VALLOUREC: Vallourec reports third quarter and first nine months 2015 results
(Thomson Reuters ONE) -
Press Release
November 2015
www.vallourec.com
Vallourec reports third quarter
and first nine months 2015 results
+------------------------------------------------------------------------------+
| * Q3 2015 financial results continued to be impacted by tough market |
| conditions: |
| |
| * Revenues at ?872 million down 35.1 % year-on-year (down 34.3% at |
| constant exchange rates) |
| * EBITDA at -?66 million in Q3 2015, compared to ?175 million in Q3 2014|
| * Positive free cash flow of ?32 million |
| |
| * 9M 2015 financial results: |
| |
| * Revenues at ?2,942 million, down 27.1% year-on-year (down 32.3% at |
| constant exchange rates) |
| |
| * EBITDA at ?0 million in 9M 2015, compared to ?619 million in 9M 2014 |
| |
| * Positive free cash flow of ?35 million in 9M 2015 |
| |
| * Ongoing measures to adapt to the downturn: |
| |
| * Global staff reduction of 2,500 over the first nine months of 2015, i.e.: |
| approx. 11% of total headcount, including close to 1,700 permanent jobs. |
| * Reduction of 13% of SG&A costs in Q3 2015 |
| |
| * Reduction of ?168 million of working capital requirement in Q3 2015 |
| |
| * Further capital expenditure reduction to stand below ?300 million in 2015 |
| |
| * Outlook: |
| |
| * Further deterioration in Q4 2015 resulting in negative EBITDA in 2015 |
| * Positive free cash flow generation target maintained for 2015 |
| * No improvement in market conditions expected in the short term |
| |
| |
+------------------------------------------------------------------------------+
Boulogne-Billancourt (France), 9 November 2015 - Vallourec, world leader in
premium tubular solutions, today announces its results for the third quarter and
first nine months of 2015. The consolidated financial statements were presented
by Vallourec's Management Board to its Supervisory Board on 9 November 2015.
Commenting on these results, Philippe Crouzet, Chairman of the Management Board,
said:
"The adverse market environment we have been facing since the beginning of the
year has continued to deteriorate. While the decline in production from mature
oil fields and US shale plays will trigger a recovery of E&P investments in the
medium term, we do not expect market conditions to improve in the short term.
This environment severely affects our revenues and profitability. Vallourec
teams are more committed than ever to adapt. We are vigorously implementing
short-term measures, which are proving effective, and Valens, our two-year
competitiveness plan, is well on track to reach the ?350 million cost reduction
target. Our sales and marketing forces are equally mobilized to meet our
customers' needs through best-in-class products, competitive offers and
innovative solutions which are Vallourec's signature.
We maintain our relentless focus on cash through cost reduction, tight working
capital management and strict capex discipline, and reiterate our target to
generate positive free cash flow in 2015."
Key figures
+--------+------+-------+------------------------------+------+-----+-------+
| 9M | 9M |Change | In millions of euros | Q3 | Q3 |Change |
| | | | | | | |
| 2015 | 2014 | YoY | | 2015 |2014 | YoY |
+--------+------+-------+------------------------------+------+-----+-------+
| 1,091 1,698 -35.7% Sales Volume (k tons) 317 564 -43.8%|
| |
| 2,942 4,036 -27.1% Revenues 872 1,343 -35.1%|
| |
| 0 619 -100.0% EBITDA (66) 175 -137.7%|
| |
| 0.0% 15.3% -15.3pt As % of revenues -7.6% 13.0% -20.6pt|
| |
| (393) 345 -213.9% Operating income (loss)((1)) (165) 80 -306.3%|
| |
| (439) 169 -359.8% Net income (loss), Group share (164) 25 -756.0%|
| |
| +35 +135 -?100m Free cash flow((2)) +32 +98 -?66m|
+---------------------------------------------------------------------------+
1. Comprises ?(133) million of other charges, including ?(120) 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
+-------+-------+--------+---------------------------+------+-------+--------+
| 9M | 9M | Change | In millions of euros | Q3 | Q3 | Change |
| | | | | | | |
| 2015 | 2014 | YoY | | 2015 | 2014 | YoY |
+-------+-------+--------+---------------------------+------+-------+--------+
| 2,021 2,869 -29.6% Oil & Gas, Petrochemicals 582 964 -39.6% |
| |
| 402 409 -1.7% Power Generation 149 131 +13.7% |
| |
| 519 758 -31.5% Industry & Other 141 248 -43.1% |
| |
| 2,942 4,036 -27.1% Total 872 1,343 -35.1% |
+----------------------------------------------------------------------------+
For the third quarter of 2015, Vallourec recorded revenues of ?872 million, down
35.1% compared with the third quarter of 2014 (down 34.3% at constant exchange
rates). The significant decrease in volumes (-43.8%) was slightly offset by a
positive price/mix effect (9.5%).
