GTT: First quarter 2015 revenues at ?54.7 million
(Thomson Reuters ONE) -
GTT: First quarter 2015 revenues at ?54.7 million
* A record level of order intake during the first quarter 2015
* Order for the first ever LNG bunker barge for the North American market
* Strong growth in revenues provided by services
* Cooperation agreement for the industrialization of Mark V
* Confirmation of 2015 and 2016 targets
Paris, April 14, 2015 - GTT (Gaztransport & Technigaz), the world leader in the
design of membrane containment systems for the maritime transportation and
storage of LNG (Liquefied Natural Gas), today announced its revenues for the
first quarter 2015.
Key figures for the first quarter 2015
(In thousands of euros) Q1 2014 Q1 2015 Change
------------------------------------------------------------------
Revenues from operating activities 59,145 54,685 -7.5%
------------------------------------------------------------------
------------------------------------------------------------------
Royalties 56,393 50,612 -10.3%
------------------------------------------------------------------
LNG Carrier/VLE Carrier 45,964 44,365 -3.5%
------------------------------------------------------------------
FSRU 7,973 3,446 -56.8%
------------------------------------------------------------------
FLNG 1,967 2,218 +12.8%
------------------------------------------------------------------
Onshore storage 489 584 +19.5%
------------------------------------------------------------------
Services 2,752 4,073 +48.0%
------------------------------------------------------------------
Philippe Berterottière, Chairman and CEO, commented: "With a record level of
orders, the first three months of 2015 are in line with the successful year
2014, the slight decrease in sales resulting from a comparatively high first
quarter 2014 and from the pace of vessels' construction. In particular, the new
order intake of five additional ice-breakers and of the first LNG bunker barge
for the American market, fully designed by GTT, represents a successful
achievement. This first quarter illustrates the company's strength on its
historical LNGC market, as well as its innovation and development capacity on
adjacent markets. The future industrialization of our new Mark V technology
illustrates this dynamic.
Performance by segment
Revenues for the first quarter 2015 decreased by 7.5% compared to the first
quarter 2014.
- Revenues related to royalties reached ?50.6 million, including ?44.4
million royalties from LNGC and VLEC, ?3.5 million from FSRU, ?2.2 million from
FLNG and ?0.6 million from onshore storage units.
- Revenues related to services were ?4 million, a strong 48% increase
compared to Q1 2014, mainly driven by engineering studies (including a study
which could subsequently lead to a vessel new order intake) and by maintenance
contracts for ships in service equipped with GTT technologies.
Key highlights for the first quarter
- 25 new LNGC orders
On top of the 21 LNGC orders already announced during the first quarter, comes a
new order for four LNGC to be built by the South Korean shipbuilder DSME (Daewoo
Shipbuilding & Marine Engineering). Two of these LNGCs are for Korea Line and
the two others for Hyundai LNG. They are expected to be delivered between 2017
and 2019.
This high level of new orders illustrates:
* the success of innovations recently introduced on the market : all
vessels ordered since the beginning of 2015 will be equipped with the NO
96 GW technology which allows an optimized boil-off rate of cargo LNG,
* the successful adaptation of the GTT technology to the extreme Arctic
conditions with the order of 5 new ice-breaking LNGCs,
* the long term partnership established with the Korean shipbuilder DSME.
- Order of the first LNG bunker barge for the American market
A few weeks after the signature of a Technical Assistance and License Agreement
(TALA) with Conrad Shipyard, GTT's subsidiary, GTT North America, has received
an order from Conrad Shipyard for one LNG bunker barge, the first dedicated LNG
barge for the North American maritime market.
Entirely designed by GTT, this barge will be built with the Mark III Flex cargo
containment technology and will be equipped with the bunker mast REACH(4)
developed by GTT. It is expected to be delivered in the first half of 2016.
This important industry first is the result of fruitful collaboration between
GTT, classification societies, the U.S. Coast Guard, and industry stakeholders.
