vallourec sa-spn adr (VLOWY) Snapshot

Vallourec SA at its AGM held on May 30, 2013, approved the payment of a dividend of EUR 0.69 per share in respect of the 2012 results. Shareholders are invited to choose between payment in cash or shares between June 6, 2013 and June 18, 2013. The ex-date is set for June 6, 2013. For shareholders who select to receive payment in shares, the new shares will be issued at a price of EUR 36.69. Payment of dividends in cash and in delivery of new shares will be made on June 25, 2013.

Vallourec SA, Annual General Meeting, May 30, 2013. Agenda: To approve dividend payment for the 2012.

Vallourec SA reported earnings results for the first quarter of 2013. For the period, the company reported sales are stable versus first quarter of 2012 at EUR 1.2 billion with volumes slightly down. EBITDA is up 26% versus the first quarter of 2012 at EUR 191 million. Bottom line, the net income group share is EUR 35 million, up 21% from first quarter of 2012. These results basically illustrate the good performance in its Oil & Gas segment. In terms of EBITDA, EUR 191 million, higher by EUR 39 million, 26% compared to a year ago with the margin up by 300 basis points to 15.7% of its sales. This is due to the company sales being up 1% with some negative volume effect, minus 3% due to non-oil and gas activities, the negative concession effect of minus 4%, this being slightly more than offset by the favorable mix effect due to its oil and gas sales growth. Net debt was up EUR 121 million with cash from operations being more than offset by higher working capital mainly due to the ramp up of its new mills and the target to a more generally speaking fruit-bearing high deliveries for the next quarter, EUR 90 million CapEx, which, by the way, can be compared to EUR 140 million in first quarter of 2012. Based on that first quarter, the company vision for 2013 has not changed since the full year results announcement. And based on the current market conditions and the progressive ramp-up of the new mills, the company confirmed its objective of sales to increase and EBITDA margin to improve in 2013. The company confirmed its estimate of total CapEx to be around EUR 650 million for the full year 2013.