VALLOUREC: Vallourec reports second quarter and first half 2015 results
(Thomson Reuters ONE) -
Press Release
July 2015
www.vallourec.com
Vallourec reports second quarter
and first half 2015 results
+------------------------------------------------------------------------------+
| * H1 2015 financial results continue to be affected by reduced demand: |
| |
| * Revenues at ?2,070 million, down 23.1% year-on-year (down 28.7% at |
| constant exchange rates) |
| |
| * EBITDA at ?66 million, compared to ?444 million in H1 2014 |
| |
| * Positive free cash flow of ?3 million in H1 2015 and ?33 million in Q2 |
| 2015, better than anticipated |
| |
| * Valens and short-term measures on track: |
| |
| * 2/3(rd) of the 450+ Valens initiatives started |
| |
| * Global staff reduction of 1,600 over the first half of 2015, including |
| close to 1,000 permanent jobs |
| |
| * ?112 million working capital reduction in Q2 2015 |
| |
| * Capital expenditure revised down to around ?300 million in 2015 |
| |
| * Outlook: |
| |
| * Further deterioration in H2 2015 |
| |
| * Vallourec continues to target a positive free cash flow generation in 2015|
+------------------------------------------------------------------------------+
Boulogne-Billancourt (France), 30 July 2015 - Vallourec, world leader in premium
tubular solutions, today announces its results for the second quarter and first
half of 2015. The consolidated financial statements were presented by
Vallourec's Management Board to its Supervisory Board on 30 July 2015.
Commenting on these results, Philippe Crouzet, Chairman of the Management Board,
said:
"The severe downturn in the Oil & Gas markets persists. The resulting decline in
drilling activity since the beginning of the year, particularly in North America
and the EAMEA region, led to a sharp fall in our sales and increased pressure on
prices in the first semester. As a result, our mills have been operating well
below capacity, leading to inefficiencies typically associated with low load.
Vallourec's management remain fully committed to confront this depressed
environment, which will further affect the remainder of 2015.
We have implemented drastic flexibility measures to adapt our mills to the low
load, and have removed approximately 80% of the variable costs associated with
the lost volume.
In parallel, we are deploying Valens in strict accordance with the plan, and are
on track to gradually deliver the targeted savings.
Finally, and more than ever under such circumstances, we maintain a strong focus
on cash, through tight working capital management and strict discipline on
capex: we therefore reiterate our positive free cash flow generation target for
2015.
I am convinced that the vigorous actions we have taken, combined with our unique
technologies, talented people and key local positions, will enable us to respond
to the challenging environment and keep meeting our customers' expectations."
Key figures
+------+------+-------+------------------------------+------+------+-------+
| H1 | H1 |Change | In millions of euros | Q2 | Q2 |Change |
| | | | | | | |
| 2015 | 2014 | YoY | | 2015 | 2014 | YoY |
+------+------+-------+------------------------------+------+------+-------+
| 774 1,134 -31.7% Sales Volume (k tonnes) 362 583 -37.9%|
| |
| 2,070 2,693 -23.1% Revenues 1,018 1,422 -28.4%|
| |
| 66 444 -85.1% EBITDA 13 248 -94.8%|
| |
| 3.2% 16.5% -13.3pt As % of revenues 1.3% 17.4% -16.1pt|
| |
| (228) 265 na Operating income (loss)((1)) (193) 156 na|
| |
| (275) 144 na Net income (loss), Group share (199) 88 na|
| |
| +3 +37 -?34m Free cash flow((2)) +33 +1 +?32m|
+--------------------------------------------------------------------------+
1. Comprises ?145 million of other charges, including ?111 million of
restructuring charges and impairment related to the implementation of Valens
2. Free cash flow (FCF) is a non-GAAP measure and is defined as cash flow from
operating activities minus gross capital expenditure and plus/minus change
in operating working capital requirement
na: not applicable
I - CONSOLIDATED REVENUES BY MARKET
+-------+-------+--------+---------------------------+-------+-------+--------+
| H1 | H1 | Change | In millions of euros | Q2 | Q2 | Change |
| | | | | | | |
| 2015 | 2014 | YoY | | 2015 | 2014 | YoY |
+-------+-------+--------+---------------------------+-------+-------+--------+
| 1,439 1,905 -24.5% Oil & Gas, Petrochemicals 720 1,017 -29.2% |
| |
| 253 278 -9.0% Power Generation 110 143 -23.1% |
| |
| 378 510 -25.9% Industry & Other 188 262 -28.2% |
| |
| 2,070 2,693 -23.1% Total 1,018 1,422 -28.4% |
+-----------------------------------------------------------------------------+
Oil & Gas, Petrochemicals (69.5% of revenues)
Oil & Gas revenues reached ?1,331 million in H1 2015, down 25.1% year-on-year
(down 32.1% at constant exchange rates):
* In the USA, volumes sold were down, reflecting the fall in active rig count
by 53% over the first semester along with destocking from distributors.
