Sainte-Foy-lès-Lyon, France
Sainte-Foy-lès-Lyon, France

Time filter

Source Type

PARIS & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions. LYSOGENE REINFORCES ITS MANAGEMENT TEAM WITH THE NOMINATION OF PHILIPPE MENDELS-FLANDRE AS CHIEF OPERATING OFFICER Lysogene (FR0013233475 – LYS), a leading clinical-stage biopharmaceutical company specializing in gene therapy technology applied to central nervous system diseases, today announced the nomination of Philippe Mendels-Flandre as Chief Operating Officer. Mr. Mendels-Flandre’s arrival reinforces Lysogene’s Management Team in order to accompany its new strategic growth goals. As such, he will supervise all financial activities of the company as well as partnerships and Business Development initiatives. Mr. Mendels-Flandre will be a member of the Executive Committee. “As we approach the phase II/III clinical study in Mucopolysaccharidosis Type IIIA, there is a will to consolidate and structure our management team,” says Karen Aiach, CEO and Founder of Lysogene, “and Philippe’s expertise and leadership will be key to accompany our growth strategy.” Previously, Mr. Mendels-Flandre was Shire’s – pharmaceutical group specialized in rare diseases - EAMEA General Manager, which he joined in 2000 when the company was still called Baxter, then Baxalta. For 15 years, Mr. Mendels-Flandre held various important – strategic, marketing, manufacturing or financial - positions within the Group. Throughout his career, Mr. Mendels-Flandre developed a great multidisciplinary expertise, particularly in cross-group, international projects management. Among others, he contributed to Baxalta’s integration within Shire and to the Group’s growth in emerging countries. Lysogene is a leading, clinical stage biotechnology company, specializing in the basic research and clinical development of AAV gene therapy for CNS disorders with a high unmet medical need. Since 2009, Lysogene has established a solid platform and network, with lead products in Mucopolysaccharidosis Type IIIA and GM1 Gangliosidosis, to become a global leader in orphan CNS diseases. Lysogene has also obtained ODD by the EMA and FDA and rare pediatric designation by the FDA for both its MPS IIIA and GM1 programs. Lysogene is listed on the Euronext regulated market in Paris (ISIN code: FR0013233475) For more information, please visit www.lysogene.com.


Berthet F.,University of Caen Lower Normandy | Guhel Y.,University of Caen Lower Normandy | Boudart B.,University of Caen Lower Normandy | Gualous H.,University of Caen Lower Normandy | And 3 more authors.
Electronics Letters | Year: 2012

Presented is an original method to decrease electrical trap effects in AlGaN/GaN HEMTs by using a low gamma radiation dose. In fact, a partial annihilation of trap related effects on static electrical characteristics has been observed when the devices are irradiated with a gamma radiation dose of 4 krad. © 2012 The Institution of Engineering and Technology.


Berthet F.,Site University | Guhel Y.,Site University | Gualous H.,Site University | Boudart B.,Site University | And 5 more authors.
Solid-State Electronics | Year: 2012

In this paper we show the creation of electrical traps in AlGaN/GaN HEMTs during electrical stress. In fact we highlight that an ageing test carried out for V DS = 20 V and V GS = -5 V (OFF-state stress) or for V DS = 20 V and V GS = 0 V (ON-state stress) induces a decrease in the drain current and an increase of the access resistance (R k). The degradation of these electrical performances observed after ageing tests are reversible, contrary to the majority of the results found in the literature. We have demonstrated, by using simple methods, that the observed phenomena are explained by the creation of electrical traps, which can be considered as donors and acceptors, and not by degradation of the ohmic contacts and/or of the Schottky contact and/or the appearance of cracks in the passivation layer. Moreover, this paper shows that the two ageing tests are also responsible for the creation of two kinds of electrical traps in the gate-drain region of the devices, particularly in the top of the device structure. However, the creation of electrical traps at the AlGaN/GaN buffer interface has been observed for an OFF-state stress though not for an ON-state stress. © 2012 Elsevier Ltd. All rights reserved.


