Vicat : First-Half 2013 Results

  Vicat : First-Half 2013 Results

Business Wire

PARIS LA DÉFENSE -- August 6, 2013

Regulatory News:

  *Growth in sales and EBITDA
  *Improvement in the Group's performance in Turkey, Kazakhstan and the
    United States
  *Growth in France of EBITDA margin despite the persistently difficult
    macro-economic climate
  *Successful industrial and commercial start-up of Vicat Sagar in India in a
    tough competitive environment
  *Robust financial position

The Vicat group (Paris:VCT) (NYSE Euronext Paris: FR0000031775 – VCT) has
today reported its results for the first half of 2013, as approved by the
Board of Directors on August 1, 2013.

Audited condensed consolidated income statement:

                     June 30,  June 30,  % change
(€ million)          2013      2012 pro  Reported  At constant scope and
                                 forma*                exchange rates
Consolidated sales    1,148      1,129      +1.7%     +3.2%
EBITDA**              201        201        +0.4%      +2.1%
EBITDA margin (%)     17.5       17.8
EBIT***              105       105       +0.1%     +1.3%
EBIT margin (%)      9.1       9.3                
Consolidated net     59        61        -2.3%     -0.1%
income
Net margin (%)       5.1       5.4                
Net income, Group     55         51         +7.0%      +9.0%
share
Cash flow            138       150       -7.6%     -5.6%

* Adjusted to take account of the impacts of IAS 19 revised "Employee
Benefits", which is mandatory on a retrospective basis for periods beginning
on or after January 1, 2013.
**EBITDA: sum of gross operating income and other income and expenses on
ongoing business.
***EBIT: sum of EBITDA and net depreciation, amortisation and provisions on
ongoing business.

Commenting on these figures, the Group's CEO stated:
"Vicat delivered improved performance in the first-half, illustrating its
robust growth model that combines industrial and financial efficiency.
Performance in Turkey, Kazakhstan and the United States improved
substantially, making up for the tough competitive environment in India and
the uncertainty that continues to prevail in Egypt. Operating performance in
France also improved despite the persistently unfavourable market climate.
Against this backdrop, Vicat continues to pursue its long-term strategy and
will strive to benefit progressively from the investments made over the past
seven years while maintaining the flexibility required to adjust to the
fast-changing macro-economic environment. the Group will continue to
capitalise on its solid market positions to maximise cash flow generation and
reduce debt."

The accounting and measurement methods used in the consolidated financial
statements to June 30, 2013 are the same as those used in the full-year 2012
financial statements, with the exception of IAS 19 revised "Employee
Benefits", which is mandatory on a retrospective basis for periods beginning
on or after January 1, 2013. As IAS 19 is applicable retrospectively, the
financial statements for 2012 have been adjusted in accordance with the new
rules for comparative purposes. The detailed impacts of first-time adoption of
IAS 19 revised are described in notes 1 and 24 to the consolidated financial
statements at June 30, 2013.

In this press release, and unless indicated otherwise, all changes are stated
on a year-on-year basis (2013/2012), and at constant scope and exchange rates.

1. First-half income statement

1.1. Consolidated income statement

Consolidated sales for the first half of 2013 totalled €1,148 million, an
increase of 1.7% over first-half 2012 on a reported basis and 3.2% at constant
scope and exchange rates.

Consolidated sales rose by 2.9% in the Cement business and by 6.9% in Concrete
& Aggregates, while Other Products & Services suffered a decline of 4.7%.

The breakdown of first-half operational sales by segment shows a slight dip in
the contribution from the Cement business to 52.4% from 53.2% in the first
half of 2012. The contribution from Concrete & Aggregates rose to 32.6% from
31.5% the previous year, while the contribution from Other Products & Services
declined very slightly to 15.0% from 15.3% the previous year.

The main factors underlying sales growth were:

  *sustained growth in Turkey, which benefited from considerably better
    weather conditions than in the first half of 2012 coupled with a dynamic
    macro-economic environment despite the unrest that swept the country at
    the end of the first half;
  *continued development of Bharathi Cement's business and the commercial
    start-up of Vicat Sagar in India;
  *a sharp rebound in business in the United States supported by an improving
    macro-economic environment;
  *positive trends in Jambyl Cement's business in Kazakhstan;
  *robust growth in Switzerland, driven by better weather conditions and a
    positive sector environment.

