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Full year 2019 after-effects and barrage of a antithesis area deepening plan to abutment beheading of strategy



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 Fourth division in band with expectations

 Accelerate assisting acquirement advance by capitalizing on:



Boulogne-Billancourt (France), February 19th 2020 – Vallourec, a apple baton in exceptional tubular solutions, today announces its after-effects for the fourth division and abounding year of 2019 as able-bodied as a Rights Affair and RCF refinancing to abutment the beheading of Vallourec’s strategy. The circumscribed cyberbanking advice was presented by Vallourec’s Administration Board to its Supervisory Board on February 18th 2020.

Key figures(*)

 (*) IFRS 16 abundant impacts on EBITDA, net debt, charter debt and Free banknote breeze are declared in circumscribed after-effects assay (pages 4 & 5), cyberbanking position (page 5,6) and in appendices (pages 16, 17, 18 & 19).

Net debt

 * Net debt of €2,058 actor at the end of December 2018 includes €59 actor of cyberbanking charter debt

Commenting on these results, Philippe Crouzet, Chairman of the Administration Board, said:

“2019 achievement apparent a absolute footfall in Vallourec’s turnaround with EBITDA added than acceleration and Free banknote breeze appreciably improving.

On the Oil & Gas market, as expected, the lower activity in US onshore was added than account by EA-MEA Oil & Gas activity and the aboriginal footfall in the accretion of abysmal adopted in Brazil took abode in Q4. In the Industry and Added markets, our acquirement advance was mainly apprenticed by college adamant ore aggregate and prices in Brazil.

We connected to apparatus our Transformation plan arch to a bacteria and a added aggressive accumulation and I would like to acknowledge all Vallourec’s teams for their connected involvement, which enabled us to accomplish such a result. With €141 actor gross bulk accumulation accomplished in 2019, we conspicuously outperformed our targets with €586 actor gross bulk accumulation back 2016. Our top band advance and bartering drive affirmation the allowances of a adapted automated cast and the acknowledged accomplishing of new routes in Brazil and China. We connected downsizing our cast in Europe and acceptable our bulk competitiveness and sourcing flexibility.

With automated and added aggressive operations, Vallourec is entering a new appearance of its development and I am assured in the Group’s approaching success beneath the administration of Edouard Guinotte.”

Edouard Guinotte, Anew Appointed Chairman of the Administration Board as of March 16th 2020, said:“The able activating connected from our adequate competitiveness should abide in 2020, accurate by the advancing accretion of EA-MEA markets and by college O&G sales in Brazil on which we accept able visibility. We apprehend Vallourec’s cyberbanking achievement to abide to advance with a €500 actor targeted EBITDA and a hardly absolute Free banknote flow.Beyond 2020, we will abide to advance our assisting acquirement growth, capitalizing on able positions on the best adorable and fast-growing Oil & Gas markets. We will additionally advantage our abstruse bend and cast acceptance in adjustment to advance new articles and solutions for our clients. Our bulk capabilities additionally alluringly position the Accumulation to abduction arising opportunities for activity transition. We will additionally added enhance our competitiveness with added €200 actor in gross accumulation over 2021-2022 and added appliance of our new accumulation routes.In this context, we intend to strengthen Vallourec’s antithesis area and extend our clamminess through a €800 actor basic access and new acclaim accessories of €800 actor that will accommodate us with the cyberbanking adaptability to assassinate our strategy.With adequate competitiveness and a adequate antithesis sheet, I am assertive that we will accomplish in reinforcing our position as a apple baton in exceptional tubular solutions and I am committed to demography Vallourec to the abutting level.”

I – CONSOLIDATED REVENUE BY MARKET

In 2019, Accumulation acquirement amounted to €4,173 million, up 6.4% against 2018 ( 5% at connected barter rates), with EA-MEA Oil & Gas as basic contributor. Aggregate aftereffect was –3.1%, price/mix effect  7.7% and bill aftereffect 1.8%.   

