GTT: 2019 Annual Results - A record level of new orders and results
above expectations
GTT: 2019 Annual
Results
A record level of new orders and results
above expectations
Highlights
- Orders at record level in core activity:
- 57 LNG carriers in 2019;
- 6 large-capacity ethane carriers;
- 3 GBS1.
- Ongoing growth in the LNG fuel market:
- 5 large-capacity container vessels;
- 1 container vessel retrofit;
- 2 bunker ships.
Key figures for 2019
- Consolidated Revenue of €288.2 million;
- Consolidated EBITDA of €174.3 million;
- Proposed dividend of €3.25 per share2 (compared to €3.12 per
share in 2018).
Outlook for 2020
- Consolidated revenue target: between €375 million and €405
million;
- Consolidated EBITDA target3: between €235 million and €255
million;
- Dividend target, in respect of FY2020 and FY2021, amounting to
a payout rate of at least 80% of consolidated net income4.
Paris, 27 February 2020 - GTT
(Gaztransport & Technigaz) – a technology and engineering
company specialised in the design of membrane containment systems
for maritime transportation and storage of liquefied natural gas –
hereby presents its results for FY2019.
Philippe Berterottière, Chairman &
CEO of GTT commented: "In addition to
receiving 57 orders for LNG carriers, a new annual record for our
core business, our 2019 GBS and VLEC orders demonstrated our
ability to cover the entire value chain for liquefied gas transport
and storage.
The year was also notable for the many
investment decisions taken for gas liquefaction projects. This was
another record, with over 70 million metric tonnes per year under
construction last year. These decisions are a sign of confidence on
the part of the major gas companies over the long-term prospects of
the LNG market. They will generate orders for LNG carriers in the
next three years.
With respect to the LNG as fuel, we received
eight orders in 2019, including an order to retrofit a container
vessel for Hapag Lloyd, which opens new development prospects in
this promising sector. As a reminder, I would like to stress that
the adoption of LNG as fuel by merchant vessels is of considerable
importance for the environment.
A few days ago, we announced the acquisition of
Marorka, an Icelandic company specialised in Smart Shipping. This
is another milestone in the implementation of our digital strategy,
which also aims to make the maritime world a cleaner place.
Our 2019 results were better than expected
thanks to a particularly high flow of orders over the past two
years. Our business growth has resulted in the Group recruiting new
talents, notably in R&D, increasing reliance on subcontracting
to execute the design of the vessels ordered and investing in new
premises to welcome our new arrivals. These measures began in 2019
and will continue in 2020.
In terms of our prospects for the current year,
given the current healthy order book and the Group’s preparations
for the future, we believe that the 2020 consolidated revenues
should be within a range of €375-405 million, consolidated EBITDA
within a range of €235-255 million, and we are maintaining our
commitment, for the 2020 and 2021 financial years, to pay out
dividends of at least 80% of our net income5".
Business activity
In 2019, the Group demonstrated its ability to
cover the entire value chain for liquefied gas transport and
storage with a record number of LNG carriers and emblematic orders
in GBS (Gravity Based Structures) and very large ethane
carriers.
- LNG carrier orders at record
highs
GTT's business activity was marked by a number
of successes during the 2019 financial year, particularly in the
field of LNG carriers. In addition to the 26 orders for LNG
carriers booked during the first half of the year, there were an
additional 31 orders in the second half of 2019, i.e. a total of 57
LNG carrier orders for the year. GTT's core business activity is,
therefore, at a particularly high level. All of the carriers will
be equipped with GTT's recent technologies (Mark III Flex+, Mark
III Flex and NO96 GW). Deliveries are scheduled between end-2020
and early 2023.
- Six orders for latest generation
ethane carriers
In September 2019, GTT's membrane technology was
selected for the design of six very large ethane carriers (VLEC)
built by Korean shipyards Hyundai Heavy Industries (HHI) and
Samsung Heavy Industries (SHI) on behalf of the Chinese company
Zhejiang Satellite Petrochemical. These second generation ethane
carriers will be the largest ever built in the world
(98,000m³).
Designed for multi-gas use, i.e. to transport
ethane as well as several types of gas such as propylene, LPG and
ethylene, these six vessels will also be "LNG ready", offering the
possibility of containing LNG in the future without the need to
convert the ship's tanks.
