GTT: H1 2021 results - Strong financial results and excellent
commercial performance; annual targets confirmed
H1 2021 resultsStrong
financial results and excellent commercial
performance; annual targets confirmed
Key figures for the first half of
2021
- Revenues: 165.3 million euros and
EBITDA: 96.5 million euros
- Core business: 26 orders (18 LNG
carriers, two ethane carriers, six onshore storage tanks)
- LNG as fuel: 17 container ship
orders
- Interim dividend of 1.35 euro per
share
Highlights
- Excellent performance of the LNG
market resulting in a large number of orders
- Continued development of LNG as
fuel
- Approval of new technologies
highlighting the dynamism of GTT’s R&D
Outlook for 2021
- 2021 targets confirmed in terms of
revenue, EBITDA and dividend
Paris - July 28, 2021.
Gaztransport & Technigaz (GTT), a technology and engineering
company specialising in the design of membrane containment systems
for maritime transportation and storage of liquefied gas, today
announces its revenues for the first half of the 2021 financial
year.
Commenting on these results, Philippe
Berterottière, Chairman and Chief Executive Officer of GTT, said:
"With 18 orders for LNG carriers, two orders for ethane carriers
and six orders for onshore storage tanks, the commercial
performance achieved in the first half of 2021 was excellent for
our core business. On top of this, nine LNGC orders were recorded
in July, which shows that the market dynamic remains very positive.
In addition, Qatar’s decision in February this year to invest in a
new gas liquefaction plant, as well as the various other
liquefaction projects under construction, represent significant
order potential for LNG carriers.
New orders for LNG as fuel were also recorded
during the first half. The order for 12 container ships in May
2021, which follows those for nine vessels in 2017 and five in
2019, confirm the adoption of GTT technology by CMA CGM for the
liquefied natural gas propulsion of its vessels. The order from SHI
on behalf of Seaspan for five container vessels fuelled by LNG,
which are compatible with ammonia, further reflects the efficiency
and appeal of our solutions to support the energy transition
ship-owners.
In terms of innovation, activity is intense. For
the second year in a row, GTT is the leading French mid-sized
company in terms of the number of patents published by the INPI.
During the first half of the year, we obtained several approvals
from classification societies to develop new innovative
technologies in a wide variety of areas, such as improving the
performance of our NO technology or designing a ballast-free bunker
vessel. GTT maintains a constant effort on R&D to meet its
customers' energy transition needs and the increased requirements
they face.
From a financial standpoint, revenues for the
first half of 2021 are in line with our expectations. They were
down 19% compared to H1 2020, which recorded an exceptionally high
level following particularly strong order intake, however were up
35% compared with H1 2019. Margin levels achieved in the first half
of 2021 are similar to those of the first half of 2019 and we are
continuing to manage the Group with strict cost control.
Considering the level of our backlog and
shipbuilding schedules, we are confirming our full-year targets for
2021”.
Business activity
- Strong order intake for LNG carriers
and ethane carriers
In the first half of 2021, GTT’s business
activity was marked by multiple successes, particularly in the
field of LNG carriers. With 18 new orders recorded for LNG carriers
in the first half of 2021, GTT's core business posted very
satisfactory sales results. On top of this, nine new orders for LNG
carriers were recorded in July. All of the carriers will be
equipped with GTT's recent technologies (Mark III Flex+, Mark III
Flex and NO96 GW). Delivery is scheduled between the first quarter
of 2023 and the third quarter of 2025.
In April 2021, GTT also received an order from
Hyundai Heavy Industries (HHI) for the design of the tanks of two
very large ethane carriers (VLEC), with total cargo capacity of
98,000 m3, on behalf of an Asian ship-owner. The tanks will
integrate GTT’s Mark III membrane containment system. Delivery of
the vessels is scheduled for the fourth quarter of 2022 and the
first quarter of 2023.
