The Vicat group reported audited consolidated earnings results for the year ended December 31, 2017. For the year, the company's sales were EUR 2,563,464,000 compared to EUR 2,453,771,000 a year ago. Operating income was EUR 231,592,000 compared to EUR 255,948,000 a year ago. Profit before tax was EUR 209,051,000 compared to EUR 231,532,000 a year ago. Net income was EUR 155,851,000 compared to EUR 164,805,000 a year ago. Net income attributable to the group was EUR 142,181,000 compared to EUR 139,065,000 a year ago. EBITDA was EUR 444,170,000 compared to EUR 457,813,000 a year ago. The decline in 2017 EBITDA compared with 2016 at constant scope and exchange rates was attributable to: a very steep decline in the EBITDA generated in Egypt. Following the sharp devaluation in November 2016, which halved the value of the Egyptian pound, it proved possible to counter the very strong inflation in production costs through a hike in selling prices only to a very limited extent. Against this backdrop, Egypt recorded a loss at EBITDA level over the year as a whole and a small decline in EBITDA in Turkey, where performance was held back by highly unfavorable weather conditions, especially in the Konya region at the beginning of the year. Higher volumes and selling prices in the Cement business were not sufficient to fully offset the strong increase in production costs that essentially resulted from the depreciation of the Turkish pound. These negative factors were offset partly by: an improvement in the EBITDA generated in France in the Cement business and to a greater extent in the Concrete & Aggregates business, the continued EBITDA improvement in India, driven by a clear pick-up in cement volumes and a very small upturn in average selling prices, an increase in the EBITDA generated in Kazakhstan, with an increase in selling prices helping to offset the slight contraction in volumes, further improvement in EBITDA in the US in spite of highly unfavorable weather conditions in 2017, especially in the South-East region. The pick-up in volumes and average selling prices in the Cement business helped to offset the EBITDA contraction recorded by the Concrete business and stable EBITDA in West Africa, underpinned by a strong increase in the EBITDA generated by the Aggregates business in Senegal and the Cement business in Mauritania, offsetting the EBITDA contraction in the Cement business in Senegal and Mali. EBIT was EUR 247,150,000 compared to EUR 257,832,000 a year ago. Basic and diluted group share of net earnings per share was EUR 3.17 compared to EUR 3.10 a year ago. Net cash flows from operating activities was EUR 342,998,000 compared to EUR 386,274,000 a year ago. Acquisitions of property, plant and equipment and intangible assets was EUR 179,474,000 compared to EUR 139,304,000 a year ago. Net debt declined by EUR 125 million to EUR 787 million at 31 December 2017, compared with EUR 912 million at 31 December 2016. In 2017, the average cost of financial borrowings was 3.19% compared with 3.37% in 2016. Capital expenditure amounted to EUR 187 million in 2017, compared with EUR 136 million in 2016.