GTT: Full Year 2022 Results - Solid results for 2022; exceptional
commercial performance offering unprecedented visibility; 2023
revenues and EBITDA expected to grow strongly
Solid results for 2022;
exceptional commercial
performance offering unprecedented
visibility; 2023 revenues and
EBITDA expected to grow strongly
Key figures for the 2022 financial
year
- Consolidated
revenues: €307.3 million
- Consolidated
EBITDA: €161.1 million
- Proposed dividend: €3.10 per
share1
2022 highlights
- Order book2 at
a record level with 274 units for the core business and 70 units
for the LNG as fuel business
- Numerous
approvals in principle, notably in the field of liquid hydrogen
transport and for the innovative three-tank LNG carrier concept,
highlighting the dynamism of the Group's R&D
- Elogen received
a €86 million subsidy and continued its development with the
signature of two new flagship contracts
Outlook
- Strong
visibility on core business with €1,594m cumulated revenues over
the next 4 to 5 years
- 2023 guidance:
- 2023
consolidated revenues between €385 million and €430 million,
- 2023
consolidated EBITDA between €190 million and €235 million,
- 2023 dividend
payout of at least 80% of consolidated net income.
Paris – February 16, 2023. GTT,
the technological expert in membrane containment systems used to
transport and store liquefied gases, today announces its results
for the 2022 financial year.
Commenting on the results,
Philippe Berterottière, Chairman
and CEO of GTT, said: "With 162 orders for LNG carriers,
two orders for large-capacity ethane carriers and one order for a
floating storage and regasification unit, GTT achieved exceptional
commercial performance in 2022. Continued strong demand for LNG,
particularly in Europe, is generating additional needs for LNG
carriers. In addition, the replacement market is expected to grow
in the coming years, notably as new environmental regulations come
into force.
For LNG as fuel, GTT booked 42 orders in 2022, a
new record for this business line. Although the high price of LNG
in Europe hampered sales momentum in the fourth quarter of 2022,
GTT remains convinced of the relevance of its solutions, which
enable vessels to comply with new environmental standards, and
therefore of the medium- and long-term potential of this
business.
With regard to innovation, GTT continues to
deploy its R&D roadmap with the ambition of being a major
technological player in the decarbonisation of maritime
transportation, in particular by supporting its customers in their
energy transition. In 2022, we obtained numerous approvals in
principle from classification societies to develop new technologies
in a wide variety of areas, particularly for the design of a
hydrogen carrier and an innovative design for a three-tank LNG
carrier.
From a financial standpoint, revenues for 2022
are in line with our expectations with a limited decline of 2.4%
compared to 2021, due to an unfavourable base effect, which is
gradually disappearing as a result of order momentum. This is
illustrated by the strong growth of 14.1% in revenues in Q4 2022
compared to Q4 2021. EBITDA stood at €161 million in 2022, slightly
higher than forecast due to good cost control.
In the mid-term, GTT benefits from a very strong
visibility on its core business over the next four to five years,
with cumulated revenues of €1,594 million. Regarding our outlook
for the current year, taking into account the distribution over
time of our order book, we estimate that consolidated revenues for
2023 should be in the range of €385 million to €430 million,
consolidated EBITDA in the range of €190 million to €235 million,
and we maintain our commitment to distribute a minimum of 80% of
our net income for 20233."
Group business activity in 2022
- Continued momentum in LNG carrier
orders
GTT achieved a record year in 2022 with 162 LNG
carrier orders. Deliveries are scheduled between the third quarter
of 2024 and the fourth quarter of 2028. Of particular note among
these orders are those for six large-capacity LNG carriers (200,000
m3).
GTT also received an order for a floating
storage and regasification unit for delivery in the second quarter
of 2026 and two orders for large-capacity ethane carriers for
delivery in the fourth quarter of 2025.
- LNG as fuel: sales activity remaining
solid
GTT received orders to equip 42 LNG-powered
vessels in 2022. The high price of LNG in Europe is hampering sales
momentum in the short term, as confirmed by the absence of orders
in the fourth quarter of 2022. Nevertheless, GTT remains convinced
of the relevance of its solutions, which enable vessels to comply
with new environmental standards, and therefore of the medium- and
long-term potential of this business.
