Order book at 31 December 2017: €177 million
Heurtey Petrochem (Paris:ALHPC) has announced consolidated revenues of €236 million* in 2017, down 26% compared to 2016. Due to lower progress on some projects, the posted revenues are slightly below the latest announced guidance at €250 million.
The Gas segment accounted for 31% of revenues, while the Furnaces segment represented 69% (31% in refining, 16% in petrochemicals and 22% in hydrogen). The regional breakdown was 26% from the Americas, 37% from Asia-Oceania, 30% from the Middle East and Africa and 7% from Europe and Russia.
In a difficult market environment, the Group recorded €144 million in orders in 2017 and therefore its order book amounts to €177 million at 31 December 2017. Considering the political and economic situation in Venezuela, the Group has decided to remove from its order book the amount of €107 million related to the contracts signed in this country on hold for several years.
The Gas segment accounted for 48% of the order book and the Furnaces segment for 52% (26% for refining, 15% for hydrogen and 11% for petrochemicals).
The Americas account for 40% of the order book, Asia/Oceania 41%, Middle East/Africa 14%, and Europe/Russia 5%.
As previously announced, due on the one hand, to cost overruns recently recorded on construction activities for contracts in completion and, on the other hand, to the set-up of provisions to complete the projects, the Group anticipates a current operating income close to -15% of revenues.
* Unaudited figures
The Group, with the support of its shareholder Axens, is finalizing its operational merger and the consolidation of its execution processes in order to rely, from 2018, on a more concentrated and more efficient resource base for the implementation of its turnkey projects.
Next press release: 2017 results, 14 March 2018 after market close.
About Heurtey Petrochem (www.heurtey.com
Heurtey Petrochem is an international oil and gas engineering Group. It is present in two market segments:
- process furnaces for refining, petrochemicals and the production of hydrogen, a domain in which Heurtey Petrochem is a global leader.
- the processing of natural gas through its subsidiary Prosernat. In this sector, the Group operates in both EPC engineering and as a technology licensor.
Heurtey Petrochem performs its activities through a large network of subsidiaries around the world: Brazil, China, India, Korea, Malaysia, Romania, Russia and the United Stated. The group generated a turnover of €319 million in 2016. Heurtey Petrochem is listed on Alternext, NYSE-Euronext Paris (ISIN FR0010343186, Mnemo ALHPC).Heurtey Petrochem is a subsidiary of Axens which holds an 92,4% stake.
Forward-looking statements and information concerning the activities of Heurtey Petrochem are included in the press release above. They notably include information relative to the financial situation, results and activities of Heurtey Petrochem. They are based on the expectations and estimates of the management of Heurtey Petrochem. These forward-looking statements and information are associated with a certain degree of risk and uncertainty and are likely to be affected by known or unknown factors which, for many of them, cannot be controlled by Heurtey Petrochem and are not easily anticipated. They may yield results that are substantially different from those expected or suggested by these statements. These risks notably include: uncertainty about changes in relationships with the clientele, suppliers and strategic partners; and generally any unfavourable change in the economic situation, the intensification of competition or modification of the regulatory environment which could affect the activities of Heurtey Petrochem. This list of factors should not be considered as exhaustive.
Heurtey Petrochem SA New address:
89, boulevard Franklin Roosevelt
92500 Rueil-Malmaison France
Jean Sentenac President
Jacques Moulin Chief Executive Officer
Gregory Matouskoff Group CFO +33 (0) 1 47 14 80 73