Vallourec achieves a good second quarter, boosted mainly by its power generation activity

31/07/2008 - Finance
Vallourec today announced its results for the second quarter of 2008.

 

 

Sales up 6.5% on a comparable basis

EBITDA reaches € 430.5 million, giving an EBITDA/sales ratio of 26.6%

Net income, Group share, down slightly (-1.0%)

 

Boulogne-Billancourt, 31 July 2008 - Vallourec, world leader in the production of seamless steel tubes, today announced its results for the second 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 second quarter of 2008, consolidated sales rose by 3.9% compared with the second quarter of 2007 to € 1,619.7 million. On a comparable basis(1), sales increased by 6.5%. For the first six months, sales of € 3,003.3 million were virtually flat (-0.3%), which represents a rise of 3.5% on a comparable basis(1).

EBITDA in the second quarter of 2008 totalled € 430.5 million, giving an EBITDA/sales ratio of 26.6%. In the first half, EBITDA reached € 772.3 million, equivalent to 25.7% of sales.

Net income, Group share, totalled € 255.1 million in the second quarter (-1.0%) and € 448.4 million in the first half (-9.5%).

 

(1) After adjusting 2007 sales to make them comparable with 2008 sales, taking into account, in particular, the sale during 2007 of the precision tubes businesses (VPE and Zeithain factory) to Salzgitter and of VPS and VCAV to ArcelorMittal, and the acquisition of Atlas Bradford®, TCA® and Tube-Alloy™, which have been consolidated as from 16 May 2008.

 


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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