{"id":384260,"date":"2020-11-18T12:03:18","date_gmt":"2020-11-18T17:03:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384260"},"modified":"2020-11-18T12:03:18","modified_gmt":"2020-11-18T17:03:18","slug":"vallourec-third-quarter-and-first-nine-months-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/","title":{"rendered":"Vallourec: third quarter and first nine months 2020 results"},"content":{"rendered":"<div class=\"mw_release\">\n<p>\u00a0<\/p>\n<p align=\"center\">\n        <strong>\u00a0<\/strong><br \/>\n        <strong>Vallourec reports third quarter and first nine months 2020 results<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Boulogne-Billancourt (France), November 18<sup>th<\/sup> 2020<\/strong> \u2013 Vallourec, a world leader in premium tubular solutions, today announces its results for the third quarter and nine first months of 2020. The consolidated financial information was presented by Vallourec\u2019s Management Board to its Supervisory Board on November 17<sup>t<\/sup><sup>h<\/sup> 2020. <\/p>\n<table style=\"border-collapse: collapse;margin-left:0;width:503.25pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:671px;vertical-align: middle;text-align: left;padding-left: 30.0px;text-align: justify;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\">\n            <strong><br \/>\n              <u>Q3 results<\/u><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <u>: solid EBITDA generation despite unprecedented drop in O&amp;G market<\/u><br \/>\n            <\/strong><\/p>\n<ul type=\"disc\">\n<li>Revenue of \u20ac716 million, down 32% year-on-year or 22% at constant exchange rates, mainly driven by lower demand in global Oil &amp; Gas market<\/li>\n<li>Strong EBITDA resilience at \u20ac71 million with margin up at 9.9% of sales, versus \u20ac84 million in Q3 2019 or 7.9% of sales<\/li>\n<li>Positive free cash flow of \u20ac35 million versus \u20ac26 million in Q3 2019<\/li>\n<li>Net debt unchanged at \u20ac2,329 versus end of Q2 2020<\/li>\n<li>Strong liquidity position at \u20ac1,361 million<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0\u00a0\u00a0<strong>\u00a0<\/strong><\/p>\n<table style=\"border-collapse: collapse;margin-left:0;border-collapse:collapse\">\n<tr>\n<td style=\"width:671px;vertical-align: middle;text-align: left;padding-left: 30.0px;text-align: justify;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <u>Financial Restruct<\/u><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <u>uring engaged<\/u><br \/>\n            <\/strong><\/p>\n<ul type=\"disc\">\n<li>Financial Restructuring to embrace all borrowings at Vallourec S.A. level and to reduce debt level significantly as well as its interest cash burden<\/li>\n<li>The objective of the Company is to negotiate an agreement with its creditors on the terms of the Financial Restructuring<\/li>\n<li>As part of its Mandat Ad Hoc, Vallourec SA confirmed on November 17, 2020 that it sought to reduce its debt amounting to \u20ac3.5 bn by slightly over 50% by way of a debt-to-equity conversion<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;margin-left:0;border-collapse:collapse\">\n<tr>\n<td style=\"width:671px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <u>Continued commercial momentum\ufeff<\/u><br \/>\n            <\/strong><\/p>\n<ul type=\"square\">\n<li>\ufeffAfter extending our historic partnership with Petrobras in July, our frame-agreement with Total was extended by five years<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0\u00a0\u00a0<\/p>\n<table style=\"border-collapse: collapse;margin-left:0;border-collapse:collapse\">\n<tr>\n<td style=\"width:671px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">  \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<strong><u>Launching structural measures to foster competitiveness<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>In Europe, adaptation of the production capacity and SG&amp;A streamlining with:\n<ul type=\"disc\">\n<li>in France, a reduction of c.350 positions including the closure of D\u00e9ville heat treatment facility<sup>1 <\/sup><\/li>\n<li>in Germany, further on-going headcount reduction with c.200 positions over 2021-2022, and intensive use of short time work before implementation of working time reduction up to 20% <br \/>\u00a0<\/li>\n<\/ul>\n<\/li>\n<li>In Brazil: comprehensive savings plan including a structural reduction of c.500 positions in support functions in 2020 <\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;margin-left:0;border-collapse:collapse\">\n<tr>\n<td style=\"width:671px;vertical-align: middle;text-align: left;padding-left: 30.0px;text-align: justify;vertical-align: middle;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: middle;text-align: left;padding-left: 30.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: top\">\n            <strong><br \/>\n              <u>2020 Outlook confirmed <\/u><br \/>\n            <\/strong><\/p>\n<ul type=\"disc\">\n<li>Full year outlook supported by solid resilience levers despite depressed North America onshore activity:\n<ul type=\"circle\">\n<li>EA-MEA: impact of delayed IOCs and NOCs projects offset by strong deliveries of special alloy tubes<\/li>\n<li>Brazil: increased pre-salt offshore activity as anticipated and stable sales to Industry markets<\/li>\n<li>Increased profitability of our iron ore mine <\/li>\n<\/ul>\n<\/li>\n<li>Confirmed full year target of \u20ac130 million gross savings on top of the full adaptation of variable costs (including direct labor)<\/li>\n<li>Free cash flow targeted positive in H2, including a significant release of working capital<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Key figures<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:495.75pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2020<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2019<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>\u00a0In \u20ac million<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2020<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2019<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,191<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,771<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -32.7%  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Production shipped (k tons)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>319<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>595<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -46.4%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,412<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>3,169<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -23.9%  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Revenue <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>716<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,060<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -32.5%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>182<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>253<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac71m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>EBITDA <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>71<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>84<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac13m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>7.5%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>8.0%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>-0.5p.p.<\/em>\n          <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>(as a % of revenue) <\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>9.9%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>7.9%<\/em>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>+2.0p.p.<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(507)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(8)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac499m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Operating income (loss) <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>7<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>10<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac3m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(636)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(227)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac409m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Net income, Group share<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(69)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(60)<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac9m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(223)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(117)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac106m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Free cash-flow <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>35<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>26<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  +\u20ac9m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,329<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,104<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  +\u20ac225m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Net debt <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,329<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,104<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  +\u20ac225m  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>Edouard Guinotte, Chairman of the Management Board, declared:<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>While the Covid-19 pandemic continued to strongly impact the world economy and the activity of our customers worldwide, we generated over the third quarter a solid EBITDA and a positive free cash flow, in line with our expectations. This performance rewards our continuous efforts to improve competitiveness and the decided execution of strong adaptation measures launched in 2020 to face this unprecedented crisis.<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Our markets remain more volatile than ever and their evolution highly uncertain, and despite some recent slight signs of improvement in North America on-shore, we don\u2019t rely on activity being materially different in the coming quarters.