GTT : Q1 2023 revenues: €80 million, up 17.2%; good order momentum
continues
Q1 2023 revenues:
€80 million, up 17.2%;
good order momentum continues
- High level of orders: 25
LNG carriers and 1 FLNG
- Revenues of
€80 million,
in line with expectations
- Confirmation of 2023
targets
-
1st in INPI ranking of
ETIs1 in terms of number of
patents filed
Paris – April 20, 2023. GTT,
the technological expert in membrane containment systems used to
transport and store liquefied gases, today announces its revenues
for the first quarter of the 2023 financial year.
Commenting on the results, Philippe
Berterottière, Chairman and Chief Executive Officer of GTT,
said: “With 25 orders for LNG carriers and one floating
liquefied natural gas unit order booked in the first quarter of
2023, commercial performance in our core business remains strong in
the wake of an exceptional 2022. Demand for LNG remains
particularly strong, as evidenced by the two final investment
decisions for new liquefaction plants made in the first quarter,
which will generate additional needs for LNG carrier over the
coming years.
GTT is pursuing its constant R&D and
innovation efforts with the ambition of being a major technological
player in the decarbonisation of maritime transport. As such, we
obtained several new approvals during the first quarter, notably in
the field of alternative fuels.
Regarding our CSR strategy, GTT joined the
United Nations Global Compact at the beginning of March, thereby
demonstrating our commitment to a sustainable and responsible
economy.
From a financial standpoint, revenues for the
first quarter of 2023 show a strong increase of 17.2% compared to
the first quarter of 2022. Activity will pick up notably in the
second half of 2023, benefitting of the growing number of ships
under construction. In this context, the Group confirms its 2023
targets”.
Group business activity in Q1 2023
- Continued momentum in LNG carrier
orders
Following a record year in 2022 in terms of
orders, GTT booked 25 orders for LNG carriers in the first quarter
of 2023. Their delivery is scheduled between the first quarter of
2026 and the fourth quarter of 2027.
GTT also received an order for an FLNG unit,
which will be delivered in the first quarter of 2027.
- Digital: signing of new contracts and
launch of a new brand
On January 16, 2023, Ascenz was selected by a
major Mexican ship-owner to equip a tanker with its Electronic Fuel
Monitoring System (EFMS).
In March 2023, Marorka signed a key contract
with a major European maritime transport company to install
automatic data collection systems and intelligent software to
manage and optimise energy and environmental performance on 30
container ships in 2023, with an option for a further 30 in 2024.
In addition, GTT has been chosen by two major European LNG
ship-owners to equip three vessels with its predictive maintenance
solution, the “Sloshing Virtual Sensor”.
Finally, GTT announced the creation of a new
brand, Ascenz Marorka2, with the mission of providing ship-owners
and charterers with the most advanced, innovative and reliable
solutions.
- Further
development of Elogen
In February 2023, Elogen signed a flagship
contract with Crosswind, a joint venture between Shell and Eneco,
as part of an offshore wind farm project for the design and
manufacture of a 2.5 MW electrolyser3.
In addition, Elogen is continuing its R&D
work with the aim of improving the competitiveness and energy
efficiency of its solutions.
- Innovation:
Development of new
technologies – GTT once again the leader in number
of patents filed
For the fourth year in a row, GTT came first in
the INPI ranking of ETIs in terms of number of patents filed in
2022. This ranking underlines GTT’s strong innovation dynamic.
Early in the first quarter of 2023, GTT
announced that it had received approval in principle from Lloyd’s
Register for a maintenance optimisation solution for LNG membrane
tanks, allowing ship-owners and charterers to enhance operational
flexibility and achieve substantial savings.
The Group also obtained a €4.66 million subsidy
from Bpifrance for the design of an onboard CO2 capture system for
vessels and the development of intelligent operational performance
solutions by OSE Engineering4 (GTT Group) as part of the MerVent
project.
Finally, OSE Engineering announced its
participation in the HyMot5 project, supported by ADEME as part of
the Programme d’investissements d’avenir (PIA), which aims to
intensify research on the development of a hydrogen engine for
lightweight utility vehicles.
More recently, GTT received 4 approvals in
principle from the Japanese classification society ClassNK for its
latest alternative fuel development projects, namely:
- a 12,500 m3
dual-fuel VLCC6, equipped with the GTT Mark III Flex system;
- an LNG tank
rated “NH3 Ready”7, which includes NH3-compatible materials, risk
assessment and gas boil-off rate management;
- an 8,000 CEU8
dual-fuel PCTC9 rated “NH3 Ready”;
- the RecycoolTM
system, applied to LNG-powered vessels, which reliquefies excess
boil-off gas to reduce greenhouse gas emissions and improve
economic performance.
- CSR strategy
On March 13, 2023, GTT announced that it had
joined the United Nations Global Compact, thereby committing itself
to promoting the “Ten Principles” on human rights, labour
standards, the environment and anti-corruption, and to implementing
the 17 Sustainable Development Goals (SDGs)10 in its environmental,
social and governance policy.
Order book at March 31, 2023
On January 1, 2023, GTT’s order book excluding
LNG as fuel comprised 274 units. It has since changed as
follows:
- Deliveries completed: 8 LNG
carriers, 2 ethane carriers, 1 FSU;
- Orders received: 25 LNG carriers, 1
FLNG
At March 31, 2023, the order book excluding LNG as fuel stood at
289 units, breaking down as follows:
- 273 LNG carriers;
- 2 ethane carriers;
- 1 FSRU;
- 1 FSU;
- 1 FLNG;
- 11 onshore
storage tanks.
Regarding LNG as fuel, with the delivery of one
vessel, there were 69 vessels in the order book at March 31,
2023.
