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Vallourec announces Q3and 9M 2012 results
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Friday, 09 Nov 2012

Vallourec, world leader in premium tubular solutions, has announced its results for the third quarter of 2012.

Key figures for Q3 2012:
Sales flat versus Q2 2012 at EUR 1,334 million
EBITDA of EUR 207 million, up 9% versus Q2 2012 at 15.5% of sales
Net income, Group share of EUR 62 million, up 9% versus Q2 2012
Margin improvement in line with full year objective

Summary of results for Q3 and 9M 2012

Q3 '12Q2 '12QoQQ3 '11YoY
Sales Volume ('000 tonnes)525528-601-13%
As % of sales15.5%14.4%17.4%
Total net income76716%105-27%
Net income, Group share62579%91-32%

In EUR million

9M '129M '11YoY
Sales Volume ('000 tonnes)1,5571,663-6%
As % of sales14.3%18.3%
Total net income187324-42%
Net income, Group share147285-48%

In EUR million

Mr Philippe Crouzet chairman of the management board of Vallourec said that "Vallourec's third quarter performance was in line with our expectations; our EBITDA margin increased slightly, confirming the progressive quarter on quarter improvement which we had indicated. Activity has continued to benefit from growing Oil & Gas sales across all regions; this segment is up 19% year to date and now represents 60% of total sales. We experienced a good level of orders during the quarter, with strong demand for complex offshore operations and with several important tenders underway. In contrast, demand in industrial markets has remained subdued, with no improvement expected given a weak macro economic environment. We continue to adapt the level of activity in our European mills and cost reduction measures are taking effect."

He added that "Overall, the Group's nine month performance is consistent with our objective of an EBITDA margin close to 15% for the full year 2012. Our strategic projects are advancing. The first pipes have been produced at our new plant in Youngstown, Ohio, whilst the qualification process at VSB in Brazil is advancing according to plan."

In Q3 2012, sales volume of rolled tubes amounted to 525,000 tonnes, in line with the previous quarter. For the first nine months, sales volume amounted to 1,557,000 tonnes, down 6% compared to prior year primarily due to lower volumes in Europe. Consolidated sales in Q3 2012 amounted to EUR 1,334 million, stable compared to Q2 2012.

For the nine months year to date, consolidated sales amounted to EUR 3,861 million, up 3% YoY.

Sales by Market

Q3 '12Q2 '12QoQQ3 '11YoY
Oil & Gas816816-68120%
Power Generation138140-1%173-20%
Total Energy1,0491,046-95410%
% of total sales79%79% 73%
Construction & Other1049411%959%
Total non Energy2852821%352-19%
% of total sales21%21%27%
Total 1,3341,328-1,3062%

In EUR million

9M '129M '11YoY
Oil & Gas2,3321,96119%
Power Generation416488-15%
Total Energy3,0182,72911%
% of total sales78%73%
Construction & Other2842676%
Total non Energy8431,014-17%
% of total sales22%27%

In EUR million

Given the current order book and the ongoing cost reduction initiatives, Vallourec maintains its objective of an EBITDA margin close to 15% for the full year 2012.

Source - Vallourec


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