<\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>In this context, Vallourec is launching structural actions across the Group, including headcount reductions in France, Germany and Brazil and permanent working time reduction in Germany. This, combined with the financial restructuring process aiming at significantly reducing our debt level and addressing upcoming debt maturities, will enable the Group to roll out its Strategic roadmap and unleash its full potential. <\/em>\n      <\/p>\n<p align=\"justify\">\n        <em>Finally, I would like to sincerely thank all our customers and partners, who continue to support us despite this unprecedented context as well as our teams across all regions for their continuous and exemplary commitment and dedication. <\/em>\n      <\/p>\n<p>\n        <br \/> \u00a0<\/p>\n<p>\n        <em>\u00a0<\/em><br \/>\n        <em>\u00a0<\/em>\n      <\/p>\n<p align=\"justify\">\n        <strong>I &#8211; CONSOLIDATED REVENUE BY MARKET<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:458.25pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2020<\/strong>\n          <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2019<\/strong>\n          <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  At constant exchange rates  <\/td>\n<td style=\"width:139px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>\u00a0In \u20ac million<\/em>\n          <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2020<\/strong>\n          <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2019<\/strong>\n          <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  At constant exchange rates  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,641  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,280  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -28.0%  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -24.5%  <\/td>\n<td style=\"width:139px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Oil &amp; Gas, Petrochemicals   <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  443  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  755  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -41.3%  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -33.9%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  601  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  734  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -18.1%  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -3.7%  <\/td>\n<td style=\"width:139px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Industry &amp; Other   <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  208  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  253  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -17.8%  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  \u00a04.3%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  170  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  155  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  \u00a09.7%  <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  \u00a012.3%  <\/td>\n<td style=\"width:139px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Power Generation   <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  65  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  52  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  \u00a025.0%  <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  28.8%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,412<\/strong>\n          <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>3,169<\/strong>\n          <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-23.9%<\/strong>\n          <\/td>\n<td style=\"width:57px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-17.9%<\/strong>\n          <\/td>\n<td style=\"width:139px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Total <\/strong>\n          <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>716<\/strong>\n          <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,060<\/strong>\n          <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-32.5%<\/strong>\n          <\/td>\n<td style=\"width:61px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-21.7%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>Over the third quarter of 2020, Vallourec recorded revenue of \u20ac716 million, down 32% compared with the third quarter of 2019 (-22% at constant exchange rates) with<\/strong>: <strong>\u00a0<\/strong><\/p>\n<ul type=\"disc\">\n<li>a volume impact of -46% mainly driven by Oil &amp; Gas in North America and EA-MEA <\/li>\n<li>a positive price\/mix effect\u00a0of +25% reflecting a better price\/mix in Oil &amp; Gas in EA-MEA and South America, more than offsetting lower prices in North America<\/li>\n<li>a currency conversion effect of -11% mainly related to EUR\/BRL. <\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Over the first nine months of 2020, revenue totaled \u20ac2,412 million, down 24% versus the first nine months of 2019 (-18% at constant exchange rate<\/strong>). Volume effect was -33%, price\/mix effect +15% and currency conversion effect -6%. <\/p>\n<p>\n        <strong>Oil &amp; Gas, Petrochemicals (62% of Q3 2020 consolidated revenue)<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Oil &amp; Gas<\/u><br \/>\n        <\/strong> revenue reached <strong>\u20ac410 million in Q3 2020,<\/strong><strong>a (\u20ac261) million decrease or -39% year-on-year (-31% <\/strong><strong>at constant exchange rates), <\/strong>reflecting lower revenue in North America and EA-MEA.<\/p>\n<ul type=\"disc\">\n<li>\n          <strong>In North America<\/strong>, Oil &amp; Gas revenue decrease was driven by lower deliveries due to the unprecedented decrease in rig count, as well as to lower prices. <\/li>\n<li>\n          <strong>In EA-MEA<\/strong>, Oil &amp; Gas revenue decrease reflected lower volumes while high alloy deliveries positively impacted the price\/mix <\/li>\n<li>\n          <strong>In South America<\/strong>, Oil &amp; Gas revenue strong increase reflected the forecast increase in deliveries of premium OCTG for pre-salt offshore, despite an unfavorable currency conversion effect. <\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Over the first nine months of 2020<\/strong>, <strong>Oil &amp; Gas <\/strong>revenue totaled \u20ac1,480 million, <strong>a (<\/strong><strong>\u20ac586) million decrease or -28% year-on-year <\/strong>(-25% at constant exchange rates).<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Petrochemicals<\/u><br \/>\n        <\/strong> revenue was <strong>\u20ac33 million in Q3 2020, down 61% year-on-year<\/strong> (-54% at constant exchange rates) notably due to lower sales of line pipes in North America as well as pressure on prices. <br \/><strong>Over the first nine months of 2020<\/strong>, Petrochemicals revenue totaled \u20ac161 million, down 25% year-on-year (-21% at constant exchange rates).<\/p>\n<p align=\"justify\">\n        <strong>In Q3 2020, revenue for <u>Oil &amp; Gas and Petrochemicals<\/u> amounted to \u20ac443 million, down 41% compared with Q3 2019 <\/strong>(-34% at constant exchange rates) due to lower O&amp;G volumes in North America and EA-MEA. <br \/><strong>Over the first nine months 2020, revenue for Oil &amp; Gas and Petrochemicals totaled \u20ac1,641 million, down 28% compared with 9M 2019 <\/strong>(-24% at constant exchange rates).<\/p>\n<p>\u00a0<\/p>\n<p>\n        <strong>Industry &amp; Other (29% of Q3 2020 consolidated revenue)<\/strong><br \/>\n        \n      <\/p>\n<p align=\"justify\">\n        <strong>Industry &amp; Other<\/strong> revenue amounted to \u20ac208 million in Q3 2020, down 18% year-on-year (+4% at constant exchange rates):<\/p>\n<ul type=\"disc\">\n<li>In Europe, Industry revenue was down year on year reflecting lower volumes and prices.<\/li>\n<li>In South America, Industry &amp; Other revenue was up, as a result of higher revenue from the iron ore mine reflecting both higher volumes and prices, and of the overall stability of our sales to the Industry market before unfavorable currency conversion effect.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Over the first nine months of 2020, Industry &amp; Other revenue totaled \u20ac601 million, down <\/strong><br \/>\n        <strong>18% year-on-year <br \/><\/strong>(-4% at constant exchange rates) primarily as a result of unfavorable conversion currency effect and lower shipments.<\/p>\n<p>\n        <strong>Power Generation (9% of Q3 2020 consolidated revenue)<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Power Generation <\/strong>revenue amounted to \u20ac65 million in Q3 2020, up 25% year-on-year (+29% at constant exchange rates), as a result of timing of project deliveries. <\/p>\n<p align=\"justify\">The closure of the Reisholz site in Germany, dedicated to coal-fired conventional power plants, is effective since summer 2020. <\/p>\n<p align=\"justify\">\n        <strong>For the first nine months of 2020<\/strong>, revenue totaled \u20ac170 million, up 10% year-on-year (+12% at constant exchange rates).<\/p>\n<p>\n        <strong>II \u2013 CONSOLIDATED RESULTS ANALYSIS<\/strong>\n      <\/p>\n<p>\n        <strong><br \/>\n          <u>Q3 2020 consolidated results analysis<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>In Q3 2020, EBITDA reached \u20ac71 million compared with \u20ac84 million in Q3 2019, at 9.9% of revenue versus 7.9% in Q3 2019, as a result of:<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>An industrial margin of \u20ac154 million, compared with \u20ac177 million in 2019, at 21.5% of revenue (versus 16.7% year on year), reflecting the lower activity in Oil &amp; Gas in North America and to a lower extent in Industry in Europe, partially offset by (i) savings, (ii) a higher mine contribution and (iii) a positive contribution of Oil &amp; Gas in South America, while lower Oil &amp; Gas volumes in EA-MEA were offset by higher price\/mix. <\/li>\n<li>A 17% decrease in sales, general and administrative costs (SG&amp;A) at \u20ac77 million or 10.8% of revenues, reflecting our strong cost savings measures. <\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Operating result was positive at \u20ac7 million,<\/strong> compared with \u20ac10m in Q3 2019, including lower depreciation and amortization charges.<\/p>\n<p align=\"justify\">\n        <strong>Financial result was negative at (\u20ac64) million<\/strong>,<strong>\u00a0<\/strong>compared to (\u20ac56) million in Q3 2019, reflecting mainly higher net financial expenses.<\/p>\n<p align=\"justify\">\n        <strong>Income tax amounted to (\u20ac21) million<\/strong> mainly related to Brazil, compared to (\u20ac17) million in Q3 2019.<\/p>\n<p align=\"justify\">\n        <strong>This resulted in a net loss, Group share, of (\u20ac69) million, <\/strong>compared to (\u20ac60) million in Q3 2019. <\/p>\n<p>\u00a0<\/p>\n<p>\n        <strong><br \/>\n          <u>9M 2020 consolidated results analysis<\/u><br \/>\n        <\/strong><br \/>\n        \n      <\/p>\n<p align=\"justify\">\n        <strong>For the first nine months of 2020, EBITDA reached \u20ac182 million, a (\u20ac71) million decrease year on year, at 7.5% of revenue versus 8% for the first nine months of 2019<\/strong>, including:<\/p>\n<ul type=\"disc\">\n<li>An industrial margin of \u20ac451 million, down (\u20ac107) million compared with 9M 2019, reflecting primarily lower activity in Oil &amp; Gas in North America, and to a smaller extent in Industry in Europe. This was partially offset by (i) savings, (ii) a higher mine contribution, and (iii) a positive contribution of Oil &amp; Gas in South America, while the impact of lower volumes in O&amp;G EA-MEA was offset by high alloys deliveries. <\/li>\n<li>Sales, general and administrative costs (SG&amp;A) down 14% at \u20ac250 million, reflecting our savings and adaptation plan, and representing 10.4% of revenue.<\/li>\n<\/ul>\n<p align=\"justify\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/><strong>Operating result decreased by (\u20ac499) million to a loss of (\u20ac507) million,<\/strong> reflecting mainly the impairment charge recorded in Q2 2020. \u201cAsset disposal, restructuring costs and other\u201d charges increased by (\u20ac49) million and included restructuring provisions related to the closure of the Reisholz site in Germany, and the adaptation plans in North America and Brazil. Lower depreciation of industrial assets was recorded. <\/p>\n<p align=\"justify\">\n        <strong>Financial result was negativ<\/strong><br \/>\n        <strong>e at (\u20ac179) million<\/strong>, stable compared to (\u20ac178) million in 9M 2019. It included higher interest expenses partially offset by other financial income of which notably the settlement in Q1 of a dispute in Brazil for \u20ac23 million. <\/p>\n<p align=\"justify\">\n        <strong>Income tax amounted to (\u20ac51) million<\/strong> mainly related to Brazil<strong>.<\/strong><\/p>\n<p align=\"justify\">\n        <strong>As a result, net loss, Group share, amounted to (\u20ac636) million,<\/strong> compared to (\u20ac227) million in the first nine months of 2019.