Lopez O.,National Engineering School of Caen | Durand D.,University Paris - Sud | Lehaut G.,University Paris - Sud | Borderie B.,University Paris - Sud | And 17 more authors.
Physical Review C - Nuclear Physics | Year: 2014

Background: By looking specifically at free nucleons (here protons), we present for the first time a comprehensive body of experimental results concerning the mean free path, the nucleon-nucleon cross-section and in-medium effects in nuclear matter.Purpose: Using the large dataset of exclusive measurements provided by the 4π array INDRA, we determine the relative degree of stopping as a function of system mass and bombarding energy. We show that the stopping can be directly related to the transport properties in the nuclear medium.Methods: We perform a systematic study of protons nuclear stopping in central collisions for heavy-ion induced reactions in the Fermi-energy domain, between 15A and 100A MeV.Results: It is found that the mean free path exhibits a maximum at λNN=9.5±2 fm, around Einc=35A MeV incident energy and decreases toward an asymptotic value λNN=4.5±1 fm at Einc=100A MeV.Conclusions: After accounting for Pauli blocking of elastic nucleon-nucleon collisions, it is shown that the effective in-medium NN cross section is further reduced compared to the free value in this energy range. Therefore, in-medium effects cannot be neglected in the Fermi-energy range. These results bring new fundamental inputs for microscopic descriptions of nuclear reactions in the Fermi-energy domain. © 2014 American Physical Society. © 2014 American Physical Society.


Berthet F.,University of Caen Lower Normandy | Guhel Y.,University of Caen Lower Normandy | Gualous H.,University of Caen Lower Normandy | Boudart B.,University of Caen Lower Normandy | And 3 more authors.
Microelectronics Reliability | Year: 2012

In this paper, we report on an original method, which permits to change the trap effects on the dc electrical performances of AlGaN/GaN HEMTs. In fact, electrical traps induced by an OFF-stress state on AlGaN/GaN transistors can be strongly reduced by using low thermalized neutrons radiation fluence. We also highlight that a neutron irradiation induces the creation of electrical traps, which act as acceptor. As a result, the electrical behaviour of devices under OFF-state stress is totally different if the component is irradiated or not before the ageing test because electrical traps induced by OFF-state stress can compensate the electrical traps involved by neutron irradiation. To our knowledge, it is the first time that such observation was made. © 2012 Elsevier Ltd. All rights reserved.


Berthet F.,University of Caen Lower Normandy | Guhel Y.,University of Caen Lower Normandy | Gualous H.,University of Caen Lower Normandy | Boudart B.,University of Caen Lower Normandy | And 3 more authors.
Microelectronics Reliability | Year: 2011

We report on the non-invasive measurements of the temperature in active AlGaN/GaN HEMTs grown on sapphire substrate during an electrical stress. The original study permits to highlight the drop of the self-heating in operando during the electrical stress by using Raman spectroscopy. Moreover, a correlation between the decrease of the self-heating and the fall of the drain current during the stress has been demonstrated. This study also highlights that the self-heating of the components and the influence of the ageing test on the self-heating are clearly linked to the position where temperature measurements are carried out. © 2011 Published by Elsevier Ltd. All rights reserved.


Guhel Y.,University of Caen Lower Normandy | Boudart B.,University of Caen Lower Normandy | Gaquiere C.,British Petroleum | Vellas N.,MC2 | And 2 more authors.
Electronics Letters | Year: 2010

An original method is presented to improve DC electrical performance of AlGaAs/InGaAs PHEMTs by using a low neutron radiation dose. An increase of the drain-source saturation current, a decrease of the knee voltage and a reduction of the leakage current of the Schottky contact are observed without degrading the current-gain cutoff frequency when the devices are irradiated with a neutron radiation dose of 1.2×1010 neutrons/cm2. © 2010 The Institution of Engineering and Technology.


