VALLOUREC reports second quarter and first half 2016 results
(Thomson Reuters ONE) -
Press release
Vallourec reports second quarter and first half 2016 results
+------------------------------------------------------------------------------+
| H1 2016 results in line with expectations |
| |
| * Revenues of ?763 million in Q2 2016 and ?1,434 million in H1 2016 compared|
| to ?2,070 million in H1 2015, down -30.7% (-27.3% at constant exchange |
| rates) |
| * EBITDA of -?32 million in Q2 2016 and -?104 million in H1 2016 compared to|
| ?66 million in H1 2015 |
| * Free cash flow of -?317 million |
| * Net debt of ?944 million |
| * Net result, Group share of -?415 compared to -?275 million in H1 2015 |
| |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| Transformation plan on track |
| |
| * Success of the rights issue with shareholders' preferential subscription |
| rights |
| * Conversion of Bpifrance Participations' and NSSMC's mandatory convertible |
| bonds into Vallourec shares |
| * Additional credit lines of ?520 million maturing in 2020 signed in Q2 2016|
| * Maturity extension of c. ?1.5 billion medium and long-term credit |
| facilities signed in July 2016 |
| * Divestiture of Vallourec Heat Exchanger Tubes completed |
| * Clearance from the Chinese Competition Authority to acquire a controlling |
| stake in Tianda Oil Pipe |
| * Exclusive negotiations initiated with Ascometal to sell majority stake in |
| Saint-Sauve steel mill |
| * Completion of mandatory discussions with workers' councils in France |
| * Closure of the Déville-Lès-Rouen and Saint-Saulve (France) rolling mills |
| respectively in H2 2016 and in Q1 2017 |
| * Reduction of global headcount at end of June 2016 by c. 21%* vs. end of |
| 2014 |
| *including Vallourec Heat Exchanger Tubes headcount which was|
|deconsolidated on 1 May 2016 |
| |
+------------------------------------------------------------------------------+
+-----------------------------+
| Outlook |
| |
| * 2016 guidance confirmed |
| |
+-----------------------------+
Boulogne-Billancourt (France), 28 July 2016 - Vallourec, world leader in premium
tubular solutions, today announces its results for the second quarter and first
half of 2016. The consolidated financial statements were presented by
Vallourec's Management Board to its Supervisory Board on 27 July 2016.
Commenting on these results, Philippe Crouzet, Chairman of the Management Board,
said:
"Poor market conditions have continued to weigh on our first half 2016 revenues
and results despite a second quarter which benefited from a better mix compared
with the first quarter. The second half of 2016 will continue to be
significantly impacted by low demand and intense pricing pressure.
Vallourec successfully finalized the last steps of its capital increase with the
conversion of Bpifrance's and NSSMC's mandatory convertible bonds into Vallourec
shares. Vallourec benefits from additional credit lines for an amount of ?520
million and extended the maturity of its medium and long-term credit facilities.
The implementation of our Transformation plan is moving forward in every region
in line with our objectives. These vigorous actions, and particularly the
ongoing restructuring and divestments in Europe, are paving the way for a
transformed and more competitive Vallourec positioned for long-term profitable
growth when market conditions improve."
Key figures
+--------------------------------------------------------------------------+
| H1 H1 Change In millions of euros Q2 Q2 Change |
| |
| 2016 2015 YoY 2016 2015 YoY |
+--------------------------------------------------------------------------+
|572 774 -26.1% Sales Volume (k tonnes) 321 362 -11.3%|
| |
| 1,434 2,070 -30.7% Revenues 763 1,018 -25.0%|
| |
| (104) 66 na EBITDA (32) 13 na|
| |
| -7.3% 3.2% -10.5pt As % of revenues -4.2% 1.3% -5.5pt|
| |
| (418) (228) na Operating income (loss)((1)) (128) (193) na|
| |
| (415) (275) na Net income (loss), Group share (131) (199) na|
| |
| (317) +3 -?320 m Free cash flow((2)) (78) +33 -?111 m|
+--------------------------------------------------------------------------+
1. Including ?83 million of restructuring charges and ?68 million of impairment
related to the Transformation plan.
