In the fourth quarter, Sico adopted the proportional consolidation method recommended by the CICA with regard to Sico-Becker S.A.S., a 50%-owned JV. The change was applied retroactively to Jan. 2002. Consequently, 50% of Sico-Becker’s income and expenses are included in the company’s results for the whole year 2002, while in 2001, only Sico-Becker’s net earnings were consolidated as a share in an affiliated company. Without the proportional consolidation of Sico-Becker’s revenue for fiscal 2002, the company’s sales increased 12.3%.
Architectural sector sales rose 16.5% to $215 million in 2002, mainly due to Betonel’s full-year contribution, Sico said. Internal growth of national brand paint sales in both the retail and professional sales markets largely offset decreasing sales of private brand products experienced with some major retail customers.