These positive factors were partially offset by:

  *a persistently difficult economic and sector environment in France and
    Italy, coupled with poor weather conditions and fewer working days in
    France than in the first half of 2012;
  *disruptions to production and sales in Egypt due to the ongoing security
    troubles;
  *increased pressure on selling prices in India due to the tough competitive
    environment;
  *a slight dip in the contribution from West Africa following price
    decreases observed in Senegal during the second half of 2012.

Consolidated EBITDA came to €201 million, an increase of 2.1%. EBITDA margin
was 17.5% compared with 17.8% in the first half of 2012.
EBITDA growth was driven by:

  *strong EBITDA growth in Kazakhstan and Turkey;
  *slight EBITDA growth in France and Italy despite the decline in activity
    in both countries;
  *an improved performance in the United States with another sharp reduction
    in operating losses, thus drawing close to breakeven over the period.

These positive factors more than offset:

  *a marked drop in EBITDA in India over the first half due to the
    progressive start-up of Vicat Sagar and increased competitive pressure
    which had a negative impact on first-half selling prices;
  *continued difficult operational and market conditions in Egypt caused by
    the country's ongoing security problems;
  *an unfavourable price effect derived from price decreases of the second
    half of 2012 in West Africa.

On this basis, and after an increased depreciation charge due to the
commissioning of new facilities, particularly with the start-up of Vicat Sagar
in India, EBIT rose by 1.3% to €105 million.

Net financial expenses rose by almost €2 million to €21.5 million, arising
mainly from the end of the capitalisation period for financial expenses
related to the start-up of Vicat Sagar and Gulbarga Power in India, partly
offset by a fall in financial expenses in France.

The tax charge rose by 9.5% as a result of EBIT growth coupled with an
increase in the average tax rate to 32.5% from 30.1% in the first half of
2012, mainly due to:

  *the French government's decision to limit tax deductibility of financial
    expenses to 85%;
  *additional tax on dividends paid introduced in France this year;
  *higher withholding taxes as a result of growth in dividends received in
    France and various other impacts.

Consolidated net income rose by 9.0% to €54.9 million, giving a net margin of
4.8% compared with 4.5% in the first half of 2012.

1.2. Income statement broken down by geographical region

1.2.1. Income statement, France

                              June 30,   % change
(€ million)          June 30,   2012
                    2013                 Reported  At constant scope and
                                Pro forma              exchange rates
                                                     
Consolidated sales   426        441         (3.4%)     (4.6%)
EBITDA               76         75          +1.3%      +1.3%
EBIT                 46         47          (1.3%)     (1.2%)

In France, consolidated sales decreased by 4.6% to €426 million in the first
half. The decline during the period, which included two fewer business days
than in the same year-ago period, was due mainly to the continued downturn in
the construction market and unfavourable weather conditions. Despite this
adverse climate, the Group delivered improved operating performance, with
growth in both EBITDA and EBITDA margin over the period.

  *In the Cement business, sales were down 10.5%. Operational sales (before
    elimination of intra-group sales) fell by 6.1%, marking an improvement in
    business in the second quarter of the year compared with the first. In the
    first half, volumes fell by around 7%, reflecting a marked drop in the
    first quarter followed by a gradual improvement in trends during the
    second. The decline was sharpest in the export markets while the fall in
    volumes in the Group's domestic market was in line with the contraction in
    consumption in France over that period. Average selling prices increased
    slightly over the first half. Against this backdrop, EBITDA in this
    business line fell by 5.2% compared with the first half of 2012. However,
    EBITDA margin rose as a result of the Group's improved operating
    performance in this business over the period.
  *In Concrete & Aggregates, sales increased by 4.8% and by 2.3% at constant
    scope. Volumes rose by almost 6% in concrete and by more than 1% in
    aggregates. The average selling price eroded slightly in concrete but
    moved higher in aggregates. On this basis, EBITDA for this business line
    in France rose sharply by 31.3% at constant scope, leading to a
    substantial improvement in EBITDA margin.
  *In Other Products & Services, consolidated sales fell by 10.2%. The
    Transportation business was badly affected by poor weather conditions and
    an adverse macro-economic environment. Accordingly, the division's EBITDA
    fell slightly by 2.3%.

1.2.2 Income statement for Europe (excluding France)

                              June 30,   % change
(€ million)          June 30,   2012
                    2013                 Reported  At constant scope and
                                Pro forma              exchange rates
                                                     
Consolidated sales   197        192         +3.1%      +5.1%
EBITDA               47         47          +0.6%      +2.6%
EBIT                 33         33          +0.3%      +2.3%

Consolidated sales in Europe, excluding France, rose by 5.1% and EBITDA by
2.6%.

