GTT: Revenues of €68.2 million in the first quarter of 2022
Revenues of €68.2 million in the first
quarter of 2022
- New
record order intake for LNG carriers and LNG-powered
vessels
-
Innovative technology approvals confirming the strong
dynamism of GTT’s R&D
-
Continued development of Elogen
- Update
on GTT’s exposure to Russia
Paris, April 21, 2022 – GTT
(Gaztransport & Technigaz), the technological expert in
membrane containment systems used to transport and store liquefied
gases, today announces its revenues for the first quarter of
2022.
Philippe Berterottière, Chairman and Chief
Executive Officer of GTT, said: “With 34 LNG carrier orders booked
in the first quarter of 2022, GTT’s commercial performance remains
very strong, in line with that of 2021.
In addition, order intake in the LNG as fuel
segment confirms growing interest in GTT’s membrane technology,
with 20 additional units in the first quarter of 2022.
The Group is also continuing its R&D
efforts. It has obtained several new approvals and has also signed
a key partnership with Shell for the development of a hydrogen
transport vessel.
Lastly, Elogen has announced that its planned
gigafactory, pre-notified by the French government, will be located
at Vendôme in the Centre-Val de Loire region, France.
From a financial perspective, revenues for the
first quarter of 2022 were, as expected, lower than for the first
quarter of 2021. The decline is attributable to a base effect, as
the first quarter of 2021 still benefited from 2020’s strong
dynamic, whereas the first quarter of 2022 did not fully benefit
from the high level of orders taken in 2021.
In addition, in the press release issued on
March 9, 2022, GTT set out its exposure to projects in which it is
engaged in Russia. To date, GTT continues to perform these
contracts in compliance with the applicable sanction regimes.
However, the current situation exposes some of these projects to
delay or cancellation risks. If these risks materialise, the Group
may have to revise its 2022 targets.
On the other hand, the crisis also highlights
the importance of gas requirements globally, the need for European
countries to achieve energy independence in respect of Russia and,
more specifically, the strategic importance of maritime transport
of LNG, GTT’s core business. The Group therefore expects the
current robust order momentum to continue.”
Highlights
New LNG carrier orders
After receiving numerous orders in 2021, GTT
booked 34 LNG carrier orders during the first quarter of 2022,
confirming its excellent commercial momentum. These carriers will
all be fitted with GTT’s latest technology. Deliveries are
scheduled between the third quarter of 2024 and the third quarter
of 2026.
New orders for
equipping LNG-powered vessels
In the first quarter of 2022, GTT received
orders to equip 20 LNG-powered vessels, confirming its progress in
this segment after a record year in 2021 (27 orders). These orders
were received from various Chinese and Korean shipyards on behalf
of several ship-owners. Deliveries of the vessels are scheduled
between the first quarter of 2024 and the second quarter of
2025.
Development of new
technologies
On February 8, 2022, Shell International Trading
and Shipping Company and GTT announced that they were joining
forces to develop advanced technologies for transporting liquid
hydrogen (LH2).
In February 2022, GTT also announced the launch
of Recycool™, a technological solution for gas condensation that
enables a significant reduction in CO2 emissions from LNG-powered
vessels.
GTT has received several approvals in principle
(AiP) in the field of LNG as fuel:
- On March 1, 2022, GTT, Alwena
Shipping, a marine engineering and consulting firm, and COSCO
Shipping Heavy Industry (Zhoushan) Co. Ltd. (CHI Zhoushan) received
an AiP from classification company Bureau Veritas (BV) for a new
LNG conversion concept for very large container ships, combined
with a lengthening of the vessel.
- On March 31,
2022, GTT obtained an AiP from Japanese classification society
ClassNK for a technological innovation applicable to LNG-powered
PCTCs1 and cruise ships equipped with a Mark III membrane tank, a
technology developed by GTT.
- On April 6, GTT
and Finnish ship designer Deltamarin received an AiP from Norwegian
classification company DNV for an innovative LNG-powered PCTC
vessel design. The compactness of the LNG system optimises cargo
capacity and energy consumption while ensuring maximum autonomy for
the vessel. The 2 bar (barg) pressure rating of the LNG tank allows
for increased operational flexibility, especially during
refuelling.
Continued development of
Elogen
On March 8, 2022, Elogen announced that it had
selected Vendôme in the Centre-Val de Loire region (France) as the
location for its future electrolyser gigafactory. The project
developed by Elogen is one of 15 projects pre-notified by the
French government to the European Union (and still under review)
within the framework of the hydrogen IPCEI2.
On March 10, Elogen announced that it had been
selected by Storengy to supply a 1 MW PEM electrolyser for the
construction of a methanation unit for the Communauté
d’Agglomération Pau Béarn Pyrénées (France).
On April 7, Elogen and Sarralle announced the
signing of a collaboration agreement for the engineering,
manufacture, supply and commissioning of green hydrogen generation
equipment for the steel industry.
Changes to
the order book
On January 1, 2022, GTT’s order book excluding
LNG as fuel comprised 161 units, and subsequently changed as
follows:
- 6 deliveries of LNG carriers
- 34 LNG carrier orders
At March 31, 2022, the order book excluding LNG
as fuel stood at 189 units, breaking down as follows:
- 165 LNG carriers
- 6 ethane carriers
- 2 FSUs
- 1 FLNG
- 3 GBSs
- 12 onshore storage tanks
Regarding LNG as fuel, with the deliveries of
two ultra-large container ships and orders for 20 container ships,
the order book stood at 50 units at March 31, 2022.
