Post on 14-Oct-2020
2011 Results Solid full year performance ALMA perspective
Paris, February 17, 2012 l Benoît Potier, Chairman and CEO
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment2
Full year 2011
Q4 marked by customer cautiousness
Strong Full year sales
Further margin improvement
Net profit in line with guidance
Confirmed investment momentum
Solid full year performance
ALMA perspective
Robustness of the development model
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment3
Two years of strong growth
Gas & Services
Engineering& Construction
Other activities
+12.2%
Growth figures are compound annual published growth.
+7.5%
-15.8%
+9.9%
In €bn
Group sales 2009-2011 CAGR
14.5
13.5
12.0
5,0
7,5
10,0
12,5
15,0
2009 2010 2011
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment4
-0,5
0,0
0,5
1,0
1,5
2,0
2009 2010 2011
12.811.9
10.2
4
6
8
10
12
14
2009 2010 2011
Solid operating performance…
(1) comparable growth: excluding forex, natural gas and significant perimeter impacts (2) total capex, including transactions with minority shareholders, net of disposals(3) from operations, before WCR
In €bn In €m
In €bn
Gas & Services sales
Operating Cash Flow (3)
In €bn
Net Capex (2)
2011 AnnualObjective: >
€200m
-0.1
+7.5% (1)
Efficiencies
2.72.7
2.3
0,0
0,5
1,0
1,5
2,0
2,5
3,0
2009 2010 2011
+3%
335
280 270
0
100
200
300
400
2009 2010 2011
1.7
1.81.71.4
270
Industrial investments
Financial investments, net of divestitures
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment5
… generating regular growth in net profit
+11.7% CAGR over 2 years
Strong positive leverage
+8.9% CAGR over 2 years(2)
Pay-out ratio 47.5%
(1) Subject to approval at the General Shareholder meeting to be held on May 9, 2012, detached on May 11 and paid on May 16
(2) Adjusted for free share issues
1,535In €m
In €
Net profit (Group Share): +9.4%
Dividend: +6.4%
500
750
1000
1250
1500
2009 2010 2011
0
0,5
1
1,5
2
2,5
2009 2010 2011
2.50 (1)
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment6
Full year 2011
Solid performance
Paris, February 17, 2012 l Fabienne Lecorvaisier, Chief Financial Officer
Activity
Performance
Investments and net debt
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment7
Robust 2011 results
(1) excluding forex, natural gas and significant perimeter. (2) proposed at the annual shareholder meeting of May 9, 2012.
In €m 201111/10
change11/10
change
Group revenue
Gas & Service revenue
14,457
12,839
+7.2%
+8.0%
Operating Incomerecurring
2,409 +7.0%
Net profit(Group share)
1,535 +9.4%
Dividend per share (2) (in €) 2.50 +6.4%
Net Debt at December 31 5,248 +209
Excl. Forex& Scope
=
+6.8%
+7.5%
comparablechange (1)
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment8
Continued sequential growth
3,543
218
177
3,148
Q4 10
3,543
224
134
3,185
Q1 11
3,573
246
156
3,171
Q2 11
3,597
216
158
3,223
Q3 11Sales in €m Q4 11 Q4 11/10as published
Gas & Services 3,260 +3.5%
Engineering &Construction
258 +45.8%
Other Activities 227 +4.3%
Group Total 3,745 +5.7%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment9
Lower Q4 year on year progression
(1) excluding forex, natural gas and significant perimeter impacts
+7.9%
-4.2%-5.1% -5.2%
-4.6%
+8.3%
+10.7%+11.0%+11.3%+11.4%
+9.7%
+7.7%
+1.9%
-6
-4
-2
0
2
4
6
8
10
12
Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
2009 2010 2011
G&S comparable growth(1)
2008
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment10
Most geographies impacted in Q4
Q4 11 G&S Sales
ME & Africa
Asia Pacific
Americas
€1,667m
€722m
€787m
€84m
Kuwait consolidation
Comparable growth(1)
+16.5%
+1.3%
+5.3%
+0.0%Better IM pricing
Dynamic eastern Europe
IM growth in Canadaand Latin America
Delayed start-ups
Solid growth in China
Growth in South Africa
Europe
Business
E&I sharp decrease
Low Steel demand
Low Electronics in Japan
Arab Spring
Economic context
Healthcare
Client maintenanceoutages
(1) Comparable growth, Q4 2011/Q4 2010, excluding forex, natural gas and significant perimeter impacts
