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Vallourec: Third Quarter and Nine Month 2022 Results

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 Meudon (France), November 21, 2022

ThirdQuarter andNine Month2022Results

  • FY 2022 EBITDA guidance confirmed at€650 to €750 million
  • Free Cash Flow to be positive in H2, driven by an expected strong Q4 performance
  • Social plan agreements finalized in Germany, France and UK, substantially de-risking New Vallourec plan
  • New Vallourec plan initiatives to be implemented in other regions

Highlights

Solid Q3 2022 Performance

  • EBITDA of €198 million, +55% year-over-year and +24% quarter-over-quarter
  • Continued positive OCTG price dynamics in the U.S. and in the Middle East
  • Iron Ore mine production of 1.5 million tons; civil works for restoration of the Cachoeirinha pile completed1 and request to release pile registered

Strong commercial dynamic in the U.S. and fromlong-term agreements with customers like Saudi Aramco, ADNOC and Petrobras

2022 financial objectives confirmed

  • FY 2022 EBITDA expected between €650 and €750 million
  • Mine production to continue in Q4 2022 and Q1 2023 with c.1.2 million tons per quarter using alternative waste piles
  • Positive Free Cash Flow in H2, driven by an expected strong Q4 performance
  • FY 2022 CAPEX expected around €200 million

New Vallourec plan on track with new initiatives added

  • Social plan agreements finalized in Germany, France and the UK, substantially de-risking New Vallourec plan
  • On track to generate €230 million of recurring EBITDA uplift with full impact starting Q2 2024
  • New Vallourec plan initiatives to be implemented in other regions, starting with Brazil

Philippe Guillemot, Chairman of the Board of Directors, and Chief Executive Officer, declared:

Our tube business continues to improve quarter after quarter driven bya favorable environment due to a worldwide focus on energy security. Q3 results are positively impacted bythenew Company-wide pricing strategies implemented since Q2 and strong volume dynamics related to new or existing contracts. In addition, we have made significant progress towards restoring normal operationsat our Pau Branco mine. We have received permission to continue to use alternative waste piles until the beginning of Q2 2023. In parallel, we have finalized civil works related to the restoration of the minimum safety factor of thecore Cachoeirinha waste pile and registered the request for its release.

Within our businesses, Q4 mine production will be above our previous assumptions, at lower prices.Our tube business continues to perform strongly across the global platform, even though we are seeing higher energy costs in the to be closed German operations. In addition, as part of our focus on inventory management, we have scrapped unallocated materials and inventories with low resale value potential, leading to one-off expenses in 2022.

Overall,weconfirm our full year 2022 EBITDA objective of €650 million to €750 million, and we are on track to deliver positive Free Cash Flow in the second half, driven byan expected strong Q4 performance.

At the same time,we are making steady progress in the implementation of our New Vallourec plan: in recent weeks we have secured firm social agreements in France, Germany, and the UK, substantially de-risking our plan and allowing our teams to focus on execution.In addition, we will expand the scope of the transformation of our business and implement New Vallourec plan initiatives in other geographies, starting with Brazil. Our strategic targets remain unchanged: to become cycle proof and to increase our margins towards best-in class levels.The New Vallourec planis fully on track to generate €230 million of recurring EBITDA upliftwith full impact starting in Q2 2024.”

KEY DATA


9 Months 20229 Months 2021Change In € millionQ3 2022Q3 2021Change
1,2901,13014.2%Production shipped (k tons)46239118.2%
3,3422,37840.5%Revenue 1,28183453.6%
403356€47mEBITDA 198128€70m
12.1%15.0%(2.9)p.p.(as a % of revenue) 15.4%15.3%0.1p.p.
(286)299naOperating income (loss) 897223.6%
(444)(49)€(395)mNet income, Group share6(7)€13m
(482)(300)€(182)mFree cash-flow (81)(103)€22m
1,493993€500mNet debt1,493993€500m