For the first nine months of 2015, Vallourec recorded revenues of ?2,942
million, down 27.1% compared with the first nine months of 2014 (down 32.3% at
constant exchange rates) mainly resulting from a negative volume effect (-
35.7%), in particular for Oil & Gas in EAMEA and in the USA, and despite
positive translation (+3.3%) and price/mix (+5.3%) effects.
Oil & Gas, Petrochemicals (68.6% of revenues)
Oil & Gas revenues were ?1,864 million in 9M 2015, down 30.1% year-on-year (down
34.8% at constant exchange rates):
* In the USA, volumes sold were down over the first nine months, reflecting
the fall in the active rig count of 54% along with destocking from
distributors. Prices continued to decrease in Q3.
* In the EAMEA[1] region, as a result of the postponement of projects by IOCs
and of the destocking in Saudi Arabia, volumes and mix were significantly
down in 9M 2015 compared with a strong 9M 2014. A few tenders were launched
by NOCs in the Middle East during Q3 2015 in a context of intensifying
competition leading to acute pressure on prices.
* In Brazil, revenues were down year-on-year in 9M 2015 due to lower drilling
activity when compared to 2014, despite Q3 2015 benefiting from anticipated
deliveries.
Petrochemicals revenues were ?157 million in 9M 2015, down 21.9% year-on-year
(down 25.4% at constant exchange rates) due to lower demand in a highly
competitive environment.
Power Generation (13.7% of revenues)
Power Generation revenues amounted to ?402 million in 9M 2015, down 1.7% year-
on-year (down 5.1% at constant exchange rates):
* Conventional power generation revenues were down in a very competitive
environment.
* In nuclear, revenues were up year-on-year, explained by a favorable
comparable in 2014.
Industry & Other (17.7% of revenues)
Industry & Other revenues amounted to ?519 million in 9M 2015, down 31.5% year-
on-year (down 30.1% at constant exchange rates):
* In Europe, revenues were down year-on-year in a very competitive
environment. The mining activity remained depressed while the lack of demand
in the Oil & Gas industry triggered production shift from some competitors
towards Mechanical and Structural applications.
In Brazil, revenues were down year-on-year, strongly impacted by the
ongoing deterioration of the macroeconomic environment. Vallourec's activity in
the region is affected in particular by the severe downturn in the automotive
and construction sectors. 9M 2015 iron ore revenues were significantly down
year-on-year, due to the 44% drop in iron ore spot prices compared with 9M 2014.
II - 9M 2015 CONSOLIDATED RESULTS ANALYSIS
For the first nine months of 2015, EBITDA stood at ?0 million, down by ?619
million year-on-year. This was due to:
* Lower consolidated revenues at ?2,942 million, down -27.1% (down -32.3% at
constant exchange rates), mainly resulting from a negative volume effect (-
35.7%), notably for Oil & Gas in EAMEA and in the USA, and despite positive
translation (+3.3%) and price/mix (+5.3%) effects.
* Lower industrial margin at ?396 million, down -62.2%. Despite a high
adaptation of variable costs, and lower industrial fixed costs, industrial
margin was impacted by the inefficiency of low load in the mills.
* Sales, general and administrative costs (SG&A) declined by 13.1% in Q3 2015
to ?119 million, and by 6.6% to ?383 million for the first nine months of
2015, representing an improvement of ?27 million or ?35 million at constant
exchange rate. This improvement comes from an overall focus on cost
reduction, first results of Valens G&A actions, and was achieved despite
unfavorable exchange rates and inflation.
