VALLOUREC

ERRATUM TO THE FULL YEAR 2016 RESULTS PRESS RELEASE dated February 22nd, 2017

	Press release

ERRATUM TO THE FULL YEAR 2016 RESULTS PRESS RELEASE
dated February 22nd, 2017

Boulogne-Billancourt (France), 23 February 2017 - A typo was made in the balance sheet table (appendix section, page 14) of the press release dated February 22, 2017 released at 5:45pm CET announcing FY 2016 results.
On the line "Bank loans and other borrowings", the right figure is 1,121 instead of 1,037.
All the other figures are correct and remain unchanged. The amended table is shown hereunder and indicates the figure which was corrected. The updated press release is available on the company's website, www.vallourec.com, in the Investors section.

Summary consolidated balance sheet

In millions of euros
Assets	31-Dec		31-Dec		Liabilities		31-Dec		31-Dec
	2016		2015				2016		2015
					Equity, Group share		3,284		2,646
Intangible assets, net	125		149		Non-controlling interests		494		392
Goodwill	383		329		Total equity		3,778		3,038
Net property, plant and equipment	3,618		3,161		Shareholder loan		84
Biological assets	88		155		Bank loans and other borrowings		1,121		1,763
Investments in equity affiliates	125		177		Employee benefits		227		224
Other non-current assets	348		233		Deferred tax liabilities		80		216
Deferred tax assets	190		149		Other long-term liabilities		121		43
Total non-current assets	4,877		4,353		Total non-current liabilities		1,549		2,246
Inventories and work-in-progress	1,035		1,066		Provisions		280		238
Trade and other receivables	546		545		Overdrafts and other short-term borrowings		1,453		387
Derivatives - assets	58		20		Trade payables		530		523
Other current assets	283		307		Derivatives - liabilities		105		152
Cash and cash equivalents	1,287		631		Other current liabilities		310		347
Total current assets	3,209		2,569		Total current liabilities		2,678		1,647
Assets held for sale	46		69		Liabilities disposal for sale		43		60
TOTAL ASSETS	8,132		6,991		TOTAL LIABILITIES		8,132		6,991
Net debt	1,287		1,519		Net income, Group share		(758)		(865)
Gearing ratio	34.1%		50.0%

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Source: VALLOUREC via Globenewswire