Q4 2019 acquirement amounted to €1,004 million, bottomward 10% compared with Q4 2018 (-10% at connected barter rates) with:

Oil & Gas, Petrochemicals (73% of anniversary circumscribed revenue)

In 2019, Oil & Gas acquirement totaled €2,752 million, an access of 11% year-on-year ( 8% at connected barter rates).

In Q4 2019, Oil & Gas acquirement amounted to €686 million, bottomward 7% year-on-year (-8% at connected barter rates).

In 2019, Petrochemicals acquirement totaled €290 million, bottomward 16% year-on-year (-18% at connected barter rates), due to the abatement in volumes awash in North America.

In Q4 2019, Petrochemicals acquirement amounted to €76 million, bottomward 10% year-on-year (-10% at connected barter rates), mainly due to lower volumes awash in North America.

Industry & Added (22% of anniversary circumscribed revenue)

In 2019, Industry & Added acquirement totaled €939 million, up 15% year-on-year ( 16% at connected barter rates)

Q4 2019 acquirement amounted to €205 actor abbreviating by 13% compared with Q4 2018 (-10.4% at connected barter rates). Acquirement and volumes decreased in Europe, partially account by college adamant ore sales in Brazil.

Power Bearing (5% of anniversary circumscribed revenue)

In 2019, acquirement totaled €192 million, bottomward 34% year-on-year (-34% at connected barter rates), due to the abatement in all-around appeal for coal-fired accepted adeptness plants.

In Q4 2019, Adeptness Bearing acquirement amounted to €37 million, an advancing abatement compared to Q4 2018 of 38% at connected barter rates.

II – CONSOLIDATED RESULTS ANALYSIS

FY 2019 circumscribed after-effects analysisFor the abounding year 2019, EBITDA accomplished €347 million, convalescent by €197 actor year-on-year, as a aftereffect of:

A net abatement in accoutrement of €21 actor (versus €56 actor in 2018) was included in EBITDA, mainly absorption accoutrement appear to account losses recorded on the auction of attenuated inventories over the aforementioned period.

IFRS 16 appulse on EBITDA for the abounding year was a absolute €33 million.

Operating aftereffect was (€17) million, convalescent by €260 actor year-on-year acknowledgment to:

Financial aftereffect was abrogating at (€244) million, compared to (€220) actor for the abounding year 2018, mainly due to (i) college absorption expenses, (ii) the IFRS 16 appulse on absorption costs on charter debt for (€11) million, (iii) partly account by a abatement in adopted barter ambiguity costs.

Income tax amounted to (€75) actor mainly in Brazil.

As a result, net loss, Accumulation share, has been bargain by €164 million, amounting to (€338) million, compared to (€502) actor for the abounding year of 2018.

Q4 2019 circumscribed after-effects analysisIn Q4 2019, EBITDA accomplished €94 million, convalescent by 6% year-on-year with:

A net abatement in accoutrement of €19 actor (versus €27 actor in 2018) was included in EBITDA, mainly absorption accoutrement appear to account losses recorded on the auction of attenuated inventories over the aforementioned period.

IFRS 16 appulse on Q4 EBITDA was a absolute €8 million.

Operating aftereffect bigger by €34 actor to (€9) million, acknowledgment to a college EBITDA and including a allegation for “assets disposal, restructuring and other” at (€23) million, mainly absorption the accommodation to abutting Reisholz Powergen bulb in Germany. A (€7) actor IFRS 16 appulse (depreciation of right-of-use) was included in “amortization and added depreciation” which amounted to (€14) actor in Q4 2019 compared to (€8) actor in Q4 2018.

Financial aftereffect hardly attenuated at (€66) actor against (€55) actor in Q4 2018, due to a (€3) actor abrogating IFRS 16 appulse (interest costs on charter debt) and college absorption expenses.

Income tax was (€36) actor in Q4 2019, mainly accompanying to tax accuse in Brazil.

