Boulogne-Billancourt, 2 May 2013 - Vallourec, world leader in premium tubular solutions, today announced its results for the first quarter 2013. The consolidated financial statements were presented today by Vallourec's Management Board to its Supervisory Board.
Vallourec first quarter results in line with expectations:
- Sales stable versus Q1 2012 at € 1,213 million
- EBITDA up 26% versus Q1 2012 at € 191 million
- EBITDA margin up at 15.7% versus 12.7% in Q1 2012
- Net income, Group share of € 35 million, up 21% from Q1 2012
Commenting these results, Philippe Crouzet, Chairman of the Management Board, stated:
"Vallourec first quarter results are in line with our expectations. The EBITDA margin improvement versus Q1 2012 is essentially a reflection of the higher proportion of Oil & Gas sales in our total sales mix and the maintained efforts to reduce costs. Indeed, we continued to benefit from our strong market position and enhanced premium offering to achieve higher sales especially in the most complex oil and gas basins, such as Brazilian deep offshore or our environment in the Middle East. In the meantime, Vallourec's other markets continued to face a difficult environment marked by economic uncertainty and low demand in Europe.
The ramping up of our new mill in Youngstown is advancing according to plan, and the new finishing lines are on schedule for commissioning in the second quarter. At VSB, our Brazilian joint venture with NSSMC1, the ongoing qualification process is advancing as scheduled. In Saudi Arabia, the recent qualification of our finishing mill has allowed us to deliver our first locally threaded premium connections.
The Group remains focused on improving its operating efficiency. Based on the current market conditions and the progressive ramp up of the new mills, the Group confirms its objective of sales to increase and the EBITDA margin to improve in 2013."