VALLOUREC : Full year 2016 results
(Thomson Reuters ONE) -
Press release
Full year 2016 results
+------------------------------------------------------------------------------+
| 2016 financial highlights |
| |
| * Revenue of ?2,965 million, -22.0% year-on-year |
| * EBITDA of ?-219 million, compared to ?-77 million in 2015 |
| * Net result, Group share of ?-758 million, compared to ?-865 million in |
| 2015 |
| |
| * Fully in line with targets |
| |
| * Free Cash Flow of ?-395 million in 2016 or ?-574 million at constant |
| working capital requirement (vs. target around ?-600 million) |
| * Net debt of ?1.3 billion (vs. target below ?1.5 billion) and gearing |
| ratio of 34% at the end of 2016 |
| |
| |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| Transformation Plan executed |
| |
| * Strategic initiatives announced in February 2016 fully implemented |
| according to plan |
| * New organization to enable the Group to fully benefit from its |
| Transformation Plan |
| * Structural cost savings in 2016 : ?150 million |
| * Group headcount down 12% since end December 2015, -24% since December |
| 2014 (excluding Tianda Oil Pipe acquisition) |
| |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| Outlook |
| |
| * Based on current forex and market conditions, FY 2017 targeted EBITDA to |
| improve by ?50 million to ?100 million compared to FY 2016 |
| |
+------------------------------------------------------------------------------+
Boulogne-Billancourt (France), 22 February 2017 - Vallourec, world leader in
premium tubular solutions, today announces its results for full year 2016. The
consolidated financial statements were presented by Vallourec's Management Board
to its Supervisory Board on 21 February 2017.
Commenting on these results, Philippe Crouzet, Chairman of the Management Board,
said:
"Vallourec is responding to a crisis of an unprecedented scale by deploying an
ambitious Transformation Plan. In 2016, we completed all the key initiatives
announced in February: we significantly reshaped our industrial footprint by
creating two new competitive production hubs in Brazil and China and by
drastically downsizing our European capacities which now represent 23 % of the
Group's rolling capacity versus 46 % in 2014. We strengthened our balance sheet.
Our cost savings are in line with targets. We are reinforcing the Group's
customer focus with a new regional organization supported by two central
departments. Thanks to all these achievements, the Group is confident in
delivering the full contribution from its Transformation Plan, as announced on
1 February 2016.
2016 financial results are fully in line with targets, in a very challenging
environment for Vallourec, and more generally for the oil and gas industry, with
a second year of massive E&P capex cuts. The year nonetheless ended on a more
positive trend thanks to the recovery of the US market.
Entering 2017, the positive dynamics of the US OCTG market are
confirmed. However, IOCs have not started sanctioning new offshore projects,
delaying the recovery of the international OCTG market in volume and prices.
Our mid-term outlook depends, as previously stated, on the timing of the global
Oil & Gas market recovery which still remains unclear in this market
environment. For 2017, based on current forex and market conditions,
EBITDA is targeted to improve by ?50 million to ?100 million compared to FY
2016."