<\/p>\n<p align=\"justify\">\n        <strong>III &#8211; CASH FLOW &amp; FINANCIAL POSITION<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Cash flow from operating activities<\/strong><br \/>\n        <br \/>\n        <strong>In Q3 2020, cash flow from operating activities reached (\u20ac32) million,<\/strong> compared to (\u20ac2) million in Q3 2019, reflecting mainly the lower EBITDA as well as higher restructuring cash-out. <br \/><strong>For the first nine months of 2020, cash flow from operating activities was negative at (\u20ac128) million <\/strong>compared to \u20ac8 million for the first nine months of 2019, mainly due to the lower EBITDA and to a lesser extent to higher taxes paid, financial expenses and restructuring cash-out. \u00a0<\/p>\n<p align=\"justify\">\n        <strong>Operating working capital requirement<\/strong><br \/>\n        <br \/>\n        <strong>Operating working capital requirement decreased by \u20ac94 million in Q3 2020<\/strong>, versus a decrease of \u20ac71 million in Q3\u00a02019, as a result of activity decline. Net working capital requirement increased to 120 days of sales, compared to 105 days in Q3 2019, impacted notably by customer mix and fixed inventories. <br \/><strong>For the first nine months of 2020, operating working capital requirement increased by (\u20ac5) million<\/strong> versus an increase of (\u20ac46) million for the first nine months of 2019.<\/p>\n<p align=\"justify\">\n        <strong>Capex<\/strong><br \/>\n        <br \/>\n        <strong>Capital expenditure was (\u20ac27) million in Q3 2020<\/strong>, compared to (\u20ac43) million in Q3 2019, and was (\u20ac90) million for the first nine months of 2020 compared to (\u20ac79) million for the first nine months of 2019. <\/p>\n<p align=\"justify\">\n        <strong>Free cash flow<\/strong><br \/>\n        <br \/>As a result, <strong>in Q3 2020, free cash<\/strong><strong> flow was positive at \u20ac35 million <\/strong>versus \u20ac26 million in Q3 2019. <br \/>Free cash flow <strong>for the first nine months of 2020 was negative at (\u20ac223) million<\/strong> compared with (\u20ac117) million for the first nine months of 2019.<\/p>\n<p align=\"justify\">\n        <strong>Asset disposals &amp; other items <\/strong><br \/>\n        <br \/>Asset disposals &amp; other items amounted to (\u20ac37) million in Q3 2020 and were mostly related to negative currency effects on net debt as well as cash collateral related to bid and performance bonds. For the first nine months of 2020, they amounted to (\u20ac75) million as a result mainly of negative currency effects on net debt as well as the repayment of leasing debts (IFRS16), and as cash collateral related to bid and performance bonds. <\/p>\n<p align=\"justify\">\n        <strong>Net debt and liquidity<\/strong><br \/>\n        <br \/>As at September 30th 2020, net debt stood at \u20ac2,329 million, compared with \u20ac2,326 million on June 30<sup>th<\/sup> 2020.<br \/>As at September 30<sup>th<\/sup> 2020, lease debt stood at \u20ac112 million, compared with \u20ac122 million on June 30<sup>th<\/sup> 2020.<br \/>Cash as at September 30<sup>th<\/sup> 2020 amounted to \u20ac1,349 million, and \u20ac12 million of the \u20ac1,724 million committed bank facilities were unused.<\/p>\n<p align=\"justify\">At the same date, long term debt amounted to \u20ac1,749 million and short-term debt to \u20ac1,929 million, including \u20ac1,712 million drawn from the \u20ac1,724 million committed banking facilities maturing in February 2021. In July 2020, \u20ac99 million of drawn banking facilities were repaid at their maturity. <\/p>\n<p align=\"justify\">Based on September 30<sup>th <\/sup>2020 financial results, the banking covenant ratio, as defined in the banking contracts, would be at 129%. It is tested once a year on December 31<sup>st<\/sup>.<\/p>\n<p align=\"justify\">\n        <strong>IV \u2013 LAUNCHING STRUCTURAL MEASURES TO FOSTER COMPETITIVENESS<\/strong>\n      <\/p>\n<p align=\"justify\">In addition to the 1\/3 workforce reduction already implemented in North America, Vallourec launches structural measures across the Group to foster competitiveness.<br \/>In Europe, the Group will pursue the permanent adaptation of its footprint and streamlining of SG&amp;A: <\/p>\n<ul type=\"disc\">\n<li>In France, this will imply a reduction of c.350 positions in production facilities as well as in support functions, including the closure of D\u00e9ville heat treatment facility. The implementation of these measures is subject to consultation of the work\u2019s councils.<\/li>\n<li>In Germany, on top of the previous plan, the Group will implement a full set of additional measures including further on-going headcount reduction with c.200 positions over 2021-2022 and intensive use of short time work before implementation of working time reduction thanks to an existing company agreement.<\/li>\n<\/ul>\n<p align=\"justify\">In Brazil, our comprehensive action plan will result in particular in a structural reduction of c.500 positions in support functions in 2020, and the insourcing of subcontracted activities and activity variation, a specific focus on optimization of steel cost and the redesign of maintenance and S&amp;OP processes.<\/p>\n<p align=\"justify\">\n        <strong>V \u2013OUTLOOK CONFIRMED FOR 2020<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Oil &amp; Gas<\/strong><br \/>\n        <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<ul type=\"disc\">\n<li>\n          <strong>In North America<\/strong>, after the sharp drop in drilling activity of shale operators (rig count down 75% since December 19), the rig count has bottomed out since mid-August. Average 2020 OCTG prices, significantly below 2019 levels, are expected to start recovering in early 2021.<br \/>\u00a0<\/li>\n<li>\n          <strong>In EA-MEA,<\/strong> delayed projects mainly from IOCs and NOCs are offset in 2020 by the positive effect of the backlog of high alloys products delivered this year.<br \/>\u00a0<\/li>\n<li>In <strong>Brazil, <\/strong>the 2020 drilling activity in pre-salt is increasing yoy, as anticipated. <\/li>\n<\/ul>\n<p align=\"justify\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/><strong>Industry &amp; Other<\/strong><\/p>\n<ul type=\"disc\">\n<li>In <strong>Europe<\/strong>, demand from Industry is still impacted by Covid-19 crisis. <\/li>\n<li>In <strong>Brazil<\/strong>, the overall level of Industry activity is expected to remain stable in 2020 compared to 2019.<br \/>\u00a0<\/li>\n<li>Volume of <strong>iron ore<\/strong> produced in Brazil is expected to be higher than in 2019, notably thanks to the use of mobile processing units. Iron ore prices have so far stayed at favorable levels, but a limited decline is expected in Q4.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p align=\"justify\">\n        <strong>Costs savings<\/strong>\n      <\/p>\n<ul type=\"square\">\n<li style=\"margin-top:0in;margin-bottom:0.0001pt;text-align:justify\">Confirmation of the full year target of \u20ac130 million gross savings on top of the full adaptation of variable costs (including direct labor).<\/li>\n<li style=\"margin-top:0in;margin-bottom:0.0001pt;text-align:justify\">Strict cash control with capex envelope of c.\u20ac160m.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Free cash flow<\/strong>\u00a0\u00a0<\/p>\n<ul type=\"square\">\n<li style=\"margin-top:0in;margin-bottom:0.0001pt\">Targeted to be positive in H2, including a significant release of working capital<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>\n        <strong>Information and Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains forward-looking statements. These statements include financial forecasts and estimates as well as assumptions on which they are based, statements related to projects, objectives and expectations concerning future operations, products and services or future performance. Although Vallourec\u2019s management believes that these forward-looking statements are reasonable, Vallourec cannot guarantee their accuracy or completeness and these forward-looking statements are subject to numerous risks and uncertainties that are difficult to foresee and generally beyond Vallourec\u2019s control, which may mean that the actual results and developments may differ significantly from those expressed, induced or forecasted in the statements. These risks include those developed or identified in the public documents filed by Vallourec with the AMF, including those listed in the \u201cRisk Factors\u201d section of the Universal Registration Document filed with the AMF on March 20<sup>th<\/sup> 2020.<\/p>\n<p>\n        <strong>Cautionary Statement<\/strong><br \/>\n        <strong>\u00a0<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>This press release does not, and shall not, in any circumstances constitute a public offering or an invitation to the public in connection with any offer.<\/em>\u00a0<\/p>\n<p align=\"justify\">\n        <em>No communication and no information in respect of this transaction may be distributed to the public in any jurisdiction where a registration or approval is required. No steps have been or will be taken in any jurisdiction (other than France) where such steps would be required. The issue, the subscription for or the purchase of\u00a0Vallourec\u2019s\u00a0shares may be subject to specific legal or regulatory restrictions in certain jurisdictions. Vallourec assumes no responsibility for any violation of any such restrictions by any person.<\/em>\u00a0<\/p>\n<p align=\"justify\">\n        <em>This announcement is not a prospectus within the meaning of Regulation (EU) 2017\/1129 of the European Parliament and the Council of June 14, 2017 (as amended or superseded, the \u201cProspectus Regulation\u201d). No securities offering will be opened to the public in France before the delivery of the visa on a prospectus prepared in compliance with the Prospectus Regulation, as approved by the AMF.<\/em>\u00a0<\/p>\n<p align=\"justify\">\n        <em>In France, an offer of securities to the public may only be made pursuant to a prospectus approved by the AMF. With respect to the member States of the European Economic Area (each, a \u201crelevant member State\u201d), other than France, no action has been undertaken or will be undertaken to make an offer to the public of the shares requiring a publication of a prospectus in any relevant\u00a0member State. Consequently, the securities cannot be offered and will not be offered in any member State (other than France), except in accordance with the exemptions set out in Article 1(4) of the Prospectus Regulation, or in the other case which does not require the publication by Vallourec of a prospectus pursuant to the Prospectus Regulation and\/or applicable regulation in the member States.<\/em>\u00a0<\/p>\n<p align=\"justify\">\n        <em>This press release does not constitute an offer of the securities to the public in the United Kingdom. The distribution of this press release is not made, and has not been approved, by an authorized person (\u201cauthorized person\u201d) within the meaning of Article 21(1) of the Financial Services and Markets Act 2000. As a consequence, this press release is directed only at (x) persons who (<\/em><br \/>\n        <em>i<\/em><br \/>\n        <em>) are outside the United Kingdom, (ii) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the \u201cOrder\u201d), or (iii) are high net worth entities falling within Article 49(2) of the Order and (y) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as \u201cRelevant Persons\u201d). The securities are directed only at Relevant Persons and no invitation, offer or agreements to subscribe, purchase or acquire the securities may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this document or any provision thereof. This press release is not a prospectus which has been approved by the Financial Conduct Authority or any other United Kingdom regulatory authority for the purposes of Section 85 of the Financial Services and Markets Act 2000.