Vallourec reports second quarter and first half 2019 results

24/07/2019 - Finance
Boulogne-Billancourt (France), July 24th 2019 – Vallourec today announces its results for the second quarter and first half of 2019.

The consolidated financial information was presented by Vallourec’s Management Board to its Supervisory Board on July 23rd 2019. 

  • Revenue: €1,084 million, up 10% year-on-year (+8% at constant exchange rates)
  • EBITDA: €102 million, versus €23 million in Q2 2018
  • Positive free cash flow of €16 million compared to (€164) million in Q2 2018
    • Positive cash flow from operating activities at €39 million versus (€61) million in Q2 2018
    • Slight increase of (€4) million in operating working capital requirement versus a (€84) million increase in Q2 2018; net working capital requirement at 108 days of sales versus 114 at end of Q2 2018
  • Net debt as at 30th June 2019: €2,111 million versus €2,125 million as at March 31st, 2019



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


"With double digit revenue growth, continued rebound in profitability and a positive free cash flow, the second quarter performance brought new evidence that Vallourec is on the right path to recovery.

As anticipated, Oil and Gas is key in achieving these results, with EA-MEA being the main driver. In addition, Vallourec's mining operations in Brazil sold higher volumes at better prices.

We now target the solid EBITDA generation achieved in the first semester to be confirmed in the second one, the moderate slowdown expected on the North American Oil and Gas market being counterbalanced over the semester by an overall good level of activity in the Group's other markets and the continuation of our transformation plan execution.

We remain focused on cash discipline: our new initiatives to control working capital have already yielded positive results in the first part of the year, and we remain committed to achieve further progress going forward.

Looking ahead, we are confident to see in 2020, following the recovery of EA-MEA Oil and Gas markets in 2019, the restart of exploration activity in Brazil, where we enjoy strong positions, as a result of drilling commitments taken by oil companies following the bidding rounds over the last two years".

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. With close to 19,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers 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.

For further information, please contact:

​Investor Relations
Jean-Marc Agabriel 
+33 (0)1 49 09 39 77

​​​Press relations
Héloïse Rothenbuhler
+33 (0)1 41 03 77 50

​​Individual shareholders
Toll Free Number (from France)
0 800 505 110​​

Back to all press releases