CONSOLIDATED REVENUES BY MARKET

9 Months 20229 Months 2021ChangeAt constant exchange rates In € millionQ3 2022Q3 2021ChangeAt constant exchange rates
2,3101,34372.0%54.4%Oil & Gas, Petrochemicals90745698.8%74.4%
931937(0.6)%(8.5)%Industry & Other346348(0.5)%(8.5)%
100982.8%(6.8)%Power Generation2830(5.7)%(15.3)%
3,3422,37840.5%27.1%Total 1,28183453.6%36.6%

Inthe ThirdQuarter of 2022, Vallourec recorded revenues of 1,281million, up54%year-on-year and by 37% at constant exchange ratesreflecting:

  • 17% currency conversion effect mainly related to weaker EUR/USD and EUR/BRL
  • 16% volume increase mainly driven by Oil & Gas in EA-MEA and North America
  • 26% price/mix effect
  • (5)% iron ore mine

For the First Nine months, revenues totaled €3,342 million, up41% year-on-year and by27% at constant exchange rateson the back of:

  • 13% currency conversion effect mainly related to weaker EUR/USD and EUR/BRL
  • 12% volume increase mainly driven by Oil & Gas in North America and, to a lesser extent, in EA-MEA
  • 22% price/mix effect
  • (8)% iron ore mine

Oil & Gas, Petrochemicals (71% ofQ3 2022consolidated revenues)

In Q3 2022, Oil & Gas revenuesamounted to794million,asharp increase of 94%year-on-yearand of71%at constant exchange rates.

  • In North America, Oil & Gas revenues more than doubled thanks to both higher prices and volumes
  • In EA-MEA, the significant Oil & Gas revenue increase was mainly driven by higher volumes
  • In South America, the decrease in revenues was explained by lower project line pipe activity

For the First Nine months,Oil & Gas revenues totaled 2,025 million,up67% year-on-year (+51% at constant exchange rates), mainly thanks to North America and, to a lesser extent, EA-MEA.

In Q3 2022, Petrochemicalsrevenuesstood at113million,more than doublingyear-on-year (+105% at constant exchange rates) notably explained by increased prices and volumes in North America. For the First Nine months,Petrochemicals revenuesincreased sharply year-on-year to reach285 million, (+89% at constant exchange rates).

In Q3 2022 revenues for Oil & Gas and Petrochemicals amounted to 907 million, up99% year-on-year (+74% at constant exchange rates). For the First Nine months revenues for Oil & Gas and Petrochemicals totaled 2,310 million, up72% compared with 2021 (+54% at constant exchange rates).

Industry & Other (27% of Q3 2022consolidated revenues)

In Q3 2022, Industry & Otherrevenues amounted to 346million, stable year-on-year (down 8.5% at constant exchange rates):

  • In Europe, Industry revenues were up on the back of price increases
  • In South America, Industry & Other revenues declined, reflecting the lower iron ore mine activity

For the First NineMonths, Industry & Other revenues totaled 931 million, stable year-on-year and down 8.5% at constant exchange rates; better prices in engineering and, to a lesser extent, in automotive, did not offset the impact of the mine shutdown.

Power Generation(2% of Q3 2022consolidated revenues)

In Q3 2022, Power Generation revenues amounted to 28million, downby 6% year-on-year and by 15% at constant exchange rates. For the First Nine Months 2022, revenues totaled €100 million, up3% year-on-year and down by 7% at constant exchange rates.

CONSOLIDATED RESULTS ANALYSIS

Q3 2022 consolidated results analysis

In Q3 2022, EBITDAamounted to 198 million compared with €128 million in Q3 2021; theEBITDAmargin stood at15.4% of revenues versus 15.3% in Q3 2021, reflecting:

  • An industrial margin of €278 million, or 21.7% of revenues, versus €207 million or 24.8% of revenues in Q3 2021. The positive contribution of the Oil & Gas market in North America, both in prices and volumes, was partially offset by the negative impact of the lower mine activity.

