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2018 Registration Document Universal Registration

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2018 Registration Document Universal Registration 2018 • • • • • • • • • Registration document including the Annual Financial Report TABLE OF CONTENTS Profile 2 1 5 Persons responsible for the Registration Risks and risk management 135 Document and financial audit 7 5.1 Risk factors 136 1.1 Person responsible for the Registration Document 8 5.2 Risk management and internal control system 150 1.2 Statement by the person responsible for the Registration Document 8 5.3 Insurance policy 157 1.3 Persons responsible for the financial audit 9 1.4 Person responsible for the Group’s legal affairs 9 1.5 Person responsible for the communication of financial information 9 6 Assets, financial position and results 159 2 6.1 Consolidated financial statements 160 6.2 Statutory Auditors’ Report on the Consolidated Financial General information on Vallourec Statements 231 and its capital 11 6.3 Parent company financial statements 234 2.1 General information on Vallourec 12 6.4 Statutory Auditors’ Report on the Financial Statements 249 2.2 General information on share capital 14 2.3 Distribution of share capital and voting rights 21 2.4 Market for Vallourec’s shares 25 7 2.5 Dividend policy 26 2.6 Financial disclosure policy 26 Corporate governance 253 7.1 Composition and operation of the Management and Supervisory Boards 254 7.2 Compensation and benefits 286 3 7.3 Executive management interests and employee profit sharing 301 Presentation of Vallourec and its Group 29 7.4 Supervisory Board Report on 2018 compensation for corporate officers 308 3.1 History and development of Vallourec and its Group 30 7.5 Individual statements of executive managers 319 3.2 Description of the Group’s business model and activities 32 7.6 Valid delegations 319 3.3 Innovation, Research and Development 45 7.7 Shareholders’ participation in the Company’s 3.4 Market environment 49 Shareholders’ Meetings 320 3.5 Significant events in 2018 and early 2019 54 7.8 Information on factors likely to have an impact in the event 3.6 Transformation Plan 56 of a public takeover bid or a public exchange offer 320 3.7 Results of operations 57 7.9 Supervisory Board observations on the management report of the Management Board and the financial statements 322 3.8 Outlook 66 3.9 Parent company results 67 3.10 Location of main facilities 68 3.11 Related party transactions 70 8 Additional information 323 8.1 Statutory Auditors’ report on 2018 activity 324 4 8.2 Concordance tables and information incorporated by reference 327 Corporate social responsibility information 71 8.3 Other periodic information required under the General Regulations of the French securities regulator Introduction 72 (Autorité des Marchés Financiers) 333 4.1 Vigilance plan 74 4.2 Consolidated statement of non-financial performance 78 Appendices 120 REGISTRATION DOCUMENT including the annual financial report 2018 The original version of this Registration Document in French was filed with the French securities regulator (Autorité des Marchés Financiers) on 29 March 2019 in accordance with Article 212-13 of its General Regulations. It may be used in connection with a financial transaction if supplemented by an Information Notice authorized by the French securities regulator. 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 financial report mentioned in Section I of Article L. 451-1-2 of the French Code monétaire et financier 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 and the corresponding sections of this Registration Document is included on page 330. 2018 Registration Document l Vallourec 1 Profil VALLOUREC: A WORLD LEADER SERVING THREE MARKETS Vallourec provides tubular solutions that are the benchmark for the energy sectors and other applications that present the most demanding challenges. A world leader in its markets, Vallourec makes it possible for its customers to achieve even the most complex projects. 