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VALLOUREC reports full year 2018 results

Nachrichtenquelle: GlobeNewswire
20.02.2019, 17:46  |  605   |   |   
   
 

 

 

 

 
Press release
 
   

Vallourec reports full year 2018 results

A year of strong rebound supported by a robust Q4
             

  • Full-year revenue of €3,921 million, up 11% at constant exchange rates, driven by Oil & Gas (+14% at constant exchange rates), notably in North America, and in Q4 in EA-MEA[1] region
  • Significant improvement in EBITDA at €150 million compared to €2 million in 2017
  • Cumulative gross savings of €445 million since 2016, two years ahead of plan
  • Strong Q4 performance
    • EA-MEA revenue in Oil & Gas up 68% QoQ
    • Positive free cash flow at €76 million
    • EBITDA rebound at €89 million, up €78 million year-on-year and up €46 million QoQ
  • Net debt of €2,058 million as at 31 December 2018 and banking covenant at 72%
  • On 19 February 2019, extension up to February 2021 of €600m bank facilities maturing originally in 2020
  •              
    New initiatives to further accelerate the path to recovery
                 

    • At least €200 million additional gross savings identified, including
      • Extensive savings plan launched in Germany
      • Additional actions in Brazil to strengthen best-in class manufacturing base
    • Launch of divestiture of assets dedicated to the coal-fired conventional power plants
                 

          Outlook for 2019

                 

    • Continued recovery in the Oil and Gas activity primarily driven by international markets
    • Strong increase in EBITDA targeted in 2019, supported by market trends, additional savings as well as ongoing deployment from the Group's new competitive manufacturing routes
    • Continuous improvement in working capital requirement[2], beyond usual seasonal movements (peak outflow in H1), with a diminishing number of days of working capital requirement on both quarterly average and end of year
    • Capex around €180 million, consistent with the needs of our renewed industrial footprint
    • Based on current market trends[3] and objectives outlined above, the Group would respect its banking covenant at the end of the year
     

                              


    Boulogne-Billancourt (France), 20 February 2019 - Vallourec, a world leader in premium tubular solutions, today announces its results for full year 2018. The consolidated financial statements were presented by Vallourec's Management Board to its Supervisory Board on 19 February 2019.

    Key figures

    2018 2017 Change In millions of euros Q4 Q4 Change
    YoY   2018 2017 YoY
    2,364 2,256 4.8% Sales Volume (k tons) 694 655 6.0%
    3,921 3,750 4.6% Revenue 1,116 1,070 4.3%
    150 2 +€148m EBITDA 89 11 +€78m
    3.8% 0.1% +3.7pts As % of revenues 8.0% 1.0% +7.0pts
    (277) (483) +€206m Operating income (loss) (43) (206) +€163m
    (502) (537) +€35m Net income (loss), Group share (103) (164) +€61m
    (494) (423) -€71m Free cash flow 76 (26) +€102m
    31 Dec. 31 Dec. Change In millions of euros 31 Dec. 31 Dec. Change
    2018 2017 YoY   2018 2017 YoY
    2,058 1,542 +€516 m Net debt 2,058 1,542 +€516m

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

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