<\/em>\u00a0<\/p>\n<p align=\"justify\">\n        <em>This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. Vallourec shares may not be sold in the United States absent registration or an exemption from registration\u00a0under the U.S. Securities Act of 1933, as amended. Vallourec does not intend to register in the United States any portion of the offering\u00a0mentioned in this press release\u00a0or to conduct a public offering of the shares in the United States.<\/em>\u00a0<\/p>\n<p align=\"justify\">\n        <em>The distribution of this press release in certain countries may constitute a breach of applicable law. The information contained in this press release does not constitute an offer of securities for sale in the United States, Canada, Australia or Japan.\u00a0<\/em>\u00a0<\/p>\n<p>\n        <br \/> \u00a0<\/p>\n<p>\u00a0\u00a0<\/p>\n<p>\n        <strong>Presentation of Q3 &amp; 9M 2020 results<\/strong>\n      <\/p>\n<p align=\"justify\">Analyst conference call \/ audio webcast at 6:30 pm (Paris time) to be held in English.<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 To listen to the audio webcast: <br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<strong><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=bkAu1XRUwREA53hglTizaMw42bZviSobVYePKOR9OZuQI44tamaK16yn7fcVb7NijJfJSIfTRDr-RqaXOusB0P8bE5VSiF6WYH3fx_BYgNjKcSqSR5jU2hmdwLN1Jz8rLXmxEr50JpfQttPeTW1rrIKe5icieSuzQ_bWmrRiPTvbMcHHukNo2BFS8NO7MvQlEIRQgGkP1g5UbIjhzMyyOFq8_7ulMfse9EVsrM4MrP4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>https:\/\/channel.royalcast.com\/vallourec-en\/#!\/vallourec-en\/20201118_1<\/u><\/a><\/strong><br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<ul type=\"disc\">\n<li>To participate in the conference call, please dial (password to use is \u201cVallourec\u201d):\n<ul type=\"circle\">\n<li>+44 (0) 20 3003 2666\u00a0\u00a0\u00a0 (UK)<\/li>\n<li>+33 (0) 1 7037 7166\u00a0\u00a0\u00a0 \u00a0 (France)<\/li>\n<li>+1 212 999 6659\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (USA)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Audio webcast replay and slides will be available on the website at: <\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=bkAu1XRUwREA53hglTizaE5MxDgWZ_49jNpKbxv9OQ0FkH_L4eFj54y-Kv30RoZ_XqOVHhIJ0viE3ZIel3iN7Ht8_LxhqZV9B-Kx0TBJH7e02txCm_7NlSvC7FAvZfESrBZ1R4z8JIJnjIK2L9SrrA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/>\n            <u>https:\/\/www.vallourec.com\/en\/investors<\/u><br \/>\n          <\/a><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <u>\u00a0<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>About Vallourec<\/strong>\n      <\/p>\n<p align=\"justify\">Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil &amp; gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec\u2019s pioneering spirit and cutting edge R&amp;D open new technological frontiers. With close to 19,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.\u00a0 <\/p>\n<p align=\"justify\">Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: SBF 120 and Next 150.\u00a0 <\/p>\n<p align=\"justify\">In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.<\/p>\n<p>\n        <strong>Calendar<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:99.28%;border-collapse:collapse\">\n<tr>\n<td style=\"width:139.87px;border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"width:537.47px;border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:139.87px;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>February 17<sup>th<\/sup> 2021<\/strong>\n          <\/td>\n<td style=\"width:537.47px;border-bottom: solid black 1pt;vertical-align: top\">  Release of 2020 full year results  <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>For further information, please contact:<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:517.9pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:330.8px;vertical-align: top\">\n            <strong>Investor relations <\/strong><br \/>\n            <br \/>J\u00e9r\u00f4me Friboulet<br \/>Tel: +33 (0)1 49 09 39 77<br \/><u>Investor.relations@vallourec.com<\/u><\/td>\n<td colspan=\"2\" style=\"width:359.74px;vertical-align: top\">\n            <strong>Press relations <\/strong><br \/>\n            <br \/>H\u00e9lo\u00efse Rothenb\u00fchler <br \/>T\u00e9l: +33 (0)1 41 03 77 50<strong>\u00a0<\/strong><br \/><u>heloise.rothenbuhler@vallourec.com<\/u><strong>\u00a0<\/strong><\/p>\n<p>                \u00a0  <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:345.27px;vertical-align: top\">  \u00a0<\/p>\n<p><strong>Individual shareholders<\/strong><br \/>Toll Free Number (from France): 0 805 65 10 10 <br \/><u>actionnaires@vallourec.com<\/u><\/p>\n<p>            \u00a0  <\/td>\n<td style=\"width:345.27px;vertical-align: top\">\n            <strong>\u00a0<\/strong><\/p>\n<p>            <strong>\u00a0<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<p>\n        <strong>Appendices<\/strong>\n      <\/p>\n<p>Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. <\/p>\n<p>\n        <strong>Documents accompanying this release:<\/strong>\n      <\/p>\n<ul type=\"square\">\n<li>Sales volume<\/li>\n<li>Forex<\/li>\n<li>Revenue by geographic region<\/li>\n<li>Revenue by market<\/li>\n<li>Summary consolidated income statement<\/li>\n<li>Summary consolidated balance sheet<\/li>\n<li>Banking covenant <\/li>\n<li>Free cash flow<\/li>\n<li>Cash flow statement<\/li>\n<li>Definitions of non-GAAP financial data<\/li>\n<\/ul>\n<p>\n        <strong>Sales volume<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:492.75pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">\n            <em>In thousands of tons<\/em>\n          <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2020<\/strong>\n          <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2019<\/strong>\n          <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">  Q1  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  450  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  571  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -21.2%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">  Q2  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  422  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  605  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  &#8211; 30.2%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">  Q3  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  319  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  595  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  &#8211; 46.4%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">\n            <strong>Total<\/strong>\n          <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,191<\/strong>\n          <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,771<\/strong>\n          <\/td>\n<td style=\"width:98px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<\/tr>\n<\/table>\n<p>\u00a0<\/p>\n<p>\n        <strong>Forex<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:492.75pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">\n            <em>Average exchange rate<\/em>\n          <\/td>\n<td style=\"width:98px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2020<\/strong>\n          <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">  EUR \/ USD  <\/td>\n<td style=\"width:98px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1.13  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1.12  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">  EUR \/ BRL  <\/td>\n<td style=\"width:98px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  5.71  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  4.36  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:363px;border-bottom: solid black 1pt\">  USD \/ BRL  <\/td>\n<td style=\"width:98px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  5.08  <\/td>\n<td style=\"width:98px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  3.88  <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>\u00a0<\/strong><br \/>\n        <strong>\u00a0<\/strong>\n      <\/p>\n<p>\n        <strong>Revenue by geographic region<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;border-collapse:collapse\">\n<tr>\n<td style=\"width:160.67px;border-bottom: solid black 1pt\">\n            <em>In \u20ac million <\/em>\n          <\/td>\n<td style=\"width:61.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2020<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>As % of revenue<\/strong>\n          <\/td>\n<td style=\"width:60.8px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2019<\/strong>\n          <\/td>\n<td style=\"width:47.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>As % of revenue<\/strong>\n          <\/td>\n<td style=\"width:47.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<td style=\"width:36.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2020<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>As % of revenue<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2019<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>As % of revenue<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:160.67px;border-bottom: solid black 1pt\">  Europe   <\/td>\n<td style=\"width:61.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  406  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  16.8%  <\/td>\n<td style=\"width:60.8px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  457  <\/td>\n<td style=\"width:47.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  14.4%  <\/td>\n<td style=\"width:47.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -11.2%  <\/td>\n<td style=\"width:36.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  141  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  19.7%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  146  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  13.8%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -3.4%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:160.67px;border-bottom: solid black 1pt\">  North America (Nafta)   <\/td>\n<td style=\"width:61.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  581  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  24.1%  <\/td>\n<td style=\"width:60.8px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  981  <\/td>\n<td style=\"width:47.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  31.0%  <\/td>\n<td style=\"width:47.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -40.8%  <\/td>\n<td style=\"width:36.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  99  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  13.8%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  313  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  29.5%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -68.4%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:160.67px;border-bottom: solid black 1pt\">  South America   <\/td>\n<td style=\"width:61.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  532  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  22.1%  <\/td>\n<td style=\"width:60.8px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  508  <\/td>\n<td style=\"width:47.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  16.0%  <\/td>\n<td style=\"width:47.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  \u00a04.7%  <\/td>\n<td style=\"width:36.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  209  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  29.2%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  179  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  16.9%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  \u00a016.8%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:160.67px;border-bottom: solid black 1pt\">  Asia and Middle East   <\/td>\n<td style=\"width:61.