- Order of three GBS: a first for
GTT
At the end of September, GTT announced the
signing of a contract with Saren BV (a joint venture between
Renaissance Heavy Industries Russia and Saipem) for the design and
construction of three GBS terminals (Gravity Based Structures)
dedicated to the Arctic LNG 2 project. The contract concerns the
design, construction studies and technical assistance for the
membrane containment systems of the LNG and ethane tanks which will
be installed inside the three GBS terminals.
The first two GBS terminals will be equipped
with two LNG tanks, each with a capacity of 114,500m³, and an
ethane tank of 980m³. The third GBS terminal will be equipped with
two LNG tanks of 114,500m³ each. The GBS terminals, which will lie
on the seabed, will consist of concrete caissons with membrane
containment tanks using GTT’s GST® technology. The units will be
built in a dry dock at Novatek-Murmansk LLC. They will then be
towed and installed in their final location in the Gydan peninsula
in Russian Arctic.
- LNG as fuel
GTT received four orders in 2019 to design tanks
for six merchant vessels and two bunker vessels:
- In March 2019, GTT received an order from the Sembcorp Marine
shipyard for the design of tanks for an LNG bunker vessel of
12,000m³ on behalf of the ship-owner Indah Singa Maritime Pte Ltd,
a subsidiary of Mitsui OSK Lines (MOL);
- In April 2019, GTT received an order from the Chinese shipyard
Hudong-Zhonghua for the design of an LNG tank of 6,500m³ as part of
the conversion of a very large capacity container ship for the
German ship owner Hapag Lloyd;
- In June 2019, GTT received an order from the Chinese shipyard
Jiangnan Shipyard (Group) Co., Ltd. for the design of LNG tanks of
14,000m³ for five new giant container ships on behalf of a European
ship owner;
- In December 2019, GTT received an order from the
Hudong-Zhonghua shipyard for the design of tanks for an LNG bunker
vessel of 18,600m³ for the Japanese ship owner Mitsui OSK Lines
(MOL). The vessel will be operated by ship owner MOL and chartered
by Total.
Technologies
During the Gastech trade show, which was held in
mid-September 2019, GTT announced several advances in its
technology development process.
The American Bureau of Shipping classification
society issued the "LNG Cargo Ready" rating to GTT for its latest
VLEC (Very Large Ethane Carrier) model, a first in the ethane
sector. The rating certifies that the ethane carriers can be used
to transport liquefied natural gas without having to convert the
ship's tanks.
GTT also received approval in principle from the
classification society Bureau Veritas for icebreaker vessels using
Mark III Flex and N096 L03+ technologies sailing in Arctic
waters.
In addition, GTT signed a joint agreement for
the design of a very large crude carrier (VLCC) using LNG as fuel
with Lloyd’s Register (classification society) and several
partners.
Lastly, GTT announced the new name of its latest
technology: GTT NEXT1 (formerly NO96 Flex). This system benefits
from both proven NO96 technologies, with Invar® membranes, and the
advantages provided by the polyurethane foam insulating panels used
in Mark III technology.
Licence agreements
In December 2019, GTT signed a Technical
Assistance and License Agreement (TALA) with the Wison Offshore
& Marine company (WOM) based in China to equip LNG production,
liquefaction and storage units (FLNG), floating storage
regasification units (FSRU), floating storage, regasification and
power generation units (FSRP) and LNG carriers using GTT membrane
containment systems.
WOM is a pioneer in the field of floating LNG
units in China. This agreement enables the company to continue
developing its offering for ship owners in new markets, in
particular, floating solutions, while advancing the development of
LNG as marine fuel within the global supply chain.
Order book
Since 1 January 2019, GTT's order book excluding
LNG as fuel, which at the time stood at 97 units, has evolved as
follows:
- 57 LNG carrier orders;
- 6 LNG carrier orders;
- 3 GBS orders;
- 27 LNG carrier deliveries;
- 3 FSRU deliveries.
On 31 December 2019, the order book, excluding
LNG as fuel, consisted of 133 units, of which:
- 113 LNG carriers;
- 6 ethane carriers;
- 6 FSRUs;
- 2 FLNGs;
- 3 GBS;
- 3 onshore storage tanks.
