Nine-month 2022 revenues stand at €222 million,
in line with expectations;
strong order momentum continues
- Record orders: 134 LNG carriers during the first nine months
- 2022 targets confirmed
Commenting on the results, Philippe Berterottière, Chairman and CEO of GTT, said: “With 134 LNG carrier orders, our core business during the first nine months of 2022 has broken all previous sales records, highlighting the continuation of particularly strong momentum. The surge in demand for LNG, particularly in
In the LNG as fuel business, GTT booked 42 orders during the first nine months of 2022. While the high price of LNG in
GTT maintains a tireless focus on R&D to meet its customers’ energy transition needs and the tightening requirements they face. Over the first nine months, we obtained numerous approvals from classification societies to develop new technologies in a wide range of fields, particularly in LNG as fuel, but also for the design of a hydrogen carrier and an innovative design for a three-tank LNG carrier.
From a financial perspective, Q3 2022 revenues were up 4.1% versus Q3 2021. As expected, nine-month 2022 revenues were down compared to the same period in 2021 due to an unfavourable base effect, which is gradually disappearing thanks to the strong order momentum.
In addition, the Group confirms its 2022 targets with results expected to reach the lower half of the initial target range, as announced in the first half results release.”
Business activity during the first nine months
- Continued momentum in LNG carrier orders
In the first nine months of 2022, GTT booked 134 orders for LNG carriers, including 46 in the third quarter, in line with the excellent sales momentum achieved in the first half of the year. Delivery is scheduled between Q3 2024 and Q2 2027. In particular, 58 orders for projects in
- Dynamic order intake of LNG-powered vessels
In addition to the 38 orders for LNG-powered vessels received in the first half of 2022, four new orders were received in the third quarter of 2022, bringing the total to 42 orders for the first nine months. While the high price of LNG in
- New licensing agreements with Chinese shipyards
In the third quarter of 2022, GTT signed two new Technical Assistance and Licensing Agreements (TALA), with the Yangzijiang Shipbuilding and
-
In July, GTT signed a contract with Antarctica21, the world’s leading operator of fly and cruise expeditions to
- €86 million State support for Hydrogen IPCEI1 project confirms the relevance of Elogen positioning
Following the selection by the
Furthermore, in
Finally, 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 inAustralia and New Zealand ; - with
Valmax Technology Corporation inSouth Korea ; - with Charbone Hydrogène in
North America .
Innovation: development of new technologies in a wide range of fields
In the first half of 2022, GTT received several approvals in principle from classification societies, including:
- Bureau Veritas for a new LNG conversion concept for large-capacity container ships;
- ClassNK for a new design of LNG fuel tank with 2 bar gauge pressure applicable to PCTC2 vessels as well as LNG-powered cruise ships;
- DNV for an innovative LNG-powered PCTC vessel design;
- 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.
In the third quarter of 2022, GTT obtained five new approvals in principle from:
- 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 early 2022 and reflect the progress of this project;
- Lloyd’s Register for a new digital solution named “POWER” designed to optimise transhipment operations between LNG carriers and floating units;
- 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.
Order book at
On
- Deliveries completed: 21 LNG carriers, 4 ethane carriers, 1 FLNG;
- Orders received: 134 LNG carriers.
At
- 250 LNG carriers;
- 2 ethane carriers;
- 2 FSUs;
- 3 GBSs;
- 12 onshore storage tanks.
Regarding LNG as fuel, following the delivery of four vessels, and orders for 42 container ship tanks, the number of vessels in the order book stood at 70 units at
Evolution of consolidated revenues for the first nine months of 2022
(in thousands of euros) | 9M 2021 | 9M 2022 | Change |
Revenues | 240,025 | 222,037 | -7.5% |
Newbuilds | 224,281 | 200,385 | -10.7% |
LNG carriers/VLEC | 194,767 | 174,749 | -10.3% |
FSUs3 | 9,660 | 13,578 | +40.6% |
FSRUs4 | 8,054 | - | nm |
FLNGs5 | 2,202 | 1,218 | -44.7% |
Onshore storage tanks | 1,468 | 4,680 | +218.8% |
GBSs6 | 2,521 | 3,303 | +31.1% |
LNG-powered vessels | 5,610 | 2,857 | -49.1% |
Electrolysers | 3,316 | 2,980 | -10.1% |
Services | 12,428 | 18,672 | +50.2% |
Consolidated revenues for the first nine months of 2022 were €222.0 million, down 7.5% compared to the first nine months of 2021. The third quarter 2022 revenues amounted to €77.8 million, up 4.1% compared to the third quarter 2021.
- Newbuild revenues totalled €200.4 million, down 10.7% compared with the first nine months of 2021, when the cycle was still at its peak.
- Royalties amounted to €174.7 million from LNG and ethane carriers, €13.6 million from FSUs, €1.2 million from FLNGs, €4.7 million from onshore storage tanks and €3.3 million from GBSs.
- LNG as fuel royalties (€2.9 million) were not yet impacted by the high order intake in 2021 and 2022.
- Nine-month revenues from the Elogen electrolyser business amounted to €3.0 million, in a context of increasing commercial dynamic.
- Revenues from services rose sharply, up 50.2% to €18.7 million, driven by growth in digital services and engineering studies mainly related to the conversion of LNG carriers into FSRUs.
Update on exposure to
Work on projects in which the Group is involved in
In
Given the impact of international sanctions on LNG liquefaction projects in
As a reminder, other orders in progress in Asian shipyards for six ice-breaking LNG carriers and two FSUs9 are specifically intended for Russian Arctic projects. These projects are currently proceeding according to plan. At
Finally, eight conventional LNG carriers ordered by international shipowners, under construction in Asian shipyards, are intended for the Arctic LNG 2 project, but can operate in all types of conditions.
2022 outlook confirmed
In its 2021 annual results press release dated
- consolidated revenues of between €290 million and €320 million,
- consolidated EBITDA of between €140 million and €170 million,
- a dividend amount for the 2022 financial year at least equivalent to the 2021 dividend.
Given delays in shipbuilding schedules for certain vessels during the first nine months of 2022, the Group confirms its forecast that revenues and EBITDA will reach the lower half of the ranges announced in February.
In the longer term, the Group should benefit from the current strong order momentum and expects to achieve significantly higher revenues and earnings from 2023 onwards versus 2022.
***
First nine months of 2022 activity update presentation
Philippe Berterottière, Chairman and Chief Executive Officer, and
This conference will also 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 04UK : +44 1 212 818 004USA : +1 718 705 87 96
Confirmation code: 130114
The presentation document will be available on the website on
Financial agenda
- Payment of an interim dividend of €1.55 per share for the 2022 financial year:
December 15, 2022 - 2022 full year results release:
February 16, 2023 (after close of trading) - Shareholders’ Meeting:
June 7, 2023
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 SBF 120, Stoxx Europe 600 and MSCI Small Cap indices
Investor relations contact:
information-financiere@gtt.fr / +33 1 30 23 20 87
Media 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
1
2 PCTC (Pure Car and Truck Carriers): carriers of light vehicles, trucks and rolling stock
3 Floating Storage Unit
4 Floating Storage Regasification Unit
5
6 Gravity Based Structures: underwater tanks
7 Gravity Based Structure - underwater tanks
8
9 Floating Storage Unit
Attachment
- IR-CP-9M 2022-27 10 2022_EN
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