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The shareholder’s
digital guide

Air Liquide's relationship with its shareholders is first and foremost based on transparency and trust. Like every year, we invite you to discover our achievements over the past year and our outlook for growth. Once again this year, the digital Shareholder's Guide illustrates how together we share far more than just a share.

A solid 2015 performance: once again an increase in revenue, operating margin and net profit

Signature of the merger agreement to acquire Airgas

2015 annual results

Interview with Benoît Potier, Chairman and CEO

Following the release of the 2015 annual results, Benoît Potier, Chairman and CEO of Air Liquide, reviews the Group’s key figures and major initiatives of the past year.

Air Liquide - 2015 Annual Results
2015 Annual Results

Benoît Potier, Chairman and CEO, Air Liquide Group

OUR LONG-TERM DEVELOPMENT MODEL IS CLOSELY LINKED TO THE CONFIDENCE AND LOYALTY OF OUR SHAREHOLDERS
€16,380m

Group 2015 revenue, up +6.7%

€1,756m

Net profit (Group share), up +5.5%

€2.60

2015 dividend per share* *Proposed at the May 12, 2016 AGM

Some examples of 2015 initiatives around the world

In 2015, Air Liquide continued its targeted investments in growing markets, resulting in many large-scale projects being undertaken over the five continents.

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United States
February
Air Liquide entered into a long-term agreement to supply a new large-scale methanol production complex in Louisiana with oxygen .
For further information regarding this major investment
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United States
November
Air Liquide signed a merger agreement for the acquisition of Airgas, one of the leading suppliers of industrial gases and associated products and services in the United States.
Film: Benoît Potier, Air Liquide's CEO
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Colombia
November
In the context of a contract with Coca-Cola FEMSA, the largest bottler of Coca-Cola products in the world and the largest beverage company in Latin America, Air Liquide marks its entry into the Colombian market.
Details of the project
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Germany
January
Air Liquide strengthens its Home Healthcare offering in Germany with the acquisition of OMT (Optimal Medical Therapies), a major player in home infusion.
A targeted acquisition
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Germany
April
Start-up of a new production unit in Dormagen, Germany (hydrogen and carbon monoxide).
For further information regarding this project
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Ireland
June
Air Liquide expands its Home Healthcare business to Ireland with the acquisition of Baywater Healthcare.
For more information
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France
November
Launch of the CryocapTM technology in France, a world first in CO2 cold capture technology.
An Air Liquide innovation
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South Africa
February
Air Liquide is selected by Sasol in South Africa to build, own and operate the world’s largest oxygen production unit. This new contract highlights yet again Air Liquide's ability to sign major gas supply agreements with customers who previously produced their own gas.
For further details regarding the project
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Saudi Arabia
June
Air Liquide starts up its largest industrial investment ever in Yanbu, Saudi Arabia. These two new units increase the Group’s global hydrogen production capacity by close to 20%.
A film about the project
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Asia-Pacific
June
The Group extends its Hygiene business in Asia-Pacific.
For further information regarding the Hygiene activity
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China
July
Air Liquide signs a long-term contract in China with leading copper producer Shandong Fangyuan.
For further details regarding the investment
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Japan, Singapore, Taiwan
September
Air Liquide signs long-term contracts with major semiconductor manufacturers in Japan, Singapore and Taiwan.
For further information regarding the Electronics activity

Americas

Europe

Middle East and Africa

  • South Africa - February
    Air Liquide is selected by Sasol in South Africa to build, own and operate the world’s largest oxygen production unit. This new contract highlights yet again Air Liquide's ability to sign major gas supply agreements with customers who previously produced their own gas.
    For further details regarding the project
  • Saudi Arabia - June
    Air Liquide starts up its largest industrial investment ever in Yanbu, Saudi Arabia. These two new units increase the Group’s global hydrogen production capacity by close to 20%.
    A film about the project

Asia-Pacific

Join the adventure of a world leader

Air Liquide's regular performance over the years is the result of its profitable long-term growth strategy, based on competitiveness in its operations, targeted investments in growing markets, and on a strong capacity for innovation. Thanks to the renewed confidence of our shareholders, we can continue to grow and invent new solutions to meet the challenges of an ever-changing world.

Who is this global leader?

World leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with more than 50,000 employees and serves more than 2 million customers and patients. Oxygen, nitrogen and hydrogen have been at the core of the company’s activities since its creation in 1902. Air Liquide’s ambition is to be the leader in its industry, delivering long-term performance and acting responsibly.

Air Liquide ideas create value over the long term. At the core of the company’s development are the commitment and constant inventiveness of its people. Air Liquide anticipates the challenges of its markets, invests locally and globally, and delivers high-quality solutions to its customers and patients, and the scientific community.

The company relies on competitiveness in its operations, targeted investments in growing markets and innovation to deliver profitable growth over the long-term.

Find out more about Air Liquide’s activities

For over 100 years, the Group has developed thanks around a unique business - gases for Industry and Healthcare. This business is organized into several activities that are linked by a strong industrial and services logic, a source of synergies and optimization.

One business, several activities
How do Air Liquide's activities create long-term value?