With respect to LNG as fuel, with the eight
orders in 2019, the number of vessels in the order book stood at 19
units as at 31 December 2019.
Change in consolidated revenue in
2019
(in thousands of euros) |
2018 |
2019 |
Change |
Revenue |
245,987 |
288,224 |
+17.2% |
Of which newbuilds |
231,505 |
273,353 |
+18.1% |
From services |
14,481 |
14,871 |
+2.7% |
Consolidated revenue amounted to €288.2 million
in 2019, compared to €246.0 million in 2018, representing an
increase of 17.2% over the period.
- The revenue from new construction was €273.4 million, up 18.1%
compared to the previous year, benefiting notably from the flow of
orders recorded since mid-2017. Royalties on LNG carriers amounted
to €231.0 million (+16.2% compared to 2018), while royalties on
FSRUs totalled €25.3 million (+0.7%). The other royalties, which
totalled €17.1 million, stemmed from FLNGs, onshore storage tanks,
GBS and LNG as fuel. The strong increase in royalties (+124.2%) was
due, in particular, to the growth of LNG as fuel with revenue
reaching €9.7 million (compared to €1.6 million in 2018);
- Revenue from services also increased (+2.7%), notably thanks to
maintenance assistance services and the growing contribution of
Ascenz, offset by a decline in preliminary design studies.
Analysis of 2019 consolidated income
statement
(in
thousands of euros, except earnings per share) |
2018 |
2019 |
Change |
Revenue |
245,987 |
288,224 |
+17.2% |
EBITDA6 |
168,699 |
174,318 |
+3.3% |
EBITDA
margin (on revenue, %) |
68.6% |
60.5% |
|
Operating income (EBIT) |
159,901 |
170,033 |
+6.3% |
EBIT
margin (on revenue, %) |
65.0% |
59.0% |
|
Net
income |
142,800 |
143,353 |
+0.4% |
Net
margin (on revenue, %) |
58.1% |
49.7% |
|
Basic
net earnings per share7 (in euros) |
3.85 |
3.87 |
|
2018 was marked by non-recurring items, in
particular the reversal of a tax risk provision of
€15.2 million booked in 2017, tax income of €5.7 million
following a claim relating to the tax on dividends during 2015 and
2016, as well as a goodwill impairment of €5.3 million.
In 2019, EBITDA reached €174.3 million, up 3.3%
compared to 2018. Excluding non-recurring items, EBITDA grew by
13.6%. This evolution is mainly due to the 25.5% rise of cost of
sales, external expenses and personnel charges, in line with the
increase in orders (core activity and LNG as fuel) and the
intensification of research and development projects.
Net income reached €143.4 million in FY2019, up
slightly by 0.4% compared to the previous year. The small change in
net income was also due to non-recurring items in 2018. Excluding
2018 non-recurring items, net income grew by 12.6% in 2019.
Other 2019 consolidated financial
data
(in thousands of euros) |
2018 |
2019 |
Change |
Investment expenditures (including the Ascenz acquisition in
2018) |
(11,819) |
(9,021) |
-23.7% |
Dividends paid |
(98,549) |
(121,980) |
+23.9% |
Cash
position |
173,179 |
169,016 |
-2.4% |
At 31 December 2019, the Company's net cash
position amounted to €169.0 million. In a context of increasing
activity, this stabilisation was due primarily to the increase in
dividends paid and, to a lesser extent, to the change in working
capital requirement.
Dividend in respect of 2019
On 27 February 2020, after approving the
financial statements, the Board of Directors decided to propose the
payout of a dividend of €3.25 per share in respect of FY2019. This
dividend, payable in cash, will be submitted for approval at the
General Shareholders' Meeting of 2 June 2020. As an interim
dividend of €1.50 per share was paid on 27 September 2019 (in
accordance with the Board decision of 25 July 2019), the payment in
cash of the outstanding dividend balance, i.e. €1.75 per share,
will take place on 10 June 2020 (ex-dividend date for the remainder
of the dividend: 8 June 2020). The proposed dividend corresponds to
a payout ratio of 84% of consolidated net profit.
Moreover, in accordance with the indications
given by the Company upon its IPO, an interim dividend should be
paid out in November 2020 in respect of FY2020.