Operating result was a loss of ?393 million, compared with a profit of ?345
million in 9M 2014. This deterioration results mainly from lower EBITDA and ?120
million of restructuring charges and impairment related to the implementation of
Valens booked in 9M 2015. The depreciation of industrial assets remained broadly
stable at ?228 million.
For the first nine months of 2015, financial result was negative at -?52 million
versus -?41 million in 9M 2014.
The income tax charge amounted to ?12 million in 9M 2015 compared with ?107
million in the first nine months of 2014.
Non-controlling interests were a charge of ?19 million in 9M 2015, compared with
a profit of ?29 million in 9M 2014, mainly explained by the decline in US
operations results.
Net result, Group share was a loss of ?439 million in 9M 2015, compared with a
profit of ?169 million in 9M 2014.
III - CASH FLOW & FINANCIAL POSITION
Vallourec generated a positive free cash flow of ?32 million in Q3 2015. Over
9M 2015, positive free cash flow amounted to ?35 million, compared with ?135
million in 9M 2014. This is primarily explained by:
* Negative cash flow from operating activities resulting from the drop in
EBITDA;
* A reduction in operating working capital requirement in 9M 2015 (+?279
million), compared with an increase of ?176 million in 9M 2014, mainly
driven by inventory reduction linked to activity levels; in Q3 2015 the
operating working capital requirement decreased by ?168 million in addition
to ?111 million generated in H1 2015;
* Lower capital expenditure at ?159 million, compared with ?205 million in
9M 2014.
As at 30 September 2015, Group net debt increased by ?86 million to ?1,633
million compared with the end of 2014 but showing an improvement of +?37 million
over Q3 2015.
The gearing ratio was 48.3% compared with 37.1% at the end of 2014.
IV - LIQUIDITY PROFILE
As part of its continuous effort to maintain a strong liquidity position, in
September 2015 Vallourec extended the maturity of ?400 million of committed
facilities from July 2017 to July 2019. This successful operation underlies
confidence in the credit quality of Vallourec.
At 30 September 2015, Vallourec's liquidity position consists of ?600 million of
available cash -which exceed the financial short term debt to be repaid- and
?1.8 billion of undrawn committed facilities with no amortization until 2017.
Vallourec's gross debt amounts to ?2.2 billion of which ?1.6 billion is in long
term bonds. The next bond repayment will occur in February 2017 for ?650
million.
V - SHORT-TERM ADAPTATION AND VALENS PLAN
Over the first nine months of 2015, global staff reduction was 2,500,
representing approximately 11% of total headcount, including close to 1,700
permanent jobs.
Action plans have been implemented to adapt the mills' to the reduced activity,
and have enabled over 80% of the variable costs (excluding raw materials)
associated with the lost volume to be removed.
The Valens plan is well on track with approximately 2/3rd of the 700 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 of S&GA.
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 implemented according to plan.
VI - MARKET TRENDS & OUTLOOK
Vallourec expects its Oil & Gas deliveries and results to be impacted by
sustained adverse market conditions:
* In the EAMEA region, customers have intensified the control of their cash
outflows, leading to decreased CAPEX and inventory optimisation with a
material impact on demand. As a result, the very weak order inflow since the
beginning of the year combined with strong price pressure will lead to low
deliveries and weigh on the coming quarters' results, despite the favorable
effect of a stronger US dollar.
* In the USA, the performance in Q4 2015 should continue to be impacted by low
demand and persistent pressure on prices. The ongoing reduction in the
active rig count will keep demand low and lead to further destocking from
distributors over the next quarters. However, the reductions in US crude
production should contribute to a progressive rebalancing in crude oil
supply and demand.
* In Brazil, due to reduced drilling activity and a phasing of H2 deliveries
concentrated in Q3 2015 Vallourec expects its Q4 2015 revenues to be
significantly down. On 5 October 2015, Petrobras announced a further
reduction of its 2016 E&P investments. This new cut is expected to have a
moderate impact on revenues in 2016 thanks to a focus maintained on the
development of pre-salt basins. Vallourec anticipates a progressive increase
in deliveries no earlier than 2017.
Power Generation activity should remain broadly stable in an increasingly
competitive environment, benefiting from sustained bookings in particular in the
Chinese conventional market.
Industry & Other operations in Brazil will continue to suffer in Q4 2015 from
the deteriorating local macroeconomic environment, while persisting oversupply
in the iron ore market will result in significantly lower prices than in 2014.
