HEURTEY PETROCHEM : 14/02/2017 - 2016 revenues

2016 revenues: €319 million
Order book at 31 December 2016: €411 million
Current operating income expected to be close to breakeven in 2016

Heurtey Petrochem has announced consolidated revenues of €319 million* in 2016, down 24% compared to 2015. This level of activity corresponds to the lower end of the Group's target range of €320 to €340 million for the year.
The Gas segment accounted for 22% of revenues, while the Furnaces segment represented 78% (52% in refining, 15% in petrochemicals and 11% in hydrogen). The regional breakdown was 33% from the Americas, 32% from Asia-Oceania, 21% from the Middle East and Africa and 14% from Europe and Russia.
Despite a difficult market environment, the Group recorded €330 million in orders in 2016, 15% more than in 2015, and thereby managed to maintain its order book at a stable level of €411 million** at 31 December 2016, compared with €400 million** at 31 December 2015.
The Gas segment accounted for 63% of orders, and the Furnaces segment for 37% (17% for refining, 15% for hydrogen and 5% for petrochemicals).
The Americas account for 57% of the order book, Asia/Oceania 21%, Middle East/Africa 18%, and Europe/Russia 4%.
Due to difficulties encountered in executing certain projects in the Gas segment, Heurtey Petrochem will not be able to reach a current operating margin rate of 1%, as per its target. The Group is now anticipating current operating income close to breakeven for 2016.

* Unaudited figures
** The order book includes €107 million worth of contracts in Venezuela for which the Group does not anticipate any significant movement in the short term.