In Switzerland, consolidated sales were €187 million while EBITDA rose by 1.4%
despite slight pressure on prices early in the year.

  *In the Cement business, sales were €55 million in a slightly more
    competitive environment that resulted in a slight decrease in prices early
    in the year. On this basis, EBITDA for this business line in Switzerland
    fell over the period by 6.2%.
  *In the Concrete & Aggregates business, sales rose by 4.5%. Volumes were up
    in concrete and in aggregates. Selling prices fell in both concrete and
    aggregates as a result of major deliveries to large sites, although this
    was partly offset in concrete by a favourable geographical and product
    mix. On this basis, EBITDA rose by 6.1%.
  *The Precast business reported sales growth of 4.8%. Business was supported
    by favourable macro-economic and weather conditions at the end of the
    first half. Volumes increased markedly but selling prices edged down. On
    this basis, EBITDA rose by 17.0%.

In Italy, sales fell by 16%. Business was badly affected during the first half
by a difficult macro-economic and construction industry environment. Volumes
therefore fell by more than 23% but despite this unfavourable backdrop,
selling prices rose yet again in a domestic market that is now consolidating.
EBITDA therefore grew by more than 49%.

1.2.3 Income statement for the United States

                              June 30,   % change
(€ million)          June 30,   2012
                    2013                 Reported  At constant scope and
                                Pro forma              exchange rates
                                                     
Consolidated sales   103        96          +8.0%      +9.8%
EBITDA               (1)        (8)         +89.5%     +89.4%
EBIT                 (13)       (22)        +40.7%     +39.8%

Business in the United States improved in an increasingly healthy
macro-economic climate. Volume growth continued, coupled with moderate rises
in selling prices that varied according to region. Against this backdrop,
sales rose by 9.8% compared with the first half of 2012, while EBITDA
increased significantly, drawing close to breakeven by the end of the period.

  *In the Cement business, sales expanded by 4.1%. In keeping with the trends
    that emerged at the end of 2012, volumes continued to advance, rising by
    around 2%, with strong growth in California driven by the early start-up
    of infrastructure projects. In the South-East, volumes were down relative
    to the first half of 2012 due to adverse weather conditions early in the
    year. Selling prices edged up in California and rose much more
    significantly in the South-East. On this basis, EBITDA for this business
    line improved markedly, drawing close to breakeven.
  *In the Concrete business, sales were up 12.3%. This trend reflects an
    improvement in volumes, which were up 8%, underpinned by strong growth in
    the two regions where the Group operates, but more particularly in the
    South-East. Selling prices during the first half of 2013 were up in both
    regions relative to the same year-ago period. On this basis, EBITDA for
    this business line improved significantly, also nearing breakeven.

1.2.4 Income statement for Turkey, India and Kazakhstan

                              June 30,   % change
(€ million)          June 30,   2012
                    2013                 Reported  At constant scope and
                                Pro forma              exchange rates
                                                     
Consolidated sales   244        204         +19.7%     +24.5%
EBITDA               40         37          +8.5%      +11.6%
EBIT                 19         18          +4.7%      +6.4%

Sales for the region grew by 24.5% to €244 million. EBITDA rose by 11.6%.

In Turkey, sales amounted to €118 million, an increase of 24.2%. Despite the
social unrest at the end of the first half, the Group, like the rest of the
industry, drew the benefit of good weather conditions, particularly in the
first quarter of 2013, and a favourable macro-economic and industry
environment. On this basis, EBITDA in Turkey rose by 30.7% compared with the
first half of 2012.

  *In Cement, the Group's sales grew by 18.9%, due to a significant rise in
    volumes, coupled with an increase in selling prices. On this basis, EBITDA
    for this business line increased by 22.0%.
  *In Concrete & Aggregates, sales also rose sharply, by 32.2%. Volume growth
    in concrete (25%) and aggregates (13%) was supported by favourable weather
    conditions in the first quarter but also by the implementation of large
    residential projects, particularly in the Ankara region. As in Cement,
    selling prices in this business remained healthy. On this basis, EBITDA
    for this business line increased more than fourfold.

In India, sales totalled €87.3 million in the first half of 2013, up 18.4% at
constant scope and exchange rates. During the period, the Group focused its
attention on the start-up of Vicat Sagar and the continued build-up of
Bharathi Cement. Volumes therefore increased significantly, by about 34%, with
almost 1.7 million tonnes of cement delivered. By contrast, the competitive
environment intensified considerably during the period, and particularly in
the first quarter, leading to a sharp deterioration in selling prices which
remain highly volatile in India. Given the adverse trends in selling prices,
the increase in certain production costs and the start-up costs for Vicat
Sagar, EBITDA declined by 77.7% at constant scope and exchange rates.

