VALLOUREC : Second quarter and first half 2017 results
(Thomson Reuters ONE) -
Press release
Vallourec reports second quarter and first half 2017 results
+------------------------------------------------------------------------------+
| Better H1 2017 results; 2017 EBITDA target revised upwards |
| |
| * Q2 2017 EBITDA positive, at ?3 million |
| * H1 2017 EBITDA of -?18 million, up ?86 million yoy |
| * FY 2017 guidance revised upwards: Full year 2017 EBITDA targeted |
| improvement from +?125 million to +?175 million versus 2016 |
+------------------------------------------------------------------------------+
Key figures
+------------------------------------------------------------------------------+
| H1 H1 Change In millions of euros Q2 Q2 Change |
| |
| 2017 2016 YoY 2017 2016 YoY |
+------------------------------------------------------------------------------+
| 1,013 572 77.1% Sales Volume (k tonnes) 538 321 67.6%|
| |
| 1,716 1,434 19.7% Revenue 933 763 22.3%|
| |
| (18) (104) +?86m EBITDA 3 (32) +?35m|
| |
| -1.0% -7.3% +6.3pt As % of revenue 0.3% -4.2% +4.5pt|
| |
| (254) (415) Net income (loss), Group (128) (131) |
| +?161m share +?3m|
| |
| (325) (317) -?8m Free cash flow((1)) (105) (78) -?27m|
| |
|30 June 31 Dec. Change In millions of euros 30 June 31 March Change |
| |
| 2017 2016 over H1 2017 2017 over Q2|
+------------------------------------------------------------------------------+
| 1,613 1,287 +?326m Net debt 1,613 1,533 +?80m|
+------------------------------------------------------------------------------+
1. 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
Boulogne-Billancourt (France), 26 July 2017 - Vallourec, world leader in premium
tubular solutions, today announces its results for the second quarter and first
half of 2017. The consolidated financial statements were presented by
Vallourec's Management Board to its Supervisory Board on 25 July 2017.
Commenting on these results, Philippe Crouzet, Chairman of the Management Board,
said:
"Vallourec's financial results in the first half reflect an improvement of the
Group's performance both sequentially and year on year, with an EBITDA improving
above expectations.
In the US, demand for O&G products remained strong thanks to an increased number
of active rigs, enabling us to start passing through price increases. We are now
starting to see a flattening trend in rig count. In Brazil, we benefited from
good offshore deliveries at the beginning of the year and from the expected
benefits of the Transformation Plan. In the rest of the world, tendering
activity for Oil & Gas products remains steady for NOCs, while IOCs tendering
activity shows some signs of upcoming recovery, in a still competitive
environment.
We remain fully focused on our Transformation Plan, which is delivering the
expected cost savings. We are rolling out our new organization, aiming at
strengthening the Group's customer focus in each region, optimizing the use of
our global resources, and boosting our development.
In that context, Vallourec upgrades its full year 2017 EBITDA target with an
improvement ranging from +?125 million to +?175 million when compared to 2016."
I - CONSOLIDATED REVENUE BY MARKET
+------------------------------------------------------------------+
| H1 H1 Change In millions of euros Q2 Q2 Change|
| |
| 2017 2016 YoY 2017 2016 YoY |
+------------------------------------------------------------------+
| 1,178 931 26.5% Oil & Gas, Petrochemicals 645 463 39.3%|
| |
| 189 227 -16.7% Power Generation 105 142 -26.1%|
| |
| 349 276 26.4% Industry & Other 183 158 15.8%|
| |
| 1,716 1,434 19.7% Total 933 763 22.3%|
+------------------------------------------------------------------+
Over the first half of 2017, Vallourec recorded revenue of ?1,716 million, up
19.7% compared with the first half of 2016. At constant scope and exchange rates
revenue was up 2.4%, with a positive volume impact (+26.2%), mainly due to the
volume rebound in the US partly offset by a negative price/mix effect (-23.8%)
explained by three factors:
* a change in mix in H1 2017 deliveries compared to a favourable H1 2016,
* the price deterioration in the Oil & Gas market in 2016 weighing on 2017
revenue, and
* a change in geographical mix with higher US volumes sold at a lower average
selling price than the Group average.