Moreover, prices decreased in Q2.
* In the EAMEA[1] region, in a context of postponement of projects by IOCs and
of ongoing destocking in Saudi Arabia, volumes and mix were significantly
down in H1 2015 compared with a strong H1 2014.
* In Brazil, revenues were slightly down year-on-year in H1 2015 due to lower
drilling activity.
Petrochemicals revenues were ?108 million in H1 2015, down 15.0% year-on-year
(down 21.3% at constant exchange rates) due to lower demand in a highly
competitive environment.
Power Generation (12.2% of revenues)
Power Generation revenues amounted to ?253 million in H1 2015, down 9.0% year-
on-year (down 12.6% at constant exchange rates):
* Conventional power generation revenues were impacted by lower volumes along
with pricing pressure.
* In nuclear, revenues were slightly up year-on-year, explained by a
favourable comparable in 2014.
Industry & Other (18.3% of revenues)
Industry & Other revenues amounted to ?378 million in H1 2015, down 25.9% year-
on-year (down 26.7% at constant exchange rates):
* In Europe, revenues were down year-on-year in a very competitive
environment.
* In Brazil, revenues were down year-on-year, strongly impacted by the
continued deterioration of the macroeconomic environment in the region,
notably by the severe downturn in the automotive industry. Indeed, according
to ANFIR, the Brazilian Road Implements Association, sales for the domestic
heavy vehicles market decreased by approximately 50% in H1 2015 compared
with previous year.
H1 2015 iron ore revenues were significantly down year-on-year, due to the
46% drop in iron ore spot prices compared with H1 2014.
II - H1 2015 CONSOLIDATED RESULTS ANALYSIS
EBITDA stood at ?66 million in H1 2015, down 85.1% year-on-year. EBITDA margin
was 3.2% of revenues in H1 2015 compared with 16.5% in H1 2014. This was due to:
* Lower consolidated revenues at ?2,070 million, down 23.1% (down 28.7% at
constant exchange rates), mainly resulting from a negative volume effect (-
31.7%), notably for Oil & Gas in EAMEA and in the USA, and despite positive
translation (+5.6%) and price/mix (+3.0%) effects.
* Lower industrial margin at ?336 million, down 54.2%. Despite a significant
reduction in variable costs, and lower industrial fixed costs, industrial
margin was impacted by the fall in sales, and by inefficiencies associated
with mills load well below production capacity.
* Sales, general and administrative costs (SG&A) declined by 3.3% to ?264
million, with an 11.2% year-on-year decrease in Q2 2015. This improvement
results from an overall focus on cost reduction, first results of Valens G&A
actions, and was achieved despite unfavourable exchange rates and inflation.
R&D efforts were kept stable.
Operating loss was ?228 million in H1 2015, compared with a profit of ?265
million in H1 2014. This deterioration results from lower EBITDA, and from ?145
million of other charges, including ?111 million of restructuring charges and
impairment related to the implementation of Valens. The depreciation of
industrial assets remained broadly stable at ?149 million.