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment11
+25%+30%
+21%+26%
+28%
+19%
+13%
-8%-10%
0%
10%
20%
30%
Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
…and notably in Large Industries and Electronics
+2%
+8%
+5% +5%+4%
+2%+3%
+2%
0%
3%
5%
8%
10%
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
+14% +13%
+21% +22%
+17% +17%
+11%
+2%
0%
5%
10%
15%
20%
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
+1%
+7%+7%+8%+8%
+3%
+5%+6%
0%
2%
4%
6%
8%
10%
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Industrial Merchant Large industries
Electronics Healthcare
+6%excl. E&I
Comparable growth: excluding forex, natural gas and significant perimeter impacts, relative to the same period in preceding year
Q4
2011
9%
39% 35%
17%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment12
Strong activity level throughout the year
85
90
95
100
105
110
115
Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
(1) comparable revenue (excluding forex, natural gas and significant perimeter impacts), adjusted for the number of days per month
base 100,average 2008 2009 20112010
Quarterly G&S activity indicator(1)
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment13
Overall robust growth in 2011
0% 5% 10% 15%
52%
22%
24%
Europe
Americas
Asia-Pacific
ME & Africa
Asia Pacific
Americas
Europe€6,585m
€2,859m
€3,083m
€312m
0% 5% 10% 15%
LargeIndustries
Electronics
IndustrialMerchant
Healthcare
+10.9%
+12.5%
+9.0%
+4.5%
ME & Africa
LargeIndustries
Electronics
IndustrialMerchant
Healthcare
+11.9%
+7.4%
+11.7%
+2.9%
G&S growth by geography G&S growth by business line
36%
38%
10%
16%
(1) Comparable growth: excluding forex, natural gas and significant perimeter impacts.
Comparable growth(1) Comparable growth(1)
2%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment14
… driven by developing economies
+ 5% + 20%
Advanced economies Developing economies
Comparable G&S sales growth(1)
(2011/2010)G&S sales share indeveloping economies
15%16%
19%
2008 2009 2010 2011
21%+ 24%+ 4%
+ 1%
+ 15%
+ 24%
+ 11%
+ 8%
(1) Comparable growth: excluding forex, natural gas and significant perimeter impacts.
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment15
Engineering & Construction picking up
185
203
186177
134
156 158
258
0
50
100
150
200
250
300
Q1
10
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
In €m
0
250
500
750
1000
1250
1500
2008 2009 2010 2011
705751
1,010
Q4
Third party E&C sales E&C order intake
In €m
Sales increase in Q4 due to projectmilestones reached
€ 300m order intake in Q4
Project activity still dynamic
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment16
No rupture in current trends
Industrial Merchant
Large Industries Steel Chemicals Refining
Food& Pharmacy
Craftsmen &Distributors
Auto & Fab
Electronics Flat screensTFT/LCD
PhotovoltaicIntegratedcircuits
E&I
Healthcare Medicalgases
HygieneHome
healthcare
Engineering& Construction
Negotiations
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment17
Full year 2011
Solid performance
Paris, February 17, 2012 l Fabienne Lecorvaisier, Chief Financial Officer
Activity
Performance
Investments and net debt
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment18
In €m 2009 2010 2011Change11 vs 10
Revenue
Purchases
Personnel expenses
Other net income and expenses
11,976
4,563
2,237
2,207
13,488
5,240
2,378
2,495
14,457
5,762
2,481
2,650
+7.2%
+10.0%
Operating profit before depreciation 2,969 3,374 3,564 +5.6%
Depreciation and amortization
Operating Income Recurring (OIR)
1,020
1,949
1,122
2,252
1,155
2,409
+2.9%
+7.0%
OIR margin
OIR marginexcl. natural gas effect
16.3% 16.7% 16.7%
+10bps
Further improvement in Group operating margin
+5.3%
16.8%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment19
G&S margin helped by efficiencies
1 800
2 000
2 200
2 400
in €m
2,421
+37
OIR = Operating Income Recurring
0
OIR
2011
<284>
+253+104
G&
S
G&
S
OIR
2010
2,281
Volumemix
Energyeffect
Costincrease
0
Priceexcl.