- Six orders for onshore storage
tanks
On May 24, 2021, GTT announced that it had
received an order from China Huanqiu Contracting & Engineering
Co. Ltd. (HQC) for the design of four large integral membrane
onshore LNG storage tanks, and then on June 3, 2021, a second order
from China Chengda Engineering Co., Ltd. (Chengda) for the design
of two additional large tanks.
GTT will design these membrane storage tanks
with a total capacity of 220,000 m3 using the latest generation
GST® technology. These orders are part of the new cooperation
agreement signed in March 2021 between BGG and GTT for the Tianjin
Nangang LNG terminal.
- New orders in LNG as fuel
GTT received orders to equip 17 vessels with LNG
as fuel in the first half of 2021. The first order received from
the Chinese shipyards Hudong-Zhonghua Shipbuilding (Group) Co. Ltd.
and Jiangnan Shipyard (Group) Co, on behalf of CMA CGM, includes
the equipment of 12 ultra large container vessels fuelled by LNG. A
second order received at the end of June from Samsung Heavy
Industries, includes the equipment of five very large container
vessels of the Asian ship-owner Seaspan, a subsidiary of Atlas Corp
and of the Israeli charterer ZIM. The vessels will be equipped with
a Mark III membrane tank, adapted in order to be compatible with
ammonia.
- Smart Shipping: an
innovative solution to improve the bunkering process
Ascenz, GTT's Singapore-based Smart Shipping
company, announced on 23 July 2021 that it has launched the
Electronic Bunker Delivery Note (eBDN ) solution to improve the
efficiency and transparency of the bunkering process. Ascenz's
solution contributed to the success of the world's first live
bunker delivery financing pilot. The operation was led by DBS Bank,
in partnership with Trafigura Group’s marine fuels supply and
procurement joint venture TFG Marine, Ocean Network Express (ONE)
and Ascenz, with the support of the Maritime and Port Authority of
Singapore (MPA).
- An iconic contract
for Elogen
On April 12, 2021, Elogen announced the signing
of a contract with German energy company E.ON, as part of its major
SmartQuart project. Elogen will supply E.ON with a
1MW-containerized electrolyser with a production capacity of 200 m3
of hydrogen per hour. The electrolyser will be equipped with a
transformer and a compression unit. The integration of this
equipment will allow the electrolyser to produce hydrogen for
multiple uses. The electrolyser will be delivered to the
Kaisersesch site in Germany and commissioned in the second half of
2022. The partnership also provides for the development by Elogen
of a hydrogen purification unit. Designed by Elogen’s teams in Les
Ulis, France, this innovative equipment will be installed in the
electrolyser delivered by Elogen to E.ON. It will achieve a purity
level of 99.999%.
This order reflects Elogen’s determination to
lead the way in hydrogen system R&D.
In the first half of 2021, Elogen achieved €2.5
million in revenues and €4.6 million in order intake.
Development of new technologies
- GTT champion in number of patents published
For the second year in a row, in 2020 GTT ranked
first in the list of medium-sized companies filing patents published
by the INPI. This ranking confirms GTT's strong innovation
capacity. Innovation is at the heart of the Group's strategy, in
all its activities, to help customers address decarbonisation
issues.
In the first half of 2021, GTT received many
approvals from classification societies, thereby enabling it to
enter a new phase to meet its customers' needs.
- In early 2021,
GTT received approvals in principle from the classification
societies Bureau Veritas and DNV for the application of its NO96
containment system on the tanks of large-capacity container
ships.
- On February 15,
2021, GTT obtained two approvals in principle from Bureau Veritas.
The first relates to the “NH3 Ready” (compatible with ammonia)
classification of Mark III membrane tanks. The second approval
relates to the design pressure raised to “1 barg” for LNG fuel
applications such as large-capacity container ships. This approval
gives greater flexibility to ship-owners in all their
operations.
- On April 6,
2021, GTT has obtained approval in principle from Bureau Veritas
related to the use of a digital solution for sloshing1 activity
assessment in order to optimise the LNG membrane tank maintenance
frequency. Combined with an appropriate risk analysis, this
solution can support Alternative Survey Plans aiming at optimising
the tank maintenance while complying with strict safety standards.