    • Sales, general and administrative costs (SG&A) stood at €77 million or 6% of revenue versus 9% in Q3 2021.

Operating income was positive at 89 million, compared to €72 million in Q3 2021. In Q3 2022, the Group booked €51 million mainly related to adaptation measures in Germany and the accelerated amortization of ceased activities.  

Financial income was negative at €(30) million,compared with €(36) million in Q3 2021; net interest expenses in Q3 2022 stood at €(25) million reflecting the new balance sheet structure.

Income tax amounted to€(53)million compared to €(41) million in Q3 2021, reflecting both corporate tax as well as changes in deferred taxes.

This resulted in positivenet income, Group share,of6million, compared to negative €(7) million in Q3 2021.

First nine months 2022 consolidated results analysis

Over the first nine months 2022, EBITDA amounted to403 million, a 47 million increase year-on-year, to stand at12.1% of revenues, reflecting:

  • An industrial margin of €661 million or 19.8% of revenues, up €43 million compared with 9M 2021. The positive contribution of the Oil & Gas market in North America, both in prices and volumes, was partially offset by the negative impact of the temporary suspension of the mine operations.

  • Sales, general and administrative costs (SG&A) of €260 million, or 7.8% of revenues, versus €233 million and 9.8% of revenues in 9M 2021.

Operating income was negative at €(286) million comparedwitha positive 299 million in 9M 2021, resulting mainly from provisions related to the adaptation measures (European social plans and associated fees) and, to a lesser extent, from provisions for non-recurring costs in respect of the mine incident.   

Financial income was negative at €(51) million,compared with €(221) million in 9M 2021; net interest expenses in 9M 2022 of €(70) million reflecting the new balance sheet structure, were partially offset by other financial income.  

Income tax amounted to €(104) million mainly related to North America and Brazil.

As a result, net income, Group share, amounted to €(444) million, compared to €(49) million in 9M 2021.

CASH FLOW AND FINANCIAL POSITION

Cash flow from operating activities
In Q3 2022, cash flow from operating activities improvedto108 million, compared to €18 million in Q3 2021; mainly driven by a higher EBITDA and lower income tax cash-out.

Over the first nine months, cash flow from operating activities was positive at €169 million compared to €16 million in 9M 2021. The improvement was mainly related to lower income tax.

Operating working capital requirement
In Q3 2022, the operating working capital requirement increased by €(135) million, versus a rise of €(93) million in Q3 2021, reflecting higher forward volume expectations and raw-material price increases. The net working capital requirement stood at 118 days of sales, compared to 111 days in Q3 2021.

For the first nine months 2022,the operating working capital requirement increased by €(538) million versus an increase of €(232) million in 9M 2021.

Capex
Capital expenditure was €(54) million in Q3 2022, compared with €(28) million in Q3 2021, and €(113) million in 9M 2022 compared to €(84) million in 9M 2021.

For the full year it is expected to be around200million, including €120 million of capital expenditures equally spread over FY 2022 and FY 2023 related to the transfer of the German Oil & Gas activities to Brazil.

Free cash flow
As a result, in Q3 2022, free cash flow was negativeat €(81) million versus €(103) million in Q3 2021.

Free cash flow for9M 2022 was negative at €(482) million, compared with €(300) million in 9M 2021, after €538 million working capital build over the first nine months.

Free Cash Flow will be positive in H2, driven by an expected strong performance in Q4.

Asset disposals and other items
In Q3 2022, asset disposals and other items amounted to €(24) million compared with €(171) million in Q3 2021.
Over the first nine months of 2022, they amounted to €(54) million.

Net debt and liquidity
As of September 30,2022, net debt stood at €1,493 million, compared with €1,389 million atJune 30, 2022. Gross debt amounted to €1,784 million including €76 million of fair value adjustment under IFRS 9 (which will be reversed over the life of the debt). Long-term debt amounted to €1,375 million and short-term debt totaled €409 million.