Consolidated key figures for the first
quarter of 2022
(in thousands of euros) |
Q1 2021 |
Q1 2022 |
Change |
Revenues |
87,557 |
68,184 |
-22.1% |
|
|
|
|
New builds |
82,846 |
61,749 |
-25.5% |
LNG carriers/VLEC |
72,214 |
53,840 |
-25.4% |
FSU3 |
1,961 |
3,602 |
+83.7% |
FSRU4 |
3,440 |
- |
nm |
FLNGs5 |
726 |
726 |
- |
Onshore storage tanks |
425 |
747 |
+75.8% |
GBSs6 |
987 |
2,082 |
+110.9% |
LNG-powered vessels |
3,093 |
753 |
-75.7% |
Electrolysers |
964 |
886 |
-8.1% |
Services |
3,747 |
5,549 |
+48.1% |
Performance of business
segments
Consolidated revenues for the first quarter of
2022 were €68.2 million, down 22.1% compared with the first quarter
of 2021 when the cycle was still at its peak.
- New-build
revenues totalled €61.7 million, down 25.5%. The first quarter of
2021 still benefited from the 2020’s strong dynamic, while the
first quarter of 2022 did not fully benefit from the numerous
orders taken in 2021.
- Royalties from
LNG and ethane carriers amounted to €53.8 million, while FLNG
royalties totalled €0.7 million.
- Other
royalties increased significantly compared to the first quarter of
2021. They were derived mainly from new business, including €3.6
million from FSUs6 €2.1 million from GBSs and €0.7 million from
onshore storage tanks. LNG as fuel was the only segment to record a
decline in revenues, down to €0.7 million, with 2021 order intake
having little impact on first quarter 2022 revenues.
- Revenues
generated by Elogen (electrolysers) decreased slightly compared
with the same period last year.
- Revenues from
services came to €5.5 million, up 48.1% compared to the first
quarter of 2021. Maintenance and assistance services for vessels in
operation, as well as digital services, account for most of this
growth.
Exposure to Russia
On March 9, 2022, the Group issued a press
release setting out its exposure to projects in Russia or dedicated
to Russian projects.
At April 21, 2022, the execution of these
contracts continues to perform normally, in compliance with the
applicable sanction regimes.
In Russia, the Group is involved in the design
of 3 GBSs as part of the Arctic LNG 2 project, in which PAO Novatek
is participating, as well as in the design of tanks for 15
ice-breaker LNG carriers currently being built at the Zvezda
Shipbuilding Complex (Zvezda). As of March 31, 2022, a total of €97
million is to be recognised for these projects by 2026, including
€21 million in 2022.
Other orders in progress in Asian shipyards and
specifically dedicated to Russian Arctic projects include 6
ice-breaker LNG carriers and 2 FSUs. At March 31, 2022, they
represent an additional total of €48 million for GTT to be
recognised by 2024, including €30 million in 2022.
Lastly, 8 conventional LNG carriers ordered by
international ship-owners, currently being built in Asian
shipyards, are intended for Arctic LNG 2 projects but are able to
operate in all types of conditions.
In view of the international sanctions currently
in force, which are increasingly affecting LNG liquefaction
projects in Russia, the continuation and proper performance of
these contracts are subject to risks that the Group is unable to
assess at this time. In particular, the Group notes that sanctions
are liable to affect exports to Russia of certain products or
equipment to be used in projects on which the Group is working,
which may result in their deferrals or cancellations.
2022 objectives
In its 2021 annual results press release dated
February 17, 2022, the Group issued the following targets for 2022,
assuming no significant order deferrals or cancellations:
- consolidated revenues between €290
million and €320 million,
- 2022 consolidated EBITDA between
€140 million and €170 million,
- a dividend amount for the 2022
financial year at least equivalent to that proposed for the 2021
financial year.
Looking further ahead, the Group expects to
benefit from the current robust order momentum. In this regard, the
Group notes that the orders received since mid-2020 correspond to
delivery dates spread mainly over the 2023-2025 period. As such,
the Group expects to achieve significantly higher revenues and
earnings from 2023 onwards than in 2022.
The Group may have to revise its 2022 targets if
the above risks regarding the Russian projects were to
materialise.
This crisis also highlights the importance of
gas requirements globally, the need for European countries to
achieve energy independence in respect of Russia and, more
specifically, the strategic importance of maritime transport of
LNG, our core business. The Group therefore expects the current
robust order momentum to continue.
***
Q1 2022 Activity update
Philippe Berterottière, Chairman and Chief
Executive Officer, and Virginie Aubagnac, Chief Financial Officer,
will comment on GTT’s first quarter 2022 revenues and answer
questions from the financial community during a conference call to
be held in English at 6:15 p.m. Paris time on Thursday, April 21,
2022.
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 95 03
46• United Kingdom:
+ 44 207 192
8338• United States:
+ 1 646 741 31 67Confirmation code: 9792645
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
- Shareholders’ Meeting: May 31, 2022
- Payment of the dividend balance
(€1.75 per share) for the 2021 financial year: June 8, 2022
- Publication of 2022 half-year
results: July 29, 2022 (before start of trading)
- 2022 third-quarter results: October
27, 2022 (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 and MSCI Small Cap indices.
For more information, visit www.gtt.fr.
Investor relations
contact:information-financiere@gtt.fr
/ +33 1 30 23 20 87
Media contact:
press@gtt.fr / +33 1 30 23 20 43
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 27 April
2021, and the half-year financial report released on 28 July 2021.
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 PCTC (Pure Car and Truck Carriers): carriers of light
vehicles, trucks and rolling stock2 Important Project of Common
European Interest3 Floating Storage Unit4 Floating Storage
Regasification Unit5 Floating Liquefied Natural Gas unit6 Gravity
Based Structures: underwater tanks
- IR-PR- Q1 2022-21 04 2022 EN
Gaztransport Et Technigaz (EU:GTT)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Gaztransport Et Technigaz (EU:GTT)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024