This will translate into increased operational flexibility and
substantial cost saving for the ship-owners.
- On July 1, 2021,
GTT announced that it had received the final approvals from three
classification societies for its NO96 Super+ technology, an
evolution in the cargo containment system. With this innovation,
GTT delivers a solution to reduce cargo evaporation, NO96 Super+
guaranteeing ship-owners a daily boil-off rate (BOR) of 0.085% for
standard LNG carriers.
- On July 8,
2021, GTT announced that it had received, in partnership with the
Hudong Zhonghua Shipbuilding Group Co. (HZ) shipyard, a dual
approval in principle from the classification societies China
Classification Society (CCS) and DNV, for the design of a
ballast-free LNG bunker and refuelling vessel. The granting of such
approvals recognises the compliance of this technology innovation
with the rules and codes for sea-going vessels, their construction
and equipment. The ballast-free design, equipped with GTT's
membrane system, enables to build vessels that are more energy
efficient and more respectful of the environment.
Order book at June 30,
2021
On January 1, 2021, GTT’s order book excluding
LNG as fuel comprised 147 units, and subsequently changed as
follows:
- Deliveries completed: 30 LNG
carriers, five ethane carriers, one FSRU
- Orders received: 18 LNG carriers,
two ethane carriers, six onshore storage tanks
At June 30, 2021 the order book excluding LNG as
fuel, stood at 136 units, split as follows:
- 110 LNG carriers;
- 6 ethane carriers;
- 2 FSRUs2;
- 2 FSUs;
- 1 FLNG;
- 3 GBS;
- 12 onshore storage tanks.
Regarding LNG as fuel, with the deliveries of 6
ultra large container ships (5 for CMA CGM and 1 for Hapag Lloyd)
and the orders received for 12 CMA CGM container ships and 5
Seaspan container ships, the number of vessels in the order book
stood at 25 units at June 30, 2021.
Change in consolidated revenues for the
first half of 2021
(in thousands of euros) |
|
H1 2020 |
H1 2021 |
Revenues |
|
203,767 |
165,286 |
|
|
|
|
Of which new builds |
|
197,739 |
153,885 |
Of which hydrogen electrolysers |
|
|
2,466 |
Of which services |
|
6,027 |
8,935 |
Consolidated revenues for the first half of 2021
were 165.3 million euros, down 18.9% compared to the first half of
2020.
- Revenues from
new construction amounted to 153.9 million euros, down 22.2%
compared to the first half of 2020, which fully benefited from
order intake in 2018 and 2019.
- Royalties from
LNG and ethane carriers amounted to 132.5 million euros, those from
FSRUs to 7.0 million euros, those from FLNGs to 1.5 million euros
and those from onshore storage tanks to 0.6 million euros.
- Other royalties
were up significantly compared to the first half of 2020. These
mainly include royalties from new applications, such as LNG as fuel
for 4.7 million euros (up 27.1%), FSUs for 5.9 million euros and
GBSs for 1.7 million euros (+68.5%).
- Revenues from
Elogen's electrolyser business amounted to 2.5 million euros.
- Revenues from
services rose sharply by 48.2% to 8.9 million euros in the first
six months, driven by strong growth in all service activities
(maintenance and work on vessels in operation, supplier
certification, pre-engineering studies and training), most of which
benefited from a easing of travel restrictions. The integration of
OSE Engineering also contributed to the increase in services.
Analysis of the consolidated income
statement for the first half of 2021
Condensed consolidated income
statement
(in thousands of euros, except for earnings per share) |
H1 2020 |
H1 2021 |
Revenues |
203,767 |
165,286 |
Operating income before depreciation and amortisation of fixed
assets (EBITDA3) |
136,553 |
96,478 |
EBITDA margin (on revenue, %) |
67.0% |
58.4% |
Operating income (EBIT4) |
133,870 |
92,851 |
EBIT margin (on revenue, %) |
65.7% |
56.2% |
Net income |
115,527 |
76,564 |
Net margin (on revenue, %) |
56.7% |
46.3% |
Net earnings per share5 (in euros) |
3.12 |
2.07 |
Earnings Before Interest, Tax, Depreciation and
Amortisation (EBITDA) amounted to 96.5 million euros in the first
half of 2021, down 29.3% compared to the first half of 2020. The
EBITDA margin on revenues was 58.4%6 in the first half of 2021,
down compared to the outstanding level of the first half of 2020
(67.0%), but up compared to the first half of 2019 (57.8%).