energy
+68
Efficiencies Forexand
Others
<1>
(1) Excl. Natural Gas, 18.9% as published
19.1% (1)19.2%
G&S OIR margin
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment20
Strong net profit growth
In €m 2010 2011Change11 vs 10
Revenue
Operating Income Recurring
Other non-recurring operating income & expenses
13,488
2,252
2
14,457
2,409
28
+7.2%
+7.0%
Operating Income 2,254 2,437 +8.1%
Net financial costsand other net financial expenses (311) (298)
Income taxes (513) (576)
Net results (Group share) 1,404 1,535 +9.4%
Earnings per share (in €) 4.99 5.43 +8.8%
Tax rate 26.4% 27.0%
Share of profit of associates 28 32
Minority interests (54) (60)
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment21
Full year 2011
Solid performance
Paris, February 17, 2012 l Fabienne Lecorvaisier, Chief Financial Officer
Activity
Performance
Investments and net debt
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment22
Confirmed Investment momentum
2009 2010 2011 2012e2009 2010 2011
3.0 2.9 2.7
1.50.8
0.9
Dec-10 June-11 Dec-11 2009 2010 2011
4.2
3.7
1.7
1.4
24
15
292.2
1.1
61 %65 % 56 %49%
In €bn
Investmentdecisions
12-month portfolioof opportunities Start-ups(2)
(1) Industrial and financial investments, including transaction with minority shareholders, net of divestitures (2) Industrial projects > €10m
Developing Economies Advanced Economies
Net capex(1)
3.92.0 1.7
16
In €bn In €bn
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment23
Net debt stable excluding Forex and Scope
<5,039><5,248>
+ 2,728
<1,676>
<763><196>
Net Debt,
Dec 31, 2011
Cash flow Net
Investments(1)
Dividendsnet of capital
increases
Forex(2)
+ scope+ IFRS
Net DebtDec 31, 2010
Gearing ratio53%
Gearing ratio
55%
<302>
WCR+ others
(1) Including transactions with minority shareholders, net of divestitures (2) Forex impact : € 125m
In €m
Net debt
+209
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment24
Prudent liquidity management
Bonds and private placements
Commercial paper
Cash and cashequivalents
Confirmedcredit lines
€3.9bn
0,4
0.60.60.7
0.5 0.6
0.6
0,0
0,4
0,8
1,2
1,6
2012 2013 2014
Bank debt and other debt
€4.0bn
Available liquidity,31 December, 2011
Group debt maturity profilenext 3 years
In €bn In €bn
1.82.1
0.4
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment25
Full year 2011
ALMA PerspectiveRobustness of the development model
Paris, February 17, 2012 l Benoît Potier, Chairman and CEO
Growth and efficiencies
ROCE
Long term trends
Corporate Responsibility commitment
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment26
+8 to +10%
2015 objectives
EfficiencySales growth
Per year on averageIn a normal environment
Engagement inROCE
Range in the period
+8 to +10% > € 200m
Responsibility
objectives12 – 13%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment27
14.5
13.5
12.0
13.1
11.8
10.910.4
5,0
7,5
10,0
12,5
15,0
2005 2006 2007 2008 2009 2010 2011
Growth
In €bn
0
Group Sales and CAGR
+ 10%
+ 8%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment28
Growth: fueled by investments
€2.0 bn
Europe
Americas
€ 845m
€ 230m
€ 1,435m
Middle-Eastand Africa
€3.6 bn
G&S Cumulated 2010 and 2011 capex
Cumulated 2010 and 2011 capex:
Additional expected sales:
Asia-Pacific
€ 1,055 m
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment29
Extend our markets: site take overs
Air gases
Hyco, Syngas
Steam and others
€200mAdditional yearly sales:
Site takeovers achieved: 6 10Opportunities in the portfolio:
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment30
Extend our markets: further initiatives
30
New moleculesNew pathologies
New applications
Gas purification
Gasification
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment31
Long term trends re-confirmed
“ $38 trillion ofinvestment to
meet projectedenergy demand.”