As a result, net loss, Accumulation share, hardly added by (€8) million, amounting to (€111) million, compared to (€103) actor in Q4 2018.

III – CASH FLOW & FINANCIAL POSITION

Cash breeze from operating activities

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Cash breeze from operating activities stood at (€6) actor for the abounding year 2019 compared to (€210) actor for the abounding year 2018 and at (€14) actor in Q4 2019 compared to (€13) actor in Q4 2018.

Operating alive basic requirementFor the abounding year 2019, operating alive basic claim decreased by €124 million, against an access of (€155) actor for the abounding year 2018. In band with our objectives, on a anniversary boilerplate base over the abounding year 2019, net alive basic claim was bargain to 106 canicule of sales from 113 canicule in 2018.

In Q4 2019, operating alive basic claim decreased by €170 actor against a abatement of €154 actor in Q4 2018. Net alive basic in canicule of sales stood at 95 canicule at the end of Q4 2019, a agnate akin compared to Q4 2018 (94 canicule of sales).

CapexGross Basic bulk was (€159) actor for the abounding year 2019 against (€129) actor for the abounding year 2018 and stood at (€80) actor in Q4 2019 against (€65) actor in Q4 2018.

Free banknote flowFree banknote breeze for the abounding year of 2019 was abrogating at (€41) million, an advance of €453 actor compared to (€494) actor for the abounding year of 2018.

In Q4 2019 the Accumulation generated a absolute Free banknote breeze of €76 million, abiding against Q4 2018.

Net debt and liquidityAs of December 31st 2019, net debt was bargain to €2,031 actor compared with €2,104 actor as of September 30th 2019. It amounted to €1,999 actor as of January 1st 2019. As a reminder, €59 million was reclassified from net debt to charter debt on January 1st 2019, as a aftereffect of the appliance of IFRS 16 (see table on folio 18).   

Cash as of December 31st 2019 amounted to €1,794 million, and €426 actor out of the Group’s €2,128 actor committed coffer accessories were unused. 

As of the aforementioned date, abiding debt amounted to €1,747 actor and concise debt to €2,077 million, including €110 million of bartering cardboard and €1,702 actor fatigued from the €2,128 million committed cyberbanking facilities.   

As of December 31st 2019, the cyberbanking agreement ratio, as authentic in the cyberbanking affairs and activated already a year on December 31st, stood at 81%. IFRS 16 accomplishing has no appulse on the cyberbanking agreement ratio.

IV – RECENT ESG AWARDS

Reflecting its able ESG commitments, Vallourec acquired absolute favorable rankings by ecology appraisement agencies in 2019:

             A board of the Supervisory Board committed to adviser ESG affairs was formed in February 2019.

V – A SUCCESSFULLY EXECUTED TRANSFORMATION PLAN LEADING TO A LEANER AND MORE COMPETITIVE GROUP

Announced bulk accumulation appetite overachieved The antecedent 2016-2020 gross bulk accumulation appetite of €400 actor was surpassed in 2018 with €445 actor accomplished and the €200 actor added accumulation plan for 2019-2020 will additionally be overachieved with €141 actor accumulation accomplished in 2019.

Since 2014, absolute headcount has been bargain by 21% to 18,827 at end of 2019, a abridgement of 35% in Europe and of 19% in Brazil.

In 2019, Accumulation headcount was bargain by 1.8%, from 19,164 advisers to 18,827, with a stronger abridgement in Europe (-6.3%). In Germany, headcount was bargain in 2019 by 392 advisers as a aftereffect of the initiatives appear in February 2019 targeting a abridgement of 600 by the end of 2020.

As a aftereffect of these measures and the deployment of new routes, manufacturing6 and SG&A costs per ton accept been bargain by c.40% back 2016 to €1,035/t.

Radical downsizing of our European footprintVallourec’s European automated cast has been radically downsized with a abridgement from 19 sites in France and Germany to 2 basic assembly hubs. Europe has now been set up as a centermost of arete for avant-garde exceptional products, confined bounded markets competitively while accouterment a adjustable assembly avenue with a abbreviate lead-time for exports.

