VALLOUREC : First quarter 2016 results
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| Press release |
Not for publication, release, or distribution directly or indirectly in the United States, Canada, Australia or Japan.
Vallourec reports first quarter 2016 results
| Q1 2016 |
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| Accelerating our transformation |
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Boulogne-Billancourt (France), 3 May 2016 - Vallourec, world leader in premium tubular solutions, today announces its results for the first quarter of 2016 which were presented by Vallourec's Management Board to its Supervisory Board on 2 May 2016.
Commenting on these results, Philippe Crouzet, Chairman of the Management Board, said:
"As expected, the first quarter of 2016 was marked by a decrease in volumes. This new record low level illustrates the extent of the crisis the Oil & Gas markets are going through.
The success of our capital increase highlights the confidence of our shareholders. With a reinforced balance sheet, we are accelerating our transformation by implementing the major strategic initiatives announced at the beginning of February. They will enable us to structurally improve the Group's competitiveness and reposition it for long-term profitable growth.
Our market environment will be difficult in 2016. However, the long-term prospects of our industry remain positive and we are activating every possible flexibility and transformation lever. The support of our shareholders and the commitment of Group employees will enable us to weather this downturn and transform Vallourec into a stronger company when market conditions improve."
Key figures
| In millions of euros | Q1 | Q1 | Change |
| 2016 | 2015 | YoY | |
| Sales Volume (k tons) | 251 | 412 | -39.1% |
| Revenues | 671 | 1,052 | -36.2% |
| EBITDA | (72) | 53 | na |
| As % of sales | -10.7% | 5.0% | -15.7pts |
| Operating income (loss) | (290) | (35) | na |
| Net income, Group share | (284) | (76) | na |
| Free cash flow (1) | (239) | (30) | na |
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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
| In millions of euros | Q1 | Q1 | Change |
| 2016 | 2015 | YoY | |
| Oil & Gas, Petrochemicals | 469 | 719 | -34.8% |
| Power Generation | 85 | 143 | -40.6% |
| Industry & Other | 117 | 190 | -38.4% |
| Total | 671 | 1,052 | -36.2% |
Oil & Gas, Petrochemicals (69.9% of revenues)
Oil & Gas sales reached €439 million in Q1 2016, down -32.8% year-on-year (down -30.2% at constant exchange rates).
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In the USA , revenues were down sharply due to the very low final demand for OCTG and continued inventory reduction by distributors, as a result of the significant decline of the active rig count (-60% compared to the first quarter of 2015). This resulted in persistent pressure on sales prices. As a reminder, first quarter 2015 sales were supported by a strong order book recorded at the end of 2014 with prices at a good level.
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In the EAMEA region , revenues improved over the first quarter of 2015 due to a favourable mix effect. However bookings remained very low, as IOCs postpone a number of projects.
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In Brazil , first quarter 2016 revenues fell sharply compared to the first quarter of 2015, impacted in particular by the decline in drilling activity of Petrobras.
Petrochemicals revenues fell at €30 million in Q1 2016, down -54.5% year-on-year (-53.0% at constant exchange rates).
Power Generation (12.7% of revenues)
Power Generation sales reached €85 million in Q1 2016, down -40.6% year-on-year (-38.5% at constant exchange rates).
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Conventional power generation revenues were affected by lower deliveries compared to the first quarter of 2015. However, a good level of orders was booked during Q1 2016.
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In nuclear , revenues were affected by a very low level of deliveries in Q1 2016.
Industry & Other (17.4% of revenues)
Industry & Other revenues amounted to €117 million in Q1 2016, down -38.4% year-on-year (-31.6% at constant exchange rates).
Revenues declined in Europe with sharply lower volumes compared to the first quarter of 2015, as well as in Brazil where the recession is affecting all industrial sectors. In Brazil, the fall in iron ore prices compared to the first quarter of 2015 significantly impacted revenues from this activity.
However, bookings picked up slightly in Europe during the first quarter 2016.
II - CONSOLIDATED RESULTS ANALYSIS
EBITDA stood at -€72 million in Q1 2016, a slight improvement compared to -€77 million in Q4 2015, and down -€125 million compared to Q1 2015. This is due to:
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Consolidated revenues down -36.2% compared to Q1 2015 (-33.1% at constant exchange rates) to €671 million due to the decrease in volumes (-39.1%), despite a positive translation effect (-3.1%) and a slightly positive price, product and forex mix effect (+6%);
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Lower industrial margin at €50 million, down €144 million mainly affected by: (i) inefficiencies of low load in the mills, despite high adaptation of costs; (ii) price deflation, especially in the Oil & Gas market;
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Lower sales, general and administrative costs (SG&A) of €116 million, down 15.3% compared to Q1 2015.