“ Non-OECDcountries
account for 90%of population
growth...”
“ Spending onconsumertechnologydevices willsurpass $1
trillion. ”
“ Chronicdiseases
become thedominant
concern...”
DevelopingEconomies
Energy +Environment
High Tech Health
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment32
Efficiencies: €270m in 2011
*3C: plan « Cash Cost Capex »
0
100
200
300
2007 2008 2009 2010 2011
335
230
180
Focus 3C*280
In €m
AnnualObjective:> € 200m
Group efficiencies
270
€1.3bn in 5 years
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment33
Efficiencies: visible cost decrease
Overheads and productivity
Purchasing globalization
Industrial and logistics efficiencies
Efficiencybreakdown
10%
15%
20%
25%
30%
35%
40%
'07 '08 '09 '10 '11
7,0%
7,5%
8,0%
8,5%
9,0%
9,5%
'07 '08 '09 '10 '11
5%
6%
7%
8%
'07 '08 '09 '10 '11
Costs in % of sales
Ex: Healthcare transportcosts (Iberia)
Ex: G&S non operating costs
Ex: Electronics moleculesprocurement /gas sales
Costs in % of sales
Costs in % of sales
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment34
Efficiency: an on-going process
2005-2008 2008-2010
Costs + Assets
WBL initiatives
Category management
Internal recognition
2011-2015
Quick fixes
Costs
Local initiatives
Procurement
Common language Transformation
Costs + Assets
Global initiatives
Total cost of ownership
Best practices transfer
Continuous processimprovement
Awareness
Maturity
Efficiency in the DNA
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment35
80
100
120
140
160
180
200
220
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Sustained long-term return on investments
Regaining momentumCapitalemployed
(1) Shareholders equity + minority interests + net debt, end of the period
Base 100
Operating income vs. capital employed(1)
Operatingincome
recurring
Profitable growth
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment36
ROCE stable
(1) Return On Capital Employed after tax: (Net profit before deduction of the minority interests – net finance costs after taxes) / weighted average for the year of(shareholders’ equity + minority interests + net indebtedness).
Group ROCE (1)
New project returns
Time to production
Reduced capitalIntensity
Asset mutualization
WCR optimization
Global Cashmanagement
Levers
8,0%
8,5%
9,0%
9,5%
10,0%
10,5%
11,0%
11,5%
12,0%
12,5%
13,0%
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '150%
12.1%12.1%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment37
Standard plant program deployment
Savings confirmation
-35% capex
-10% opex
-40% time to market
O2 productionN2 productionLiquid production
90 Air gas standard plants since 2006
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment38
From Sustainable development to Corporate Social Responsibility
Responsibility
commitment,
part of
2015
2003 December 20102005
8 objectivesfor 2005-2009
period
InitialSustainabledevelopment
approach
Corporate Social
Responsibility
objectives
ALMA 2015
4 domains
4 stakeholders+
3 fieldsof action
Steps of progress
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment39
Corporate Social Responsibility towards…
Customers & Patients
Shareholders
Improve theEnvironmental footprint
Enhance business practicesand governance
Employees
Communities
Innovate relentlessly
Stakeholders Fields of action
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment40
Our commitment to Shareholders
Deliver long term performance thanks to a steady increase of investmentvalue, ensure respect and consideration in the relationship with shareholders
-10% -5% 0% 5% 10% 15%
Air Liquide (2) and CAC40 Index (3)
+11.5%
+10.4%
+7.6%
+6.1%
-0.4%
-7.1%
Total Shareholder Return (1)
5 years
20 years
10 years
Air Liquidevs CAC 40
+ 14.7%
+ 10.8%
+ 5.4%
(1) Total Shareholder Return (TSR) is the annualized rate of return for shareholders who purchased a share at the beginning of the period and sold it at the
end of the period, including the contribution from both the share price performance and dividends paid (including loyalty bonus), assuming that the dividend isimmediately reinvested in shares, as well the free share attributions. (2) With registered shares. (3) CAC 40 index with gross dividend reinvested.
