Vallourec reports excellent results in Q4 2008 Adapts to slowdown of activity in 2009

25/02/2009 - Finance
Vallourec today announced its results for Q4 and full year 2008.



Sales in Q4 up 11.8% to € 1,820 million

Q4 EBITDA up 12.1% to € 492 million at 27% of sales

2008 Net income, Group share of € 967 million, stable versus 2007 (-1.9%)

Adapting to a difficult environment in 2009

Good resistance in Q1 2009 results anticipated


Boulogne-Billancourt, 25 February 2009 - Vallourec, world leader in the production of seamless steel tubes, today announced its results for Q4 and full year 2008. 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 Q4 2008 increased by 11.8% compared with prior year to reach € 1,820.3 million (+10.8% on a comparable basis1). For the full year, sales increased by 4.8% to € 6,437.0 million (+ 6.3% on a comparable basis).

EBITDA rose by 12.1% to € 491.6 million in the fourth quarter, giving an EBITDA/sales ratio of 27.0%. For the full year 2008, EBITDA reached € 1,693.9 million, equivalent to 26.3% of sales.

Net income, Group share, increased by 13.4% to € 275.4 million in Q4 and totalled € 967.2 million for the year as a whole, stable compared to 2007 (-1.9%).


1 The comparable basis restates 2007 sales to make them comparable with those of 2008, taking into account the disposals during 2007 and the acquisition of V&M Atlas Bradford, V&M TCA and V&M Tube-Alloy, which have been consolidated as from 16 May 2008. V&M Atlas Bradford, V&M TCA and V&M Tube-Alloy are involved in the premium activities of hot-rolled tubes finishing for the OCTG (Oil Country Tubular Goods) market. These activities do not generate any additional production volume.


About Vallourec

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