The scope effect (integration of Tianda, full consolidation of VSB and
divestiture of VHET) was +11.7%[1] and the exchange rate effect was +5.6%.
Q2 2017 revenue was up 22.3% compared with Q2 2106, to ?933 million. At constant
scope and exchange rates revenue was up 5.7%, with a positive volume impact
(+18.3%), partly offset by a negative price/mix effect (-12.6%). This is mainly
due to US higher Oil & Gas volumes, more than offsetting lower OCTG deliveries
and prices in EAMEA. Industry and other revenue was up year on year benefiting
from positive volume impacts, along with higher revenue from the mine.
Oil & Gas, Petrochemicals (68.7% of consolidated revenue)
Oil & Gas revenue reached ?1,069 million in H1 2017, up +23.9% year on year.
Excluding scope and forex effects, Oil & Gas revenue was up 2.4% year-on-year.
* In the USA, revenue more than doubled thanks to higher volumes. Sequentially
Q2 sales were higher than Q1, with higher volumes, and to a lesser extent,
higher prices. Vallourec domestic facilities have progressively increased
their activity over the semester, and are now close to full capacity
utilization. The support of imported volumes from our other mills, notably
from Brazil, has been started.
* In the EAMEA region, OCTG volumes were up year-on-year as a result of the
integration of Tianda deliveries and full consolidation of VSB exports.
However, revenue was down mainly due to deliveries to NOCs at lower prices
in the backlog than in H1 2016.
* In Brazil, Oil & gas revenue was up year-on-year, notably benefiting from
higher OCTG deliveries required by Petrobras in Q1 for drilling of
exploratory wells in the Libra field.
Petrochemicals revenue was ?109 million in H1 2017, up 60.3% year-on-year mainly
thanks to positive scope impacts. Excluding scope and forex effects,
Petrochemicals revenue was up 16.2% year-on-year.
Power Generation (11.0% of consolidated revenue)
Power Generation revenue amounted to ?189 million in H1 2017, down 16.7% year-
on-year, including the impact related to the integration of Tianda. This decline
results from lower deliveries in Asia notably in the second quarter, for both
conventional and nuclear, as well as from the divestiture of VHET in 2016.
Excluding scope and forex effects, Power Generation revenue was down 16.3% year-
on-year.
Industry & Other (20.3% of consolidated revenue)
Industry & Other revenue amounted to ?349 million in H1 2017, up 26.4% year-on-
year.
* In Europe, it was up essentially thanks to higher volumes for Mechanical
Engineering.
* In Brazil, Industry & Other revenue was up mainly thanks to the increase of
iron ore prices combined with increased volumes and prices for heavy
vehicles and agricultural machinery.
Excluding scope and forex effects, Industry and other revenue were up 13.8%
year-on-year.
II - CONSOLIDATED RESULTS ANALYSIS
In the second quarter of 2017, EBITDA was positive at ?3 million, improving from
-?32 million in Q2 2016. This improvement mainly resulted from savings and
change in scope generated by the Transformation plan, the higher performance
from our Brazilian and North American regions, and from favourable change in
provision, more than offsetting negative price/mix impacts reflected in the
backlog delivered in the EAMEA region.
Q2 2017 EBITDA was better than initially anticipated, mainly due to better
performance in Brazil and the US, associated with favourable change in
provision.
For the first half of the year, EBITDA stood at -?18 million, up by ?86 million
year-on-year, with:
* Consolidated revenue up 19.7% compared with H1 2016, reaching ?1,716 million
mostly thanks to a positive scope effect, and higher OCTG sales in North
America;
* An industrial margin of ?213 million, up ?91 million compared with H1 2016,
reflecting (i) the impact of higher sales in particular in the US and in
Brazil more than offsetting the lower contribution from EAMEA, as well as
(ii) the savings and scope impact from the Transformation Plan initiatives,
mitigated by the increase in raw material costs;
* Sales, general and administrative costs (SG&A) of ?221 million, down 1.8%
compared with H1 2016 with cost savings being partly offset by negative
forex and scope impacts.
