to June 30 and stabilized in the second quarter.

The operating margin rallied sharply, at 5.0% versus 3.1% in first-half 2013, powered by volume growth.

North America saw confirmation of the positive momentum in construction and industrial markets, posting 2.2% organic growth over the first half and 6.5% in the second quarter. Interior Solutions reported further double-digit growth, which also reflects the uptrend in sales prices. In contrast, Exterior Products contracted over the first half despite small growth gains in the second quarter. Industrial businesses returned to organic growth, despite Ceramics which was down slightly.

The operating margin narrowed to 11.3% due to a negative mix effect, versus 13.2% in firsthalf 2013.

Asia and emerging countries continued to deliver good organic growth at 10.6% against a tougher basis for comparison as from the second quarter of 2013. Asia and Latin America put in satisfactory growth, despite volumes contracting in the second quarter in Brazil. Eastern Europe improved sharply, delivering double-digit growth over the six-month period. Operating leverage drove a rise in the operating margin, which increased to 8.5% of sales from 7.2% of sales one year earlier.

Analysis of the consolidated financial statements for first-half 2014

The unaudited interim consolidated financial statements were subject to a limited review by the statutory auditors. They were approved and adopted by the Board of Directors on July 30, 2014. The comparative income statement presented below for first-half 2013 has been restated to reflect the impacts of IFRS 10 "Consolidated Financial Statements", IFRS 11 "Joint Arrangements", and IFRIC 21 "Levies".

	H1 2013 Restated*	H1 2014	% change	H1 2013 Published
€m	(A)	(B)	(B)/(A)

Sales and ancillary revenue	20,651	20,446	-1.0%	20,771
Operating income	1,224	1,330	8.7%	1,260

Operating depreciation and amortization	715	667	-6.7%	723
EBITDA (op.inc. + operating depr./amort.)	1,939	1,997	3.0%	1,983
Non-operating costs	(259)	(16)	-93.8%	(260)
Capital gains and losses on disposals, asset write downs, corporate acquisition fees and earn-out	(26)	(54)	107.7%	(26)
payments Business income	939	1,260	34.2%	974
Net financial expense	(400)	(354)	-11.5%	(403)
Income tax	(214)	(212)	-0.9%	(231)
Share in net income of equity-accounted companies	3	(1)	-133.3%	7
Income before minority interests	328	693	111.3%	347
Minority interests	(15)	(22)	46.7%	(15)
Net income	313	671	114.4%	332
Earnings per share2
(in €)	0.57	1.19	108.8%	0.61
Recurring1 net income	402	511	27.1%	422
Recurring1 earnings per share2 (in €)	0.73	0.91	24.7%	0.77

Cash flow from operations3	1,118	1,198	7.2%	1,146
Cash flow from operations excl. capital gains tax4	1,137	1,162	2.2%	1,165
Capital expenditure	493	449	-8.9%	519
Free cash flow
4 (excluding capital gains tax)	644	713	10.7%	646

Investments in securities	43	48	11.6%	41
Net debt	9,482	8,519	-10.2%	9,497

* 2013 figures have been restated to reflect the impacts of IFRS 10, IFRS 11 and IFRIC 21.

3 Excluding material non-recurring provisions.

¹ Excluding capital gains and losses on disposals, asset write-downs and material non-recurring provisions.

² Calculated based on the number of shares outstanding (excluding treasury shares) at June 30 (564,079,733 shares in 2014, including the increase in capital following the payment of the stock dividend on July 4, 2014, versus 548,470,319 in 2013).

⁴ Excluding the tax effect of capital gains and losses on disposals, asset write-downs and material non-recurring provisions.

The comments below refer to the restated financial statements for 2013.

Consolidated sales slipped 1.0%. Despite easing towards the end of the first half, the currency impact had a negative 3.2% impact on sales, due chiefly to the rise in the value of the euro against major Latin American and Scandinavian currencies along with the US dollar. Changes in Group structure had a negative 1.9% impact, resulting mainly from the disposal of VNA as from April 11, and from the sale of certain non-core Exterior Solutions and Building Distribution businesses. Like-for-like (comparable structure and exchange rates), sales were up 4.1%, with prices gaining 1.2% and volumes up 2.9%.

