Inventors
of the Future
2018 Annual Report
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Convictions
Editorial and interview Benoît Potier,
Chief Executive Officer
Board of Directors
Executive Committee
Strategy in Action
Being customer-centric
Reinventing innovation
Committed to responsible growth
Stories of the Future
United States. Driving the Future
of Industry with our Customers
Health. Taking Care of Patients at Home
Electronics. Increasing the Power
of Digital Technologies
New Markets. Accelerating
the deployment of clean energies
Air Liquide Foundation. Supporting
progress of science and education
Performance
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Inventors
of the Future
Air Liquide supports the development of
almost all sectors of the economy and
deploys an open innovation approach around
three main challenges: the energy transition
and environment, healthcare and digital
transformation.
Every day, our 66,000 employees across
80 countries harness their expertise to
serve over 3.6 million customers and patients
throughout the world. Every day, together
with all our stakeholders, they contribute to
build the world of tomorrow.
1
The Paris Innovation Campus,
which opened in 2018, is located on the
“Plateau de Saclay” in France and is also
home to Air Liquide’s largest R&D center.
PAG E 2 1
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Innovation has always enabled us
to support our customers
in their challenges and to push
the industry forward.
2
Convictions
Convictions
3
In the fields where we can make
a difference, such as the energy
transition, the fight against climate
change or home healthcare, we
contribute to move society forward.
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CONVICTIONS
“The taste for
discovery has
always driven us,
from the invention
of liquid air
in a bus hangar,
to the incredible
diversity of our
activities today.”
4
“A taste for discovery.” This is what I answer when I am asked
to sum up Air Liquide’s identity. This taste for discovery has driven
us and guided us in our innovations over the last 117 years, from
the invention of liquid air in a bus hangar, to the incredible diversity of
our activities today.
Our molecules, stemmed from an idea as simple as it is revolu-
tionary, are now everywhere: in hospitals, behind the screens of our
smartphones, in the bubbles of your soda, in refrigerated trucks,
3D printers, and even in space shuttles. These molecules are at the
heart of innovative solutions that answer the challenges faced by
all economic sectors and players, from craftsmen to medium- and
large-sized companies.
This taste for discovery, this curiosity, this inventiveness
has always allowed us to push beyond boundaries, not only in our
own activity, but also for our customers – because we understand
their needs, because we can see what works on a large scale, and
because we constantly ask ourselves what challenges we can
support them in next.
We cultivate this state of mind in everyone,
among our employees, who can experience multiple careers within
one company,
with our customers, who we support in their innovation approach
through our R&D and our partnerships with start-ups,
and for the society as a whole, with the aim of being useful in the
fields where we can make a difference. We do this by offering home
care for people suffering from chronic diseases, in the best interests
of the patients, their relatives and the community. By developing
new sources of clean energy, such as hydrogen or biomethane.
By supporting the energy transition, by transforming mobility, and
by helping to fight global warming.
Because the best discovery is always the next one,
let’s continue to be the inventors of the future, together!
B E N O Î T P OT I E R
Chief Executive Officer
5
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CONVICTIONS
Interview
“The Air Liquide model
is one of profitable,
regular and
responsible growth.”
6
2018 has been a year of major advances for Air Liquide.
Can you give us your insights about the past year?
2018 was particularly dynamic for Air Liquide, with its
greatest increase in sales since 2011. The Group has improved
in all of its performance indicators, whether in terms of the
efficiencies and synergies achieved, or the high level of industrial
investments made.
Our Group has continued to improve its com-
petitiveness and won a number of significant contracts.
All around the world, our teams have done remarkable work
to improve our operational excellence and to better meet the
needs of our customers, in particular by pursuing our NEOS
company program. All of these advances have been made
possible thanks to the commitment of our 66,000 employees,
in 80 countries, and I would like to thank them for their work.
Can you tell us a bit more about the Group's financial
performance?