It is a major milestone for the formation of a local LNG supply chain for
merchant vessels. It also represents a return of both GTT and the construction
of LNG vessels to North America.
- Industrialization of Mark V
GTT has signed a cooperation agreement with the South Korean shipbuilder Samsung
Heavy Industries for the industrialization of its new technology, Mark V, an
optimized version of the Mark III system and its sister Mark III Flex.
Eventually it will be dedicated to the whole range of LNG storage and
transportation applications: LNGC, small scale LNGC, tanks for LNG powered
vessels. A second cooperation agreement, which also concerns the
industrialization of the Mark V technology, is being finalized with Hyundai
Heavy Industries.
These steps constitute a significant advance in the process of introducing this
new system, and GTT aims to allow licensee shipyards to use this technology at
the earliest opportunity.
Order book
Since January 1, 2015, the company's order book - which then had 114 units - has
evolved with:
- 26 new orders: 25 LNGCs and one LNG bunker barge[1]
- 9 LNGCs deliveries
- 2 cancelled LNGCs orders
On March 31, 2015, the company's order book stood at 129 units, including:
* 116 LNGCs and VLECs
* 6 FSRUs
* 3 FLNGs
* 3 onshore storage units
* 1 LNG bunker barge
2015 and 2016 outlook
Subject to events that could affect the markets in which GTT operates, the
company's management confirms the following targets:
- In 2015:
* Revenues equivalent to that in 2014,
* A net margin of c. 50%,
* A dividend payout ratio of at least 80% of net income available for
distribution.
- In 2016:
* At least 10% revenue growth relative to 2015, which corresponds to
revenues of over ?250 million.
Financial agenda
- Annual General Meeting of Shareholders: May 19, 2015
- Release of H1 2015 results: July 21, 2015 (after market
close)
Investor Relations Contact
information-financiere(at)gtt.fr / + 33 1 30 23 42 26
Media Contact
press(at)gtt.fr / +33 1 30 23 20 41
For more information, visit the GTT website, www.gtt.fr.
About GTT
GTT (Gaztransport & Technigaz) is the world leader in cryogenic membrane
containment systems used in the shipbuilding industry for the transport of LNG.
For over 50 years, GTT has offered to its customers technologies which allow
them to optimize storage space and reduce the construction and operation costs
of ships or tanks equipped with these systems. GTT operates in several sectors:
LNGCs (Liquefied Natural Gas Carriers) and VLECs (Very Large Ethane Carriers),
Multi-gas carriers, FLNGs (Floating Liquefied Natural Gas units), FSRUs
(Floating Storage and Regasification units), onshore storage tanks and the use
of LNG as a fuel.
GTT is listed on compartment A of Euronext Paris (ISIN FR0011726835, Ticker GTT)
and is notably included in SBF 120 and MSCI Small Cap indices.
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),
including those listed in the "Risk Factors" section of the GTT base document
(in French) registered with the AMF on December 13, 2013 (under number I.
13-052), of the Actualisation du document de base filed with the AMF on February
14, 2014 under number D.13-1062-A01 and the interim financial report available
on July 24, 2014. Investors and GTT shareholders should note that if some or all
of these risks are realized they may have a significant unfavorable impact on
GTT.
--------------------------------------------------------------------------------
[1] Order placed by GTT North America
PDF Version:
http://hugin.info/162529/R/1910686/681497.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: GTT via GlobeNewswire
[HUG#1910686]
Unternehmensinformation / Kurzprofil:
Datum: 14.04.2015 - 17:43 Uhr
Sprache: Deutsch
News-ID 385687
Anzahl Zeichen: 11521
contact information:
Town:
ST-REMY-LES-CHEVREUSE
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 238 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"GTT: First quarter 2015 revenues at ?54.7 million"
steht unter der journalistisch-redaktionellen Verantwortung von
GTT (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