Kazakhstan delivered an excellent performance in the first half, driven by
good weather conditions and continued work on major infrastructure projects.
The Group stepped up its deployment in this high-potential market, with volume
growth of more than 23% in a favourable pricing environment. All in all, sales
for the period rose by 42.8% to €38.9 million. The Group also delivered in
this country very strong growth in EBITDA, which amounted to almost €14
million compared with €1 million in the same period of 2012 – higher than
EBITDA for the whole of 2012. This performance reflects the very positive
dynamics of a rapidly growing market but also a substantial improvement in the
Group's industrial efficiency, two years after the start-up of this greenfield
facility.

1.2.5 Income statement for Africa and the Middle East

                              June 30,   % change
(€ million)          June 30,   2012
                    2013                 Reported  At constant scope and
                                Pro forma              exchange rates
                                                     
Consolidated sales   177        197         (10.0%)    (6.5%)
EBITDA               39         49          (21.1%)    (18.6%)
EBIT                 21         30          (31.1%)    (29.6%)

In the Africa and Middle East region, sales declined by 6.5% to €177 million,
while EBITDA declined by 18.6%.

  *In Egypt, sales came to €47.2 million, a decrease of 11.8% at constant
    scope and exchange rates. This was due to a sharp contraction in volumes
    of almost 25%, partly offset by a substantial increase in selling prices
    over the period. Business continued to be affected by the serious security
    problems in Egypt, which disrupted operations at the production plant as
    well as the sale of products on the market. Recent events still offer very
    little visibility as to short-term business trends. On this basis, EBITDA
    contracted by 18.5%.
  *In West Africa, sales fell by 4.1%. Cement volumes remained stable
    relative to the first half of 2012 (down 0.8%). Although stable
    quarter-on-quarter, selling prices were down sharply compared with the
    first half of 2012 due to price pressures sustained during the second half
    of 2012. On this basis, and following a sharp increase in electricity
    prices in Senegal, EBITDA fell by 18.6% during the period.

1.3. Income statement broken down by business segment

1.3.1. Cement

                                June 30,   % change
(€ million)            June 30,   2012
                      2013                 Reported  At constant scope and
                                  Pro forma              exchange rates
Volume (thousands of   9,212      8,874       +3.8%    
tonnes)
Operational sales      693        685         +1.2%      +3.8%
Consolidated sales     581        581         (0.1%)     +2.9%
EBITDA                 147        155         (5.2%)     (3.4%)
EBIT                  80        90         (11.3%)   (10.2%)

The Cement business delivered 3.8% growth in first-half operational sales.

Selling prices were globally stable, with increases in France, Turkey,
Kazakhstan, Egypt, the United States and Italy offsetting the decrease in
India and West Africa. Stable selling prices were accompanied by 3.8% volume
growth. The contraction in volumes in France, Egypt, West Africa and Italy was
more than offset by the build-up in India and Kazakhstan, buoyant business in
Turkey and Switzerland where weather conditions were more clement, and the
confirmed rebound in business in the United States.

EBITDA totalled €147 million, a decrease of 3.4% at constant scope and
exchange rates. The decline stemmed mainly from the lower EBITDA generated in
India and West Africa due to lower selling prices and to the increases in
certain production costs as well as to the start-up costs of Vicat Sagar in
India and in France to the lower volumes, which were only partly offset by
EBITDA growth in Kazakhstan, the United States and Turkey. However, in France,
EBITDA margin was up compared with the first half of 2012 despite the sharp
drop in volumes.

EBIT came to €80 million, affected by the decline in EBITDA and the increased
depreciation charge following the start-up of the Vicat Sagar Cement plant.

1.3.2. Concrete & Aggregates

                                      June 30,   % change
(€ million)                  June 30,   2012                   At constant
                            2013                 Reported  scope and
                                        Pro forma              exchange rates
Concrete volumes             4,134      3,669       +12.7%   
(thousands of m^3)
Aggregates volumes           11,133     10,730      +3.8%
(thousands of tonnes)
Operational sales            432        406         +6.5%      +6.2%
Consolidated sales           418        390         +7.2%      +6.9%
EBITDA                       37         29          +27.2%     +28.5%
EBIT                        15        5          +179.7%   +183.2%

Concrete & Aggregates  delivered robust growth in operational sales, up 6.2%
compared with the first half of 2012. This positive trend stemmed from an
improved environment in all countries where the Group operates except for
Senegal. On this basis, EBITDA rose by 28.5%, reflecting a sharp improvement
in EBITDA margin in almost all countries, except for Senegal.

