GTT: Revenues totalling €184 million for the first 9 months of 2018
October 26 2018 - 11:45AM
Revenues totalling
€184 million for the first 9 months of 2018
- Order book of 92
units at 30 September 2018
- 7.1% increase in
consolidated revenues
- 2018 objectives
confirmed
Paris, 26 October
2018 - GTT (Gaztransport & Technigaz) - an engineering
company specialised in the design of membrane containment systems
for the transport and storage of liquefied natural gas - announces
its revenues for the first 9 months of 2018.
Consolidated key
figures
(in
thousands of euros) |
Proforma
9M 2017 |
9M 2018 |
Change |
Revenue |
171,476 |
183,653 |
+7.1% |
|
|
|
|
New builds |
161,512 |
173,031 |
+7.1% |
LNG/Ethane carriers |
143,525 |
149,931 |
+4.5% |
FSRU[1] |
13,671 |
19,621 |
+43.5% |
FLNG[2] |
2,890 |
1,970 |
-31.8% |
Onshore storage |
1,327 |
678 |
-48.9% |
Barges |
99 |
300 |
+205.0% |
LNG fuel |
0 |
530 |
ns |
From services |
9,964 |
10,622 |
+6.6% |
Philippe Berterottière, Chairman
and Chief Executive Officer of GTT, commented: "In
Q3, business was marked by ongoing ship orders. With 34 orders of
LNG carriers and FSRUs recorded to the end of September, 2018 is
set to be a record year for our main business line. We were also
successful in the promising field of LNG fuel. The order received
in July to equip the LNG tanks of the Ponant Icebreaker is symbolic
of shipping companies' growing interest in our LNG propulsion
solutions. We are continuing our efforts to enter into industrial
and commercial partnerships to step up our development in this
field. We are continuing to prepare the future by constantly
improving our technologies. We thus obtained a classification
society's approval-in-principle for the development of NO96 Flex, a
new, higher-performance version of our NO96 technology. On the
strength of the particularly high number of orders received since
the beginning of 2018 and the growth in our services business, we
can confirm our objectives for our FY 2018 revenues, net margin and
dividend".
Review of business activity for
the first nine months
During the first nine months of
2018, GTT's sales activity was marked by a number of successes, in
particular in the field of LNG carriers:
-
Main "vessel"
activity
-
The 18 orders recorded in the 1st half for the
design of tanks for LNG carriers were supplemented with 14 new
orders in Q3, bringing the total to 32 orders for the first 9
months of 2018. All of these vessels will be equipped with recent
GTT technologies (NO 96 GW, Mark III Flex and Mark III
Flex+).
-
2 orders for the design of FSRU tanks were
recorded over the first six months. The pace of these orders is
consistent with the Group's medium-term forecasts.
-
Onshore storage
activity
-
In September 2018, GTT received an order from
the European Organization for Nuclear Research (CERN) for the
design of a containment system for a 12,500 m3 onshore
storage tank that will contain liquid argon for experimental
purposes.
-
LNG fuel activity
-
1 order for a bunker ship with a capacity of
18,600 m3 was recorded
at the beginning of the year. Operated by Mitsui OSK Lines Ltd. and
chartered by Total Marine Fuels Global Solutions (TMFGS), this ship
will be dedicated to the supply of LNG to the future CMA CGM
container carriers.
-
In July 2018, GTT also recorded an order from
the Vard shipyard to build LNG tanks for the PONANT Icebreaker, the
first LNG-powered icebreaker cruise ship.
-
Services activity
New Technical Assistance and License Agreements (TALAs)
-
In April 2018, with Sembcorp Marine (a company
based in Singapore), to design and build FSRUs, medium-capacity LNG
carriers and Sembcorp Marine's Gravifloat platforms using GTT's
membrane containment systems.
-
In September 2018, with Keppel Offshore &
Marine for the equipment of LNG carriers, bunker vessels,
LNG-powered ships and Floating Storage and Regasification Units
(FSRUs), with special focus on ships with a capacity of 30,000 to
80,000 m3.
-
In September 2018, with South Korea's Hyundai
Mipo Dockyard for the equipment of gas tankers, in particular small
and medium capacity vessels (up to around 50,000 m3), as well as
LNG tanks for ship propulsion.
Technology
-
In Q3, GTT obtained Bureau Veritas'
approval-in-principal for the development of a new NO96-type cargo
containment system. Called NO96 Flex, this new system has the
advantages of the proven NO96 technology, as well as those provided
by the use of foam panels, thereby reducing the boil-off rate to
0.07%V per day, i.e. a level equivalent to that of GTT's most
efficient technologies.
CSR
performance
-
GTT was commended by GAIA for its CSR
performance. GAIA is an agency specialised in the extra-financial
rating (based on environmental, social and governance criteria) of
listed SMEs and mid-caps. GTT ranked 21st out of the
230 companies rated, and 3rd out of 78 in
its revenue category. GAIA also created an ESG index of the 70
best-rated companies, which includes GTT.