Net debt at year-end 2022 is projected below Septemberlevels thanks toan expected strong free cash flowperformance in Q4.

As of September 30, 2022, lease debt stood at €78 million following the application of IFRS 16 standards, compared with €61 million on June 30, 2022.

As of September 30,2022, the liquidityposition was strong at703 million, with cash amounting to €291 million and an undrawn committed Revolving Credit Facility of €412 million.

As of November 21, 2022, Vallourec has fully repaid the utilized Revolving Credit Facility. The Groupalso closed a $210 million asset-backed loan with a 5-year tenor provided by a group of fourtop ranked international banks.

The Group has no repayments scheduled before June 2026.

UPDATE ON PAU BRANCO MINE

Operations at Vallourec’s Pau Branco iron ore mine were temporarily suspended in January 2022 following flooding which caused damage to its Cachoeirinha waste pile. Operations were partially restarted in May using an alternative waste pile, albeit at lower-than-normal capacity levels. Volumes extracted in first nine months 2022 amounted to c.2.6 million tons.

Permissions from authorities have been obtained to continue to use alternative waste piles until the beginning of Q2 2023. In parallel, the Group has finalized civil works related to the restoration of the minimum safety factor of the core Cachoeirinha waste pile and registered the request for full release.

For 2022 as a whole, Vallourec estimates production of around 3.8 million tons, which is embedded in our FY 2022 EBITDA outlook.

MARKET TRENDS

Oil & Gas

In North America, the highly favorable market conditions should continue through year-end and into 2023. The OCTG market remains very tight in terms of available supply.
In EA-MEA, ongoing volume recovery is expected in the coming quarters especially in the dynamic Middle East markets, with a progressive recovery in pricing power.
In Europe, higher energy costs are set to impact GDP growth.
In South America, prices and volumes are expected to increase.

Industry & Other

In Brazil, the outlook for volumes is neutral, with price increases fully offsetting cost inflation.

OUTLOOK

We confirmour EBITDA objectivefor FY 2022in a range of €650 to €750 million.

Capex is expected to be around €200 million, including approximately €60 million for the preparation of the transfer of Oil & Gas volumes from Germany to Brazil.

Free Cash Flow will be positive in H2, driven by an expected strong Q4 performance.

NEW VALLOUREC PLAN ON TRACK WITH NEW INITIATIVES ADDED

The New Vallourec plan, announced in May 2022, remains fully on track. The plan aims to generate €230 million of recurring EBITDA uplift and around €20 million CAPEX reduction with full impact starting in Q2 2024, contributing to making the Group cycle-proof and generating positive free cash flow2 even at the bottom of the cycle.

In recent weeks we have secured firm social agreements in France, Germany, and the UK, substantially de-risking our plan and allowing our teams to focus on execution. Moreover, we will implement New Vallourec plan initiatives in other geographies starting with Brazil, as well as production increases in the US and Saudi Arabia.

In addition, a value-over-volume strategy incorporates portfolio rationalization to drive profitable growth. Vallourec aims to achieve best-in-class profitability levels and close the margin gap with peers.    

Information and Forward-Looking Statements

This press release may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as “believe”, “expect”, “anticipate”, “may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, Vallourec’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks include those developed or identified in the public documents filed by Vallourec with the French Financial Markets Authority (Autorité des marches financiers, or “AMF”), including those listed in the “Risk Factors” section of the Registration Document filed with the AMF on April 19, 2022, under filing number n° D.22-0305. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Vallourec’s or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if Vallourec’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

Presentationof Q32022 results

Conference call / audio webcast on Monday, November 21st at 9:30 am CET

  • Audio webcast replay and slides will be available at:

https://www.vallourec.com/en/investors

About Vallourec

Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec’s pioneering spirit and cutting edge R&D open new technological frontiers. With close to 17,000 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.

Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for Deferred Settlement Service. In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.