In 2018, our Group saw its sales increase by 6.1%(1)
to €21 billion, and its net profit increased by 4.2% (2) to
€2.1 billion. All of our activities have grown, in particular the
Gas & Services activities, which represent 96% of the Group's
revenue, with a particularly dynamic final quarter in Electronics
and Industrial Merchant. Geographically speaking, all of the
regions are progressing, notably the Americas and Asia Pacific,
and especially China.
B E N O Î T P OT I E R
Chief Executive
Officer
In addition to its strong sales, all of our financial
indicators have improved. We finalized the synergies linked to
the integration of Airgas one year ahead of schedule, confirming
the success of this operation. At the same time, operating
efficiency objectives were surpassed, reaching €351 million
for 2018, contributing to an increase in the Gas & Services
operating margin. Cash flows improved and the debt ratio fell
significantly to 69%, reaching a level comparable with that prior
to the acquisition of Airgas.
Lastly, 2018 was marked by a record level of investment
decisions, at €3.1 billion, which puts us in a good position for
the future.
This contribution to society is perfectly in line with
our responsible growth strategy. As well as serving our
customers and patients, it is also our ambition to make a
positive contribution to society, whenever we can make a
difference. This is the case, for example, in the field of energy
transition, climate change, air quality and home healthcare.
The Climate objectives we presented last November are the
most ambitious in our industry. They aim to reduce our carbon
intensity by 30% by 2025, based on our 2015 emissions, by
working on our own activities, with our customers and more
generally encouraging the emergence of a low carbon society.
Is the customer-focused transformation strategy adopted
by the Group in 2016 bearing fruit?
This strong performance reflects several important
decisions that we have taken in the last two years, in particular
the integration of Airgas in the United States in 2016, the
reorganization of the company around the customer and the
extensive digitalization of our operations.
We have placed the experience and satisfaction of
our 3.6 million customers and patients at the heart of our
transformation. More than ever before, we are committed
to a continuous improvement process to offer them first-
class service, with a level of security, reliability, quality and
competitiveness that meets the highest standards on the
market.
Digital has played a key role in this performance. In
2018, we accelerated deployment of several programs such
as Voice of the Customer, which collects and analyzes
feedback from customers in more than 45 countries in real
time, so that we can meet their expectations more effectively.
We also opened a new Smart Innovative Operations center
in Malaysia to remotely manage the production, energy
efficiency and reliability of our production units in eight
countries in the Asia Pacific region.
2018 also saw some key events, such as the opening of
the Paris Innovation Campus and the announcement of your
Climate objectives. How do these fit into your strategy?
Innovation has been in our Group's DNA for 117 years.
It lies in our ability to adapt in order to meet the needs of our
customers and support changes in society. It is the key to
profitable, regular and responsible growth.
This is why we have completely reinvented our
innovation approach in the last five years. Resolutely open
to our ecosystems, this new approach was materialized
in 2018 by the modernization of our global network of
Innovation Campuses in Europe, Asia and the United States.
The Paris Innovation Campus is the flagship site. A place for
sharing and discussing with our customers and partners, this
Campus will also welcome a deeptech start-up (3) accelerator
in 2019. Cross-fertilization of skills is vital for getting new
solutions to the market quicker, for the benefit of our customers
and society.
Related to this commitment to the climate, what are your
plans in the field of hydrogen?
I am convinced that hydrogen is essential for rising to
the challenge of the energy transition and clean transportation.
Awareness on the subject is global and 2018 saw many
advances in this field.
I am also delighted to see more and more world leaders
making a commitment to hydrogen development, particularly
within the framework of the Hydrogen Council of which I am
the co-chair and that now brings together more than 50 large
global companies. For Air Liquide, my priority is to continue this
dynamic to help make hydrogen an everyday reality.
7
+6.1%(1)
Increase in
the Group’s sales in 2018,
the strongest since 2011
How are things looking for 2019?
In 2019, in a comparable environment, Air Liquide is
confident of its ability to increase its net profit(4). In the longer
term, our Group will continue to innovate, for and with its
customers, by relying on the inventiveness and commitment
of its employees around the world. Together, we move forward
with one ambition: contribute to the emergence of a new
industry, and work towards a more sustainable social model.
