GTT: Full Year 2024 Results - Record sales (+50%) and EBITDA (+65%)
in a dynamic market
FY 2024 results
Record sales (+50%) and EBITDA (+65%)
in a dynamic market
- €2
billion order book providing high visibility
-
Strong growth expected in 2025
Key figures for the 2024 financial
year
|
|
2023 |
2024 Objectives |
2024 |
2024/2023 |
|
Consolidated revenues |
€428 M |
€600 – 640 M |
€641 M |
+50 % |
|
Consolidated EBITDA |
€235 M |
€345 – 385 M |
€388 M |
+65 % |
|
Proposed dividend |
€4.36
per share |
Minimum of 80% of consolidated net profit |
€7.50
per share |
+72 % |
Highlights
-
Second record year for order intake
- High
order book with 332 units for the core business and
50 units for the LNG as fuel business
-
Pursuing Digital activity development with the acquisition of
VPS
-
Initial conclusions of the strategic review of Elogen’s
activities
Outlook
- High
revenue visibility for the core business and LNG as fuel with a
nearly
2 billion euros order book
- 2025
guidance:
- 2025
consolidated revenues between 750 million euros and 800 million
euros;
-
Consolidated EBITDA for 2025 between 490 and 540 million
euros;
- 2025
dividend payout of at least 80% of consolidated net income
Paris – February 20, 2025. GTT, the
technological expert in membrane containment systems used to
transport and store liquefied gases, today announces its results
for the 2024 financial year.
Commenting on the results, Philippe
Berterottière, Chairman and CEO of GTT, said:
“Last year GTT’s core business delivered its second-best
commercial performance on its core business, with a total of
72 LNG carrier orders, 12 ethane carrier orders,
two regasification unit orders and one floating LNG unit
order. The growing demand for LNG is driving additional LNG carrier
requirements, supported by ongoing investments in liquefaction
plants and increased shipyard construction capacity. Furthermore,
new liquefaction projects are anticipated in the United States by
the end of 2025, and the replacement market is set to gain
momentum, driven by an ageing fleet and tightening environmental
regulations.
Regarding LNG as fuel, GTT booked
12 container ship orders and one bunkering vessel order
in 2024, in a context of strong growth in new LNG-powered vessel
orders, but also intensified competition.
Ascenz Marorka, our subsidiary specialising
in digital solutions, delivered very strong growth. The integration
of VPS, a Danish company acquired in February 2024 and specialising
in vessel performance, was successfully completed. The entire
digital division secured new commercial successes and equipped
numerous leading ship-owners’ vessels.
Our Services division secured several
framework agreements with ship-owners, including Jovo and Maran
Tankers, and conducted several pre-project studies, resulting in
significant growth.
Finally, Elogen, our subsidiary specialising
in electrolysers for green hydrogen production, reported an EBITDA
loss of -33 million euros, in a particularly challenging
market environment, leading to a lack of significant orders in
2024. The initial conclusions of the strategic review of Elogen’s
activities, announced on February 10, 2025, highlight the need
to reposition the company’s business model to leverage its
technological strengths. Among the measures under consideration, a
reorganisation and workforce adjustment plan has been announced and
initiated, subject to information and consultation procedures with
employee representative bodies.
The GTT Group continues its ongoing
commitment to R&D and innovation, as evidenced by the numerous
approvals obtained in 2024 from classification societies in the
fields of LNG carriers, alternative fuels and liquid hydrogen
transport. In 2024, GTT filed 62 patents.
From a financial perspective, revenues
for the 2024 financial year recorded strong growth, increasing by
50% compared to 2023, driven by the gradual increase in the number
of LNG carriers under construction. EBITDA for 2024 amounted to
388 million euros, up 65%, reflecting significant revenue
growth in core businesses as well as effective cost
management.
GTT benefits from high visibility on its core
business over the coming years, with an order book of nearly
two billion euros. Regarding our outlook for the current year,
given the order book schedule, we estimate that consolidated
revenues for 2025 should be in the range of 750 to 800 million
euros, with consolidated EBITDA expected to be between 490 and 540
million euros. We also reaffirm our commitment to distributing at
least 80% of the Group’s net income1 for the 2025
financial year.”
