New 2015 Objectives

2011- 2015 Objectives

• Grow sales by + 8% to +10% on average per year
• Continue to generate operational efficiencies of over 200 M€ per year
• Improve ROCE to 12 to 13% in the period
• Further engage in Responsibility

Air Liquide announces its new 2015 objectives, at its Investor Day taking place today, December 13, in Paris.

The economic context of 2009 and 2010 was exceptional. Air Liquide has therefore decided to reassess its markets given the changes they have undergone, to identify potential opportunities in its different sectors and geographies, and to update its 2015 objectives accordingly.

Market momentum is still supported by long-term trends such as outsourcing of gas needs, globalization and sophistication of markets, ever-growing demand for energy and technology, increasing demand for health and well being, and also for environmental protection. Based on present trends, the market for industrial gases is expected to grow in the range of +7% to +8% on average per year over the period.

In this context, for the period 2011 to 2015, Air Liquide targets an average annual growth in revenue of +8% to +10%, assuming a normal environment. In addition, the Group will continue to generate operational efficiencies, targeting over € 200 million per year, while improving the Return on Capital Employed (ROCE) to reach 12% to 13% in the period. Finally, Air Liquide will further engage in Responsibility objectives, as part of the Group strategy.

Benoît Potier, Chairman and CEO of the Air Liquide Group, stated:

“Our ambition is to be the leader of our industry through performance and responsibility over the long term. Since our origin, performance and responsibility are part of our genes, and are naturally at the heart of our company program ALMA 2015.

This new program, combined with a €12 billion investment plan over the period, will allow us to reach our objectives and achieve our ambition.

Air Liquide’s development potential is founded on the commitment of its teams, its capacity to combine an extensive footprint in growing markets and constant innovation to capture market share, both in Developing and in Advanced economies.

Our five growth drivers - Energy, the Environment, Developing Economies, Health and High-Tech - are confirmed. They are all borne out of deep underlying trends in society today. That is why we are confident in Air Liquide’s ability to achieve steady growth in net profit over the long term.”

See the interview video with Benoît Potier Chairman and CEO of the Air Liquide Group