Gaztransport & Technigaz S.A.

Thank you for standing by. Welcome to the GTT first quarter activity update. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. If you wish to ask a question, please press star 1 on your telephone keypad. For your information, this conference is being recorded today. Now, I would like to hand the conference over to your speaker today, Philippe Berthe-Rottier, CEO. Please go ahead.

Thank you very much. Good evening, everybody. Thank you very much to have joined us for this teleconference on our Q1 activity update. I would like to introduce the persons on the table. We have Mrs. Obaniak, who is a special advisor to the chairman. and currently acting CFO while Marc Estier is on health leave. We wish him a prompt recovery. And we have also Jean-Baptiste Garnier, Investor Audition. Well, immediately, I would like to go to our key highlights. First of all, our Q1 2021 with news. We have achieved a turnover of 87.6 million euros, which is 15% below the one we achieved on the first quarter 2020. As far as our core business is concerned, we received in the first quarter two orders for LNG carriers. And in April, we received four orders for LNG carriers and two for very large ethane carriers. Well, from an important point for the beginning of the year, it's the decision from Qatar to launch the Northfield expansion, adding 33 million tons per annum to the worldwide production of LNG. Well, we will go into details about innovation and the activities of Elogen a bit later on. I would like to jump immediately to page four where we can see that currently our order book amounts to 125 units with 105 energy carriers and five very large 18 carriers. The movements in the first quarters, we received two orders for LNG carriers, and we delivered 24 vessels, 19 LNG carriers, four very large 18 carriers, and one FSRU. For new business, in our order book, we have 12 units for LNG as a fuel. We did not receive any order in the first quarters. and we delivered two ultralarge container ships. Moving to slide five, here is a slide that many of you were asking for, where we can see all the projects which are currently in construction with the startup period, the contracted capacity, the energy requirements for these projects. It means a total of 187 vessels. We've got to deduct from this number the vessels ordered or available that we assess to amount to 89, which means that we expect 98 orders to come in the coming years. So the market is still requiring about 100 LNG cars for contracted supply of LNG plants under construction. And that is a message of confidence for the year or the couple of years to come. We consider also that there should be fleet replacement which could increase that number as our latest technology are representing a very significant improvement in terms of boil-off compared to most of existing . If we want to have a particular look to the demand for energy, it remains very strong in China. In January, they reached monthly all-time high point. Of course, we know that it was very cold in Asia, and China important 8.5 million ton at that time. For the remaining of 2021, we are expecting a growth of 8.8% of the market, so a very significant increase. These data are coming from Wood Mackenzie. Innovation update, GTT conquers new technological frontiers for its client. On the membrane side, we introduced the latest version of our well-known NO96 technology. We name it Super Plus, and it allows to have a boil-off of 0.085, comparable to the Mark III Flex technology. That translates into reduction of operating costs, as the boil-off is decreased. We are keeping on working on the multi-gas version, and we received a notation for Mark III to be NH3 ready. It means ammonia ready. A lot of people are talking about ammonia, and we qualified this technology for ammonia. So, in doing so, we are offering more flexibility to owners. We keep on working on digital solutions for maintenance optimization. Thanks to an embarked tank integrity assessment system, we can offer to delay the maintenance operations for SSIUs and LNG carriers. That has to be approved by the flag authorities of the ship, but it's a very significant improvement, authorizing such longer lead time between inspection. Finally, for LNG as a fuel, we obtained an AIP for NO96 for adapting this technology to ultra-large container vessels, and we obtained an AIP for adding energy fuel going up to one bar gauge. So in doing so, we offer more flexibility to owners to select their shipyards with a wider choice of shipyards, and also more flexibility in operating the vessel, the tanks, thanks to this higher pressure level in the tank. Elogen are subsidiary producing electrolyzers. Elogen obtained a new contract. It's a very significant milestone. It has been selected by E.ON. to supply a one megawatt electrolyzer, a transformer, and a compression unit. Heliogen will also provide IND development of a hydrogen purification unit. So it's a very significant milestone, a very significant contract, and a very significant achievement. It is going to be used in the SmartQuart project, a full-scale laboratory to transform energy consumption in urban areas. It's supported and funded by the German Ministry of Economics and Energy. So now I will leave the floor to Virginie Aubagnac to detail the consolidated revenues of the company.

Good evening, everyone. So consolidated revenues for the first quarter of 2021 amounted to 88 million euros, down by 15% compared to the same period in 2020, but up 49% compared to Q1 2019. If we look at the revenues from New Build, it stood at 83 million euros, 87% of which coming from LNG carriers and its ESAN carriers, and the rest of it from new activities, notably 2 million from FSU, 3.4 million from SSRU, and increases of about 80% for GBS and LNG as a few. Revenues from services have reached 4.7 million euros, up 55% compared with the first quarter of 2020, thanks in particular to the acquisition made in 2020, and also maintenance and support services and digital services, which showed a good level of activity for the first quarter. I let Philippe And the presentation.