Evolution of Group business activity in 2024
- LNG carriers: Continued order
momentum
In the 2024 financial year, GTT booked
72 LNG carrier orders, including 18 very large-capacity
LNG carriers (271,000 m3). The delivery of these
vessels is scheduled between 2026 and 2031. Over the period, GTT
also received two FSRU2 orders and one FLNG3
order.
Additionally, since the beginning of 2025, GTT
has already secured seven LNG carrier orders, including six very
large-capacity LNG carriers.
- Ethane carriers: a pioneering
position
In the 2024 financial year, GTT received
12 orders for large-capacity ethane carriers (including eight
ultra large ethane carriers, i.e. 150,000 m3, a
world first). These vessels are scheduled for delivery in 2026 and
2027.
Additionally, since the beginning of 2025, GTT
has received three orders for very large ethane carriers.
- LNG as fuel: market recovery amid
intensified competition
In 2024, GTT received an order from the HD KSOE
shipyard to design the cryogenic tanks for 12 very large
LNG-powered container ships for CMA CGM. These vessels are
scheduled for delivery between the second quarter of 2027 and the
second quarter of 2028.
In the third quarter of 2024, GTT also received
a new order from the Ibaizabal Group for an
18,600 m3- LNG bunkering vessel, which will be
chartered by TotalEnergies.
Additionally, in February 2025, the Group
received a new order for 12 very large LNG-fuelled container
ships.
GTT also secured an order, in collaboration with
Nikkiso, to equip ten LNG-fuelled container ships with the
Recycool™ reliquefaction system. Developed by GTT, this passive
boil-off gas management system significantly reduces CO2
emissions from LNG-fuelled vessels.
- Digital solutions: very strong growth in
activity
Revenues from digital solutions grew by 85% in
2024 compared to the previous year, reaching 15.6 million euros,
with a gross margin of 48%. This performance was driven by new
commercial successes with leading ship-owners and the acquisition
of VPS, a Danish company specialising in vessel performance
management, whose integration was successfully completed.
Numerous contracts were signed with key industry
players. In particular, Ascenz Marorka’s weather routing solution
was selected to equip several vessels in Latsco fleet, the “Smart
Shipping” solution was chosen to equip the entire LNG carrier fleet
of Gazocean, and VPS’s “Vesper” performance management platform was
adopted for several vessels in the Harren Shipping Services’
fleet.
Moreover, Ascenz Marorka has been granted
“cybersecurity” approval for its digital solutions by the
classification society, Bureau Veritas.
- Services: strong performance by pre-project
studies and vessel assistance
In 2024, revenues from services increased by
18.2% compared to the previous year, reaching 23.3 million euros.
This growth was primarily driven by the strong performance by
pre-project studies and assistance services for vessels in
operation. In 2024, the Services division secured several framework
agreements with leading ship-owners, including Jovo, Maran Tankers
and ENI for the Coral Sul FLNG in Mozambique.
- Elogen : initial conclusions of the
strategic review
For the 2024 financial year, Elogen generated
revenues of 11.4 million euros, an increase of 12.7% compared
to 2023, and an EBITDA loss of -33.3 million euros (compared
to -20 million euros in 2023). In a challenging green
hydrogen market, with numerous projects postponed or cancelled and
increased competition, Elogen did not secure any significant orders
during the year.
In a press release dated February 10, 2025,
the GTT Group announced the initial conclusions of the strategic
review of its Elogen subsidiary’s activities. These conclusions
highlight the need for the GTT Group to reposition Elogen’s
business model, focusing on R&D to leverage its technological
strengths.
This plan to refocus Elogen’s activities
involves the following measures:
-
- The launch of a reorganisation and workforce adjustment project
within Elogen, which could lead to the elimination of
110 positions as part of a redundancy plan. The plan would
initially include a voluntary departure phase to minimise, as much
as possible, the need for compulsory redundancies;
-
- The suspension of the construction of its Vendôme plant and the
assessment of future options for the site, in consultation with
local authorities.
