2015 Annual Report - Heurtey Petrochem

Transcription

A N N U A L
R E P O R T
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| HEURTEY PETROCHEM 2015 | ANNUAL REPORT 2015
HEURTEY PETROCHEM 2015 | ANNUAL REPORT 2015 |
03
CHAIRMAN’S STATEMENT
WITH A STRONG FINANCIAL SITUATION,
RECOGNISED EXPERIENCE, A BROAD
INTERNATIONAL NETWORK, AN
OFFENSIVE SALES STRATEGY AND
A LEANER COST STRUCTURE, WE ARE
POISED TO OVERCOME THE CRISIS.
The year 2015 was marked by an intensification
of the crisis affecting the oil and gas sector.
In this context, the Heurtey Petrochem group has
shown considerable resilience with the publication
of firm results in 2015. Our revenue, which
came out at €420 million, was in line with our
objectives. It recorded a slight fall (-4%) compared
to 2014 (-9% at constant exchange rates).
Our current operating income, which reached
€16.3 million, was also in line with our objectives.
However, the situation differed between our two
businesses. Indeed, in the furnaces branch, the current
operating margin rate improved significantly (5.0%,
compared with 4.4% in 2014). Conversely, the gas
branch was affected in particular by the suspension
of contracts in Venezuela, which prompted us to
cancel the margins previously accounted for and to
recognise provisions totalling some €3 million.
Despite the solid results in 2015, the intensification
of the crisis in the sector has led to a significant
reduction in our markets, particularly in the
upstream sector where our gas branch operates.
Our order book has therefore contracted and we
are expecting our revenues to fall in 2016.
In this difficult environment, we implemented an
action plan in 2014 to strengthen our competitiveness
and optimise our commercial positioning. We have
therefore extended our geographical coverage
through local commercial partnerships and we
have closed non-strategic offices. In parallel, we
have implemented technological and business
partnerships, to be better positioned in projects
with high added value. We have also focused on
improving our competitiveness by diversifying our
supplies and rationalising project management.
In view of the scale of the crisis, we deemed it necessary
to intensify our efforts to reduce costs by launching a
restructuring plan in 2016 which will result in around one
hundred job losses across the world, thereby reducing
our fixed costs by some €10 million per year from 2017.
This plan will allow us to strengthen our competitiveness
and thereby be better positioned to seize market
opportunities. With a strong financial situation,
recognised experience, a broad international network,
an offensive sales strategy and a leaner cost
structure, we are poised to overcome the crisis.
Dominique Henri
Chairman and Chief Executive Officer
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05
CONTENTS
01
BUSINESS ACTIVITIES
AND ORGANISATION | 06
01.1 | Group Profile | 08
01.2 | Governance | 10
01.3 | Business lines and expertise | 12
01.4 | Facilities and resources | 16
02
ACHIEVEMENTS
& STRATEGY | 18
02.1 | Key events | 20
03
02.2 | Projects | 22
02.2 | Market, strategy and outlook | 26
SUSTAINABLE DEVELOPMENT | 28
03.1 | Human resources | 30
03.2 | Health and safety | 32
03.3 | Environment | 34
04
THE FIGURES | 36
04.1 | 2015 in figures | 38
04.2 | Stock market information | 40
04.1 | Consolidated financial statements
at 31 december 2015 | 42
06
BUSINESS ACTIVITIES AND ORGANISATION
01
OUR INTERNATIONAL NETWORK,
WHICH IS CONSIDERABLE GIVEN
OUR SIZE, PROVIDES US WITH
THE RESOURCES TO CARRY OUT
PROJECTS IN MOST GEOGRAPHIC
REGIONS.
08
01.1
GROUP PROFILE
INTERNATIONAL OIL AND GAS
ENGINEERING GROUP
Two market segments:
Process furnaces for refining, petrochemicals
and hydrogen production
Natural gas processing
SUBSIDIARIES IN
10
COUNTRIES
REVENUES OF
€ 420 MILLION
IN 2015
09
10
01.2
From left to right:
Dominique Henri
Chairman and CEO
GOVERNANCE
Jacques Moulin
Chief Operating Officer
Françoise Peugnet
Corporate Secretary
Grégory Matouskoff
Group Chief Financial Officer
GOVERNANCE
COMMITTEES
BOARD OF DIRECTORS
BOARD OF DIRECTORS COMMITTEES
AUDIT COMMITTEE
The Board of Directors bases its decisions
on the recommendations of three specialised
Committees, each of which includes at least
one independent director. The members of
the Committees are designated personally
and they may not be represented by others.
This Committee’s members are Mr. Georges PICARD
(Committee Chairman) and Ms. Claire TUTENUIT.
Its role is to verify internal procedures for collecting
and controlling information, examine the accounts
and annual budgets before they are presented to the
Board of Directors and assess financial and internal
control procedures with a view to reducing the risks
inherent in the Group’s activity.