Present at the heart of our daily life

Air Liquide produces and distributes molecules (such as oxygen, nitrogen, hydrogen and many others), equipment and services meet the needs of its industrial and healthcare customers. These often invisible molecules are vital to life and our day-to-day existence. Air Liquide supports you every day:

  • THROUGH YOUR CONNECTED OBJECTS
    Air Liquide is a reference supplier of gases used in semi-conductor manufacturing for your electronics equipment.
     
  • FOR A BETTER QUALITY OF LIFE
    In addition to supplying medical oxygen, Air Liquide offers medical products, devices and services to improve patient autonomy and quality of life.
     
  • RIGHT ONTO YOUR PLATE
    Air Liquide offers food preservation solutions (such as modified atmosphere packaging for lettuce).
     
  • AT THE HEART OF YOUR CITY
    Air Liquide supports its industrial customers and innovates with them to discover new building materials that are more environmentally friendly.

An international presence that is source of growth

The international dimension is a fundamental component of Air Liquide's identity and the Group is currently present in 80 countries. This geographic diversity is a guarantee of future growth and resilience.

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Americas
Growth in the region is mainly driven by industry in general and energy markets. In the United States, the electronics market is particularly fast-growing. In South America, growth is correlated to sustained demand in healthcare and to the development of infrastructures (Large Industries).
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Asia-Pacific
Electronics, Large Industries and Industrial Merchant are three major activities in the Asia-Pacific region.
Growth in Healthcare activities in this region is promising.
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Europe
In Large Industries, growth comes mainly from the large industrial basins in Northern and Eastern Europe. In Industrial Merchant, food, pharmaceutical, research and technology are the fastest growing sectors. Healthcare also represents a major growth driver in Europe.
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Middle East and Africa
Momentum in the Middle East and Africa region comes from the development of local infrastructures in the energy sector (Large Industries) and more generally from industrial growth (Industrial Merchant), in particular in the food sector.
  • Americas
    Growth in the region is mainly driven by industry in general and energy markets. In the United States, the electronics market is particularly fast-growing. In South America, growth is correlated to sustained demand in healthcare and to the development of infrastructures (Large Industries).
  • Europe
    In Large Industries, growth comes mainly from the large industrial basins in Northern and Eastern Europe. In Industrial Merchant, food, pharmaceutical, research and technology are the fastest growing sectors. Healthcare also represents a major growth driver in Europe.
  • Middle East and Africa
    Momentum in the Middle East and Africa region comes from the development of local infrastructures in the energy sector (Large Industries) and more generally from industrial growth (Industrial Merchant), in particular in the food sector.
  • Asia-Pacific
    Electronics, Large Industries and Industrial Merchant are three major activities in the Asia-Pacific region.
    Growth in Healthcare activities in this region is promising.

When your confidence supports our growth

Our employees' commitment, our customers', patients' and partners' loyalty, as well as our shareholders' confidence are at the core of Air Liquide's development model. They are all part of the virtuous circle of the Group's sustainable and responsible growth model.

Cash Model
Cash Model

Long-term stock market outperformance

During the past 20 years, the global economy has faced several crises, each one affecting the global financial markets and the Parisian index to various extents: from the Russian crisis in 1998 to the European debt crisis in 2011, as well as the Internet bubble and the 2008 sub-prime crisis in the United States, amongst others.

Amidst the turmoil on stock markets, Air Liquide has repeatedly proven its defensive nature thanks to its solid business model and the confidence of its shareholders.

Closing price as of december 31, 2015: €103.65

  • Air Liquide
  • CAC 40 indexed
Air Liquide’s share price adjusted to take into account the stock split in 2007.
Note: past performances of Air Liquide’s share are not a guarantee of future results.
A steadily expanding portfolio
A steadily expanding portfolio

A steady growth

In recent years, the Air Liquide group generated a steady growth in revenue thanks to targeted investments and its ability to innovate. This sales growth was accompanied by a steady growth in net profit and net earnings per share, thanks to the Group’s constant efforts to improve its competitiveness.

+5.8%Average annual growth over 30 years
+7.4%Average annual growth over 30 years
+8.7%Average annual growth over 30 years
in millions of euros
in euros

(a) Adjusted to take into account the stock split in 2007 and free share attributions.
in euros

(a) Adjusted to take into account the stock split in 2007 and free share attributions.

(b) Proposed for the 2015 fiscal year at the Annual General Meeting on May 12, 2016.

Our unique relationship with you

Becoming a shareholder of Air Liquide means supporting the growth of a global leader and investing in regular long-term performance. It also means sharing one vision of innovation and responsibility over the long-term for everyone’s benefit. And, because our relationship is unique, our advisors and experts are by your side to answer your questions personally and offer you ever more personalized services.

Key figures

1913

Air Liquide was first listed on the Paris stock market

410,000

individual shareholders as of December 31, 2016

33%

of capital held by individual shareholders

They embody the Air Liquide share: meet our shareholders

Testimonial

“Air Liquide share ownership is an opportunity full of prospects for everyone at every age. Shareholder Services, directly reporting to the Chairman, is always available to provide you with information, help you, and support you in your choices.”