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 Q1 |
| |
|2016 2015 YoY 2016 2015 YoY 2016|
+-------------------------------------------------------------------+
| 931 1,439 -35.3% Oil & Gas, Petrochemicals 463 720 -35.7% 469|
| |
| 227 253 -10.3% Power Generation 142 110 +29.1% 85|
| |
| 276 378 -27.0% Industry & Other 158 188 -16.0% 117|
| |
|1,434 2,070 -30.7% Total 763 1,018 -25.0% 671|
+-------------------------------------------------------------------+
For the second quarter of 2016, Vallourec recorded revenues of ?763 million,
down -25.0% compared with the second quarter of 2015 (down -21.4% at constant
exchange rates) but up +13.7% sequentially, benefiting from higher volumes and a
better mix compared with the first quarter 2016.
For the first half of 2016, Vallourec recorded revenues of ?1,434 million, down
-30.7% compared with the first half of 2015 (down -27.3% at constant exchange
rates) mainly resulting from the volume decrease (-26.1%) and a slightly
negative price/ mix (-1.2%) and currency effect (-3.4%).
Oil & Gas, Petrochemicals (64.9% of revenues)
Oil & Gas revenues reached ?863 million in H1 2016, down -35.2% year-on-year
(down -32.1% at constant exchange rates).
* In the USA, revenues were sharply down as a result of the decrease in
volumes and prices compared with H1 2015. The active rig count which had
been decreasing continuously since the end of 2014 stabilized at the end of
May 2016 and started rising slightly at the end of Q2 2016. Destocking at
distributors persisted over H1 2016.
* In the EAMEA region, revenues increased compared with the first half of
2015, mainly thanks to deliveries with a favorable customer mix. However,
acute pressure on prices persisted as a result of intense competition.
* In Brazil, revenues were sharply down compared with the first half of 2015
as a result of a strong volume decrease delivered to Petrobras, partly
offset by a better product mix thanks to the development of pre-salt fields,
but at the expense of drilling activity onshore and in offshore shallow
waters.
Petrochemicals revenues were ?68 million in H1 2016, down -37.0% year-on-year (-
34.3% at constant exchange rates).
Power Generation (15.8% of revenues)
Power Generation revenues reached ?227 million in H1 2016, a 10.3% decrease
year-on-year (-8.7% at constant exchange rates).
* Conventional power generation revenues were stable and booking activity in
H1 2016 was sustained.
* In nuclear, revenues were down over the first half of 2016, as a result of
very low deliveries recorded in Q1 2016.
Industry & Other (19.3% of revenues)
Industry & Other revenues amounted to ?276 million in H1 2016, down -27.0% year-
on-year (-21.2% at constant exchange rates).
* In Europe, revenues were significantly down as a result of lower volumes and
prices. However, booking activity showed a slight improvement in H1 2016 but
in a context of disputed prices.
* In Brazil, revenues were significantly down compared with the first half of
2015 as a result of a retracted market with lower volumes and prices.
Bookings in the first half of 2016 were down compared with the first half of
2015. Despite a slight improvement in Q2 2016, average iron ore prices in
the first half of 2016 were lower than in the first half of 2015 (-13.3%).
II - CONSOLIDATED RESULTS ANALYSIS
In Q2 2016, EBITDA stood at -?32 million, improving by ?40 million compared with
-?72 million in Q1 2016 as a result of a concentration of deliveries with a more
favorable customer/product mix.
EBITDA stood at -?104 million in H1 2016, down ?170 million compared to H1
2015. This is due to:
* Consolidated revenues down -30.7% compared to H1 2015 (-27.3% at constant
exchange rates) of ?1,434 million;
* Lower industrial margin at ?122 million, down ?214 million mainly affected
by: (i) the drop in activity and, to a lower extent, (ii) inefficiencies of
low load in the mills, despite high adaptation of costs;
* Lower selling, general and administrative costs (SG&A) at ?225 million, down
14.8% compared to H1 2015.
Operating result was a loss of ?418 million in H1 2016, compared to a loss of
?228 million in H1 2015, resulting primarily from (i) lower EBITDA and from (ii)
restructuring charges of ?83 million and impairment charges of ?68 million
mainly related to the strategic initiatives announced on 1 February 2016.
For the first half of 2016, financial result was negative at -?68 million versus
-?37 million in H1 2015, resulting mainly from the evolution of the forex
result.
Income tax was a gain of ?46 million in H1 2016 compared to a charge of -?15
million in H1 2015, mainly related to recognition of deferred tax assets.
The share attributable to non-controlling interests amounted to -?27 million in
H1 2016, compared to -?5 million in H1 2015.
Net result, Group share was a loss of ?415 million in H1 2016, compared to a
loss of ?275 million in H1 2015.