Heurtey Petrochem’s Board of Directors determines
the Group’s strategic direction and ensures its
implementation. It currently has eight members,
including three independent members (*):
n
n
n
n
n
n
n
n
Mr. Dominique HENRI
of Heurtey Petrochem
Mr. Pascal BARTHELEMY
Executive Vice President of IFP Energies Nouvelles
APPOINTMENTS AND REMUNERATION
COMMITTEE
Mr. Jean DESEILLIGNY *
This Committee’s members are Mr. Jean
DESEILLIGNY (Committee Chairman), Ms. Sophie
PATURLE and Mr. Georges PICARD. Its role is to
make recommendations to the Board of Directors
concerning the composition of the Board,
the selection of candidates to the Board,
the assessment of their skills and their
independence, the remuneration of the key
management personnel and members of the
Board, the policy regarding stock options or the
allocation of shares to managers and employees,
monitoring of key persons within the Group and,
more generally, to make any proposals about
policy and tools for staff remuneration and
motivation.
Isabelle MULLER *
Ms.
General Delegate to the French oil industry
association (Union Française des Industries
Pétrolières – UFIP)
Ms. Sophie PATURLE
Member of the Management Board
of DEMETER PARTNERS
Mr. Georges PICARD
Executive Vice President of IFP Energies
Nouvelles
Mr. Jean SENTENAC
and Director of AXENS
Ms. Claire TUTENUIT*
General Delegate to the French environmental
association EpE (Association Française des
Entreprises pour l’Environnement)
STRATEGY COMMITTEE
This Committee’s members are Mr. Pascal BARTHELEMY
(Committee Chairman), Mr. Jean DESEILLIGNY,
Ms. Isabelle MULLER and Mr. Jean SENTENAC.
The Committee examines the Group’s main strategic
directions and gives an opinion on decisions to acquire
strategic assets, strategic agreements for technological
and industrial alliances and cooperation as well as
on draft development plans before they are submitted
to the Board of Directors.
EXECUTIVE COMMITTEE
Dominique HENRI
Chairman and CEO
n
Jacques MOULIN
Chief Operating Officer
n
Françoise PEUGNET
Corporate Secretary
n
Grégory MATOUSKOFF
Group Chief Financial Officer
n
STATUTORY AUDITORS
PriceWaterhouseCoopers Audit
63 rue de Villiers
92208 Neuilly sur Seine CEDEX
n
Ernst & Young et Autres
1-2 place des Saisons
92400 Courbevoie Paris La Défense 1
n
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01.3
BUSINESS LINE: PROCESS FURNACES
DESIGN AND MANUFACTURE OF PROCESS FURNACES
Heurtey Petrochem designs and manufactures
process furnaces for the refining, petrochemicals
and hydrogen production industries. These
furnaces can heat, vaporise or crack oil products
to transform them either into directly usable
products, such as fuel, or into products which are
then used to produce petrochemical derivatives,
such as plastics. Heurtey Petrochem is also
present on the market for hydrogen production
furnaces, used in refining procedures.
Each furnace is unique and custom-designed by
Heurtey’s teams in accordance with the client’s
specific needs. Thanks to its integrated teams,
Heurtey Petrochem is able to manage all types
of contract for its clients ranging from feasibility
studies, process and mechanical design, project
management, purchasing and manufacturing, to
the turnkey construction on the production sites
THREE AREAS OF EXPERTISE
60 YEARS OF EXPERIENCE MORE THAN 2,000 REFERENCES
REFINING
PETROCHEMICALS
HYDROGEN PRODUCTION
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01.3
CUTTING-EDGE SOLUTIONS FOR GAS PROCESSING
BUSINESS LINE: GAS PROCESSING
Through its subsidiary Prosernat, Heurtey
Petrochem offers cutting-edge solutions
for the entire natural gas processing chain.
When it is extracted from the well, the gas
must be processed, in particular to remove
certain liquids or impurities, so that it can be
transported then used. Heurtey Petrochem
provides both technology licences and modular
units to process the gas on the field.
Prosernat has a comprehensive
technological portfolio, with four main areas
of expertise: dehydration, deacidification,
MEG reclaiming and sulphur recovery.
Prosernat also works in the field of
refining, particularly for sulphur recovery
units which are used both in the refinery
and in the gas processing units.
FOUR AREAS OF EXPERTISE
DEHYDRATION
DEACIDIFICATION
MEG RECLAIMING
SULPHUR RECOVERY
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01.4
HEURTEY PETROCHEM IN THE WORLD
Established in 10 countries, Heurtey Petrochem has a large network of subsidiaries around
the world: in the United States, India, Romania, South Korea, Malaysia, Russia, China and
Brazil. This international network, which is considerable given the Group’s size, provides
us with the resources to carry out projects in most geographic regions.
FACILITIES
AND RESOURCES
Furthermore, to control manufacturing and optimise costs, the Group has two proprietary
manufacturing units in Romania and India, with a combined production capacity of
7,000 tonnes per annum.
Saint Petersburg, Russia
PARIS , FRANCE
Bucharest, Romania
75 %
OF STAFF
BASED ABROAD
Buzau, Roumanie
Tulsa, USA
Los Angeles, USA
Beijing, China
Seoul, South Korea
Houston, USA
Baroda, India
Dubai, United Arab Emirates
Mumbai, India
10 COUNTRIES
Kuala Lumpur, Malaysia
2 MANUFACTURING
UNITS
Rio de Janeiro, Brazil
n Head office
n Engineering and project
management centres
n Manufacturing workshops
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ACHIEVEMENTS & STRATEGY
02
WE REMAIN VIGILANT
CONCERNING THE
CONTRACTS THAT WE TAKE
ON AND ENSURE THAT WE
EXECUTE THEM WITH THE
UTMOST RIGOUR.
