€240 million in revenue for the first nine months of 2021, in line with expectations
- Significant order intake in the first nine months of 2021: 48 units for the core business and 25 units for the LNG as fuel business
- 2021 targets confirmed
Paris –
Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said: “With 40 LNG carrier orders, 2 ethane carrier orders and 6 onshore tanks orders, GTT's commercial performance in the first nine months of the year remains strong for our core business. These orders are mainly for delivery dates spread over the 2023-2025 period.
In the LNG as fuel segment, new orders were added to those taken in the first half of the year to reach a total of 25 units, a volume that outstrips all orders taken in previous years. GTT's membrane technology has been adopted by several international ship-owners and is becoming increasingly important in a segment that is expected to grow.
In terms of innovation, GTT is pursuing its roadmap with new approvals in principle by classification societies concerning notably LNG as fuel technology.
From a financial standpoint, revenues for the first nine months of 2021 are in line with our expectations. They are down 21% compared to the first nine months of 2020, which recorded an exceptionally high level, but are up by 20% compared to the first nine months of 2019.
Considering the level of our backlog and shipbuilding schedules, we confirm our revenue, EBITDA and dividend distribution targets for the full year 2021. ”
Business activity during the first nine months
- A high order intake for LNG and ethane carriers
GTT’s business activity was marked by multiple successes during the first nine months of 2021, particularly in the field of LNG carriers. With 40 orders for LNG carriers booked in the first nine months of 2021, GTT's main business activity is at a very high level. Delivery of the vessels is scheduled between the first quarter of 2023 and the third quarter of 2025.
As a reminder, in
- 6 orders for onshore storage tanks
On
GTT will design these membrane tanks with a total capacity of 220,000 m3 using latest generation GST® technology. These orders are part of the new cooperation agreement for the Tianjin Nangang LNG terminal, concluded in
- 25 orders for LNG as fuel
GTT received orders to equip 25 vessels with LNG as fuel in the first nine months of 2021. The first order received from the Chinese shipyards
-
For several years, the
Ascenz, the
On
- An emblematic new contract for Elogen
On
As a reminder, Elogen announced on
In the first nine months of 2021, Elogen generated revenues of €3.3 million and an order intake of €6.2 million. The FY2021 revenue target is confirmed at €6 million.
Intense activity in innovation and development of new technologies
GTT obtained, during the first six months of the year, several approvals from classification societies to develop innovative new technologies in a wide range of areas, such as improving the performance of our LNG as fuel technologies and a digital solution to optimise the frequency of maintenance operations on membrane LNG tank
In
GTT also announced in July that it had obtained, in partnership with
In
As a reminder, GTT is the leading French mid-sized company in terms of the number of patents published by the INPI for the second year in a row. This ranking confirms GTT’s strong innovation capacity. The Group places innovation at the heart of its strategy, in all its activities, with the ambition of supporting its customers with the challenges of decarbonisation.
Order book at
On
- Deliveries completed: 44 LNG carriers, 5 ethane carriers, 2 FSRUs
- Orders received: 40 LNG carriers, 2 ethane carriers, 6 onshore storage tanks
At
- 118 LNG carriers
- 6 ethane carriers
- 1 FSRU1
- 2 FSUs
- 1 FLNG
- 3 GBSs
- 12 onshore storage tanks
With regard to LNG as fuel, the order book stood at 32 units at
- Deliveries completed: 6 giant container ships and 1 cruiser icebreaker
- Orders received: 25 container ships
Evolution of consolidated revenues
(in thousands of euros) | 9M 2020 | 9M 2021 | Var. |
Revenues | 305,649 | 240,025 | -21.5% |
Of which new builds | 295,433 | 224,281 | -24.1% |
LNG carriers/VLEC | 263,462 | 194,767 | -26.1% |
FSU2 | - | 9,660 | ns |
FSRU3 | 19,717 | 8,054 | -59.2% |
FLNG4 | 3,272 | 2,202 | -32.7% |
Onshore storage | 599 | 1,468 | +145.2% |
GBS5 | 1,862 | 2,521 | +35.3% |
LNG as fuel | 6,521 | 5,610 | -14.0% |
Of which electrolysers | - | 3,316 | ns |
Of which services | 10,216 | 12,428 | +21.7% |
Consolidated revenues for the first nine months of 2021 were €240 million, down by 21.5% compared to the first nine months of 2020.
- Revenues from new construction were €224.3 million, down 24.1% from the first nine months of 2020, which fully benefited from order intake in 2018 and 2019.
- Royalties from LNG carriers and ethane carriers amounted to €194.8 million, FSRUs to €8.1 million, FLNGs to €2.2 million and onshore storage tanks to €1.5 million.
- Other royalties were up significantly compared to the first nine months of 2020. They were generated in particular from new business, such as LNG as fuel for €5.6 million, FSU for €9.7 million and GBS for €2.5 million.
- Revenues from Elogen's electrolyser business amounted to €3.3 million.
- Revenues from services increased by 21.7% to €12.4 million in the first nine months of the year, driven by growth in all service activities (maintenance and work on vessels in operation, supplier certification, new project studies and training), most of which are benefiting from the easing of travel restrictions. The integration of OSE Engineering also contributed to the growth of the services.
Outlook
Given the size of the backlog in our order book, and assuming there are no major delays or cancellations of orders, GTT confirms its targets for revenues and EBITDA for the 2021 financial year, i.e.:
- 2021 consolidated revenues between €285 million and €315 million,
- 2021 consolidated EBITDA between €150 million and €170 million,
- a dividend amount, in respect of 2021, corresponding to a payout ratio of at least 80% of consolidated net income.
Changes to the Board of Directors
Following the resignations of Cécile Prévieu and Michèle Azalbert announced on
***
Presentation of revenues for the first nine months of 2021
Philippe Berterottière, Chairman and Chief Executive Officer, and
To participate in the conference call, please dial one of the following numbers five to ten minutes before the start of the conference:
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Confirmation code: 6872275
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
- 2021 full year results release:
February 17, 2022 (after the close of trading) - General Meeting of Shareholders:
May 31, 2022
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
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.
Investor Relations Contact
information-financiere@gtt.fr / +33 1 30 23 20 87
Press Contact
press@gtt.fr / +33 1 30 23 48 36
For further information, please consult www.gtt.fr, and, in particular, the presentation to be uploaded online for the conference call of
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
1 Includes one cancellation
2 Floating storage unit
3 Floating Storage and Regasification Unit
4
5 Gravity Base Structure
Attachment
- IR-CP-Q3 2021-28 10 2021 EN
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