Operating income advanced 8.7% on a reported basis, hampered by the negative currency impact and the disposal of VNA. The operating margin improved to 6.5% of sales compared with 5.9% of sales in first-half 2013, thanks to cost cutting measures (€240 million impact over the first half) and operating leverage.

EBITDA (operating income + operating depreciation and amortization) was up 3.0%. The consolidated EBITDA margin came out at 9.8% of sales (13.8% excluding Building Distribution) versus 9.4% of sales (13.4% excluding Building Distribution) in first-half 2013.

Non-operating costs totaled €16 million, down from €259 million in first-half 2013, following the €202 million write-back from the provision to reflect the reduction in the automotive Flat Glass fine and the decrease in restructuring costs. Non-operating costs include a €45 million accrual to the provision for asbestos-related litigation involving CertainTeed in the US (unchanged from the last few half-year periods).

The net balance of capital gains and losses on disposals, asset write-downs and corporate acquisition fees was a negative €54 million versus a negative €26 million in first-half 2013. This line includes €398 million of capital gains on disposals of assets relating mainly to VNA, and €452 million in asset write-downs. These write-downs relate to ongoing restructuring plans, mainly in Flat Glass in Europe and Pipe in China and Spain. The write-downs also relate to goodwill, mainly in the Building Distribution Business Sector in the US and Spain. Business income was up 34.2% to €1,260 million.

Net financial expense improved, down 11.5% to €354 million from €400 million, reflecting the decrease in average net debt and the fall in the cost of gross debt to 4.5% at June 30, 2014 from 4.7% at June 30, 2013.

The income tax rate on recurring net income remained stable at 32%. Income tax expense totaled €212 million, versus €214 million in the same period one year earlier.

Recurring net income (excluding capital gains and losses, asset write-downs and material non-recurring provisions) rose 27.1% to €511 million.

Net income jumped 114.4% to €671 million.

Capital expenditure totaled €449 million (€493 million in first-half 2013), representing 2.2% of sales (2.4% of sales in first-half 2013).

Cash flow from operations rose 7.2% to €1,198 million. Before the tax impact of capital gains and losses on disposals, asset write-downs and material non-recurring provisions, cash flow from operations rose 2.2% to €1,162 million, while free cash flow (cash flow from operations less capital expenditure) advanced 10.7% to €713 million (3.5% of sales versus 3.1% of sales in first-half 2013).

The difference between EBITDA and capital expenditure increased to €1,548 million, up 7.1% on first-half 2013 (€1,446 million), representing 7.6% of sales (7.0% of sales in first-half 2013).

Operating working capital requirements (WCR) remained at a good level (€4,888 million), representing 43.3 days' sales versus 42.4 days' sales at end-June 2013. Investments in securities totaled just €48 million (€43 million in first-half 2013) and relate to small-scale acquisitions in Building Distribution and High-Performance Materials.

Net debt was down 10.2% year-on-year to €8.5 billion, in line with the decrease recorded at end-2013. Net debt represents 46% of consolidated equity, compared to 52% at June 30, 2013. The net debt to EBITDA ratio came in at 2.0 versus 2.3 one year earlier.

Update on asbestos claims in the US

Some 2,000 claims were filed against CertainTeed in the first half of 2014 (as in first-half 2013). At the same time, around 3,000 claims were settled (versus 2,000 in first-half 2013) and around 4,000 claims were transferred to inactive dockets, bringing the total number of outstanding claims to around 38,000 at June 30, 2014, compared to 43,000 at December 31, 2013.

A total of USD 65 million in indemnity payments were made in the US in the 12 months to June 30, 2014, versus USD 88 million in the year to December 31, 2013.

2014 action plan priorities and outlook

The Group is maintaining its action plan priorities for the year and will keep a close watch on its cash and financial strength:

priority focus on increasing sales prices amid a small rise in raw material and energy costs;
€450 million in additional cost savings (calculated on the 2013 cost base), including €240 million in the first half;
capital expenditure program of around €1,500 million, the priority being growth capex outside Western Europe (around €550 million);
renewed commitment to invest in R&D in order to support its differentiated, high value-added strategy;
selective acquisitions and divestments policy.