In 2019, the Accumulation absitively to abutting its Reisholz comminute (Germany), which specialized in tubes for accepted adeptness plants. The cease is accepted to be able in the added bisected of 2020.

Successful deployment of new aggressive routesNew accumulation routes accept been deployed leveraging cost-competitive assembly hubs in Brazil and Asia.

Brazilian operations accept been rationalized and cogent accumulation realized. Exports now represent about 60% of VSB’s absolute production.

Tianda, acquired at the end of 2016, has been absolutely chip aural Vallourec’s all-around network. The allotment of exceptional aggregate formed in Tianda has added from 4% in 2017 to 20% in 2019 and Tianda articles are offered in afresh awarded affairs in the Middle East and North Africa.

The appliance bulk of new routes for exceptional Oil & Gas EA-MEA appeal has added from 19% in 2015 to 55% in 2019, connected in an access in exceptional articles exported from VSB and Tianda from 40kt in 2015 to c.300kt in 2019.

A leaner, accompaniment of the art and adjustable automated set upThe bulk savings, the cause of the automated cast with the allotment of Europe in absolute accommodation bottomward to 25% from 45% and the deployment of new routes accept led to a cogent abatement in the break-even point7 by 25% back 2017.

At the aforementioned time, bartering activity has appreciably bigger acknowledgment to a adjustable sourcing from awful aggressive assembly hubs in Brazil and Asia.

Restored competitiveness already advice into accelerating bartering momentumThe €900 actor mega-contract afresh awarded by ADNOC testifies to Vallourec’s adeptness to activity aggressive all-around solutions to audience accurate by avant-garde agenda services. Vallourec will bear a absolute ambit of articles from API to high-end exceptional articles supplied from Europe, Brazil and China, for both onshore and adopted conduct and accepted and circuitous wells.

After acceleration amid 2017 and 2018, Vallourec’s OCTG breakable hit arrangement in EA-MEA8 connected to advance in 2019 acknowledgment to the appliance of the new routes.

In Brazil, we accept active agreements with Petrobras and added ample barter such as Shell and TechnipFMC, demonstrating our accession as supplier of choice.

VI – STRATEGIC ROADMAP TO TAKE VALLOUREC TO THE NEXT LEVEL

Leverage admiring bazaar fundamentals and able positions in the best adorable markets

Capitalize on abstruse bend and cast acceptance to advance new articles and solutions

The Accumulation additionally intends to abduction incremental revenues by leveraging its abstruse bend and cast acceptance to advance new articles and solutions.

New VAM® connections for exceptional O&G markets accept already been rapidly adopted by audience beyond the globe.

New agenda solutions, including agenda (Smartengo) are already on the bazaar and accord to Vallourec bartering differentiation.

Leverage bulk capabilities to abduction arising opportunities from activity transitionThe Accumulation is advancing for the approaching by developing acceptable solutions about activity alteration opportunities in the afterward areas: geothermal, adopted wind, carbon abduction appliance and accumulator (“CCUS”) and hydrogen.

The Accumulation will advantage its automated expertise, architecture capabilities, engineering ability and relationships with barter at the beginning of the activity alteration to abduction those opportunities.

Vallourec has set up a committed alignment to drive accession projects accompanying to activity alteration and expects those opportunities to aftereffect in cogent acquirement by 2025.

Launch Acceleration affairs to reinforce competitivenessThe Accumulation is committed to added developing its competitiveness with a new program, Acceleration, targeting added gross savings of €200 actor over 2021-2022, through both axle and bounded initiatives. 

Transverse initiatives will focus on deepening automated arete to accession achievement and believability and accretion the adeptness of abutment functions and SG&A.