Consolidated key figures
+------------------------------------------------------------------------+
| FY FY Change In millions of euros Q4 Q4 Change|
|2016 2015 |
| YoY 2016 2015 YoY |
+------------------------------------------------------------------------+
|1,281 1,411 -9.2% Sales Volume (k tons) 376 320 +17.5%|
| |
|2,965 3,803 -22.0% Revenue 838 861 -2.7%|
| |
|(219) (77) na EBITDA (63) (77) -18.2%|
| |
|-7.4% -2.0% -5.4pt As % of revenue -7.5% -8.9% +1.4pt|
| |
|(749) (838) -10.6% Operating income (loss)((1)) (188) (445) -57.8%|
| |
|(758) (865) -12.4% Net income (loss), Group share (183) (426) -57.0%|
| |
|(395) 135 -530m Free cash flow((2)) (3) 100 -103m|
| |
|1,287 1,519 -232m Net debt (end of period) 1,287 1,519 -232m|
+------------------------------------------------------------------------+
1. Comprises ?111 million of restructuring charges and ?71 million of
impairment charges mainly 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 REVENUE BY MARKET
+---------------------------------------------------------------------------+
| FY FY Change In millions of euros Q4 Q4 Change |
| 2016 2015 |
| YoY 2016 2015 YoY |
+---------------------------------------------------------------------------+
| 1,920 2,566 -25.2% Oil & Gas, Petrochemicals 550 545 +0.9% |
| |
| 486 559 -13.1% Power Generation 151 157 -4.5% |
| |
| 559 678 -17.6% Industry & Other 137 159 -13.2% |
| |
| 2,965 3,803 -22.0% Total 838 861 -2.7% |
+---------------------------------------------------------------------------+
Over the fourth quarter of 2016, Vallourec recorded revenue of ?838 million,
down 2.7% compared with the fourth quarter of 2015 (down 7.4% at constant
exchange rates). The positive volume impact (+17.5%) resulting essentially from
the volume rebound in the US was more than offset by a significantly negative
price/mix effect (-24.9%) due to the sharp deterioration of prices
in EAMEA and the USA.
In 2016, Vallourec recorded revenue of ?2,965 million, down 22.0% compared with
2015 (down 21.2% at constant exchange rates) mainly resulting from the
deterioration of prices in EAMEA and the USA (negative price/mix effect of
-12.0%) along with a 9.2% volume decrease.
Oil & Gas, Petrochemicals (64.8% of consolidated revenue)
In 2016, Oil & Gas revenue was ?1,791 million, down 24.1% year-on-year (down
23.3% at constant exchange rates):
* In the USA, Oil & Gas revenue in 2016 was significantly down compared to
2015, impacted by lower prices along with low H1 2016 volumes. After
bottoming out in Q2 2016, the number of active rigs increased until the end
of 2016, triggering gradual restocking at distributors in Q3 and Q4. Q4
2016 revenue was up sequentially, but prices remained at their low H1 level.
Entering 2017, the OCTG demand is strong, driven by higher final
consumption and restocking at distributors. The significant surge in scrap
prices at the end of 2016 and beginning of 2017 is expected to largely offset H1
2017 positive volume effect compared to H2 2016. OCTG price increases announced
in December 2016 and January 2017 should mostly impact the second half of the
year.
* In the EAMEA[1] region, Oil & Gas revenue in 2016 was slightly down.
Slightly higher OCTG volumes year-on-year as a result of tenders awarded by
NOCs were more than offset by the low prices prevailing in the region, while
IOCs continued to reduce their Capex.
In the absence of a recovery in the offshore market, the revenue in this
region beginning 2017 is mainly driven by the backlog of contracts awarded in
2016 by NOCs, at lower prices than for H1 2016 deliveries.
* In Brazil, Oil & Gas revenue in 2016 was significantly down year-on-year,
essentially as a result of Petrobras's capex cuts. H2 2016 deliveries were
as planned heavily concentrated over Q3.
Based on Petrobras' new five-year Business and Management Plan, Oil & Gas
revenue is expected to remain broadly stable in 2017.
Petrochemicals 2016 revenue was ?129 million, down 37.1% year-on-year (down
37.1% at constant exchange rates).
Power Generation (16.4% of consolidated revenue)
In 2016, Power Generation revenue amounted to ?486 million, down 13.1% year-on-
year at current perimeter[2] (down 12.5% at constant exchange rates).
Excluding Vallourec Heat Exchanger Tubes which was divested in May 2016, Power
Generation revenue was slightly down in 2016. The increase of conventional power
generation revenue in 2016 thanks to deliveries for coal-fired power plants in
China was offset by the significant revenue decline in the nuclear activity.
Entering 2017, Vallourec expects a progressive slowdown in conventional power
generation activity in China.
Industry & Other (18.8% of consolidated revenue)
In 2016, Industry & Other revenue amounted to ?559 million, down 17.6% year-on-
year (down 16.6% at constant exchange rates):
* In Europe, Industry & other revenue in 2016 was down as a result of the
decline in volumes and prices.
