Operating income
Group
In line with targets, and despite the impact of spiraling raw material and energy costs, the Group reported, in 2011, a double-digit rise in operating income (up 10.4%, or 10.9% at constant exchange rates¹). Consequently, the operating margin continued to improve, up to 8.2% of sales (10.9% excluding Building Distribution), versus 7.8% (10.7% excluding Building Distribution) in 2010. The operating margin is virtually back at its 2008 level (8.3% for the Group and 11.0% excluding Building Distribution) despite sales volumes being 11.0% lower than in this earlier period.
The Group's second-half operating margin remained stable, at 8.1% of sales. Excluding Building Distribution, the operating margin narrowed slightly, at 10.5% versus 10.8% in second-half 2010, squeezed by the sharp rise in raw material and energy costs which could not be wholly passed on to sales prices.
(¹ Based on average exchange rates for 2010)
By sector and divison
| 2010 in EUR m |
2011 in EUR m |
change on actual structure basis | 2010 (in % of sales) |
2011 (in % of sales) |
|
| Innovative materials | 1,024 | 1,130 | +10.4% | 11.0% | 11.8% |
| Flat Glass | 439 | 478 | +8.9% | 8.4% | 8.8% |
| High-Performance Materials | 585 | 652 | +11.5% | 14.3% | 15.7% |
| Construction Products | 1,064 | 1,086 | +2.1% | 9.7% | 9.5% |
| Interior Solutions | 379 | 450 | +18.7% | 7.3% | 8.2% |
| Exterior Solutions | 685 | 636 | -7.2% | 11.8% | 10.7% |
| Building Distribution | 578 | 768 | +32.9% | 3.3% | 4.2% |
| Packaging | 434 | 448 | +3.2% | 12.2% | 12.3% |
| Miscellaneous | 17 | 9 | n.m. | n.m. | n.m. |
| GROUP TOTAL | 3,117 | 3,441 | +10.4% | 7.8% | 8.2% |
By geographic area
| 2010 in EUR m |
2011 in EUR m |
change on actual structure basis | 2010 (in % of sales) |
2011 (in % of sales) |
|
| France | 714 | 781 | +9.4% | 6.3% | 6.6% |
| Other Western European countries | 1,007 | 1,205 | +19.7% | 5.9% | 6.7% |
| North America | 590 | 574 | -2.7% | 10.7% | 10.4% |
| Emerging countries and Asia | 806 | 881 | +9.3% | 10.1% | 10.2% |
| GROUP TOTAL | 3,117 | 3,441 | +10.4% | 7.8% | 8.2% |