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02.1
KEY EVENTS
Signature of a partnership with Ecoslops
Closing the Group’s subsidiary in South Africa
Backed by its refining expertise, Heurtey Petrochem
has developed an innovative procedure called P2R to
recycle oil residues produced by ships and to produce
marketable marine fuels. This procedure, which is
the result of many years’ research and development
within Heurtey Petrochem, is applied by an industrial
partner, Ecoslops, and the first unit is now operational.
In September 2015, Heurtey Petrochem signed a
partnership agreement with Ecoslops. This agreement,
regarding the supply of P2R units, was concluded
for a 10-year period and provides for the pooling
of sales initiatives and resources for prospecting
to accelerate the development of new projects.
In a very reduced domestic market and in the absence of
medium-took prospects in this country, the Group decided
to close its subsidiary in South Africa.
November
Heurtey Petrochem has several gas processing projects
underway in Venezuela, with some €100 million
remaining. Given the financing difficulties encountered
by the client, these contracts have been suspended.
From a prudential perspective, the Group has decided to
cancel the margins previously accounted for as technical
work progresses and to recognise provisions for research
not paid to date. These measures had a one-off impact
on 2015 current operating income of some €3 million
and on consolidated net income of around €2 million.
OHSAS 18001 certification delivered
2015
July
Suspension of contracts in Venezuela
Heurtey Petrochem France was granted OHSAS 18001
(“Occupational Health and Safety Assessment Series”)
certification, the international benchmark for Health
and Safety in the Workplace management systems.
2016
August
Acquisition of a plot of land in India on which
a new manufacturing unit has been built
Extension of Heurtey Petrochem’s offering
to the manufacture of air preheaters
In 2015, the Group acquired land on which was
built its Indian manufacturing unit, for a total of
€3.5 million. Situated in the state of Gujarat, this
40,000m2 facility, which has an annual production
capacity of 3,000 tonnes, complements the
production facility in Buzau, Romania. This new
plant, which represents a major competitive
strength for reaching the Indian and Middle Eastern
markets, is already operating at full capacity.
Heurtey Petrochem has extended its offering,
providing a fully-integrated solution for the
design and manufacture of air preheaters. With
these air preheaters, which are manufactured in
Buzau in the Group’s Romanian plant, Heurtey
Petrochem is able to provide its clients with an
additional guarantee in terms of quality and
efficiency. Orders have already been placed
for projects in Taiwan, Kuwait and Russia.
September
Signature of a partnership between
Prosernat and FMC Technologies
Prosernat has signed a partnership with
FMC Technologies, the global market leader
in subsea systems and a leading provider of
technologies and services to the oil and gas
industry. This partnership aims to offer an
integrated solution in the processing and
separation of oil, water, gas and solids.
December
Handover of the project for Total in Antwerp
In 2012, Heurtey Petrochem signed a €59 million
contract with Total for the modularised delivery
of two ethylene furnaces at their petrochemical
platform in Antwerp, Belgium. The two furnaces
were delivered shortly before Christmas.
Launch of a restructuring plan
Given the scale of the crisis in the sector, in the 1st
quarter of 2016 Heurtey Petrochem announced the
launch of a restructuring plan, which will result in around
100 job losses around the world, i.e. approximately
15% of employees in the engineering centres. In
parallel, additional steps will be taken to cut general
expenses. In 2016, the various measures in the plan
should generate a non-recurring charge evaluated at
€4.7 million and, from 2017, should allow the Group
to reduce its fixed costs by some €10 million per
year. With a leaner cost structure, Heurtey Petrochem
will be better positioned to overcome the crisis and
seize any market opportunities that may arise.
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02.2
PROJECTS
THREE QUESTIONS FOR PHILIPPE BERGAULT,
PROJECT DIRECTOR
What did the project consist of?
Our client Total placed an order for the delivery of two
ethylene furnaces for their petrochemical platform, within
the refinery in Antwerp.
DELIVERY OF TWO ETHYLENE FURNACES FOR TOTAL IN ANTWERP
Client: TOTAL OLEFINS ANTWERP (TOA)
Site: Antwerp refinery, Belgium
Contract amount: €59 million
Project: Delivery of two modularised
ethylene furnaces
Technology: Technip Stone & Webster
In 2012, Heurtey Petrochem signed a contract with Total
for the modularised delivery of two ethylene furnaces at
their petrochemical platform in Antwerp, Belgium.
Did the fact that the refinery was already in
operation result in any particular constraints?
Yes, we had to work in a very restricted assembly area,
between different units which remained in operation. To
meet these constraints, we prefabricated our furnaces in
our Romanian plant in around 60 modules, each weighing
between 20 and 150 tonnes, and we then transported
them to a yard close to the refinery. Each evening a convoy
transported one module to the site where it was then
installed by crane. To give you an idea of the complexity
of the assembly, the person operating the crane, which
was 50 metres from the assembly area, could not see the
assembly site and was guided by a colleague via walkietalkie.
The furnaces have now been delivered;
what is your assessment of the project?
We are delighted at the execution of the project and the
quick, smooth start-up of our furnaces, with zero accident
during the project. For us, this project is an excellent
example of the modularised design and construction of
large-scale furnaces in units in operation.