For the first half of 2015, financial result was negative at -?37 million versus
-?31 million in H1 2014.
The income tax charge amounted to ?15 million in H1 2015 compared with ?74
million in H1 2014.
Non-controlling interests were a charge of -?5 million in H1 2015, compared with
a product of ?16 million in H1 2014, explained by the decline in US operations
results.
Net loss, Group share was ?275 million in H1 2015, compared with a profit of
?144 million in H1 2014.
III - CASH FLOW & FINANCIAL POSITION
Vallourec generated a slightly better than anticipated free cash flow at ?3
million in H1 2015, compared with a positive free cash flow of ?37 million in
H1 2014. This was primarily explained by:
* Negative cash flow from operating activities resulting from the drop in
EBITDA;
* Lower capital expenditure at ?89 million, representing a decrease of 35.5%
compared with H1 2014;
* A reduction in operating working capital requirement (+?111 million),
compared with an increase of ?185 million in H1 2014, notably due to
inventories.
In June 2015, the Holding company paid ?41.9 million in dividend to its
shareholders in cash. The payment of the dividend in shares resulted in the
creation of 3,090,460 new shares (i.e. 2.37% of the share capital).
As at 30 June 2015, Group net debt increased by ?123 million to ?1,670 million
compared with the end of 2014. The gearing ratio was 42.5% compared with 37.1%
at the end of 2014.
Vallourec's liquidity position is strong. The Group increased its committed
financings to approximately ?3.6 billion, including ?1.8 billion undrawn
confirmed credit lines, and no significant repayment until 2017. In June 2015,
the Group signed an additional multi-currency revolving credit facility for ?90
million, maturing in February 2019, plus two one-year extension options.
IV - SHORT-TERM ADAPTATION AND VALENS PLAN
The Group is adapting to the low load of the mills. Global staff reduction was
1,600 over the first half of 2015 (close to 7% of total headcount), including
close to 1,000 permanent jobs.
Action plans have been implemented to adapt the mills' to the reduced activity,
and allowed to remove approximately 80% of the variable costs (excluding raw
materials) associated with the lost volume.
The Valens plan is well on track with approximately 2/3(rd) of the 450+
initiatives already started notably on manufacturing costs and SG&A. These
initiatives, along with an overall focus on cost reduction, contributed to the
reduction of industrial fixed costs and to the improvement of S&GA in H1 2015.
The targeted savings of 10% of added costs, with a full year effect in 2017, is
confirmed.
The process to structurally reduce our European steel and tube capacity, and our
worldwide overhead costs is being deployed according to plan.
V - MARKET TRENDS & OUTLOOK
Vallourec expects its Oil & Gas deliveries and results to be further impacted in
H2 2015 by the challenging market trends:
* In the EAMEA region, the order inflow is staying at a very low level and
destocking in Saudi Arabia is continuing. Therefore, low deliveries and
unfavourable mix, associated with price pressure, will continue to
significantly weigh on H2 2015 performance, which is expected to decline
compared to H1, despite the favourable effect of a stronger US dollar.
* In the USA, the results in each of the two coming quarters are expected to
be significantly below Q2 2015. After the Q2 2015 sequential drop in volumes
sold, the likely stabilization of the active rig count at a very low level,
and the continuation of the destocking from distributors throughout the
year, should not allow any volume recovery in H2 2015, while price pressure
that started in H1 intensifies.
* In Brazil, due to the current cash constraints of Petrobras, Vallourec
expects its Oil & Gas H2 2015 revenues to be down compared with H1 2015. On
29 June 2015, Petrobras released its E&P 2015-2019 capex plan which was
revised downwards compared to the 2014-2018 plan. Thanks to a focus
maintained on development in pre-salt basins, Vallourec expects an increase
in deliveries, starting in 2017.
