6 - Vicat

20Financial information concerning the asset base,the financial condition and the results of the issuer20.2. HISTORICAL FINANCIAL INFORMATION1.21. SeasonalityDemand is seasonal in the Cement, Ready-MixedConcrete and Aggregates sectors, tending to decreasein winter in temperate countries and duringthe rainy season in tropical countries. The Grouptherefore generally records lower sales in the first andfourth quarters i.e. the winter season in the principalWestern European and North American markets. Inthe second and third quarters, in contrast, sales arehigher, due to the summer season being more favorablefor construction work.NOTE 2 CHANGES IN SCOPE AND OTHERSIGNIFICANT EVENTSThe 2009 financial year was characterized by a particularlydifficult global macroeconomic and financialsituation. In this context, the Vicat Group achieveda strong performance in 2009, demonstrating itsfinancial sustainability. During the year, the Groupcompleted the refinancing of a significant part ofits bilateral and syndicated credit lines under favorableterms given the circumstances, extending theaverage maturity of its debts and at the same timestrengthening its balance sheet liquidity and financialflexibility.142 VICAT - 2009 registration document