GTT: First Quarter 2016 revenues up 7.1% to 58.6 million euros
(Thomson Reuters ONE) -
First Quarter 2016 revenues up 7.1% to 58.6 million euros
* Revenues from royalties up 9.4%
* Cooperation agreement for industrialisation of NO96 Max technology
* Targets for 2016 confirmed
Paris, April 12, 2016 - GTT (Gaztransport & Technigaz), an engineering company
specialised in the design of membrane containment systems for the transportation
and storage of liquefied gas, announces its revenues for the first quarter of
2016.
Key figures for the first quarter of 2016
(in thousands of euros) Q1 2015 Q1 2016 Change
------------------------------------------------------------------
Revenues from operating activities 54,685 58,555 +7.1%
------------------------------------------------------------------
------------------------------------------------------------------
From royalties 50,612 55,360 +9.4%
------------------------------------------------------------------
LNGC / VLEC[1] 44,365 49,922 +12.5%
------------------------------------------------------------------
FSRU[2] 3,446 4,435 +28.7%
------------------------------------------------------------------
FLNG[3] 2,218 633 -71.5%
------------------------------------------------------------------
Onshore storage 584 192 -67.1%
------------------------------------------------------------------
Barge - 177
------------------------------------------------------------------
From services 4,073 3,195 -21.6%
------------------------------------------------------------------
Philippe Berterottière, Chairman and Chief Executive Officer of GTT, commented:
"Revenues generated in the first quarter of 2016 are in line with our
expectations, despite some delays in shipbuilding milestones. In a particularly
unfavourable global economic environment, the shipbuilding sector has been
adversely affected by a wait-and-see attitude on the part of operators and
charterers and we have received no new orders in the first quarter of 2016.
However, with 111 units in the order book as at 31 March, we continue to enjoy
good revenue visibility out to 2020. In financial terms, we also have a strong
balance sheet and our strict financial management allows us to combine
efficiency and flexibility. This is why we confirm our targets for 2016, in
terms both of revenues and net margin. In addition, the long-term trends remain
extremely positive. Demand for liquefied natural gas should remain sustained at
global level and the emergence of new sources of supply favours its transport by
ship, which is, of course, good news for GTT."
Performance by segment
Revenues for the first quarter of 2016 amounted to ?58.6 million, up 7.1%
compared with the first quarter of 2015.
* Revenues related to royalties came out at ?55.4 million, up 9.4%. Royalties
from LNGCs and VLECs increased by 12.5% to ?49.9 million, and royalties from
FSRUs by 28.7% to ?4.4 million. Other royalties were generated by FLNGs at
?0.6 million, while onshore storage generated ?0.2 million and the barge
?0.2 million.
* Revenues related to services, mainly driven by maintenance contracts for
ships in service, engineering studies and supplier approvals, came out at
?3.2 million. Following the very sharp, 48.0%, increase in the first quarter
of 2015, revenues from services were down 21.6% compared with that period
and up 16.1% compared with the first quarter of 2014.
Highlights of the quarter
Cooperation agreement for the industrialisation of NO96 Max technology
In February 2016, GTT finalised a cooperation agreement with Daewoo Shipbuilding
& Marine Engineering (DSME) of South Korea for the industrialisation its new
NO96 Max technology, and its commercialisation in 2016. This technology has
already received AIPs (Approvals in Principal) from the main classification
societies.
First order for G-Sim LNG simulator software by GTT Training
Capitalising on its comprehensive expertise in LNG-related issues, GTT Training
offers a series of bespoke training modules together with simulator software to
GTT's clients and partners. In March 2016, GTT Training received its first order
for its G-Sim LNG simulator software, which provides full simulation of all the
systems on a vessel that are involved in the management and handling of the LNG
cargo and maintaining the vessel in a safe condition.
Order book
Since 1 January 2016, GTT's order book, which then stood at 118 units, has
evolved, with:
* 6 LNGC deliveries
* 1 FSRU delivery
As at 31 March 2016, the order book accordingly stood at 111 units:
* 99 LNGCs and VLECs
* 6 FSRUs
* 3 FLNGs
* 2 onshore storage units
* 1 LNG bunker barge
2016 outlook
Subject to any significant delays or cancellations in orders, the Company
confirms its targets for 2016, namely:
* a revenue growth of more than 10% compared with 2015, which represents more
than ?250 million of revenues,
* a net margin above 50%[4],
* a dividend amount for 2016 and 2017 at least equivalent to that proposed for
2015[5].
***
Financial calendar
* Annual General Meeting of shareholders: May 18, 2016
* Release of H1 2016 results: July 21, 2016 (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 42 24
For more information, visit the GTT website, www.gtt.fr.
About GTT
GTT (Gaztransport & Technigaz) operates in the market of cryogenic membrane
containment systems used for the transport and storage of liquefied gas, in
particular LNG (Liquefied Natural Gas). For over 50 years, GTT has designed and
offered to its customers technologies which allow them to optimise storage space
and reduce the construction and operating costs of ships or tanks equipped with
these systems. The liquefied gas market includes several types of vessels: LNG
carriers, FSRUs (Floating Storage Regasification Units), FLNGs (Floating
Liquefied Natural Gas vessels) and multi-gas carriers (in particular for ethane
and LPG). The Company also provides solutions dedicated to onshore storage and
to the use of LNG as fuel for vessel propulsion (and associated bunkering), as
well as a broad range of high added value services for all stakeholders
throughout the liquefied gas chain.
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.
Important notice
The French language version of this press release shall prevail. 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 April 27, 2015 under number R.15-022, and
the half-yearly financial report released on July 21, 2015. 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.
--------------------------------------------------------------------------------
[1] VLEC: Very Large Ethane Carrier
[2] FSRU: Floating Storage and Regasification Unit
[3] FLNG: Floating Liquefied Natural Gas vessel
[4] Excluding potential acquisition effect
[5] Dividend 2015 subject to next AGM approval
PDF Version:
http://hugin.info/162529/R/2002878/739186.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#2002878]
Unternehmensinformation / Kurzprofil:
Datum: 12.04.2016 - 17:45 Uhr
Sprache: Deutsch
News-ID 463530
Anzahl Zeichen: 10364
contact information:
Town:
ST-REMY-LES-CHEVREUSE
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 249 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"GTT: First Quarter 2016 revenues up 7.1% to 58.6 million euros"
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).