News Article | November 8, 2016
Site: globenewswire.com

BOULOGNE-BILLANCOURT, France, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Vallourec, world leader in premium tubular solutions, today announces its results for the third quarter and first nine months of 2016. The consolidated financial information was presented by Vallourec's Management Board to its Supervisory Board on 8 November 2016. Commenting on these results, Philippe Crouzet, Chairman of the Management Board, said: "During this quarter, we have seen signs of improvement in the United States where the rig count and OCTG demand have increased for the first time since the end of 2014. On the other hand, in the Eastern Hemisphere, IOCs' ordering activity remained very low and the order book to be delivered to NOCs over the next quarters reflects the very tough pricing environment of the past quarters. We have taken important steps forward in our Transformation Plan this quarter. As announced last month, we finalized the merger of our Brazilian operations into Vallourec Soluções Tubulares do Brasil allowing for significant industrial and administrative synergies. In China, Tianda acquisition should be finalized shortly as all clearances have been obtained. In Europe, the implementation of our reorganization is progressing well. Through these actions, we are addressing today's challenges and preparing Vallourec to fully benefit from the oil and gas market recovery." For the third quarter of 2016, Vallourec recorded revenues of €693 million, down 20.5% compared with the third quarter of 2015 (down 20.6% at constant exchange rates). The positive volume impact (+5.0%) was offset by a significantly negative price/mix effect (-25.6%).                                                                                                                                        For the first nine months of 2016, Vallourec recorded revenues of €2,127 million, down 27.7% compared with the first nine months of 2015 (down 25.3% at constant exchange rates) mainly resulting from the volume decrease (-17.0%) and a negative price/mix effect (-8.3%). This negative price/mix effect mainly results from a positive customer mix in EAMEA in H1 2016, more than offset by the sharp deterioration of prices in the course of the period in EAMEA and the USA. In Q3 2016, Oil & Gas revenues amounted to €411 million, down 22.8% year-on-year (down 22.4% at constant exchange rates). Over the first 9M of 2016, Oil & Gas revenues were €1,273 million, down 31.7% year-on-year (down 29.3% at constant exchange rates): Over the first nine months of 2016, revenues were significantly down, impacted by lower volumes and important price decreases. Over the first nine months of 2016, revenues were down year-on-year reflecting the intense pricing pressure on more recent orders. Over the first nine months of 2016, revenues were significantly down due to lower drilling activity. In Q3 2016, Petrochemicals revenues were €28 million, down 42.9% year-on-year (down 44.9% at constant exchange rates) due to a persistent low demand in a highly competitive environment. Over the first 9M of 2016, Petrochemicals revenues were €97 million, down 38.2% year-on-year (down 36.9% at constant exchange rates). In Q3 2016, Power Generation revenues amounted to €108 million, down 27.5% year-on-year at current perimeter[3] (down 26.2% at constant exchange rates) Over the first 9M of 2016, Power Generation revenues amounted to €335 million, down 16.6% year-on-year at current perimeter3 (down 15.2% at constant exchange rates): In Q3 2016, Industry & Other revenues amounted to €146 million, up 3.5% year-on-year (up 0.7% at constant exchange rates). Over the first 9M of 2016, Industry & Other revenues amounted to €422 million, down 18.7% year-on-year (down 15.2% at constant exchange rates): In Q3 2016, EBITDA stood at €-52 million, up by €14 million year-on-year, with: Operating result was a loss of €143 million, compared to a loss of €165 million in Q3 2015, resulting mostly from improved EBITDA. Financial result was negative at €-31 million versus €-15 million in Q3 2015, resulting mainly from the evolution of the forex result. Income tax was a gain of €6 million in Q3 2016 compared to €3 million in Q3 2015, mainly related to recognition of deferred tax assets. The share attributable to non-controlling interests amounted to €-10 million in Q3 2016, compared to €-14 million in Q3 2015. This resulted in a net loss of €160 million in Q3 2016, comparable to Q3 2015 at €-164 million. 