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

         Press release    ERRATUM TO THE FULL YEAR 2016 RESULTS PRESS RELEASEdated February 22nd, 2017Boulogne-Billancourt (France), 23 February 2017- A typo was made in the balance sheet table (appendix section, page 14) of the press release dated...
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  		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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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: VALLOUREC via Globenewswire
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