Operating expenses were stable overall, as the impact of
acquisitions was offset by a decrease in expenses at GTT SA.
External expenses were slightly down (-0.4%) compared to the
previous half-year, due in particular to the decrease in
subcontracting and studies (-17.7%) and travel expenses (-13.2%),
which more than offset some one-off external consulting expenses.
Personnel expenses were slightly increasing (up 0.6%), which is
attributable in particular to the headcount related to the
companies acquired in 2020, while the profit-sharing item was down
21.4%.
Operating income amounted to 92.9 million euros
in the first half of 2021, i.e. a margin on revenues of 56.2%,
compared to 133.9 million euros in the first half of 2020.
Net income fell from 115.5 million euros in the
first half of 2020 to 76.6 million euros in the first half of 2021
and the net margin came to 46.3%.
Other consolidated financial
data
(in thousands of euros) |
H1 2020 |
H1 2021 |
Capital expenditures (of which acquisitions of non-current
assets) |
(6,994) |
(6,115) |
Dividends paid |
(64,873) |
(65,951) |
Cash position |
199,049 |
164,207 |
Change in cash (vs. 12/31) |
+30,033 |
+22,466 |
As of June 30, 2021, the Group had a positive
net cash position of 164.2 million euros.
Outlook for 2021
The Group has good visibility on its royalty
revenues7 from now to 2025 thanks to its order book for its core
business as at end June 2021. This corresponds to revenues of 768
million euros over the 2021-20258 period (273 million euros in
20218, 242 million euros in 2022, 175 million euros in 2023, 65
million euros in 2024 and 13 million euros in 2025).
In the absence of any significant order delays
or cancellations, the Company confirms its targets for 2021,
namely:
- 2021 consolidated revenues between
285 million euros and 315 million euros,
- 2021 consolidated EBITDA between
150 million euros and 170 million euros,
- a dividend amount, in respect of
2021, corresponding to a payout ratio of at least 80% of
consolidated net income.
Interim
dividend
The Board of Directors meeting of July 28, 2021
decided the distribution of an interim dividend of 1.35 euro per
share for the 2021 financial year, to be paid in cash according to
the following schedule:
- November 3, 2021: Ex-dividend
date
- November 5, 2021: Payment date
Changes in the Board of
Directors
GTT takes note of the resignation of Michèle
Azalbert and Cécile Prévieu, members of the Board of Directors
appointed upon proposal of Engie. The Board will proceed without
undue delay with the co-option of a new independent director and a
new director appointed on the proposal of Engie. The Board of
Directors is thus expected to be composed of nine members, five of
whom are independent and four of whom are women.
Presentation of the results for the first half-year
2021
Philippe Berterottière, Chairman and Chief
Executive Officer, and Virginie Aubagnac, Chief Financial Officer,
will comment on GTT’s results and answer questions from the
financial community during a conference call in English on
Thursday, July 29, 2021, at 8:30 a.m. (Paris time).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 76 70 07 94
- United Kingdom: + 44 207 192
8000
- United States: + 1 631 510
7495
Confirmation code: 3966509
This conference will also be broadcast live on
GTT's website (www.gtt.fr/finance). The presentation document will
be available on the website.
Financial agenda
- Payment of an interim dividend of
1.35 euro per share for the financial year 2021: November 5,
2021
- Publication of revenues for the
third quarter of 2021: October 28, 2021 (after the close of
trading)
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 Smart Shipping. The Group is also active
in hydrogen through its subsidiary Elogen, which designs and
assembles electrolysers notably for the production of green
hydrogen.