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SULPHUR RECOVERY UNIT FOR AXION IN ARGENTINA
02.2
Client: Axion
Site: Campana refinery, Argentina
Project: Delivery of modules for a sulphur recovery unit
PROJECTS
Project financing secured by a buyer’s credit
This contract covers the delivery of equipment and
modules for a sulphur recovery unit for the Campana
refinery in the province of Buenos Aires, Argentina. The
project is managed by Prosernat, the Group’s gas business,
as its sulphur recovery technologies are put to use both in
the refinery and in the gas processing units
EIGHT ETHYLENE FURNACES IN THE US
Key stages of the project
Site: Petrochemical complex in Baytown, Texas, USA
Scope: Delivery of a train of eight modularised ethylene
furnaces
Project in consortium with Mitsui Engineering
& Shipbuilding
In 2013, Heurtey Petrochem signed a contract in
consortium with Mitsui Engineering & Shipbuilding,
covering the semi-modularised fabrication and delivery
of eight ethylene furnaces for the petrochemical
complex in Baytown, Texas.
The furnaces were manufactured in semi-modularised
form from a yard in Thailand before being delivered by
sea to the port of Houston.
Fabrication of the modules
in France
n
Assembly of the modules
in China
n
Expected delivery date:
Second half 2016
n
2016
Shipment of
furnaces from
Thailand to Houston
HYDROGEN REFORMER AND 24 REFINING FURNACES
FOR KNPC IN KUWAIT
Client: Kuwait National Petroleum Company (KNPC)
Sites: Mina Abdullah and Mina Al Ahmadi refineries, Kuwait
Key stages of the project
n Semi-modularised fabrication
of eight furnaces in Thailand
n Shipment of the furnaces
to the port of Houston
2,100
16,000
8
n Construction underway
on the Baytown site
Kuwait’s national petroleum company KNPC launched a
project called the “Clean Fuel Project” aimed to extend
and modernise two refineries in Mina Abdulla and Mina
Al-Ahmadi. KNPC’s aim is to reach a refining capacity of
800,000 barrels per day with a reduced environmental
impact, particularly reduced sulphur content.
In this project, Heurtey Petrochem is responsible
for delivering one hydrogen furnace (“SMR”) and 24
refining furnaces. The engineering of these furnaces is
predominantly carried out by the Group’s French, South
Korean and Indian entities. Manufacturing is carried out, for
the most part, within the Group’s facilities in Romania and
India. Handover is scheduled for the end of 2016.
Project: Delivery of a hydrogen reformer
and 24 refining furnaces
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02.3
MARKET, STRATEGY
AND OUTLOOK
INTERVIEW WITH JACQUES MOULIN,
CHIEF OPERATING OFFICER OF HEURTEY PETROCHEM
The price of oil has been plummeting for several
months. How does this affect you?
When oil prices fall sharply, this affects the revenues of oil
companies, who are our clients. In this context we observe
a significant delay in their investments. Consequently, this
reduces our opportunities and contracts our market.
in Kuwait and the United Arab Emirates, and significant
market potential with the reopening of the Iranian market.
India is also a market in which substantial investments are
announced to increase the country’s refining capacities
and to adapt them to the new environmental standards.
Lastly, the US remains an active region.
What actions have you implemented to limit the
impact of the market slowdown?
First of all we remain vigilant concerning the contracts
that we take on and ensure that we execute them with
the utmost rigour. In 2015, we succeeded in maintaining
our gross margin rate at around 14%, which shows our
capacity to manage our contracts well.
At the same time, we are making significant efforts to
improve our competitiveness by optimising our processes,
diversifying our supplies and manufacturing in lowcost countries. We are also working on positioning
ourselves better on projects with high added value, by
implementing technological and business partnerships.
However, in view of the scale and expected duration
of the crisis, we deemed it necessary to intensify our
efforts to reduce costs by launching a restructuring
plan in 2016 which will result in around 100 job losses
across the Group, thereby reducing our fixed costs by
some €10 million per year from 2017.
When do you expect the market to improve?
The fall in oil prices was provoked by the surplus supply
of oil on the market. With the decline in investments,
this excess supply should fall in the medium term, but
it is difficult to give a precise time scale. According to
the International Energy Agency, the oil market could
improve in 2017. We are prepared for two years of market
slowdown, 2016 and 2017.
Are all your markets affected in the same
proportions?
The oil companies have reduced their investments in
exploration and production as a priority. Consequently,
the upstream sector where our Gas branch is active
is more affected than the downstream sector where
our Furnaces branch operates. The refining sector, for
example, is holding up quite well.
In terms of geographical regions, the Middle East is
a dynamic area with large-scale projects announced
n OBJECTIVES 2016
Revenues: €320 to €340 million
Current operating margin rate:
more than 2.5% for the Furnaces branch,
negative for the Gas branch
EBIT: Break even (after €4.7m in
restructuring fees)
2017 OBJECTIVES
Positive current operating income
for the two branches
n
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SUSTAINABLE DEVELOPMENT
03
DIVERSITY IS AT THE HEART
OF THE GROUP’S CULTURE
AND OUR EMPLOYEES MANAGE
INTERNATIONAL PROJECTS
WITHIN MULTICULTURAL TEAMS.
