Vallourec reports third quarter
results and results for the first nine months of 2017
Improved 9M 2017 results |
-
Positive EBITDA in Q3 2017: +€9 million compared
with -€52 million in Q3 2016
-
Strong improvement in EBITDA for first nine
months: -€9 million compared with -€156 million in 9M 2016
-
Mainly driven by higher Oil & Gas revenue in
the US and the realized benefits from the Transformation Plan
-
Liquidity strengthened: €800 million
refinancing through bond and convertible bond issuance
-
Range for EBITDA target for 2017 revised upwards
to -€30 million and -€10 million.
|
Boulogne-Billancourt (France), 9 November 2017 -
Vallourec, world leader in premium tubular solutions, today
announces its results for the third quarter and first nine months
of 2017. The consolidated financial information was presented by
Vallourec's Management Board to its Supervisory Board on 9 November
2017.
Key
figures
9M |
9M |
Change |
In millions of euros |
Q3 |
Q3 |
Change |
2017 |
2016 |
YoY |
|
2017 |
2016 |
YoY |
1,601 |
905 |
76.9% |
Sales Volume (k
tons) |
588 |
333 |
76.6% |
2,680 |
2,127 |
26.0% |
Revenue |
964 |
693 |
39.1% |
(9) |
(156) |
+€147m |
EBITDA |
9 |
(52) |
+€61m |
-0.3% |
-7.3% |
7.0pt |
As % of revenue |
0.9% |
-7.5% |
8.4pt |
(373) |
(575) |
+€202m |
Net income (loss), Group
share |
(119) |
(160) |
+€41m |
(397) |
(392) |
-€5m |
Free cash flow |
(72) |
(75) |
+€3m |
30 Sept. |
31 Dec. |
Change |
In millions of euros |
30 Sept. |
30 Sept. |
Change |
2017 |
2016 |
9M 2017 |
|
2017 |
2016 |
YoY |
1,645 |
1,287 |
+€358m |
Net debt |
1,645 |
1,020 |
+€625m |
Commenting on
these results, Philippe Crouzet, Chairman of the Management Board,
said:
"Over the first nine months of 2017, Vallourec's
financial performance has improved in each of the three quarters
leading to significant progress compared to the same period in
2016. In the third quarter, the full effect of announced price
increases in the US became evident. In EAMEA, NOCs continued to
issue tenders for Oil & Gas products, and while IOCs' are
starting to sanction new projects in the region, market prices are
still challenging.
Vallourec remains focused on the sustained
implementation of its Transformation Plan.
In October, the Group both strengthened and
diversified its liquidity position by raising €800 million on the
bond and convertible bond markets.
The EBITDA target for the full year 2017 has been
raised to a range between -€30 million and -€10 million."
I - CONSOLIDATED REVENUE BY
MARKET
9M |
9M |
Change |
At constant scope
and exchange rate |
In millions of euros |
Q3 |
Q3 |
Change |
At constant scope
and exchange rate |
2017 |
2016 |
YoY |
|
2017 |
2016 |
YoY |
1,859 |
1,370 |
35.7% |
9.1% |
Oil & Gas, Petrochemicals |
681 |
439 |
55.1% |
15.0% |
283 |
335 |
-15.5% |
-15.8% |
Power Generation |
94 |
108 |
-13.0% |
-14.8% |
538 |
422 |
27.5% |
19.7% |
Industry & Other |
189 |
146 |
29.5% |
30.8% |
2,680 |
2,127 |
26.0% |
11.1% |
Total |
964 |
693 |
39.1% |
29.4% |
For the third
quarter of 2017, Vallourec recorded revenue of €964 million, up 39.1% compared with the third quarter of
2016 (up 43.1% at constant exchange rates). At constant scope and exchange rates, revenue was up
29.4%, with a positive volume impact particularly in the Oil &
Gas market in the US and EAMEA[1]. Price/mix
effect was -9.3%, higher prices in the US being more than offset by
the deliveries from the backlog booked in 2016 at low prices for
Oil & Gas in EAMEA. Lower Powergen revenue was more than offset
by increased Industry & Other revenue.