Regional initiatives will beset the following:

Allocate all appeal access for exceptional O&G in EAMEA to new routesFollowing the acknowledged access up of exceptional O&G EA-MEA volumes supplied by Brazil and Asia from c.40kt in 2015 to c.300 kt in 2019, Vallourec intends to added advantage the aggressive advantage offered by these new routes. Approaching Oil & Gas advance in EA-MEA will be about served by the new routes, agnate to aggregate advance from c.300 kt to c.500 kt in 2024.

This appetite will be enabled by the achievement of the industrialization plan for exceptional grades in Tianda and by the certifications by Majors and NOCs of Tianda and VSB. The exceptional assembly arrangement of Tianda will additionally access from 20% in 2019 to c.40% in 2024.

VII – 2020 MAIN MARKET TRENDS

Oil & Gas

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Industry & Added

Coronavirus epidemic

VIII – OUTLOOK

2020 guidance

Based on accepted bread-and-butter and bazaar trends9,the Accumulation targets for 2020:

The anniversary phasing of EBITDA and Free banknote breeze will reflect the accepted low seasonality in Q1. The added bisected of the year will be decidedly stronger than the aboriginal bisected in agreement of EBITDA and Free banknote breeze generation.            

Beyond 2020 banknote breeze bearing leversEBITDA is accepted to abound as a aftereffect of topline advance absorption admiring trends and bigger bartering competitiveness as able-bodied as added bulk abridgement with the accomplishing of the Acceleration program.

In accession to EBITDA growth, Free banknote breeze bearing will additionally be added by:

IX – RIGHTS ISSUE AND RCF REFINANCING TO SUPPORT TURNAROUND AND EXECUTION OF VALLOUREC STRATEGY

Vallourec affairs to strengthen its antithesis area and extend its clamminess through a accumulated Rights Affair and Revolving Acclaim Ability (“RCF”) refinancing.

Proceeds of the Rights Affair will be acclimated to deleverage to c.2.8×10 at anniversary 2020 (corresponding to a net debt of c.€1.4 billion proforma for the rights issue) against 5.9x in 2019 including the exercise of alarm advantage on a charter arrangement in Brazil (“DBOT”) for up to €100 million.

Pro forma for the Rights Affair and RCF refinancing, Vallourec would accept had €1.7 billion of clamminess as of 31/12/2019, consisting of about €900 actor in banknote and an €800 actor committed undrawn acclaim facility.

Rights IssueVallourec intends to accession about €800 actor of new disinterestedness through a basic access with best cable rights (the “Rights Issue”) to decidedly deleverage its antithesis sheet, abate its cyberbanking accuse by c. €50 actor per annum compared to 2019 and accretion added adaptability to apparatus its cardinal plan.

Vallourec’s key advertence shareholders Bpifrance and Nippon Steel accept undertaken to subscribe to the Rights Affair (i) pro-rata to its pale for Bpifrance and (ii) for an bulk enabling Nippon Steel to ascendancy about 10% of Vallourec’s basic aloft achievement of the Rights Issue.11

Vallourec has acquired a standby allegation from a syndicate of banks to accede the antithesis of the Rights Issue, accountable to accepted conditions.

The all-important resolutions for the Rights Affair will be submitted to the vote of the Vallourec shareholders at the anniversary Shareholders’ Meeting to be captivated on 6 April 2020. Bpifrance and Nippon Steel accept committed to vote in favor of the resolutions accompanying to the Rights Issue.

The Rights Affair is accepted to be launched in Q2 2020, accountable to bazaar altitude and the approval of the advertisement by the French Cyberbanking Markets Ascendancy (Autorité des marchés financiers) (the “AMF”).

RCF refinancingVallourec additionally announces the refinancing of its acclaim accessories with a new acclaim ability of €800 actor committed by its accord banks. The new RCF, the availability of which is accountable to the achievement of the Rights Issue, will accommodate Vallourec with a abiding antecedent of clamminess with a ability of 4 years and a 1-year addendum option. The new ability will be accountable to a agreement to advance a gearing arrangement of a best of 100%, agnate to Vallourec’s accepted facilities.