1.3.3. Other Products & Services

                              June 30,   % change
(€ million)          June 30,   2012
                    2013                 Reported  At constant scope and
                                Pro forma              exchange rates
Operational sales    198        197         +0.4%     +1.4%
Consolidated sales   149        158         (5.6%)     (4.7%)
EBITDA               17         16          +5.7%      +7.2%
EBIT                11        10         +7.2%     +8.7%

Operational sales increased by 1.4%. EBITDA totalled €17 million, up 7.2%
compared with the first half of 2012.

2. Balance sheet and cash flow statement items

At June 30, 2013, the Group had a robust financial structure with a strong
equity position and net debt under control at €1,241 million. Net debt was up
compared with December 31, 2012 due to the increased working capital
requirement resulting from the seasonal nature of sales, and the full payment
of dividends during the first half of the year. However, net debt was down
slightly compared with June 30, 2012.

Consolidated equity totalled €2,329 million, compared with €2,415 million at
December 31, 2012. The fall was mainly due to adverse currency effect compared
with December 31, 2012.

On this basis, the gearing ratio stood at 53.3% but should improve gradually
in the second half, moving back to its end-2012 level by the end of the year.

Bank covenants do not pose a threat to either the Group's financial position
or its balance sheet liquidity. At June 30, 2013, Vicat met all the ratios in
the covenants laid down in financing agreements.

The Group generated cash flow of €138 million in the first half of 2013,
compared with €150 million in the same period of 2012.

The Vicat Group's capital expenditure amounted to €78 million, a marked
decrease when compared to the first half of 2012 (€150 million) due to the
finalization of the Vicat Sagar Cement greenfield project in India. As
announced by the Group, this project marks the end of a major capital
expenditure and financial investment cycle that has seen the Group double its
cement capacities over the past seven years and anchor 70% of its production
capacities in high-potential emerging markets. This gives the Group the
ability to respond effectively to the expected growth in demand in these
markets.

Now that the investment cycle has ended, the Group's debt should begin to
decrease in the second half of the year and continue to decrease over the
coming years, after peaking on June 30, 2013.

3. Outlook for 2013

The Vicat Sagar greenfield plant in India became operational in December 2012,
marking the end of an ambitious investment programme that has considerably
extended the Vicat Group's geographical reach and laid the foundations for
long-term profitable growth.

The Group now intends to take advantage of its strong market positions, the
quality of its production facilities and its strict cost control, with the aim
of gradually maximising cash flow and reducing debt, before starting a new
phase of its international development strategy.

For 2013, the Group wishes to provide the following comments concerning its
various markets:

  *In France, the Group expects the economic and sector environment to remain
    difficult, which is likely to lead to a further fall in volumes in a
    continued favourable price environment.
  *In Switzerland, the overall operating environment is likely to remain
    positive, with volumes expected to improve.
  *In Italy, the Group expects the situation to improve after a tough year in
    2012. Given current levels of cement consumption, volumes should very
    gradually stabilise and selling prices begin to recover.
  *In the United States, the Group anticipates further improvement in its
    business, in terms of both volumes and prices.
  *In Turkey, last year's improvement in the sector environment is likely to
    continue in 2013. The Group should be able to take full advantage of its
    efficient production facilities and strong market positions.
  *In Egypt, the market will likely remain disrupted by the current security
    troubles, with volumes expected to fall but in a continued favourable
    price environment. The Group remains confident in the Egyptian market's
    positive outlook in the medium and long term.
  *In West Africa, volumes should continue to rise. The Group therefore
    intends to capitalise on its modern, efficient production base to expand
    sales across the whole West Africa region.
  *In India, the Vicat Sagar greenfield plant became operational in late
    2012. The resulting increase in sales in the first half of 2013, along
    with the ongoing build-up at Bharathi Cement, will gradually make the
    Group a major player in Southern India. The Vicat Group should also
    benefit from a buoyant construction market in 2013, but in a persistently
    competitive and highly volatile pricing environment.
  *In Kazakhstan, the Group's ideal geographical location and highly
    effective production base should enable it to take full advantage of a
    market poised for solid growth in the construction and infrastructure
    sectors, in what is expected to remain a supportive pricing environment.

