Half Year 2024 Gaztransport et Technigaz SA Earnings Call Transcript
Key Points
- Gaztransport et technigaz SA (GZPZY) reported a 66% increase in revenue for the first half of 2024, reaching EUR295 million.
- The company's EBITDA rose by 70% to EUR177 million, with a strong EBITDA margin of 60%.
- The order book is at an all-time high with 58 new orders, providing high visibility until 2028 and beyond.
- Gaztransport et technigaz SA (GZPZY) received major approvals for its GTT NEXT1 technology, enhancing its competitive edge.
- The construction of the Elogen Gigafactory has begun, with expectations to start production in Q4 2025, indicating future growth potential.
- The anticipated takeoff of the hydrogen market has not yet occurred, leading to delays in final investment decisions for Elogen.
- The company faces competition from Chinese shipyards promoting type B tanks, challenging its LNG as fuel market position.
- High construction activity in Korean and Chinese shipyards poses a risk to meeting delivery schedules.
- Elogen reported an EBITDA loss of EUR13.6 million, reflecting challenges in the nascent hydrogen market.
- The supply chain is under tension due to high demand, which could impact future operations and deliveries.
Good morning, everyone. I am pleased to welcome you to the presentation of GTT's financial results for the first half of 2024. I am Jean-Baptiste Choimet, CEO of GTT. I'm afraid today we are together only virtually. As you know, Paris is hosting the Olympic games, and we had to adapt our logistics.
Anyway, I look forward to meeting you in person in the coming weeks to continue the conversation we will start today. Joining me this morning is Thierry Hochoa, our Group CFO. Before we open the floor for a Q&A session, we will cover the following points. First, the highlights for the first half of the year.
I will then give you an in-depth look at our core activities, including our core business, LNG as fuel, Services and Elogen. Then Thierry present an overview of GTT's strategic ventures activity, followed by the financials, and I will conclude the presentation.
So let's begin with some key figures. The first half of 2024 has been characterized by very high level of activity with 58 new orders for our
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