Industry & Other operations in Brazil will continue to suffer in H2 2015 from
the deteriorating local macroeconomic environment, while persisting oversupply
in the iron ore market will result in significantly lower prices than in 2014.
In Europe, the environment for Power Generation and Industry & Other operations
remains very competitive.
Overall, despite the ongoing cost reduction measures, this very challenging
environment, notably in the Oil & Gas markets, is expected to lead to Q3 and Q4
2015 deliveries and margins being significantly below the level achieved in Q2,
which will likely result in a negative EBITDA for the full year.
The Group maintains a strong focus on cash: the operating working capital
requirement will continue to be strongly reduced in H2 2015, and the capital
expenditure revised down to around ?300 million from ?350 million initially
planned.
Based on current market conditions and currency trends, Vallourec continues to
target a positive free cash flow generation in 2015.
About Vallourec
Vallourec is a world leader in premium tubular solutions primarily serving the
energy markets, as well as other industrial applications.
With over 23,000 employees in 2014, integrated manufacturing facilities,
advanced R&D and a presence in more than 20 countries, Vallourec offers its
customers innovative global solutions to meet the energy challenges of the
21(st) century.
Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible
for the Deferred Settlement System (SRD), Vallourec is included in the following
indices: MSCI World Index, Euronext 100 and SBF 120.
In the United States, Vallourec has established a sponsored Level 1 American
Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY).
Parity between ADR and a Vallourec ordinary share has been set at 5:1.
www.vallourec.com
Follow us on Twitter (at)Vallourec
Presentation of Q2 / H1 2015 results
Thursday 30 July 2015 * Analyst conference call / audio webcast at 6:30 pm
(Paris time)
to be held in English.
To participate in the call, please dial:
0800 279 5736 (UK), 0805 631 580 (France),
1877 280 1254 (USA), +44(0)20 3427 1916 (Other
countries)
Conference code: 3861281
* Audio webcast and slides will be available on the
website at:
http://www.vallourec.com/EN/GROUP/FINANCE
* A replay of the conference call will be available
until 6 August 2015.
To listen to the replay, please dial:
0800 358 7735 (UK), 0800 949 597 (France),
1866 932 5017 (USA), +44(0)20 3427 0598 (Other
countries)
Access code: 3861281
-------------------------------------------------------------------------------
Information and Forward-Looking Reflections
This press release contains forward-looking reflections and information. By
their nature, these reflections and information include financial forecasts and
estimates as well as the assumptions on which they are based, statements related
to projects, objectives and expectations concerning future operations, products
and services or future performance. Although Vallourec's management believes
that these forward-looking reflections and information are reasonable, Vallourec
cannot guarantee their accuracy or completeness and investors in Vallourec are
hereby advised that these forward-looking reflections and information are
subject to numerous risks and uncertainties that are difficult to foresee and
generally beyond Vallourec's control, which may mean that the actual results and
developments differ significantly from those expressed, induced or forecasted in
the forward-looking reflections and information. These risks include those
developed or identified in the public documents filed by Vallourec with the AMF,
including those listed in the "Risk Factors" section of the Registration
Document filed with the AMF on 10 April 2015 (N° D.15-0315).
