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2014 Registration Document

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2014 Registration Document 2014 Registration Document AND ANNUAL FINANCIAL REPORT Contents Profi le 2 Financial and activity indicators 4 1 5 Persons responsible for the Registration Risk factors 111 Document and fi nancial audit 5 5.1 Risk factors 112 1.1 Person responsible for the Registration Document 6 5.2 Management and risk tracking mechanism 123 1.2 Statement by the person responsible for the Registration 5.3 Insurance policy 123 Document 6 1.3 Persons responsible for the fi nancial audit 7 1.4 Person responsible for the Group’s legal affairs 8 6 1.5 Person responsible for the communication of fi nancial information 8 Assets, fi nancial position and results 125 6.1 Consolidated fi nancial statements 126 2 6.2 Parent company fi nancial statements 199 General information on Vallourec and its capital 9 7 2.1 General information on Vallourec 10 Corporate governance 211 2.2 General information on share capital 11 7.1 Composition and operation of the Management 2.3 Distribution of share capital and voting rights 18 and Supervisory Boards 212 2.4 Market for Vallourec’s shares 20 7.2 Compensation and benefi ts of all kinds 234 2.5 Dividend policy 23 7.3 Executive management interests and employee profi t sharing 242 2.6 Financial disclosure policy 23 Appendices 251 3 8 Information on Vallourec’s activities 27 Information on recent trends and outlook 279 3.1 Presentation of Vallourec and its Group 28 8.1 Oil & Gas 280 3.2 Investment policy 52 8.2 Power generation 281 3.3 Innovation, Research and Development – Industrial Property 54 8.3 Other applications 282 8.4 Raw materials 282 8.5 Foreign currency 283 4 8.6 Market trends and outlook for 2015 283 8.7 Valens, a two-year competitiveness plan 283 Corporate social responsibility 61 8.8 Capital allocation framework 284 4.1 Ethics 63 4.2 Social policy 64 4.3 Relations with stakeholders 79 9 4.4 Environmental commitment 83 Appendices 99 Additional information 285 9.1 Statutory Auditors’ reports for fi scal year 2014 286 9.2 Subsidiaries and directly-held equity interests of Vallourec as at 31 December 2014 293 9.3 Financial results for the last fi ve years 294 9.4 Concordance tables and information incorporated by reference 295 9.5 Other periodic information required under the General Regulations of the French securities regulator – Autorité des Marchés Financiers 300 Registration Document including the annual fi nancial report Fiscal year 2014 The original version of this Registration Document (document de référence) in French was fi led with the French securities regulator (Autorité des Marchés Financiers) on 10 April 2015 in accordance with Article 212-13 of its General Regulations. It may be used in connection with a fi nancial transaction if supplemented by an Information Notice authorized by the French securities regulator (Autorité des Marchés Financiers). This document was prepared by the issuer and is the responsibility of those who signed it. Copies of this Registration Document are available free of charge from Vallourec, at 27, avenue du Général Leclerc, 92100, Boulogne-Billancourt, Cedex – France, Vallourec’s website (http://www.vallourec.com) and on the website of the French securities regulator (Autorité des Marchés Financiers) (http://www.amf-france.org). This Registration Document includes all the elements of the annual fi nancial report mentioned in Section I of Article L.451-1-2 of the French Code monétaire et fi nancier and Article 222-3 of the General Regulations of the French securities regulator (Autorité des Marchés Financiers). A concordance table showing the documents referred to in Article 222-3 of the General Regulations of the French securities regulator (Autorité des Marchés Financiers) and the corresponding sections of this Registration Document is included on page 295. 2014 Registration Document l VALLOUREC 1 Profi le Vallourec is a world leader in premium tubular solutions, primarily for the energy markets (oil and gas, power generation). Its expertise also extends to the industrial sector (mechanical engineering, automotive, construction). With more than 23,000 employees, integrated production units worldwide and cutting-edge R&D, Vallourec offers innovative global solutions that are adapted to the energy challenges of the 21st century. Vallourec offers a range of premium tubular solutions to the oil and gas industry that satisfy the most demanding applications and cover the full chain, from exploration to production and to hydrocarbon transportation. Vallourec's OCTG (Oil Country Tubular Goods), threaded seamless steel tubes, equip a large number of oil and gas wells worldwide (casing and tubing). Vallourec offers all the equipment for drilling: drill pipes, bottom hole assembly, and accessories. These tubes are