*  *  *

This columnist absolution constitutes a accessible acknowledgment of central advice by Vallourec beneath Adjustment (EU) 596/2014 (April 16, 2014) and Implementing Adjustment (EU) No 2016/1055 (June 10, 2016).

Forward-Looking Statements

This columnist absolution may accommodate advanced statements. These advanced statements can be articular by the use of advanced terminology, including the agreement as “believe”, “expect”, “anticipate”, “may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and or, in anniversary case, their negative, or added variations or commensurable terminology. These advanced statements accommodate all affairs that are not absolute facts and accommodate statements apropos the Company’s intentions, behavior or accepted expectations concerning, amid added things, Vallourec’s after-effects of operations, cyberbanking condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, advanced statements absorb risks and uncertainties because they chronicle to contest and depend on affairs that may or may not activity in the future. These risks accommodate those developed or articular in the accessible abstracts filed by Vallourec with the AMF, including those listed in the “Risk Factors” area of the Allotment Certificate filed with the AMF on March 29, 2019 beneath cardinal D.19-0231. Readers are cautioned that advanced statements are not guarantees of approaching achievement and that Vallourec’s or any of its affiliates’ absolute after-effects of operations, cyberbanking activity and liquidity, and the development of the industries in which they accomplish may alter materially from those fabricated in or appropriate by the advanced statements independent in this columnist release. In addition, alike if Vallourec’s or any of its affiliates’ after-effects of operations, cyberbanking activity and liquidity, and the development of the industries in which they accomplish are connected with the advanced statements independent in this columnist release, those after-effects or developments may not be apocalyptic of after-effects or developments in consecutive periods.

Cautionary Statement

This columnist absolution does not, and shall not, in any affairs aggregate a accessible alms or an allurement to the accessible in affiliation with any offer.

No advice and no advice in account of this transaction may be broadcast to the accessible in any administration area a allotment or approval is required. No accomplish accept been or will be taken in any administration (other than France) area such accomplish would be required. The issue, the cable for or the acquirement of Vallourec’s shares may be accountable to specific acknowledged or authoritative restrictions in assertive jurisdictions. Vallourec assumes no albatross for any abuse of any such restrictions by any person.

This advertisement is not a advertisement aural the acceptation of Adjustment (EU) 2017/1129 of the European Parliament and the Council of June 14, 2017 (as adapted or superseded, the “Prospectus Regulation”). No antithesis alms will be opened to the accessible in France afore the commitment of the acceptance on a advertisement able in acquiescence with the Advertisement Regulation, as accustomed by the AMF.

In France, an activity of antithesis to the accessible may alone be fabricated pursuant to a advertisement accustomed by the AMF. With account to the affiliate States of the European Bread-and-butter Area (each, a “relevant affiliate State”), added than France, no activity has been undertaken or will be undertaken to accomplish an activity to the accessible of the shares acute a advertisement of a advertisement in any accordant affiliate State. Consequently, the antithesis cannot be offered and will not be offered in any affiliate Accompaniment (other than France), except in accordance with the exemptions set out in Article 1(4) of the Advertisement Regulation, or in the added case which does not crave the advertisement by Vallourec of a advertisement pursuant to the Advertisement Adjustment and/or applicative adjustment in the affiliate States.

This columnist absolution does not aggregate an activity of the antithesis to the accessible in the United Kingdom. The administration of this columnist absolution is not made, and has not been approved, by an accustomed actuality (“authorized person”) aural the acceptation of Article 21(1) of the Cyberbanking Casework and Markets Act 2000. As a consequence, this columnist absolution is directed alone at (x) bodies who (i) are alfresco the United Kingdom, (ii) accept able acquaintance in affairs apropos to investments falling aural Article 19(5) of the Cyberbanking Casework and Markets Act 2000 (Financial Promotion) Adjustment 2005, as adapted (the “Order”), or (iii) are aerial net account entities falling aural Article 49(2) of the Adjustment and (y) any added bodies to whom it may contrarily accurately be announced (all such bodies calm actuality referred to as “Relevant Persons”). The antithesis are directed alone at Accordant Bodies and no invitation, activity or agreements to subscribe, acquirement or access the antithesis may be proposed or fabricated added than with Accordant Persons. Any actuality added than a Accordant Actuality may not act or await on this certificate or any accouterment thereof. This columnist absolution is not a advertisement which has been accustomed by the Cyberbanking Conduct Ascendancy or any added United Kingdom authoritative ascendancy for the purposes of Area 85 of the Cyberbanking Casework and Markets Act 2000.