Calendar
----------------------------------------------------------------------------
9 November 2015 Release of third quarter and first nine months 2015 results
----------------------------------------------------------------------------
For further information, please contact
Investor relations Press relations
Etienne Bertrand Héloïse Rothenbühler
Tel: +33 (0)1 49 09 35 58 Tel: +33 (0)1 41 03 77 50
etienne.bertrand(at)vallourec.com heloise.rothenbuhler(at)vallourec.com
Investor relations Individual shareholders
Alexandra Fichelson Florent Chaix
Tel: +33 (0)1 49 09 39 76 Tel: +33 (0)1 41 03 76 53
alexandra.fichelson(at)vallourec.com florent.chaix(at)vallourec.com
Appendices
Documents accompanying this release:
* Sales volume
* Forex
* Revenues by geographic region
* Revenues by market
* Cash flow statement
* Free cash flow
* Summary consolidated income statement
* Summary consolidated balance sheet
* Tube production capacity
Sales volume
+------------------------+--------+-------+--------+
| In thousands of tonnes | | | Change |
| | 2015 | 2014 | |
| | | | YoY |
+------------------------+--------+-------+--------+
| |
| |
| Q1 412 551 -25.2% |
| |
| Q2 362 583 -37.9% |
| |
| Q3 564 |
| |
| Q4 625 |
| |
| |
| |
| Total 774 2,323 |
+--------------------------------------------------+
Forex
+-----------------------+---------+---------+
| Average exchange rate | H1 2015 | H1 2014 |
+-----------------------+---------+---------+
| EUR / USD 1.12 1.37 |
| |
| EUR / BRL 3.31 3.15 |
| |
| USD / BRL 2.97 2.30 |
+-------------------------------------------+
Revenues by geographic region
+----------------------+-------+----------+-------+----------+--------+
| In millions of euros | H1 | As % of | H1 | As % of | Change |
| | | | | | |
| | 2015 | revenues | 2014 | revenues | YoY |
+----------------------+-------+----------+-------+----------+--------+
| |
| |
| Europe 461 22.3% 530 19.7% -13.0% |
| |
| North America 656 31.7% 774 28.7% -15.2% |
| |
| South America 383 18.5% 507 18.8% -24.5% |
| |
| Asia & Middle East 404 19.5% 656 24.4% -38.4% |
| |
| Rest of World 166 8.0% 226 8.4% -26.5% |
| |
| |
| |
| Total 2,070 100.0% 2,693 100.0% -23.1% |
+---------------------------------------------------------------------+
Revenues by market
+-----------------------+--------+--------+------+--------+------+------+------+
|In millions of euros | H1 |As % of | H1 |As % of |Change| Q2 |Change|
| | | | | | | | |
| | 2015 |revenues| 2014 |revenues| YoY | 2015 | YoY |
+-----------------------+--------+--------+------+--------+------+------+------+
| | |
| | |
|Oil & Gas 1,331 64.3% 1,778 66.0% -25.1%| 678 -29.1%|
| | |
|Petrochemicals 108 5.2% 127 4.7% -15.0%| 42 -31.1%|
| | |
|Oil & Gas, 1,439 69.5% 1,905 70.7% -24.5%| 720 -29.2%|
|Petrochemicals | |
| | |
| | |
| | |
|Power Generation 253 12.2% 278 10.3% -9.0%| 110 -23.1%|
| | |
| | |
| | |
|Mechanicals 204 9.9% 211 7.8% -3.3%| 105 -0.9%|
| | |
|Automotive 65 3.1% 105 3.9% -38.1%| 30 -42.3%|
| | |
|Construction & Other 109 5.3% 194 7.3% -43.8%| 53 -49.0%|
| | |
|Industry & Other 378 18.3% 510 19.0% -25.9%| 188 -28.2%|
| | |
| | |
| | |
|Total 2,070 100.0% 2,693 100.0% -23.1%|1,018 -28.4%|
+----------------------------------------------------------------+-------------+
Cash flow statement
+-----+-----+---------------------------------------+-----+-----+-----+
| H1 | H1 | In millions of euros | Q2 | Q2 | Q1 |
| | | | | | |
|2015 |2014 | |2015 |2014 |2015 |
+-----+-----+---------------------------------------+-----+-----+-----+
| (19) +360 Cash flow from operating activities (38) +200 +19|
| |
| Change in operating WCR |
| +111 (185) +112 (128) (1)|
| + decrease, (increase) |
+---------------------------------------------------------------------+
| +92 +175 Net cash flow from operating activities +74 +72 +18|
+---------------------------------------------------------------------+
| (89) (138) Gross capital expenditure (41) (71) (48)|
| |
| - - Financial investments - - - |
| |
| (66) (136) Dividends paid (66) (113) - |
| |
| (60) (9) Asset disposals & other items (34) +1 (26)|