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  664  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  27.5%  <\/td>\n<td style=\"width:60.8px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  883  <\/td>\n<td style=\"width:47.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  27.9%  <\/td>\n<td style=\"width:47.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -24.8%  <\/td>\n<td style=\"width:36.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  197  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  27.5%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  334  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  31.5%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -41.0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:160.67px;border-bottom: solid black 1pt\">  Rest of the world   <\/td>\n<td style=\"width:61.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  229  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  9.5%  <\/td>\n<td style=\"width:60.8px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  340  <\/td>\n<td style=\"width:47.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  10.7%  <\/td>\n<td style=\"width:47.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -32.6%  <\/td>\n<td style=\"width:36.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  71  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  9.9%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  88  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  8.3%  <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -19.3%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:160.67px;border-bottom: solid black 1pt\">\n            <strong>Total <\/strong>\n          <\/td>\n<td style=\"width:61.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,412<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>100%<\/strong>\n          <\/td>\n<td style=\"width:60.8px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>3,169<\/strong>\n          <\/td>\n<td style=\"width:47.2px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>100%<\/strong>\n          <\/td>\n<td style=\"width:47.27px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-23.9%<\/strong>\n          <\/td>\n<td style=\"width:36.74px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>716<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>100%<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,060<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>100%<\/strong>\n          <\/td>\n<td style=\"width:48px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-32.5%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Revenue by market<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:498pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2020<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>As % of revenue<\/strong>\n          <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2019<\/strong>\n          <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>As % of revenue<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>\u00a0In \u20ac million<\/em>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2020<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>As % of revenue<\/strong>\n          <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2019<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>As % of revenue<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Variation  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,480  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  61.4%  <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,066  <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  65.2%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -28.4%  <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Oil &amp; Gas   <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  410  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  57.3%  <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  671  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  63.3%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -38.9%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  161  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  6.7%  <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  214  <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  6.8%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -24.8%  <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Petrochemicals   <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  33  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  4.6%  <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  84  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  7.9%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -60.7%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,641<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>68.0%<\/strong>\n          <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,280<\/strong>\n          <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>71.9%<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-28.0%<\/strong>\n          <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Oil &amp; Gas, Petrochemicals <\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>443<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>61.9%<\/strong>\n          <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>755<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>71.2%<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-41.3%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  220  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  9.1%  <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  291  <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  9.2%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -24.4%  <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Mechanicals   <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  66  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  9.2%  <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  90  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  8.5%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -26.7%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  41  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1.7%  <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  92  <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2.9%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -55.4%  <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Automotive\u00a0   <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  14  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2.0%  <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  29  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2.7%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -51.7%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  340  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  14.1%  <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  351  <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  11.1%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -3.1%  <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Construction &amp; Other\u00a0   <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  128  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  17.9%  <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  134  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  12.6%  <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -4.5%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>601<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>24.9%<\/strong>\n          <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>734<\/strong>\n          <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>23.2%<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-18.1%<\/strong>\n          <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Industry &amp; Other <\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>208<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>29.1%<\/strong>\n          <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>253<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>23.9%<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-17.8%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>170<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>7.0%<\/strong>\n          <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>155<\/strong>\n          <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>4.9%<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>\u00a09.7%<\/strong>\n          <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Power Generation <\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>65<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9.1%<\/strong>\n          <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>52<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>4.9%<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>25.0%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,412<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>100%<\/strong>\n          <\/td>\n<td style=\"width:52.67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>3,169<\/strong>\n          <\/td>\n<td style=\"width:47.34px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>100%<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-23.9%<\/strong>\n          <\/td>\n<td style=\"width:140px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Total <\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>716<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>100%<\/strong>\n          <\/td>\n<td style=\"width:46px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,060<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>100%<\/strong>\n          <\/td>\n<td style=\"width:54px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-32.5%<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>\u00a0<\/strong><br \/>\n        <strong>\u00a0<\/strong>\n      <\/p>\n<p>\n        <strong>Summary consolidated income statement<\/strong><br \/>\n        <strong>\u00a0<\/strong>\n      <\/p>\n<p>\u00a0<\/p>\n<table style=\"border-collapse: collapse;width:495.75pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2020<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2019<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>\u00a0In \u20ac million<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2020<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2019<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  Change  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,412<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>3,169<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -23.9%  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Revenue <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>716<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,060<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -32.5%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(1,961)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(2,611)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -24.9%  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Cost of sales   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(562)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(883)<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -36.4%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>451<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>558<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -19.2%  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Industrial Margin <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>154<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>177<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -13.0%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>18.7%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>17.6%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>+1.1p.p.