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.