- New licensing agreements with Chinese
shipyards
In 2022, GTT signed two new Technical Assistance
and Licensing Agreements (TALA) with the Yangzijiang Shipbuilding
and China Merchants Heavy Industries shipyards, for the
construction of GTT membrane containment systems. This brings to
five the number of shipyards now operating in China and contributes
to increasing LNG carrier construction capacity.
- Digital: new services and signing
of important
contracts
During 2022, GTT pursued its strategy of
developing new digital solutions for ship-owners and signed a
number of important contracts highlighting the increasing needs of
ship-owners in this area.
Among the contracts signed by Marorka in 2022,
one with a major player in the transport of liquefied gas to equip
more than 30 vessels, and the other with the ship-owner
Antarctica21, the world's leading operator of air and sea
expeditions to Antarctica, to equip its modern expedition vessel
Magellan Explorer.
In December 2022, Ascenz was selected by a major
European ferry owner to fit two vessels with its Smart Bunkering
solution. This solution enables precise monitoring of the bunkering
process in order to avoid any error in quantity of fuel
bunkered.
Finally, on January 16, 2023, Ascenz was
selected by a major Mexican ship-owner to equip a tanker with its
Electronic Fuel Monitoring System (EFMS).
- Elogen
continues its development with new milestones achieved in
2022
In September 2022, Elogen was awarded a maximum
of €86 million in subsidies by the French government for its
"gigafactory" project and the strengthening of its R&D division
as part of the Hydrogen IPCEI4. For the record, the Elogen
gigafactory, located in Vendôme (Centre-Val de Loire region), is
scheduled to start production in 2025 with a capacity of over 1
GW.
In addition, Elogen's order intake in 2022
amounted to €15.4m, an increase of almost 150% compared to
2021.
As previously announced, in the first half of
2022 Elogen entered into several international partnerships for the
manufacture and sale of electrolysers for producing green
hydrogen:
- with HiFraser
Group in Australia and New Zealand;
- with Valmax
Technology Corporation in South Korea;
- with Charbone
Hydrogène in North America.
Finally, Elogen signed two flagship contracts,
respectively in December 2022 and February 2023 with:
- Enertrag, the
European specialist in renewable energy solutions, for the design
and manufacture of a 10 MW electrolyser5;
- Crosswind, a
joint venture between Shell and Eneco, for the design and
manufacture of a 2.5 MW6 electrolyser as part of an offshore wind
project.
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 in a wide range of fields
In 2022, GTT obtained numerous approvals in
principle from classification societies in a wide range of fields.
The main technological advances include:
- Lloyd’s Register for GTT’s future
NEXT1 containment system;
- Bureau Veritas for Shear-Water, a
ballast-free vessel concept for LNG bunkering and refuelling
vessels.
- DNV for a
containment system enabling the transport of liquid hydrogen, as
well as the concept for a hydrogen carrier vessel. Both approvals
in principle were obtained in the framework of the cooperation
agreement with Shell announced in February 2022 and reflect the
progress of this project;
- Bureau Veritas
for the design of a LNG-powered and "NH3-ready" Very Large Crude
Carrier;
- Bureau Veritas
and DNV for an innovative three-tank LNG carrier concept.
As a reminder, in 2022, GTT came first in the
INPI ranking of mid-sized companies in terms of number of patents
filed for the third year in a row. This ranking is confirmation
that innovation is central to GTT's development strategy.
In addition, on January 19, 2023, GTT announced
that it had received approval in principle from Lloyd's Register
for a maintenance optimisation solution for LNG membrane tanks.
This solution is designed to extend the time between tank surveys
by two years while meeting strict safety standards. This will
translate into increased operational flexibility and substantial
cost savings for ship-owners and charterers.
Finally, in early February 2023, the Group
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 Engineering
(GTT Group) as part of the MerVent project7.
Also in February, OSE Engineering, announced its
involvement in the HyMot consortium, alongside Alpine Racing, Bosch
France, Ecole Centrale de Nantes, Forvia, IFP Energies nouvelles,
Renault and TotalEnergies. The HyMot project, supported by ADEME as
part of the Programme d’investissements d’avenir (PIA), aims to
intensify research on the development of a hydrogen engine for
lightweight utility vehicles. Within the consortium, OSE
Engineering will bring its expertise in artificial intelligence and
machine learning.
CSR strategy
The GTT Group's CSR strategy is based around
three key pillars:
- Sustainability
starts with us, with priority given to safety, promotion of gender
equality, talent retention, and the ongoing anti-corruption
efforts.