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment41
0
50
100
150
200
250
95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09 10 11
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0Number Frequency
Our commitment to Employees
Lost time accident frequency (1)
(1) Definition: number of accidents involving lost time (from 24 hours) per million hours worked by Group employees.
Accidents defined as recommended by the International Labor Office.
Be a great place to develop one’s potential, providing employees with a safe,performing and respectful work environment
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment42
Our commitment to improve the Environmental footprint
Energy intensity indicators
92
94
96
98
100
102
104
2003 2004 2005 2006 2007 2008 2009 2010 2011
Air gases production (1)
Base 100 in 2003 HyCO production (1)
Bulk deliveries (2)
(1) energy consumption per m3 of gas produced (2) kilometers per tonne delivered.
Contribute to continuously improve the environmental footprint of Groupoperations, products, customers, suppliers and communities
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment43
Our commitment to Innovate relentlessly
Innovate relentlessly in order to bring sustainable and cost effective solutions tosociety, leveraging partnerships with customers, suppliers, academics andcommunities
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment44
2012 Outlook
Paris, February 17, 2012 l Benoît Potier, Chairman and CEO
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment45
Global economic growth estimates for 2012
Industrial production growthestimates for 2012 in Air Liquide countries
Growth estimates excluding inflation. Sources: Rexecode and Air Liquide estimates at December 31, 2011.
> +6%
< +2%
+2 to +6%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment46
2012 Outlook
Solid full year performance
Alignment with ALMA 2015 objectives
Maintained investment momentum
FY 2011
Barring a major economic downturn,Air Liquide continues to aim
for growth in net profit in 2012.
2012 objective
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment47
Full year 2011
Appendix
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment48
Impact of currency and natural gas on G&S revenue
Natural Gas Impact +21 +13 +47 +30 +46
In €m
Average currency rate Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
€/USD
€/CAD
€/JP¥
1.36
1.38
112.1
1.37
1.35
112.5
1.44
1.39
117.5
1.41
1.38
109.7
1.35
1.38
104.2
In €m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11
€/USD
€/CAD
€/JP¥
Others
+35
+16
+44
+75
+7
+9
+31
+49
(59)
(10)
(3)
(22)
(43)
(4)
+3
(13)
+5
(0)
+21
+0
Total currency impact +170 +96 (94) (57) 26
Currency
Natural Gas
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment49
Revenue analysis by quarter (1)
Sales in €m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 11/10as published
Q4 11/10comparable(1)
Europe 1,644 1,647 1,651 1,621 1,667 +1.3% +0.0%
Americas 694 709 699 728 722 +4.1 % +5.3%
Asia-Pacific 733 759 746 791 787 +7.3% +1.3%
Middle-East& Africa
77 70 75 83 84 +9.7% +16.5%
Gas & Services 3,148 3,185 3,171 3,223 3,260 +3.5% +1.9%
Engineering &Construction
177 134 156 158 258 +45.8% +45.5%
Other Activities 218 224 246 216 227 +4.3% +3.9%
Group Total 3,543 3,543 3,573 3,597 3,745 +5.7% +4.2%
(1) excluding forex, natural gas and significant perimeter impacts
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment50
Revenue analysis by quarter (2)
3,543
218
177
3,148
505
324
1,097
1,222
Q4 10
3,543
224
134
3,185
509
343
1,133
1,200