Evolution of
consolidated revenues in Q1 2023
(in thousands of euros) |
Q1 2022 |
Q1 2023 |
Change |
Revenues |
68,184 |
79,891 |
+17.2% |
|
|
|
|
Newbuilds |
61,749 |
73,463 |
+19.0% |
LNG carriers/ethane carriers |
53,840 |
66,248 |
23.0% |
FSUs11 |
3,602 |
1,239 |
-65.6% |
FSRUs12 |
- |
- |
- |
FLNGs13 |
726 |
- |
- |
Onshore storage tanks |
747 |
1,079 |
+44.4% |
GBSs14 |
2,082 |
- |
- |
LNG-powered vessels |
753 |
4,897 |
+550.3% |
Electrolysers |
886 |
1,495 |
+68.7% |
Services |
5,549 |
4,933 |
-11.1% |
Consolidated revenues for the first quarter of
2023 amounted to €79.9 million, up 17.2% compared to the first
quarter of 2022.
- Newbuild
revenues amounted to €73.5 million, up 19.0% compared to the first
quarter of 2022.
- Royalties from
LNG and ethane carriers amounted to €66.2 million, up 23.0%. It
should be noted that the number of LNG carriers under construction
will increase significantly from the second quarter of 2023, thus
generating additional revenue notably in the second half of 2023.
Royalties from FSUs amounted to €1.2 million, down 65.6%, the first
FSU having been delivered during the quarter, and those from
onshore tanks to €1.1 million (+44.4%).
- Royalties
generated by the LNG as fuel business (€4.9 million) are starting
to benefit from the large number of orders received in 2021 and
2022.
- Elogen’s
electrolyser revenues amounted to €1.5 million in the first quarter
of 2023, compared to €0.9 million in the first quarter of
2022. The Group anticipates an acceleration during the year.
- Revenues from
services decreased by -11.1% to €4.9 million in the first quarter
of 2023, due to the decrease in pre-project studies, for which
demand is fluctuating in nature, and revenues generated by
assistance services for vessels in operation.
KFTC
The Group recalls that by its decision of April
13, 2023, the Supreme Court of Korea rejected the appeal filed by
GTT in December 2022 against the decision of the Seoul High Court,
confirming the Company's obligation to separate, in all or part of
it, the technical assistance from the technology license agreement
if requested by the Korean shipyards.
The Company considers that technical assistance
and engineering services are essential to the safety and
performance of its solutions.
2023
outlook confirmed
The Group estimates that activity will pick up
notably in the second half of 2023, benefiting from the growing
number of ships under construction.
In this context and in the absence of any
significant order delays or cancellations, GTT confirms its targets
for the 2023 financial year, namely:
- 2023 consolidated revenues of
between 385 million euros and 430 million euros,
- 2023 consolidated EBITDA of between
190 million euros and 235 million euros,
- the distribution of a dividend for
the 2023 financial year corresponding to a minimum payout ratio of
80% of consolidated net income15.
***Q1 2023 activity
update presentation
Philippe Berterottière, Chairman and Chief
Executive Officer, and Virginie Aubagnac, Chief Financial Officer,
will comment on GTT’s first quarter 2023 activity and answer
questions from the financial community during a conference call in
English on Thursday April 20, 2023, at 6:15 p.m. (Paris time).
This conference will be broadcast live on GTT’s
website (www.gtt.fr/finance). 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 70 91 87 04
- UK: +44 1 212 818 004
- USA: +1 718 705 87 96
Confirmation code: 140215
The presentation document will be available on
the website on April 20, 2023, at 5:45 p.m.
Financial agenda
- Shareholders’
Meeting: June 7, 2023
- Payment of the
balance of the dividend for the 2022 financial year: June 14,
2023
- Publication of
the 2023 half-year results: July 27, 2023 (after close of
trading)
- 2023 third-quarter results: October
25, 2023 (after close of trading)
About GTT
GTT is a technological expert in containment
systems with cryogenic membranes used to transport and store
liquefied gases. For over 50 years, GTT has been designing and
providing cutting-edge technologies for a better energy
performance, which combine operational efficiency and safety, to
equip LNG carriers, floating terminals, land storage, and multi-gas
carriers. GTT also develops systems dedicated to the use of LNG as
fuel, as well as a full range of services, including digital
services in the field of Smart Shipping. The Group is also active
in hydrogen through its subsidiary Elogen, which designs and
assembles electrolysers notably for the production of green
hydrogen.
GTT is listed on Euronext Paris, Compartment A
(ISIN FR0011726835 Euronext Paris: GTT) and is notably included in
SBF 120, Stoxx Europe 600 and MSCI Small Cap indices
Investor relations
contact:information-financiere@gtt.fr / +33 1 30 23 20
87Media contact: press@gtt.fr / +33 1 30 23 48
45 For more information, visit
www.gtt.fr.
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 April 25,
2022, and the half-year financial report released on July 28, 2022.
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 Entreprises de Taille Intermédiaire: medium sized companies.2
See the GTT press release of 03/20/2023.3 See the Elogen press
release of 02/07/2023.4 More information on site: :
https://www.ose-engineering.fr/5 See the GTT press release of
02/14/2023. 6 VLCC: Very large crude carrier.7 NH3 Ready:
compatible with ammonia.8 CEU: Car equivalent unit – measure of a
PCTC’s freight capacity.9 PCTC: Pure car and truck carrier.10 More
information on the 17 SDGs:
https://pactemondial.org/17-objectifs-developpement-durable/
11 Floating storage units.12 Floating storage regasification
units.13 Floating liquefied natural gas units.14 Gravity based
structures: underwater tanks.15 Subject to approval by the
Shareholders’ Meeting and the amount of distributable net income in
the GTT S.A. corporate financial statements.
- IR-PR-Q1 2023-20 04 2023_EN
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