GTT: Revenues of €102.5 million in the first quarter of
2020, up by 74% compared to the first quarter of 2019
Revenues of €102.5 million in the first
quarter of 2020,
up by 74% compared to the first quarter
of 2019
- Four LNG carrier orders
during the first quarter of 2020
- New services
contracts
- Confirmation of the 2020
targets in terms of revenues, EBITDA and dividends
Paris, April 17, 2020 - GTT
(Gaztransport & Technigaz), a technology and engineering
company specialising in the design of membrane containment systems
for the transport and storage of liquefied gas, announced its
revenues for the first quarter of the 2020 financial year.
Consolidated key figures for the first
quarter of 2020
(in thousands of euros) |
Q1 2019 |
Q1 2020 |
Change |
Revenue |
58,909 |
102,481 |
+74% |
|
|
|
|
Of which newbuilds |
55,354 |
99,433 |
+80% |
LNG carriers/VLEC |
46,215 |
86,939 |
+88% |
FSRU1 |
5,234 |
9,446 |
+80% |
FLNG2 |
1,257 |
833 |
-34% |
Onshore storage |
858 |
0 |
-100% |
GBS3 |
0 |
511 |
ns |
Barges |
172 |
0 |
-100% |
LNG Fuel |
1,618 |
1,705 |
+5% |
Of which services |
3,555 |
3,048 |
-14% |
Philippe Berterottière, GTT Chairman and Chief
Executive Officer, commented: "With the appearance of the COVID-19
epidemic, our priority has been to protect the health of our
employees and their families and relatives. Today, a large part of
our workforce is working from home and our business is operating
normally, despite the particularly difficult circumstances. I would
like to take this opportunity to thank all of our teams for their
responsiveness and their professionalism.
Since the start of 2020, we have received orders
for four LNG carriers and signed two services contracts with
ship-owners. In financial terms, revenues are now enjoying the full
benefit of the inflow of orders in 2018 and 2019. They increased
significantly in the first quarter of 2020 compared with the same
period last year, which was based on earlier orders.
Given our full order book and the fact that
there are no delays, to date, in vessel construction schedules, we
have decided to confirm our objectives for the full financial year,
whilst keeping a very close eye on any changes affecting the
markets in which the Group operates."
Performance of activity
segments
Consolidated revenues for the first quarter of
2020 were €102.5 million, up by 74% compared to the first quarter
of 2019.
- Revenues from new construction were €99.4 million, up by 80%.
- Royalties from LNG carriers increased by 88% to €86.9 million,
and royalties from FSRUs rose by 80% to €9.4 million. Revenues for
the first quarter of 2020 benefited fully from the flow of orders
from 2018 and 2019.
- The other royalties are primarily from LNG as fuel in the
amount of €1.7 million (+5%) and GBSs for €0.5 million.
- Revenues from services stood at €3.0 million, down 14% compared
to the first quarter of 2019, as a result of a decrease in
maintenance and support services to vessels in operation, due
notably to the consequences of the COVID-19 epidemic. The other
services activities all grew significantly: supplier certification,
training and pre-engineering studies.
Highlights
- New LNG carrier orders
After receiving eight orders at the very end of
2019, GTT booked four LNG carrier orders during the first quarter
of 2019. These LNG carriers will all be equipped with recent GTT
technology (Mark III Flex and NO96 L03+). Delivery is scheduled for
the second quarter of 2022.
- New services contracts
- In February 2020, GTT signed a services and support contract
with CMA CGM group for the commissioning, operation and maintenance
of its future LNG-fuelled ultra-large container ships, fitted with
GTT membrane containment technology. The GTT services include
training for the CMA CGM fleet's crews via the G-Sim® training
simulator, especially adapted to reproduce LNG operations on CMA
CGM vessels. GTT will also provide technical assistance aboard the
vessels when the LNG tanks are commissioned and during the first
bunkering operations. If needed, CMA CGM will also have access to
the HEARS® hotline to benefit from 24/7 technical support.
- In March 2020, GTT announced the signature of a five-year
global services agreement between its subsidiary GTT North America
and the ship-owner Excelerate Energy. GTT will assist Excelerate
Technical Management - ETM with the maintenance and operation of
nine FSRUs equipped with NO96 technology. The agreement provides
for on-site technical assistance by GTT teams during inspections,
maintenance, repairs, operations and engineering, plus access to
the HEARS® emergency hotline.
- Acquisition of Marorka
In February 2020, GTT announced the acquisition
of the company Marorka. Based in Iceland and specialized in Smart
Shipping, the company designs maritime energy monitoring and
optimization systems for vessels, allowing them to reduce their
environmental footprint. The company’s systems have been installed
on more than 600 vessels. This acquisition is a new milestone in
GTT’s digital strategy.
Changes to the order book
Since January 1, 2020, GTT's order book
excluding LNG as fuel, which at the time stood at 133 units, has
evolved as follows:
- 5 deliveries of LNG carriers;
- 1 FSRU delivery;
- 1 FLNG delivery;
- 4 LNG carrier orders.
At March 31, 2020, the order book, excluding LNG
as fuel, stood at 130 units, of which:
- 112 LNG carriers;
- 6 ethane carriers;
- 5 FSRUs;
- 1 FLNGs;
- 3 GBS;
- 3 onshore storage tanks.
With respect to LNG as fuel, the number of
vessels in the order book stood at 19 units as at March 31,
2020.
Outlook for 2020
In the absence of any significant order delays
or cancellations, the Company has confirmed its targets for FY2020,
namely:
- 2020 consolidated revenues within a range of €375 million to
€405 million,
- 2020 consolidated EBITDA4 within a range of €235 million to
€255 million,
- a dividend amount, in respect of FY2020 and FY20215,
corresponding to a payout rate of at least 80% of consolidated net
income6.
***
Update on activity in the first quarter
of 2020
Marc Haestier, Chief Financial Officer, will
comment on GTT's activity in the first quarter of 2020 and will
answer questions from the financial community during a telephone
conference in English on Friday April 17, 2020, at 6:15 pm, 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 72 89
59•
United Kingdom: + 44 207 192
8011•
United States: + 1 646 774 0219Confirmation code: 3398817
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
- General Meeting of Shareholders: June 2, 2020
- Payment of the dividend balance (€1.75 per share) for the 2019
financial year: June 10, 20204
- Publication of the 2020 half-year results: July 29, 2020 (after
the close of trading)
- 2020 third-quarter business results: October 28, 2020 (after
the close of trading)
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
About GTT
GTT (Gaztransport & Technigaz) is a
technology and 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.
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
1 Floating Storage Regasification Unit: Floating LNG storage and
regasification unit
2 Floating Liquefied Natural Gas vessel: LNG liquefaction
unit
3 Gravity Based Structures: underwater tanks
4 EBITDA: earnings before interest, taxes, depreciation and
amortization, in accordance with IFRS.
5 Subject to approval by the Shareholders' Meeting
6 Subject to approval by the Shareholders' Meeting and the
distributable profits in the corporate financial statements of GTT
SA.
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