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2012 REGISTRATION DOCUMENT and Annual fi Nancial Report Contents 2012 REGISTRATION DOCUMENT and annual fi nancial report Contents Profile 2 Highlights 4 1 Persons responsible 6 Assets, financial position and results 109 for the Registration Document and 6.1 Consolidated financial statements 110 financial audit 7 6.2 Statutory financial statements of Vallourec 181 1.1 Person responsible for the Registration Document 8 1.2 Statement by the person responsible for the 7 Corporate governance 195 Registration Document 8 1.3 Persons responsible for the financial audit 9 7.1 Composition and operation of the Management and Supervisory Boards 196 1.4 Person responsible for the Group’s legal affairs 10 7.2 Compensation and benefits 226 1.5 Person responsible for communication of financial information 10 7.3 Managers’ interests and employee profit sharing 233 Appendices 241 2 General information on Vallourec and its capital 11 8 Information on recent developments and outlook 257 2.1 General information on Vallourec 12 2.2 General information concerning the share capital 13 8.1 Oil & Gas 258 2.3 Breakdown of share capital and voting rights 21 8.2 Power Generation 258 2.4 Market for Vallourec’s securities 24 8.3 Other applications 259 2.5 Dividend payment policy 27 8.4 Outlook for 2013 259 2.6 Financial communications policy 27 9 Additional information 261 3 Information on Vallourec Group 9.1 Management Board reports 262 activities 31 9.2 Report by the Supervisory Board at the Ordinary 3.1 Vallourec and the Vallourec Group 32 and Extraordinary Shareholders’ Meeting of 30 May 2013 273 3.2 Investment policy 55 9.3 Statutory auditors’ reports for FY 2012 275 3.3 Research and Development – Industrial property 58 9.4 Subsidiaries and directly-held participating interests at 31 December 2012 280 4 Social and environmental information 63 9.5 Financial results for the last five financial years 281 4.1 Workforce-related information 64 9.6 Concordance tables and information incorporated 4.2 Environmental information 79 by reference 282 4.3 Civic responsibility information 87 9.7 Other periodic information required under the terms of the General Regulations of the French Securities Appendices 89 Regulator (Autorité des Marchés Financiers – AMF) 286 5 Risk factors 93 5.1 Main risks 94 5.2 Risk management 104 5.3 Insurance: Group policy 106 Registration Document and Annual Financial Report Year ended 31 December 2012 The original version of this Registration Document (document de référence) in French was filed with the Autorité des Marchés Financiers – AMF (the French securities regulator) on 24 April 2013 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 AMF. 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 (27, avenue du Général Leclerc, Boulogne- Billancourt, 92100, France), Vallourec’s website (http://www.vallourec.com) and the AMF’s website (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 AMF’s general regulations. A concordance table showing documents referred to in Article 222-3 of the AMF’s general regulations and the corresponding sections of this Registration Document is included on page 284. This 2012 Registration Document available on 14 May 2013 cancels and replaces the Registration Document of 24 April 2013. It corrects a wrong figure in page 281, the income paid out for the 2012 financial year amounting to € 86,212,986 and not to € 162,430,263. VALLOUREC 2012 Registration Document 1 Profile WORLD LEADER IN PREMIUM TUBULAR SOLUTIONS mainly for energy markets (Oil & Gas, Power Generation). Vallourec also contributes its expertise to other industrial sectors. Oil & Gas Premium tubes, connections and solutions for the exploration and operation of oil & gas deposits: • OCTG*: tubes and connections for completing oil and gas wells (casing, tubing, premium VAM® connections, accessories) • Drill pipe, bottom hole assembly, VAM® connections and accessories for drill strings • Offshore line pipe for conveying hydrocarbons (fl owlines, risers) • Super duplex welded tubes for umbilicals • Pipe and fi ttings for onshore hydrocarbon transportation and processing • VAM® Global Solutions: customized package offerings of products and services to meet the specifi c needs of oil & gas companies (well design, training, supply chain management, repair and fi eld services…) • Integrated welding and fabrication solutions for offshore and onshore projects * Oil Country Tubular Goods. VAM® is a registered trademark of Vallourec Group. Power Generation The entire range of tubes needed to build nuclear and conventional power plants: • Seamless tubes and pipe for