Outlook
The Company has visibility as regards its
revenue from royalties out to 2023 based on its order book at the
end of 2019. In the absence of any significant order delays or
cancellations, this corresponds to a revenue of €708 million for
the 2020-2023 period8 (€375 million in 2020, €232 million in 2021,
€79 million in 2022 and €22 million in 2023).
On that basis, the Group:
- Announces a target of between €375 million and €405 million in
consolidated revenue for 2020;
- Announces a target of €235 million to €255 million in
consolidated EBITDA9 for 2020;
- Targets the payment of dividends amounting to a payout rate of
at least 80% of consolidated net profit for FY2020 and
FY202110.
Coronavirus
GTT generates most of its revenues in Asia,
particularly in South Korea (85% in 2019) and in China (10%).
For GTT, the main risk of the coronavirus
epidemic consists of possible delays in the vessel construction
schedule, which can lead to delay in revenue recognition from one
year to the next. As of the date of this press release, GTT has not
observed any delay in the vessel construction schedules.
The risks linked to the impact of the epidemic
on the world economy, and more particularly on the demand for LNG,
remain difficult to assess today. The Group recalls, however, that
the LNG market is mainly based on long-term financing and
perspectives.
In addition, within the 456 Group employees, 60
are detached in shipyards (South Korea and China) and 39 employees
are present in the Group's subsidiaries in Asia (1 in China, 38 in
Singapore). GTT attaches particular importance to their health and
that of their families. The Group has put in place recommendations,
which are updated regularly according to the evolution of the
situation, in conjunction with the Ministry of Foreign Affairs.
Measures have also been put in place for head office employees.
GTT will inform the market in the event of a
significant impact of the epidemic on its activities and
results.
Governance
The Board of Directors meeting of 27 February
2020 co-opted, on the proposal of Engie, Pierre Guiollot as a
Director to replace Judith Hartman, who has resigned. Françoise
Leroy, independent Director, whose mandate was due to expire at the
next General Meeting of Shareholders, has resigned. The company
will propose the appointment of a new female independent Director,
which will be subject to the approval, or as the case may be, the
ratification, of the next General Meeting of shareholders.
***
Presentation of results for
FY2019
Philippe Berterottière, Chairman & CEO, and
Marc Haestier, CFO, will comment on GTT's annual results, and will
answer questions from the financial community during a conference
call in English on Friday 28 February 2020, at 8.30 a.m. Paris
time.
To participate in the conference call, please
dial one of the following numbers five to ten minutes before the
start of the
conference:•
France: + 33 1 76 70 07
94;•
United Kingdom: + 44 20 7192
8000;•
United States: + 1 631 510 7495.Confirmation code: 5547539
This conference call will also be broadcast live
on GTT's website (www.gtt.fr) in listen-only mode (webcast). The
presentation document will be available on the website.
Financial agenda
- 2020 first-quarter revenues: 17 April 2020 (after the close of
trading);
- General Meeting of Shareholders: 2 June 2020;
- Pay-out of the remainder of the dividend (€1.75 per share) for
FY2019: 10 June 2020;
- 2020 half-year results: 29 July 2020 (after the close of
trading);
- 2020 third-quarter revenues: 28 October 2020 (after the close
of trading).
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.
Investor Relations Contact
information-financiere@gtt.fr / +33 1 30 23 20
87
Contact Presse:
press@gtt.fr / +33 1 30 23 42 26 / +33 1 30
23 80 80
For further information, please consult
www.gtt.fr/en, and, in particular, the
presentation to be uploaded online for the conference call of 28
February 2020.
NOTEGTT’s full-year IFRS financial statements
have been audited, The auditor’s report will be issued before the
company’s universal registration document is filed with the AMF
scheduled for end-April 2020.
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 filed with the AMF on 30 April
2019, and the half-year financial report released on 25 July 2019.