The outlook for full-year 2014 is in line with the improving trends first noted in the second half of 2013:

In Western Europe, our markets should continue to improve gradually, spurred by growth in the UK, while France is expected to remain down.
In North America, construction should remain upbeat and industrial markets should improve.
In Asia and emerging countries, our businesses are expected to deliver satisfactory organic growth.
Lastly, household consumption markets could continue to be affected by competitive pressure on prices.

Saint-Gobain is confirming its objectives for full-year 2014 of a clear improvement in operating income on a comparable structure and currency basis and a continuing high level of free cash flow.

Financial calendar

Sales for the first nine months of 2014: October 23, 2014, after close of trading on the Paris Bourse.

For further information, please visit www.saint-gobain.com

Important disclaimer - forward-looking statements:

This press release contains forward-looking statements with respect to Saint-Gobain's financial condition, results, business, strategy, plans and outlook. Forward-looking statements are generally identified by the use of the words "expect", "anticipate", "believe", "intend", "estimate", "plan" and similar expressions. Although Saint-Gobain believes that the expectations reflected in such forwardlooking statements are based on reasonable assumptions as at the time of publishing this document, investors are cautioned that these statements are not guarantees of its future performance. Actual results may differ materially from the forward-looking statements as a result of a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and are generally beyond the control of Saint-Gobain, including but not limited to the risks described in Saint-Gobain's registration document available on its website (www.saint-gobain.com). Accordingly, readers of this document are cautioned against relying on these forward-looking statements. These forward-looking statements are made as of the date of this document. Saint-Gobain disclaims any intention or obligation to complete, update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

This press release does not constitute any offer to purchase or exchange, nor any solicitation of an offer to sell or exchange securities of Saint-Gobain.

Analyst/Investor relations			Press relations
Gaetano Terrasini Vivien Dardel Marine Huet	+33 1 47 62 32 52 +33 1 47 62 44 29 +33 1 47 62 30 93	Sophie Chevallon Susanne Trabitzsch	+33 1 47 62 30 48 +33 1 47 62 43 25

Appendix 1 : Results by business sector and geographic area

H1 2013: restated accounts including IFRS 10 and 11, and IFRIC 21 impact

I. SALES	H1	H1	Change on	Change on	Change on	H1 2013
	2013 Restated	2014	an actual structure	a comparable structure	a comparable structure and	Published	Impact
	(in EUR m)	(in EUR m)	basis	basis	currency basis
By sector and division:
Innovative Materials 1	4,544	4,484	-1.3%	-1.0%	+3.7%	4,623	-79
Flat Glass	2,438	2,398	-1.6%	-0.5%	+3.4%	2,519	-81
High-Performance Materials	2,111	2,091	-0.9%	-1.7%	+4.0%	2,111	0
Construction Products 1	5,677	5,643	-0.6%	+0.6%	+5.5%	5,724	-47
Interior Solutions	2,870	2,954	+2.9%	+2.9%	+7.1%	2,870	0
Exterior Solutions	2,835	2,719	-4.1%	-1.7%	+3.9%	2,882	-47
Building Distribution	9,099	9,287	+2.1%	+2.5%	+3.6%	9,099	0
Packaging (Verallia)	1,813	1,500	-17.3%	-2.2%	+1.7%	1,813	0
Including VNA	605	314				605	0
Internal sales and misc.	-482	-468	n.m.	n.m.	n.m.	-488	6
Group Total	20,651	20,446	-1.0%	+0.9%	+4.1%	20,771	-120
1 including intra-sector eliminations

H1 2013
Published	Impact

By geographic area:
France	5,892	5,948	+1.0%	+0.8%	+0.8%	5,919	-27
Other Western European countries	8,456	8,835	+4.5%	+4.6%	+5.3%	8,477	-21
North America	3,068	2,641	-13.9%	-2.6%	+2.2%	3,078	-10
Emerging countries and Asia	4,107	4,024	-2.0%	-1.2%	+10.6%	4,182	-75
Internal sales	-872	-1,002	n.m.	n.m.	n.m.	-885	13
Group Total	20,651	20,446	-1.0%	+0.9%	+4.1%	20,771	-120