<\/em>\n          <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>(as a % of revenue) <\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>21.5%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>16.7%<\/em>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>+4.8p.p.<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (250)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (291)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -14.1%  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Sales, general and administrative costs   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (77)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (93)  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -17.2%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (19)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (14)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Other   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (6)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  &#8211;  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>182<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>253<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac71m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>EBITDA <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>71<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>84<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac13m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>7.5%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>8.0%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>-0.5p.p.<\/em>\n          <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>(as a % of revenue) <\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>9.9%<\/em>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>7.9%<\/em>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>+2.0p.p.<\/em>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (158)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (183)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -13.7%  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Depreciation of industrial assets   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (47)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (57)  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -17.5%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (37)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (44)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Amortization and other depreciation   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (10)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (15)  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (441)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (30)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Impairment of assets   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  &#8211;  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (9)  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (53)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (4)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Asset disposals, restructuring costs and non-recurring items   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (7)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  7  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(507)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(8)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac499m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Operating income (loss) <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>7<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>10<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac3m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (179)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (178)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  \u00a00.6%  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Financial income\/(loss)   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (64)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (56)  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  \u00a014.3%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(686)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(186)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac500m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Pre-tax income (loss) <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(57)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(46)<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac11m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (51)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (39)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Income tax   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (21)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (17)  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (2)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (2)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Share in net income\/(loss) of equity affiliates   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (1)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (1)  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(739)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(227)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac512m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Net income <\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(79)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(64)<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac15m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (103)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  &#8211;  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Attributable to non-controlling interests   <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (10)  <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (4)  <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(636)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(227)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac409m  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Net income, Group share<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(69)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(60)<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac9m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(55.6)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(0.5)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<td style=\"width:229px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Net earnings per share (in \u20ac) *<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(6.0)<\/strong>\n          <\/td>\n<td style=\"width:71px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(0.1)<\/strong>\n          <\/td>\n<td style=\"width:77px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  na  <\/td>\n<\/tr>\n<\/table>\n<p>\n        <em>na = not applicable<\/em><br \/>\n        <br \/>\n        <em>* 9M 2020 and Q3 2020 figures adjusted for new number of shares following reverse stock split effective on May 25 2020<\/em>\n      <\/p>\n<p>\n        <br \/>\u00a0<\/p>\n<p>\n        <br \/>\u00a0<\/p>\n<p>\n        <strong>Summary consolidated balance sheet<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:492pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:178px\">\n            <em>In \u20ac million <\/em>\n          <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Assets <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9\/30\/2020<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>12\/31\/2019<\/strong>\n          <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Liabilities <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9\/30\/2020<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>12\/31\/2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px;border-right: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Equity &#8211; Group share *  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  378  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,467  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px;border-right: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Non-controlling interests   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  354  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  513  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Net intangible assets   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  53  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  63  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Total equity <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>732<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>1,980<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Goodwill   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  24  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  364  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Shareholder loan <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>8<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>21<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Net property, plant and equipment  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,136  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  2,642  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Bank loans and other borrowings (A)  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,749  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,747  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Biological assets  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  43  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  62  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Lease debt (D)  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  87  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  104  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Equity affiliates   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  125  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  129  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Employee benefit commitments   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  213  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  228  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Other non-current assets   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  99  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  132  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Deferred taxes   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  19  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  9  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Deferred taxes   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  205  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  249  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Provisions and other long-term liabilities   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  64  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  61  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Total non-current assets <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,685<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>3,641<\/strong>\n          <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Total