TGS ASA (TGSNF) Q1 2024 Earnings Call Transcript | Old North State Wealth News
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TGS ASA (TGSNF) Q1 2024 Earnings Call Transcript



TGS ASA (OTCPK:TGSNF) Q1 2024 Earnings Conference Call May 8, 2024 3:00 AM ET

Corporate Participants

Kristian Johansen – Chief Executive Officer
Sven Larsen – Chief Financial Officer

Conference Call Participants

Kristian Johansen

Good morning, everyone, and welcome to TGS Q1 2024 Earnings Release. My name is Kristian Johansen. I’m the CEO of TGS. And with me today, I have Sven Borre Larsen, who’s going to go through the financial section of the presentation and who is our CFO.

I want to start referring to the forward-looking statements that you can read after this presentation and then I go straight to the Q1 highlights.

We’re very pleased about our Q1. When you look at the total revenues of the quarter, it may not look as impressive at the first sight. We’re pretty much in line with where we were in Q1 of 2023. But when you dig deeper into the numbers, you see that the quality of our earnings is very strong this quarter.

As an example of that, we had late sales of $72 million in Q1 that compares to $46 million in Q1 last year, so it’s an increase of about 58%. We had early sales, so early sales of projects that are still in production of $78 million, and that’s an early sales of 116%. When you compare the early sales revenues to last year, you see that they’re down with $20 million. But keep in mind that last year, we invested far more. So we only had 73% early sales. So significantly higher cash flow from early sales that we had in the same quarter of last year and that’s obviously great in terms of the quality of earnings of TGS this quarter.

We had proprietary revenues of $78 million that compares to $86 million in Q1 last

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