	H1	H1	Change on	H1	H1
II. OPERATING INCOME	2013		an actual	2013	2014	H1 2013
	Restated	2014	structure basis	(in % of sales)	(in % of sales)
	(in EUR m)	(in EUR m)				Published
By sector and division:
Innovative Materials	299	409	+36.8%	6.6%	9.1%	312	-13
Flat Glass	27	131	+385.2%	1.1%	5.5%	38	-11
High-Performance Materials	272	278	+2.2%	12.9%	13.3%	274	-2
Construction Products	481	508	+5.6%	8.5%	9.0%	485	-4
Interior Solutions	218	251	+15.1%	7.6%	8.5%	218	0
Exterior Solutions	263	257	-2.3%	9.3%	9.5%	267	-4
Building Distribution	198	265	+33.8%	2.2%	2.9%	215	-17
Packaging (Verallia)	240	147	-38.8%	13.2%	9.8%	243	-3
Including VNA	105	45				105	0
Misc.	6	1	n.m.	n.m.	n.m.	5	1
Group Total	1,224	1,330	+8.7%	5.9%	6.5%	1,260	-36
By geographic area:
France	261	247	-5.4%	4.4%	4.2%	292	-31
Other Western European countries	264	442	+67.4%	3.1%	5.0%	264	0
North America	405	298	-26.4%	13.2%	11.3%	405	0
Emerging countries and Asia	294	343	+16.7%	7.2%	8.5%	299	-5
Group Total	1,224	1,330	+8.7%	5.9%	6.5%	1,260	-36

	H1 2013
Published	Impact

1 260	-36
299	-5
405	0
264	0
292	$-31$

III. BUSINESS INCOME	H1 2013	H1	Change on an actual	H1 2013	H1 2014	H1 2013
	Restated	2014	structure basis	(in % of sales)	(in % of sales)	Published
	(in EUR m)	(in EUR m)
By sector and division:
Innovative Materials	87	359	+312.6%	1.9%	8.0%	98	-11
Flat Glass	-171	131	+176.6%	-7.0%	5.5%	-162	-9
High-Performance Materials	258	228	-11.6%	12.2%	10.9%	260	-2
Construction Products	507	323	-36.3%	8.9%	5.7%	513	-6
Interior Solutions	193	235	+21.8%	6.7%	8.0%	193	0
Exterior Solutions	314	88	-72.0%	11.1%	3.2%	320	-6
Building Distribution	156	105	-32.7%	1.7%	1.1%	173	-17
Packaging (Verallia)	219	515	+135.2%	12.1%	34.3%	221	-2
Including VNA	104	43				104	0
Misc. (a)	-30	-42	n.m.	n.m.	n.m.	-31	1
Group Total	939	1,260	+34.2%	4.5%	6.2%	974	-35

By geographic area:
France	173	696	+302.3%	2.9%	11.7%	204	-31
Other Western European countries	106	240	+126.4%	1.3%	2.7%	105	1
North America (a)	415	110	-73.5%	13.5%	4.2%	416	-1
Emerging countries and Asia	245	214	-12.7%	6.0%	5.3%	249	-4

H1 2013
Published	Impact

Group Total	939	1,260	+34.2%	4.5%	6.2%	974	-35
Emerging countries and Asia	245	214	-12.7%	6.0%	5.3%	249	-4
North America (a)	415	110	-73.5%	13.5%	4.2%	416	-1
Other Western European countries	106	240	+126.4%	1.3%	2.7%	105	1
France	173	696	+302.3%	2.9%	11.7%	204	-31
By geographic area:

(a) after asbestos-related charge (before tax) of €45m in H1 2013 and in H1 2014

	H1	H1	Change on	H1	H1
IV. CASH FLOW	2013	2014	an actual	2013	2014	H1 2013
	Restated		structure basis	(in % of sales)	(in % of sales)
	(in EUR m)	(in EUR m)				Published
By sector and division:
Innovative Materials	252	344	+36.5%	5.5%	7.7%	261	-9
Flat Glass	22	105	+377.3%	0.9%	4.4%	31	-9
High-Performance Materials	230	239	+3.9%	10.9%	11.4%	230	0
Construction Products	298	369	+23.8%	5.2%	6.5%	304	-6
Building Distribution	112	199	+77.7%	1.2%	2.1%	123	-11
Packaging (Verallia)	213	123	-42.3%	11.7%	8.2%	215	-2
Including VNA	63	27				63	0
Misc. (a)	243	163	n.m.	n.m.	n.m.	243	0
Group Total	1,118	1,198	+7.2%	5.4%	5.9%	1,146	-28

