Slide 1: Investor Presentation - First nine months 2017 activity update
Investor Presentation First nine months 2017 activity update October 18, 2017
Slide 2: Disclaimer
Disclaimer This document is strictly confidential. Any unauthorised access to, appropriation of, copying, modification, use or disclosure thereof, in whole or in part, by any means, for any purpose, infringes GTT’s rights. This document is part of GTT’s proprietary know- how and may contain trade se
Slide 3: 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 4: Key Highlights
Key Highlights Revenues for the first nine months 2017: €168.5 million (-4.6%) Movements in the order book during the first nine months 2017 Deliveries: 24 (21 LNGC/VLEC, 2 FSRU, 1 FLNG) New orders: 14 (8 LNGC, 5 FSRU, 1 FLNG) Including 1 FSRU order received in Q3 2017 Order book of 86 units as at S
Slide 5: Asian LNG imports continue to grow in 2017 vs. 2016 due to structural energy mix evolution
Asian LNG imports continue to grow in 2017 vs. 2016 due to structural energy mix evolution Top-5 LNG importers demand comparison 2017 vs. 2016 Demand of top-5 LNG importing 140 50% countries (~70% of imports in 2016) 44% grew by 13% in 2017 vs. 2016 (Jan 120 to Aug. YoY), mainly due to: 40% Coal to
Slide 6: Gas and coal prices trend is accelerating the coal-to-gas switch
Gas and coal prices trend is accelerating the coal-to-gas switch Gas vs. coal prices competitiveness since Jan. 2016 70 60 50 +3 $/ Mwh -10 40 +17 +13 30 20 Source: World Bank, Argus Coal Average Europe NG China LNG *Including power plant efficiency : with coal = 34% ; with natural gas = 48% 6
Slide 7: US LNG is competitive in Asia
US LNG is competitive in Asia US LNG vs. Asian LNG price depending on Henry Hub and Oil prices 10,0 Asian LNG < US LNG Asian LNG 9,5 Asian LNG < US LNG US LNG < Asian LNG 9,0 8,5 LNG price - $/Mbtu 8,0 Spread 7,5 US LNG 7,0 2017 avg. 2016 avg. 6,5 6,0 5,5 40 45 50 55 60 65 Main sources: GTT analysis
Slide 8: LNG Shipping – Positive trend is firming on the spot market
LNG Shipping – Positive trend is firming on the spot market # prompt k$/d Spot rates and prompt available vessels evolution since January 2017 available vessels 50 30 25 40 20 30 k$/d 15 20 10 10 5 0 0 Available vessels on the spot market (rhs) 160k cbm TFDE 145k cbm Steam Turbine Sources: Clarksons
Slide 9: LNG Shipping – Liquefaction projects are underway
LNG Shipping – Liquefaction projects are underway A large majority of liquefaction projects currently under construction expected to start-up in time c.50 vessels to be ordered from these under construction projects Main downside risks Additional LNG contracts swapping (shorter routes) Start-up dela
Slide 10: 9 months 2017 revenues at €169 million
9 months 2017 revenues at €169 million Summary financials Key highlights in € M 9M 2016 9M 2017 Change Total revenues: €168.5 million (%) Revenues 176.7 168.5 -4.6% Revenues from royalties: -6.3% at Royalties 167.7 157.1 -6.3% €157.1 million % of revenues 95% 93% LNGC: -8.2%, impacted by the low lev
Slide 11: 2017 Outlook confirmed
2017 Outlook confirmed GTT revenue(1) 2017 revenue estimated in a range of €225 M to €240 M Net margin(2) Net margin above 50% Dividend 2017 dividend amount at least equivalent to 2015 and 2016 Payment(3) 2018 – 2019: payout of at least 80% (1) In the absence of any significant delays or cancellatio
Slide 12: Thank you for your attention
Thank you for your attention Information-financiere@gtt.fr 12