Operating result was a loss of ?189 million, compared to a loss of ?418 million
in H1 2016, or a ?229 million improvement, resulting from higher EBITDA and no
restructuring and impairment charges in H1 2017. In H1 2016 operating result was
impacted by restructuring charges of ?83 million and impairment charges of ?68
million mainly related to the strategic initiatives announced on 1 February
2016.
Financial result was negative at -?101 million versus -?68 million in H1 2016,
mainly impacted by the recognition of a loss of -?13 million related to the
change in fair value of NSSMC shares held by Vallourec since 2009, higher
financial interests and the full consolidation of VSB.
Income tax was a gain of ?18 million in H1 2017, compared to a gain of ?46
million in H1 2016, essentially related to the recognition of deferred tax
assets.
The share attributable to non-controlling interests amounted to ?21 million in
H1 2017, compared to ?27 million in H1 2016.
This resulted in a net loss, Group share of -?254 million in H1 2017, compared
to -?415 million in H1 2016.
III - CASH FLOW, FINANCIAL POSITION AND LIQUIDITY
Vallourec generated a negative free cash flow of -?325 million in H1 2017
compared to -?317 million in H1 2016. This is mainly explained by:
* Negative cash flow from operating activities at -?160 million, versus -?203
million in H1 2016. Better EBITDA was partly offset by higher financial
interests paid over the period and unfavourable change in non-cash
provision,
* Change in working capital requirement amounted to -?104 million compared to
-?41 million in H1 2016. This increase, which took place in Q1 2017 before
stabilization in Q2, is principally explained by the activity recovery in
the US. It was partly offset by operational working capital management
efficiencies over the period.
* Capital expenditure at -?61 million, compared to -?73 million in H1 2016.
As a consequence, as at 30 June 2017, Group net debt increased by ?326 million
compared to 31 December 2016 to reach ?1,613 million. Cash consumption was
efficiently managed over the second quarter (net debt increased by ?80 million
over Q2 2017).
The Company's cash position as at 30 June 2017 amounted to ?867 million.
Vallourec's medium and long-term committed facilities amounted to ?2.3 billion
(including ?0.2 billion credit facilities maturing in July 2017), out of which
?0.7bn were drawn.
At 30 June 2017, short-term debt amounted to ?1,419 million, including ?0.7bn of
drawn committed long term credit facilities.
As a reminder, through amendments signed on 17 March 2017, the net debt-to-
equity covenant associated to the Group's medium and long-term bank facilities
has been revised with a threshold raised from 75% to 100% for the annual tests
occurring at the end of 2018, 2019 and 2020.
IV - TRANSFORMATION PLAN
On 26 January 2017, Vallourec finalized the divestment of a 60% stake in the
Saint Saulve steel mill to Asco Industries. Vallourec retains a 40% share in the
mill.
Vallourec's new organization structured around four regions (North America,
South America, Europe/Africa (EA), and the Middle East/Asia (MEA)) and two
central departments (Development & Innovation and Technology & Industry) is in
place. This new organization is aiming at strengthening the Group's customer
focus in each of its regions, optimizing the use of global resources, and
boosting development.
Vallourec continues to deploy its Transformation Plan including its new
rationalized industrial footprint combined with the rigorous implementation of
the structural cost reductions program.
In H1 2017, the Transformation Plan enabled to generate ?78 million gross
savings.
V - MARKET TRENDS & OUTLOOK
Over the second half of the year, revenue and results in North America are
expected to improve compared with H1, thanks to higher deliveries allowed by the
return of domestic facilities to full capacity utilization, and to the price
increases taking place as of Q3.
On the other hand, result in Brazil will be impacted notably by lower deliveries
for off-shore after the high level achieved in the first semester, and by the
decrease in iron ore prices.
In Oil and Gas EAMEA, signs for an upcoming higher tendering activity from IOCs
will not impact the second semester.
Vallourec does not expect any significant changes in its other businesses, where
the environment will stay very competitive.
Transformation Plan initiatives are expected to generate significant savings
over the year, in line with its objectives.