non-current liabilities <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,132<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,149<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Inventories   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  855  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  988  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Provisions   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  80  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  121  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Trade and other receivables  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  533  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  638  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Overdraft and other short-term borrowings (B)  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,929  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,077  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Derivatives &#8211; assets  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  29  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  7  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Lease debt (E)   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  25  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  30  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Other current assets   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  176  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  237  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Trade payables   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  445  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  580  <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"width:178px;border-bottom: solid black 1pt\">  Cash and cash equivalents (C)  <\/td>\n<td rowspan=\"2\" style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,349  <\/td>\n<td rowspan=\"2\" style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">  1,794  <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Derivatives &#8211; liabilities  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  13  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  18  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  Other current liabilities   <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  263  <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  329  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Total current assets <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,942<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>3,664<\/strong>\n          <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Total current liabilities <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,755<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>3,155<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Total assets <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>5,627<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>7,305<\/strong>\n          <\/td>\n<td style=\"width:178px;border-bottom: solid black 1pt\">\n            <strong>Total equity and liabilities <\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>5,627<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>7,305<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:75px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:75px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt;border-left: solid black 1pt\">\n            <strong>* Net income (loss), Group share<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(636)<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>(338)<\/strong>\n          <\/td>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:75px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:75px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt;border-left: solid black 1pt\">\n            <strong>Net debt (A+B-C)<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,329<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>2,031<\/strong>\n          <\/td>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:75px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:75px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:178px;border-bottom: solid black 1pt;border-left: solid black 1pt\">\n            <strong>Lease debt (D+E)<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>112<\/strong>\n          <\/td>\n<td style=\"width:75px;text-align: right;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt\">\n            <strong>134<\/strong>\n          <\/td>\n<td style=\"width:178px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<td style=\"width:75px\">  \u00a0  <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Banki<\/strong><br \/>\n        <strong>n<\/strong><br \/>\n        <strong>g covenant <\/strong>\n      <\/p>\n<p align=\"justify\">\n        <em>As defined in the banking agreements, the \u201cbanking covenant\u201d ratio is the ratio of the Group\u2019s consolidated net debt\u00a0including\u00a0the \u201cfinancial lease debt\u201d\u00a0and the shareholder loan in Brazil to the Group\u2019s equity, restated for reserves of changes in fair value of financial instruments and foreign currency translation reserve. This indebtedness ratio is tested once a year on December 31<sup>st<\/sup>, and must be below a limit of 100% on this date.<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:493.5pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">\n            <strong>Banking covenant (in \u20ac million)<\/strong>\n          <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">  \u00a0  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9\/30\/2020<\/strong>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>12\/31\/2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Net debt (excluding financial lease debt)   <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,329  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,031  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Financial lease debt   <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  30  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  50  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Net debt   <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,359  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,081  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Shareholder loan   <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  8  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  21  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Restated net debt (1)  <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,367  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,102  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Equity   <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  732  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,980  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Foreign currency translation reserve &#8211; Group share (a)  <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,122  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  608  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Reserves &#8211; changes in fair value of financial instruments (a)  <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (13)  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (4)  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Equity restated (2)  <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  1,841  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  2,584  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;border-bottom: solid black 1pt\">  Ratio of banking covenant restated (1)\/(2)  <\/td>\n<td style=\"width:141px;border-bottom: solid black 1pt\">\n            <em>\u00a0<\/em>\n          <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  128.6%  <\/td>\n<td style=\"width:110px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  81.3%  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:297px;vertical-align: bottom\">\n            <em>(a) Including minority interests.<\/em>\n          <\/td>\n<td style=\"width:141px;vertical-align: bottom\">  \u00a0  <\/td>\n<td style=\"width:110px;vertical-align: bottom\">  \u00a0  <\/td>\n<td style=\"width:110px;vertical-align: bottom\">  \u00a0  <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Free cash flow<\/p>\n<p><\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:480.75pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2020<\/strong>\n          <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2019<\/strong>\n          <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Change<\/strong>\n          <\/td>\n<td style=\"width:287px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>\u00a0In \u20ac million<\/em>\n          <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2020<\/strong>\n          <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2019<\/strong>\n          <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Change<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (128)  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  8  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac136m  <\/td>\n<td style=\"width:287px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Cash flow from operating activities (A)  <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (32)  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (2)  <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac30m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (5)  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (46)  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  +\u20ac41m  <\/td>\n<td style=\"width:287px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Change in operating WCR [+ decrease, (increase)] (B)  <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  94  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  71  <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  +\u20ac23m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (90)  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (79)  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  -\u20ac11m  <\/td>\n<td style=\"width:287px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Gross capital expenditure (C)  <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (27)  <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (43)  <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  +\u20ac16m  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(223)<\/strong>\n          <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>(117)<\/strong>\n          <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>-\u20ac106m<\/strong>\n          <\/td>\n<td style=\"width:287px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Free cash flow (A)+(B)+(C)<\/strong>\n          <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>35<\/strong>\n          <\/td>\n<td style=\"width:55px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>26<\/strong>\n          <\/td>\n<td style=\"width:67px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>+\u20ac9m<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Cash flow statement<\/strong><br \/>\n        <strong><\/p>\n<p>        <\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:494.25pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2020<\/strong>\n          <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>9 Months 2019<\/strong>\n          <\/td>\n<td style=\"width:307px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <em>\u00a0In \u20ac million<\/em>\n          <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2020<\/strong>\n          <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Q3 