Operating result was a loss of €290 million in Q1 2016, compared to a loss of €35 million in Q1 2015, resulting primarily from (i) lower EBITDA and from (ii) restructuring charges of €74 million and impairment charges of €63 million mainly related to the strategic initiatives announced on 1 February 2016.
For the first quarter of 2016, financial result was negative at -€34 million versus -€21 million in Q1 2015, resulting primarily from the evolution of the forex result.
The income tax was a profit of €28 million in Q1 2016 compared to a charge of -€17 million in Q1 2015, mainly related to recognition of deferred tax assets.
The share attributable to non-controlling interests amounted to -€14 million in Q1 2016, compared to +€4 million in Q1 2015.
Net income, Group share was a loss of €284 million in Q1 2016 , compared to a loss of €76 million in Q1 2015.
III - CASH FLOW & FINANCIAL POSITION
Vallourec generated a negative free cash flow of -€23 9 million in Q1 2016 compared to -€30 million in Q1 2015. This is mainly explained by:
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Negative cash flow from operating activities at -€135 million, resulting from the drop in EBITDA;
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An increase in the operating working capital requirement of €61 million in Q1 2016 as a result of seasonal effect;
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Capital expenditure at -€43 million, compared to -€48 million in Q1 2015.
As at 31 March 2016, Group net debt
increased by €270 million compared to 31 December 2015 to reach €1,789 million
, representing a gearing ratio of 65.8% compared to 50.0% at the end of 2015 (and of 56% at the end of Q1 2016 compared to 43% at the end of 2015 under the Group's bank facilities covenant calculation).
Beyond the effect related to free cash flow, the increase in net debt during the first quarter is also due to the deposit in an escrow account of €57 million in relation to the on-going acquisition of Tianda.
IV - LIQUIDITY
As at 31 March 2016, Vallourec's liquidity position consisted of €1.790 billion medium and long-term committed facilities, including €795 million drawn, and €1.3 billion of available cash.
At the same date, short-term debt amounted to €2.019 billion, including the €650 million bond maturing in February 2017.
As from 3 May 2016, Vallourec benefits from a new credit facility of €450 million maturing in 2020, and from a 3-year extension of a short-term credit line for an amount of $80 million for its U.S. subsidiary Vallourec Star, LP, bringing the total of long-term confirmed credit lines to c. €2.3 billion.
V - ACCELERATING OUR TRANSFORMATION
Following the successful completion of its c. €1 billion capital increase, Vallourec has reinforced its balance sheet and is accelerating its transformation.
With Bpifrance having obtained clearance from the Brazilian Competition Authority, the mandatory convertible bonds for which it subscribed in the aforementioned capital increase will be converted following the bonds' issuance. This conversion will result in the issuance of 11,647,134 new ordinary shares from the conversion of 1,294,126 Tranche A bonds and 18,635,430 new ordinary shares from the conversion of 18,635,430 Tranche B bonds, bringing Bpifrance's total holdings to 66,695,707 ordinary shares, or 17.41%, of Vallourec's share capital. Following such conversion, Vallourec's outstanding share capital will consist of 383,072,484 ordinary shares, par value of 2 euros each.
Implementation of cost reduction plans continues, in line with objectives set.
Group headcount at the end of March 2016 is down by c. 500 compared to the end of 2015.
As part of the project to reorganize European mills announced on 1 February 2016, which aims to sustainably address the issue of overcapacity and to refocus on high value-added activities, consultation with relevant workers' councils commenced mid-April in France for an expected period of four months.
Vallourec has obtained clearance from the Brazilian Competition Authority to proceed with the merger of Vallourec Tubos do Brasil (VBR) and Vallourec & Sumitomo Tubos do Brasil (VSB) which should be completed before year end. Furthermore, in China, administrative procedures for the authorization of the acquisition of Tianda Oil Pipe are underway.
On 29 April 2016, Vallourec finalized the disposal of Vallourec Heat Exchanger Tubes, its subsidiary specialized in the production of welded titanium tubes for heat exchangers. This company will be deconsolidated in the Group's accounts as from 1 May 2016.
Finally, negotiations to dispose of a majority stake in the Saint-Saulve steel mill are ongoing.
VI - MARKET TRENDS & OUTLOOK
Second quarter 2016 revenues and results are expected to be better than in the first quarter as a consequence of the concentration of orders to be delivered during the second quarter.