Sequentially, revenue increased compared to the second quarter,
mainly driven by the improvement in the Oil & Gas market. The
positive volume effect in EAMEA and the price increases in the US
were partly offset by a lower price/mix effect in EAMEA and
Brazil.
For the first nine months of 2017, Vallourec
recorded revenue of €2,680 million, up 26.0%
compared with the first nine months of 2016 (up 23.5% at constant
exchange rates). At constant scope and exchange rates, revenue
was up 11.1%, mainly driven by a positive volume impact of +30.7%,
partly offset by a negative price/mix effect of -19.6%.
Oil & Gas, Petrochemicals (69.4% of consolidated revenue)
In Q3 2017, Oil
& Gas revenue amounted to €616 million, up 49.9%
year-on-year (up 35.0% at constant scope and exchange rates).
Over the first 9M
of 2017, Oil & Gas revenue was €1,685
million, up 32.3% year-on-year (up 13.0% at constant scope and
exchange rates):
-
In the USA, 9M 2017
revenue increased significantly year-on-year thanks to much higher
volumes. The recovery of OCTG consumption resulted primarily
from the significant increase in the drilling activity and rig
count. Strong customer demand was served through
domestic production which was supplemented by imports from our
Brazilian mill, notably in the third quarter. This positive trend
enabled the Group to announce price increases which were partially
reflected in Q2 revenue and took full effect as from July
2017.
Over
Q3 2017, despite a slight erosion in the rig count, revenue was up
sequentially and year-on-year.
Excluding
those impacts, volumes were up in the third quarter mainly driven
by deliveries to the Middle East. However, the orders booked in
2016 and delivered along the first nine months of 2017 to NOCs were
recorded at low price and mix resulting in lower revenue
year-on-year. Prices have bottomed out in H1 2017 and some price
increases are gradually being negotiated with customers with whom
price concessions were the most severe during the trough.
-
In Brazil, 9M 2017 revenue
was up year-on-year supported by high OCTG deliveries to Petrobras
in Q1 for the drilling of exploratory wells in the Libra field. As
anticipated, Q3 product mix for domestic Oil & Gas market was
weaker than in Q1 and Q2 2017.
Q3
2017 revenue was down year-on-year, it being specified that H2 2016
deliveries were concentrated in Q3 2016 before the creation of
Vallourec Soluções Tubulares do Brasil, therefore making it an
unfavorable comparison basis.
In Q3 2017,
Petrochemicals revenue was €65 million, up
132.1% year-on-year (up 110.7% at constant scope and exchange
rates) mainly due to a very low comparison basis over the same
period in 2016.
Over the first 9M
of 2017, Petrochemicals revenue was €174
million, up 81.3% year-on-year (up 43.8% at constant scope and
exchange rates) mainly due to a very low comparison basis over the
same period in 2016.
Power Generation (10.6% of consolidated revenue)
In Q3 2017, Power
Generation revenue was €94 million, down 13.0% year-on-year
(down 14.8% at constant scope and exchange rates).
Power Generation
9M 2017 revenue amounted to €283 million, down 15.5%
year-on-year (down 15.8% at constant scope and exchange rates).
The revenue declined essentially
as a result of a challenging market environment for both
conventional and nuclear applications.
Industry & Other
(20.0% of consolidated revenue)
In Q3 2017,
Industry & Other revenue amounted to €189
million, up 29.5% year-on-year (up 30.8% at constant scope and
exchange rates).
Over the first 9M
of 2017, Industry & Other revenue
amounted to €538 million, up 27.5% year-on-year (up 19.7% at
constant scope and exchange rates):
-
In Europe, 9M 2017 revenue
was up year-on-year essentially thanks to higher volumes in
Mechanical Engineering.
-
In Brazil, 9M 2017 Industry
& Other revenue was up year-on-year mainly due to increased
volumes and to a lesser extent, to higher prices in Automotive.