Although it operates in a volatile and uncertain environment, assuming that
current market conditions remain stable, Vallourec upgrades its full year 2017
EBITDA target to an improvement ranging from +?125 million to +?175 million when
compared to 2016[2].
Presentation of Q2 and H1 2017 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/vallourecHY2017
* To participate in the conference call, please dial :
+44(0)20 3427 1901 (UK),
+33(0)1 76 77 22 25 (France),
+1 646 254 3364 (US),
+44(0)20 3427 1901 (other countries)
Conference code : 8686175
* Audio webcast and slides will be available on the website at:
http://www.vallourec.com/EN/GROUP/FINANCE
Calendar
-------------------------------------------------------------------------------
9 November 2017 Release of third quarter and first nine months 2017 financial
results
-------------------------------------------------------------------------------
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. With close to 19,000
dedicated and passionate employees in more than 20 countries, Vallourec works
hand-in-hand with its customers to offer more than just tubes: Vallourec
delivers 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.
www.vallourec.com
Follow us on Twitter (at)Vallourec
For further information, please contact:
Investor relations Press relations
Alexandra Fichelson Héloïse Rothenbühler
Guilherme Camara Tel: +33 (0)1 41 03 77 50 / +33 (0)6
Tel: +33 (0)1 49 09 39 76 45 45 19 67
Investor.relations(at)vallourec.com heloise.rothenbuhler(at)vallourec.com
Individual shareholders
Toll Free Number (from France):
0800 505 110
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
21 March 2017 (N° D.17-0191).
Appendices
Documents accompanying this release:
* Sales volume
* Forex
* Revenue by geographic region
* Revenue by market
* Cash flow statement
* Free cash flow
* Summary consolidated income statement
* Summary consolidated balance sheet
Sales volume
+-------------------------------------------------------+
| In thousands of tonnes Change |
| 2017 2016 |
| YoY |
+-------------------------------------------------------+
| Q1 475 251 89.2% |
| |
| Q2 538 321 67.6% |
| |
| Q3 333 |
| |
| Q4 376 |
| |
| Total 1,013 1,281 |
+-------------------------------------------------------+
Forex
+-------------------------------------------+
| Average exchange rate H1 2017 H1 2016 |
+-------------------------------------------+
| EUR / USD 1.08 1.12 |
| |
| EUR / BRL 3.44 4.13 |
| |
| USD / BRL 3.18 3.70 |
+-------------------------------------------+
Revenue by geographic region
+-------------------------------------------------------------------+
| In millions of euros H1 As % of H1 As % of Change |
| |
| 2017 revenue 2016 revenue YoY |
+-------------------------------------------------------------------+
| |
| |
| Europe 280 16.3% 307 21.4% -8.8% |
| |
| North America 414 24.1% 238 16.6% 73.9% |
| |
| South America 315 18.4% 217 15.1% 45.2% |
| |
| Asia & Middle East 558 32.5% 404 28.2% 38.1% |
| |
| Rest of World 149 8.7% 268 18.7% -44.4% |
| |
| |
| |
| Total 1,716 100.0% 1,434 100.0% 19.7% |
+-------------------------------------------------------------------+
Revenue by market
+------------------------------------------------------------------------------------+
| In millions of |
| H1 As % of H1 As % of Change euros Q2 As % of Q2 As % of Change|
| |
| 2017 revenue 2016 revenue YoY 2017 revenue 2016 revenue YoY |
+------------------------------------------------------------------------------------+
| |
| |
| |
| 1,069 62.3% 863 60.2% 23.9% Oil & Gas 584 62.6% 425 55.7% 37.4%|
| |
| |
| 109 6.4% 68 4.7% 60.3% Petrochemicals 61 6.5% 38 5.0% 60.5%|
+------------------------------------------------------------------------------------+
| Oil & Gas, |
| 1,178 68.7% 931 64.9% 26.5% Petrochemicals 645 69.1% 463 60.7% 39.3%|
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| Power |
| 189 11.0% 227 15.8% -16.7% Generation 105 11.3% 142 18.6% -26.1%|
+------------------------------------------------------------------------------------+
