VICAT : First quarter 2014 sales

PRESS RELEASE

First quarter 2014

rates

sales up

14% at

constant

scope and exchange

 Solid sales growth at constant scope and exchange rates across all

five major geographical zones

 Favourable weather conditions in

France and buoyant markets in Switzerland, the United States, West Africa and Turkey

 Ongoing ramp-up in India

 Renewed growth in Egypt

Paris La Défense, April 28, 2014: The

Vicat group (NYSE
Euronext
Paris:
FR0000031775 - VCT) has today reported sales for the three months ended March
31, 2014, which amounted to €536 million, an increase of 9.2% or 14.0% at constant scope and exchange rates.

Consolidated sales by business segment:

VICAT INVESTOR CONTACTS

STÉPHANE BISSEUIL TEL: [phone]

stephane.bisseuil@vicat.f r

VICAT PRESS CONTACTS:

FRANCOIS LESAGE

TEL: [phone] francois.lesage@tbwa-

corporate.com

HEAD OFFICE:

TOUR MANHATTAN

6 PLACE DE L'IRIS

Commenting on these figures, the Group's CEO stated:

F-92095 PARIS - LA DEFENSE

"Vicat achieved strong

sales growth in the first quarter of 2014.

Our businesses

CEDEX

TEL: [phone]

benefited from mild weather conditions in France and were able to capture positive

momentum in the Swiss, US and Turkish construction sector. The return to growth in

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A FRENCH REGISTERED COMPANY

Egypt is a p

sitive sign for our full-year performance, and we are continuing to ramp-

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€179,600,000

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RCS NANTERRE

up our business in India, although prices are likely to remain volatile.

The Group is still gradually reaping the benefits of its investments over the last few years, using its strong market positions to maximise cash flow and continue reducing debt."

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PRESS RELEASE

In this press release, and unless indicated otherwise, all changes are stated on a consolidated, year-on- year basis (2014/2013), and at constant scope and exchange rates.

Consolidated sales in the first quarter of 2014 totalled €536 million, up 9.2% year-on-year. At constant scope and exchange rates, the increase was 14.0%.
Operational sales rose 13.9% (15.2% on a consolidated basis) in the Cement business and 12.2% (13.3%
on a consolidated basis) in the Concrete & Aggregates business at constant scope and exchange rates. Sales in the Other Products & Services business were up 12.5% (11.4% on a consolidated basis).
The breakdown of first-quarter operational sales by business shows a slight decrease in
he contribution of
the Cement business to 52.9% of total operational sales, as opposed to 53.6% in the first quarter of 2013. The Concrete & Aggregates business accounted for 32.4% of the total, versus 32.0% in the year-earlier period. Other Products & Services accounted for a slightly larger share of operational sales, i.e. 14.7% as opposed to 14.4% in the first quarter of 2013.
Movements in the Group's sales in the first quarter of 2014 resulted mainly from:

 solid volume growth in France and period,

Switzerland, where weather conditions were mild during the

 ongoing firm business momentum in Turkey, West Africa and the United States,

 renewed business growth in Egypt, due to an improvement in the security situation,

 the ongoing ramp-up in the Group's business in India.

These factors offset the decline in business levels in Kazakhstan, which suffered from weather conditions that were substantially worse than in 2013, and the ongoing decline in sales in Italy, where the economic and sector environment remains weak.

1. Geographical breakdown of consolidated sales in the first quarter of 2014 1.1. France

(€ million)	First quarter 2014	First quarter 2013	Change
(€ million)	First quarter 2014	First quarter 2013	Reported	At constant scope
Consolidated sales	197	183	+7.6%	+6.6%

Consolidated sales in France rose by 6.6% at constant scope to €197 million in the first quarter of 2014.
This solid
growth was
driven by firm growth in sales
volumes, resulting from particularly mild weather
conditions in early 2014.

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PRESS RELEASE

By segment:

 In the Cement business, operational sales were up 5.2% (+8.1% on a consolidated basis). There

was solid volume growth of over 6%
in the first quarter, driven by mild weather conditions. The
average selling price fell, mainly due to an adverse product-mix effect.

 In Concrete

& Aggregates, operational sales rose by

5.6% at constant scope (+6.4% on a
consolidated basis). This business also benefited from favourable w eather conditions. Concrete volumes rose more than 6%, while aggregates volumes were up more than 17%.

 In Other Products & Services, consolidated sales grew by 4.6%, conditions.

supported by mild weather

1.2. Europe (excluding France)

(€ million)	First quarter 2014	First quarter 2013	Change
(€ million)	First quarter 2014	First quarter 2013	Reported	At constant scope and exchange rates
Consolidated sales	89	73	+22.2%	+21.4%

In Switzerland, first-quarter sales were driven by further strong growth in the construction market, the start of new infrastructure projects and favourable weather conditions. They totallled €85 million, representing solid year-on-year growth.

 In Cement, operational sales were up 13.0% (5.4% in consolidated terms) at constant scope and exchange rates, supported by solid growth in volumes. Selling prices were stable.