* In Brazil, Industry & other revenue was slightly down in 2016. While the
Automotive and Mechanical sectors revenue was slightly up compared to 2015
thanks to a better H2 year-on-year, iron ore revenue was down in 2016 due to
the decrease in iron ore prices.
Entering 2017, no significant change is occurring in these market segments with
the exception of the iron ore prices rebound.
II - Q4 2016 CONSOLIDATED RESULTS ANALYSIS
In Q4 2016, EBITDA stood at ?-63 million, down ?11 million compared to Q3 2016,
essentially due to the concentration of H2 deliveries to Petrobras in Q3 2016 to
ensure a smooth transition towards the new entity Vallourec Soluções Tubulares
do Brasil.
Q4 2016 EBITDA was up ?14 million year-on-year, with:
* Consolidated revenue down -2.7% compared with Q4 2015 to ?838 million in
spite of higher volumes, mostly due to a negative price/mix effect;
* Industrial margin at ?60 million, up ?5 million compared with Q4 2015, the
impact of revenue decline being more than offset by the positive
contribution of the full consolidation of VSB and lower costs as a result of
the successful implementation of the cost savings plan and ongoing
adaptation in the mills;
* Reduced sales, general and administrative costs (SG&A) of ?117 million, down
10% compared with Q4 2015.
Operating result was a loss of ?-188 million, compared to a loss of ?-445
million in Q4 2015, resulting mostly from lower restructuring charges and
impairments than in Q4 2015.
Financial result was negative at ?-31 million versus ?-23 million in Q4 2015,
resulting mainly from higher net financial interests.
Income tax was a gain of ?28 million in Q4 2016 compared to ?27 million in Q4
2015, mainly related to the recognition of deferred tax assets.
The share attributable to non-controlling interests amounted to ?-13 million in
Q4 2016, compared to ?-14 million in Q4 2015.
This resulted in a net loss of ?-183 million in Q4 2016, compared to ?-426
million in Q4 2015.
III - FY 2016 CONSOLIDATED RESULTS ANALYSIS
EBITDA stood at ?-219 million in 2016, down by ?142 million year-on-year, with:
* Consolidated revenue down 22.0% compared to 2015 to ?2,965 million mainly
due to lower volumes and a negative price/mix effect;
* Lower industrial margin at ?238 million, down ?213 million. Despite high
adaptation of costs, the drop in activity has led to industrial
inefficiencies associated with low loads in the mills;
* Reduced sales, general and administrative costs (SG&A) at ?448 million, down
12.7% compared with 2015.
Operating result was a loss of ?-749 million, compared to a loss of ?-838
million in 2015, resulting primarily from
* lower EBITDA, and from
* restructuring charges of ?111 million and impairment charges of ?71 million
mainly related to the strategic initiatives announced on 1 February 2016,
compared to restructuring charges of ?101 million and impairments for a
total amount of ?296 million booked in 2015.
Financial result was negative at ?-131 million in 2016 versus ?-75 million in
2015, resulting mainly from a lower forex result and higher net financial
interests.
Income tax was a gain of ?80 million in 2016 compared to ?15 million in 2015,
mainly related to the recognition of deferred tax assets.
The share attributable to non-controlling interests amounted to ?-50 million in
2016, compared to ?-33 million in 2015.
In 2016, net result, Group share was a loss of ?758 million, compared to a loss
of ?865 million in 2015.
Vallourec will propose that no dividend be paid for fiscal year 2016. This is
subject to the approval of the Shareholders' Meeting to be held on 12 May 2017.
IV - CASH FLOW & FINANCIAL POSITION
Vallourec generated a free cash flow of ?-3 million in Q4 2016, with cash flow
from operating activities (?-124 million) and gross capital expenditure (?-75
million) offset by the reduction of working capital requirement (?196 million).