- Environmental challenges are a
driver of innovation: the Group's R&D is increasingly focused
on zero-carbon solutions, in line with the decarbonisation
strategy.
- GTT is a responsible company,
committed to significantly reducing its emissions. Application for
the SBTi approval is in progress (Scopes 1, 2 and full scope
3).
In 2022, GTT strengthened its CSR strategy in
the following areas in particular:
- Implementation
of oversight of GTT's CSR policy and objectives by the Strategic
Committee;
- Anti-corruption:
renewal of ISO 37001 certification;
- Recognition of
GTT's efforts by CSR rating agencies, particularly in the area of
decarbonisation (B rating from CDP);
- All of GTT's indirect emissions
(Scope 3) have been screened and will be used as a basis for
defining decarbonisation levers and objectives, notably in the
context of SBTi approval.
In 2023, the Group will continue its efforts and complete the
work of establishing a detailed roadmap for its CSR strategy.
GTT Strategic Ventures
The GTT Board of Directors has decided to create
a vehicle for minority investments in technology start-ups, whose
innovations have the potential to contribute to the Group's
strategic roadmap. Called GTT Strategic Ventures, the vehicle has a
budget of €25 million.
GTT's minority stake in Tunable, a Norwegian
specialist in multi-gas & emissions analysers, announced in
September 2022, is part of this approach. At the end of December
2022, GTT also acquired a minority stake in Sarus, a French
technology company for energy transition that has designed a heat
recovery system.
Order book at December 31, 2022
On January 1, 2022, GTT's order book excluding
LNG as fuel comprised 161 units. It has since changed as
follows:
- Deliveries completed: 28 LNG
carriers, 4 ethane carriers, 1 FLNG8 and 1 onshore storage
tank;
- Orders received: 162 LNG carriers,
1 FSRU9 and 2 ethane carriers;
- Orders withdrawn from the order
book relating to projects in Russia10: 15 ice-breaking LNG carriers
and 3 GBSs11
At December 31, 2022, the order book excluding LNG as fuel stood
at 274 units, breaking down as follows:
- 256 LNG carriers;
- 4 ethane carriers;
- 1 FSRU
- 2 FSUs12;
- 11 onshore
storage tanks.
Regarding LNG as fuel, following the delivery of
4 vessels, and orders for 42 containership tanks, the number of
vessels in the order book stood at 70 units at December 31,
2022.
Consolidated revenue
(in thousands of euros) |
2021 |
2022 |
Change |
Revenues |
314,726 |
307,294 |
-2.4% |
|
|
|
|
Newbuilds |
292,407 |
279,526 |
-4.4% |
LNG carriers/VLEC |
254,920 |
242,294 |
-5.0% |
FSU |
13,307 |
16,195 |
+21.7% |
FSRU |
8,698 |
- |
nm |
FLNGs |
2,944 |
1,218 |
-58.6% |
Onshore storage tanks |
2,475 |
6,189 |
+150.0% |
GBSs |
3,273 |
6,825 |
+108.6% |
LNG-powered vessels |
6,790 |
6,805 |
+0.2% |
Electrolysers |
4,950 |
4,653 |
-6.2% |
Services |
17,369 |
23,116 |
+33.1% |
2022 consolidated revenues amounted to €307.3
million, down 2.4% compared to 2021.
- New build
revenues were €279.5 million, down 4.4% on 2021, with the fourth
quarter starting to benefit from the strong commercial activity of
the second half of 2021.
- Royalties
amounted to €242.3 million from LNG and ethane carriers, €16.2
million from FSUs, €1.2 million from FLNGs, €6.2 million from
onshore storage tanks and €6.8 million from GBSs.
- LNG as fuel
royalties (€6.8 million) were not yet impacted by the high order
intake recorded in 2021 and 2022.
- Revenues from
Elogen's electrolyser business amounted to €4.7 million in 2022,
plus €0.6 million of operating subsidies, in a context of sustained
commercial momentum.
- Services
revenues rose sharply (+33.1%) to €23.1 million during the year,
driven by growth in digital solutions and engineering studies
(including studies related to the conversion of LNG carriers to
FSRUs).
