GTT: Revenues totalling €184 million for the first 9 months of 2018http://globenewswire.com/news-release/2018/10/26/1627969/0/en/GTT-Revenues-totalling-184-million-for-the-first-9-months-of-2018.html">
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| Source: GTT
multilang-release Revenues totalling €184 million for the first 9 months of 2018 Order book of 92 units at 30 September 20187.1% increase in consolidated revenues2018 objectives confirmed Paris, 26 October 2018 - GTT
(Gaztransport &...
GTT: Revenues totalling €184 million for the first 9 months of 2018http://globenewswire.com/news-release/2018/10/26/1627969/0/en/GTT-Revenues-totalling-184-million-for-the-first-9-months-of-2018.html">
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Print FriendlyShareOctober 26, 2018 11:46 ET
| Source: GTT
multilang-release Revenues totalling €184 million for the first 9 months of 2018 Order book of 92 units at 30 September 20187.1% increase in consolidated revenues2018 objectives confirmed Paris, 26 October 2018 - GTT
(Gaztransport & Technigaz) - an engineering company specialised in
the design of membrane containment systems for the transport and storage
of liquefied natural gas - announces its revenues for the first 9
months of 2018. Consolidated key figures (in thousands of euros) Proforma 9M 2017 9M 2018 Change Revenue 171,476 183,653 +7.1% New builds 161,512 173,031 +7.1% LNG/Ethane carriers 143,525 149,931 +4.5% FSRU[1] 13,671 19,621 +43.5% FLNG[2] 2,890 1,970 -31.8% Onshore storage 1,327 678 -48.9% Barges 99 300 +205.0% LNG fuel 0 530 ns From services 9,964 10,622 +6.6% Philippe Berterottière, Chairman and Chief Executive Officer of GTT, commented: "In
Q3, business was marked by ongoing ship orders. With 34 orders of LNG
carriers and FSRUs recorded to the end of September, 2018 is set to be a
record year for our main business line. We were also successful in the
promising field of LNG fuel. The order received in July to equip the LNG
tanks of the Ponant Icebreaker is symbolic of shipping companies'
growing interest in our LNG propulsion solutions. We are continuing our
efforts to enter into industrial and commercial partnerships to step up
our development in this field. We are continuing to prepare the future
by constantly improving our technologies. We thus obtained a
classification society's approval-in-principle for the development of
NO96 Flex, a new, higher-performance version of our NO96 technology. On
the strength of the particularly high number of orders received since
the beginning of 2018 and the growth in our services business, we can
confirm our objectives for our FY 2018 revenues, net margin and
dividend". Review of business activity for the first nine months During
the first nine months of 2018, GTT's sales activity was marked by a
number of successes, in particular in the field of LNG carriers: Main "vessel" activity The 18 orders recorded in the 1st
half for the design of tanks for LNG carriers were supplemented with 14
new orders in Q3, bringing the total to 32 orders for the first 9
months of 2018. All of these vessels will be equipped with recent GTT
technologies (NO 96 GW, Mark III Flex and Mark III Flex+).
2 orders for the design of FSRU tanks were recorded over the first six
months. The pace of these orders is consistent with the Group's
medium-term forecasts. Onshore storage activity
In September 2018, GTT received an order from the European Organization
for Nuclear Research (CERN) for the design of a containment system for a
12,500 m3 onshore storage tank that will contain liquid argon for experimental purposes. LNG fuel activity 1 order for a bunker ship with a capacity of 18,600 m3 was
recorded at the beginning of the year. Operated by Mitsui OSK Lines
Ltd. and chartered by Total Marine Fuels Global Solutions (TMFGS), this
ship will be dedicated to the supply of LNG to the future CMA CGM
container carriers. In July 2018, GTT also recorded an
order from the Vard shipyard to build LNG tanks for the PONANT
Icebreaker, the first LNG-powered icebreaker cruise ship. Services activity
During the first half of 2018, GTT was commissioned to conduct
preliminary engineering studies for new GBS (Gravity Based System)
terminal projects. New Technical Assistance and License Agreements (TALAs)
In April 2018, with Sembcorp Marine (a company based in Singapore), to
design and build FSRUs, medium-capacity LNG carriers and Sembcorp
Marine's Gravifloat platforms using GTT's membrane containment systems.
