GTT: First half 2024 results: Strong growth in revenues and
earnings; very robust order intake momentum
First half 2024
results:
Strong growth in revenues and earnings;
very robust order intake momentum
- Very high level of orders:
52 LNG carriers, 4 large-capacity ethane carriers, 1 FSRU
and 1 FLNG ordered in the first half of
2024
- Revenues: 295 million
euros, +66% compared to the first half of
2023
- EBITDA: 177 million
euros, +70% compared to the first half of
2023
- Confirmation of 2024
objectives
- Interim dividend:
3.67 euros per share, up 98% compared to the 2023 interim
payment, in line with net income
Paris – July 25, 2024. GTT, the
technological expert in membrane containment systems used to
transport and store liquefied gases, today announces its results
for the first half of 2024.
Commenting on the results, Jean-Baptiste
Choimet, Chief Executive Officer of GTT, said: “With
58 orders recorded in the first half of 2024, commercial
performance in our core business continues to be very strong. LNG
demand remains high, as illustrated by the two final investment
decisions announced in June 2024 for new liquefaction projects
(Cedar FLNG and Al Ruwais), leading to additional LNG carrier
needs.
GTT is pursuing its continuous R&D and
innovation efforts, as evidenced by new approvals in principle
obtained in the first half of 2024, notably in the field of liquid
hydrogen transport. We have also finalised the development of our
latest membrane containment technology, GTT NEXT1, which has
obtained final approvals from leading classification societies, and
is now entering the commercialisation phase.
In the field of digital solutions, the
integration of VPS, a Danish company specialising in vessel
performance, is proceeding as planned. We have also recorded new
commercial successes, including equipping several vessels of
ship-owner Latsco’s fleet with our weather routing
solutions.
In January 2024, Elogen began construction
of its electrolysers’ stacks manufacturing plant in Vendôme, with
production scheduled to start in the fourth quarter of
2025.
These developments are part of our strategy
to build a sustainable world, and demonstrate our commitment to
offer the best technologies to support our customers in their
decarbonisation process. Therefore, we are pursuing our efforts in
sustainable innovation, in line with the objectives defined in our
CSR roadmap adopted in January 2024.
From a financial standpoint, benefiting from
the numerous orders received since 2021, the Group’s revenues for
the first half of 2024 show, as expected, an increase of 65.8%
compared to the same period of 2023, and the earnings have
significantly improved as well. Consequently, taking into account
the shipbuilding schedules, the Group confirms its revenue and
EBITDA objectives for the 2024 financial year. An interim dividend
of 3.67 euros will be paid to shareholders, reflecting the
Group’s improved results”.
Group business activity in the first half of
2024
- Continued momentum in orders for the
core business
Following two record years in terms of order
intake in 2022 and 2023, GTT booked 52 orders for LNG carriers in
the first half of 2024, including 18 very-large capacity LNG
carriers (271,000 m3). Deliveries are scheduled between
2026 and 2031.
GTT also received four orders for large-capacity
ethane carriers, which will be delivered in 2026 and 2027, as well
as one FSRU order and one FLNG order.
- Services to vessels in operation: new
contracts
In January 2024, GTT signed two new technical
services contracts with JOVO, a large energy supplier based in
China. These contracts relate to the provision of operational
assistance and support by GTT for LNG carriers operated by
JOVO.
- Digital solutions: new contracts, new
certification and new acquisition
During the first half of 2024, the Group
achieved new commercial successes. In particular, Ascenz Marorka’s
weather routing solution was chosen to equip several vessels of the
Latsco shipping company’s fleet.
Moreover, Ascenz Marorka has been granted
“cybersecurity” certification approval for its digital solutions by
the classification society, Bureau Veritas.
Lastly, as a reminder, on February 25,
2024, GTT acquired the Danish company VPS (Vessel Performance
Solutions), which specialises in vessel performance management.
This acquisition complements the expertise of GTT and its
subsidiary Ascenz Marorka in the field of smart shipping, with its
innovative solutions based notably on the analysis of operational
data from vessels, captured without on-board sensors. The systems
designed by VPS now equip more than 1,200 vessels around the
world.
- Elogen pursues its
development
At the end of January 2024, Elogen began the
construction of its electrolysers’ stacks manufacturing plant (or
“gigafactory”) in Vendôme, which is largely funded by the IPCEI
(Important Projects of Common European Interest) scheme.