III - CASH FLOW & FINANCIAL POSITION
Vallourec generated a negative free cash flow of -?317 million in H1 2016
compared to ?3 million in H1 2015. This is mainly explained by:
* Negative cash flow from operating activities at -?203 million, resulting
from the drop in EBITDA;
* A seasonal increase in the operating working capital requirement of ?41
million in H1 2016;
* Capital expenditure at -?73 million, compared to -?89 million in H1 2015.
As at 30 June 2016, Group net debt decreased by ?575 million compared to 31
December 2015 to reach ?944 million, resulting in a gearing ratio of 25.4%
compared to 50.0% at the end of 2015.
The decrease in net debt during the first half of 2016 is due to the net
proceeds of the Rights Issue, combined with the issuance of reserved mandatory
convertible bonds, for ?959 million in Q2 2016 which was slightly offset by the
deposit in an escrow account in Q1 2016 of ?57 million in relation to the on-
going acquisition of Tianda Oil Pipe.
IV - LIQUIDITY
The Company's cash position as at 30 June 2016 amounted to ?1.427 billion.
At 30 June 2016, short-term debt amounted to ?1.249 billion, including the ?650
million bond maturing in February 2017.
As at 30 June 2016, Vallourec's medium and long-term undrawn committed credit
facilities amounted to ?2.310 billion, including the c. ?520 million additional
credit lines signed in Q2 2016.
On 4 July 2016, Vallourec successfully extended the maturity of c. ?1.5 billion
of its medium and long-term credit lines as follows:
* ?90 million revolving bilateral credit line maturing in February 2021,
instead of February 2019;
* ?400 million revolving credit facility maturing in July 2020, instead of
July 2019;
* ?1.1 billion revolving credit facility maturing in February 2020 extended to
February 2021 for ?989 million.
V - ACCELERATING OUR TRANSFORMATION
In Q2 2016, Vallourec finalized the last steps of its capital increase with the
successful conversion of Bpifrance Participations' (Bpifrance) and Nippon Steel
& Sumitomo Metal Corporation's (NSSMC) Mandatory Convertible Bonds resulting in
the creation of 91,848,129 new shares. On 30 June 2016, following the rights
issue and the conversion of Bpifrance's and NSSMC's bonds, Vallourec's capital
stands at ?889,276,098, divided into 444,638,049 shares, with Bpifrance and
NSSMC each holding 15% of Vallourec's share capital.
Implementation of Vallourec's Transformation plan is progressing in line with
objectives:
* Vallourec obtained clearance from the Chinese Competition Authority, a major
step towards the acquisition of a controlling stake in Tianda Oil Pipe;
* As announced previously, the merger of Vallourec Tubos do Brasil and
Vallourec Sumitomo Tubos do Brasil should be completed before end 2016;
* Vallourec has entered into exclusive negotiations with Ascometal in view of
the disposal of a majority stake in the Saint-Saulve steel mill;
* The divestiture of Vallourec Heat Exchanger Tubes (VHET) was completed on
29 April 2016;
* Following the completion of consultations held with relevant workers council
in France, reorganization of the European industrial footprint is underway:
rolling mills located in Déville-Les-Rouen and Saint-Saulve (France) are
planned to be closed respectively in H2 2016 and in Q1 2017. Initiatives are
on-going to mitigate the social impact of the plan and foster re-
employment;
* In addition to the ?100 million cost reductions already recorded in 2015,
more than ?60 million savings were achieved in the first half of 2016, in
line with the objectives announced in February 2016;
* Group headcount at the end of June 2016 is down by 5, 300* or c. -21%*
compared to the end of 2014, including 4,500 permanent staff.
*(This figure includes the c.700 employees of Vallourec Heat Exchanger
Tubes which was deconsolidated on 1 May 2016).
VI - MARKET TRENDS & OUTLOOK
The Group confirms that the second half of 2016 will continue to be impacted by
the cyclical downturn in the Oil and Gas market:
* In the USA, operators continue to focus on enhancing efficiencies and
improving cash-flows. Vallourec is well positioned to capitalize on the
first signs of a market improvement in the US. Thanks to a unique
combination of local manufacturing, regional R&D capabilities, technical
support through VAM® Field Services and a very efficient distributor
network, Vallourec provides the best solutions to meet customer
expectations. In H2 2016, ongoing inventory reduction at distributors is
expected to dissipate and prices should start increasing moderately, helping
to offset scrap prices evolution.