The measures necessary to reposition Elogen’s
activities are subject to information and consultation procedures
with employee representative bodies, which have already begun.
- Innovation: continuous development of new
technologies
In early 2024, as part of a joint development
project between GTT, TotalEnergies, LMG Marin and Bureau Veritas,
GTT received two approvals in principle from Bureau Veritas: one
for the design of a cryogenic membrane containment system for
liquefied hydrogen, and the other for the preliminary design of a
large-capacity hydrogen carrier. These approvals mark the first
major achievement in the development of a liquid hydrogen transport
sector.
In the field of LNG carriers, the Group
received:
- In
June 2024, two major approvals from Bureau Veritas and Lloyd’s
Register for GTT NEXT1, its next-generation LNG containment
technology. This cutting-edge solution combines the best of GTT’s
technologies to deliver optimal performance and enhanced
reliability for the transport of LNG.
- In
September 2024, at the Gastech exhibition, two approvals in
principle from Lloyd’s Register and Bureau Veritas for a new,
ground-breaking, 200,000 m3 LNG carrier concept,
specifically designed for optimised speed. By integrating three
tanks instead of the traditional four, this design allows the same
annual LNG delivery volume while reducing fuel consumption through
a lower cruising speed. With lower investment and operating costs,
this solution allows ship-owners to reduce unit transport costs by
approximately 5% and cut CO2 emissions by around
20%.
Finally, regarding vessels powered by LNG or
alternative fuels:
- GTT
obtained three approvals in principle, paving the way for the use
of ammonia (ABS and Bureau Veritas) and methanol (Bureau Veritas)
as alternative fuels for LNG-powered vessels equipped with the Mark
III system. These innovations enable ship-owners to prepare their
vessels for future conversion without major structural
modifications.
- GTT
continued its efforts to develop new applications to meet
environmental requirements and announced the implementation of its
“1 barg” concept in collaboration with an Asian shipyard on
two series of 12 LNG-fuelled container ships. This innovative
concept will allow these vessels to comply with future port
regulations requiring onshore power connections.
It should be noted that the GTT Group filed
62 patents in 2024, a level close to that of previous
years.
- GTT Strategic Ventures: four investments in
2024
As part of the implementation of the Group’s
innovation strategy, GTT’s investment fund made four minority
investments in 2024, acquiring stakes in the following
companies:
-
Energo, the French technological expert in the production of
synthetic molecules using plasma catalysis;
-
CryoCollect, a French engineering company specialising in gas
treatment, liquefaction and separation technologies for gases such
as biomethane, carbon dioxide and hydrogen;
-
Seaber.io, a Finnish software company specialising in the
digitalisation of scheduling and chartering processes for bulk
shipping;
-
Bluefins, an innovative start-up in the field of ship propulsion
systems.
Since its creation in 2022, GTT Strategic
Ventures has made seven minority investments.
CSR performance
In February 2024, GTT unveiled its CSR roadmap
for the 2024-2026 period, setting out objectives and action plans
aligned with its environmental and social priorities. This approach
has enabled the Group to accelerate the implementation of its CSR
ambitions from 2024 onwards. Furthermore, the CDP once again
recognised the quality of GTT’s GHG emission reduction strategy,
awarding it a “B” rating in the Climate questionnaire for the third
consecutive year. The results of this CSR roadmap will be disclosed
in the Universal Registration Document to be published at the end
of April 2025.
Order book at December 31, 2024
On January 1, 2024, GTT’s order book excluding
LNG as fuel comprised 311 units. The following changes have
occurred since January 1:
-
Deliveries: 62 LNG carriers, 4 onshore storage
tanks;
-
Orders received: 72 LNG carriers, 12 ethane carriers,
2 FSRUs and 1 FLNG.
At December 31, 2024, the order book, excluding
LNG as fuel, stood at 332 units, breaking down as follows:
- 306
LNG carriers;
- 16
ethane carriers;
- 3
FSRU;
- 2
FLNG;
-
5 onshore storage tanks.
Regarding LNG as fuel, with the delivery of
39 vessels and orders for 12 container ships and
one LNG bunker vessel, there were 50 vessels on order at
December 31, 2024.