In addition, Elogen has obtained from the Korea
Gas Safety Corporation (KGS) certification for its stacks, which
are key components of its electrolysers for hydrogen production.
This certification, valid for a period of three years, attests to
the conformity of the products to the rigorous safety and quality
standards set by the KGS. This recognition paves the way for the
continued commercial deployment of Elogen on the Korean market.
- Innovation: Development of new
technologies
As part of a joint development project between
GTT, TotalEnergies, LMG Marin and Bureau Veritas, aimed at
developing a concept for a liquid hydrogen carrier with capacity of
150,000 m3, in January 2024, 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 the hydrogen carrier. These approvals
mark the first major achievement in the development of a liquid
hydrogen transport sector.
In June 2024, GTT also received two major
approvals from Bureau Veritas and Lloyd’s Register for
GTT NEXT1, its latest generation LNG containment technology.
This state-of-the-art solution combines the best of GTT’s
technologies to deliver optimal performance and enhanced
reliability for LNG transport. With these two approvals, GTT’s
GTT NEXT1 technology is now ready for commercial
deployment.
- GTT Strategic Ventures
During the first half of 2024, the GTT
investment fund acquired minority stakes in three companies:
- Energo, the
French technological expert in the production of synthetic
molecules using plasma catalysis. Energo is developing a disruptive
technology to produce renewable energies such as green hydrogen,
biofuels or methane from CO2, biogas and ammonia.
- CryoCollect, a
French engineering company specialising in technologies for the
treatment, liquefaction and separation of gases such as biomethane,
carbon dioxide or hydrogen.
- Seaber.io, a
Finnish software company specialising in the digitalisation of
scheduling and chartering processes for bulk shipping. Seaber.io
offers scenario simulation tools that enable ship-owners and
charterers to make informed operational decisions, by assessing
potential impacts on costs and operational performance.
Order book as of June 30, 2024
As of January 1, 2024, GTT’s order book
excluding LNG as fuel comprised 311 units. The following changes
have occurred since January 1:
- Deliveries completed: 23 LNG
carriers, 4 onshore storage tanks;
- Orders received: 52 LNG
carriers, 4 ethane carriers, 1 FSRU and 1 FLNG.
As of June 30, 2024, the order book,
excluding LNG as fuel, stood at 342 units, breaking down as
follows:
- 325 LNG carriers;
- 8 ethane carriers;
- 2 FSRU;
- 2 FLNG;
- 5 onshore
storage tanks.
Regarding LNG as fuel, with the delivery of 20
vessels, there were 56 vessels on in the order book as of
June 30, 2024.
Change in consolidated revenues for the
first half of 2024
|
(in € million) |
H1 2023 |
H1 2024 |
Change |
|
Revenues |
177.8 |
294.8 |
+65.8% |
|
|
|
|
|
|
Newbuilds |
163.5 |
271.0 |
+65.7% |
|
of which LNG carriers/ethane carriers |
147.2 |
250.7 |
+70.4% |
|
of which FSUs1 |
2.4 |
- |
ns |
|
of which FSRUs2 |
- |
- |
- |
|
of which FLNGs3 |
- |
1.4 |
ns |
|
of which onshore storage tanks and GBSs |
2.5 |
1.7 |
-32.3% |
|
of which LNG-powered vessels |
11.5 |
17.2 |
+49.9% |
|
Electrolysers |
2.2 |
6.1 |
+178.4% |
|
Services |
12.1 |
17.7 |
+46.7% |
Consolidated revenues for the first half of 2024
amounted to 294.8 million euros, up 65.8% compared to the
first half of 2023.
- Newbuild
revenues amounted to 271.0 million euros, up 65.7% compared to
the first half of 2023.
- Royalties from
LNG carriers and ethane carriers amounted to 250.7 million
euros, up 70.4%, due to the increase in the number of LNG carriers
under construction. Royalties from FLNGs amounted to
1.4 million euros, and royalties from onshore storage tanks
amounted to 1.7 million euros.
- Royalties
generated by the LNG as fuel activity (17.2 million euros) are
benefiting from the large number of orders received in 2021 and
2022.