Q1 11
3,573
246
156
3,171
515
336
1,121
1,199
Q2 11
3,597
216
158
3,223
511
317
1,157
1,238
Q3 11Sales in €m Q4 11 Q4 11/10as published
Q4 11/10comparable(1)
Industrial Merchant 1,256 +2.8% +2.0%
Large Industries 1,174 +7.0% +2.2%
Electronics 291 -10.3% -7.8%
Healthcare 539 +6.9% +6.9%
Gas & Services 3,260 +3.5% +1.9%
Engineering& Construction
258 +45.8% +45.5%
Other Activities 227 +4.3% +3.9%
Group Total 3,745 +5.7% +4.2%
(1) Excluding forex, natural gas and significant perimeter impacts
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment51
G&S Revenue growth by quarter (3)
+1.9%-0.7%+0.8%+1.5%+3.5%Q4 2011
-0.9%
-
-
-
-
Significantperimeter
Growth aspublished
NaturalGas
ChangeComparable
growth(1)
Q3 2010 +21.0% +2.4% +7.6% +11.0%
Q4 2010 +18.5% +0.8% +6.4% +11.3%
Q1 2011 +15.4% +0.5% +3.5% +11.4%
Q2 2011 +8.1% +1.6% -3.2% +9.7%
Q3 2011 +5.9% +1.0% -1.9% +7.7%
(1) excluding forex, natural gas and significant perimeter impacts
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment52
-3% 2% 7%
Europe in Q4
Industrial Merchant
Large Industries
Healthcare
Q4 Gas & Services sales: € 1,667m
Q4 11/10 Comparable change (1): + 0.0 %
- 0.5%
-1.9%
+5.5%
(1) excluding impact of change, natural gas and significant perimeter
33%25%
40%
2%
Industrial Merchant Dynamic Eastern Europe
Positive pricing
Strong cost inflation
Large Industries Site takeover in Turkey
Weak Metals demand
Customer maintenancestoppages
Healthcare Strong Home healthcare
Acquisitions
Pressure on tariffs
Industrial Merchant
Large Industries
Healthcare
Electronics
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment53
-7% -2% 3% 8% 13%
Americas in Q4
+5.8%
+5.1%
+11.2%
Industrial Merchant
Large Industries
Healthcare
Q4 Gas & Services sales: € 722m
Q4 11/10 Comparable change (1): +5.3%
9%
-5.0%% Electronics
7%11%
48%
34%
Industrial Merchant New capacities in Canada
Dynamic Latin America
Positive pricing
Large Industries Strong chemical demand
Customer maintenance outages
Healthcare Strong growth in Latin America
Electronics Major E&I contracts finished
in Q3
Industrial Merchant
Large Industries
Healthcare
Electronics
(1) excluding impact of change, natural gas and significant perimeter
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment54
-8% -4% 0% 4% 8%
Asia in Q4
Industrial Merchant
Large Industries
Electronics
+1.8%
+7.1%
-7.4%
Q4 Gas & Services sales: € 787m
Q4 11/10 Comparable change (1): +1.3%
39%
25%
5%
31%
Industrial Merchant Strong Cylinder growth excl.
Japan
Japan recovery still weak
Large Industries Start up postponements
Client maintenance outages
Electronics E&I sharp decrease
New carrier gas contracts
Very low ESG demand in Japan+3%
excl. E&I
Industrial Merchant
Large Industries
Healthcare
Electronics
(1) excluding impact of change, natural gas and significant perimeter
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment55
8000
9000
10000
11000
12000
13000
2010 Comparable
growth (1)
Natural gas Change Scope 2011
in €m
+136
<46>
0
+8.0%published
growth
11,886
+89212,839
+7.5%comparable (1)
(1) excluding forex, natural gas and significant perimeter impacts
Growth in 2011 G&S revenue
<29>
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment56
2011 Revenue breakdown by region
Large Industries ElectronicsHealthcareIndustrial Merchant
Americas: €2.9bn Asia: €3.1bnEurope: €6.6bn
Middle-East and Africa
AmericasEurope
Asia
24%
4%
33%
39%
10%8%
47%
35%
5%
26%
31%38%
2%
24%
22%
52%Gas & Services 2011 Revenue€12.8bn
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment57
2011 margin by region
In €m FY 11Publ.