GTT is listed on Euronext Paris, Compartment A
(ISIN FR0011726835 Euronext Paris: GTT) and is notably included in
SBF 120 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 80 80
For further information, please consult
www.gtt.fr/en, and, in particular, the
presentation to be uploaded online for the conference call
of 29 July
2021.
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 27 April
2021, and the half-year financial report released on 28 July 2021.
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 15 – financial
statements)
Appendix 1: Consolidated balance sheet
In thousands of euros |
|
December 31,
2020 |
June 30, 2021 |
Intangible
assets |
|
4,891 |
6,247 |
Goodwill |
|
15,365 |
15,365 |
Property,
plant and equipment |
|
29,170 |
30,259 |
Non-current
financial assets |
|
4,833 |
4,518 |
Deferred tax
assets |
|
3,485 |
3,474 |
Non-current assets |
|
57,744 |
59,863 |
Inventories |
|
10,653 |
9,654 |
Customers |
|
103,822 |
95,967 |
Current tax
receivable |
|
41,633 |
25,573 |
Other current
assets |
|
9,215 |
21,976 |
Current
financial assets |
|
43 |
41 |
Cash and cash
equivalents |
|
141,744 |
164,209 |
Current assets |
|
307,110 |
317,419 |
TOTAL ASSETS |
|
364,854 |
377,283 |
|
|
|
|
|
|
|
|
In thousands of euros |
|
December 31,
2020 |
June 30, 2021 |
Share
capital |
|
371 |
371 |
Share
premium |
|
2,932 |
2,932 |
Treasury
shares |
|
(110) |
(17,009) |
Reserves |
|
42,253 |
175,634 |
Net
income |
|
198,878 |
76,552 |
Equity - Group Share |
|
244,324 |
238,479 |
Total equity -
share attributable to non-controlling interests |
|
(7) |
(6) |
Total equity |
|
244,317 |
238,474 |
Non-current
provisions |
|
15,167 |
15,167 |
Financial
liabilities - non-current part |
|
5,229 |
4,193 |
Deferred tax
liabilities |
|
100 |
73 |
Non-current liabilities |
|
20,496 |
19,433 |
Current
provisions |
|
4,170 |
4,590 |
Suppliers |
|
18,160 |
14,834 |
Current tax
debts |
|
3,044 |
3,571 |
Current
financial liabilities |
|
856 |
815 |
Other current
liabilities |
|
73,813 |
95,565 |
Current liabilities |
|
100,042 |
119,376 |
TOTAL EQUITY AND LIABILITIES |
|
364,854 |
377,283 |
Appendix 2: Consolidated income
statement
In thousands of
euros |
|
H1 2020 |
H1 2021 |
Revenue from operating activities |
|
203,767 |
165,286 |
Costs of
sales |
|
(2,823) |
(4,762) |
External
expenses |
|
(30,700) |
(30,566) |
Personnel
expenses |
|
(33,107) |
(33,319) |
Tax and
duties |
|
(3,438) |
(2,354) |
Depreciations,
amortisations and provisions |
|
(2,984) |
(4,298) |
Other operating
income and expenses |
|
3,190 |
2,864 |
Impairment
following value tests |
|
(35) |
- |
Operating profit |
|
133,870 |
92,851 |
Financial income |
|
(87) |
61 |
Share in the income of associated entities |
|
35 |
|
Profit before tax |
|
133,818 |
92,912 |
Income tax |
|
(18,292) |
(16,348) |
Net income |
|
115,527 |
76,564 |
Basic earnings per share (in euros) |
|
3.12 |
2.07 |
|
|
|
|
Appendix 3: Consolidated cash flow
statement
(in thousands of
euros) |
|
H1 2020 |
H1 2021 |
Group result |
|
115,527 |
76,564 |
Removal of income and expenses with no cash
impact: |
|
|
|
Allocation
(Reversal) of amortisation, depreciation, provisions and
impairment |
|
2,763 |
4,292 |
Proceeds on
disposal of assets |
|
- |
- |
Financial expense (income) |
|
87 |
(61) |