Over 2016, negative free cash flow amounted to ?-395 million, after a positive
?135 million in 2015. This is mainly explained by:
* Negative cash flow from operating activities at ?-399 million;
* A decrease in operating working capital requirement of ?179 million;
* Capital expenditure at ?-175 million, compared to ?-268 million in 2015.
As at 31 December 2016, Group net debt decreased by ?232 million compared to 31
December 2015 to reach ?1,287 million, resulting in a gearing ratio of 34.1%
versus 50.0% at the end of 2015.
The decrease in net debt in 2016 is mainly due to the ?951 million net proceeds
of the capital increase in H1 2016, partly offset by cash outflows from
operations over the period, the acquisition of Tianda Oil Pipe (?158 million)
and the debt impact of the full consolidation of VSB as of 1 October 2016
(?153million).
V - LIQUIDITY
The Company's cash position as at 31 December 2016 amounted to ?1,287 million.
Short-term debt amounted to ?1,453 million.
As at 31 December 2016, Vallourec's medium and long-term undrawn committed
credit facilities amounted to ?2.3 billion, including ?0.2 billion credit
facilities maturing in July 2017.
VI - TRANSFORMATION PLAN
Designed to enhance Vallourec's competitiveness through the reshaping of the
Group's industrial footprint, Vallourec's Transformation Plan has been
successfully implemented in 2016 and early 2017, within the timeframe announced.
In 2016 and early 2017, Vallourec:
* optimized its European footprint with the closure of four facilities (a
threading line in Mülheim in Germany, Saint-Saulve and Déville-Lès-Rouen
rolling mills in France and a heat treatment line in Bellshill in Scotland),
the sale of Vallourec Heat Exchanger Tubes and the divestiture of a majority
holding in the Saint-Saulve steel mill;
* created two competitive production hubs in Brazil and China with the
merger[3] of Vallourec Tubos do Brasil and Vallourec & Sumitomo Tubos do
Brasil and the acquisition of Tianda Oil Pipe (TOP);
* reinforced its balance sheet with a c. ?1 billion capital increase;
* reinforced its partnership with Nippon Steel & Sumitomo Metal Corporation.
Thanks to the commitment of Vallourec teams, cost savings as part of the
Transformation Plan are fully in line with targets, reaching ?150 million in
2016 before inflation.
Group headcount at the end of 2016 was down 12% compared to the end of 2015 and
24% compared to 2014.
Taking into account the acquisition of Tianda Oil Pipe which took place in Q4
2016, Group headcount at the end of 2016 is down 5.2% compared to the end of
2015 and down 18.2% compared to 2014.
In order to fully benefit from the implementation of its Transformation Plan,
Vallourec is adapting its organization. As from April 2017, the Group will be
structured around four regions: North America, South America, Europe/Africa
(EA), and Middle East/Asia (MEA) and two new central departments: Development
and Innovation (D&I) will design and implement the development strategy of
product lines and be responsible for innovation and R&D; Technology and Industry
(T&I) will optimize the Group's industrial strategy, aiming to continue to
improve its cost base. It will also be responsible for technology, sourcing, and
global planning.
This new organization will strengthen the Group's customer focus in each of its
regions, optimize the use of its global resources, and boost its development.
VII - MARKET TRENDS & OUTLOOK
In 2017, Oil & Gas revenue is expected to grow significantly in the US.
In the rest of the world, the sanctioning of new large projects by IOCs has not
yet restarted, and deliveries should mainly rely on NOCs, at lower prices than
those registered for deliveries at the start of 2016.
Drilling activity in Brazil in 2017 is expected to remain broadly stable
compared to 2016.
Other Group businesses should continue to experience low demand in a competitive
pricing environment.
Raw material costs have been increasing since Q4 2016 and should stay volatile.
Initiatives deployed as part of the Transformation Plan will enable the Group to
continue to lower its cost base.
Therefore, based on current forex and market conditions, Vallourec targets full
year 2017 EBITDA to improve by ?50 million to ?100 million compared to FY 2016.
