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Boulogne-Billancourt France , November 18 th — Vallourec, a world leader in premium tubular solutions, today announces its results for the third quarter and nine first months of While the Covid 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 to face this unprecedented crisis. 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. 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. The closure of the Reisholz site in Germany, dedicated to coal-fired conventional power plants, is effective since summer Lower depreciation of industrial assets was recorded. Net working capital requirement increased to days of sales, compared to days in Q3 , impacted notably by customer mix and fixed inventories. It is tested once a year on December 31 st. Analyzing The Balance Sheet For Tootsie RollAnalyzing The Balance Sheet For Tootsie Roll Video
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