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
Appendices (Consolidated IFRS
financial statements)
Appendix 1: Consolidated balance sheet
In
thousands of euros |
|
31 December 2018 |
31 December 2019 |
Intangible assets |
|
2,457 |
2,757 |
Goodwill |
|
4,291 |
4,291 |
Property, plant and equipment |
|
16,634 |
20,198 |
Non-current financial assets |
|
3,158 |
5,084 |
Deferred tax assets |
|
3,049 |
3,031 |
Non-current assets |
|
29,590 |
35,360 |
Inventories |
|
7,394 |
10,854 |
Customers |
|
96,006 |
139,432 |
Income tax assets |
|
34,079 |
41,771 |
Other current assets |
|
6,556 |
8,496 |
Financial current assets |
|
16 |
16 |
Total cash and cash equivalent |
|
173,179 |
169,016 |
Current assets |
|
317,229 |
369,585 |
TOTAL ASSETS |
|
346,819 |
404,945 |
|
|
|
|
|
|
|
|
In
thousands of euros |
|
31 December 2018 |
31 December 2019 |
Share capital |
|
371 |
371 |
Share premium |
|
2,932 |
2,932 |
Treasury shares |
|
-1,529 |
-11 |
Reserves |
|
34,852 |
55,614 |
Net income |
|
142,798 |
143,377 |
Total equity - Group share |
|
179,424 |
202,284 |
Total equity - share attributable to
non-controlling interests |
|
17 |
-3 |
Total equity |
|
179,441 |
202,280 |
Non-current provisions |
|
4,075 |
5,001 |
Financial liabilities - non-current
part |
|
2,100 |
2,089 |
Deferred tax liabilities |
|
210 |
120 |
Non-current liabilities |
|
6,385 |
7,210 |
Current provisions |
|
3,372 |
1,583 |
Suppliers |
|
11,483 |
16,791 |
Current tax debts |
|
6,988 |
6,192 |
Current financial liabilities |
|
337 |
16 |
Other current liabilities |
|
138,813 |
170,872 |
Current liabilities |
|
160,993 |
195,454 |
TOTAL EQUITY AND LIABILITIES |
|
346,819 |
404,945 |
Appendix 2: Consolidated income statement
In thousands of euros |
|
2018 |
2019 |
Revenue from operating activities |
|
245,987 |
288,224 |
Costs of sales |
|
-2,998 |
-7,102 |
External expenses |
|
-40,951 |
-53,924 |
Personnel expenses |
|
-45,817 |
-51,623 |
Taxes |
|
-4,325 |
-5,128 |
Depreciations, amortisations and
provisions |
|
8,874 |
-4,348 |
Other operating income and expenses |
|
4,632 |
4,209 |
Impairment following value tests |
|
-5,502 |
-276 |
Operating profit |
|
159,901 |
170,033 |
Financial income |
|
55 |
124 |
Profit before tax |
|
159,956 |
170,157 |
Income tax |
|
-17,156 |
-26,804 |
Net income |
|
142,800 |
143,353 |
Net income Group share |
|
142,798 |
143,377 |
Net earnings of non-controlling
interests |
|
2 |
-25 |
Basic
earnings per share (in euros) |
|
3.85 |
3.87 |
Diluted
earnings per share (in euros) |
|
3.84 |
3.85 |
|
|
|
|
In thousands of euros |
|
2018 |
2019 |
Net income |
|
142,800 |
143,353 |
Items that will not be reclassified to profit or
loss |
|
|
|
Actuarial Gains and Losses |
|
|
|
Gross amount |
|
126 |
-1,731 |
Deferred tax |
|
-19 |
203 |
Total amount, net of tax |
|
107 |
-1,528 |
Items that may be reclassified subsequently to profit or
loss |
|
|
|
Conversion differences |
|
139 |
65 |
Other comprehensive income for the year, net of
tax |
|
246 |
-1,463 |
Income statement |
|
143,046 |
141,890 |
Appendix 3: Consolidated cash flow
statement
(In thousands of euros) |
|
2018 |
2019 |
|
Group profit for the year |
|
142,800 |
143,353 |
|
Removal of income and expenses with no cash
impact: |
|
|
|
Allocation (Reversal) of amortisation, depreciation, provisions and
impairment |
|
-3,180 |
1,599 |
Proceeds on disposal of assets |
|
191 |
7 |
|
Financial expense (income) |
|
-55 |
-124 |
|
Tax expense (income) for the financial year |
|
17,156 |
26,804 |
|
Free shares |
|
266 |
2,255 |
|
Cash-flow |
|
157,177 |
173,894 |
