Invitation to our General Meeting 2021

Group revenue for 2020 totaled 20,485 million euros, almost flat on a comparable basis compared with 2019, at -1.3%, in a context of global health and economic crisis. The business model thus demonstrated its robustness, supported by the Group’s global presence and the diversity and balance of its portfolio between growth businesses and resilient sectors. Engineering & Construction consolidated revenue, which was down -23% over the year, enjoyed a strong +24.1% increase in the 4th quarter. 
Global Markets & Technologies was up +6.0%, with a dynamic momentum in biogas with the start-up of new units. Group revenue as published was down -6.5% due to negative currency (-2.0%), energy (-1.8%), and significant scope (-1.4%) impacts.

Gas & Services revenue totaled 19,656 million euros, very close to 2019 on a comparable basis, at -1.2%. Sales as published were down -6.6% in 2020, affected by unfavorable currency (-2.1%), energy (-1.9%) and significant scope (-1.4%) impacts. The significant scope impact mainly reflects the disposal of Schülke in Healthcare.

• Gas & Services revenue in America totaled 7,799 million euros in 2020, a decline of -3.7% on a comparable basis. In North America, sales started improving sequentially in the 3^rd quarter but remained down compared with 2019. Sales were up markedly in Latin America in 2020, mainly driven by a start-up in Large Industries in Argentina and strong demand for medical oxygen. Large Industries revenue in the region was up +1.4%. Industrial Merchant saw a strong sequential recovery over the 2^nd half of the year, but annual revenue remained down by -7.1%. Healthcare is still fully committed to the fight against the pandemic notably with the supply of medical oxygen, and posted annual sales growth of +7.7%. Electronics posted solid growth of +5.2%.
• With comparable growth up +1.3% in 2020, sales in Europe reached 6,826 million euros. Industrial activities, which were particularly affected by the public health crisis from mid-March, started to recover from the beginning of May and markedly accelerated its recovery during the second half of the year. Large Industries sales were down by -1.0% over the year. Industrial Merchant recovered during the 2^nd half of the year, but its annual revenue, which was down -5.6%, remains impacted by the crisis. Healthcare activities were strongly mobilized in the fight against covid-19, and posted revenue growth of +9.7% over the year.
• Revenue in Asia-Pacific remained stable (-0.1%) in 2020 on a comparable basis, and stood at 4,467 million euros, with all industrial activities posting growth during the 4^th quarter. China (+3.4%) brought a strong contribution thanks to a quick recovery across all activities. The recovery was slower in the rest of the region. Large Industries (+0.2%) was driven by the ramp-up of a unit in South Korea. Industrial Merchant (-3.6%) remained sluggish, despite the strong recovery in sales in China during the 2^nd half of the year. Electronics (+3.6%) momentum was very dynamic with growth exceeding +10% over the year excluding Equipment & Installation sales.
• Comparable growth was down -2.6% in 2020 in the Middle East and Africa, and revenues reached 564 million euros. Following a customer turnaround at the beginning of the year, Large Industries sales were up during the 2^nd half of the year. Industrial Merchant revenue, which was strongly hit by the covid-19 crisis during the 2^nd quarter, saw a return to growth during the 4th quarter. Healthcare is committed to the fight against covid-19 and posted strong growth across the region.