4. Conference call

To accompany the publication of the Group's first-half 2013 results, Vicat is
holding a conference call in English on Wednesday August 7, 2013 at 3pm Paris
time (2pm London time and 9am New York time). To take part in the conference
call live, dial one of the following numbers:

France:          +33(0)1 76 77 22 26
United Kingdom:   +44(0)203 4271905
United States:    +1646 254 3365

To listen to a playback of the conference call, which will be available until
midnight on August 15, 2013, dial one of the following numbers:

France:          +33 (0) 1 74 20 28 00
United Kingdom:   +44 (0)203 427 0598
United States:    +1 347 366 9565

Access code: 2292310#

Next publication:
November 5, 2013 (after market close): third-quarter 2013 sales

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ABOUT VICAT

The Vicat Group has over 7,500 employees working in three core divisions,
Cement, Concrete & Aggregates and Other Products & Services, which generated
consolidated sales of €2,292 million in 2012.
The Group operates in eleven countries: France, Switzerland, Italy, the United
States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan and India. Nearly
62% of its sales are generated outside France.
The Vicat Group is the heir to an industrial tradition dating back to 1817,
when Louis Vicat invented artificial cement. Founded in 1853, the Vicat Group
now operates three core lines of business: Cement, Ready-Mixed Concrete and
Aggregates, as well as related activities.

Disclaimer:

This press release may contain forward-looking statements. Such
forward-looking statements do not constitute forecasts regarding results or
any other performance indicator, but rather trends or targets. These
statements are by their nature subject to risks and uncertainties as described
in the Company’s annual report available on its website (www.vicat.fr). These
statements do not reflect the future performance of the Company, which may
differ significantly. The Company does not undertake to provide updates of
these statements. Further information about Vicat is available from its
website (www.vicat.fr).

                                   APPENDIX

             CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF-YEAR
                               TO 30 JUNE 2013

              Consolidated financial statements at 30 June 2013
          as approved by the Board of Directors on August 1st, 2013
 The first-half 2013 consolidated accounts and their appendices are available
                      in their entirety on www.vicat.fr

Breakdown of sales by business and geographical region at 30 June 2013:

                                        Other
(millions of   Cement   Concrete &   Products   Intra-group  Consolidated
euros)                    Aggregates    &           sales         sales
                                        Services
France         187.1    215.3        115.9      (92.6)       425.7
Europe (excl.   86.2      75.0          61.2        (24.8)        197.5
France)
USA             46.8      73.7          -           (17.1)        103.4
Turkey, India   206.9     56.0          21.1        (40.0)        244.0
& Kazakhstan
Africa and      166.3     12.2          -           (1.5)         177.0
Middle East
                                                        
Operational    693.4    432.1        198.2      (176.0)      1 147.7
sales
Intra-group    (112.8)  (13.8)       (49.5)     176.0        
sales
Consolidated   580.6    418.3        148.7      -            1,147.7
sales

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                            
ASSETS                                        June 30, 2013      December 31,
                                                                 2012
(in thousands of euros)         Notes                          (a)
NON CURRENT ASSETS                                            
Goodwill                        3             976,111            995,320
Other intangible assets         4             97,625             100,417
Property, plant and             5             2,198,220          2,271,210
equipment
Investment properties                         19,188             19,557
Investments in associated                     37,714             37,731
companies
Deferred tax assets                           99,491             89,162
Receivables and other non                    117,135           100,332
current financial assets
Total non current assets                     3,545,484         3,613,729
CURRENT ASSETS                                                
Inventories and work in                       368,391            381,893
progress
Trade and other accounts                      453,647            354,877
Current tax assets                            25,631             29,455
Other receivables                             149,250            146,458
Cash and cash equivalents       6             206,979           237,344
Total current assets                         1,203,898         1,150,027
TOTAL ASSETS                                 4,749,382         4,763,756
                                                                 
LIABILITIES                                   June 30, 2013      December 31,
                                                                 2012
(in thousands of euros)         Notes                          (a)
SHAREHOLDERS' EQUITY                                          
Share capital                   7             179,600            179,600
Additional paid in capital                    11,207             11,207
Consolidated reserves                        1,834,779         1,890,004
Shareholders' equity                         2,025,586         2,080,811
Minority interests                           303,911           334,036
Shareholders' equity and                     2,329,497         2,414,847
minority interests
                                                                 