* In the EAMEA region, deliveries in H2 2016 will be severely impacted by the
low order intake in 2015 and since the beginning of 2016 and by the steep
decline in prices. In the current environment, IOCs continue to reduce their
CAPEX and to be very selective in sanctioning projects. NOCs are launching
significant tenders at very disputed prices.
* In Brazil, no major changes in market trends are expected in H2 2016.
Petrobras maintains its focus on development of pre-salt basins at the
expense of all other fields, which will result in a decline of OCTG tube
deliveries in 2016 compared to 2015.
Power Generation revenues are expected to be broadly stable in 2016 compared to
2015, with the nuclear power generation activity experiencing a slowdown in
2016.
Industry & Other operations in Europe should continue to be affected by the
weakness of global investments and pricing pressure. In Brazil, business will
continue to suffer from the depressed local environment and from iron ore prices
that are expected to be slightly lower than in 2015.
In this context, the Group confirms its targets for 2016 as published in its
Full Year 2015 financial results, namely:
* EBITDA lower than in 2015;
* Negative free cash flow of approximately ?-600 million (assuming same
working capital level and exchange rates as end of 2015);
* Net debt not exceeding ?1.5 billion at the end of the year, after the
acquisition of Tianda and full consolidation of VSB.
Presentation of Q2 and H1 2016 financial results
Analyst conference call / audio webcast at 6:30 pm (Paris time) to be held in
English.
* To listen to the audio webcast: http://edge.media-
server.com/m/go/VallourecHY2016
* To participate in the conference call, please dial :
+ 44 20 7136 2055 (UK),
+ 33 1 76 77 22 24 (France),
+1 646 254 3362 (US),
+44 20 7136 2055 (other countries)
Conference code : 1664274
* Audio webcast and slides will be available on the website at:
http://www.vallourec.com/EN/GROUP/FINANCE
Calendar
------------------------------------------------------------------------
8 November 2016 Release of third quarter and first nine months 2016
------------------------------------------------------------------------
About Vallourec
Vallourec is a world leader in premium tubular solutions for the energy markets
and for demanding industrial applications such as oil & gas wells in harsh
environments, new generation power plants, challenging architectural projects,
and high-performance mechanical equipment. Vallourec's pioneering spirit and
cutting-edge R&D open new technological frontiers. Operating in more than 20
countries, its 20,000 dedicated and passionate people work hand-in-hand with
their customers to offer more than just tubes: they deliver innovative, safe,
competitive and smart tubular solutions, to make every project possible.
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: SBF 120 and Next 150.
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.
vallourec.com
Follow us on Twitter (at)Vallourec
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 / +33 (0)6 45 45 19 67
etienne.bertrand(at)vallourec.com
heloise.rothenbuhler(at)vallourec.com
Christophe Le Mignan Individual
shareholders
Tel: +33 (0)1 49 09 38 96 Toll
Free Number (from France): 0 800 505 110
christophe.lemignan(at)vallourec.com actionnaires(at)vallourec.com
Information and Forward-Looking Statements
Information and Forward-Looking Statements This press release contains forward-
looking statements. These statements include financial forecasts and estimates
as well as 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 statements are reasonable, Vallourec cannot guarantee their
accuracy or completeness and these forward-looking statements 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 may differ significantly from those expressed, induced or
forecasted in the statements. 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