However, the Group continues to anticipate a difficult second half of 2016. In the absence of a recovery in E&P Capex, Oil & Gas deliveries should continue to be impacted by the cyclical downturn on these markets:
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In the EAMEA region, deliveries in 2016 will be severely impacted by the very low order intake in 2015 and since the beginning of 2016. In the current environment, IOCs continue to postpone new projects and work on reducing their breakeven point. Vallourec will continue to mainly serve NOCs which are more dynamic, but at reduced prices as a result of fierce competition.
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In the USA , operators are expected to continue cutting costs and reducing activity in 2016. Therefore, low demand for OCTG tubes and low prices should persist. Ongoing inventory reduction at distributors is expected to end in H2 2016.
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In Brazil , Petrobras is reducing its drilling activity. Although it is maintaining the focus on development of pre-salt basins, delivery of OCTG tubes should decrease in 2016 compared to 2015.
Power Generation is expected to benefit from slightly higher revenues in 2016 compared to 2015 in the conventional power generation activity. The nuclear power generation activity should experience a slowdown in 2016 compared to 2015.
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 lower than in 2015.
In this context, the Group confirms its targets for 2016 as published in its Full Year 2015 financial results, namely:
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EBITDA lower than in 2015;
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Negative cash flow of approximately €-600 million (assuming a stable working capital requirement);
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Net debt not exceeding €1.5 billion at the end of the year, after the acquisition of Tianda, the full consolidation of VSB and the completion of the capital increase.
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.
www.vallourec.com
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Presentation of Q1 2016 results
To participate in the call, please dial: +44 20 3427 1908 (UK), +33 1 76 77 22 27 (France), +1 212 444 0896 (USA), +44 20 3427 1908 (Other countries) Conference code: 9490879
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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).
Disclaimer
This press release and the information contained herein do not constitute either an offer to sell or purchase, or the solicitation of an offer to sell or purchase, securities of Vallourec.
No communication or information relating to the contemplated rights issue may be distributed to the public in any jurisdiction in which registration or approval is required. No action has been (or will be) undertaken in any jurisdiction outside of France where such steps would be required. The subscription for or purchase of securities of Vallourec may be subject to legal or statutory restrictions in certain jurisdictions. Vallourec assumes no responsibility for any violation of such restrictions by any person. The distribution of this press release in certain jurisdictions may be restricted by law.
This press release does not constitute a prospectus within the meaning of Directive 2003/71/EC as amended (the "Prospectus Directive").
With respect to each member State of the European Economic Area other than France (the "Member State"), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring a publication of a prospectus in any Member State. As a result, the securities of Vallourec may only be offered in the Member States (i) to qualified investors, as defined by the Prospectus Directive; or (ii) in any other circumstances, not requiring Vallourec to publish a prospectus as provided under Article 3(2) of the Prospectus Directive.
For the purposes of this paragraph, "securities offered to the public" in a given Member State means any communication, in any form and by any means, of sufficient information about the terms and conditions of the offer and the securities so as to enable an investor to decide to buy or subscribe for the securities, as the same may be varied in that Member State.
This selling restriction applies in addition to any other selling restrictions which may be applicable in the Member States.
The distribution of this press release is directed only at (i) persons outside the United Kingdom, subject to applicable laws, or (ii) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "Order") or (iii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) (a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The rights issue is only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such rights will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on, this press release or any information contained herein.
This press release does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Vallourec in the United States of America. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Vallourec have not been and will not be registered under the U.S. Securities Act and Vallourec does not intend to make a public offer of its securities in the United States of America.
This press release includes forward-looking statements relating to the Group's expectations or objectives. These statements are sometimes identified by the use of the future or conditional tense, as well as terms such as "estimate", "believe", "have the objective of", "intend to", "expect", "result in", "should" and other similar expressions. It should be noted that the realization of the expectations or objectives expressed or implied by these forward-looking statements is dependent on circumstances and facts, including those arising in the future, that may be outside of the Group's control. Forward-looking statements and information about objectives may be affected by known and unknown risks, uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by the Group. These factors may include changes in the Group's economic and commercial situation, regulations and the risk factors described in Chapter 5 of Vallourec's 2015 Registration Document filed with the AMF under number D.16-0141 on March 16, 2016 and in chapter 2 of the securities note which received visa number 16-126 from the AMF on April 7, 2016.
The contents of this announcement have not been verified by Banco Santander (which is authorised in Spain by the Bank of Spain and regulated in Spain by the CNMV (Spanish Securities Market Commission) and the Bank of Spain), BNP Paribas, Crédit Agricole Corporate and Investment Bank, Goldman Sachs International (which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority), J.P. Morgan (which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority), Natixis, Nomura (which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority) and Société Générale Corporate & Investment Banking (together the "Banks")
The Banks are each acting exclusively for Vallourec and for no-one else in connection with any transaction mentioned in this announcement and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to any such transaction and will not be responsible to any other person for providing the protections afforded to their respective clients, or for advising any such person on the contents of this announcement or in connection with any transaction referred to in this announcement.