- Elogen’s
Electrolyser revenues amounted to 6.1 million euros in the first
half of 2024, compared to 2.2 million euros in the first half
of 2023.
- Revenues from
Services stood at 17.7 million euros, up 46.7% compared to the
first half of 2023, mainly due to pre-project studies and revenues
generated from assistance services for vessels in operation, as
well as digital services.
Analysis of the first half of 2024 consolidated income
statement
Summary consolidated income statement
|
(in € million, except earnings per share) |
H1 2023 |
H1 2024 |
Change |
|
Revenues |
177.8 |
294.8 |
+65.8% |
|
Operating income before depreciation and amortisation of
non-current assets (EBITDA4) |
104.2 |
177.2 |
+70.1% |
|
EBITDA margin (on revenues, %) |
58.6% |
60.1% |
|
|
Operating income (EBIT)5 |
99.6 |
172.2 |
+72.9% |
|
EBIT margin (on revenues, %) |
56.0% |
58.4% |
|
|
Net income |
84.0 |
170.3 |
+102.7% |
|
Net margin (on revenues, %) |
47.3% |
57.7% |
|
|
Basic earnings per share6 (in euros) |
2.28 |
4.61 |
|
Operating income before depreciation and
amortisation of non-current assets (EBITDA) reached
177.2 million euros in the first half of 2024, up 70.1%
compared to the first half of 2023, benefiting from the increase in
revenues. The EBITDA margin on revenue stood at 60.1% in the first
half of 2024, compared with 58.6% in the first half of 2023.
External expenses were up +36.2% compared with the previous
half-year, due in particular to the rise in subcontracting linked
to the increase in activity. Personnel expenses were up (+40.9%),
due to a higher headcount at the subsidiaries (Elogen, Ascenz
Marorka, OSE Engineering, GTT China), and due to the wages increase
linked to inflation.
Operating income amounted to 172.2 million
euros in the first half of 2024 compared with 99.6 million
euros in the first half of 2023, an increase of 72.9%.
Net income amounted to 170.3 million euros
in the first half of 2024, compared with 84.0 million euros in
the first half of 2023, representing an increase of +102.7%. The
net margin was 57.7% compared with 47.3% in the first half of
2023.
The increase in net income is mainly due to the
higher revenues over the period (+65.8%) and to non-recurring items
below EBITDA (including the reversal of the impairment recognised
as of December 31, 2023 of a 21 million euros receivable that
was paid in the first half of 2024).
Other consolidated financial data
|
(in € million) |
H1 2023 |
H1 2024 |
|
Capital expenditure (including acquisitions of non-current
assets) |
(12.7) |
(33.4) |
|
Dividends paid |
(57.3) |
(93.0) |
|
Net Cash position |
253.2 |
303.1 |
|
Change in cash (vs 31/12) |
+40.4 |
+35.5 |
The Group’s capital expenditures have increased
significantly, mainly due to building refurbishment work on at
GTT’s headquarters, the acquisition of VPS, and the acquisition of
stakes through the investment fund. The Group has also demonstrated
good control of working capital requirements (WCR) in a context of
strong activity growth. As of June 30, 2024, the Group had a
positive net cash position of 303.1 million euros.
Interim dividend
On July 25, 2024, the Board of Directors
decided on the distribution of an interim dividend of
3.67 euros per share for the 2024 financial year, to be paid
in cash according to the following schedule:
- December 10, 2024: ex-dividend
date;
- December 12, 2024: payment
date.
2024 objectives confirmed
As of June 30, 2024, the Group benefits from
greater visibility on its royalty revenues7, thanks to
the order book of its core business. This corresponds to revenues
of 2,016 million euros over the 2024-2028 period8
and beyond, broken down as follows: 548 million euros in
20248, 692 million euros in 2025, 545 million
euros in 2026, 298 million euros in 2027 and 187 million
euros in 2028 and beyond.
In a context of very high activity at the
shipyards and in the absence of any significant order delays, GTT
confirms its objectives for the 2024 financial year:
- 2024 consolidated revenues of
between 600 million euros and 640 million euros;
- 2024 consolidated EBITDA of between
345 million euros and 385 million euros;
- a 2024 dividend payout target
corresponding to a minimum payout of 80% of consolidated net
income9.
