GTT releases its 2018 annual results

Highlights

• Orders at record level in core activity:
  • 50 new ship orders in 2018 compared to 21 in 2017
  • 1 onshore storage tank
  • 11 new LNGC orders since 1 January 2019
• Ongoing growth in the LNG fuel market:
  • 1 bunker ship
  • 1 icebreaker cruiser

Key figures for 2018

• Consolidated Revenue of €246 million
• Proposed dividend of €3.12 per share (compared to €2.66 per share in 2017)

Outlook for 2019

• Consolidated revenue target: between €255 million and €270 million
• Consolidated EBITDA target: between €150 million and €160 million
• Dividend target, in respect of FY2019 and FY2020, amounting to a payout rate of at least 80% of consolidated net income.

Philippe Berterottière, Chairman & CEO of GTT, comments:

“With 50 orders for LNG carriers and FSRUs, 2018 stands out as the best year of the decade for our core business, thus confirming our vision of market needs. The strong growth in LNG demand throughout the past two years, in particular in Asia, shows the current ongoing dynamics of the LNG market. The pace of future orders will notably depend on FIDs in new liquefaction trains.

On the promising market of LNG fuel, we achieved further successes, which once again confirmed our ability to meet the needs of ship-owners in this area. Less than a year away from the Global Sulfur Cap, and in an increasingly stringent regulatory environment, especially in the main trading ports, the interest of ship-owners for our LNG propulsion solutions is becoming clear. In conjunction with our partners, we are continuing our efforts to become a long-term player in this new ecosystem. I wish to reiterate that, beyond the benefits for GTT, the adoption of LNG as a fuel for merchant vessels is a major step forward for the planet in terms of reducing polluting emissions.

For our new activities, as well as for our core activities, we are continuing to prepare the future by developing new variants of our flagship technologies, such as NO96 Flex, and by creating new ones, such as LNG Brick®. The Group anticipates, for 2019, an increase of around 25% of its R&D expenses. Consequently, 2019 will be a year of innovation for GTT.

We will also continue to develop our service offering, particularly in the field of Smart Shipping.

Concerning our outlook for the year in progress, given our healthy order book in 2018 and for the beginning of 2019, as well as the efforts made by the Group to prepare the future, we expect our 2019 consolidated revenue to be between €255 million and €270 million, with consolidated EBITDA between €150 million and €160 million. Furthermore, we maintain our commitment to pay out dividends amounting to at least 80% of our net income for FY2019 and FY2020.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/27022019/gtt-releases-its-2018-annual-results/