Vallourec’s results continue to improve in 2007

04/03/2008 - Finance
Vallourec today announced its 2007 results.

 

 

 

Sales up 10.8% to € 6,141 million

EBITDA up 5.1% to € 1,751 million, representing 28.5% of sales

Net income, Group share, up 7.5% to € 986 million

Proposed dividend: € 7 per share

Plan to deliver annual cost savings in excess of € 200 million

 

Boulogne-Billancourt, 4 March 2008 - Vallourec, world leader in the production of seamless steel tubes, today announced its 2007 results. The consolidated financial statements were presented today by Vallourec's Management Board to its Supervisory Board, chaired by Jean-Paul Parayre.

Vallourec's consolidated sales in the fourth quarter of 2007 increased by 13.1% compared with the fourth quarter of 2006, to reach € 1,628.8 million. For the full year, sales increased by 10.8% to a record € 6,140.5 million (+12.5% on a comparable basis(1)).

EBITDA rose by 3.1% to € 438.6 million in the fourth quarter, giving an EBITDA/sales ratio of 26.9%. For the full year 2007, EBITDA increased by 5.1% to € 1,750.8 million, representing 28.5% of sales.

Net income, Group share, increased by 7.2% to € 242.8 million in the fourth quarter and by 7.5% to € 986.2 million for the year as a whole.

 

(1) after adjustment of 2006 sales to make them comparable with 2007 sales (the main adjustment related to the sale of the precision tubes business to Salzgitter).

 


About Vallourec

Vallourec is a world leader in the production of seamless steel tubes designed primarily for the Oil & Gas and Power generation sectors, and other industrial applications.

Vallourec is listed on the Euronext Paris Eurolist (ISIN code: FR0000120354), is eligible for the deferred settlement system and is included in the following indices: MSCI World Index, Euronext 100 and CAC 40. FTSE classification: engineering and machinery.

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