***
First half 2024 results presentation
Jean-Baptiste Choimet, Chief Executive Officer,
and Thierry Hochoa, Chief Financial Officer, will comment on GTT’s
results for the first half of 2024, and answer questions from the
financial community on a webcast to be held, in English, on Friday,
July 26, 2024, at 9:00 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 July 26 at 9:00 a.m.
Financial agenda
2024 third-quarter activity update: October 25,
2024 (after close of trading).
A propos de 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.
Investor Relations Contact:
information-financiere@gtt.fr / +33 1 30 23 20 87
Press 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’s 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 that will
be released in the coming days. 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) |
June 30, 2024 |
December 31, 2023 |
|
Intangible assets |
27,184 |
23,062 |
|
Goodwill |
29,654 |
15,365 |
|
Property, plant and equipment |
47,695 |
41,988 |
|
Investments in equity-accounted companies |
11,742 |
5,917 |
|
Non-current financial assets |
5,479 |
3,053 |
|
Deferred tax assets |
5,542 |
8,518 |
|
Non-current assets |
127,296 |
97,903 |
|
Inventories |
26,483 |
19,746 |
|
Trade receivables |
175,440 |
158,098 |
|
Current tax receivable |
68,102 |
54,132 |
|
Other current assets |
16,860 |
18,848 |
|
Current financial assets |
150 |
132 |
|
Cash and cash equivalents |
303,063 |
267,529 |
|
Current assets |
590,097 |
518,486 |
|
TOTAL ASSETS |
717,394 |
616,389 |
| |
|
|
|
(In thousands of euros) |
June 30, 2024 |
December 31, 2023 |
|
Share capital |
371 |
371 |
|
Share premium |
6,875 |
2,932 |
|
Treasury shares |
(4,859) |
(8,911) |
|
Reserves |
247,460 |
140,536 |
|
Net income |
170,326 |
201,369 |
|
Equity – Group share |
420,173 |
336,297 |
|
Equity – share attributable to non-controlling interests |
22 |
43 |
|
Total equity |
420,194 |
336,340 |
|
Non-current provisions |
5,426 |
5,968 |
|
Financial liabilities – non-current part |
13,531 |
5,962 |
|
Deferred tax liabilities |
- |
8 |
|
Non-current liabilities |
18,958 |
11,937 |
|
Current provisions |
6,954 |
8,543 |
|
Trade payables |
35,203 |
32,367 |
|
Advance payments of subsidies |
751 |
484 |
|
Current tax debts |
9,907 |
7,279 |
|
Current financial liabilities |
1,503 |
2,382 |
|
Other current liabilities |
223,942 |
217,056 |
|
Current liabilities |
278,259 |
268,112 |
|
TOTAL EQUITY AND LIABILITIES |
717,394 |
616,389 |
Appendix 2: Consolidated income statement
|
(in thousands of euros) |
June 30, 2024 |
June 30, 2023 |
|
Revenues from operating activities |
294,780 |
177,800 |
|
Other operating income |
471 |
188 |
|
Total operating income |
295,251 |
177,988 |
|
Costs of sales |
(11,871) |
(5,558) |
|
External expenses |
(51,027) |
(37,460) |
|
Personnel expenses |
(58,848) |
(41,775) |
|
Tax and duties |
(2,117) |
(1,876) |
|
Depreciation, amortisation and provisions |
(3,535) |
6,296 |
| Other current
operating income and expenses |
4,349 |
2,001 |
|
Current operating income (EBIT) |
172,202 |
99,617 |
|
EBIT margin on revenues (%) |
58.4% |
56.0% |
|
Other non-current operating income and expenses |
21,000 |
- |
|
Current and non-current operating income |
193,202 |
99,617 |
|
Financial income |
5,551 |
896 |
| Share in the
income of associated entities |
(182) |
(135) |
|
Profit (loss) before tax |
198,571 |
100,378 |
|
Income tax |
(28,266) |
(16,351) |
|
Net income |
170,306 |
84,027 |
|
Basic earnings per share (in euros) |
4.61 |
2.28 |
Appendix 3: Consolidated cash flow
statement
|
(in thousands of euros) |
June 30, 2024 |
30 Juin 2023 |
|
Company profit for the year |
170,306 |
84 027 |
|
Elimination of income and expenses with no cash
impact: |
|
|
|