9M 2016 consolidated results analysis For the first nine months of 2016, EBITDA stood at €-156 million, down by €156 million year-on-year, with: Operating result was a loss of €561 million, compared to a loss of €393 million in 9M 2015, resulting primarily from (i) lower EBITDA and from (ii) restructuring charges of €92 million and impairment charges of €70 million mainly related to the strategic initiatives announced on 1 February 2016 and accounted for in H1 2016. For the first nine months of 2016, financial result was negative at €-99 million versus €-52 million in 9M 2015, resulting mainly from the evolution of the forex result. Income tax was a gain of €52 million in 9M 2016 compared to a charge of €-12 million in 9M 2015, mainly related to recognition of deferred tax assets. The share attributable to non-controlling interests amounted to €-37 million in 9M 2016, compared to €-19 million in 9M 2015. Net result, Group share was a loss of €575 million in 9M 2016, compared to a loss of €439 million in 9M 2015. Over 9M 2016, negative free cash flow amounted to €-392 million, compared to a positive €35 million in 9M 2015. This is mainly explained by: As at 30 September 2016, Group net debt decreased by €499 million compared to 31 December 2015 to reach €1,020 million, resulting in a gearing ratio of 29.1% compared with 50.0% at the end of 2015. The decrease in net debt during the first nine months of 2016 is due to the €959 million net proceeds of the capital increase in H1 2016, partly offset by cash outflows from operations over the period. On 4 July 2016, Vallourec successfully extended the maturity of c. €1.5 billion of its medium and long-term credit lines as follows: The Company's cash position as at 30 September 2016 amounted to €1.316 billion. As at 30 September 2016, short-term debt amounted to €1.242 billion, including the €650 million bond maturing in February 2017. As at 30 September 2016, Vallourec's medium and long-term undrawn committed credit facilities amounted to €2.110 billion and €0.2 billion undrawn committed credit facilities maturing in July 2017. Implementation of Vallourec's Transformation plan to rationalize its industrial footprint and enhance its competitiveness is progressing well: As previously announced, Vallourec Soluções Tubulares do Brasil was created on 1 October 2016 following the merger of Vallourec Tubos do Brasil and Vallourec Sumitomo Tubos do Brasil. This merger is an important step towards the rationalisation of Vallourec's Brazilian industrial footprint which will generate significant industrial and administrative synergies. In China, Vallourec has obtained all clearances from local authorities to acquire control of Tianda Oil Pipe. The closing is expected to be finalized before the end of 2016, enabling Vallourec to develop a highly competitive offer combining VAM® technology and very competitive production costs. In France, the last production campaign at the Déville-Lès-Rouen rolling mill took place in September 2016. Closure of the mill is scheduled by year-end. In Saint-Saulve, the rolling mill is planned to be closed in Q1 2017. In Scotland, the heat treatment line located in Bellshill is planned to be closed by the end of 2016. Exclusive negotiations initiated with Ascometal to sell a majority stake in the steel mill are progressing according to plan and a final agreement is expected to be signed by the end of 2016. Cost cuttings as part of the Valens Plan are on track, and Group headcount at the