Tax expense (income) for the financial year |
|
18,292 |
16,348 |
Free shares |
|
1,419 |
918 |
Cash flow |
|
138,087 |
98,061 |
Tax paid out in the financial year |
|
(8,422) |
194 |
Change in working capital requirement: |
|
|
|
- Inventories and work in progress |
|
(23) |
999 |
- Trade and other receivables |
|
(6,371) |
7,806 |
- Trade and other payables |
|
1,517 |
(1,593) |
Other operating assets and liabilities |
|
(21,131) |
7,391 |
Net cash-flow generated by the business (Total
I) |
|
103,657 |
112,859 |
Investment operations |
|
|
|
Acquisition of non-current assets |
|
(4,426) |
(6,115) |
Disposal of non-current assets |
|
- |
(0) |
Control acquired on subsidiaries net of cash and cash equivalents
acquired |
|
(2,568) |
(56) |
Financial investments |
|
(5) |
(47) |
Disposal of financial assets |
|
804 |
409 |
Treasury shares |
|
(2,189) |
(17,595) |
Change in other fixed financial assets |
|
47 |
3 |
Net cash-flow from investment operations (Total
II) |
|
(8,338) |
(23,401) |
Financing operations |
|
|
|
Dividends paid to shareholders |
|
(64,873) |
(65,951) |
Repayment of financial liabilities |
|
(375) |
(1,671) |
Increase of financial liabilities |
|
(11) |
542 |
Interest paid |
|
(18) |
(8) |
Interest received |
|
115 |
61 |
Change in bank lending |
|
- |
- |
Net cash-flow from financing
operations (Total III) |
|
(65,162) |
(67,027) |
Effect of changes in currency prices (Total IV) |
|
(125) |
35 |
Change in cash (I+II+III+IV) |
|
30,033 |
22,466 |
Opening cash |
|
169,016 |
141,744 |
Closing cash |
|
199,049 |
164,209 |
Cash change |
|
30,033 |
22,466 |
Appendix 4: Consolidated revenue breakdown
In thousands
of euros |
|
H1 2020 |
H1 2021 |
Revenues |
|
203,767 |
165,286 |
from royalties (on new construction) |
|
197,739 |
153,885 |
from LNG carriers |
|
176,203 |
132,542 |
from FSUs |
|
- |
5,851 |
from FSRUs |
|
14,254 |
6,958 |
from FLNGs |
|
2,530 |
1,460 |
from onshore storage tanks |
|
- |
611 |
from GBSs |
|
1,020 |
1,719 |
from LNG as fuel |
|
3,733 |
4,745 |
From hydrogen electrolysers |
|
|
2,466 |
From services |
|
6,027 |
8,935 |
Appendix 5: Estimated 10-year order book
In units |
|
Order estimates * |
LNG carriersEthane carriers |
|
290-320 **25-40 |
FSRUs |
|
10-20 |
FLNGs |
|
Up to 5 |
Onshore storage tanks and GBSs |
|
25-30 |
*2021-2030 period. The Company points out that
the number of new orders may see large-scale variations from one
quarter to another and even one year to another without the
fundamentals on which its business model is based being called into
question.** Includes the replacement market
1Liquid sloshing in tanks
2 Following the cancellation of an FSRU ordered in June 2020
3EBITDA corresponds to EBIT excluding depreciation and
amortisation of non-current assets.4EBIT stands for Earnings Before
Interest and Tax.5 In the first half of 2021, earnings per share
were calculated based on the weighted average number of shares
outstanding (excluding treasury shares), i.e. 36,960,391 shares. 6
EBITDA margin of 60.6% at constant scope, i.e. excluding the impact
of acquisitions7Royalties from core business, i.e. excluding LNG
fuel and services.8 Of which €149 million recognised for the first
half of 2021.
- IR-PR-H12021-28 07 2021_EN
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