16 March 2016 (N° D.16-0141).
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
Sales volume
+------------------------------------------------+
| In thousands of tonnes Change |
| 2016 2015 |
| YoY |
+------------------------------------------------+
| |
| |
| Q1 251 412 -39.1% |
| |
| Q2 321 362 -11.3% |
| |
| Q3 317 |
| |
| Q4 320 |
| |
| |
| |
| Total 572 1,411 |
+------------------------------------------------+
Forex
+-------------------------------------------+
| Average exchange rate H1 2016 H1 2015 |
+-------------------------------------------+
| EUR / USD 1.12 1.12 |
| |
| EUR / BRL 4.13 3.31 |
| |
| USD / BRL 3.70 2.97 |
+-------------------------------------------+
Revenues by geographic region
+---------------------------------------------------------------------+
| In millions of euros H1 As % of H1 As % of Change |
| |
| 2016 revenues 2015 revenues YoY |
+---------------------------------------------------------------------+
| |
| |
| Europe 307 21.4% 461 22.3% -33.4% |
| |
| North America 238 16.6% 656 31.7% -63.7% |
| |
| South America 217 15.1% 383 18.5% -43.3% |
| |
| Asia & Middle East 404 28.2% 404 19.5% = |
| |
| Rest of World 268 18.7% 166 8.0% +61.4% |
| |
| |
| |
| Total 1,434 100.0% 2,070 100.0% -30.7% |
+---------------------------------------------------------------------+
Revenues by market
+------------------------------------------------------------------------------+
|In millions of euros H1 As % of H1 As % of Change Q2 Change|
| |
| 2016 revenues 2015 revenues YoY 2016 YoY |
+-----------------------------------------------------------------+------------+
| | |
| | |
|Oil & Gas 863 60.2% 1,331 64.3% -35.2%| 425 -37.4%|
| | |
|Petrochemicals 68 4.7% 108 5.2% -37.0%| 38 -9.5%|
| | |
|Oil & Gas, 931 64.9% 1,439 69.5% -35.3%| 463 -35.7%|
|Petrochemicals | |
| | |
| | |
| | |
|Power Generation 227 15.8% 253 12.2% -10.3%| 142 +29.1%|
| | |
| | |
| | |
|Mechanicals 133 9.3% 204 9.9% -34.8%|75 -28.6%|
| | |
|Automotive 49 3.4% 65 3.1% -24.6%|26 -13.3%|
| | |
|Construction & Other 94 6.6% 109 5.3% -13.7%|57 +7.5%|
| | |
|Industry & Other 276 19.3% 378 18.3% -27.0%| 158 -16.0%|
| | |
| | |
| | |
|Total 1,434 100.0% 2,070 100.0% -30.7%| 763 -25.0%|
+-----------------------------------------------------------------+------------+
Cash flow statement
+--------------------------------------------------------------------+
| H1 H1 In millions of euros Q2 Q2 Q1 |
| |
|2016 2015 2016 2015 2016 |
+--------------------------------------------------------------------+
|(203) (19) Cash flow from operating activities (68) (38) (135)|
| |
| Change in operating WCR |
| (41) +111 +20 +112 (61)|
| + decrease, (increase) |
+--------------------------------------------------------------------+
|(244) +92 Net cash flow from operating activities (48) +74 (196)|
+--------------------------------------------------------------------+
| (73) (89) Gross capital expenditure (30) (41) (43)|
| |
| - - Financial investments - - - |
| |
| 959 - Capital increase 959 - -|
| |
| (1) (66) Dividends paid (1) (66) - |
| |
| (66) (60) Asset disposals & other items (35) (34) (31)|
+--------------------------------------------------------------------+
| Change in net debt |
| 575 (123) 845 (67) (270)|
| + decrease, (increase) |
+--------------------------------------------------------------------+
| 944 1,670 Net debt (end of period) 944 1,670 1,789|
+--------------------------------------------------------------------+
Free cash flow
+------------------------------------------------------------------------------+
| H1 H1 In millions of euros Q2 Q2 |
| Change Change |
|2016 2015 2016 2015 |
+------------------------------------------------------------------------------+
|(203) (19) -184 Cash flow from operating activities (FFO) (68) (38) -30|
| (A) |
| |
| Change in operating WCR (B) |
| (41) +111 -152 +20 +112 -92|
| [+ decrease, (increase)] |
| |
| (73) (89) +16 Gross capital expenditure (C) (30) (41) +11|
+------------------------------------------------------------------------------+
|(317) +3 -320 Free cash flow (A)+(B)+(C) (78) +33 -111 |
+------------------------------------------------------------------------------+
Summary consolidated income statement
+------------------------------------------------------------------------------+
| H1 H1 Change In millions of euros Q2 Q2 Change|
| |
| 2016 2015 YoY 2016 2015 YoY |
| |
| 1,434 2,070 -30.7% REVENUES 763 1,018 -25.0%|
+------------------------------------------------------------------------------+
|(1,312) (1,734) -24.3% Cost of sales((1)) (691) (876) -21.1%|
+------------------------------------------------------------------------------+
| 122 336 -63.7% Industrial margin 72 142 -49.3%|
| |
| 8.5% 16.2% -7.7pt (as % of revenues) 9.4% 13.9% -4.5pt|
+------------------------------------------------------------------------------+