By geographic area:
France	152	134	-11.8%	2.6%	2.3%	180	-28
Other Western European countries	357	439	+23.0%	4.2%	5.0%	358	-1
North America (a)	256	236	-7.8%	8.3%	8.9%	256	0
Emerging countries and Asia	353	389	+10.2%	8.6%	9.7%	352	1
Group Total	1,118	1,198	+7.2%	5.4%	5.9%	1,146	-28

H1 2013
Published	Impact

1,146	-28
352
256	0
358	-1
180	$-28$

(a) after asbestos-related charge (after tax) of €27m in H1 2013 and in H1 2014

V. CAPITAL EXPENDITURE	H1 2013	H1 2014	Change on an actual	H1 2013	H1 2014	H1 2013
	Restated		structure basis	(in % of sales)	(in % of sales)	Published	Impact
	(in EUR m)	(in EUR m)
By sector and division:
Innovative Materials	169	129	-23.7%	3.7%	2.9%	193	-24
Flat Glass	89	75	-15.7%	3.7%	3.1%	113	-24
High-Performance Materials	80	54	-32.5%	3.8%	2.6%	80	0
Construction Products	130	150	+15.4%	2.3%	2.7%	132	-2
Interior Solutions	81	79	-2.5%	2.8%	2.7%	81	0
Exterior Solutions	49	71	+44.9%	1.7%	2.6%	51	-2
Building Distribution	68	76	+11.8%	0.7%	0.8%	68	0
Packaging (Verallia)	110	86	-21.8%	6.1%	5.7%	110	0
Including VNA	43	19				43	0
Misc.	16	8	n.m.	n.m.	n.m.	16	0
Group Total	493	449	-8.9%	2.4%	2.2%	519	-26
By geographic area:
France	70	80	+14.3%	1.2%	1.3%	71	-1

Other Western European countries	127	139	+9.4%	1.5%	1.6%	127	0
North America	113	83	-26.5%	3.7%	3.1%	113	0
Emerging countries and Asia	183	147	-19.7%	4.5%	3.7%	208	-25
Group Total	493	449	-8.9%	2.4%	2.2%	519	-26

VI. EBITDA	H1 H1		Change on	H1	H1	H1 2013
	2013 Restated	2014	an actual structure basis	2013 (in % of sales)	2014 (in % of sales)
	(in EUR m)	(in EUR m)				Published
By sector and division:
Innovative Materials	534	626	+17.2%	11.8%	14.0%	552	-18
Flat Glass	185	274	+48.1%	7.6%	11.4%	202	-17
High-Performance Materials	349	352	+0.9%	16.5%	16.8%	350	-1
Construction Products	726	732	+0.8%	12.8%	13.0%	732	-6
Interior Solutions	376	403	+7.2%	13.1%	13.6%	376	0
Exterior Solutions	350	329	-6.0%	12.3%	12.1%	356	-6
Building Distribution	330	394	+19.4%	3.6%	4.2%	347	-17
Packaging (Verallia)	328	230	-29.9%	18.1%	15.3%	331	-3
Including VNA	105	45				105	0
Misc.	21	15	n.m.	n.m.	n.m.	21	0
Group Total	1,939	1,997	+3.0%	9.4%	9.8%	1,983	-44
By geographic area:
France	439	419	-4.6%	7.5%	7.0%	473	-34
Other Western European countries	514	674	+31.1%	6.1%	7.6%	515	-1
North America	483	372	-23.0%	15.7%	14.1%	483	0
Emerging countries and Asia	503	532	+5.8%	12.2%	13.2%	512	-9
Group Total	1,939	1,997	+3.0%	9.4%	9.8%	1,983	-44