NON CURRENT LIABILITIES                                       
Provisions for pensions and     8             102,333            120,951
other post employment benefits
Other provisions                8             79,534             84,334
Financial debts and put         9             1,252,153          1,197,703
options
Deferred tax liabilities                      216,045            216,180
Other non current                            7,222             26,557
liabilities
Total non current                            1,657,287         1,645,725
liabilities
CURRENT LIABILITIES                                           
Provisions                      8             10,639             9,967
Financial debts and put options 9             258,617            232,352
at less than one year
Trade and other accounts                      283,492            260,189
payable
Current taxes payable                         24,139             27,751
Other liabilities                            185,711           172,925
Total current liabilities                    762,598           703,184
Total liabilities                            2,419,885         2,348,909
TOTAL LIABILITIES AND                        4,749,382         4,763,756
SHAREHOLDERS' EQUITY
(a) : Due to the retroactive application of amended IAS19, the financial
statements for the year ended December 31, 2012 were restated in accordance
with the new standards for purposes of comparison. The impacts are detailed in
the note 24.

CONSOLIDATED INCOME STATEMENT
                                                             
                                                 June 30, 2013   June 30, 2012
(in thousands of euros)              Notes                     (a)
                                                                 
Net sales                            11          1,147,683      1,128,773
Goods and services purchased                    (751,809)      (727,168)
Added value                          1.21        395,874        401,605
Personnel costs                                  (183,598)       (183,492)
Taxes                                           (22,314)       (25,025)
Gross operating earnings             1.21 & 14   189,962        193,088
Depreciation, amortization and       12          (92,206)        (95,159)
provisions
Other income (expense)               13          9,279          6,616
Operating income                     14          107,035        104,545
Cost of net borrowings and           15          (19,521)        (18,036)
financial liabilities
Other revenues                       15          3,414           4,520
Other costs                          15          (5,368)        (6,043)
Net financial income (expense)       15          (21,475)       (19,559)
Earnings from associated companies              2,140          1,600
Earnings before income tax                      87,700         86,586
Income taxes                         16          (28,516)       (26,036)
Net income                                      59,184         60,550
Portion attributable to minority                 4,307           9,252
interests
Portion attributable to Group                   54,877         51,298
share
                                                                 
                                                             
EBITDA                               1.21 & 14   201,374        200,608
EBIT                                 1.21 & 14   105,282        105,199
Cash flow from operations                       138,247        149,605
                                                             
Earnings per share (in euros)
Basic and diluted earnings per       7           1.22           1.14
share

(a) : Due to the retroactive application of amended IAS19, the financial
statements for the year 2012 were restated in accordance with the new
standards for purposes of comparison. The impacts are detailed in the note 24.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                      
(in thousands of euros)              June 30, 2013           June 30, 2012
                                                          (a)
                                                             
Net consolidated income              59,184                 60,550
                                                             
Other comprehensive income
items
                                                             
Items not recyclable to the
income statement :
Actuarial gains and losses on        20,918                  (18,362)
employee benefits
Income tax related to                (6,045)                 6,046
non-recyclable items
                                                             
Items recyclable to the income
statement :
Net income from change in            (79,743)                25,602
translation differences
Cash flow hedge instruments          (6,299)                 (3,944)
Income tax related to                2,237                   2,322
recyclable items
                                                          
Other comprehensive income           (68,932)               11,664
(net of income tax)
                                                          
Total comprehensive income           (9,748)                72,214
Portion attributable to              (16,036)                10,648
minority interests
Portion attributable to group        6,288                  61,566
share
                                                             
                                                             
(a) : Due to the retroactive application of amended IAS19, the financial
statements for the year 2012 were restated in accordance with the new
standards for purposes of comparison. The impacts are detailed in the note 24.



CONSOLIDATED CASH FLOWS STATEMENT
                                                         
(in thousands of euros)              Notes   June 30, 2013  June 30, 2012 (a)
                                                             
Cash flows from operating
activities
                                                             
Consolidated net income                     59,183         60,550
                                                             
Earnings from associated companies           (2,140)         (1,600)
Dividends received from associated           331             1,578
companies
Elimination of non cash and non
operating items :
- depreciation, amortization and             93,860          97,554
provisions
- deferred taxes                             (10,090)        (7,314)
- net (gain) loss from disposal of           (1,906)         (172)
assets
- unrealized fair value gains and            (985)           (975)
losses
- other                                      (7)             (15)
                                                         
Cash flows from operating                    138,246         149,606
activities
                                                             
Change in working capital from               (73,226)        (84,816)
operating activities - net
                                                         
Net cash flows from operating        18      65,020         64,790
activities (1)
                                                             
Cash flows from investing
activities
                                                             
Outflows linked to acquisitions of
fixed assets :
- property, plant and equipment              (90,449)        (146,615)
and intangible assets
- financial investments                      (1,398)         (3,138)
                                                             