Consolidated revenue
|
(in millions of euros) |
2023 |
2024 |
Change |
|
Revenues |
427.7 |
641.4 |
+50.0% |
|
New builds |
389.5 |
591.1 |
+51.8% |
|
LNG carriers/ethane carriers |
353.4 |
552.5 |
+56.4% |
|
FSU4 |
2.4 |
- |
N/A |
|
FSRU5 |
- |
1.4 |
N/A |
|
FLNGs6 |
- |
4.6 |
N/A |
|
Onshore storage tanks |
4.1 |
1.7 |
-58.8% |
|
LNG-powered vessels |
29.5 |
30.9 |
+4.6% |
|
Electrolysers |
10.1 |
11.4 |
+12.7% |
|
Digital |
8.4 |
15.6 |
+85.1% |
|
Services |
19.7 |
23.3 |
+18.2% |
Consolidated revenues for the 2024 financial
year stood at 641.4 million euros, up 50.0% compared to 2023,
benefiting from the increase in the number of LNG carriers under
construction and, to a lesser extent, the growth in the digital
business.
- Revenues
from new builds amounted to 591.1 million euros, up 51.8%
compared to 2023, benefiting from the increase in the number of LNG
carriers under construction.
- Royalties
from LNG and ethane carriers amounted to 552.5 million euros
(up 56.4%), 1.4 million euros for FSRUs, 4.6 million
euros for FLNGs and 1.7 million euros for onshore storage
tanks.
- Royalties
generated by the LNG as fuel business
(30.9 million euros, up 4.6%) were stable compared to
2023, reflecting the large number of orders received in 2021 and
2022.
- Revenues
from Elogen’s electrolyser business line amounted to
11.4 million euros in 2024, versus 10.1 million
euros in 2023.
- Revenues
in the digital business were 15.6 million euros, up 85.1% in
2024, thanks to new commercial successes with leading ship-owners
and the acquisition of Danish company VPS in February 2024.
- Revenues
from services increased by 18.2% to stand at 23.3 million
euros in 2024, driven primarily by the strong performance by
pre-project studies and assistance services for vessels in
operation.
Analysis of the 2024 consolidated income
statement
| (in
millions of euros; earnings per share in euros) |
2023 |
2024 |
Change |
|
Revenues |
427.7 |
641.4 |
+50.0% |
|
Operating income before depreciation of non-current assets
(EBITDA) |
234.5 |
388.1 |
+65.5% |
| EBITDA
margin (on revenues, %) |
54.8% |
60.5% |
|
|
Operating income (EBIT) |
223.5 |
374.3 |
+67.5% |
| EBIT
margin (on revenues, %) |
52.3% |
58.4% |
|
| Net
income |
201.4 |
347.8 |
+72.7% |
| Net
margin (on revenues, %) |
47.1% |
54.2% |
|
| Net
earnings per share7 (in euros) |
5.45 |
9.40 |
|
In 2024, Earnings Before Interest, Tax,
Depreciation and Amortisation (EBITDA) amounted to
388.1 million euros, up 65.5% compared to 2023, reflecting
strong revenue growth, the absence of significant delays in
shipbuilding schedules and effective cost management. External
expenses were higher (+19.4%) compared to the previous financial
year, linked to the increase in subcontracted tests and studies.
Personnel expenses increased by 17.6%, driven by higher headcount
in subsidiaries and salary adjustment in line with inflation.
Operating income (EBIT) amounted to
374.4 million euros in 2024, representing an operating margin
of 58.4%, a significant increase compared to the previous year,
linked to the growth in activity.
Net income amounted to 347.8 million euros for the 2024
financial year, up 72.7% over the previous year.
Other 2024 consolidated financial
data
|
(in millions of euros) |
2023 |
2024 |
Change |
Capital expenditures
(including investment subsidies) |
44.0 |
68.5 |
+55.7% |
|
Dividends paid |
125.6 |
228.9 |
+82.2% |
| Cash
position |
267.5 |
343.3 |
+28.3% |
The Group’s capital expenditure increased
sharply, mainly due to building renovation work at GTT’s
headquarters, the acquisition of VPS, and minority investments made
by GTT Strategic Ventures. Additionally, the Group effectively
managed its working capital requirements (WCR) in a context of
strong growth in activity. As of December 31, 2024, GTT held a
positive net cash position of 343.3 million euros, representing a
28.3% increase compared to December 31, 2023.