growthComp.growth
Sales
OIR
OIR/Sales
6,585
1,227
18.6%
+6.2%
+3.7%
-50bps
+4.5%
-10bps (2)
(1) excluding impact of change, natural gas and significant perimeter (2) excl. natural gas
In €m FY 11Publ.
growthComp.growth
Sales
OIR
OIR/Sales
3,083
502
16.3%
+16.6%
+15.5%
-10bps
+12.5%
+10bps (2)
Europe
In €m FY 11Publ.
growthComp.growth
Sales
OIR
OIR/Sales
2,859
628
22.0%
+4.0%
+6.4%
+50bps
+9.0%
+20bps (2)
Americas
Asia-Pacific (1)
(1)
(1)
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment58
17%
16%
56%
1%10%
ASU
HyCO
Traditional energy
Alternative energy
Renewable energy
Total Orders-in-handsbreakdownat December 31, 2011
Engineering & Construction
(1) includes financial income generated by advances from customers.
In €m 2010 2011
Consolidated revenues 751 705
OIR(1) margin 9.0% 10.6%
Total order intake 1,228 1,010
Total orders-in-hand 4,100 3,200
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment59
Industrial Merchant pricing
+ 1.5%
+ 3.3%
+ 0.9%
+ 4.0%
+ 0.1%Europe
Americas
Asia-Pacific
Middle-East and Africa
Total Industrial Merchant
2011
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment60
Operating margin – natural gas effect
14,45713,488Revenue
16.8%Operating margin excluding natural gas
16.7%16.7%Operating margin
2,4092,252Operating income recurring
+136Natural gas effect
20112010Group, in €m
12,83911,886Revenue
19.1%Operating margin excluding natural gas
18.9%19.2%Operating margin
2,4212,281Operating income recurring
+136Natural gas effect
20112010Gas and services, in €m
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment61
2010
2008
2009
Operating margin (OIR/Revenue)
2008
2010
2009
Group
Gas & Services
14.8%
17.8%
H2 08
14.9%
17.7%
14.9%
17.5%
Group
Gas & Services
H1 08
H2 09
15.0%
18.1%
Group
Gas & Services
H1 09
17.6%
21.0%
16.6%
19.2%
16.3%
19.6%
H2 10H1 10
16.7%
19.2%
16.8%
19.2%
2011
2011
Group
Gas & Services
16.7%
19.0%
H2 11H1 11
16.7%
18.9%
16.6%
18.8%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment62
Gas & Services capex by geography
11.0%
14.8%
17.1%
46.2%
11.4%
15.3%
20.0%
28.7%
Europe
Americas
Asia-Pacific
Middle East andAfrica
14.2%14.7%Total
20112010
Europe
Americas
Asia-Pacific
Middle East - Africa
(1) Industrial and financial investments, including transactions with minority shareholders
G&S Investments(1) / salesG&S 2011 Investments(1)
€1.8bn
40%
23%
29%
8%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment63
Financing structure
Bank debt
Bonds
Privateplacements
Minoritiesoptions
Commercialpaper
76%
24%
At 31 December 2011
Fixed rate
Variable rate
0
1000
2000
3000
4000
5000
6000
7000
8000
> 2016
2013 to2016
2012
32%
3%
6%
57%
2%
Fixed/variablerates
Sources Maturity(1)
(1) The maturity date for commercial paper coincides with that of confirmed credit lines.