This columnist absolution does not aggregate or anatomy a allotment of any activity or address to acquirement or subscribe for antithesis in the United States. Vallourec shares may not be awash in the United States absent allotment or an absolution from allotment beneath the U.S. Antithesis Act of 1933, as amended. Vallourec does not intend to annals in the United States any allocation of the alms mentioned in this columnist absolution or to conduct a accessible alms of the shares in the United States.

The administration of this columnist absolution in assertive countries may aggregate a aperture of applicative law. The advice independent in this columnist absolution does not aggregate an activity of antithesis for auction in the United States, Canada, Australia or Japan.

Presentation of Q4 and FY 2019 results

Analyst appointment alarm / audio webcast at 6:30 pm (Paris time) to be captivated in English.             

https://www.vallourec.com/en/hub-financeAbout Vallourec

Vallourec is a apple baton in exceptional tubular solutions for the activity markets and for ambitious automated applications such as oil & gas wells in acrid environments, new bearing adeptness plants, arduous architectural projects, and high-performance automated equipment. Vallourec’s beat spirit and acid bend R&D accessible new abstruse frontiers. With abutting to 19,000 committed and amorous advisers in added than 20 countries, Vallourec works hand-in-hand with its barter to activity added than aloof tubes: Vallourec delivers innovative, safe, aggressive and acute tubular solutions, to accomplish every activity possible.

Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and acceptable for the Deferred Settlement System (SRD), Vallourec is included in the afterward indices: SBF 120 and Abutting 150.

In the United States, Vallourec has accustomed a sponsored Akin 1 American Depositary Receipt (ADR) affairs (ISIN code: US92023R2094, Ticker: VLOWY). Parity amid ADR and a Vallourec accustomed allotment has been set at 5:1.

Calendar

For added information, amuse contact:

 

                                                                                                                                                                                                       

Appendices

Documents accompanying this release:

Sales aggregate

 

Forex

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Revenue by geographic arena

    

Revenue by bazaar

  

Summary circumscribed assets account  

na = not applicable(*) Afore abrasion and amortization

IFRS 16 impacts on P&L include:                                              FY 2019           Q4 2019(10) Removal of operational charter costs from EBITDA:           €33m              €8m(11) Abrasion of right-of-use:                                                 -€27m               -€7m(12) Absorption costs on charter debt:                                             -€11m                        -€3m

  

Summary circumscribed antithesis area

Lease debt IFRS 16

(14) Included in Net debt above-mentioned to IFRS 16; reclassified to charter debt on January 1st 2019(15) Operational charter appear in off antithesis area items above-mentioned to IFRS 16; accustomed as charter debt       on January 1st 2019(16) – New curve items (current & non-current charter debts) articular in the antithesis area beneath IFRS 16.      – At December 31st, 2019, charter debt of €134 actor is breach into:      €104 actor of non accepted charter debt€30 actor of accepted charter debt            

Banking agreement

As authentic in the cyberbanking agreements, the “banking covenant” arrangement is the arrangement of the Group’s circumscribed net debt including the actor accommodation in Brazil and the “financial charter debt” which was recorded in net debt on December 31st, 2018 (excluding “operational lease”) to the Group’s equity, restated for affluence of changes in fair bulk of cyberbanking instruments and adopted bill adaptation reserve. This acknowledgment arrangement is activated already a year on December 31st, and charge be beneath a absolute of 100% on this date.

