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%).
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.