The market environment for Industry & Other operations in Europe should remain
very competitive.
Compared to Q3 2015, the Group expects Q4 2015 results to further deteriorate,
being notably affected by the unfavorable phasing of Oil & Gas deliveries in
Brazil. For the full year 2015, EBITDA will be negative. The operating working
capital requirement will continue to be strongly reduced in Q4 2015, and the
capital expenditure will stand below ?300 million. The Group continues to target
a positive free cash flow generation in 2015.
As the Group does not expect market conditions to improve in the short term,
Vallourec teams are more committed than ever to vigorously implementing both
short-term adaptation measures and the Valens structural cost reduction program,
and promptly delivering on them.
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: 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 Q3 / 9M 2015 results
Monday 9 November 2015 * Live presentation followed by a Q&A session with
analysts at 6 pm (Paris time) in English.
To access the slides and listen to the
presentation and the Sell-side analysts Q&A session,
please connect to the webcast (live and
replay):http://edge.media-
server.com/m/go/vallourecQ32015
* The slides and audio webcast will also be available
on Vallourec's website
(http://www.vallourec.com/EN/GROUP/FINANCE).
* To listen to the conference call. Please dial:
0800 279 4992 (UK), 0805 631 579 (FR),
1 877 280 2342 (USA),
+44(0)20 3427 1911 (other countries)
Conference ID: 8417547
To listen to the replay of the conference call
(until 16 November 2015), please dial: 0800 358 7735
(UK), 0800 949 597 (FR), 1 866 932 5017 (USA),
+44(0)20 3427 0598 (other countries)
Access number: 8417547
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
--------------------------------------------------------------------------
18 February 2016 Release of fourth quarter and full year 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
Christophe Le Mignan Investor relations team
Tel: +33 (0)1 49 09 38 96 Tel: +33 (0)1 49 09 39 76
christophe.lemignan(at)vallourec.com actionnaires(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 tons | | | Change |
| | 2015 | 2014 | |
| | | | YoY |
+----------------------+--------+-------+--------+
| |
| |
| Q1 412 551 -25.2% |
| |
| Q2 362 583 -37.9% |
| |
| Q3 317 564 -43.8% |
| |
| Q4 625 |
| |
| |
| |
| Total 1,091 2,323 |
+------------------------------------------------+
Forex
+-----------------------+---------+---------+
| Average exchange rate | 9M 2015 | 9M 2014 |
+-----------------------+---------+---------+
| EUR / USD 1.11 1.35 |
| |
| EUR / BRL 3.53 3.10 |
| |
| USD / BRL 3.16 2.29 |
+-------------------------------------------+
Revenues by geographic region
+----------------------+-------+----------+-------+----------+--------+
| In millions of euros | 9M | As % of | 9M | As % of | Change |
| | | | | | |
| | 2015 | revenues | 2014 | revenues | YoY |
+----------------------+-------+----------+-------+----------+--------+
| |
| |
| Europe 679 23.1% 775 19.2% -12.4% |
| |
| North America 881 29.9% 1,250 31.0% -29.5% |
| |
| South America 524 17.8% 701 17.4% -25.2% |
| |
| Asia & Middle East 618 21.0% 965 23.9% -36.0% |
| |
| Rest of World 240 8.2% 345 8.5% -30.4% |
| |
| |
| |
| Total 2,942 100.0% 4,036 100.0% -27.1% |
+---------------------------------------------------------------------+
Revenues by market
+------------------------+--------+--------+------+--------+------+-----+------+
|In millions of euros | 9M |As % of | 9M |As % of |Change| Q3 |Change|
| | | | | | | | |
| | 2015 |revenues| 2014 |revenues| YoY |2015 | YoY |
+------------------------+--------+--------+------+--------+------+-----+------+
| | |
| | |
|Oil & Gas 1,864 63.4% 2,668 66.1% -30.1%| 533 -40.1%|
| | |
|Petrochemicals 157 5.3% 201 5.0% -21.9%| 49 -33.8%|
| | |
|Oil & Gas, 2,021 68.7% 2,869 71.1% -29.5%| 582 -39.6%|
|Petrochemicals | |
| | |
| | |
| | |
|Power Generation 402 13.7% 409 10.1% -1.7%| 149 +13.7%|
| | |
| | |
| | |
|Mechanicals 281 9.5% 320 7.9% -12.2%| 77 -29.4%|
| | |