Revenue generated from the mine was up year-on-year thanks to
increased iron ore prices.
II - Q3 AND 9M
2017 CONSOLIDATED RESULTS ANALYSIS
Q3 2017
consolidated results analysis
In Q3 2017, EBITDA stood at +€9 million, up by €61 million year-on-year, with:
-
Consolidated revenue up 39.1% compared with Q3
2016, reaching €964 million;
-
A higher industrial margin of €114 million, up
€58 million reflecting (i) higher revenue, (ii) the savings and
scope impact from the Transformation Plan initiatives along with
(iii) favorable change in provisions;
-
Reduced sales, general and administrative costs
(SG&A) of €102 million, down 3.3%, with cost savings more than
offsetting the negative scope, forex and inflation impacts.
Operating result
was a loss of €88 million, compared to a loss of €143 million
in Q3 2016, resulting mostly from the improved EBITDA.
Financial result
was negative at -€39 million versus -€31 million in Q3 2016,
resulting mainly from higher interest charges over the period.
Income tax
was a gain of €6 million stable compared to Q3
2016, mainly related to the recognition of deferred tax assets in
the US.
The share
attributable to non-controlling interests amounted to €2
million, compared to €10 million in Q3 2016.
This resulted in
a net loss of €119 million, compared to a loss of €160 million
in Q3 2016.
9M 2017
consolidated results analysis
For the first nine months of 2017, EBITDA stood at
-€9 million, representing an improvement of
€147 million year-on-year, with:
-
Consolidated revenue up 26.0% compared to the
first nine months of 2016 (+11.1% at constant scope and exchange
rates) of €2,680 million;
-
An industrial margin of €327 million, up €149
million reflecting (i) the increase in revenue, (ii) the savings
and scope impact from the Transformation Plan initiatives along
with (iii) favorable change in provisions;
-
Sales, general and administrative costs
(SG&A) of €323 million, down 2.3%, cost savings more than
offsetting the negative scope, forex and inflation impacts.
Operating result
was a loss of €277 million, compared to a loss of €561 million
in 9M 2016. The improvement of €284 million resulted from a higher
EBITDA and lower restructuring and impairment charges. In the first
nine months of 2016, the operating result was impacted by
restructuring charges of €92 million and impairment charges of
€70 million mainly related to the strategic initiatives
announced on 1 February 2016.
For the first
nine months of 2017, financial result was negative at -€140
million versus -€99 million in 9M 2016, resulting mainly from
change in scope and forex result, change in fair value of NSSMC
shares and higher interest charges.
Income tax
was a gain of €24 million in 9M 2017 compared
to a gain of €52 million in 9M 2016, mainly related to the
recognition of deferred tax assets in the US.
The share
attributable to non-controlling interests amounted to €23 million in 9M 2017, compared to €37
million in 9M 2016.
Net result, Group
share was a loss of €373 million in 9M 2017, compared to a loss
of €575 million in 9M 2016.
III - CASH FLOW
& FINANCIAL POSITION
Vallourec
generated a negative free cash flow of -€72 million in Q3
2017.
Over 9M 2017,
negative free cash flow amounted to -€397 million, close to
stable compared to -€392 million in 9M 2016. This is mainly
explained by:
-
Negative cash flow from operating activities of
-€208 million, versus -€275 million in 9M 2016, as the better
EBITDA was partly offset by unfavorable change in non-cash
provisions and higher financial interests paid over the
period;
-
Change in working capital requirement amounted
to -€103 million compared to -€17 million in 9M 2016. This increase
took place in Q1 2017 before stabilization in Q2 and Q3. Working
capital needs related to the activity recovery in the US were
partly offset by better efficiencies in operational working capital
management over the period;
-
Strict capex management with -€86 million in 9M
2017 compared to -€100 million in 9M 2016.
As at 30
September 2017, Group net debt stood at €1,645 million compared to
€1,287 million on 31 December 2016, and €1,613 million on 30 June
2017.
