Gaztransport & Technigaz Sa · EURONEXT:GTT
Gaztransport & Technigaz Sa — Q1 2023 Earnings Presentation
14 slides from Gaztransport & Technigaz Sa's earnings presentation, Apr 20, 2023
Slide 1: Q1 2023 Activity Update
Q1 2023 Activity Update TECHNOLOGY FOR A SUSTAINABLE WORLD 20 April 2023
Slide 2: Disclaimer
Disclaimer This presentation does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction. It includes only summary information and does not purport to be comprehensive. No representation,
Slide 3: Q1 2023 Key Highlights
Q1 2023 Key Highlights Orders and revenues Market • Core business: 26 new orders in Q1 2023 • 20.7 Mtpa sanctioned in Q1 2023 • • Q1 2023 revenues: 80 M€, +17.2% vs Q1 2022 • Port Arthur, US (+13 Mtpa) Plaquemines Phase 2, US (+7 Mtpa) • FLNG, Gabon (+0.7 Mtpa) Innovation Digital • For the 4th year
Slide 4: Q1 2023 orderbook: strong commercial momentum
Q1 2023 orderbook: strong commercial momentum Order book Dec. 2022 Q1 2023 new orders Q1 2023 deliveries Order book March 2023 256 +25 (8) 273 (1) LNGC VLEC 4 - (2) 2 FSRU 1 - - 1 FSU 2 - (1) 1 FLNG 0 +1 - 1 Onshore Storage 11 - - 11 (1) GBS 0 - - 0 (11) GTT order book movements +26 (core business)
Slide 5: LNG supply – 20.7 Mtpa sanctioned in Q1, and more expected to come
LNG supply – 20.7 Mtpa sanctioned in Q1, and more expected to come 2 MAJOR FIDS IN THE US AND 1 FLNG IN GABON CONTRACTING REMAINS DYNAMIC 25 20 Mtpa signed 15 10 5 Port Arthur (13 Mtpa) Plaquemines Phase 2 (7 Mtpa) 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 19 19 19 19 20 20 20 20 21 21 21
Slide 6: LNG Supply – Mtpa to be decided in 2023 and 2024
LNG Supply – 70 Mtpa to be decided in 2023 and 2024 PROJECT COUNTRY OPERATOR VOLUME (Mtpa) Contracted (SPA) Comments Plaquemines Phase 2 US Venture Global 7 FID in Q1 23 FID in 2023 Port Arthur US Sempra 13 FID in Q1 23 Gabon FLNG Gabon Perenco 0.7 FID in Q1 23 Lake Charles US Energy Transfer 16 50%
Slide 7: KFTC
KFTC • On April 13, 2023, the Supreme Court of Korea rejected GTT's appeal filed in December 2022 against the decision of the Seoul High Court. • Next steps: • If requested by the Korean shipyards, GTT will enter into negotiations to separate, in whole or in part, the Technology License and the Tech
Slide 8: Q1 2023 - Consolidated Revenues
Q1 2023 - Consolidated Revenues KEY HIGHLIGHTS SUMMARY REVENUES Q1 23 revenue growth (+17.2% vs Q1 2022). in €m Q1 2022 Q1 2023 Change (%) Total Revenues 68.2 79.9 +17.2% − Revenues from newbuilds (royalties): €73.5m, +19.0% vs Q1 2022. Newbuilds 61.7 73.5 +19.0% − Revenues from LNG and Ethane carri
Slide 9: 2023 Outlook
2023 Outlook Revenue 2023 consolidated revenue estimated in a range of €385M to €430M EBITDA 2023 consolidated EBITDA estimated in a range of €190M to €235M Dividend 2023 dividend payout of at least 80% of consolidated net income Payment(1) Note: In the absence of any significant delays or cancellat
Slide 10: Appendices
Appendices
Slide 11: LNG prices softening
LNG prices softening SPOT LNG & GAS PRICES SINCE 2022 Spot LNG prices reach 20 months low 55 50 • Europe has ended winter with storage more than 45 50% full 40 35 • Prices currently in the $10-15/Mmbtu area, but still $/Mmbtu 30 twice their March value during 2017-2019. 25 20 15 10 4,5$/Mmbtu 8,8$/M
Slide 12: LNGC charter rates still suggesting a tensed market despite a spot softening
LNGC charter rates still suggesting a tensed market despite a spot softening AVERAGE LNGC SPOT CHARTER RATES Spot rates have softened mainly on a seasonal effect (end of winter) 1 year charter rates still high with players willing to secure vessels in a LNGC 1 YEAR CHARTER RATES context of high vola
Slide 13: IMO & European regulation update
IMO & European regulation update Status 2023 2024 2025 2026 2027 What is it? Existing vessels design to be as EEXI In force efficient as Once in a lifetime notation – Done in Jan. 23 newbuilds Annual rating of CII In force CO2 emissions Revision of rules In force since Jan. 23 First grades and sanct
Slide 14: Methanol as fuel: more GHG and higher CO2 emissions than LNG
Methanol as fuel: more GHG and higher CO2 emissions than LNG EXTRA EMISSIONS AND COSTS OF METHANOL VS LNG FUEL Making the choice of methanol fuel today is ON A LARGE CONTAINERSHIP TO BE COMPLIANT WITH FUEL EU committing to more CO2 emissions... +225.000 tons 100% 250000 ● 225.000 tons additional CO2
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