(AOF) – GTT announces that it has received an order from its Korean partner, the HD Hyundai Heavy Industries shipyard, for the design of tanks for 17 new LNG carriers, on behalf of a leading LNG player. GTT will design the tanks for these 17 LNG carriers, which will each offer a total capacity of 174,000 m3, and will integrate the Mark III Flex membrane containment system developed by GTT. Delivery of the vessels is planned between the first quarter of 2027 and the third quarter of 2029.
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Key points
– World leader in the design of cryogenic membrane containment systems used for the storage and naval transport of LNG or liquefied natural gas;
– Turnover of €307 million, 91% generated in the construction of stationary tanks or ships and 17% in electrolysers in the Elogen division;
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Revenues drawn from 9/10ths of royalties, hence margins above 50%
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– Business model for capitalizing on the growth of the natural gas markets (25% of energy consumption expected for 2040) and LNG fuel (“Global Sulfur Cap”, incentive for the propulsion of commercial ships by LNG) and expansion of the service offering through acquisitions;
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Open capital (5.05% for Engie and 5.21% for Caisse des Dépôts), Philippe Berterottière being CEO of the board of directors of 9 members
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Very solid balance sheet free of debt with cash of €253 million at the end of June.
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Challenges
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Response strategy, particularly through digital innovation, to a maritime sector that emits less carbon emissions
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– Innovation strategy with a research & development budget of €20 million, aimed at strengthening gas management technologies, improving Mark Systems and NO 96 solutions, reducing carbon impacts via artificial intelligence and Smart Shipping and participate in the growth of the hydrogen market;
– 1st French ETI in terms of the number of patent filings, 8/10ths of the order book coming from technologies offered for less than 3 years,
– certification of technologies intended for GL fuel;
– partnership with the Marseille incubator Zebox, specialized in maritime transport and new start-up financing structure, with €25 million;
– Environmental strategy of net zero ambition 2025 for the company’s carbon emissions, the approach of which will be formalized and validated by the SBTi at the end of 2023:
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design of CO2 capture systems on board ships,
– intensification of research into alternative fuels and hydrogen engines
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– Rapid development of the Elogen subsidiary: order intake up 150%, driven by partnerships in the design of hydrogen generators and electrolysers and public support for the construction of the Vendôme gigafactory;
– Record order book at the end of June: 302 units (LNG tankers, ethane tankers and land tanks) and 69 units for LNG fuel, representing a visibility of almost €2 billion between now and 2027 to 2029.
Challenges
– Russian-Ukrainian conflict: suspension of the Zvezda shipyard (15 ice-breaking LNG tankers and 3 GBS), maintenance of orders in progress in Asian shipyards (6 ice-breaking LNG tankers and 2 FS) for Russian Arctic projects, i.e. €24 million revenue by 2024, and for the Arctic LNG2 project (8 conventional LNG carriers:
– Other geopolitical risks: Qatar, Malaysia and Indonesia which account for more than half of the world’s LNG liquefaction supply;
– Pursuit of 1
ers
success of the Asceenz-Marorka brand offering electronic systems (monitoring, collection, optimization, etc.);
– After a turnover of €178 million, driven by the Elogen division, 2023 objectives of a significant increase in revenue, between €385 and €430 million, and in operating profit, from €190 to €235 million;
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2023 interim dividend of €1.85, up 19.4%, paid in December (80% of net profit).
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