Full Year 2016 Results

2017-02-23

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Full Year 2016 Results

Revenues up at €236 million and a net margin ratio of over 50%

2016 key figures

  • Revenues up 4% to €235.6 million
  • Net margin of 50.8%
  • Proposed dividend of €2.66 per share[1]
Highlights
  • 5 new orders booked in 2016, including the first LNGC equipped with Mark V technology
  • 27 deliveries, including the first floating liquefied natural gas production and storage facility (FLNG) and the first multi-gas carrier
  • New representative office opened in Shanghai
Outlook
  • Revenue target for 2017 of €225-240 million
  • Net margin target for 2017 above 50%
  • Dividend target for 2017: amount at least equivalent to 2015 and 2016

Paris, 23 February 2017 - GTT (Gaztransport & Technigaz), world leader in the design of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas), announces its results for the full-year 2016.

2016 summary income statement

(in thousands of euros, except for EPS)

2015

2016

Change

Revenues from operating activities

226,458

235,552

+4.0%

Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA[2])

142,160

144,237

+1.5%

EBITDA margin (on revenues, %)

62.8%

61.2%

-1.6pt

Operating income (EBIT)

139.275

140,921

+1.2%

EBIT margin (on revenues, %)

61.5%

59.8%

 -1.7pt

Net income

117,257

119,745

+2.1%

Net margin (on revenues, %)

51.8%

50.8%

-1.0 pt

Net earnings per share[3] (euros)

3.16

3.23

  +2.2%

 

Philippe Berterottière, Chairman and Chief Executive Officer of GTT, commented: “2016 was marked by wait-and-see behaviour on the part of charterers and operators, limiting the number of orders for LNGCs.

Towards the end of the financial year, in a market environment that remains difficult for the transport of LNG, we observed an improvement in some market indicators such as the vessel charter rates. We will continue to be attentive to these indicators in the months ahead. This being said, growth in demand for LNG, especially in Asia, and orders for FRSUs received in early 2017, show that the LNG market continues to see growth.

In view of this, GTT has continued its R&D work and has successfully marketed its very latest Mark V membrane technology. Regarding the outlook for the current year, we estimate that 2017 revenues should be in the range of €225-240 million, and are forecasting a net margin ratio above 50%, and the same level of dividend in 2017 as in previous year.”

[1] Subject to approval by the Annual General Meeting of Shareholders on May 18, 2017

[2] EBITDA corresponds to EBIT plus depreciation on fixed assets under IFRS.

[3] As at 31 December 2015, net earnings per share were calculated on the weighted average number of shares outstanding, or 37,064,407 shares.
  As at 31 December 2016, net earnings per share were calculated on the weighted average number of shares outstanding, or 37,036,945 shares.

 

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