No reliance may be placed for any purposes whatsoever on the information contained in this announcement or on its completeness. No representation or warranty, express or implied, is given by or on behalf of Vallourec or the Banks or their subsidiary undertakings, affiliates, respective agents or advisers or any of such persons` affiliates, directors, officers or employees or any other person as so to the fairness, accuracy, completeness or verification of the information or the opinions contained in this announcement and no liability is accepted for any such information or opinions. Each of the Banks accordingly disclaims all and any responsibility and liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this announcement or its contents or otherwise in connection with this announcement. Persons receiving this document will make all trading and investment decisions in reliance on their own judgement and not in reliance on the Banks. None of the Banks is providing any such persons with advice on the suitability of the matters set out in this announcement or otherwise providing them with any investment advice or personal recommendations. Any information communicated or otherwise made available in this announcement is incidental to the provision of services by the Banks to the Company and is not based on individual circumstances.
Calendar
| 28 July 2016 | Release of second quarter and first half 2016 results |
For further information, please contact:
Investor relations Press relations
Etienne Bertrand Héloïse Rothenbühler
Tel: +33 (0)1 49 09 35 58 Tel: +33 (0)1 41 03 77 50 / +33 (0)6 45 45 19 67
etienne.bertrand@vallourec.com
heloise.rothenbuhler@vallourec.com
Investor relations
Individual shareholders
Christophe Le Mignan Toll Free Number (from France): 0 800 505 110
Tel: +33 (0)1 49 09 38 96 actionnaires@vallourec.com
christophe.lemignan@vallourec.com
Appendices
Documents accompanying this release:
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Sales volume
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Forex
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Revenues by geographic region
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Revenues by market
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Cash flow statement
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Free cash flow
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Summary consolidated income statement
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Summary consolidated balance sheet
Sales volume
| In thousands of tonnes | 2016 | 2015 | Change |
| YoY | |||
| Q1 | 251 | 412 | -39.1% |
| Q2 | 362 | ||
| Q3 | 317 | ||
| Q4 | 320 | ||
| Total | 1,411 |
Forex
| Average exchange rate | Q1 2016 | Q1 2015 |
| EUR / USD | 1.10 | 1.13 |
| EUR / BRL | 4.30 | 3.22 |
| USD / BRL | 3.91 | 2.86 |
Revenues by geographic region
| In millions of euros | Q1 | As % of | Q1 | As % of | Change | Q4 |
| 2016 | revenues | 2015 | revenues | YoY | 2015 | |
| Q1 | ||||||
| Europe | 135 | 20.1% | 221 | 21.0% | -38.9% | 170 |
| North America | 128 | 19.1% | 401 | 38.1% | -68.1% | 215 |
| South America | 98 | 14.6% | 181 | 17.2% | -45.9% | 72 |
| Asia & Middle East | 171 | 25.5% | 178 | 16.9% | -3.9% | 234 |
| Rest of World | 139 | 20.7% | 71 | 6.8% | +95.8% | 170 |
| Total | 671 | 100.0% | 1,052 | 100.0% | -36.2% | 861 |
Revenues by market
| In millions of euros | Q1 | As % of | Q1 | As % of | Change | Q4 |
| 2016 | revenues | 2015 | revenues | YoY | 2015 | |
| Oil & Gas | 439 | 65.4% | 653 | 62.1% | -32.8% | 497 |
| Petrochemicals | 30 | 4.5% | 66 | 6.3% | -54.5% | 48 |
| Oil & Gas, Petrochemicals | 469 | 69.9% | 719 | 68.4% | -34.8% | 545 |
| Power Generation | 85 | 12.7% | 143 | 13.6% | -40.6% | 157 |
| Mechanicals | 58 | 8.6% | 99 | 9.4% | -41.4% | 82 |
| Automotive | 22 | 3.3% | 35 | 3.3% | -37.1% | 24 |
| Construction & Other | 37 | 5.5% | 56 | 5.3% | -33.9% | 53 |
| Industry & Other | 117 | 17.4% | 190 | 18.0% | -38.4% | 159 |