The Company's cash position as at
30 September 2017 amounted to €992 million. Vallourec's medium and
long-term committed facilities amounted to €2.1 billion
(€0.2 billion credit facilities having matured in July 2017),
out of which €0.7bn were drawn. At the same date, excluding
drawings of the long-term committed facilities, short-term debt
amounted to €0.9 billion, mainly comprised of €0.6 billion of
commercial paper.
Vallourec reinforced its liquidity
profile in October 2017 by raising €800 million on the bond and
convertible bond markets.
On 4 October 2017, Vallourec issued €250 million OCEANE (Bonds
Convertible into New Shares and/or Exchangeable for Existing
Shares) due in 2022. The original €170 million quantum was upsized
as a result of strong investor demand.
On 18 October 2017, Vallourec issued €400 million of senior notes
due 2022. Following strong investor demand, this operation was also
upsized from an original amount of €300 million. On 26 October
2017, Vallourec issued an additional €150 million of the same
senior notes.
The proceeds from these offerings will be used to repay the amounts
drawn under the Group's revolving credit facilities and certain
short-term indebtedness. Amounts repaid under the Group's revolving
credit facilities will remain available following repayment.
IV - TRANSFORMATION PLAN
Vallourec continues to deploy its
Transformation Plan including its new industrial footprint combined
with the implementation of the structural cost reductions
program.
In Q3 2017, Vallourec demonstrated
the efficiency of the new routes created under the Transformation
Plan and how they enable the Group to offer competitive solutions
to its customers. Vallourec indeed announced the signature of a
contract with Badr El Din Petroleum Company, a joint venture
between Shell and the Egyptian General Petroleum Corporation for
the supply of tubular solutions. Most of the seamless carbon steel
tubes will be produced by Tianda, the new plant purchased by the
Group in 2016 in Chuzhou, while the premium VAM TOP® threading will
be made at Vallourec's Chinese threading plant in Changzhou.
V - MAIN MARKET
TRENDS & OUTLOOK
In the months to come, Vallourec
expects the rig count to plateau in the US assuming no
significant change in WTI price. This would allow to maintain a
high load of its domestic facilities. In Brazil, Petrobras'
drilling activity is expected to remain stable. In the other
regions, IOCs' are progressively starting to sanction new projects,
which should not impact 2017 deliveries, while NOCs' operations
remain sustained.
Power Generation is expected to be progressively impacted by a
diminishing number of conventional power plant projects,
particularly in China.
The better momentum in the Industry markets in Europe and Brazil is
expected to be confirmed, although these markets remain very
competitive.
The Group's results are also dependent notably on the evolution of
raw material prices and foreign exchange, which remain
volatile.
The Group remains focused on the sustained implementation of its
Transformation Plan, which will continue generating significant
savings.
Vallourec's FY 2017 EBITDA target
is revised upwards to a range between -€30 million and
-€10 million[2]: Q4 2017
EBITDA is now targeted to range between -€20 million and
breakeven as market trends in the US and raw material prices have
proved to be slightly more favorable than expected, however taking
into account a mix for Q4 deliveries in the Middle-East and
Brazil less favorable than in the first quarters.
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).
Presentation of
Q3 and first 9M 2017 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/m6/go/vallourec_3Q17
-
To participate in the conference call, please
dial :
+44(0)20 3427 1915 |
(UK) |
+33(0)1 76 77 22 24 |
(France) |
+1646 254 3367 |
(USA) |
+44(0)20 3427 1915
Conference ID: |
(other countries)
8365712
|
http://www.vallourec.com/EN/GROUP/FINANCE
Calendar
|
|
21 February 2018 |
Release of
fourth quarter and full year 2017 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.
