Gaztransport & Technigaz (GTT) has released its annual results for 2019, reporting a record level of new orders and results above expectations.
- Orders at record level in core activity:
- 57 LNG carriers in 2019.
- 6 large-capacity ethane carriers.
- 3 GBS.
- Ongoing growth in the LNG fuel market:
- 5 large-capacity container vessels.
- 1 container vessel retrofit.
- 2 bunker ships.
Key figures for 2019
- Consolidated Revenue of €288.2 million.
- Consolidated EBITDA of €174.3 million.
- Proposed dividend of €3.25 per share (compared to €3.12 per share in 2018).
Outlook for 2020
- Consolidated revenue target: between €375 million and €405 million.
- Consolidated EBITDA target: between €235 million and €255 million.
- Dividend target, in respect of full-year 2020 and full-year 2021, amounting to a payout rate of at least 80% of consolidated net income.
Philippe Berterottière, Chairman & CEO of GTT, comments:
“In addition to receiving 57 orders for LNG carriers, a new annual record for our core business, our 2019 GBS and VLEC orders demonstrated our ability to cover the entire value chain for liquefied gas transport and storage.
The year was also notable for the many investment decisions taken for gas liquefaction projects. This was another record, with over 70 million tpy under construction last year. These decisions are a sign of confidence on the part of the major gas companies over the long-term prospects of the LNG market. They will generate orders for LNG carriers in the next three years.
With respect to the LNG as fuel, we received eight orders in 2019, including an order to retrofit a container vessel for Hapag Lloyd, which opens new development prospects in this promising sector. As a reminder, I would like to stress that the adoption of LNG as fuel by merchant vessels is of considerable importance for the environment.
A few days ago, we announced the acquisition of Marorka, an Icelandic company specialised in Smart Shipping. This is another milestone in the implementation of our digital strategy, which also aims to make the maritime world a cleaner place.
Our 2019 results were better than expected thanks to a particularly high flow of orders over the past two years. Our business growth has resulted in the group recruiting new talents, notably in R&D, increasing reliance on subcontracting to execute the design of the vessels ordered and investing in new premises to welcome our new arrivals. These measures began in 2019 and will continue in 2020.
In terms of our prospects for the current year, given the current healthy order book and the group’s preparations for the future, we believe that the 2020 consolidated revenues should be within a range of €375 – 405 million, consolidated EBITDA within a range of €235 – 255 million, and we are maintaining our commitment, for the 2020 and 2021 financial years, to pay out dividends of at least 80% of our net income.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/28022020/gtt-releases-its-2019-annual-results/