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).
Presentation of FY 2016 financial results
Analyst conference call / audio webcast held at 6:30 pm (Paris time) in English.
* To listen to the audio webcast: http://edge.media-
server.com/m/go/vallourecFY2016
* To participate in the conference call, please dial :
+44(0)20 3427 1915 (UK)
+33(0)1 76 77 22 30 (FR)
+1212 444 0896 (USA)
+44(0)20 3427 1915 (other countries)
Conference ID: 1129233
* Audio webcast and slides will be available on the website at:
http://www.vallourec.com/EN/GROUP/FINANCE
Calendar
--------------------------------------------------------
26 April 2017 Release of first quarter 2017 results
12 May 2017 Shareholders' Meeting
--------------------------------------------------------
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
Tél : +33 (0)1 49 09 35 58 Tél : +33 (0)1 41 03 77 50 / +33 (0)6
45 45 19 67
etienne.bertrand(at)vallourec.com heloise.rothenbuhler(at)vallourec.com
Guilherme Camara Individual shareholders
Tel: +33 (0)1 49 09 39 92 Toll Free number from France: 0 800 505 110
guilherme.camara(at)vallourec.com actionnaires(at)vallourec.com
Appendices
Documents accompanying this release:
* Volumes sold (k tonnes)
* Forex
* Revenue by geographic region
* Revenue by market
* Cash flow statement
* Free cash flow
* Summary consolidated income statement
* Summary consolidated balance sheet
Volumes shipped
+------------------------------------------------------+
| In thousands of metric tons Change |
| 2016 2015 |
| YoY |
+------------------------------------------------------+
| |
| |
| Q1 251 412 -39.1% |
| |
| Q2 321 362 -11.3% |
| |
| Q3 333 317 +5.0% |
| |
| Q4 376 320 +17.5% |
| |
| |
| |
| Total 1,281 1,411 -9.2% |
+------------------------------------------------------+
Forex
+---------------------------------------+
| Average exchange rate 2016 2015 |
+---------------------------------------+
| EUR / USD 1.11 1.11 |
| |
| EUR / BRL 3.85 3.70 |
| |
| USD / BRL 3.48 3.33 |
+---------------------------------------+
Revenue by geographic region
+-------------------------------------------------------------------+
|In millions of euros Q4 Change As % of As % of Change|
| 2016 2015 |
| 2016 YoY sales sales YoY |
+-------------------------------------------------------------------+
| |
| |
|Europe 186 +9.4% 647 21.8% 849 22.3% -23.8%|
| |
|North America 193 -10.2% 559 18.9% 1,096 28.8% -49.0%|
| |
|South America 89 +23.6% 467 15.7% 596 15.7% -21.6%|
| |
|Asia & Middle East 289 +23.0% 848 28.6% 852 22.4% -0.5%|
| |
|Rest of World 81 -52.4% 444 15.0% 410 10.8% +8.3%|
| |
| |
| |
|Total 838 -2.7% 2,965 100.0% 3,803 100.0% -22.0%|
+-------------------------------------------------------------------+
Revenue by market
+-------------------------------------------------------------------------+
|In millions of euros Q4 Change As % of As % of Change|
| 2016 2015 |
| 2016 YoY sales sales YoY |
+-------------------------------------------------------------------------+
| |
| |
|Oil & Gas 517 +4.0% 1,791 60.4% 2,361 62.1% -24.1%|
| |
|Petrochemicals 33 -31.3% 129 4.4% 205 5.4% -37.1%|
| |
|Oil & Gas, Petrochemicals 550 +0.9% 1,920 64.8% 2,566 67.5% -25.2%|
| |
| |
| |
|Power Generation 151 -3.8% 486 16.4% 559 14.7% -13.1%|
| |
| |
| |
|Mechanicals 73 -11.0% 279 9.4% 363 9.6% -23.1%|
| |
|Automotive 25 +4.2% 101 3.4% 114 3.0% -11.4%|
| |
|Construction & Other 39 -26.4% 179 6.0% 201 5.3% -10.9%|
| |
|Industry & Other 137 -13.8% 559 18.8% 678 17.8% -17.6%|
| |
| |
| |
|Total 838 -2.7% 2,965 100.0% 3,803 100.0% -22.0%|
+-------------------------------------------------------------------------+
Cash flow statement
+----------------------------------------------------------------------+
| Q4 Q4 Q3 In millions of euros |
| 2016 2015 |
|2016 2015 2016 |