 In Concrete &

Aggregates, operational sales

were up 39.2% (40.5% in consolidated terms) at
constant scope and exchange rates. As well as firm volume growth, this segment benefited even
more than the Group's
other businesses from mild weather conditions, the positive
sector
environment and the start of new infrastructure projects in the Group's catchment area. Ex-works selling prices were almost unchanged in both concrete and aggregates.

 The Precast business posted sales growth of +25.9% at constant scope and exchange rates, with sales volumes up 30% and particularly strong growth in sales to the rail sector.

In Italy, consolidated sales fell 17.6%, mainly due to a 19.2% fall in volumes, caused by ongoing tough
conditions in the domestic market. Measures intended at stimulating the
economy in
general and the
construction
sector in
particular
have yet to have an
impact. Against this
background, and given the
Group's selective commercial policy, selling prices rose slightly.

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PRESS RELEASE

1.3. United States

(€ million)	First quarter 2014	First quarter 2013	Change
(€ million)	First quarter 2014	First quarter 2013	Reported	At constant scope and exchange rates
Consolidated sales	51	46	+9.5%	+12.8%

Business levels in the
United States continued to recover, and the macroeconomic situation remained
positive. In addition, the residential construction sector is seeing firm growth, supported by the gradual reduction in household mortgage debt levels. The Group's sales US rose 12.8% relative to the first quarter of 2013.

 In Cement, operational sales were up 13.9% (7.6% in consolidated terms) at constant scope and exchange rates. Volumes continued to rise, growing more than 3% despite the exceptionally harsh weather conditions that hit the Southeast in the first two months of 2014. Volumes grew almost 5%

in California and were stable in the
Southeast. Selling prices rose
year-on-year, with a
greater
increase in the Southeast than in California, this prior to price increases expected to take place in
April 2014.

 In Concrete, sales grew 14.9% at constant scope and exchange rates. Volumes rose more than

7% across the region as a whole. Again, performance varied widely
between California and the
Southeast, because of the particularly tough first-quarter weather conditions in the latter zone.
Prices in each
zone rose
because
of positive
mix effects and pric e rises carried out in
2013,
particularly in California. Further price rises are expected in April 2014.

1.4. Turkey, India and Kazakhstan

(€ million)	First quarter 2014	First quarter 2013	C hange
(€ million)	First quarter 2014	First quarter 2013	Reported	At constant scope and exchange rates
Consolidated sales	101	101	-0.9%	+21.6%

In Turkey, consolidated sales amounted to €44 million, up 25.8% at constant scope and exchange rates. Strong Q1 performance was the result of weather conditions, which were equally mild as those seen in Q1

2013, and further growth in the construction sector.

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PRESS RELEASE

 In Cement, operational sales grew strongly, rising 30.5% (43.3% in consolidated terms) at constant

scope and exchange rates. Volume growth in the domestic market
3.5%, but selling prices rose sharply.
was much more moderate at

 In Concrete & Aggregates, operational sales rose 5.9% (6.7% in consolidated terms) at constant scope and exchange rates. Volumes fell relative to Q1 2013, due to delays with some projects. However, selling prices continued to rise.

In India, consolidated sales totalled €47 million in the first quarter of 2014, up 27.2% at constant scope and exchange rates. Volumes rose 33.5% to almost 1.1m tonnes. Selling prices remained highly volatile because of current competitive and sector conditions, and fell by almost 6% in Q1 2014.

In Kazakhstan, consolidated sales fell 14.0% to €9 million. This decline was mainly caused by the high base for comparison arising from particularly mild weather conditions in the first quarter of 2013. Volumes fell almost 14% in Q1 2014, while prices were essentially stable.

1.5. Africa and Middle East

(€ million)	First quarter 2014	First quarter 2013	Change
(€ million)	First quarter 2014	First quarter 2013	Reported	At constant scope and exchange rates
Consolidated sales	98	87	+12.9%	+15.6%

In Egypt, consolidated sales amounted to €27 million, up +26.7% at constant scope and exchange rates. This growth resulted from a near-12% increase in volumes, driven mainly by a n improved security situation in the North Sinai region. In addition, demand for cement was firm but supplly was limited by the difficult

conditions experienced
by all operators in
terms of access to energy and
security. As a result,
prices
increased significantly in the first quarter of 2014.
In West Africa, revenue rose 11.6% due to solid volume growth (14%), with a good performance in the domestic Senegalese market and even stronger growth in export markets. This growth was supported by the initiation and continuation of major construction projects and demand for social housing, particularly in Senegal. However, prices fell relative to the first quarter of 2013.