vallourec.com
Follow us on Twitter @Vallourec
For further
information, please contact:
Investor relations
Alexandra Fichelson
Guilherme Camara
Tel: +33 (0)1 49 09 39 76
Investor.relations@vallourec.com |
Press relations
Héloïse Rothenbühler
Tel: +33 (0)1 41 03 77 50 / +33 (0)6 45 45 19 67
heloise.rothenbuhler@vallourec.com |
Individual shareholders
Toll Free Number (from France): 0 800 505 110
actionnaires@vallourec.com
|
|
Appendices
Documents accompanying this
release:
-
Sales volume
-
Forex
-
Revenue by geographic region
-
Revenue by market
-
Summary consolidated income statement
-
Summary consolidated balance sheet
-
Free cash flow
-
Cash flow statement
-
Definitions of non-GAAP financial data
Sales volume
In thousands of tons |
2017 |
2016 |
Change |
|
YoY |
|
|
|
|
Q1 |
475 |
251 |
89.2% |
Q2 |
538 |
321 |
67.6% |
Q3 |
588 |
333 |
76.6% |
Q4 |
|
376 |
|
|
|
|
|
Total |
1,601 |
1,281 |
|
Forex
Average exchange rate |
9M 2017 |
9M 2016 |
EUR /
USD |
1.11 |
1.12 |
EUR /
BRL |
3.54 |
3.96 |
USD /
BRL |
3.17 |
3.54 |
Revenue by geographic
region
In millions of euros |
9M |
As % of |
9M |
As % of |
Change |
|
2017 |
revenue |
2016 |
revenue |
YoY |
|
|
|
|
|
|
Europe |
420 |
15.7% |
461 |
21.7% |
-8.9% |
North
America |
676 |
25.2% |
366 |
17.2% |
84.7% |
South
America |
452 |
16.9% |
378 |
17.7% |
19.6% |
Asia &
Middle East |
869 |
32.4% |
559 |
26.3% |
55.5% |
Rest of
World |
263 |
9.8% |
363 |
17.1% |
-27.5% |
|
|
|
|
|
|
Total |
2,680 |
100.0% |
2,127 |
100.0% |
26.0% |
Revenue by market
9M |
As % of |
9M |
As % of |
Change |
In millions of euros |
Q3 |
As % of |
Q3 |
Change |
2017 |
revenue |
2016 |
revenue |
YoY |
|
2017 |
revenue |
2016 |
YoY |
|
|
|
|
|
|
|
|
|
|
1,685 |
62.9% |
1,274 |
59.9% |
32.3% |
Oil
& Gas |
616 |
63.9% |
411 |
49.9% |
174 |
6.5% |
96 |
4.5% |
81.3% |
Petrochemicals |
65 |
6.7% |
28 |
132.1% |
1,859 |
69.4% |
1,370 |
64.4% |
35.7% |
Oil & Gas, Petrochemicals |
681 |
70.6% |
439 |
55.1% |
|
|
|
|
|
|
|
|
|
|
283 |
10.6% |
335 |
15.8% |
-15.5% |
Power Generation |
94 |
9.8% |
108 |
-13.0% |
|
|
|
|
|
|
|
|
|
|
245 |
9.1% |
206 |
9.7% |
18.9% |
Mechanicals |
90 |
9.3% |
73 |
23.3% |
105 |
3.9% |
76 |
3.5% |
38.2% |
Automotive |
35 |
3.6% |
27 |
29.6% |
188 |
7.0% |
140 |
6.6% |
34.3% |
Construction & Other |
64 |
6.6% |
46 |
39.1% |
538 |
20.0% |
422 |
19.8% |
27.5% |
Industry & Other |
189 |
19.6% |
146 |
29.5% |
|
|
|
|
|
|
|
|
|
|
2,680 |
100.0% |
2,127 |
100.0% |
26.0% |
Total |
964 |
100.0% |
693 |
39.1% |
Summary consolidated income
statement
9M |
9M |
Change |
In millions of euros |
Q3 |
Q3 |
Change |
2017 |
2016 |
YoY |
|
2017 |
2016 |
YoY |
2,680 |
2,127 |
26.0% |
REVENUE |
964 |
693 |
39.1% |
(2,353) |
(1,949) |
20.7% |
Cost of
sales(1) |
(850) |
(637) |
33.4% |
327 |
178 |
83.7% |
Industrial
margin |
114 |
56 |
103.6% |
12.2% |
8.4% |
3.8 pts |
(as % of revenue) |
11.8% |
8.1% |
3.7 pts |
(323) |
(331) |
-2.3% |
SG&A costs(1) |
(102) |
(106) |
-3.3% |
(13) |
(4) |
na |
Other
income (expense), net |
(3) |
(3) |
na |
(9) |
(156) |
+€147m |
EBITDA |
9 |
(52) |
+€61m |