+---------------------------------------------------------------------+
| Change in net debt |
|(123) (108) (67) (111) (56)|
| + decrease, (increase) |
+---------------------------------------------------------------------+
|1,670 1,739 Net debt (end of period) 1,670 1,739 1,603|
+---------------------------------------------------------------------+
Free cash flow
+----+-----+------+------------------------------------------+----+-----+------+
| H1 | H1 | | In millions of euros | Q2 | Q2 | |
| | |Change| | | |Change|
|2015|2014 | | |2015|2014 | |
+----+-----+------+------------------------------------------+----+-----+------+
|(19) +360 -379 Cash flow from operating activities (FFO) (38) +200 -238|
| (A) |
| |
| Change in operating WCR (B) |
|+111 (185) +296 +112 (128) +240|
| [+ decrease, (increase)] |
| |
|(89) (138) +49 Gross capital expenditure (C) (41) (71) +30|
+------------------------------------------------------------------------------+
| +3 +37 -34 Free cash flow (A)+(B)+(C) +33 +1 +32 |
+------------------------------------------------------------------------------+
Summary consolidated income statement
+---------+-------+-------+----------------------------+------+--------+-------+
| H1 | H1 |Change | In millions of euros | Q2 | Q2 |Change |
| | | | | | | |
|2015((1))| 2014 | YoY | | 2015 | 2014 | YoY |
| | | | | | | |
| 2,070 2,693 -23.1% REVENUES 1,018 1,422 -28.4%|
+------------------------------------------------------------------------------+
| (1,734) (1,960) -11.5% Cost of sales((2)) (876) (1,019) -14.0%|
+------------------------------------------------------------------------------+
| 336 733 -54.2% Industrial margin 142 403 -64.8%|
| |
| 16.2% 27.2% -11.0pt (as % of revenues) 13.9% 28.3% -14.4pt|
+------------------------------------------------------------------------------+
| (264) (273) -3.3% SG&A costs((2)) (127) (143) -11.2%|
| |
| (6) (16) na Other income (expense), net (2) (12) na|
+------------------------------------------------------------------------------+
| 66 444 -85.1% EBITDA 13 248 -94.8%|
+------------------------------------------------------------------------------+
| 3.2% 16.5% -13.3pt EBITDA as % of revenues 1.3% 17.4% -16.1pt|
| |
| |
| |
| (149) (148) +0.7% Depreciation of industrial (73) (77) -5.2%|
| assets |
| |
| Other (amortization, |
| (145) (31) na exceptional items, (133) (15) na|
| impairment & restructuring) |
+------------------------------------------------------------------------------+
| (228) 265 na OPERATING INCOME (LOSS) (193) 156 na|
+------------------------------------------------------------------------------+
| (37) (31) +19.4% Financial income (loss) (16) (11) +45.5%|
+------------------------------------------------------------------------------+
| (265) 234 na PRE-TAX INCOME (LOSS) (209) 145 na|
+------------------------------------------------------------------------------+
| (15) (74) -79.7% Income tax 2 (46) -104.3%|
| |
| 0 0 na Share in net income (loss) (1) 0 na|
| of associates |
+------------------------------------------------------------------------------+
| (280) 160 na NET INCOME (LOSS) FOR THE (208) 99 na|
| CONSOLIDATED ENTITY |
+------------------------------------------------------------------------------+
| (5) 16 na Non-controlling interests (9) 11 na|
+------------------------------------------------------------------------------+
| (275) 144 na NET INCOME (LOSS), GROUP (199) 88 na|
| SHARE |
+------------------------------------------------------------------------------+
| (2.1) 1.1 na EARNINGS PER SHARE (in ?) (1.5) 0.7 na|
+------------------------------------------------------------------------------+
1. As concerns the Amendment to IFRS 11, the impact of its application on the
consolidated financial statements as at 30 June 2015 primarily translates to
a ?60 million drop in sales in consideration for purchases; a ?165 million
drop in non-current assets, in consideration for other provisions and long-
term liabilities, and a drop in trade receivables of ?33 million, in
consideration for trade payables.