end of September 2016 is down by c. 300 compared to the end of H1 2016. The total headcount reduction since December 2014 amounts to 22% of the Group workforce. Following the announcement of 11 January 2016, Serimax, Vallourec's wholly-owned subsidiary, world leader in offshore & onshore welding solutions, and Technip, a world leader in project management, engineering and construction for the energy industry, and a long-lasting customer of Serimax, finalized a strategic partnership agreement in the domain of pipeline welding on 28 October 2016. In this respect, Technip, has acquired a 20% stake in Serimax. Technip and Serimax will combine their expertise and will deploy Serimax's welding technology at all Technip's spoolbases[4] and S-lay[5] vessels. Vallourec confirms its targets for 2016 as published in its Full Year 2015 financial results, namely: The Group expects its Oil & Gas deliveries and results to still be impacted by mixed market conditions in the next quarters: Power Generation revenues are expected to be down in 2016 compared to 2015 at current perimeter[6] with the nuclear power generation activity experiencing a slowdown in 2016. No marked evolution is expected in the next quarters. Industry & Other revenues are expected to be down in 2016 compared to 2015 with activity in Europe being affected by the weakness of global investments and pricing pressure while in Brazil, operations are expected to be broadly stable. No marked evolution is expected in the next quarters. As a result of these elements, the conditions in which Vallourec is operating in this semester should stay broadly comparable in the first half of 2017. Group results should benefit as from mid-2017 from the expected re-balancing of Oil and Gas markets, and from the continuing effects of the Transformation Plan. This press release contains forward-looking statements. These statements include financial forecasts and estimates as well as assumptions on which they are based, statements related to projects, objectives and expectations concerning future operations, products and services or future performance. Although Vallourec's management believes that these forward-looking statements are reasonable, Vallourec cannot guarantee their accuracy or completeness and these forward-looking statements are subject to numerous risks and uncertainties that are difficult to foresee and generally beyond Vallourec's control, which may mean that the actual results and developments may differ significantly from those expressed, induced or forecasted in the statements. These risks include those developed or identified in the public documents filed by Vallourec with the AMF, including those listed in the "Risk Factors" section of the Registration Document filed with the AMF on 16 March 2016 (N° D.16-0141). Presentation of Q3 and first 9M 2016 financial results 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. Operating in more than 20 countries, its 20,000 dedicated and passionate people work hand-in-hand with their customers to offer more than just tubes: they deliver 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: [1] Through a contribution of Vallourec Tubos do Brasil (VBR) Pipe & Tube business to Vallourec & Sumitomo Tubos do Brasil (VSB). [3] Vallourec Heat Exchanger Tubes has been deconsolidated on 1 May 2016. [4] A spoolbase is primarily used for the fabrication and spooling of rigid pipe onto vessels with Reel-lay capability. Technip owns and operates four rigid pipe spoolbase facilities located close to clients' deepwater developments. Reel-lay refers to a pipeline laying method for which the pipes are assembled in an onshore spoolbase and then spooled onto reels on vessels or at quay side. The pipe is then unspooled from reels during offshore activities. [5] S-lay refers to a pipeline laying method for which all assembly activity of the pipe is done onboard the vessel and laid simultaneously offshore. [6] Vallourec Heat Exchanger Tubes has been deconsolidated on 1 May 2016.


