Sales stable on a comparable basis despite dollar weakness
EBITDA reaches € 342 million, giving an EBITDA/sales ratio of 24.7%
Boulogne-Billancourt, 7 May 2008 - Vallourec, world leader in the production of seamless steel tubes, today announced its results for the first quarter of 2008. The consolidated financial statements were presented today by Vallourec's Management Board to its Supervisory Board, chaired by Jean-Paul Parayre.
In the first quarter of 2008, consolidated sales declined by 4.8% compared with the first quarter of 2007, to € 1,383.6 million. On a comparable basis(1), sales were flat (-0.1%). As anticipated, EBITDA contracted by 19.5% to € 341.8 million, giving an EBITDA/sales ratio of 24.7%. Net income, Group share, decreased by 18.7% in the first quarter, to € 193.3 million.
(1) After adjustment of 2007 sales to make them comparable with 2008 sales, taking into account, in particular, the disposal to Salzgitter of the precision tubes businesses (VPE and Zeithain factory) and the disposal to ArcelorMittal of VPS and VCAV.