+----------------------------------------------------------------------+
|(124) (144) (72) Cash flow from operating activities (399) (229)|
| |
| Change in operating WCR |
| +196 +353 +24 +179 +632|
| + decrease, (increase) |
+----------------------------------------------------------------------+
| +72 +209 (48) Net cash flows from operating activities (220) +403|
+----------------------------------------------------------------------+
| (75) (109) (27) Gross capital expenditure (175) (268)|
| |
| - - - Financial investments - - |
| |
| 21 - - Capital increase 980 -|
| |
|(248) - - Impact of acquisition (305) -|
| |
| - (1) (1) Dividends paid (2) (69)|
| |
| (37) 15 - Asset disposals & other elements (46) (38)|
+----------------------------------------------------------------------+
| Change in net debt |
|(267) +114 (76) +232 +28|
| + decrease, (increase) |
+----------------------------------------------------------------------+
|1,287 1,519 1,020 Net debt (end of period) 1,287 1,519|
+----------------------------------------------------------------------+
Free cash flow
+------------------------------------------------------------------------------+
| Q4 Q4 In millions of euros |
| Change 2016 2015 Change|
|2016 2015 |
+------------------------------------------------------------------------------+
|(124) (144) +20 Cash flow from operating activities (399) (229) -170|
| (FFO) (A) |
| |
| Change in operating WCR (B) |
| +196 +353 -157 +179 +632 -453|
| [+ decrease, (increase)] |
| |
| (75) (109) +34 Gross capital expenditure (C) (175) (268) +93|
+------------------------------------------------------------------------------+
| (3) +100 -103 Free cash flow (A)+(B)+(C) (395) +135 -530 |
+------------------------------------------------------------------------------+
Summary consolidated income statement
+------------------------------------------------------------------------------+
| Q4 Q4 Change In millions of euros Change |
|2016 2015 2016 2015 |
| YoY YoY |
+------------------------------------------------------------------------------+
| 838 861 -2.7% REVENUE 2,965 3,803 -22.0%|
+------------------------------------------------------------------------------+
|(778) (806) -3.5% Cost of sales((1)) (2,727) (3,352) -18.6%|
+------------------------------------------------------------------------------+
| 60 55 9.1% Industrial margin 238 451 -47.2%|
| |
| 7.2% 6.4% +0.8pt (as % of sales) 8.0% 11.9% -3.9pt|
+------------------------------------------------------------------------------+
|(117) (130) -10.0% SG&A costs((1)) (448) (513) -12.7%|
| |
| (6) (2) na Other income (expense), net (9) (15) na|
+------------------------------------------------------------------------------+
| (63) (77) -18.2% EBITDA (219) (77) na|
+------------------------------------------------------------------------------+
|-7.5% -8.9% +1.4 pt EBITDA as % of sales -7.4% -2.0% -5.4 pt|
| |
| |
| |
| (73) (75) -2.7% Depreciation of industrial assets (283) (303) -6.6%|
| |
| (16) (12) na Amortization and other (49) (44) na|
| depreciation |
| |
| (1) (280) na Impairment of assets (71) (296) na|
| |
| (35) (1) na Asset disposals, restructuring (127) (118) na|
| and other |
+------------------------------------------------------------------------------+
|(188) (445) -57.8% OPERATING PROFIT (749) (838) -10.6%|
+------------------------------------------------------------------------------+
| (31) (23) +34.8% Financial income (loss) (131) (75) +74.7%|
+------------------------------------------------------------------------------+
|(220) (468) -53.0% PROFIT BEFORE TAX (880) (913) -3.6%|
+------------------------------------------------------------------------------+
| 28 27 na Income tax 80 15 na|
| |
| (4) 1 na Net profit of equity affiliates (8) - na|
+------------------------------------------------------------------------------+