News Article | February 22, 2017
Site: globenewswire.com

Boulogne-Billancourt (France), 22 February 2017 - Vallourec, world leader in premium tubular solutions, today announces its results for full year 2016. The consolidated financial statements were presented by Vallourec's Management Board to its Supervisory Board on 21 February 2017. Commenting on these results, Philippe Crouzet, Chairman of the Management Board, said: "Vallourec is responding to a crisis of an unprecedented scale by deploying an ambitious Transformation Plan. In 2016, we completed all the key initiatives announced in February: we significantly reshaped our industrial footprint by creating two new competitive production hubs in Brazil and China and by drastically downsizing our European capacities which now represent 23 % of the Group's rolling capacity versus 46 % in 2014. We strengthened our balance sheet. Our cost savings are in line with targets. We are reinforcing the Group's customer focus with a new regional organization supported by two central departments. Thanks to all these achievements, the Group is confident in delivering the full contribution from its Transformation Plan, as announced on 1 February 2016. 2016 financial results are fully in line with targets, in a very challenging environment for Vallourec, and more generally for the oil and gas industry, with a second year of massive E&P capex cuts. The year nonetheless ended on a more positive trend thanks to the recovery of the US market. Entering 2017, the positive dynamics of the US OCTG market are confirmed. However, IOCs have not started sanctioning new offshore projects, delaying the recovery of the international OCTG market in volume and prices. Our mid-term outlook depends, as previously stated, on the timing of the global Oil & Gas market recovery which still remains unclear in this market environment. For 2017, based on current forex and market conditions, EBITDA is targeted to improve by €50 million to €100 million compared to FY 2016." Over the fourth quarter of 2016, Vallourec recorded revenue of €838 million, down 2.7% compared with the fourth quarter of 2015 (down 7.4% at constant exchange rates). The positive volume impact (+17.5%) resulting essentially from the volume rebound in the US was more than offset by a significantly negative price/mix effect              (-24.9%) due to the sharp deterioration of prices in EAMEA and the USA. In 2016, Vallourec recorded revenue of €2,965 million, down 22.0% compared with 2015 (down 21.2% at constant exchange rates) mainly resulting from the deterioration of prices in EAMEA and the USA (negative price/mix effect of -12.0%) along with a 9.2% volume decrease. In 2016, Oil & Gas revenue was €1,791 million, down 24.1% year-on-year (down 23.3% at constant exchange rates): Entering 2017, the OCTG demand is strong, driven by higher final consumption and restocking at distributors. The significant surge in scrap prices at the end of 2016 and beginning of 2017 is expected to largely offset H1 2017 positive volume effect compared to H2 2016. OCTG price increases announced in December 2016 and January 2017 should mostly impact the second half of the year. In the absence of a recovery in the offshore market, the revenue in this region beginning 2017 is mainly driven by the backlog of contracts awarded in 2016 by NOCs, at lower prices than for H1 2016 deliveries. Based on Petrobras' new five-year Business and Management Plan, Oil & Gas revenue is expected to remain broadly stable in 2017. Petrochemicals 2016 revenue was €129 million, down 37.1% year-on-year (down 37.1% at constant exchange rates). In 2016, Power Generation revenue amounted to €486 million, down 13.1% year-on-year at current perimeter[2] (down 12.5% at constant exchange rates). Excluding Vallourec Heat Exchanger Tubes which was divested in May 2016, Power Generation revenue was slightly down in 2016. The increase of conventional power generation revenue in 2016 thanks to deliveries for coal-fired power plants in China was offset by the significant revenue decline in the nuclear activity. In 2016, Industry & Other revenue amounted to €559 million, down 17.6% year-on-year (down 16.6% at constant exchange rates): Entering 2017, no significant change is occurring in these market segments with the exception of the iron ore prices rebound. In Q4 2016, EBITDA stood at €-63 million, down €11 million compared to Q3 2016, essentially due to the concentration of H2 deliveries to Petrobras in Q3 2016 to ensure a smooth transition towards the new entity Vallourec Soluções Tubulares do Brasil. Q4 2016 EBITDA was up €14 million year-on-year, with: Operating result was a loss of €-188 million, compared to a loss of €-445 million in Q4 2015, resulting mostly from lower restructuring charges and impairments than in Q4 2015.               