Dividend for the 2024 financial year
On February 20, 2025, the Board of Directors,
after approving the financial statements, decided to propose the
distribution of a dividend of 7.50 euros per share for the 2024
financial year, representing an increase of 72% compared to 2023.
Payable in cash, this dividend will be subject to approval by the
Shareholders’ Meeting to be held on June 11, 2025. As an interim
dividend of 3.67 euros per share was paid out on December 12, 2024
(in accordance with the Board decision on July 25, 2024), the cash
payment of the balance of the dividend, amounting to 3.83 euros per
share, will take place on June 19, 2025 (ex-dividend date: June 17,
2025). This proposed dividend corresponds to a payout ratio of 80%
of consolidated net income.
In addition, the Company plans to pay out an
interim dividend for 2025 in December 2025.
Governance
The Board of Directors announced the resignation
of Jean-Baptiste Choimet as Chief Executive Officer of GTT on
February 10, 2025.
On the recommendation of its Compensation and
Nominations Committee, GTT’s Board of Directors, at its meeting on
February 9, 2025, designated Philippe Berterottière, Chairman
of the Board of Directors, as Chief Executive Officer of GTT on an
interim basis.
The Board of Directors immediately initiated a
process to select a new Chief Executive Officer.
Outlook
As of the end of December 2024, the Group has
very strong revenue visibility, supported by the order book for its
core business. This represents a cumulative future revenue of
1,902 million euros (675 million euros in 2025,
586 million euros in 2026, 395 million euros in 2027, and
247 million euros in 2028 and beyond).
In the absence of any significant order delays
or cancellations, GTT announces its targets for 2025,
namely:
- 2025
consolidated revenues of between 750 million euros and 800 million
euros,
-
consolidated EBITDA for 2025 between 490 and 540 million
euros,
- a 2025
dividend payout target corresponding to a minimum payout of 80% of
consolidated net income8.
***
Presentation of the 2024 full-year results
Philippe Berterottière, Chairman and Chief
Executive Officer, and Thierry Hochoa, Chief Financial Officer,
will present GTT’s 2024 financial results and answer questions from
the financial community at a conference call to be held, in
English, on Friday, February 21, 2025, at 8.30 a.m., Paris
time.
This conference will be broadcast live on GTT’s
website.
To join 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 21, 2025 from 8:30 a.m.
Financial agenda
- 2025
first-quarter activity update: April 17, 2025 (after close of
trading)
-
Shareholders’ Meeting: June 11, 2025
-
Publication of 2025 half-year results: July 29, 2025 (after
close of trading)
- 2025
third-quarter activity update: October 31, 2025 (after close of
trading)
Investor Relations contact:
Information-financiere@gtt.fr information-financiere@gtt.fr / +33 1
30 23 20 87
Press contact:
Teneo
Olivier Jay: +33 6 30 13 71 80
Charlotte L’Hélias: +33 6 11 85 14 80
gtt@teneo.com
About GTT
GTT is a technology and engineering group with
expertise in the design and development of cryogenic membrane
containment systems for use in the transport and storage of
liquefied gases. Over the past 60 years, the GTT Group has designed
and developed, to the highest standards of excellence, some of the
most innovative technologies used in LNG carriers, floating
terminals, onshore storage tanks and multi-gas carriers. As part of
its commitment to building a sustainable world, GTT develops new
solutions designed to support ship-owners and energy providers in
their journey towards a decarbonised future. As such, the Group
offers systems designed to enable commercial vessels to use LNG as
fuel, develops cutting-edge digital solutions to enhance vessels’
economic and environmental performance, and actively pursues
innovation in the field of low-carbon solutions. Through its
subsidiary, Elogen, which designs and manufactures proton exchange
membrane (PEM) electrolysers, GTT is also actively involved in the
green hydrogen sector.
