France-based pipe manufacturer
Vallourec has announced its financial results for the first nine months of the current year.
In the given period,
Vallourec reported a net loss of €439 million, compared to a net profit of €169 million in the corresponding period of the previous year.
Vallourec's sales revenues in the same period amounted to €2.94 billion, falling 27.1 percent year on year, while it registered an operating loss of €393 million, compared to an operating profit of €345 million in the same period of 2014. The company's EBITDA in the first nine months this year decreased by 100 percent year on year to €0 million.
In the first nine months of the current year, the company's sales volume amounted to 1.09 million mt, declining by 35.7 percent compared to the corresponding period of the previous year.
Compared to the third quarter, the company expects the fourth quarter results to further deteriorate, being notably affected by the unfavorable phasing of oil and gas deliveries in Brazil. For the full year, EBITDA will be negative. The operating working capital requirement will continue to be strongly reduced in the fourth quarter of the current year, and capital expenditure will be below €300 million.
Vallourec continues to target a positive free cash flow generation in 2015.