In September 2018, with Keppel Offshore & Marine for the equipment
of LNG carriers, bunker vessels, LNG-powered ships and Floating Storage
and Regasification Units (FSRUs), with special focus on ships with a
capacity of 30,000 to 80,000 m3.
In September 2018, with South Korea's Hyundai Mipo Dockyard for the
equipment of gas tankers, in particular small and medium capacity
vessels (up to around 50,000 m3), as well as LNG tanks for ship propulsion. Technology
In Q3, GTT obtained Bureau Veritas' approval-in-principal for the
development of a new NO96-type cargo containment system. Called NO96
Flex, this new system has the advantages of the proven NO96 technology,
as well as those provided by the use of foam panels, thereby reducing
the boil-off rate to 0.07%V per day, i.e. a level equivalent to that of
GTT's most efficient technologies. CSR performance
GTT was commended by GAIA for its CSR performance. GAIA is an agency
specialised in the extra-financial rating (based on environmental,
social and governance criteria) of listed SMEs and mid-caps. GTT ranked
21st out of the 230 companies rated, and 3rd out of 78 in its revenue category. GAIA also created an ESG index of the 70 best-rated companies, which includes GTT.
Moreover, following an audit conducted by Ethic Intelligence, GTT
obtained the certification of its anti-corruption management system
based on ISO 37001 requirements. Change in consolidated revenues Revenues for the first 9 months of 2018 totalled €184 million, up 7.1% compared to the first 9 months of 2017.
Revenues from new-builds amounted to €173.0 million, up 7.1%. Royalties
from LNG carriers and ethane carriers increased 4.5% to €149.9 million,
while FSRU royalties grew 43.5% to €19.6 million, thanks to the
numerous orders recorded in 2017. Other royalties were as follows: €2.0
million for FLNGs, €0.7 million for Onshore storage, €0.5 million for
LNG-powered ships, and €0.3 million for the barge.
Service-related revenues amounted to €10.6 million, up 6.6% compared to
the first 9 months of 2017, due to an increase in engineering studies
and the impact of Ascenz operations. Changes in the order book GTT's order book, which contained 89 units at January 1, 2018, has added the following orders since that date: 35 orders received: 32 LNG carriers, 2 FSRUs, 1 Onshore storage tank; 32 deliveries: 28 LNG carriers, 3 FSRUs, 1 barge. At 30 September 2018, the order book comprised 92 units, of which: 76 LNG carriers[3]; 11 FSRUs3; 2 FLNGs; 3 onshore storage tanks. Moreover,
in the first 9 months of 2018, in the field of LNG Fuel, GTT received
an order to equip a bunker ship and an order to equip the Ponant
Icebreaker cruise ship, bringing to 11 the number of units recorded in
its LNG order book to 30 September 2018. Outlook for 2018 The Company confirms its objectives for FY 2018, namely: 2018 consolidated revenues of 235 to 250 million euros[4]; 2018 consolidated EBITDA[5] within a range of 145 to 155 million euros; a 2018 dividend[6]
amount at least equivalent to the ones paid in 2015, 2016 and 2017 and,
for 2019, a dividend payout ratio of at least 80% of distributable net
income. Financial agenda Publication of 2018 full-year results: 26 February 2019 (after the close of trading) Annual General Meeting of Shareholders: 23 May 2019 Investor Relations Contactinformation-financiere@gtt.fr / + 33 1 30 23 20 87 Media Relations Contact press@gtt.fr / +33 1 30 23 42 26 / +33 1 30 23 48 04 About GTTGTT
(Gaztransport & Technigaz) is an 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. For further information, please consult www.gtt.fr/en 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 (in French) registered with the AMF on April 25,
2018 and the half-yearly financial report released on July 26, 2018.
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 and Regasification Unit: Floating LNG storage and regasification unit [2] Floating Liquefied Natural Gas vessel: LNG liquefaction unit [3] Including the conversion of a LNGC order in FSRU [4] In the absence of any significant order delays or cancellations [5] EBITDA: earnings before interest, taxes, depreciation and amortization, in accordance with IFRS. [6] Subject to approval by the General Meeting AttachmentPDF version.pdf
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