GTT is listed on Euronext Paris, Compartment A (ISIN
FR0011726835 Euronext Paris: GTT) and is notably included in the
CAC Next 20, SBF 120, Stoxx Europe 600 and MSCI Small Cap
indices.
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 29,
2024, and the half-year financial report released on July 30, 2024.
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, 2023 |
December 31, 2024 |
|
Intangible assets |
23,062 |
37,336 |
|
Goodwill |
15,365 |
18,966 |
|
Property, plant and equipment |
41,988 |
56,466 |
|
Investments in equity-accounted companies |
5,917 |
10,405 |
|
Non-current financial assets |
3,053 |
8,236 |
|
Deferred tax assets |
8,518 |
5,157 |
|
Non-current assets |
97,903 |
136,566 |
| Inventories |
19,746 |
29,790 |
|
Trade receivables |
158,098 |
186,020 |
|
Current tax receivable |
54,132 |
82,707 |
| Other
current assets |
18,848 |
35,990 |
|
Current financial assets |
132 |
390 |
| Cash
and cash equivalents |
267,529 |
343,328 |
|
Current assets |
518,486 |
678,224 |
|
TOTAL ASSETS |
616,389 |
814,789 |
| |
|
|
| In
thousands of euros |
December 31, 2023 |
December 31, 2024 |
| Share
capital |
371 |
371 |
| Share
premium |
2,932 |
6,853 |
|
Treasury shares |
(8,911) |
(7,418) |
|
Reserves |
140,536 |
113,826 |
| Net
income |
201,369 |
347,760 |
|
Equity attributable to owners of the parent |
336,297 |
461,392 |
| Equity
– share attributable to non-controlling interests |
43 |
75 |
|
Total equity |
336,340 |
461,467 |
|
Non-current provisions |
5,968 |
6,210 |
|
Financial liabilities – non-current part |
5,962 |
13,840 |
|
Deferred tax liabilities |
8 |
1,154 |
|
Non-current liabilities |
11,937 |
21,204 |
|
Current provisions |
8,543 |
4,486 |
| Trade
payables |
32,367 |
44,558 |
|
Advance payments of subsidies |
484 |
1,479 |
|
Current tax debts |
7,279 |
9,782 |
|
Current financial liabilities |
2,382 |
2,142 |
| Other
current liabilities |
217,056 |
269,671 |
|
Current liabilities |
268,112 |
332,118 |
|
TOTAL EQUITY AND LIABILITIES |
616,389 |
814,789 |
Appendix 2: Consolidated income statement
| (in
thousands of euros) |
December 31, 2023 |
December 31, 2024 |
|
Revenues from operating activities |
427,704 |
641,387 |
| Other operating income |
1,330 |
2,334 |
|
Total operating income |
429,034 |
643,721 |
| Costs
of sales |
(17,764) |
(28,147) |
|
External expenses |
(86,186) |
(102,902) |
|
Personnel expenses |
(95,565) |
(112,359) |
| Tax
and duties |
(3,640) |
(3,872) |
|
Depreciation and provisions |
(4,995) |
(26,629) |
| Other
current operating income and expenses |
2,643 |
4,537 |
| Current operating income
(EBIT) |
223,527 |
374,349 |
|
EBIT margin on revenues (%) |
52.3% |
58.4% |
| Other
non-current operating income and expenses |
8,850 |
21,000 |
|
Current and non-current operating income |
232,377 |
395,349 |
| Financial income |
4,256 |
11,792 |
|
Share in the income of associated entities |
(407) |
(339) |
|
Profit (loss) before tax |
236,225 |
406,802 |
| Income
tax |
(34,853) |
(58,978) |
| Net
income |
201,372 |
347,824 |
| Net income Group share |
201,369 |
347,760 |
| Net earnings of non-controlling
interests |
3 |
63 |
|
Basic earnings per share (in euros) |
5.45 |
9.40 |
|
Diluted earnings per share (in euros) |
5.43 |
9.37 |
|
Average number of shares outstanding |
36,940,976 |
37,007,502 |
|
Diluted number of shares |
37,094,967 |
37,136,514 |
Appendix 3: Consolidated cash flow statement
| (in
thousands of euros) |
December 31, 2023 |
December 31, 2024 |
| Company
