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

Thursday, February 23, 2017 10:47 AM UTC

	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%

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/9d02bb69-05c6-4e63-817b-b6bda5a89bf5

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

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