Financial Calendar

March2nd2023Fourth Quarter and Full Year 2022 results

For further information, please contact:

Investor relations
Investor.relations@vallourec.com

Press relations
Héloïse Rothenbühler
Tel: +33 (0)1 41 03 77 50
heloise.rothenbuhler@vallourec.com

Individual shareholders
Toll Free Number (from France): 0 800 505 110
actionnaires@vallourec.com

Appendices

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.

Documents accompanying this release:

  • Sales volume
  • Forex
  • Revenue by geographic region
  • Revenue by market
  • Summary consolidated income statement
  • Summary consolidated balance sheet
  • Free cash flow
  • Cash flow statement
  • Definitions of non-GAAP financial data

Sales volume

In thousands of tons20222021Change
Q139535810.3%
Q243338113.6%
Q346239118.2%
Q4510-
Total1,640-

Forex

Average exchange rate9 months 20229 months 2021
EUR / USD1.061.20
EUR / BRL5.466.38
USD / BRL5.145.32

Revenueby geographic region

In € million 9 months2022As % of revenue9 months 2021As % of revenueChangeQ3 2022As % of revenueQ3 2021As % of revenueChange
Europe 42612.7%38616.2%10.3%14111.0%13916.6%1.7%
North America (Nafta) 1,35340.5%52422.0%158.1%54642.6%21525.8%153.4%
South America 74822.4%81034.1%(7.7)%27721.7%30236.2%(8.1)%
Asia and Middle East 63419.0%51221.5%23.7%22417.5%14217.0%58.2%
Rest of the world 1825.4%1456.1%25.3%937.2%374.4%154.1%
Total 3,342100%2,378100%40.5%1,281100%834100%53.6%

Revenue by market

9 months2022As % of revenue9months 2021As % of revenueChange In € millionQ3 2022As % of revenueQ3 2021As % of revenueVariation
2,02560.6%1,20950.9%67.5%Oil & Gas 79462.0%40848.9%94.4%
2858.5%1345.6%112.5%Petrochemicals1138.8%485.7% 136.1%
2,31069.1%1,34356.5%72.0%Oil & Gas, Petrochemicals90770.8%45654.7% 98.8%
44613.3%33714.2%32.5%Mechanicals15412.0%13015.6% 18.4%
712.1%642.7%11.5%Automotive 211.6%242.8% (10.8)%
41512.4%53722.6% (22.8)%Construction & Other  17113.3%19423.3% (12.0)%
93127.9%93739.4% (0.6)%Industry & Other34627.0%34841.7% (0.5)%
1003.0%984.1%2.8%Power Generation282.2%303.6%(5.7)%
3,342100%2,378100%40.5%Total 1,281100%834100% 53.6%

Summary consolidated income statement

9 months 20229 months 2021Change In € millionQ3 2022Q3 2021Change
3,3422,37840.5%Revenue 1,28283453.7%
(2,681)(1,760)52.3%Cost of sales (1,004)(627)60.1%
6616187.0%IndustrialMargin27820734.3%
19.8%26.0%(6.2)p.p.(as a % of revenue) 21.7%24.8%(3.1)p.p.
(260)(233)11.6%Sales, general and administrative costs (77)(75)2.7%
2(29)naOther(3)(4)na
403356€47mEBITDA 198128 €70m
12.1%15.0%(2.9)p.p.(as a % of revenue) 15.4%15.3%0.1p.p.
(137)(121)13.2%Depreciation of industrial assets (47)(43)9.3%
(34)(32)6.3%Amortization and other depreciation(11)(10)na
---Impairment of assets ---
(518)96naAsset disposals, restructuring costs and non-recurring items (51)(3)na
(286)299€(585)mOperating income (loss) 8972€17m
(51)(211)(75.8)%Financial income/(loss) (30)(36)16.7%
(337)88€(425)mPre-taxincome (loss) 5936€23m
(104)(141)naIncome tax(53)(41)29.3%
(3)(4)naShare in net income/(loss) of equity affiliates (1)(1)na
(443)(57)€(386)mNet income6(6)€12m
1(8)naAttributable to non-controlling interests -1na
(444)(49)€(395)mNet income, Group share6(7)€13m
(1.9)(0.6)naNet earnings per share (in €) *0.03(0.03)na