|(196) (440) -55.5% NET INCOME FOR THE CONSOLIDATED (808) (898) -10.0%|
| ENTITY |
+------------------------------------------------------------------------------+
| (13) (14) na Non-controlling interests (50) (33) na|
+------------------------------------------------------------------------------+
|(183) (426) -57.0% NET INCOME, GROUP SHARE (758) (865) -12.4%|
+------------------------------------------------------------------------------+
|(0.1) (3.3) na EARNINGS PER SHARE (in ?) (2.3) (6.6) na|
+------------------------------------------------------------------------------+
1. Before depreciation and amortization
na: not applicable
Summary consolidated balance sheet
|In millions of euros |
| |
| 31-Dec 31-Dec 31-Dec 31-Dec|
| Assets Liabilities |
| 2016 2015 2016 2015 |
+---------------------------------------+--------------------------------------+
| | |
| | |
| |Equity, Group share 3,284 2,646|
| | |
|Intangible assets, net 125 149|Non-controlling 494 392|
| |interests |
| +--------------------------------------+
|Goodwill 383 329|Total equity 3,778 3,038|
| +--------------------------------------+
|Net property, plant and 3,618 3,161|Shareholder loan 84 |
|equipment | |
| | |
|Biological assets 88 155|Bank loans and other 1,037 1,763|
| |borrowings |
| | |
|Investments in equity 125 177|Employee benefits 227 224|
|affiliates | |
| | |
|Other non-current assets 348 233|Deferred tax liabilities 80 216|
| | |
|Deferred tax assets 190 149|Other long-term 121 43|
| |liabilities |
+---------------------------------------+--------------------------------------+
|Total non-current assets 4,877 4,353|Total non-current 1,549 2,246|
| |liabilities |
+---------------------------------------+--------------------------------------+
| | |
| | |
|Inventories and work-in- 1,035 1,066|Provisions 280 238|
|progress | |
| | |
|Trade and other 546 545|Overdrafts and other 1,453 387|
|receivables |short-term borrowings |
| | |
|Derivatives - assets 58 20|Trade payables 530 523|
| | |
|Other current assets 283 307|Derivatives - 105 152|
| |liabilities |
| | |
|Cash and cash equivalents 1,287 631|Other current 310 347|
| |liabilities |
+---------------------------------------+--------------------------------------+
|Total current assets 3,209 2,569|Total current 2,678 1,647|
| |liabilities |
+---------------------------------------+--------------------------------------+
|Assets held for sale 46 69|Liabilities disposal for 43 60|
| |sale |
+---------------------------------------+--------------------------------------+
|TOTAL ASSETS 8,132 6,991|TOTAL LIABILITIES 8,132 6,991|
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
|Net debt 1,287 1,519|Net income, Group share (758) (865)|
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
|Gearing ratio 34.1% 50.0%| |
+---------------------------------------+--------------------------------------+
--------------------------------------------------------------------------------
[1] EAMEA: Europe, Africa, Middle East, Asia
[2] Vallourec Heat Exchanger Tubes was deconsolidated on 1 May 2016.
[3] through a contribution of Vallourec Tubos do Brasil's Pipe & Tube business
to Vallourec & Sumitomo Tubos do Brasil
PDF Version:
http://hugin.info/143606/R/2081077/783762.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: VALLOUREC via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 22.02.2017 - 17:45 Uhr
Sprache: Deutsch
News-ID 525870
Anzahl Zeichen: 48278
contact information:
Town:
BOULOGNE BILLANCOURT CEDEX
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 264 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"VALLOUREC : Full year 2016 results"
steht unter der journalistisch-redaktionellen Verantwortung von
VALLOUREC (Nachricht senden)
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