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PRESS RELEASE

2. First-quarter sales by business segment 2.1. Cement

(€ million)	First quarter 2014	First quarter 2013	Change
(€ million)	First quarter 2014	First quarter 2013	Reported	At constant scope and exchange rates
Volume (thousands of tonnes) Operational sales Eliminations Consolidated sales	4,598 325 (50) 275	4,099 304 (48) 256	+12.2% +6.8% +7.4%	+13.9% +15.2%

2.2 Concrete & Aggregates

(€ million)	First quarter 2014	First quarter 2013	Change
(€ million)	First quarter 2014	First quarter 2013	Reported	At constant scope and exchange rates
Concrete volumes (thousands of m3) Aggregates volumes (thousands of tonnes) Operational sales Eliminations Consolidated sales	1,888 5,154 199 (5) 194	1,798 4,728 181 (6) 175	+5.0% +9.0% +9.8% +11.0%	+12.2% +13.3%

2.3. Other Products & Services

(€ million)	First quarter 2014	First quarter 2013	Change
(€ million)	First quarter 2014	First quarter 2013	Reported	At constant scope and exchange rates
Operational sales Eliminations Consolidated sales	90 (23) 67	82 (22) 60	+10.1% +11.4%	+12.5% +11.4%

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PRESS RELEASE

3. Changes in the Group's consolidated financial position at March 31, 2014

Historically, the first quarter has not been representative of the Group's full-year financial performance.
Net debt equalled 54% of consolidated shareholders' equity at March 31, 2014 as opposed to 52% at
March 31, 2013, confirming the strength of Vicat's balance sheet.
Given the level of the Group's net debt, bank covenants do not pose a threat either to the Group's financial position or to its balance sheet liquidity. At March 31, 2014, Vicat complied with all financial ratios required by covenants in financing agreements.

4. Outlook

or 2014, the Group wishes to make the following com
ents concerning its various markets:

 In France, the

Group expects the sector environment to stabilise gradually in
2014, ba
ed on
current low levels of con
umption and a macroeconomic situation that is likel
to improve very
gradually. Volumes are expected to f positive.
ll slightly and the price environment should remain marginally

 In Switzerland, volume growth will

be affected by the hi
h base for
comparison in 2013, when
business levels were parti
ularly stro
g, and prices are exp
cted to be stable.

 In Italy, the macroecono

ic situation is likely to remain
eakened by the recent recession, and
volumes are e
pected to fall again,
although the pace of decline should grad
ally slow. Selling
pric
s are likely to continue rising, based on i
itial signs of consolidation in the market and the
Gro
p's selecti
e commer
ial policy.

 In t

e United States, vol

mes are expected to rise again, in line wit
the upturn in the broad US
eco
omy. The Group anticipates sharply higher selling prices from the second qu
rter of 2014.

 In Turkey, elections will

e held in
2014, but performance should be supported by the ongoing
positive sector
situation,
although macroeconomic conditions will b
affected
by exchange-rate
volatility and higher interest rates.
The Grou
expects
performance to continue impro
ing in
Turkey, although at a slower pace than in the past.

 In Egypt, the situation re

ains unpredictable, b
t the grad
al improvement in the security situation
sho
ld enable the Group to resume growth in its business and improve its perfor
ance. The Group
is confident about the positive perfor
ance of the Egyptian market in t
e medium and long term.

 In

West Africa, the market should remain

buoyant overall in terms of consumption.
Price
movements will depend on the potential arrival of a new
ompetitor,
among ot
er factors. In the
medium term, the Group remains confident in its ability to reap the
full benefit
from its
odern
production facilities, its kn
wledge of the Seneg
lese mark
t and its ability to export throughout the
regi n.

 In India, the market is likely to remain affected in the short term by weak infrastructure investment in the run-up to elections scheduled in the second quarter of 2014. As a result, prices will remain highly volatile and will probably see further pressure, before infrastructure and construction works gradually begin to recover during the second half of the year. On a medium- to long-term view, the

Group remains very confident that it
can take full advantage of its strong positions in the Indian
market, which continues to show excellent potential.
 In Kazakhstan, the Group s ideal geographical location and highly effective production base should enable it to benefit fully from a market poised for solid growth in terms of both volumes and prices.

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PRESS RELEASE



4. Conference call

To accompany the publication of its sales for the first half of 2014, the Vicat group is organising a conference call that will be held in English on Tuesday, April 29, 2014 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:
United Kingdom: United States:
[phone]
[phone]
[phone]
To listen to a playback of the conference call, which will be available until 7pm on March 18, 2014, dial one of the following numbers:
France:
United Kingdom: United States:
[phone]
[phone]
[phone]
Access code: 6386597#

Next date for shareholders: May 6, 2014 (10am): Annual General Meeting of Shareholders Next publication: August 4, 2014 (after the market closes) first-half 2014 sales and earnings

Investor relations contact:

Stéphane Bisseuil
Tel: [phone] [e-mail]

Press contact:

François Lesage
Tel: [phone] [e-mail]

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PRESS RELEASE

ABOUT VICAT

The Vicat Group has almost 7,700 employees working in three core divisions, Cement, Concrete & Aggregates and Other Products & Services, which generated consolidated sales of €2,286 million in 2013.
The Group operates in 11 countries: France, Switzerland, Italy, the United
States, Turkey, Egypt,
Senegal, Mali, Mauritania, Kazakhstan and India. Around 62% of its sales come from 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 provide updates of these statements.
Further information about Vicat is available from its website (www.vicat.fr).
does not undertake to

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