Boulogne-Billancourt (France), 28 July 2016 - Vallourec today announces its results for the second quarter and first half of 2016. The consolidated financial statements were presented by Vallourec's Management Board to its Supervisory Board on 27 July 2016.
H1 2016 results in line with expectations |
|
|
Transformation plan on track |
|
Outlook |
Commenting on these results, Philippe Crouzet, Chairman of the Management Board, said:
'Poor market conditions have continued to weigh on our first half 2016 revenues and results despite a second quarter which benefited from a better mix compared with the first quarter. The second half of 2016 will continue to be significantly impacted by low demand and intense pricing pressure.
Vallourec successfully finalized the last steps of its capital increase with the conversion of Bpifrance's and NSSMC's mandatory convertible bonds into Vallourec shares. Vallourec benefits from additional credit lines for an amount of €520 million and extended the maturity of its medium and long-term credit facilities.
The implementation of our Transformation plan is moving forward in every region in line with our objectives. These vigorous actions, and particularly the ongoing restructuring and divestments in Europe, are paving the way for a transformed and more competitive Vallourec positioned for long-term profitable growth when market conditions improve.'
Vallourec SA published this content on 28 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2016 15:56:06 UTC.
Original documenthttp://www.vallourec.com/EN/group/MEDIA/Press/Pages/Vallourec-Q2-H1-2016-results.aspx
Public permalinkhttp://www.publicnow.com/view/8ACA0552844483801B2CC7802632CE4C4B537F52