Developments in the HPM Sector in H1-2005

Cash flow and capex by geographic area (in Єm and as % of sales) 480 Capital expenditure 448 Free cash flow 355 264 224 203 7 131 125 2.1% 184 2.6% 196 93 3.2% 9.9% France other western North America European countries Emerging countries and Asia Free cash flow = Cash flow - Capital expenditure mmmm SAINT-GOBAIN

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