connected using VAM® premium threaded connections, a registered trademark of Vallourec. From wells to conversion units, hydrocarbons are transported offshore and onshore by Vallourec tubes and accessories. Its stainless steel super duplex tubes for umbilicals connect the seabed equipment to the surface control station. The Vallourec Global Solutions offer supports customers and shares Vallourec's OIL & GAS know-how with them throughout the well life cycle. Vallourec's tube portfolio for the power generation market is the largest in the world. For conventional thermal power plants, new generation "ultra-supercritical" coal plants, or nuclear power plants, Vallourec responds to all the needs of power producers. Its specialist subsidiaries Valinox Nucléaire and Vallourec Heat Exchanger Tubes are valued partners in renovating the French nuclear plant fl eet. Seamless tubes for boilers or steam generators, welded tubes for heat exchangers, in all sizes and grades, from carbon steel to high alloy steels, titanium, stainless steel and nickel alloys, etc. Vallourec products respond to the challenges of power producers and the Group’s services support their performance, from logistics to risk assessment, and to customer-specifi c training. POWER GENERATION Vallourec's premium tubular solutions are used for the construction of many infrastructures: bridges, stadiums, airports, and other ambitious architectural projects. The mechanical industry uses Vallourec tubes and rings to manufacture cranes and agricultural machinery. Automotive manufacturers equip their heavy-weight and light vehicles with Vallourec tubes and axles. The energy sector also relies on the Group to build its offshore jack-up platforms. Tubes, hollow bars and sections of all sizes and steel grades, Vallourec’s offer responds to the most varied and demanding industrial applications with special steel grades. INDUSTRY 2 VALLOUREC l 2014 Registration Document Main Vallourec locations Steel mills Tube mills Finishing units R&D centers Sales offi ces and services Plantation and Mine ❯ 23,700 employees ❯ Over 50 production sites in 20 countries ❯ 6 R&D centers ❯ 500 researchers SALES BY ACTIVITY IN 2014 SALES BY GEOGRAPHICAL REGION IN 2014 10.7% 16.1% 25.2% Power generation South America Asia and the Middle East 5.1% Petrochemicals 7.8% Mechanical 66.6% Engineering Oil & gas 3.3% 19.1% Automotive Europe 30.6% 6.5% North America Construction & other 9.0% Rest of the world 2014 Registration Document l VALLOUREC 3 Financial and activity indicators SALES VOLUME SALES (in kt) (in € million) 6,000 2,500 2,323 5,578 5,701 5,326 2,092 2,159 5,000 2,000 4,000 1,500 3,000 1,000 2,000 500 1,000 0 0 2012 2013 2014 2012 2013 2014 EBITDA EBITDA MARGIN OPERATING INCOME (in € million) (as a %) (in € million) 1,000 20 600 534 920 476* 465** 855 16.5 400 788* 800 14.8* 15.0 15 200 600 0 (661) 10 -200 400 -400 5 200 -600 0 0 -800 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 adjusted NET INCOME – GROUP SHARE EARNINGS PER SHARE GROSS CAPITAL EXPENDITURE (in € million) (in €) (in € million) 400 3 1,000 262 2.1 1.9** 221* 239** 2 1.8 200 803 1 800 (924) (7.3) 0 0 -1 600 567 -200 -2 -3 -400 400 388 -4 -600 -5 -6 200 -800 -7 -8 0 -1,000 2014 2014 2012 2013 2014 adjusted 2012 2013 2014 adjusted 2012 2013 2014 FREE CASH FLOW*** NET DEBT TOTAL EQUITY (in € million) (in € million) (in € million) 400 1,800 6,000 274 1,614 1,631 400,000000 1,547 5,144* 4,986 200 1,500 5,000 257,142857 4,169 (328) (41) 1,200 4,000 114,2857140 900 3,000 -28,571429 -200 -171,428571 600 2,000 -400 -457,142857-314,285714- 800 300 1,000 -600,000000-600 0 0 2012 2013 2014 - 1 000 2012 2013 2014 2012 2013 2014 * Figures have been restated with the impact of the change in method of accounting for actuarial gains and losses on post-employment benefi ts (revised standard IAS 19). ** Excluding impairment registered at year-end, see Chapter 6, Notes 2.3 and 28 to the fi nancial statements. *** Free cash fl ow (FCF) is a non-GAAP measure and is defi ned as cash fl ow from operating activities minus gross capital expenditure and plus/minus change in operating working capital requirement. 4 VALLOUREC l 2014 Registration Document 1.1 Person responsible for the Registration Document 6 1 1.2 Statement by the person responsible for the Registration Document 6 Persons responsible 1.3 Persons responsible for the fi nancial audit 7 1.3.1 Statutory Auditors 7 for the Registration 1.3.2 Alternate Statutory Auditors 7 Document and 1.4 Person responsible for the Group’s legal affairs 8 fi nancial audit 1.5 Person responsible for the communication of fi nancial information 8 2014 Registration Document l VALLOUREC 5 1 Persons responsible for the Registration Document and fi nancial audit Person responsible for the Registration Document 1.1 Person responsible for the Registration Document Mr.
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