|
Tax paid out in the financial year |
|
-33,199 |
-35,220 |
|
Change in working capital requirement: |
|
|
|
|
- Inventories and works in progress |
|
-466 |
-3,460 |
|
- Trade and other receivables |
|
15,122 |
-43,426 |
|
- Trade and other payables |
|
545 |
5,371 |
|
- Other operating assets and liabilities |
|
45,076 |
31,158 |
|
Net cash-flow generated by the business (Total
I) |
|
184,255 |
128,317 |
|
Investment operations |
|
|
|
|
Acquisition of non-current assets |
|
-2,890 |
-9,021 |
|
Disposal of non-current assets |
|
- |
- |
|
Control acquired on subsidiaries net of cash and cash equivalents
acquired |
|
-8,929 |
- |
|
Financial investments |
|
-6,671 |
-1,904 |
|
Disposal of financial assets |
|
6,645 |
- |
|
Treasury shares |
|
-6 |
585 |
|
Change in other fixed financial assets |
|
49 |
13 |
|
Net cash-flow from investment operations (Total
II) |
|
-11,802 |
-10,327 |
|
Financing operations |
|
|
|
|
Dividends paid to shareholders |
|
-98,549 |
-121,980 |
|
Repayment of financial liabilities |
|
-919 |
-65 |
|
Increase of financial liabilities |
|
40 |
10 |
|
Interest paid |
|
-31 |
-54 |
|
Interest received |
|
178 |
245 |
|
Change in bank lending |
|
-57 |
-273 |
|
Net cash-flow from finance operations (Total
III) |
|
-99,338 |
-122,118 |
|
Effect of changes in currency prices (Total
IV) |
|
174 |
-37 |
|
Change
in cash (I+II+III+IV) |
|
73,290 |
-4,164 |
|
Opening cash |
|
99,890 |
173,179 |
|
Closing cash |
|
173,179 |
169,016 |
|
Cash change |
|
73,290 |
-4,163 |
|
Appendix 4: Consolidated revenue breakdown
In thousands of euros |
|
2018 |
2019 |
Revenue |
|
245,987 |
288,224 |
of which new builts (royalties) |
|
231,505 |
273,353 |
LNG carriers/VLEC |
|
198,778 |
230,961 |
FSRU |
|
25,087 |
25,264 |
FLNG |
|
3,605 |
4,986 |
Onshore storage |
|
1,433 |
1,955 |
GBS |
|
- |
533 |
Barges |
|
962 |
- |
LNG Fuel |
|
1,640 |
9,654 |
Services |
|
14,481 |
14,871 |
Appendix 5: 10 year order estimates
In units |
|
Order estimates(1) |
LNG carriers |
|
285-315 |
VLEC |
|
25-40 |
FSRU |
|
20-30 |
FLNG |
|
<5 |
Onshore storage tanks and GBSs |
|
15-20 |
(1) 2020-2029 period. The Company points out
that the number of new orders may see large-scale variations from
one quarter to another and even one year to another without the
fundamentals on which its business model is based being called into
question.
1 Gravity Based Structures
2 Subject to approval by the Shareholders’
Meeting of 2 June 2020.
3 EBITDA: earnings before interest, taxes, depreciation and
amortisation, in accordance with IFRS.
4 Subject to approval by the Shareholders' Meeting and the
amount of distributable profits in the corporate financial
statements of GTT SA.
5 Consolidated net income, subject to distributable net income
in the parent company financial statements of GTT SA, and subject
to approval of the Shareholders’ Meeting.
6 EBITDA: earnings before interest, taxes, depreciation and
amortisation, in accordance with IFRS.
7 The calculation of net earnings per share is
based on the weighted average number of shares outstanding, i.e.
37,043,099 shares at 31 December 2018 and 37,069,480 shares at 31
December 2019.
8 Royalties from the main business line, i.e. excluding LNG fuel
and services , in accordance with IFRS 15.
9 EBITDA: earnings before interest, taxes, depreciation and
amortization, in accordance with IFRS.
10 Subject to approval by the Shareholders' Meeting and the
distributable profits in the corporate financial statements of GTT
SA.
- IR-PR-FY2019-27 02 2020 EN
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