2. Before depreciation and amortization
na: not applicable
Summary consolidated balance sheet
|In millions of euros | | | | | |
+----------------------++--------++-----++--------------------++--------++-----+
| | 30-June |31-Dec| | 30-June |31-Dec|
| Assets | | | Liabilities | | |
| |2015((1))| 2014 | |2015((1))| 2014 |
+----------------------+---------+------+---------------------+---------+------+
| | |
| | |
| |Equity, Group share 3,519 3,743|
| | |
|Net intangible assets 165 166|Non-controlling 406 426|
| |interests |
| +--------------------------------------+
|Goodwill 357 332|Total equity 3,925 4,169|
| +--------------------------------------+
|Net property, plant 3,487 3,523| |
|and equipment | |
| | |
|Biological assets 190 214|Bank loans and other 1,778 1,782|
| |borrowings |
| | |
|Associates 194 184|Employee benefits 205 244|
| | |
|Other non-current 282 435|Deferred tax 254 256|
|assets |liabilities |
| | |
|Deferred tax assets 207 223|Provisions and other 60 229|
| |long-term liabilities |
+---------------------------------------+--------------------------------------+
|Total non-current 4,882 5,077|Total non-current 2,297 2,511|
|assets |liabilities |
+---------------------------------------+--------------------------------------+
| | |
| | |
|Inventories and work- 1,443 1,490|Provisions 265 163|
|in-progress | |
| | |
|Trade and other 895 1,146|Overdrafts and other 867 912|
|receivables |short-term borrowings |
| | |
|Derivatives - assets 26 28|Trade payables 555 807|
| | |
|Other current assets 325 343|Derivatives - 206 173|
| |liabilities |
| | |
|Cash and cash 975 1,147|Tax and other current 431 496|
|equivalents |liabilities |
+---------------------------------------+--------------------------------------+
|Total current assets 3,664 4,154|Total current 2,324 2,551|
| |liabilities |
+---------------------------------------+--------------------------------------+
|TOTAL ASSETS 8,546 9,231|TOTAL EQUITY AND 8,546 9,231|
| |LIABILITIES |
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
|Net debt 1,670 1,547|Net income (loss), (275) (924)|
| |Group share |
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
|Gearing ratio 42.5% 37.1%| |
+---------------------------------------+--------------------------------------+
1. As concerns the Amendment to IFRS 11, the impact of its application on the
consolidated financial statements as at 30 June 2015 primarily translates to
a ?60 million drop in sales in consideration for purchases; a ?165 million
drop in non-current assets, in consideration for other provisions and long-
term liabilities, and a drop in trade receivables of ?33 million, in
consideration for trade payables.
Tube production capacity
+------------------+-------------------+-------------------+-------------------+
|In thousands of | 2017 | | |
|tonnes | targeted tube | 2014 tube | 2011 tube |
| |production capacity|production capacity|production capacity|
| | | | |
+------------------+-------------------+-------------------+-------------------+
|USA 750 750 400|
| |
|Brazil 800 800 500|
| |
|Europe 900 1,350 1,500|
+------------------------------------------------------------------------------+
|Total ~2,450 ~2,900 2,400|
+------------------------------------------------------------------------------+
--------------------------------------------------------------------------------
[1] EAMEA: Europe, Africa, Middle East, Asia
20150730_Vallourec-press-release-Q2-H1-2015-PDF:
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BOULOGNE BILLANCOURT CEDEX
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Business News
Diese Pressemitteilung wurde bisher 169 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"VALLOUREC: Vallourec reports second quarter and first half 2015 results"
steht unter der journalistisch-redaktionellen Verantwortung von
VALLOUREC (Nachricht senden)
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