Vallourec announces its results for the full-year 2018. The consolidated financial statements were presented by Vallourec’s Management Board to its Supervisory Board on 19 February 2019.
A year of strong rebound supported by a robust Q4; Full-year revenue of €3.921M, 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 region.
Significant improvement in EBITDA at €150M compared to €2M in 2017 Cumulative gross savings of €445M since 2016, two years ahead of plan.
Strong Q4 performance; EA-MEA revenue in Oil & Gas up 68% QoQ; Positive free cash flow at €76M; EBITDA rebound at €89M, up €78M year-on-year and up €46M QoQ; Net debt of €2,058M as at 31 December 2018 and banking covenant at 72%; and on 19 February 2019, extension up to February 2021 of €600M bank facilities maturing originally in 2020.
Commenting on these results, Philippe Crouzet, Chairman of the Management Board, said:
Looking ahead, the Group is also well positioned to capture volumes in the offshore Brazilian market, where it holds a strong position, thanks to both the renewed long term agreement with Petrobras and the comprehensive offer, which will also support international oil companies launching E&P projects in this country.