First Half 2016 results - Revenues up 11.4% and net margin at 51.8%


Key figures for 2016 first half

  • Order book of 107 units
  • Revenues up 11.4% at 117 million euros
  • Net margin of 51.8%
  • Interim dividend of 1.33 euros per share


  • 2 new orders
  • 13 deliveries
  • Growth in industrial partnerships


  • Lower-than-expected growth in 2016 revenues due to the time lag in the construction milestones of some vessels
  • Net margin and dividend outlook confirmed

Paris – July 21, 2016. Gaztransport & Technigaz (GTT), an engineering company specialised in the design of membrane containment systems for the maritime transportation and storage of liquefied gas, today announced its financial results for the first half of 2016.

Summary income statement for the first half of 2016

 (in thousands of euros, except for EPS)

H1 2015

H1 2016


Revenue from operating activities




Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA[1])




EBITDA margin (on revenues, %)




Operating income (EBIT)




EBIT margin (on revenues, %)




Profit for the period




Net margin (on revenues, %)




Net earnings per share[2] (EPS, in euros)





Philippe Berterottière, Chairman and Chief Executive Officer of GTT, commented: "Despite current turmoil in the LNG field, we have a solid order book, growing revenues and a high net margin. From a commercial standpoint, we received two LNG carrier orders during the first half of the year from long-term partners: the construction shipyard Hyundai Heavy Industries and the ship-owner SK Shipping. Beyond these two orders, we continue to grow our available services with simulation software for LNG operations. Regarding adjacent markets, we have also signed two major partnership contracts with membrane system outfitters in order to organise the LNG fuel supply chain. In this context, and still aiming at contributing to the development of LNG fuel, we also opened a Shanghai office in June. From a financial standpoint, given the time lag in the construction milestones of some vessels and the current level of new orders, we now anticipate that a portion of the expected revenues will be carried over from 2016 to subsequent years. However, our cost management and the flexibility of our model will enable us to attain, for the 2016 financial year, a net margin in line with our objectives."

[1] EBITDA corresponds to EBIT (earnings before interest and taxes) plus the depreciation and amortisation on assets under IFRS.

[2] For the first half of 2016, net earnings per share were calculated based on the weighted average number of shares outstanding (excluding treasury shares), i.e. 37,046,601 shares.