-0.3% |
-7.3% |
+7.0 pts |
EBITDA as % of revenue |
0.9% |
-7.5% |
8.4 pts |
(221) |
(210) |
5.2% |
Depreciation of industrial assets |
(70) |
(69) |
1.4% |
(33) |
(33) |
na |
Amortization and other depreciation |
(10) |
(11) |
na |
(1) |
(70) |
na |
Impairment of assets |
(1) |
(2) |
na |
(13) |
(92) |
na |
Asset
disposals, restructuring and other |
(16) |
(9) |
na |
(277) |
(561) |
+€284m |
OPERATING INCOME (LOSS) |
(88) |
(143) |
+€55m |
(140) |
(99) |
41.4% |
Financial income (loss) |
(39) |
(31) |
25.8% |
(417) |
(660) |
-36.8% |
PRE-TAX INCOME (LOSS) |
(127) |
(174) |
-27.0% |
24 |
52 |
na |
Income
tax |
6 |
6 |
na |
(3) |
(4) |
na |
Share
in net income (loss) of associates |
- |
(2) |
na |
(396) |
(612) |
-35.3% |
NET INCOME (LOSS) FOR THE CONSOLIDATED ENTITY |
(121) |
(170) |
-28.8% |
23 |
37 |
na |
Non-controlling interests |
2 |
10 |
na |
(373) |
(575) |
+€202m |
NET INCOME (LOSS), GROUP SHARE |
(119) |
(160) |
+€41m |
(0.8) |
(3.4) |
na |
EARNINGS PER SHARE (in €) |
(0.3) |
(0.9) |
na |
-
Before depreciation and
amortization
na: not applicable
Summary consolidated balance
sheet
In millions of euros |
Assets |
30-Sept |
31-Dec |
Liabilities |
30-Sept |
31-Dec |
2017 |
2016 |
2017 |
2016 |
|
|
|
|
|
|
|
|
|
Equity, Group share |
2,619 |
3,284 |
Net intangible assets |
96 |
125 |
Non-controlling interests |
471 |
494 |
Goodwill |
349 |
383 |
Total equity |
3,090 |
3,778 |
Net property, plant and equipment |
3,177 |
3,618 |
Shareholder loan |
74 |
84 |
Biological assets |
79 |
88 |
Bank loans and other borrowings (A) |
1,061 |
1,121 |
Associates |
123 |
125 |
Employee benefits |
218 |
227 |
Other non-current assets |
270 |
348 |
Deferred tax liabilities |
52 |
80 |
Deferred tax assets |
206 |
190 |
Provisions and other long-term liabilities |
117 |
121 |
Total non-current assets |
4,300 |
4,877 |
Total non-current liabilities |
1,448 |
1,549 |
Inventories and work-in-progress |
1,136 |
1,035 |
Provisions |
187 |
280 |
Trade and
other receivables |
596 |
546 |
Overdrafts and other short-term borrowings (B) |
1,576 |
1,453 |
Derivatives - assets |
33 |
58 |
Trade payables |
563 |
530 |
Other current assets |
237 |
283 |
Derivatives - liabilities |
13 |
105 |
Cash and cash equivalents (C) |
992 |
1 287 |
Tax and other current liabilities |
343 |
310 |
Total current assets |
2,994 |
3,209 |
Total current liabilities |
2,682 |
2,678 |
Assets held for sale |
- |
46 |
Liabilities disposal for sale |
- |
43 |
TOTAL ASSETS |
7,294 |
8,132 |
TOTAL EQUITY AND LIABILITIES |
7,294 |
8,132 |
|
|
|
|
|
|
Net debt (A+B-C) |
1,645 |
1,287 |
Net income (loss), Group share |
(373) |
(758) |
Free cash flow
9M |
9M |
Change |
In millions of euros |
Q3 |
Q3 |
Change |
2017 |
2016 |
(€m) |
|
2017 |
2016 |
(€m) |
(208) |
(275) |
67 |
Cash
flow from operating activities (FFO) (A) |
(48) |
(72) |
24 |
(103) |
(17) |
(86) |
Change
in operating WCR (B) |
1 |
24 |
(23) |
[+ decrease, (increase)] |
(86) |
(100) |
14 |
Gross
capital expenditure (C) |
(25) |
(27) |
2 |
(397) |
(392) |
(5) |
Free cash flow (A)+(B)+(C) |
(72) |