| (225) (264) -14.8% SG&A costs((1)) (109) (127) -14.2%|
| |
| (1) (6) na Other income (expense), net 5 (2) na|
+------------------------------------------------------------------------------+
| (104) 66 na EBITDA (32) 13 na|
+------------------------------------------------------------------------------+
| -7.3% 3.2% -10.5pt EBITDA as % of revenues -4.2% 1.3% -5.5pt|
| |
| |
| |
| (141) (149) -5.4% Depreciation of industrial assets (71) (73) -2.7%|
| |
| (22) (23) -4.3% Amortization and other (11) (13) -15.4%|
| depreciation |
| |
| (68) (17) na Impairment of assets (5) (17) na|
| |
| (83) (105) na Asset disposals, restructuring (9) (103) na|
| and other |
+------------------------------------------------------------------------------+
| (418) (228) +83.3% OPERATING INCOME (LOSS) (128) (193) -33.7%|
+------------------------------------------------------------------------------+
| (68) (37) na Financial income (loss) (34) (16) na|
+------------------------------------------------------------------------------+
| (486) (265) na PRE-TAX INCOME (LOSS) (162) (209) na|
+------------------------------------------------------------------------------+
| 46 (15) na Income tax 18 2 na|
| |
| (2) 0 na Share in net income (loss) of - (1) na|
| associates |
+------------------------------------------------------------------------------+
| (442) (280) +57.9% NET INCOME (LOSS) FOR THE (144) (208) -30.8%|
| CONSOLIDATED ENTITY |
+------------------------------------------------------------------------------+
| (27) (5) na Non-controlling interests (13) (9) na|
+------------------------------------------------------------------------------+
| (415) (275) +50.9% NET INCOME (LOSS), GROUP SHARE (131) (199) -34.2%|
+------------------------------------------------------------------------------+
| (2.4) (2.1) na EARNINGS PER SHARE (in ?) (0.3) (1.5) na|
+------------------------------------------------------------------------------+
1. 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 |
| 2016 2015 2016 2015 |
+---------------------------------------+--------------------------------------+
| | |
| | |
| |Equity, Group share 3,360 2,646|
| | |
|Net intangible assets 138 149|Non-controlling 350 392|
| |interests |
| +--------------------------------------+
|Goodwill 323 329|Total equity 3,710 3,038|
| +--------------------------------------+
|Net property, plant and 3,124 3,161| |
|equipment | |
| | |
|Biological assets 181 155|Bank loans and other 1,122 1,763|
| |borrowings |
| | |
|Associates 171 177|Employee benefits 281 224|
| | |
|Other non-current assets 269 233|Deferred tax 188 216|
| |liabilities |
| | |
|Deferred tax assets 187 149|Provisions and other 118 43|
| |long-term liabilities |
+---------------------------------------+--------------------------------------+
|Total non-current assets 4,393 4,353|Total non-current 1,709 2,246|
| |liabilities |
+---------------------------------------+--------------------------------------+
| | |
| | |
|Inventories and work-in- 1,008 1,066|Provisions 286 238|
|progress | |
| | |
|Trade and other 588 545|Overdrafts and other 1,249 387|
|receivables |short-term borrowings |
| | |
|Derivatives - assets 78 20|Trade payables 482 523|
| | |
|Other current assets 383 307|Derivatives - 131 152|
| |liabilities |
| | |
|Cash and cash 1,427 631|Tax and other current 310 347|
|equivalents |liabilities |
+---------------------------------------+--------------------------------------+
|Total current assets 3,484 2,569|Total current 2,458 1,647|
| |liabilities |
+---------------------------------------+--------------------------------------+
|Assets held for sale - 69|Liabilities disposal - 60|
| |for sale |
+---------------------------------------+--------------------------------------+
|TOTAL ASSETS 7,877 6,991|TOTAL EQUITY AND 7,877 6,991|
| |LIABILITIES |
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
|Net debt 944 1,519|Net income (loss), (415) (865)|
| |Group share |
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
|Gearing ratio 25.4% 50.0%| |
+---------------------------------------+--------------------------------------+
PDF version:
http://hugin.info/143606/R/2031620/756045.pdf
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Source: VALLOUREC via GlobeNewswire
[HUG#2031620]
Unternehmensinformation / Kurzprofil:
Datum: 28.07.2016 - 17:45 Uhr
Sprache: Deutsch
News-ID 486122
Anzahl Zeichen: 46410
contact information:
Town:
BOULOGNE BILLANCOURT CEDEX
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 270 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"VALLOUREC reports second quarter and first half 2016 results"
steht unter der journalistisch-redaktionellen Verantwortung von
VALLOUREC (Nachricht senden)
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