Patrick Renard , Director of Air Liquide Shareholder Services

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Air Liquide is committed to promoting individual share ownership. How is individual share ownership perceived by the French public?
A survey carried out in 2015 by the “Observatoire des actionnaires d’avenir”(a) revealed that almost four French people in five are wary of the stock market which they believe to be non-transparent and irrational. Many of those surveyed view the stock market and companies (which they nonetheless view favorably) as two entirely separate entities and shares as purely financial, short-term securities. The opinion of French individual shareholders is different. Two-thirds of them view an investment in shares as an opportunity to build a longterm capital and half of them consider that they contribute to the development of the company and the job market. We therefore believe that an educational approach to the role of the stock market and the importance of shareholders for a company is essential.

Why invest in equity?
Equity investment is underestimated. The French public rates equities as the third most profitable investment, behind real estate and life insurance, whereas shareholders rate them number one. In reality, equities are the most lucrative long-term investment, as highlighted by a recent AMF report(b). Moreover, French people who invest in shares state that they are, on the whole, more satisfied with the performance of their investments than the average French citizen.

What educational measures haveyou implemented?
The potential areas for action are numerous. We develop and use several methods of communication to provide information and interact. Digital tools undeniably offer us the opportunity to maintain and strengthen proximity with our shareholders. The Shareholders section of the airliquide.com website, which is the most visited section, was designed to inform and guide our current and future shareholders. We organize online conferences twice a year. The Shareholders’ Guide is another educational aid, that sheds light on the Group, its strategy and its uniqueness in terms of individual share ownership. It also offers a wide range of practical information to shareholders. I give talks in French business schools and universities as it is important that the future generations have a better understanding of the role of the stock market and the sources of funding for companies, thanks to the Air Liquide example. All of these measures are supported and encouraged by management, and first and foremost by Benoît Potier, the Group’s Chairman & CEO, to whom Shareholder Services report directly.

What message would you like to send to potential investors?
The key message is that Air Liquide aims to remunerate and grow shareholders’ investments over the long term. In return, their trust supports our growth. The reasons for becoming an Air Liquide shareholder are numerous and can vary greatly according to age. Children have accounts opened for them by a parent or grandparent who wants to teach them the value of saving money; an Air Liquide direct registered share account is the perfect option in this case, as it is a long-term investment, not a speculative product. For young required before acquiring your first property. In this case, investing in Air Liquide shares through a share savings plan offers tax breaks. Later in life, an investment in shares can be to supplement a retirement income, and then eventually to pass on shares. Each and every one of us can therefore, at each stage of our lives, be persuaded to become and remain a shareholder. But let us not forget that the best advocates of the share are our shareholders when they explain their attachment and their loyalty to the Group and to the Air Liquide share: in fact, I invite you to discover their stories through the portrait gallery.

(a) Created in 2014 by CAPITALCOM, the French “Observatoire des actionnaires d’avenir” brings together six listed companies and sixteen institutions. It aims to better understand the relationship between the French public and the stock market and companies, identify equity investment drivers and constraints, and mobilize all players on the Paris market in favor of individual share ownership. Results from the most recent survey are available on the capitalcom.fr website.

(b) Autorité des marchés financiers (French financial market authority). The most recent report, dated December 2013, is available in the Publications section of the amf-france.org website.

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Shareholder Services: manage everything, anytime, anywhere

2015 Data

200,000

visits to personal online accounts

25,000

stock orders processed for direct registered shareholders

1,807

gifts of shares processed

Testimonial

“From London where I work, I can keep an eye on my portfolio and the Group’s newsflow thanks to the digital services and I can perform my transactions remotely.”

Arnaud-Amaury S., Financial analyst , Air Liquide shareholder connected from London

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“Following studies in economics, I wanted to build up an equity portfolio. Air Liquide was an obvious choice for me as I discovered the Group through a case study at school: it has been a high performance investment for many years. I also like the idea of supporting a French global leader. From London where I work, I can keep an eye on my portfolio and the Group’s newsflow thanks to the digital services and I can perform my transactions remotely.”

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Your Shareholder Lounge: a unique venue at your service

The Shareholder Lounge welcomes everyone: shareholders, regardless of their shareholding options (direct registered or intermediary registered or bearer form), and non-shareholders. Located at Air Liquide’s headquarters in Paris, it is open Monday through Friday from 9am to 6pm, with or without an appointment. Shareholder Services advisors at the Shareholder Lounge also deal with your written questions and phone calls. In 2015, Shareholder Services welcomed nearly 1,000 visitors to its Shareholder Lounge, exchanged more than 30,000 emails and letters and answered more than 33,000 calls.

Your Shareholder Lounge: a unique venue at your service.

A step by step guide to managing your shares

Understand tax rules and manage your securities account with serenity thanks to factsheets drawn up especially for Air Liquide shareholders.

The role and functioning of the stock market


 
Registered shares


 
Converting your shares to registered form


 
Your personal online account


 
The Annual General Meeting


 
Free shares


 
Dividends


 
Capital gains and their taxation


 
Passing on shares and taxation


 
The taxation of non-residents