Inflows linked to disposals of
fixed assets :
- property, plant and equipment              5,228           1,988
and intangible assets
- financial investments                      1,290           2,838
                                                             
Impact of changes in consolidation           (314)           (900)
scope
                                                         
Net cash flows from investing        19      (85,643)       (145,827)
activities
                                                             
Cash flows from financing
activities
                                                             
Dividends paids                              (79,839)        (87,475)
Increases in capital
Increases in borrowings                      84,402          109,487
Redemptions of borrowings                    (21,931)        (43,898)
Acquisitions of treasury shares              (5,240)         (6,066)
Disposals - allocations of                   8,642           9,461
treasury shares
                                                         
Net cash flows from financing               (13,966)       (18,491)
activities
Impact of changes in foreign                (8,428)        3,340
exchange rates
Change in cah position                      (43,017)       (96,188)
Net cash and cash equivalents -      20      225,079         344,013
opening balance
Net cash and cash equivalents -      20      182,062         247,825
closing balance

  *Including cash flows from income taxes € (32,854) thousand in 2013 and €
    (24,465) thousand in 2012.

Including cash flows from interests paid and received € (19,643) thousand
euros in 2013 and € (15,092) thousand in 2012.

(a) : Due to the retroactive application of amended IAS19, the financial
statements for the year 2012 were restated in accordance

with the new standards for purposes of comparison. The impacts are detailed in
the note 24.

STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY
                                                                                                   
                                                                                                            Total
(in thousands             Additional   Treasury   Consolidated   Translation   Share-holders'   Minority    share-holders'
of euros)       Capital  paid in     shares    reserves      reserves      equity           interests   equity and
                          capital                                                                           minority
                                                                                                            interests
At January 1,   179,600  11,207      (83,890)  2,049,524     (76,052)      2,080,389        349,011     2,429,400
2012 (a)
                                                                                                            
Consolidated                                      51,297                       51,297           9,253       60,550
net income
Other
comprehensive                                     (14,312)       24,580        10,268           1,396       11,664
income
                                                                                                
Total
comprehensive                               36,985        24,580        61,565           10,649      72,214
income (a)
                                                                                                            
Dividends                                         (66,039)                     (66,039)         (21,987)    (88,026)
paids
Net change in
treasury                               4,833      (943)                        3,890                        3,890
shares
Changes in
consolidation                                     (746)                        (746)            (154)       (900)
scope
Increases in                                      (942)                        (942)            4,230       3,288
share capital
Other changes                                     127                          127              (141)       (15)
                                                                                                
At June 30,    179,600  11,207      (79,058)  2,017,966     (51,473)      2,078,243        341,608     2,419,851
2012 (a)
                                                                                                
At January 1,   179,600  11,207      (78,681)  2,076,581     (107,896)     2,080,811        334,036     2,414,847
2013 (a)
                                                                                                            
Consolidated                                      54,877                       54,877           4,307       59,184
net income
Other
comprehensive                                     10,558         (59,147)      (48,589)         (20,343)    (68,932)
income
                                                                                                
Total
comprehensive                              65,435        (59,147)      6,288            (16,036)    (9,748)
income
                                                                                                            
Dividends                                         (66,016)                     (66,016)         (14,055)    (80,071)
paids
Net change in
treasury                               3,927      (344)                        3,583                        3,583
shares
Changes in
consolidation                                                                                   (51)        (51)
scope
Increases in
share capital
Other changes                                     920                          920              17          937
                                                                                                
At June 20,     179,600  11,207      (74,754)  2,076,576     (167,043)     2,025,586        303,911     2,329,497
2013
(a) : Due to the retroactive application of amended IAS19, the financial statements for the year ended December 31, 2012
were restated in accordance with the new standards for purposes of comparison. The impacts are detailed in the note 24.
                                                                                                            
Group translation differences at June 30th, 2013 are broken down by currency as follows (in thousands of euros) :
                US Dollar :                       (2,170)
                Swiss franc :                     122,103
                Turkish new lira :                (93,039)
                Egyptian pound :                  (47,914)
                Kazakh tengue :                   (27,668)
                Mauritanian ouguiya:              (3,857)
                Indian rupee :                    (114,498)
                                                  (167,043)

Contact:

VICAT
Investor relations contact:
Stéphane Bisseuil Tel: +33 (0)1 58 86 86 13
stephane.bisseuil@vicat.fr
or
Press contacts:
Clotilde Huet: +33 (0)1 58 86 86 26
clotilde.huet@tbwa-corporate.com
 
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