-
Moreover, following an audit conducted by Ethic
Intelligence, GTT obtained the certification of its anti-corruption
management system based on ISO 37001 requirements.
Change in
consolidated revenues
Revenues for the first 9 months of
2018 totalled €184 million, up 7.1% compared to the first
9 months of 2017.
-
Revenues from new-builds amounted to €173.0
million, up 7.1%. Royalties from LNG carriers and ethane carriers
increased 4.5% to €149.9 million, while FSRU royalties grew 43.5%
to €19.6 million, thanks to the numerous orders recorded in 2017.
Other royalties were as follows: €2.0 million for FLNGs, €0.7
million for Onshore storage, €0.5 million for LNG-powered ships,
and €0.3 million for the barge.
-
Service-related revenues amounted to €10.6
million, up 6.6% compared to the first 9 months of 2017, due to an
increase in engineering studies and the impact of Ascenz
operations.
Changes in the
order book
GTT's order book, which contained
89 units at January 1, 2018, has added the following orders since
that date:
-
35 orders received: 32 LNG carriers, 2 FSRUs, 1
Onshore storage tank;
-
32 deliveries: 28 LNG carriers, 3 FSRUs, 1
barge.
At 30 September 2018, the order
book comprised 92 units, of which:
-
76 LNG carriers[3];
-
11 FSRUs3;
-
2 FLNGs;
-
3 onshore storage tanks.
Moreover, in the first 9 months of
2018, in the field of LNG Fuel, GTT received an order to equip a
bunker ship and an order to equip the Ponant Icebreaker cruise
ship, bringing to 11 the number of units recorded in its LNG order
book to 30 September 2018.
Outlook for
2018
The Company confirms its
objectives for FY 2018, namely:
-
2018 consolidated revenues of 235 to 250 million
euros[4];
-
2018 consolidated EBITDA[5]
within a range of 145 to 155 million euros;
-
a 2018 dividend[6] amount at
least equivalent to the ones paid in 2015, 2016 and 2017 and, for
2019, a dividend payout ratio of at least 80% of distributable net
income.
Financial
agenda
Investor
Relations Contact
information-financiere@gtt.fr / + 33 1 30 23 20 87
Media Relations
Contact
press@gtt.fr / +33 1 30 23 42 26 / +33 1 30 23 48 04
About GTT
GTT (Gaztransport & Technigaz) is an engineering company expert
in containment systems with cryogenic membranes used to transport
and store liquefied gas, in particular LNG (Liquefied Natural Gas).
For over 50 years, GTT has been maintaining reliable relationships
with all stakeholders of the gas industry (shipyards, ship-owners,
gas companies, terminal operators, classification societies). The
Company designs and provides technologies which combine operational
efficiency and safety, to equip LNG carriers, floating terminals,
and multi-gas carriers. GTT also develops solutions dedicated to
land storage and to the use of LNG as fuel for vessel propulsion,
as well as a full range of services.
GTT is listed on Euronext Paris,
Compartment A (ISIN FR0011726835, Euronext Paris: GTT) and is
notably included in the SBF 120 and MSCI Small Cap indexes.
For further
information, please consult www.gtt.fr/en
Important notice
The figures presented here are those customarily used and
communicated to the markets by GTT. This message includes
forward-looking information and statements. Such statements include
financial projections and estimates, the assumptions on which they
are based, as well as statements about projects, objectives and
expectations regarding future operations, profits, or services, or
future performance. Although GTT management believes that these
forward-looking statements are reasonable, investors and GTT
shareholders should be aware that such forward-looking information
and statements are subject to many risks and uncertainties that are
generally difficult to predict and beyond the control of GTT, and
may cause results and developments to differ significantly from
those expressed, implied or predicted in the forward-looking
statements or information. Such risks include those explained or
identified in the public documents filed by GTT with the French
Financial Markets Authority (AMF - Autorité des
Marchés Financiers), including those listed in the "Risk
Factors" section of the GTT Registration Document (in French)
registered with the AMF on April 25, 2018 and the half-yearly
financial report released on July 26, 2018. Investors and GTT
shareholders should note that if some or all of these risks are
realised they may have a significant unfavourable impact on
GTT.
[1] Floating
Storage and Regasification Unit: Floating LNG storage and
regasification unit
[2] Floating
Liquefied Natural Gas vessel: LNG liquefaction unit
[3] Including
the conversion of a LNGC order in FSRU
[4] In the
absence of any significant order delays or cancellations
[5] EBITDA:
earnings before interest, taxes, depreciation and amortization, in
accordance with IFRS.
[6] Subject to
approval by the General Meeting
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Source: GTT via Globenewswire
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