| |
| |
| |
| 155 9.0% 133 9.3% 16.5% Mechanicals 83 8.9% 75 9.8% 10.7%|
| |
| |
| 70 4.1% 49 3.4% 42.9% Automotive 37 4.0% 26 3.4% 42.3%|
| |
| Construction & |
| 124 7.2% 94 6.6% 31.9% Other 63 6.7% 57 7.5% 10.5%|
+------------------------------------------------------------------------------------+
| Industry & |
| 349 20.3% 276 19.3% 26.4% Other 183 19.6% 158 20.7% 15.8%|
+------------------------------------------------------------------------------------+
| |
| |
| |
| 1,716 100.0% 1,434 100.0% 19.7% Total 933 100.0% 763 100.0% 22.3%|
+------------------------------------------------------------------------------------+
Cash flow statement
+--------------------------------------------------------------------+
| H1 H1 In millions of euros Q2 Q2 Q1 |
| |
|2017 2016 2017 2016 2017 |
+-----+---------------------------------------------+-----+----+-----+
|(160)|(203) Cash flow from operating activities | (78)|(68)| (82)|
| | | | | |
|(104)| (41) Change in operating WCR | -| 20|(104)|
| | | | | |
| | + decrease, (increase) | | | |
+-----+---------------------------------------------+-----+----+-----+
|(264)|(244) Net cash flow from operating activities| (78)|(48)|(186)|
+-----+---------------------------------------------+-----+----+-----+
| (61)| (73) Gross capital expenditure | (27)|(30)| (34)|
| | | | | |
| - | - Financial investments | - | - | - |
| | | | | |
| - | 959 Capital increase | - | 959| - |
| | | | | |
| - | (1) Dividends paid | - | (1)| - |
| | | | | |
| (1)| (66) Asset disposals & other items | 25|(35)| (26)|
+-----+---------------------------------------------+-----+----+-----+
|(326)| 575 Change in net debt | (80)| 845|(246)|
| | | | | |
| | + decrease, (increase) | | | |
+-----+---------------------------------------------+-----+----+-----+
|1,613| 944 Net debt (end of period) |1,613| 944|1,533|
+-----+---------------------------------------------+-----+----+-----+
Free cash flow
+-------------------------------------------------------------------------------
| H1 H1 Change In millions of euros Q2 Q2 Change
|
|2017 2016 (? m) 2017 2016 (? m)
+------------------------------------------------------------------------------+
| Cash flow from operating activities (FFO) |
|(160) (203) 43 (A) (78) (68) (10)|
| |
| Change in operating WCR (B) |
|(104) (41) (63) 0 20 (20)|
| [+ decrease, (increase)] |
| |
| (61) (73) 12 Gross capital expenditure (C) (27) (30) 3|
+------------------------------------------------------------------------------+
|(325) (317) (8) Free cash flow (A)+(B)+(C) (105) (78) (27)|
+------------------------------------------------------------------------------+
Summary consolidated income statement
+------------------------------------------------------------------------------+
| H1 H1 Change VALLOUREC Q2 Q2 Change|
| |
| 2017 2016 YoY In millions of euros 2017 2016 YoY |
+----------------------------------------------------------+-------------------+
| 1,716 1,434 19.7% REVENUE | 933 763 22.3%|
+----------------------------------------------------------+-------------------+
|(1,503) (1,312) 14.6% Cost of sales(1) | (821) (691) 18.8%|
+----------------------------------------------------------+-------------------+
| 213 122 74.6% Industrial margin | 112 72 55.6%|
| | |
| 12.4% 8.5% +3.9pt (as % of revenue) | 12.0% 9.4% +2.6pt|
+----------------------------------------------------------+-------------------+
| (221) (225) -1.8% SG&A costs(1 ) | (108) (109) -0.9%|
| | |
| (10) (1) na Other income (expense), net | (1) 5 na|
+----------------------------------------------------------+-------------------+
| (18) (104) +86m EBITDA | 3 (32) +35m|
+----------------------------------------------------------+-------------------+
| -1.0% -7.3% +6.3pt EBITDA as % of revenue | 0.3% -4.2% +4.5pt|
| | |
| (151) (141) 7.1% Depreciation of industrial assets | (72) (71) 1.4%|
| | |
| (23) (22) na Amortization and other depreciation| (12) (11) na|
| | |
| - (68) na Impairment of assets | - (5) na|
| | |
| 3 (83) na Asset disposals, restructuring and | 3 (9) na|
| other | |
