PROFILE 1 INTERVIEW WITH THE CHAIRMAN PHILIPPE BERTEROTTIÈRE 2 KEY FIGURES 2020 4 CHALLENGES AND STRATEGY 6 CONTENTS BUSINESS MODEL 8 ESG RESPONSABILITY AT THE CORE OF GTT'S DNA 10 HIGHLIGHTS 2020 12 APPLICATIONS & SERVICES 14 GOVERNANCE 18 PRESENTATION OF THE GROUP COMMENTS ON THE FINANCIAL YEAR 161 AND ITS ACTIVITIES 21 5.1 Analysis of the consolidated financial 1.1 History 22 statements for the financial year 162 1.2 Management and organisational structure 23 5.2 Key figures – first quarter and events after the 1.3 Objectives and strategy 26 reporting period 173 1.4 The liquefied gas sector 33 5.3 Summary of orders received in 2020 and 2021 175 1.5 Onshore and seabed storage 43 5.4 Developments and outlook 177 1.6 Development of new activities by the Group 45 5.5 Company results over the past five financial years 178 1.7 Services 52 FINANCIAL STATEMENTS 179 RISK FACTORS AND INTERNAL CONTROL 57 6.1 Consolidated financial statements 180 6.2 Corporate financial statements 215 2.1 Overall risk management policy 59 2.2 Risk factors 59 2.3 Risk management 66 SHARE CAPITAL AND SHAREHOLDING STRUCTURE 241 STATEMENT OF NON-FINANCIAL 7.1 Shareholding structure 242 PERFORMANCE 71 7.2 Stock-market data 244 7.3 Communication with shareholders 245 3.1 Overall approach and methodology 72 7.4 Dividends 246 3.2 Business model 74 7.5 Share buyback programme 247 3.3 GTT Group’s risks and challenges 75 7.6 INFORMATION ON SHARE CAPITAL 248 3.4 Innovation, at the heart of the Group’s strategy 76 3.5 People-driven innovation and growth 78 3.6 Responsible behaviour and ongoing SHAREHOLDERS’ MEETING 251 stakeholder relations 90 3.7 Principal environmental challenges 94 8.1 Agenda of the Combined Shareholders' 3.8 Governance 99 Meeting 252 8.2 Board of Directors’ report on the proposed resolutions 253 CORPORATE GOVERNANCE 101 8.3 Draft resolutions 261 8.4 Statutory Auditors’ reports 276 4.1 Presentation of governance 102 4.2 Compensation and benefits 128 4.3 Related-party transactions 158 ADDITIONAL INFORMATION 281 9.1 Principal legal and statutory provisions 282 9.2 Information on the Statutory Auditors 286 9.3 Publicly available documents 287 9.4 Person responsible 287 9.5 Publicly available documents 287 Annual Financial Report items 9.6 Glossary 288 are clearly identified in this summary with the aid of the AFR pictogram 9.7 Tables of concordance 289 9.8 General comments 296 gtt.fr Profile GTT is a technology and engineering group specialised in membrane containment systems dedicated to the transport and storage of liquefied gas. For nearly 60 years, GTT has been developing solutions for the liquefied gas industry, in particular Liquefied Natural Gas (LNG), and builds trusting relationships and lasting partnerships with all its stakeholders: shipyards, ship-owners, gas companies, terminal operators and classification societies. Thanks to the know-how of its experienced team of engineers and its ongoing efforts in research and development, the Group designs and markets technologies which combine operational efficiency and safety to equip LNG carriers, LNG floating platforms and multi-gas transport vessels. It also offers solutions for onshore storage tanks, for using LNG as fuel for vessel propulsion, for Smart Shipping, as well as a wide range of services: engineering, support in emergency situations, consultancy, training, maintenance support and production of technical studies. GTT has recently diversified into the electrolysers sector for the production of green hydrogen. Assets Core business Finance > Unique positioning in its core business > High profitability > Solid economic fundamentals > A strong balance sheet > Capacity for innovation and unique know-how > High dividend > Potential for growth in adjacent fields > Sustainable development The French version of this Universal Registration Document was registered on April 27, 2021 with the Autorité des Marchés Financiers (AMF), in its capacity as competent authority pursuant to Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of said Regulation. The Universal Registration Document may be used for the purposes of a public offer of financial securities or their admission for trading on a regulated market if it is supplemented by a securities note and, where applicable, a summary and all amendments made to the Universal Registration Document. The entire file made up by all these documents is approved by the AMF in accordance with Regulation (EU) 2017/1129. This is a translation into English of the Universal Registration Document of the Company issued in French and it is available on the website of the Issuer. GTT - UNIVERSAL REGISTRATION DOCUMENT 2020 1 Interview with the Chairman Philippe Berterottière GTT is furthering its continuous What would say about GTT’s performance in 2020? efforts in R&D to address > 2020 was marked by the global pandemic and an economic slowdown in many countries. Given the conditions, and with many