98
1
2015
10
59
HUMAN RESOURCES
2014
03.1
10
21
CHANGE IN GROUP STAFF
2013
30
GROUP WORKFORCE
DISTRIBUTION OF STAFF BETWEEN
PERMANENT AND TEMPORARY
EMPLOYEES
24
957
TEMPORARY
EMPLOYEES
PERMANENT
EMPLOYEES
DISTRIBUTION OF GROUP STAFF
Heurtey Petrochem had 981 employees, working
in 10 countries, at 31 December 2015.
Human resources form the heart of the Group,
and Heurtey Petrochem is fully committed to
offer its teams a safe, stimulating environment
in which each employee is treated fairly
and can develop his/her skills as well as
benefit from development opportunities.
discrimination based on criteria relative to
geographic or social origins, ethnic origin, disability,
religion, political convictions, trade union activities,
sex, sexual orientation and family situation.
Diversity is at the centre of the Group’s culture and
employees are responsible for international projects
that require, alongside technical skills, strong
project management capacities in multicultural
team settings. The Group encourages talentsharing between the different entities, particularly
by favouring secondments and expatriations.
The HR policy pursued by the Group aims to develop
the Heurtey Group’s culture by promoting its values:
n professionalism and client satisfaction
n
respect for the culture and environment
of the countries we work in
n team development and motivation.
HR VALUES
Heurtey Petrochem is eager to ensure equal
opportunities and condemns any form of
The Group encourages skills development
with its employees and training initiatives aim
principally to develop technical expertise.
292
324
145
90
130
FRANCE
ROMANIA
INDIA
USA
OTHER
GEOGRAPHIC DISTRIBUTION
74 %
26 %
MEN
WOMEN
GENDER DISTRIBUTION
ETHICS TRAINING
FOR ALL EMPLOYEES
In 2015, Heurtey Petrochem launched an e-learning programme on ethical
issues. This programme, which was carried out by all Group employees,
dealt with the main areas of ethics such as conflicts of interest, money
laundering, corruption, data protection, health and safety in the workplace,
intellectual property, discrimination and harassment.
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03.2
HEALTH AND SAFETY
IN THE WORKPLACE
Heurtey Petrochem considers Health and
Safety in the workplace to be a top priority
in all the Group’s activities. Our goal is to
provide our employees and our teams of
subcontractors with a safe work environment,
wherever it is in the world, by promoting the
development of a zero accident culture.
The Health and Safety in the workplace
policy concerns our employees as well as
subcontractors working under our responsibility
in our premises, in the manufacturing workshops
or on the construction sites. This policy aims to
continuously improve the Health and Safety in
the workplace management system (SST system)
to prevent risks and reduce any negative impacts.
To create a safe environment for all
employees, the Group’s policy aims to:
n
Assess the risks at all stages of our activities,
n
Determine the SST objectives and indicators,
n
Ensure permanent monitoring
of regulatory changes,
n
Control the application of Group
procedures and standards,
n
Provide our employees with training
relating to safety issues,
n
Regularly re-evaluate the Health and Safety
in the workplace management system.
THE GROUP’S EIGHT
COMMITMENTS IN TERMS
OF HEALTH AND SAFETY IN
THE WORKPLACE :
One of the main aims for the year 2015 was
to proactively implement the methods used
for analysing the risks of our activities. The
workstations were analysed and prevention
measures decided on and implemented to
avoid accidents. In addition, the level of noise
and lighting was measured in the Vincennes
(France) offices and in the manufacturing
workshops in Pali (India) and Buzau (Romania).
At the same time, the Group initiated a monthly
reporting process measuring the frequency
and severity rate of accidents in all the
Group’s subsidiaries, workshops and sites.
In parallel, Heurtey Petrochem has set up safety
integration programmes, as well as training
courses and awareness initiatives on the risks
present in the offices, workshops and on the
sites. In addition, several training sessions
including “Fire evacuation alert”, “ATEX (explosive
atmosphere)” and “Work at a height” have been
organised for the relevant staff members.
To ensure the coherence and uniformity
of the health and safety standards within
the Group, it has embarked upon a wideranging certification processes. Several
subsidiaries are now certified OHSAS 18001
(in France, Russia, India and South Korea).
Ensure that Health and Safety in the workplace requirements
are considered as the top priority in all the Group’s activities:
engineering, manufacturing, construction and start-up,
n
Implement
a Health and Safety management system that responds
to our clients’ requirements and international standards,
n
Check the understanding and the implementation of the
Health and Safety policy at every level within the Group,
collect Health and Safety indicators for the whole Group,
analyse the data and set concrete improvement actions,
n
Ensure that all accidents and dangerous situations are fully reported
and investigated and implement prevention measures for the future,
n
Define precise objectives for promoting Health and Safety and review
them on a regular basis, as part of a continuous improvement process,
n
Consider Health and Safety requirements as a key
criterion when selecting subcontractors,
n
Provide
our teams with training to improve their understanding
and commitment to the Health and Safety policy.
n
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03.3
ENVIRONMENT
HEURTEY PETROCHEM IS FULLY MOBILISED
TO COMBINE THE DEVELOPMENT OF ITS
BUSINESS ACTIVITIES WITH THE PROTECTION
OF THE ENVIRONMENT.
With this in mind, the Group has set itself the objective
of reducing the negative impact of its activities on the
environment, controlling energy and raw materials consumption
and efficiently managing its waste emissions.