Analysis of the 2022 consolidated income
statement
(in € thousands; earnings per share in €) |
2021 |
2022 |
Change |
Revenues |
314,735 |
307,294 |
-2.4% |
Operating income before depreciation of fixed assets
(EBITDA13) |
172,177 |
161,124 |
-6.4% |
EBITDA margin (on revenues, %) |
54.7% |
52.4% |
|
Operating income (EBIT) |
164,619 |
152,218 |
-7.5% |
EBIT margin (on revenue, %) |
52.3% |
49.5% |
|
Net income |
134,101 |
128,291 |
-4.3% |
Net margin (on revenues, %) |
42.6% |
41.7% |
|
Net earnings per share14 (in euros) |
3.63 |
3.48 |
|
In 2022, Earnings Before Interest, Tax,
Depreciation and Amortisation (EBITDA) amounted to €161.1 million,
down 6.4% compared with 2021. This is mainly due to decrease in
GTT’s core business revenues and the impact of Elogen. The EBITDA
margin on revenues was 52.4% in 2022, slightly down from the 2021
financial year (54.7%).
External expenses increased slightly (+1.4%)
compared to the previous year, mainly due to the resumption of
travel expenses (+46.8%). Personnel expenses also rose slightly
(+1.5%), linked to share price impact on the performance shares
charges, while salaries and social charges remained stable.
Operating income amounted to €152.2 million in
2022, i.e. a margin on revenues of 49.5%.
Net income for the 2022 financial year amounted to €128.3
million, down 4.3% on the previous year.
Other 2022 consolidated financial
data
(in thousands of euros) |
2021 |
2022 |
Change |
Capital expenditure (including acquisitions) |
(16,028) |
(22,852) |
+42.6% |
Dividends paid |
(115,744) |
(121,783) |
+5.2% |
Cash position |
203,804 |
212,803 |
+4.4% |
Capital expenditure increased by 42.6% over the
period due to investments in R&D activities and minority stakes
in Tunable and Sarus.
The change in working capital was impacted by
the increase in shipyard receivables, most of which been paid as of
January 2023, mostly offset by deferred income related to new
orders.
At December 31, 2022, GTT held net cash of
€212.8 million, up 4.4% compared to December 31, 2021.
2022 dividend
On February 16, 2023, the Board of Directors,
after approving the financial statements, decided to propose the
distribution of a dividend of €3.10 per share for the 2022
financial year, identical to 2021. Payable in cash, this dividend
will be subject to approval by the Shareholders' Meeting to be held
on June 7, 2023. As an interim dividend of €1.55 per share was paid
out on December 15, 2022 (in accordance with the Board decision on
July 28, 2022), the cash payment of the balance of the dividend,
amounting to €1.55 per share, will take place on June 12, 2023
(ex-dividend date: June 10, 2023). This proposed dividend
corresponds to a payout ratio of 89% of consolidated net
income.
In addition, the Company plans to pay out an
interim dividend for 2023 in December 2023.
Update on exposure to Russia
As announced in its press release of January 2,
2023, the Group has ceased its activities in Russia. As a result,
the contract with Zvezda has been suspended since January 8, 2023.
With regard to the GBSs projects, the terms of GTT's departure are
currently being finalised.
Accordingly, the Group has removed from its
order book the 15 ice-breaking LNG carriers and the three GBS
corresponding to these projects, for a total amount of €81 million,
of which €35 million relates to 2023.
As a reminder, other orders in progress in Asian
shipyards for six ice-breaking LNG carriers and two FSUs15 are
specifically intended for Russian Arctic projects. These projects
are currently proceeding according to plan. As at December 31,
2022, these orders represent total revenues of €24 million for GTT,
to be recognised by 2024, of which €20 million in 2023.
Finally, eight conventional LNG carriers ordered
by international ship-owners, under construction in Asian
shipyards, are intended for the Arctic LNG 2 project, but can
operate in all types of conditions.
Outlook
At December 31, 2022, the Group has good
visibility on its revenues until 2026 and beyond thanks to its core
business order book. This corresponds to record future revenues of
€1,594 million over the 2023-2026 period (€335 million in 2023,
€504 million in 2024, €475 million in 2025 and €280 million in 2026
and beyond). In the absence of any significant order delays or
cancellations, the Company announces its targets for 2023,
namely:
- 2023 consolidated revenues of
between €385 million and €430 million,
- 2023 consolidated EBITDA of between
€190 million and €235 million,
- the
distribution of a dividend for 2023 corresponding to a minimum
payout ratio of 80% of consolidated net income.16
***
Presentation of the 2022 full-year results
Philippe Berterottière, Chairman and Chief
Executive Officer, and Virginie Aubagnac, Chief Financial Officer,
will comment on GTT's full-year results and answer questions from
the financial community during a webcast in English on Friday,
February 17, 2023, at 8:30 a.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 February 17, 2023, at 8:30 a.m.