Financial result was negative at €-31 million versus €-23 million in Q4 2015, resulting mainly from higher net financial interests. Income tax was a gain of €28 million in Q4 2016 compared to €27 million in Q4 2015, mainly related to the recognition of deferred tax assets. The share attributable to non-controlling interests amounted to €-13 million in Q4 2016, compared to €-14 million in Q4 2015. This resulted in a net loss of €-183 million in Q4 2016, compared to €-426 million in Q4 2015. EBITDA stood at €-219 million in 2016, down by €142 million year-on-year, with: Operating result was a loss of €-749 million, compared to a loss of €-838 million in 2015, resulting primarily from Financial result was negative at €-131 million in 2016 versus €-75 million in 2015, resulting mainly from a lower forex result and higher net financial interests. Income tax was a gain of €80 million in 2016 compared to €15 million in 2015, mainly related to the recognition of deferred tax assets. The share attributable to non-controlling interests amounted to €-50 million in 2016, compared to €-33 million in 2015. In 2016, net result, Group share was a loss of €758 million, compared to a loss of €865 million in 2015. Vallourec will propose that no dividend be paid for fiscal year 2016. This is subject to the approval of the Shareholders' Meeting to be held on 12 May 2017. Vallourec generated a free cash flow of €-3 million in Q4 2016, with cash flow from operating activities (€-124 million) and gross capital expenditure (€-75 million) offset by the reduction of working capital requirement (€196 million). Over 2016, negative free cash flow amounted to €-395 million, after a positive €135 million in 2015. This is mainly explained by: As at 31 December 2016, Group net debt decreased by €232 million compared to 31 December 2015 to reach €1,287 million, resulting in a gearing ratio of 34.1% versus 50.0% at the end of 2015. The decrease in net debt in 2016 is mainly due to the €951 million net proceeds of the capital increase in H1 2016, partly offset by cash outflows from operations over the period, the acquisition of Tianda Oil Pipe (€158 million) and the debt impact of the full consolidation of VSB as of 1 October 2016 (€153million). The Company's cash position as at 31 December 2016 amounted to €1,287 million. Short-term debt amounted to €1,453 million. As at 31 December 2016, Vallourec's medium and long-term undrawn committed credit facilities amounted to €2.3 billion, including €0.2 billion credit facilities maturing in July 2017. Designed to enhance Vallourec's competitiveness through the reshaping of the Group's industrial footprint, Vallourec's Transformation Plan has been successfully implemented in 2016 and early 2017, within the timeframe announced. Thanks to the commitment of Vallourec teams, cost savings as part of the Transformation Plan are fully in line with targets, reaching €150 million in 2016 before inflation. Group headcount at the end of 2016 was down 12% compared to the end of 2015 and 24% compared to 2014. Taking into account the acquisition of Tianda Oil Pipe which took place in Q4 2016, Group headcount at the end of 2016 is down 5.2% compared to the end of 2015 and down 18.2% compared to 2014. In order to fully benefit from the implementation of its Transformation Plan, Vallourec is adapting its organization. As from April 2017, the Group will be structured around four regions: North America, South America, Europe/Africa (EA), and Middle East/Asia (MEA) and two new central departments: Development and Innovation (D&I) will design and implement the development strategy of product lines and be responsible for innovation and R&D; Technology and Industry (T&I) will optimize the Group's industrial strategy, aiming to continue to improve its cost base. It will also be responsible for technology, sourcing, and global planning. This new organization will strengthen the Group's customer focus in each of its regions, optimize the use of its global resources, and boost its development. In 2017, Oil & Gas revenue is expected to grow significantly in the US. In the rest of the world, the sanctioning of new large projects by IOCs has not yet restarted, and deliveries should mainly rely on NOCs, at lower prices than those registered for deliveries at the start of 2016. Drilling activity in Brazil in 2017 is expected to remain broadly stable compared to 2016. Other Group businesses should continue to experience low demand in a competitive pricing environment. Raw material costs have been increasing since Q4 2016 and should stay volatile. Initiatives deployed as part of the Transformation Plan will enable the Group to continue to lower its cost base. Therefore, based on current forex and market conditions, Vallourec targets full year 2017 EBITDA to improve by €50 million to €100 million compared to FY 2016. This press release contains forward-looking statements. These statements include financial forecasts and estimates as well as assumptions on which they are based, statements related to projects, objectives and expectations concerning future operations, products and services or future performance. Although Vallourec's management believes that these forward-looking statements are reasonable, Vallourec cannot guarantee their accuracy or completeness and these forward-looking statements are subject to numerous risks and uncertainties that are difficult to foresee and generally beyond Vallourec's control, which may mean that the actual results and developments may differ significantly from those expressed, induced or forecasted in the statements. These risks include those developed or identified in the public documents filed by Vallourec with the AMF, including those listed in the "Risk Factors" section of the Registration Document filed with the AMF on 16 March 2016 (N° D.16-0141). 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. Operating in more than 20 countries, its 20,000 dedicated and passionate people work hand-in-hand with their customers to offer more than just tubes: they deliver 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: [2] Vallourec Heat Exchanger Tubes was deconsolidated on 1 May 2016. [3] through a contribution of Vallourec Tubos do Brasil's Pipe & Tube business to Vallourec & Sumitomo Tubos do Brasil