Within its business designing, manufacturing and installing industrial
units, Heurtey Petrochem strives to promote the design and diffusion
of environmentally-friendly technologies. Through the continuous
improvement of the return on its equipment, which also minimises the
atmospheric emissions, Heurtey Petrochem makes an active contribution
to reducing the environmental impact of its clients, oil and gas companies.
Furthermore, after several years of research and development, Heurtey
Petrochem has developed an innovative procedure called P2R which
enables oil residues from marine transport to be recycled and transformed
into marketable marine fuels. This procedure, which falls within the
MARPOL Convention (International Convention for the Prevention of
Pollution from Ships), offers an economically viable solution for ships
to manage their waste and thereby take an active role in combating
marine pollution. This procedure has been in operation since September
2015 by an industrial partner and the first unit is now operational.
The Group also implements actions to control and manage its
energy consumption. To this end, Heurtey Petrochem conducted
various energy audits both at the Group’s head office and at
Prosernat’s head office, to measure energy consumption and identify
solutions for improving the energy performance of the building.
Heurtey Petrochem’s commitment to the environment has been
recognised through ISO 14001(*) certification which was granted to
its plants in Romania and India. Prosernat was also granted ISO 14001
certification in 2015.
(*) ISO 14001 is a key international standard which recognises
a company’s commitment to environmental management.
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36
THE FIGURES
04
IN 2015, HEURTEY
PETROCHEM SHOWED
CONSIDERABLE RESILIENCE
WITH THE PUBLICATION
OF SOUND RESULTS.
38
THE FIGURES
Total
Furnaces Gas
Total
309.2
111.1
420.3
349.8
87.7
437.5
Revenues: €420 million
Current operating income 15.3
0.9
16.3
15.3
5.4
20.7
Current operating income: €16.3 million
% of revenues
0.8%
3.9%
4.4%
6.2%
4.7%
n
n
Furnaces Gas
5.0%
16
.3
CURRENT OPERATING INCOME
Net income, Group share: €8.3 million
n
Furnaces branch: rise in the current operating margin rate to 5.0%
Gas branch: Current operating income impacted by an unfavourable mix of licences/EPC contracts and by the suspension of contracts in Venezuela (margins previously accounted for cancelled and provisions recognised for some €3m)
n
REVENUES
ORDER BOOK:
REFINING
51 %
15 %
AMERICAS
10 %
19 %
78
.2
€M
2013
€M*
2015
11 %
HYDROGEN
EUROPE,
RUSSIA
PETROCHEMICALS
ASIA, OCEANIA
HYDROGEN
This figure includes €107 million in contracts in Venezuela, on
which the Group does not expect to achieve a significant level of
completion in 2016 as the client is facing financing difficulties.
400 €M
6 %
EUROPE,
RUSSIA
4 %
SHAREHOLDERS’ EQUITY AT 31 DECEMBER
ORDER BOOK AT 31/12/15
26 %
34 %
2014
51
.2
5.
9
NET INCOME, GROUP SHARE
€M
2015
REVENUES (€M)
2014
2013
2013
42
0
43
7
40
1
8.
3
9.
2
* 100% acquisition
of Prosernat
from 1 June 2014
SHAREHOLDERS’ EQUITY AT 31 DECEMBER (€M)
93
.8
NET INCOME, GROUP SHARE (€M)*
2015
THE STRENGTH OF HEURTEY
PETROCHEM’S RESULTS IN 2015,
AGAINST A SEVERE CRISIS IN
THE SECTOR, DEMONSTRATES
THE GROUP’S RESILIENCE.
GAS
€M
n
2014
2014
Revenues
16
.6
2015
2013
Audited figures,
in € million (IFRS)
2014
2015 IN
FIGURES
A contrasting situation for our two businesses
2015
04.1
20
.7
CURRENT OPERATING INCOME (€M)
46 %
52 %
AMERICAS
20 %
ASIA, OCEANIA
GAS
36 %
PETROCHEMICALS
BREAKDOWN BY BUSINESS
15 %
MIDDLE EAST, AFRICA
BREAKDOWN BY REGION
38 %
17 %
REFINING
BREAKDOWN BY BUSINESS
MIDDLE EAST, AFRICA
BREAKDOWN BY REGION
39
40
THE FIGURES
04.2
STOCK MARKET INFORMATION
SHARE OVERVIEW
BREAKDOWN OF CAPITAL AT 31 DECEMBER 2015
Trading market: Alternext
d’Euronext Paris
n ISIN: FR0010343186
n Ticker symbol: ALHPC
n Number of share: 4,914,725
n
1.7 %
MANAGEMENT &
EMPLOYEES
62.3 %
PUBLIC &
INSTITUTIONALS
The Board of Directors
of Heurtey Petrochem
has decided not to pay a
dividend for 2015 in the
light of the weak market
environment and the launch
of the restructuring plan.