Financial agenda
- 2023 first-quarter activity update:
April 20, 2023 (after close of trading)
- Shareholders’
Meeting: June 7, 2023
- Payment of the
balance of the dividend (€1.55 per share) for financial year 2022:
June 12, 2023
- Publication of
2023 half-year results: July 27, 2023 (after close of trading)
- 2023
third-quarter results: October 23, 2023 (after close of
trading)
About GTTGTT 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 forwardlooking
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.
Appendices (consolidated IFRS financial
statements)
Appendix 1: Consolidated balance sheet
In thousands of euros |
December 31, 2021 |
December 31, 2022 |
Intangible assets |
10,404 |
18,493 |
Goodwill |
15,365 |
15,365 |
Property, plant and equipment |
30,830 |
34,051 |
Non-current financial assets |
4,912 |
6,935 |
Deferred tax assets |
3,799 |
5,377 |
Non-current assets |
65,310 |
80,221 |
Inventories |
9,602 |
13,603 |
Trade receivables |
70,763 |
117,936 |
Current tax receivable |
44,543 |
40,110 |
Other current assets |
18,821 |
19,729 |
Current financial assets |
41 |
44 |
Cash and cash equivalents |
203,804 |
212,803 |
Current assets |
347,574 |
404,224 |
TOTAL ASSETS |
412,884 |
484,445 |
In thousands of euros |
December 31, 2021 |
December 31, 2022 |
Share capital |
371 |
371 |
Share premium |
2,932 |
2,932 |
Treasury shares |
(13,559) |
(10,818) |
Reserves |
124,412 |
139,049 |
Net income |
134,074 |
128,260 |
Equity - Group Share |
248,230 |
259,794 |
Total equity - share attributable to non-controlling interests |
8 |
41 |
Total equity |
248,238 |
259,835 |
Non-current provisions |
14,903 |
13,499 |
Financial liabilities - non-current part |
3,954 |
3,586 |
Deferred tax liabilities |
106 |
52 |
Non-current liabilities |
18,963 |
17,137 |
Current provisions |
7,364 |
8,151 |
Trade payables |
21,554 |
23,765 |
Investment subsidy |
- |
13,833 |
Current tax debts |
2,173 |
6,465 |
Current financial liabilities |
588 |
460 |
Other current
liabilities |
114,004 |
154,799 |
Current liabilities |
145,683 |
207,473 |
TOTAL EQUITY AND LIABILITIES |
412,884 |
484,445 |
Appendix 2: Consolidated income
statement
In thousands of euros |
December 31, 2021 |
December 31, 2022 |
Revenue from operating activities |
314,735 |
307,294 |
Other
operating revenue |
1,117 |
959 |
Total operating revenue |
315,851 |
308,254 |
Costs of sales |
(12,719) |
(13,525) |
External expenses |
(59,675) |
(60,521) |
Personnel expenses |
(66,633) |
(67,623) |
Tax and duties |
(3,889) |
(3,597) |
Depreciation, amortisation and provisions |
(12,177) |
(16,140) |
Other operating income and expenses |
3,861 |
5,370 |
Operating income |
164,619 |
152,218 |
Financial income |
178 |
641 |
Share of
earnings of associates |
- |
(139) |
Earnings before tax |
164,797 |
152,719 |
Income tax |
(30,696) |
(24,428) |
Net income |
134,101 |
128,291 |
Net income
Group share |
134,074 |
128,260 |
Net earnings
of non-controlling interests |
26 |
32 |
Basic earnings per share (in euros) |
3.63 |
3.48 |
Diluted earnings per share (in euros) |
3.62 |
3.46 |
Average number of shares outstanding |
36,927,632 |
36,890,466 |
Diluted number of shares |
37,076,399 |
37,037,612 |
Appendix 3: Consolidated cash flow
statement
In thousands of euros |
December 31, 2021 |
December 31, 2022 |
Group result |
134,101 |
128,291 |
Removal of income and expenses with no cash
impact: |
|
|
Share of net income of equity-accounted companies |
- |
139 |
Allocation (Reversal) of amortisation, depreciation, provisions and
impairment |
11,227 |
10,201 |
Proceeds on disposal of assets |
1,275 |
30 |
Financial expense (income) |
(178) |