the needs of its customers teams working from home, the performance achieved by GTT was remarkable. On this occasion, I would like to congratulate for their energy transition the GTT teams who actively joined forces to face a high level of activity, in order to further innovate and meet the needs of our and the increased customers. GTT’s major asset is its employees, their multiple skills requirements they face. and unwavering commitment. From a commercial standpoint, with 51 orders recorded in 2020 across all segments, the year was particularly dynamic. Demand in LNG continued on its upward trend, driven by Asian countries. In addition to the 41 orders for LNG carriers, GTT once again demonstrated, with orders for ethane carriers, FSRUs, FSUs and onshore storage tanks, its ability to cover the entire liquefied gas transport and storage value chain. After three years marked by numerous commercial successes, our order book is at a high level. Most of the orders for 2020 are for an extended time horizon that gives GTT higher visibility through 2025. You completed three acquisitions in 2020. A record. What is your external growth strategy? > 2020 was a dynamic year in terms of external growth for GTT, with the acquisition of Marorka, an Icelandic company specializing in Smart Shipping, and that of OSE Engineering in the field of artificial intelligence. These acquisitions are part of our strategy to support the digital transformation and energy transition of maritime transportation. In October 2020, GTT acquired Areva H2Gen, now called Elogen, a company specialising in the design and assembly of electrolysers for the production of green hydrogen. This transaction confirms GTT’s commitment to the energy and environmental transition. Our strategy is to make targeted acquisitions that generate immediate added value and help accelerate our growth. Why invest in hydrogen? > The acquisition of Elogen enables GTT to expand its technological portfolio with expertise in green hydrogen, an essential component, together with LNG, of the energy mix over the next decades. This acquisition confirms GTT’s ambition to continue to develop cutting-edge technologies for improved energy efficiency. It is fully in line with GTT’s development strategy, which consists in capitalising on growth drivers that enable it to enhance its GTT’s headquarters in Saint-Rèmy-lès-Chevreuse expertise in technology development, its know-how in gas handling processes and its understanding of energy production and transport players. You have achieved your financial objectives for 2020 which turned out to be an outstanding year. A genuine achievement during covid? > The COVID crisis only had a limited impact on our business. Our financial performance was in line with the objectives we set in February 2020, before the COVID crisis. Revenue in 2020 was up sharply by 38% compared to 2019, which was already up by 17% compared to 2018. This performance is the result of the particularly high level of orders received in 2018 and 2019. EBITDA for 2020 posted a strong increase of 39%. 2 GTT - UNIVERSAL REGISTRATION DOCUMENT 2020 gtt.fr What are you expecting in 2021? You are often considered as an oil and gas industry player, but you are more like a technology group, > GTT plays a leading role with its customers to support them with their challenges in connection with the energy transition and or even a green value? help them cope with growing regulatory and economic pressure. > GTT is a technological expert. Our Raison d’être, adopted in 2020 and This is why we will continue to keep pushing to develop new laid down in our bylaws, is a reminder of our mission, which is to design technology in 2021. cutting-edge technological solutions for improved energy performance, In terms of outlook for our Company this year, we believe that and underlines our commitment to a more sustainable world. consolidated revenue for 2021 should range between €285 and €315 million, a historically high level. We expect to achieve Can you tell us about your net zero ambition? consolidated EBITDA of between €150 and €170 million, which > In 2020, GTT embarked on a structured approach to define its corresponds to an implied EBITDA margin of more than 50%, but decarbonisation ambitions, both within its own scope of emissions, lower than in previous years. This is due to the staff reinforcements which are limited due to its business, and in the maritime transportation and associated costs. In addition, we are maintaining our commitment value chain through its new product and service offers. to distribute, for the 2021 financial year, a minimum of 80% of our net income. For its own scope, GTT has defined a Net Zero ambition by 2025. The Group will reduce its greenhouse gas emissions, following a Regarding the development of our core business, market indicators trajectory of 1.5 °C according to the Science-Based Targets Initiative are very positive.