36.0 %
IFP INVESTISSEMENTS
THE CALENDAR OF FINANCIAL COMMUNICATION FOR 2016 IS AS FOLLOWS
n
2015 revenues: 16 February 2016
n
2015 full year results: n
2016 1st quarter revenues: 17 May 2016
n
2016 2nd quarter revenues:
8 August 2016
n
2016 1st half revenues: 14 September 2016
n
2016 3rd quarter revenues: 14 November 2016
16 March 2016
CHANGE IN MARKET PRICE IN € OVER 1 YEAR AT MAY, 2016
MARKET DATA AT 9 MAY 2016 AND
CHANGE OVER ONE YEAR PERIOD
Price at 9 may 2016 :
13.80 €
n
Market capitalisation :
68 M€
n
Share price over one year :
-51%
n
Average daily volume over
one year : 3,482
35
30
25
20
15
n
5
CONTACTS
16
20
01
6
r.
ap
6
.2
01
m
ar
6
15
01
.2
fe
b
.2
jan
5
20
c.
01
v.
2
de
15
no
5
01
20
t.
oc
.2
20
15
pt
se
g
15
au
20
20
15
ly
ju
ju
ne
20
15
0
m
ay
Capital turnover rate over
one year : 18%
n
10
Anaïs de Scitivaux, Investor Relations / Tel.: +33 (0)1 41 93 46 42 / +33 (0)6 73 21 35 84 / [email protected]
All of the Group’s financial publications are also available from the Group’s website: www.heurtey.com
n
41
42
THE FIGURES
04.3
CONSOLIDATED
FINANCIAL STATEMENTS
AT 31 DECEMBER 2015
in Euro thousands
31 DECEMBER 2015
31 DECEMBER 2014
Share capital
16,415
16,354
Issue premiums
35,538
35,538
Consolidated reserves – Group share
29,268
22,985
SHAREHOLDERS’ EQUITY AND LIABILITIES
I – CONSOLIDATED STATEMENT OF FINANCIAL POSITION
in Euro thousands
31 DECEMBER 2015
31 DECEMBER 2014
Profit for the year – Group share
8,254
9,165
Translation reserves
4,141
(5,995)
93,617
78,047
SHAREHOLDERS' EQUITY (GROUP SHARE)
ASSETS
Non-controlling interests (minority interests)
NON-CURRENT ASSETS
TOTAL SHAREHOLDERS' EQUITY
Goodwill
67,100
65,282
Intangible assets
10,977
8,010
NON-CURRENT LIABILITIES
Tangible assets
11,039
8,816
Financial debt
Financial assets
1,837
1,377
Provisions
Provisions for pension liabilities and similar
221
186
93,838
78,233
7,177
7,305
782
118
1,657
1,985
25
72
Other non-current assets
806
88
Interests in equity-accounted joint ventures
342
186
Derivative financial instruments
101
Deferred tax liabilities
4,375
2,333
4,135
3,779
Other non-current liabilities
2,018
2,384
96,235
87,640
16,035
14,197
2,846
3,083
28,537
26,832
Deferred tax assets
CURRENT LIABILITIES
CURRENT ASSETS
Inventories
On-going construction contracts (assets)
Trade receivables and related accounts
77,873
88,441
148,674
156,932
Current taxes (assets)
6,301
3,470
Other current assets
37,692
36,875
297
187
Cash and cash equivalents
TOTAL ASSETS
54,983
56,210
328,665
345,198
424,900
432,838
Financial debt
Provisions
On-going construction contracts (liabilities)
Trade payables and related accounts
6,089
4,383
76,412
99,915
175,165
184,262
Current tax liabilities
2,162
2,548
2,154
1,147
Other current liabilities
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
24,507
21,322
315,027
340,408
424,900
432,838
43
44
04.3
THE FIGURES
CONSOLIDATED FINANCIAL
STATEMENTS AT
31 DECEMBER 2015
II – COMPREHENSIVE INCOME
CONSOLIDATED PROFIT AND LOSS STATEMENT
in € thousands
2015
2014
REVENUES
420,271
437,481
Cost of sales
(360,508)
(376,897)
GROSS MARGIN
Administrative and commercial expenses
CURRENT OPERATING INCOME
Other operating income and expenses
OPERATING INCOME
Share of net income from equity-accounted joint ventures
OPERATING INCOME INCLUDING THE SHARE OF NET
INCOME FROM EQUITY-ACCOUNTED JOINT VENTURES
Income from cash and cash equivalents
Cost of gross financial debt
COST OF NET FINANCIAL DEBT
Other financial income and expenses
OTHER FINANCIAL INCOME AND EXPENSES
59,763
60,584
(43,497)
(39,860)
16,266
20,724
(575)
(566)
15,691
20,158
136
(155)
20,003
495
448
(1,199)
(1,371)
Consolidated net income
(704)
(923)
Actuarial gains and losses
913
(4,488)
913
(4,488)
16,036
14,592
Tax on income
(7,729)
(4,966)
8,308
9,626
54
462
8,254
9,165
Net income attributable to non-controlling interests (minority interests)
Net income, Group share
in € thousands
15,828
INCOME BEFORE TAX
CONSOLIDATED NET INCOME
III – S
TATEMENT OF CHANGES
IN SHAREHOLDERS’ EQUITY
EARNINGS PER SHARE (IN €)
BALANCE
AT 1 JANUARY 2014
NUMBER
OF SHARES
CAPITAL
ISSUE
PREMIUMS
TREASURY
SHARES
CONSOLIDATED