2019<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (128)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  8  <\/td>\n<td style=\"width:307px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Cash flow from operating activities   <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (32)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (2)  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (5)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (46)  <\/td>\n<td style=\"width:307px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Change in operating WCR [+ decrease, (increase)]   <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  94  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  71  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (133)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (38)  <\/td>\n<td style=\"width:307px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Net cash flow from operating activities   <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  62  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  69  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (90)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (79)  <\/td>\n<td style=\"width:307px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Gross capital expenditure   <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (27)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (43)  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (75)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  12  <\/td>\n<td style=\"width:307px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Asset disposals &amp; other items   <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (37)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (19)  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (298)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (105)  <\/td>\n<td style=\"width:307px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">  Change in net debt [+ decrease, (increase)]   <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  (2)  <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">  7  <\/td>\n<\/tr>\n<tr>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,329<\/strong>\n          <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,104<\/strong>\n          <\/td>\n<td style=\"width:307px;text-align: center;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>Financial net debt (end of period) <\/strong>\n          <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,329<\/strong>\n          <\/td>\n<td style=\"width:88px;text-align: right;vertical-align: middle;border-bottom: solid black 1pt\">\n            <strong>2,104<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>\n        <br \/> \u00a0<\/p>\n<p>\n        <strong>Definitions of non-GAAP financial data<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Banking covenant:<\/u><br \/>\n        <\/strong><br \/>\n        <strong>\u00a0<\/strong>as defined in the banking agreements, the \u201cbanking covenant\u201d ratio is the ratio of the Group\u2019s consolidated net debt\u00a0including\u00a0the \u201cfinancial lease debt\u201d and the shareholder loan in Brazil to the Group\u2019s equity, restated for reserves of changes in fair value of financial instruments and foreign currency translation reserve. This indebtedness ratio is tested once a year on December 31<sup>st<\/sup>, and must be below a limit of 100% on this date.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Data at constant exchange rates:<\/u><br \/>\n        <\/strong> the data presented \u00ab\u00a0at constant exchange rates\u00a0\u00bb is calculated by eliminating the translation effect into euros for the revenue of the Group\u2019s entities whose functional currency is not the euro. The translation effect is eliminated by applying Year N-1 exchange rates to Year N revenue of the contemplated entities.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Free cash flow:<\/u><br \/>\n        <\/strong> Free cash-flow (FCF) is defined as cash flow from operating activities minus gross capital expenditure and plus\/minus change in operating working capital requirement.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Gross capital expenditure:<\/u><br \/>\n        <\/strong> gross capital expenditure is defined as the sum of cash outflows for acquisitions of property, plant and equipment and intangible assets and cash outflows for acquisitions of biological assets.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Industrial margin:<\/u><br \/>\n        <\/strong> the industrial margin is defined as the difference between revenue and cost of sales (i.e. after allocation of industrial variable costs and industrial fixed costs), before depreciation. <\/p>\n<p>\n        <strong><br \/>\n          <u>Lease debt:<\/u><br \/>\n        <\/strong> defined as the present value of unavoidable future lease payments\u00a0<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Net debt<\/u><br \/>\n        <\/strong>: consolidated net debt is defined as Bank loans and other borrowings plus Overdrafts and other short-term borrowings minus Cash and cash equivalents. Net debt excludes lease debt.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Net working capital requirement:<\/u><br \/>\n        <\/strong> defined as working capital requirement net of provisions for inventories and trade receivables; net working capital requirement days are computed on an annualized quarterly sales basis.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Operating working capital requirement:<\/u><br \/>\n        <\/strong> includes working capital requirement as well as other receivables and payables.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Working capital requirement:<\/u><br \/>\n        <\/strong> defined as trade receivables plus inventories minus trade payables (excluding provisions).<\/p>\n<p>\u00a0<\/p>\n<p>1 The implementation of these measures is subject to consultation of the work\u2019s councils<\/p>\n<p id=\"gnw_attachments_section-header\">\n        <strong>Attachment<\/strong>\n      <\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n          <a target=\"_blank\" href=\"https:\/\/ml-eu.globenewswire.com\/Resource\/Download\/8a1771d0-cfde-4e47-be5a-fa6dd233e2e9\" rel=\"noopener noreferrer\">Vallourec-press-release-Q3&amp;9M-2020_<\/a>\n        <\/li>\n<\/ul>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQzOTYyNyM0MDA4MjE5NTQjMTAxMTE2NQ==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml-eu.globenewswire.com\/release\/track\/fd23d23a-de98-465d-ae2d-bb275bfbdf9c\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 Vallourec reports third quarter and first nine months 2020 results Boulogne-Billancourt (France), November 18th 2020 \u2013 Vallourec, a world leader in premium tubular solutions, today announces its results for the third quarter and nine first months of 2020. The consolidated financial information was presented by Vallourec\u2019s Management Board to its Supervisory Board on November 17th 2020. Q3 results : solid EBITDA generation despite unprecedented drop in O&amp;G market Revenue of \u20ac716 million, down 32% year-on-year or 22% at constant exchange rates, mainly driven by lower demand in global Oil &amp; Gas market Strong EBITDA resilience at \u20ac71 million with margin up at 9.9% of sales, versus \u20ac84 million in Q3 2019 or 7.9% of sales Positive free cash &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Vallourec: third quarter and first nine months 2020 results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-384260","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vallourec: third quarter and first nine months 2020 results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vallourec: third quarter and first nine months 2020 results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"\u00a0 \u00a0 Vallourec reports third quarter and first nine months 2020 results Boulogne-Billancourt (France), November 18th 2020 \u2013 Vallourec, a world leader in premium tubular solutions, today announces its results for the third quarter and nine first months of 2020. The consolidated financial information was presented by Vallourec\u2019s Management Board to its Supervisory Board on November 17th 2020. Q3 results : solid EBITDA generation despite unprecedented drop in O&amp;G market Revenue of \u20ac716 million, down 32% year-on-year or 22% at constant exchange rates, mainly driven by lower demand in global Oil &amp; Gas market Strong EBITDA resilience at \u20ac71 million with margin up at 9.9% of sales, versus \u20ac84 million in Q3 2019 or 7.9% of sales Positive free cash &hellip; Continue reading &quot;Vallourec: third quarter and first nine months 2020 results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-18T17:03:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQzOTYyNyM0MDA4MjE5NTQjMTAxMTE2NQ==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"23 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/vallourec-third-quarter-and-first-nine-months-2020-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/vallourec-third-quarter-and-first-nine-months-2020-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Vallourec: third quarter and first nine months 2020 results\",\"datePublished\":\"2020-11-18T17:03:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/vallourec-third-quarter-and-first-nine-months-2020-results\\\/\"},\"wordCount\":4547,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/vallourec-third-quarter-and-first-nine-months-2020-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=MTAwMDQzOTYyNyM0MDA4MjE5NTQjMTAxMTE2NQ==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/vallourec-third-quarter-and-first-nine-months-2020-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/vallourec-third-quarter-and-first-nine-months-2020-results\\\/\",\"name\":\"Vallourec: third quarter and first nine months 2020 results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/","og_locale":"en_US","og_type":"article","og_title":"Vallourec: third quarter and first nine months 2020 results - Market Newsdesk","og_description":"\u00a0 \u00a0 Vallourec reports third quarter and first nine months 2020 results Boulogne-Billancourt (France), November 18th 2020 \u2013 Vallourec, a world leader in premium tubular solutions, today announces its results for the third quarter and nine first months of 2020. The consolidated financial information was presented by Vallourec\u2019s Management Board to its Supervisory Board on November 17th 2020. Q3 results : solid EBITDA generation despite unprecedented drop in O&amp;G market Revenue of \u20ac716 million, down 32% year-on-year or 22% at constant exchange rates, mainly driven by lower demand in global Oil &amp; Gas market Strong EBITDA resilience at \u20ac71 million with margin up at 9.9% of sales, versus \u20ac84 million in Q3 2019 or 7.9% of sales Positive free cash &hellip; Continue reading \"Vallourec: third quarter and first nine months 2020 results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-18T17:03:18+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQzOTYyNyM0MDA4MjE5NTQjMTAxMTE2NQ==","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"23 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Vallourec: third quarter and first nine months 2020 results","datePublished":"2020-11-18T17:03:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/"},"wordCount":4547,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=MTAwMDQzOTYyNyM0MDA4MjE5NTQjMTAxMTE2NQ==","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/vallourec-third-quarter-and-first-nine-months-2020-results\/","name":"Vallourec: third quarter and first nine months 2020 results - 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