|Automotive 90 3.1% 151 3.7% -40.4%| 25 -45.7%|
| | |
|Construction & Other 148 5.0% 287 7.2% -48.4%| 39 -58.1%|
| | |
|Industry & Other 519 17.6% 758 18.8% -31.5%| 141 -43.1%|
| | |
| | |
| | |
|Total 2,942 100.0% 4,036 100.0% -27.1%| 872 -35.1%|
+-----------------------------------------------------------------+------------+
Cash flow statement
+-----+-----+---------------------------------------+-----+-----+-----+-----+
| 9M | 9M | In millions of euros | Q3 | Q3 | Q2 | Q1 |
| | | | | | | |
|2015 |2014 | |2015 |2014 |2015 |2015 |
+-----+-----+---------------------------------------+-----+-----+-----+-----+
| (85) +516 Cash flow from operating activities (66) +156 (38) +19|
| |
| Change in operating WCR |
| +279 (176) +168 +9 +112 (1)|
| + decrease, (increase) |
+---------------------------------------------------------------------------+
| +194 +340 Net cash flow from operating activities +102 +165 +74 +18|
+---------------------------------------------------------------------------+
|(159) (205) Gross capital expenditure (70) (67) (41) (48)|
| |
| - - Financial investments - - - - |
| |
| (68) (142) Dividends paid (2) (6) (66) - |
| |
| (53) (19) Asset disposals & other items 7 (10) (34) (26)|
+---------------------------------------------------------------------------+
| Change in net debt |
| (86) (26) +37 +82 (67) (56)|
| + decrease, (increase) |
+---------------------------------------------------------------------------+
|1,633 1,657 Net debt (end of period) 1,633 1,657 1,670 1,603|
+---------------------------------------------------------------------------+
Free cash flow
+-----+-----+------+------------------------------------------+----+----+------+
| 9M | 9M | | In millions of euros | Q3 | Q3 | |
| | |Change| | | |Change|
|2015 |2014 | | |2015|2014| |
+-----+-----+------+------------------------------------------+----+----+------+
| (85) +516 -601 Cash flow from operating activities (FFO) (66) +156 -222|
| (A) |
| |
| Change in operating WCR (B) |
| +279 (176) +455 +168 +9 +159|
| + decrease, (increase) |
| |
|(159) (205) +46 Gross capital expenditure (C) (70) (67) -3|
+------------------------------------------------------------------------------+
| +35 +135 -100 Free cash flow (A)+(B)+(C) +32 +98 -66 |
+------------------------------------------------------------------------------+
Summary consolidated income statement
+---------+-------+--------+--------------------------+------+--------+--------+
| 9M | 9M | Change | In millions of euros | Q3 | Q3 | Change |
| | | | | | | |
|2015((1))| 2014 | YoY | | 2015 | 2014 | YoY |
| | | | | | | |
| 2,942 4,036 -27.1% REVENUES 872 1,343 -35.1%|
+------------------------------------------------------------------------------+
| (2,546) (2,988) -14.8% Cost of sales((2)) (812) (1,028) -21.0%|
+------------------------------------------------------------------------------+
| 396 1,048 -62.2% Industrial margin 60 315 -81.0%|
| |
| 13.5% 26.0% -12.5 pt (as % of revenues) 6.9% 23.5% -16.6 pt|
+------------------------------------------------------------------------------+
| (383) (410) -6.6% SG&A costs((2)) (119) (137) -13.1%|
| |
| (13) (19) na Other income (expense), (7) (3) na|
| net |
+------------------------------------------------------------------------------+
| 0 619 -100.0% EBITDA (66) 175 -137.7%|
+------------------------------------------------------------------------------+
| 0.0% 15.3% -15.3pt EBITDA as % of revenues -7.6% 13.0% -20.6 pt|
| |
| |
| |
| (228) (226) +0.9% Depreciation of industrial (79) (78) +1.3%|
| assets |
| |
| (165) Other (amortization, |
| (48) na exceptional items, (20) (17) na|
| impairment & |
| restructuring) |
+------------------------------------------------------------------------------+
| (393) 345 -213.9% OPERATING INCOME (LOSS) (165) 80 -306.3%|
+------------------------------------------------------------------------------+
| (52) (41) +26.8% Financial income (loss) (15) (10) +50.0%|
+------------------------------------------------------------------------------+
| (445) 304 -246.4% PRE-TAX INCOME (LOSS) (180) 70 -357.1%|