H1 2013
Published	Impact

1,983	.44
512	-9
483	0
515	-1
473	-34

Appendix 2: Sales by business sector and geographic area - Second Quarter

Q2 2013: restated accounts including IFRS 10 and 11, and IFRIC 21 impact

	Q2 2013		Change on	Change on	Change on	Q2 2013
	Restated	Q2 2014	an actual	a comparable	a comparable	Published
	(in EUR m)		(in EUR m) structure basis structure basis		structure and	(in EUR m)	Impact
					currency basis
By sector and division:
Innovative Materials 1	2,369	2,309	-2.5%	-1.9%	+2.2%	2,412	-43
Flat Glass	1,275	1,239	-2.8%	-1.3%	+1.7%	1,319	-44
High-Performance Materials	1,097	1,073	-2.2%	-2.7%	+2.7%	1,097	0
Construction Products 1	2,941	2,886	-1.9%	-0.8%	+3.7%	2,970	-29
Interior Solutions	1,503	1,502	-0.1%	-0.1%	+3.6%	1,503	0
Exterior Solutions	1,454	1,401	-3.6%	-1.3%	+3.8%	1,483	-29
Building Distribution	4,989	4,926	-1.3%	-0.9%	-0.2%	4,989	0
Packaging (Verallia)	978	678	-30.7%	-2.9%	+1.0%	978	0
Including VNA	317	37				317	0
Internal sales and misc.	-248	-227	n.m.	n.m.	n.m.	-252	4
Group Total	11,029 11,029	10,572	-4.1%	-1.1%	+1.6%	11,097	-68
1 including intra-sector eliminations

By geographic area:
France	3,102	3,076	-0.8%	-1.0%	-1.0%	3,116	-14
Other Western European countries	4,658	4,685	+0.6%	+1.2%	+1.5%	4,673	-15
North America	1,516	1,205	-20.5%	+1.0%	+6.5%	1,522	-6
Emerging countries and Asia	2,199	2,119	-3.6%	-3.1%	+6.8%	2,239	-40
Internal sales	-446	-513	n.m.	n.m.	n.m.	-453	7
Group Total	11,029	10,572	-4.1%	-1.1%	+1.6%	11,097	-68

Appendix 3: Consolidated balance sheet

2013 restated accounts including IFRS 10 and 11, and IFRIC 21 impact

(in € million)	June 30, 2014	Dec 31, 2013 Restated	Dec 31, 2013 Published	Impact
ASSETS
Goodwill	10,276	10,401	10,413	(12)
Other intangible assets	3,161	3,128	3,131	(3)
Property, plant and equipment	12,304	12,438	12,635	(197)

Investments in associates	398	384	216	168
Deferred tax assets Other non-current assets	1,192 527	1,125 454	1,125 407	0 47

Non-current assets	27,858	27,930	27,927	3
Inventories	6,455	5,953	5,997	(44)
Trade accounts receivable	5,991	4,857	4,882	(25)
Current tax receivable	151	236	238	(2)
Other accounts receivable	1,394	1,315	1,317	(2)
Assets held for sale - Discontinued operations	0	974	974	0
Cash and cash equivalents	3,262	4,350	4,391	(41)
Current assets	17,253	17,685	17,799	(114)
Total assets	45,111	45,615	45,726	(111)

Liabilities and Shareholders' equity
Capital stock	2,271	2,221	2,221	0
Additional paid-in capital and legal reserve	6,623	6,265	6,265	0
Retained earnings and net income for the year	10,577	10,677	10,661	16
Cumulative translation adjustments	(1,260)	(1,481)	(1,481)	0
Fair value reserves	(46)	7	7	0
Treasury stock	(147)	(147)	(147)	0
Shareholders' equity	18,018	17,542	17,526	16
Minority interests	374	345	344	1
Total equity	18,392	17,887	17,870	17
Long-term debt	9,666	9,362	9,395	(33)
Provisions for pensions and other employee benefits	2,990	2,783	2,785	(2)
Deferred tax liabilities	657	715	712	3
Provisions for other liabilities and charges	1,160	2,185	2,189	(4)

Non-current liabilities	14,473	15,045	15,081	(36)
Current portion of long-term debt	1,143	1,707	1,721	(14)
Current portion of provisions for other liabilities and charges	451	477	479	(2)
Trade accounts payable	5,878	5,897	5,928	(31)
Current tax liabilities	87	66	67	(1)
Other accounts payable	3,715	3,269	3,311	(42)
Liabilities held for sale - Discontinued operations	0	473	473	0
Short-term debt and bank overdrafts	972	794	796	(2)
Current liabilities	12,246	12,683	12,775	(92)

Total equity and liabilities	45,111	45,615	45,726	(111)

Dec 31, 2013 Published	Impact

Appendix 4: Consolidated cash flow statement