| Total | 671 | 100.0% | 1,052 | 100.0% | -36.2% | 861 |
Cash flow statement
| In millions of euros | Q1 | Q1 | Q4 |
| 2016 | 2015 | 2015 | |
| Cash flow from operating activities | (135) | +19 | (144) |
| Change in operating WCR | (61) | (1) | +353 |
| + decrease, (increase) | |||
| Net cash flows from operating activities | (196) | +18 | +209 |
| Gross capital expenditure | (43) | (48) | (109) |
| Financial investments | - | - | - |
| Dividends paid | - | - | (1) |
| Asset disposals & other items | (31) | (26) | 15 |
| Change in net debt | (270) | (56) | +114 |
| + decrease, (increase) | |||
| Net debt (end of period) | 1,789 | 1,603 | 1,519 |
Free cash flow
| In millions of euros | Q1 | Q1 | Change |
| 2016 | 2015 | ||
| Cash flow from operating activities (FFO) (A) | (135) | +19 | -154 |
| Change in operating WCR (B) | (61) | (1) | -60 |
| [+ decrease, (increase)] | |||
| Gross capital expenditure (C) | (43) | (48) | +5 |
| Free cash flow (A)+(B)+(C) | (239) | (30) | -209 |
Summary consolidated income statement
| In millions of euros | Q1 | Q1 | Change |
| 2016 | 2015 | YoY | |
| REVENUES | 671 | 1 052 | -36.2 % |
| Cost of revenues (1) | (621) | (858) | -27.6 % |
| Industrial margin | 50 | 194 | -74.2 % |
| (as % of revenues) | 7,5% | 18.4% | -10.9 pts |
| SG&A costs (1) | (116) | (137) | -15.3% |
| Other income (expense), net | (6) | (4) | na |
| EBITDA | (72) | 53 | na |
| EBITDA as % of sales | -10,7 % | 5.0% | -15.7pts |
| Depreciation of industrial assets | 70 | (76) | -7.9% |
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Amortization and other depreciation
| (11) | (12) | na |
| Impairment of assets | (63) | - | na |
| Assets disposals, restructuring and other | (74) | (2) | na |
| OPERATING INCOME (LOSS) | (290) | (35) | na |
| Financial income (loss) | (34) | (21) | 61.9% |
| PRE- TAX INCOME (LOSS) | (324) | (56) | na |
| Income tax | 28 | (17) | na |
| Share in net income (loss) of associates | (2) | 1 | na |
| NET INCOME FOR THE CONSOLIDATED ENTITY | (298) | (72) | na |
| Non-controlling interests | 14 | (4) | na |
| NET INCOME, GROUP SHARE | (284) | (76) | na |
| EARNINGS PER SHARE (in €) | -2.1 | -0.6 | na |
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Before depreciation and amortization
na: not applicable
Summary consolidated balance sheet
| In millions of euros | ||||||||||
| Assets | 31-Mar | 31-Dec | Liabilities | 31-Mar | 31-Dec | |||||
| 2016 | 2015 | 2016 | 2015 | |||||||
| Equity, Group share | 2,359 | 2,646 | ||||||||
| Intangible assets, net | 142 | 149 | Non-controlling interests | 360 | 392 | |||||
| Goodwill | 315 | 329 | Total equity | 2,719 | 3,038 | |||||
| Net property, plant and equipment | 3,028 | 3,161 | ||||||||
| Biological assets | 156 | 155 | Bank loans and other borrowings | 1,111 | 1,763 | |||||
| Associates | 170 | 177 | Employee benefits | 248 | 224 | |||||
| Other non-current assets | 239 | 233 | Deferred tax liabilities | 191 | 216 | |||||
| Deferred tax assets | 161 | 149 | Other long-term liabilities | 109 | 43 | |||||
| Total non-current assets | 4,211 | 4,353 | Total non-current liabilities | 1,659 | 2,246 | |||||
| Inventories and work-in-progress | 1,048 | 1,066 | Provisions | 268 | 238 | |||||
| Trade and other receivables | 525 | 545 | Overdrafts and other short-term borrowings | 2,019 | 387 | |||||
| Derivatives - assets | 71 | 20 | Trade payables | 475 | 523 | |||||
| Other current assets | 352 | 307 | Derivatives - liabilities | 114 | 152 | |||||
| Cash and cash equivalents | 1,341 | 631 | Other current liabilities | 301 | 347 | |||||
| Total current assets | 3,337 | 2,569 | Total current liabilities | 3,177 | 1,647 | |||||
| Assets held for sale | 66 | 69 | Liabilities disposal for sale | 59 | 60 | |||||
| TOTAL ASSETS | 7,614 | 6,991 | TOTAL LIABILITIES | 7,614 | 6,991 | |||||
| Net debt | 1,789 | 1,519 | Net income, Group share | (284) | (865) | |||||
| Gearing ratio | 65.8% | 50.0% | ||||||||
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