(75) |
3 |
Cash flow statement
9M |
9M |
In millions of euros |
Q3 |
Q3 |
Q2 |
Q1 |
2017 |
2016 |
|
2017 |
2016 |
2017 |
2017 |
(208) |
(275) |
Cash
flow from operating activities |
(48) |
(72) |
(78) |
(82) |
(103) |
(17) |
Change
in operating WCR |
1 |
24 |
- |
(104) |
+ decrease, (increase) |
(311) |
(292) |
Net cash flow from operating activities |
(47) |
(48) |
(78) |
(186) |
(86) |
(100) |
Gross
capital expenditure |
(25) |
(27) |
(27) |
(34) |
- |
- |
Financial investments |
- |
- |
- |
- |
- |
959 |
Increase and decrease in equity |
- |
- |
- |
- |
- |
(2) |
Dividends paid |
- |
(1) |
- |
- |
39 |
(66) |
Asset
disposals & other items |
40 |
- |
25 |
(26) |
(358) |
499 |
Change in net debt |
(32) |
(76) |
(80) |
(246) |
+ decrease, (increase) |
1,645 |
1,020 |
Net debt
(end of period) |
1,645 |
1,020 |
1,613 |
1,533 |
Definitions of non-GAAP financial
data
Gross capital
expenditure: Gross capital expenditure is defined as the sum of
cash outflows for acquisitions of property, plant and equipment and
intangible assets and cash outflows for acquisitions of biological
assets.
Free cash
flow: Free cash flow (FCF) is defined as cash flow from
operating activities minus gross capital expenditure and plus/minus
change in operating working capital requirement.
Industrial
margin: The industrial margin is defined as the difference
between revenue and cost of sales (i.e. after allocation of
industrial variable costs and industrial fixed costs), before
depreciation.
Consolidated net
debt: Consolidated net debt is defined as Bank loans and other
borrowings plus Overdrafts and other short-term borrowings minus
Cash and cash equivalents.
Banking
Covenant: As defined in the bank loan agreements, the "banking
covenant" ratio is the ratio of the Group's consolidated net debt
to the Group's equity, restated for gains and losses on derivatives
and for remeasurements (foreign currency gains and losses of
consolidated subsidiaries).
Data at constant
exchange rate: The data presented « at constant exchange
rate » is calculated by eliminating the translation effect
into euros for the revenue of the Group's entities whose functional
currency is not the euro. The translation effect is eliminated by
applying Year N-1 exchange rates to Year N revenue of the
contemplated entities.
Data at constant
scope: The data presented at « constant scope » is
calculated by eliminating the effect of changes in the Group's
scope (acquisitions, divestitures, mergers, etc.) by taking into
account on 1 January of Year N-1 the scope variations which have
occurred during Year N-1.
[1] EAMEA:
Europe, Africa, Middle East, Asia.
[2] On 26 July
2017, Vallourec targeted an EBITDA improvement ranging between €125
million and €175 million when compared to 2016. As a reminder, 2016
EBITDA stood at -€219 million.
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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
Grafico Azioni Vallourec (EU:VK)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Vallourec (EU:VK)
Storico
Da Apr 2023 a Apr 2024