+------------------------------------------------------------------------------+
| (12) (107) -88.8% Income tax 3 (33) -109.1%|
| |
| (1) 1 na Share in net income (loss) (1) 1 na|
| of associates |
+------------------------------------------------------------------------------+
| (458) 198 -331.3 % NET INCOME (LOSS) FOR THE (178) 38 -568.4%|
| CONSOLIDATED ENTITY |
+------------------------------------------------------------------------------+
| 19 29 na Non-controlling interests 14 (13) na|
+------------------------------------------------------------------------------+
| (439) 169 -359.8% NET INCOME (LOSS), GROUP (164) 25 -756.0%|
| SHARE |
+------------------------------------------------------------------------------+
| (3.4) 1.3 na EARNINGS PER SHARE (in ?) (1.3) 0.2 na|
+------------------------------------------------------------------------------+
1. As concerns the Amendment to IFRS 11, the impact of its application on the
consolidated financial statements as at 30 September 2015 primarily
translates to a ?85 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-Sept |31-Dec| | 30-Sept |31-Dec|
| Assets | | | Liabilities | | |
| |2015((1))| 2014 | |2015((1))| 2014 |
+----------------------+---------+------+---------------------+---------+------+
| | |
| | |
| |Equity, Group share 2,989 3,743|
| | |
|Net intangible assets 149 166|Non-controlling 391 426|
| |interests |
| +--------------------------------------+
|Goodwill 357 332|Total equity 3,380 4,169|
| +--------------------------------------+
|Net property, plant 3,243 3,523| |
|and equipment | |
| | |
|Biological assets 146 214|Bank loans and other 1,768 1,782|
| |borrowings |
| | |
|Associates 184 184|Employee benefits 207 244|
| | |
|Other non-current 229 435|Deferred tax 219 256|
|assets |liabilities |
| | |
|Deferred tax assets 182 223|Provisions and other 46 229|
| |long-term liabilities |
+---------------------------------------+--------------------------------------+
|Total non-current 4,490 5,077|Total non-current 2,240 2,511|
|assets |liabilities |
+---------------------------------------+--------------------------------------+
| | |
| | |
|Inventories and work- 1,227 1,490|Provisions 250 163|
|in-progress | |
| | |
|Trade and other 734 1,146|Overdrafts and other 469 912|
|receivables |short-term borrowings |
| | |
|Derivatives - assets 24 28|Trade payables 488 807|
| | |
|Other current assets 300 343|Derivatives - 163 173|
| |liabilities |
| | |
|Cash and cash 604 1,147|Tax and other current 389 496|
|equivalents |liabilities |
+---------------------------------------+--------------------------------------+
|Total current assets 2,889 4,154|Total current 1,759 2,551|
| |liabilities |
+---------------------------------------+--------------------------------------+
|TOTAL ASSETS 7,379 9,231|TOTAL EQUITY AND 7,379 9,231|
| |LIABILITIES |
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
|Net debt 1,633 1,547|Net income (loss), (439) (924)|
| |Group share |
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
|Gearing ratio 48.3% 37.1%| |
+---------------------------------------+--------------------------------------+
1. As concerns the Amendment to IFRS 11, the impact of its application on the
consolidated financial statements as at 30 September 2015 primarily
translates to a ?85 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 | | |
|tons | 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
20151109_Vallourec-press-release-Q3-9M-2015-EN-PDF:
http://hugin.info/143606/R/1965588/717678.pdf
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Source: VALLOUREC via GlobeNewswire
[HUG#1965588]
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2015 - 17:45 Uhr
Sprache: Deutsch
News-ID 433096
Anzahl Zeichen: 48599
contact information:
Town:
BOULOGNE BILLANCOURT CEDEX
Kategorie:
Business News
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"VALLOUREC: Vallourec reports third quarter and first nine months 2015 results"
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VALLOUREC (Nachricht senden)
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