Third Quarter 2007 revenue

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Third quarter 2007 revenue:

    Change as published
2007 / 2006		 Comparable
2007 / 2006
Group revenue 2,941 millions € +10.3% +7.4%
of which Gas and Services 2,485 millions € +5.0% +7.9%
of which Related Activities 456 millions € +52.7% +3.4%

 
Third quarter 2007 Group revenue grew +10.3%. Over the three months, currency impact remains negative (-2.4%) while natural gas price impact was not significant. On a comparable basis, ie. excluding these effects and the impact of the acquisition of the engineering company Lurgi, revenue growth was +7.4%.

In the third quarter, Gas and Services sales reached 2,485 million euros growing +7.9% on a comparable basis, their highest growth rate since the beginning of 2004. This acceleration comes after a +6.3% progression in the second quarter and a +5.3% growth in the first quarter. All business lines and geographies contributed to this good performance.

Recurring operating margin continues to improve in Gas and Services, thanks to the productivity and efficiency programs. At the Group level, the operating margin is expected to remain stable, given the now more important weighting of engineering activities.

Commenting on third quarter activity, Benoît Potier, Chairman and CEO of the Air Liquide Group, stated:

“This good third quarter confirms the relevance of our growth model. We are fully benefiting from positive momentum in our markets in Europe as well as in Asia, with a strong acceleration in our Electronics and Healthcare businesses.
We continue to find attractive, targeted acquisitions on a regular basis, to supplement our internal development strategy.
Finally, our €10 billion investment program over 2007-2011, announced in July, is progressing according to plan.
All these elements give us confidence in Air Liquide’s capacity to deliver solid and sustainable growth.
For 2007, we confirm our goal to reach double-digit growth in net profit.”