+----------------------------------------------------------+-------------------+
| (189) (418) +229m OPERATING INCOME (LOSS) | (78) (128) +50m|
+----------------------------------------------------------+-------------------+
| (101) (68) 48.5% Net financial income (loss) | (58) (34) 70.6%|
+----------------------------------------------------------+-------------------+
| (290) (486) +196m PRE-TAX INCOME (LOSS) | (136) (162) +26m|
+----------------------------------------------------------+-------------------+
| 18 46 na Income tax | (1) 18 na|
| | |
| (3) (2) na Share in net income (loss) of | (1) 0 na|
| associates | |
+----------------------------------------------------------+-------------------+
| (275) (442) +167m CONSOLIDATED NET INCOME (LOSS) | (138) (144) +6m|
+----------------------------------------------------------+-------------------+
| 21 27 na Non-controlling interests | 10 13 na|
+----------------------------------------------------------+-------------------+
| (254) (415) +161m NET INCOME (LOSS), GROUP SHARE | (128) (131) +3m|
+----------------------------------------------------------+-------------------+
| (0.6) (2.4) na EARNINGS PER SHARE (in ?) |(0.3) (0.3) 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 2017 2016 Liabilities 2017 2016 |
+---------------------------------------+--------------------------------------+
| | |
| | |
| |Equity, Group share 2,817 3,284|
| | |
| |Non-controlling |
|Net intangible assets 105 125|interests 433 494|
| +--------------------------------------+
|Goodwill 359 383|Total equity 3,250 3,778|
| +--------------------------------------+
|Net property, plant and | 79 84|
|equipment 3,277 3,618|Shareholder loan |
| | |
| |Bank loans and other |
|Biological assets 79 88|borrowings 1,061 1,121|
| | |
|Associates 123 125|Employee benefits 225 227|
| | |
| |Deferred tax |
|Other non-current assets 296 348|liabilities 57 80|
| | |
| |Provisions and other |
|Deferred tax assets 198 190|long-term liabilities 116 121|
+---------------------------------------+--------------------------------------+
| |Total non-current |
|Total non-current assets 4,437 4,877|liabilities 1,459 1,549|
+---------------------------------------+--------------------------------------+
| | |
| | |
|Inventories and work-in- | |
|progress 1,162 1,035|Provisions 192 280|
| | |
|Trade and other 593 546|Overdrafts and other |
|receivables |short-term borrowings 1,419 1,453|
| | |
|Derivatives - assets 39 58|Trade payables 590 530|
| | |
| |Derivatives - |
|Other current assets 247 283|liabilities 12 105|
| | |
|Cash and cash |Tax and other current |
|equivalents 867 1,287|liabilities 344 310|
+---------------------------------------+--------------------------------------+
| |Total current |
|Total current assets 2,908 3,209|liabilities 2,557 2,678|
+---------------------------------------+--------------------------------------+
| |Liabilities disposal |
|Assets held for sale - 46|for sale - 43|
+---------------------------------------+--------------------------------------+
| |TOTAL EQUITY AND |
|TOTAL ASSETS 7,345 8,132|LIABILITIES 7,345 8,132|
+---------------------------------------+--------------------------------------+
| |
+---------------------------------------+--------------------------------------+
| |Net income (loss), |
|Net debt 1,613 1,287|Group share (254) (758)|
+---------------------------------------+--------------------------------------+
--------------------------------------------------------------------------------
[1] Scope effect calculated with regard to restated H1 2016 revenue.
[2] On 26 April 2017, Vallourec targeted an EBITDA improvement ranging between
?50 million and ?100 million when compared to 2016, in the upper part of this
range. As a reminder, 2016 EBITDA stood at -?219 million.
PDF version:
http://hugin.info/143606/R/2123249/809752.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: 26.07.2017 - 17:45 Uhr
Sprache: Deutsch
News-ID 554028
Anzahl Zeichen: 43625
contact information:
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