First Quarter 2016

^{* Change Q1 2016/Q1 2015 on a comparable basis: excluding currency, energy, and significant M&A impacts.}

Commenting on the first quarter 2016, Benoît Potier, Chairman and CEO of Air Liquide, said:

“In the first quarter, growth was driven by dynamic sales in Electronics and the ramp-up of our production units in Large Industries. From a geographic perspective, growth was driven by Asia-Pacific, especially China. This quarter was also characterized by lower exchange rates and energy prices.
In Western Europe, industrial demand was moderate early in the year, while in North America sales continued to be affected by the slowdown in the oil & gas and metal fabrication sectors. Conversely, developing economies posted strong growth.
In addition, the Group continues to generate recurring efficiency gains, strengthen its competitiveness, and invest in its growth markets.
The Airgas acquisition is on track and in line with our expectations, with the preparatory work for integration allowing us to confirm synergies of more than $ 300 million, as announced last November. In addition, the transaction refinancing allows us today to envision a capital increase of between 3 and 3.5 billion euros. Lastly, acquisition timing might shorten, with possible completion by late Q2 2016.
Excluding the impact of Airgas acquisition and financing, and assuming a comparable environment, Air Liquide is confident in its ability to deliver another year of net profit growth in 2016.”