na=not applicable

Summary consolidated balance sheet


In € million
Assets 09/30/202212/31/2021Liabilities09/30/202212/31/2021
Equity - Group share *1,7671,763
Non-controlling interests4445
Net intangible assets 4145Total equity1,8111,808
Goodwill 4238Shareholderloan--
Net property, plant and equipment1,9721,666Bank loans and other borrowings (A)1,3751,387
Biological assets6638Lease debt (D)5633
Equity affiliates3235Employee benefit commitments8514
Other non-current assets 213162Deferred taxes 2829
Deferred taxes 221239Provisions and other long-term liabilities 428140
Total non-current assets 2,5872,223Total non-currentliabilities1,9721,603
Inventories1,561856Provisions 21340
Trade and other receivables808541Overdraft and other short-term borrowings (B)409190
Derivatives - assets214Lease debt (E) 2215
Other current assets 260133Trade payables 709457
Cash and cash equivalents (C)

291

619

Derivatives - liabilities11719
Other current liabilities281242
Total current assets 2,9412,153Total currentliabilities1,751963
Assets held for sale and discontinued operations 14372Liabilities held for sale and discontinued operations8374
Total assets 5,5424,748Total equity and liabilities5,5424,748
* Net income (loss), Group share(444)40
Net debt (A+B-C)1,493958
Leasedebt (D+E)7848

Free cash flow

9 months 20229 months 2021



Change
In € millionQ3 2022Q3 2021Change
40335647mEbitda19812870m
(38)3€(41)mProvisions and other non-cash elements(36)(5)€(31)m
365359€6mCash Ebitda16212339m
(61)(67)€6mInterest payments(8)(6)€(2)m
(56)(139)€83mTax payments(18)(71)€53m
(79)(137)€58mOther (including restructuring charges)(28)(28)-
16916153mOperating cash flow before change in WCR1081890m
(538)(232)€(306)mChange in operating WCR [+ decrease, (increase)](135)(93)€(42)m
(369)(216)€(153)mOperating cash flow(27)(75)48m
(113)(84)€(29)mGross capital expenditure(54)(28)€(26)m
(482)(300)€(182)mFree cash flow(81)(103)22m

Cash flow statement

9 months 20229 months 2021 In € millionQ3 2022Q3 2021
16916Cash flow from operating activities 10818
(538)(232)Change in operating WCR [+ decrease, (increase)] (135)(93)
(369)(216)Net cash flow from operating activities (27)(75)
(113)(84)Gross capital expenditure(54)(28)
(54)1,520Asset disposals and other items (24)(171)
(536)1,220Change in net debt [+ decrease, (increase)] (105)(274)
1,493993Financial net debt (end of period) 1,493993

Definitions of non-GAAP financial data

Data at constant exchange rates: the data presented « at constant exchange rates » is calculated by eliminating the translation effect into euros for the revenue of the Group’s 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.

Free cash flow: 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.

Gross capital expenditure: 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.

Industrial margin: 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.

Lease debt: defined as the present value of unavoidable future lease payments 

Net debt: 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.

Net working capital requirement: 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.

Operating working capital requirement: includes working capital requirement as well as other receivables and payables.

Working capital requirement: defined as trade receivables plus inventories minus trade payables (excluding provisions).