In €m
> 2015
2013 to 2015
2012
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment64
283,813284,095 918
<1,200>
Dec 31, 2010 Cancellation of shares
purchased by the
company
Exercice of share
subscription option
Dec 31, 2011
In thousandsof shares
Evolution of number of shares
Average number ofshares outstanding
in 2011
282,615,649 shares
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment65
Consolidated P&L
In €m 2010 2011
Revenue 13,488 14,457
Cost of goods (10,114) (10,893)Operating income recurring before depreciation 3,374 3,564Depreciation and amortization expense (1,122) (1,155)
Operating income Recurring 2,252 2,409Net non-recurring operating income 2 28
Operating income 2,254 2,437
Net finance costs & other net financial expenses (311) (298)Income taxes (513) (576)Share of profit of associates 28 32
Profit for the period 1,458 1,595- Minority interest 54 60- Net profit (Group share) 1,404 1,535
Basic earnings per share (in €) 4.99 5.43
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment66
Consolidated Balance Sheet
ASSETS 31/12/10 31/12/11
Goodwill
Fixed assets
Other non-current assets*
4,391
11,707
973
4,559
12,735
963
Total non-current assets 17,071 18,257
Inventories & work in-progress
Trade receivables & other currentassets
Cashand cash equivalents*
742
3,150
1,575
784
3,276
1,806
Total current assets 5,467 5,866
Total assets 22,538 24,123
EQUITY AND LIABILITIES 31/12/10 31/12/11
Shareholders’ equity
Minority interests
8,904
209
9,759
237
Total equity 9,113 9,996
Provisions & deferred tax
Non-currentborrowings
Other non-current liabilities*
Total equity and non currentliabilities
2,930
5,681
336
18,059
3,102
5,663
316
19,077
Provisions
Trade payables & other currentliabilities
Current borrowings*
216
3,298
964
191
3,398
1,457
Total equity and liabilities 22,538 24,123
In €m
* including fair value of derivatives
31/12/10 31/12/11
Net debt 5,039 5,248
Net debt ratio 55.3% 52.5%
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment67
In €m 2010 2011
Funds provided by operations 2,661 2,728
Changes in Working CapitalOther items
(155)(86)
(193)(109)
Net cash from operating activities 2,420 2,426
Purchase of PPE* and intangible assetsPurchase of financial assetsProceeds from sale of PPE*, intangible and financial assets
(1,450)(240)
44
(1,755)(100)
182
Net cash in investing activities (1,646) (1,673)
Distribution (647) (721)
Increase in capital stockPurchase of treasury sharesTransactions with minority shareholdersExchange rate and consolidation scope effect
1103
(93)(295)
52(94)
(3)(196)
Change in net indebtedness (148) (209)
Cash Flow statement
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment68
0
500
1000
1500
2 000
2 500
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005
IFRS
2007 2009 2011
Regular and sustained performance
Cashflow (in €m)
EPS(1) (in €)Revenue (in €m)
(1) Adjusted for the 2-for-1 share spilt in 2007 and free share attributions. (2) To be approved by the AGM on May 9 2012. (3) Calculated according to prevailingaccounting rules over 30 years.
+7.0% CAGR over 30 years(3) +8.4% CAGR over 30 years(3)
+8.5% CAGR over 30 years(3)
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005
IFRS
2007 2009 2011
0,0
0,5
1,0
1,5
2,0
2,5
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005
IFRS
2007 2009 2011
0
1
2
3
4
5
1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005
IFRS
2007 2009 2011
Dividend (1) (2) (in € per share)
+9.7% CAGR over 30 years(3)
February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment69
For further information, please contact:
Investor Relations
Virginia Jeanson + 33 (0)1 40 62 57 37
Annie Fournier + 33 (0)1 40 62 57 18
Bastien Maurice + 33 (0)1 40 62 59 38
L’Air Liquide S.A.
Corporation for the study and application of processes developed by
Georges Claude with registered capital of 1 559 018 769,00 euros
Corporate headquarters:
75, Quai d’Orsay
75321 Paris Cedex 07
Tel : +33 (0)1 40 62 55 55
RCS Paris 552 096 281
Communications
Anne Lechevranton + 33 (0)1 40 62 50 93
Corinne Estrade-Bordry + 33 (0)1 40 62 51 31
www.airliquide.com Follow us on Twitter @AirLiquideGroup