INCOME
AND
RESERVES
3,539,568
11,822
5,617
(64)
24,015
RESERVES
TOTAL
FOR
SHAREHOLDERS'
TRANS- ACTUARIAL
LATION GAINS AND FAIR VALUE
EQUITY
RESERVES
LOSSES RESERVES (Group share)
NONCONTROLLING
TOTAL
INTERESTS SHAREHOLDERS'
(minority
EQUITY
interests)
(3,997)
35,120
16,044
51,163
9,164
462
9,626
(85)
3
(82)
1,597
5
1,602
(2,028)
41
(1,987)
10
(2,282)
9,164
(85)
Gains and losses on
hedging instruments
1,597
Translation adjustments
(2,028)
Total other items of
comprehensive income
(2,028)
(85)
1,597
(516)
49
(467)
9,164 (2,028)
(85)
1,597
8,648
511
9,159
COMPREHENSIVE INCOME
(133)
Trading in own shares
Share-based payments
Capital increase
(133)
88
1,356,834
4,532
29,921
Basic
1.68
2.12
Dividends paid
(1,947)
Diluted
1.68
2.11
Change in scope
1,617
30
3
167
32 938
(5 995)
(73)
(518)
BALANCE
AT 31 DECEMBER 2014
OTHER ITEMS OF COMPREHENSIVE INCOME
in € thousands
Cash flow hedges
Deferred tax on items that will be reclassified to profit or loss
TOTAL OTHER ITEMS OF COMPREHENSIVE INCOME THAT WILL BE
RECLASSIFIED TO PROFIT OR LOSS
Deferred tax on items that will not be reclassified to profit or loss
TOTAL OTHER ITEMS OF COMPREHENSIVE INCOME THAT WILL NOT BE
RECLASSIFIED TO PROFIT OR LOSS
2015
2014
8,308
9,626
10,142
(1,987)
(809)
2,375
208
(773)
9,541
(385)
594
(135)
(192)
53
402
(82)
CONSOLIDATED COMPREHENSIVE INCOME
18,251
9,159
Of which: Group share
18,216
8,648
35
511
Net income attributable to non-controlling interests (minority interests)
4,896 402
16 354
35 538
(197)
Consolidated net income
88
88
34,453
34,453
(1,947)
8,254
400
Gains and losses on
hedging instruments
(574)
(133)
(480)
(2,427)
1,818 (15,889) (14,071)
78 047
186
78 233
8,254
54
8,308
400
3
402
(574)
(27)
(601)
10,136
6
10,142
9,962
(19)
9,943
10,136
Total other items of
comprehensive income
10,136
400
(574)
8,254 10,136
400
(574) 18,216
35 18,251
(30)
(30)
COMPREHENSIVE
INCOME
Trading in own shares
Share-based payments
(30)
18,323
61
Dividends paid
Change in scope
BALANCE AT 31
DECEMBER 2015
4,914,725
16,415
35,538
(226)
34
95
95
(2,703)
(2,703)
(2,703)
(9)
(9)
(9)
38,514
4,141
326
(1,092)
93,617
221
93,838
45
46
04.3
THE FIGURES
CONSOLIDATED FINANCIAL
STATEMENTS AT
31 DECEMBER 2015
IV – CONSOLIDATED CASH FLOW STATEMENT
in Euro thousands
2015
2014
8,308
9,626
Elimination of net income from equity-accounted joint ventures
(136)
155
Elimination of amortisation, depreciation and provisions
8,393
4,049
176
356
Elimination of revaluation gains/losses (fair value)
Elimination of the discounting effect
25
Elimination of other items without cash impact
Elimination of income from transfers and dilution losses and profits
Income and expenses in connection with share-based payments
SELF-FINANCING CAPACITY AFTER THE COST
OF NET FINANCIAL DEBT AND TAX
Elimination of tax expenses (income)
Elimination of the cost of net financial debt
SELF-FINANCING CAPACITY BEFORE THE COST
OF NET FINANCIAL DEBT AND TAX
Impact of changes in WCR
Taxes paid
CASH FLOW FROM OPERATING ACTIVITIES
Impact of changes in scope
Acquisition of tangible and intangible fixed assets
Changes in loans and advances granted
Disposal of tangible and intangible fixed assets
CASH FLOW FROM INVESTING ACTIVITIES
(7)
Loan repayments
Shareholder transactions: partial disposals / acquisitions
Net financial interests paid
Dividends paid to Group shareholders
71
95
88
16,854
14,031
7,729
4,966
704
923
25,287
19,920
(10,697)
(14,794)
(7,976)
(5,485)
6,615
(358)
(279)
(1,527)
(6,999)
(2,646)
(639)
724
737
(400)
(7,180)
(3,849)
Capital increase - other
Loan issues
5
(319)
34,447
7,997
3,394
(6,857)
(8,762)
(8)
(14,092)
(629)
(721)
(2,703)
(1,947)
Dividends paid to minority interests
(480)
CASH FLOW FROM FINANCING ACTIVITIES
(2,174)
11,840
Impact of changes in foreign exchange rates
1,137
(2,658)
(1,601)
4,975
CHANGE IN CASH POSITION
Opening cash position
35,574
30,599
Closing cash position
33,973
35,574
(1,601)
4,975
CHANGE IN CASH POSITION
Heurtey Petrochem S.A.
8, cours Louis Lumière - 94306 Vincennes CEDEX - France - www.heurtey.com

2015 Annual Report - Heurtey Petrochem

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