Q1 2017 Revenues


First-quarter 2017 revenues of €61 million
Order book as of 31 March 2017: €381 million 

Vincennes, 16 May 2017
Heurtey Petrochem generated revenues of €61 million in the first quarter of 2017, compared to €91 million for the same period in 2016. This decline in revenues is primarily attributable to the delays in the launch and progress of certain major projects signed in 2016.
The Furnaces segment accounted for 76% of revenues, of which 49% was for refining, 23% for petrochemicals, and 4% for hydrogen, with the remaining 24% generated by Gas Processing.
The regional breakdown was 23% from the Americas, 38% from Asia-Oceania, 29% from the Middle East and Africa and 10% from Europe and Russia.
The Group’s order book at 31 March 2017 totalled €381 million, compared to €323 million as of 31 March 2016 and €411 million as of 31 December 2016. This includes €107 million in Gas Processing contracts in Venezuela, on which the Group does not anticipate any significant progress in 2017.
Gas Processing accounts for 65% of the order book, with Furnaces making up the remaining 35% (15% in refining, 6% in petrochemicals and 14% in hydrogen). The Americas account for 60% of the order book, Asia/Oceania 18%, Middle East/Africa 19%, and Europe/Russia 3%.
Against a more challenging backdrop than expected and in light of the delays in prospective order intake for 2017, the Group has reduced its 2017 full-year revenue target and is now projecting annual revenues of between €250 million and €290 million.
Next press release: Q2 2017 revenues on 7 August 2017 after market close.