2018 REVENUE: €3.9 BILLION OIL & GAS, PETROCHEMICALS INDUSTRY POWER GENERATION 72% of revenue 21% of revenue 7% of revenue Premium tubes, connections Lightweight and resistant tubes A wide range of tubes needed and services for exploration and for a wide range of applications to build conventional and nuclear operation of oil and gas fields, power plants including the most complex ones • Hollow sections, tubes and hollow bars for industrial markets: • A market leader in conventional • Exploration and production • Mechanical: cranes, agricultural thermal and nuclear power plants with a complete range of tubes: • Casing, tubing and VAM® premium machinery, OCTG mechanical connections parts, etc. • Seamless carbon and alloy • Automotive: all types of vehicles, steel tubes • Risers both light and heavy • Seamless nickel-alloy tubes Services • • Construction: bridges, stadiums, • Services • Accessories offshore jack-up platforms, airport terminals, exhibition halls, etc. • Strong commitment to The most reliable solutions • reducing CO2 emissions in for extreme conditions: • Development of steel grades suited next-generation conventional deep wells, corrosive environments, to a wide range of applications power plants (supercritical and deviated and horizontal wells, HP/HT for the industry markets ultra-supercritical) (high pressure/high temperature, etc.) • Renewables: innovation projects • Renewables: tubes for biomass • Transport for oil and gas for solar and wind power power plants • Offshore and onshore line pipes • Welding solutions and services for offshore and onshore projects • Tubes for umbilicals Premium welded stainless steel tubes with high-performance technical characteristics • Hydrocarbon processing Pipes and fittings for the industrial fluids and hydrocarbon processing industry • Renewables: OCTG tubes for geothermal 2 Vallourec l 2018 Registration Document A TRANSFORMED GROUP READY TO BENEFIT FROM RECOVERY Present in more than The ambitious Transformation Plan we have deployed since early 20 countries 2016 allows us to enhance our competitiveness and prepare to More than 50 production fully benefit from the recovery of the Oil & Gas market. Vallourec units is benefiting from an industrial footprint spread over four regions. This new structure is strengthening the Group’s local presence and +19,000 employees proximity to its customers, and is allowing us to optimize global use research of resources and to boost our development. 6 and test centers A transformed industrial footprint with the establishment of new competitive production routes Serving the American Oil & gas market Center of technological EUROPE excellence NORTH AMERICA CHINA Highly competitive production hub Expertise and competitive production hub BRAZIL Steel mill Tube mill Finishing unit R&D center Sales and services ofces Forest and mine REVENUE BY REGION 15% Europe Asia and Middle East 28% 33% North America South America 16% 9% Rest of the world 2018 Registration Document l Vallourec 3 ONE AMBITION: TO BE THE INNOVATIVE AND AGILE PARTNER OF CHOICE FOR SMART AND SUSTAINABLE TUBULAR SOLUTIONS A partner of choice: a global player with leading regional positions, the Group strives to satisfy each customer in a cost-effective manner thanks to a differentiated offering of products and services with high added value and that are environmentally friendly. Agile: to respond ever more quickly to its customers’ evolving needs, Vallourec has reviewed its innovation policy, to be more responsive and rapidly propose new solutions that meet market expectations. Furthermore, its regional presence allows it to offer its customers delivery periods and services that address their concerns. To be innovative: innovation is at the heart of the Group's DNA, which features the development of the most advanced products and connections. In an effort to continue to best respond to the expectations of its customers and markets, Vallourec has expanded its innovation strategy to developing new products, services, and business models. Developing digital in its commercial offerings is key, marked by the 2018 launch of the smart services offering Vallourec.smart. Shared Commercial Cost New production service centers performance reduction routes Integration Industrial of Tianda Logistics performance Merger Financial of Brazilian entities performance Competitive initiatives Optimization of structure and processes Internal AMBITION collaboration Customer solutions Simplicity Data technologies Customer First Industry Digital Cultural 4.0 change The launch of a digital and global services approach illustrates Vallourec’s innovation mindset, and aims to support its customers across their entire value chain. By enriching its digital offering, Vallourec enables its customers to optimize their construction costs and improve their productivity. 4 Vallourec l 2018 Registration Document A RESPONSIBLE Agreements on INDUSTRIAL PLAYER Responsible principles of Adherence to purchasing responsibility the UN Global policy Compact We have integrated the highest standards of responsibility and excellence
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