(641) |
Tax expense (income) for the financial year |
30,696 |
24,428 |
Free shares |
2,117 |
3,418 |
Cash flow |
179,239 |
165,867 |
Tax paid out in the financial year |
(34,853) |
(17,524) |
Change in working capital requirement: |
|
|
- Inventories and work in progress |
1,051 |
(4,001) |
- Trade and other receivables |
33,010 |
(46,848) |
- Trade and other payables |
2,832 |
2,425 |
- Other
operating assets and liabilities |
31,221 |
39,514 |
Net cash flow from operating activities (Total
I) |
212,500 |
139,432 |
Investment operations |
|
|
Acquisition of non-current assets |
(16,028) |
(20,514) |
Investment subsidy |
- |
13,833 |
Disposal of non-current assets |
(30) |
- |
Control acquired on subsidiaries net of cash and cash equivalents
acquired |
0 |
(2,338) |
Control lost on subsidiaries net of cash and cash equivalents
acquired |
(56) |
- |
Financial investments |
(113) |
(41) |
Disposal of financial assets |
104 |
- |
Treasury shares |
(17,237) |
14 |
Change in other
fixed financial assets |
89 |
40 |
Net cash-flow from investing activities (Total
II) |
(33,272) |
(9,006) |
Financing operations |
|
|
Dividends paid to shareholders |
(115,744) |
(121,783) |
Capital increase |
0 |
3 |
Repayment of financial liabilities |
(2,399) |
(776) |
Increase in financial liabilities |
786 |
286 |
Interest paid |
(74) |
(6) |
Interest received |
48 |
312 |
Net cash-flow from financing operations (Total
III) |
(117,383) |
(121,965) |
Impact of changes in currency prices (Total IV) |
215 |
537 |
Change in cash (I+II+III+IV) |
62,060 |
8,999 |
Opening cash |
141,744 |
203,804 |
Closing cash |
203,804 |
212,803 |
Change in cash |
62,060 |
8,999 |
Appendix 4: Estimated 10-year order
book
In units |
|
Order estimates(1) |
LNG carriers |
|
400–450 |
Ethane carriers |
|
25–40 |
FSRUs |
|
<10 |
FLNGs |
|
5 |
Onshore storage tanks and GBSs |
|
25–30 |
(1) 2023-2032 period. The Company points out
that the number of new orders may see large-scale variations from
one quarter to another and even from one year to another, without
the fundamentals on which its business model is based being called
into question.
1 Subject to approval by the Shareholders’ Meeting of June 7,
2023.2 Order book at 12/31/2022 excluding suspended activities in
Russia (15 ice-breaker LNG carriers and the tanks for three GBS).3
Consolidated net income, subject to approval by the Shareholders'
Meeting and the amount of distributable reserves in the GTT SA
corporate financial statements.4 Important Project of Common
European Interest.5 See the Elogen press release of 01/04/2023. 6
See the Elogen press release of 02/07/20237 Further information on
MerVent2025: https://zephyretboree.com/projets/mervent/8 Floating
Liquefied Natural Gas unit.9 Floating Storage Regasification
Unit.10 See page 7 for a paragraph on exposure to Russia11 Gravity
Based Structures: underwater tanks.12 Floating Storage Unit.
13 EBITDA is EBIT, to which depreciation of
fixed assets and asset impairment as shown by impairment tests
linked to said fixed assets are added, according to IFRS.14 Net
earnings per share was calculated on the basis of the weighted
average number of shares outstanding, i.e. 36,927,632 shares at
December 31, 2021 and 36,890,466 shares at December 31, 2022.15
Floating Storage Unit16 Subject to approval by the Shareholders'
Meeting and the amount of distributable net income in the GTT SA
corporate financial statements.
- IR-PR-FY 2022-16 02 2023_EN
Gaztransport Et Technigaz (EU:GTT)
Graphique Historique de l'Action
De Nov 2023 à Déc 2023
Gaztransport Et Technigaz (EU:GTT)
Graphique Historique de l'Action
De Déc 2022 à Déc 2023