Share of net income of equity-accounted companies |
182 |
135 |
|
Allocation (reversal) of amortisation, depreciation, provisions and
impairment |
4,085 |
(2 144) |
|
Net carrying amount of intangible assets or property, plant
and equipment sold |
- |
- |
|
Financial expense (income) |
(5,551) |
(896) |
|
Tax expense (income) for the financial year |
28,266 |
16 351 |
|
Payment in shares |
1,503 |
475 |
|
Other operating income and expenses |
- |
- |
|
Cash flow |
198,790 |
97 948 |
|
Tax paid in the financial year |
(36,686) |
(31 547) |
|
Change in working capital requirement: |
|
|
|
- Inventories and work in progress |
(6,736) |
(3 170) |
|
- Trade and other receivables |
(17,342) |
(4 170) |
|
- Trade and other payables |
2,836 |
(1 057) |
|
- Other operating assets and liabilities |
4,392 |
51 888 |
|
Net cash-flow generated by the business (Total
I) |
145,254 |
109 891 |
|
Investment operations |
|
|
|
Acquisition of non-current assets |
(26,479) |
(12 668) |
|
Investment subsidy |
16,000 |
(4 632) |
|
Disposal of non-current assets |
- |
(1) |
|
Control acquired on subsidiaries net of cash and cash equivalents
acquired |
(20,622) |
- |
|
Control lost on subsidiaries net of cash and cash equivalents
sold |
- |
- |
|
Financial investments |
(2,266) |
(128) |
|
Disposal of financial assets |
- |
- |
|
Treasury shares |
(72) |
(216) |
|
Change in other fixed financial assets |
40 |
1 |
|
Net cash-flow from investment operations (Total
II) |
(33,400) |
(17 644) |
|
Financing operations |
|
|
|
Dividends paid to shareholders |
(92,996) |
(57 277) |
|
Capital increase |
4,383 |
- |
|
Repayment of financial liabilities |
(1,670) |
(835) |
|
Increase of financial liabilities |
8,362 |
5 492 |
|
Interest paid |
(308) |
(37) |
|
Interest received |
5,944 |
1 834 |
|
Change in bank overdrafts |
- |
- |
|
Net cash-flow from financing operations (Total
III) |
(76,284) |
(50 823) |
|
Effect of changes in currency prices (Total IV) |
(36) |
(1 025) |
|
Change in cash (I+II+III+IV) |
35,534 |
40 399 |
|
Opening cash |
267,529 |
212 802 |
|
Closing cash |
303,063 |
253 201 |
|
Cash change |
35,534 |
40 399 |
Appendix 4: 10 year order estimates
| In units |
|
Order
estimates(1) |
|
LNG carriers |
|
>450 |
|
Ethane carriers |
|
25-40 |
|
FSRUs |
|
10 |
|
FLNGs |
|
10 |
|
Onshore storage tanks and underwater tanks (GBSs) |
|
25-30 |
(1) Mid-2024 to mid-2033 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 Floating storage units.
2 Floating storage regasification units.
3 Floating liquefied natural gas units.
4 EBITDA corresponds to EBIT excluding
depreciation and amortisation of non-current assets. Since
31/12/2023, EBITDA no longer includes provisions for losses on
completion (reversal of 0.969 million euros for H1 2024). The
impact on EBITDA for H1 2023 was + 0.912 million euros, increasing
H1 2023 EBITDA to 105.1 million euros (vs published H1 2023 EBITDA
figure of 104.2 million euros). Excluding provisions for losses on
completion, the H1 2023 EBITDA margin stood at 59.1%.
5 EBIT stands for Earnings Before Interest and Tax.
6 First half 2024 earnings per share was calculated based on the
weighted average number of shares outstanding (excluding treasury
shares), i.e. 36,978,533 shares.
7 Royalties from core activities, i.e. excluding LNG as
fuel, Services and Electrolysers
8 Including 254 million euros recognised in the first half of
2024.
9 Subject to approval by the Shareholders’ Meeting and the amount
of distributable net income in the GTT S.A. corporate financial
statements.
- GTT - First half 2024 results - press release
Gaztransport Et Technigaz (EU:GTT)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
Gaztransport Et Technigaz (EU:GTT)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