News Article | February 22, 2017
Site: globenewswire.com

Les résultats financiers 2016 sont en ligne avec les objectifs, dans un environnement difficile pour Vallourec et plus généralement pour l'industrie Pétrole et gaz, marqué par une deuxième année de coupes massives dans les investissements d'exploration et production. L'année s'est néanmoins achevée sur une note plus positive grâce à la reprise du marché américain. Au quatrième trimestre 2016, le chiffre d'affaires consolidé s'est établi à 838 millions d'euros, en baisse de 2,7 % par rapport au quatrième trimestre 2015 (-7,4 % à taux de change constants). L'effet volume positif (+17,5 %) résultant essentiellement du rebond aux Etats-Unis a été plus que compensé par un effet prix/mix significativement négatif (-24,9 %) en raison de la forte détérioration des prix dans la zone EAMEA et aux Etats-Unis.                                                                                                                                        En 2016, le chiffre d'affaires s'est établi à 2 965 millions d'euros, en baisse de 22,0 % par rapport à l'exercice 2015 (-21,2 % à taux de change constants) principalement en raison de la détérioration des prix dans la zone EAMEA et aux Etats-Unis (effet prix/mix négatif de -12,0 %) et de la baisse des volumes (-9,2 %). En ce début d'année 2017, la demande en OCTG est forte en raison du restockage chez les distributeurs et d'une consommation finale plus élevée. L'augmentation importante des prix du scrap fin 2016 et début 2017 devrait compenser en large partie l'effet volume positif du S1 2017 par rapport au S2 2016. L'impact des hausses de prix des OCTG annoncées en décembre 2016 et janvier 2017 devrait principalement être enregistré en S2 2017. Afin de tirer pleinement parti de son Plan de Transformation, Vallourec adapte son organisation. A partir d'avril 2017, le Groupe sera structuré autour de quatre régions : Amérique du Nord, Amérique du Sud, Europe/Afrique (EA) et Moyen-Orient/Asie (MEA) et de deux départements centraux : Développement & Innovation (D&I) qui a pour mission de définir et mettre en oeuvre la stratégie de développement des lignes de produits. Il est également en charge de l'innovation et de la R&D ; et Technologie & Industrie (T&I) qui a pour mission d'optimiser la stratégie industrielle du Groupe, avec l'objectif de continuer à améliorer sa base de coûts. Il est en charge de la technologie et gérera les approvisionnements ainsi que le planning central. Réflexions et informations prospectives Ce communiqué de presse contient des réflexions et des informations prospectives. De par leur nature, ces réflexions et informations comprennent des projections financières et des estimations ainsi que les hypothèses sur lesquelles celles-ci reposent, des déclarations portant sur des projets, des objectifs et des attentes concernant des opérations, des produits et services ou des performances futures. Bien que la Direction de Vallourec estime que ces réflexions et informations prospectives sont raisonnables, Vallourec ne peut garantir leur exactitude ou leur exhaustivité. Ces réflexions et informations prospectives sont soumises à de nombreux risques et incertitudes difficiles à prévoir et généralement en dehors du contrôle de Vallourec, qui peuvent impliquer que les résultats et événements effectivement réalisés diffèrent significativement de ceux qui sont exprimés, induits ou prévus dans les réflexions et les informations prospectives. Ces risques comprennent ceux qui sont développés ou identifiés dans les documents publics déposés par Vallourec auprès de l'AMF, y compris ceux énumérés dans la section « Facteurs de Risques » du Document de référence déposé auprès de l'AMF le 16 Mars 2016 (N° D.16-0141). Leader mondial sur ses marchés, Vallourec fournit des solutions tubulaires de référence pour les secteurs de l'énergie et pour d'autres applications parmi les plus exigeantes : des puits de pétrole et de gaz en conditions extrêmes aux centrales électriques de dernière génération, en passant par des projets architecturaux audacieux et des équipements mécaniques ultra-performants. Fidèle à son esprit pionnier et fort d'une R&D de pointe, Vallourec ne cesse de repousser les frontières technologiques. Implanté dans une vingtaine de pays, au plus près de ses clients, le Groupe rassemble 20 000 collaborateurs passionnés et engagés qui offrent bien plus que des tubes : ils proposent des solutions toujours plus innovantes, fiables et compétitives, pour rendre possibles tous les projets.

Loading EAMEA collaborators
Loading EAMEA collaborators