1 Civil works related to restoration of minimum safety factor completed
2 *Free Cash Flow before change in working capital

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Major shareholder notification – Norges Bank3.12.2022 14:45:28 CET | Press release

GN Store Nord A/S hereby announces that on December 2, 2022, pursuant to Section 38(1) and Section 39(1) of the Danish Capital Markets Act, it received a notification from Norges Bank stating that on December 1, 2022 Norges Bank decreased its aggregate holding of shares and financial instruments, cf. Section 38(1) and Section 39(2)(1) of the Danish Capital Markets Act, to under 5% of the share capital and voting rights in GN Store Nord A/S. For further information, please contact: Investors and analysts Anne Sofie Staunsbæk Veyhe Vice President – Investor Relations, Treasury & M&A Tel: +45 45 75 85 06 or Rune Sandager Senior Director – Investor Relations Tel: +45 45 75 92 57 Press and the media Steen Frentz Laursen Vice President, Corporate Communications Tel: +45 20 65 34 20 About GN GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliv

Brookfield Announces Reset Dividend Rate on Its Series 30 and Series 48 Preference Shares3.12.2022 03:45:00 CET | Press release

All amounts in Canadian dollars unless otherwise stated. BROOKFIELD, NEWS, Dec. 02, 2022 (GLOBE NEWSWIRE) -- Brookfield (NYSE: BAM, TSX: BAM.A) today announced that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 30 (“Series 30 Shares”) (TSX: BAM.PR.Z) for the five years commencing January 1, 2023 and ending December 31, 2027, and also determined the fixed dividend on its Cumulative Class A Preference Shares, Series 48 (“Series 48 Shares”) (TSX: BAM.PF.J) for the five years commencing January 1, 2023 and ending December 31, 2027. As previously disclosed, the Series 30 Shares and Series 48 Shares are expected to commence trading on the TSX under the updated symbols “BN.PR.Z” and “BN.PF.J”, respectively, on December 12, 2022. Series 30 Shares and Series 31 Shares If declared, the fixed quarterly dividends on the Series 30 Shares during the five years commencing January 1, 2023 will be paid at an annual rate of 6.089% ($0.3805625 per share per

EverWind selects Black & Veatch for Front-end Engineering Design of First Green Hydrogen Hub in Nova Scotia2.12.2022 20:23:30 CET | Press release

HALIFAX, Nova Scotia, Dec. 02, 2022 (GLOBE NEWSWIRE) -- EverWind Fuels Company ("EverWind") today announces it has selected Black & Veatch to provide front-end engineering design (FEED) services for its green hydrogen and ammonia production and storage facility in Point Tupper, Nova Scotia, with initial commercial operations planned for 2025. EverWind is a private developer of green hydrogen and ammonia production and storage sites, and global engineering and construction company Black & Veatch is a green energy solutions leader. In its first phase, the facility will produce green hydrogen and green ammonia through electrolysis using certified green power from the Nova Scotia Power transmission system; onshore wind generation will power production in a second phase. In future phases, EverWind will use offshore wind power to produce hydrogen through electrolysis, unlocking Nova Scotia’s offshore wind capabilities. The first two phases will produce a combined 1 million tonnes per annum o

Information on the Total Number of Voting Rights (Denominator) following Conversion Notice from NEGMA2.12.2022 19:00:00 CET | Press release

Negma Group has converted 322convertible bonds in Oxurion resulting in a EUR 805,000capital increase. This is part of Negma Group’s EUR 30 million Capital Commitment1 that will allow Oxurion to focus on progressing its novel and differentiated back of the eye drug candidate targeting potential market opportunities of over USD 5billion. Leuven, BELGIUM,Boston, MA, US–December2, 2022– 07.00 PM CET – In accordance with article 15 of the Belgian Act of May 2, 2007 on the disclosure of major participations in issuers of which shares are admitted to trading on a regulated market and regarding miscellaneous provisions, Oxurion NV (Euronext Brussels: OXUR) (the “Company” or “Oxurion”), announces the below information, following (i) the issuance of 63,550,419 new ordinary shares on November 28, 2022, for a total amount of EUR 605,000, as the result of the conversion of 242 class B convertible bonds, and (ii) the issuance of 21,008,403 new ordinary shares on November 30, 2022, for a total amount