boiler applications: water wall panels, super heater, re-heaters, headers, piping system • Seamless tubes for nuclear power plants: steam generator tubes and nuclear environment products • Welded tubes for heat exchangers: condensers, low pressure and high pressure feedwater heaters, MSRs Industry Hollow sections, round tubes and hollow bars for: • mechanical engineering: cranes, hydraulic cylinders, agricultural machinery, oil & gas fi eld accessories, etc. • automotive: all types of vehicles, light or heavy • construction: bridges, stadiums, airport terminals, exhibition halls, etc. COMMITMENT Vallourec’s Code of Ethics, deployed throughout the whole company, illustrates its desire to engage with its stakeholders, its customers and its employees with mutual respect. The Group considers its activities as part of a sustainable development approach by offering solutions that allow for the responsible use of resources and by improving its own energy effi ciency. January February March April May June 29 MARCH 2012: presentation 6 JULY 2012: inauguration 13 SEPTEMBER 2012: inauguration of Preon® marine of a new accessories plant of the extension to Vallourec’s Vallourec presents its new patented at Rio das Ostras (Brazil) plant at Changzhou (China) tube system for anchoring wind turbines This new plant produces premium accessories This extension now enables the plant to produce and offshore. for completing oil and gas wells so Vallourec finish premium seamless tubes locally, intended primarily can now supply a comprehensive range for the power generation market. locally. 2 VALLOUREC 2012 Registration Document 78% of sales outside the EU Europe 22% North America 29% Asia and Middle East 18% South America 22% Main Vallourec locations F Finishing lines S Steel mills OPERATIONS WORLDWIDE T Tube mills With over 23,000 employees, sales of €5.3 billion in 2012, 78% of which P Plantation and Mine were realized outside Europe, and integrated manufacturing facilities in more than 20 countries, Vallourec is conducting an ambitious strategy O Sales offi ces and services of local development with new plants in Brazil, the United States, the R&D Centers Middle East and China, enabling it to provide solutions closer to its clients and improve its competitiveness. Vallourec has six R&D centers Breakdown of sales around the world and over 500 researchers to maintain its technological by geographic region leadership and provide innovative solutions to meet its clients’ needs. July August September October November December 5 NOVEMBER 2012: first 30 NOVEMBER 2012: doubling 6 DECEMBER 2012: finalization pipes produced in the of capacity at the VAM® of the “Value 12” employee new Vallourec plant at connections test center in share ownership plan Youngstown (United States) Houston (United States) Some 14,000 employees subscribed to the Focusing particularly on the production of These new capacities will enable the development fifth international plan offered by the Group, small-diameter tubes, this new plant enables of increasingly innovative products and ensure raising the percentage of share capital the Group to serve the North American shale their qualification to the latest standards for the owned by employees to over 7%. hydrocarbons market. most extreme well conditions. VALLOUREC 2012 Registration Document 3 Highlights 2012 sales EBITDA Sales volume Employees 5,326 786 2,092 23,177 million euros million euros Kt SALES VOLUME SALES BY GEOGRAPHIC REGION IN 2012 (in Kt) 2,500 2,251 22.0% 8.4% 2,092 Central Rest of world 2,000 1,888 and South America 3.3% France 1,500 9.4% Germany 1,000 18.4% Asia 9.7% and Middle East Other 500 EU countries* 28.8% 0 2010 2011 2012 North America * Other European Union countries, excluding Germany and France. SALES SALES BY ACTIVITY IN 2012 (in € millions) 5,400 5,296 5,326 12.1% 5,000 Power Generation 4,600 4,491 6.7% 60.7% Petrochemicals Oil & Gas 4,200 9.3% Mechanical 3,800 Engineering 6.9% 4.3% 3,400 Construction & other Automotive 3,000 2010 2011 2012 4 VALLOUREC 2012 Registration Document EBITDA EBITDA/SALES OPERATING INCOME (in € millions) (in %) (in € millions) 1,000 25 800 925 940 693 20.6 682 800 786 20 17.7 600 600 15 14.8 474 400 400 10 200 200 5 0 0 0 2010 2011 2012 2010 2011 2012 2010 2011 2012 NET INCOME – GROUP SHARE EARNINGS PER SHARE GROSS INDUSTRIAL INVESTMENTS (in € millions) (in €) (in € millions) 4 500 1,000 3.6 909 3.4 873 410 402 803 400 800 3 300 600 2 1.8 217 200 400 1 100 200 0 0 0 2010 2011 2012 2010 2011 2012 2010 2011 2012 FINANCIAL INVESTMENTS NET DEBT EQUITY (in € millions) (in € millions) (in € millions)
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