profit for the year |
201,372 |
347,824 |
| Removal of
income and expenses with no cash impact: |
|
|
| Share of net
income of equity-accounted companies |
407 |
339 |
| Allocation
(reversal) of amortisation, depreciation, provisions and
impairment |
3,023 |
14,650 |
| Net carrying
amount of intangible assets or property, plant and equipment
sold |
1,264 |
5 |
| Financial
expense (income) |
(4,256) |
(8,595) |
| Tax expense
(income) for the financial year |
34,853 |
58,978 |
| Payment in
shares |
1,980 |
3,364 |
| Other operating
income and expenses |
- |
702 |
| Cash
flow |
238,645 |
417,268 |
| Tax paid in the
financial year |
(51,282) |
(74,420) |
| Change in
working capital requirement: |
|
|
| -
Inventories and work in progress |
(6,144) |
(10,043) |
| -
Trade and other receivables |
(40,162) |
(27,922) |
| -
Trade and other payables |
8,586 |
12,191 |
| - Other
operating assets and liabilities |
66,514 |
44,385 |
|
Net cash-flow generated by the business (Total I) |
216,158 |
361,458 |
| Investment
operations |
|
|
| Acquisition of
non-current assets |
(43,124) |
(61,698) |
| Investment
subsidy |
699 |
(17,305) |
| Disposal of
non-current assets |
635 |
- |
| Control acquired
on subsidiaries net of cash and cash equivalents acquired |
(4,088) |
(11,646) |
| Control lost on
subsidiaries net of cash and cash equivalents sold |
- |
- |
| Acquisitions of
investments in equity-accounted companies |
- |
(4,372) |
| Financial
investments |
(195) |
- |
| Disposal of
financial assets |
- |
- |
| Treasury
shares |
40 |
(2,524) |
| Change in other fixed
financial assets |
1,985 |
(5,533) |
|
Net cash-flow from investment operations (Total II) |
(44,048) |
(68,468) |
| Financing
operations |
|
|
| Dividends paid
to shareholders |
(125,640) |
(228,891) |
| Capital
increase |
- |
3,921 |
| Repayment of
financial liabilities |
(1,274) |
(2,255) |
| Increase of
financial liabilities |
5,576 |
1,073 |
| Interest
paid |
(199) |
(454) |
| Interest
received |
5,688 |
9,257 |
| Change in bank
overdrafts |
- |
- |
|
Net cash-flow from financing operations (Total III) |
(115,857) |
(217,348) |
| Effect of
changes in currency prices (Total IV) |
(1,526) |
158 |
| Change in
cash (I+II+III+IV) |
54,727 |
75,800 |
| Opening
cash |
212,802 |
267,529 |
| Closing
cash |
267,529 |
343,328 |
| Cash
change |
54,727 |
75,800 |
| |
|
|
|
Appendix 4: Estimated 10-year order book
| In units |
|
Order estimates(1) |
|
LNG carriers |
|
More than 450 |
|
Ethane carriers |
|
25-40 |
|
FSRUs |
|
≤10 |
|
FLNGs |
|
≤10 |
|
Onshore storage tanks and GBSs |
|
25-30 |
(1) 2025-2034 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 Consolidated net income, subject to approval by the
Shareholders’ Meeting and the amount of distributable reserves in
the GTT S.A. corporate financial statements.
2 Floating Storage Regasification Unit.
3 Floating LNG unit.
4 Floating Storage Unit for LNG.
5 Floating Storage Regasification Unit for LNG.
6 Floating Liquefied Natural Gas vessel: LNG
liquefaction unit.
7 Net earnings per share were
calculated on the basis of the weighted average number of shares
outstanding, i.e. 36,940,976 shares at December 31, 2023 and
37,007,502 shares at December 31, 2024.
8 Subject to approval by the Shareholders’ Meeting and
the amount of distributable net income in the GTT S.A. corporate
financial statements.
- GTT - FY 2024 results - Press Release
Gaztransport Et Technigaz (EU:GTT)
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