  

Cash breeze account

 (17) On February 19th 2019, Sumitomo Corporation contributed in banknote to a basic access of Vallourec Star, a Vallourec accessory in the United States, pro rata its captivation allotment (19.47%), for an bulk of $59 actor (€52 million)

(18) Cyberbanking charter debt (€50 actor as at December 31st 2019) ahead included in the net debt is now accustomed beneath charter debt (IFRS 16)

Free banknote breeze

* IFRS 16 appulse on:

– FY 2019 FCF: €22 actor (EBITDA appulse of €33 actor bare interests on charter debt of €11 million)

– Q4 2019 FCF: €5 actor (EBITDA appulse of €8 actor bare interests on charter debt of €3 million)

Definitions of non-GAAP cyberbanking data

Banking covenant: as authentic in the cyberbanking agreements, the “banking covenant” arrangement is the arrangement of the Group’s circumscribed net debt including the actor accommodation in Brazil and the “financial charter debt” which was recorded in net debt on December 31st, 2018 (excluding “operational lease”) to the Group’s equity, restated for affluence of changes in fair bulk of cyberbanking instruments and adopted bill adaptation reserve. This acknowledgment arrangement is activated already a year on December 31st, and charge be beneath a absolute of 100% on this date.

Data at connected barter rates: the abstracts presented « at connected barter rates » is affected by eliminating the adaptation aftereffect into euros for the acquirement of the Group’s entities whose anatomic bill is not the euro. The adaptation aftereffect is alone by applying Year N-1 barter ante to Year N acquirement of the advised entities.

Free banknote flow: Free cash-flow (FCF) is authentic as banknote breeze from operating activities bare gross basic bulk and plus/minus change in operating alive basic requirement.

Gross basic expenditure: gross basic bulk is authentic as the sum of banknote outflows for acquisitions of property, bulb and accessories and abstract assets and banknote outflows for acquisitions of biological assets.

Industrial margin: the automated allowance is authentic as the aberration amid acquirement and bulk of sales (i.e. afterwards allocation of automated capricious costs and automated anchored costs), afore depreciation.

Lease debt: starting January 1st, 2019, is authentic as the present bulk of certain approaching charter payments. 

Net debt: circumscribed net debt is authentic as Coffer loans and added borrowings additional Overdrafts and added concise borrowings bare Banknote and banknote equivalents. Starting January 1st, 2019 net debt excludes charter debt.

Net alive basic requirement: authentic as alive basic claim net of accoutrement for inventories and barter receivables; net alive basic claim canicule are computed on an annualized anniversary sales basis.

Operating alive basic requirement: includes alive basic claim as able-bodied as added receivables and payables.

Proforma Leverage: authentic as Net debt (after achievement of the Rights Affair and accounting appulse of exercise of alarm advantage on charter arrangement in Brazil) on EBITDA

Working basic requirement: authentic as barter receivables additional inventories bare barter payables (excluding provisions).

1 Cf branch Advice and Forward-Looking Statements.

2 Bpifrance currently holds 14.6% of Vallourec’s allotment capital.

3 Nippon Steel currently holds 14.6% of Vallourec’s allotment capital.

4 The absolute net bulk to be anew invested, beneath the accepted conditions, by Nippon Steel for cable is capped at €35M.

5 Revolving Acclaim Facilities

6 Excluding raw materials.

7 Breakeven is authentic as sales aggregate appropriate to awning capricious and anchored bulk included in EBITDA and capex requirements.

8 Affected on accessible tenders awarded to date

9 Cf branch Advice and Forward-Looking Statements

10 At connected adopted barter ante and including an accounting appulse on net debt in 2020 of the exercise of alarm advantage on charter arrangement in Brazil and the transaction-related expenses

11 The absolute net bulk to be anew invested, beneath the accepted conditions, by Nippon Steel for cable is capped at €35M and that of Bpifrance is capped at €120M.

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