(1) like-for-like increase. (2) Compared with the “recurring” net profit for 2017 which
excluded exceptional items and the impact of the US tax reform that had no impact on
cash flow. (3) Start-up seeking to push technological boundaries, thanks to scientific
advances that will lead to real breakthroughs. (4) Calculated at constant exchange rate.
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Board
of Directors
As of 12/31/2018
CONVICTIONS
The Board of Directors is made up of twelve members,
including eleven who were appointed at the Annual
Shareholders’ Meeting, and one member, representing
employees, appointed by the France Group Committee.
45% of the elected members are women. In total, six
nationalities are represented from three continents where the
Group operates: Europe, Americas and Asia. The Directors
possess a broad range of skill sets (financial, managerial,
industrial, scientific, international growth, and more) in
a wide variety of sectors, including consumer product
markets, healthcare/research, engineering, oil & gas, services,
construction, pharmaceutical and automotive.
The Board of Directors determines the main lines of
Air Liquide’s activity. To this end, it examines and approves
the Group’s main strategic developments. In 2018, it focused
on strategy issues, and in particular the objectives set as
part of the NEOS company program, Airgas synergies and a
review of changes in the competitive framework associated
with the Praxair-Linde merger; governance issues: renewal
of Benoît Potier’s CEO mandate, composition of the Board
and its Committees; implementation and monitoring of the
capital increase reserved for the Group’s employees; issues
re l at i n g to C o r p o rate S o c i a l a n d E nv i ro n m e nt a l
Responsibility and, within this context, the definition of the
Group’s Climate objectives.
Visit to the USA
In November 2018, during the meeting of the Board at the
Airgas headquarters near Philadelphia, the Directors visited
sites over two days. The goal was to meet with the teams to
get concrete insight into the Group’s activities.
In particular, Directors visited a sales outlet and the Airgas
distribution center. The visit offered them a backstage view
of the company's multi-channel distribution strategy. They also
toured the Air Liquide Delaware Innovation Campus and its
Advanced Fabrication Center, a powerful co-development and
testing platform for metal fabrication customers and partners.
E
F
G
9
J
K
L
H
I
A
C
D
C
PIERRE
DUFOUR
Chairman
of the Environment
and Society
Committee
D
THIERRY
PEUGEOT
Member
of the Audit
and Accounts
Committee
E
KAREN
KATEN
Member of
the Appointments
and Governance
Committee
F
SIÂN HERBERT-
JONES
Chairman of
the Audit
and Accounts
Committee
G SIN LENG
H
LOW
Member of
the Audit
and Accounts
Committee
ANNETTE
WINKLER
Member of
the Remuneration
Committee
Member of
the Appointments
and Governance
Committee
I
PHILIPPE
DUBRULLE
Director
representing
the employees
Member of
the Environment
and Society
Committee
J
GENEVIÈVE
BERGER
Member of
the Environment
and Society
Committee
K
BRIAN
GILVARY
Member of
the Audit
and Accounts
Committee
L
XAVIER
HUILLARD
Chairman of
the Remuneration
Committee
8
A
BENOÎT
POTIER
Chairman and
Chief Executive
Officer
B
B
JEAN-PAUL
AGON
Lead Director
Chairman of
the Appointments
and Governance
Committee
Member of
the Remuneration
Committee
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CONVICTIONS
Executive
Committee
As of 01/01/2019
10
A B E N O Î T P OT I E R
Chairman and Chief Executive Officer
Born in 1957 - French
B M I C H A E L J. G R A F F
Executive Vice President,
Americas hub Executive Vice President.
He also supervises
the Electronics business line,
Safety and Industrial Systems.
Chairman of the Board of Airgas
Born in 1955 - American
C FA B I E N N E L E C O R VA I S I E R
Executive Vice President
in charge of Finance, Operations
Control and General Secretariat
Born in 1962 - French
D G U Y S A L ZG E B E R
Executive Vice President,
Europe hub Executive Vice President
supervising Europe Industries
and Group Procurement
Born in 1958 - French
E
F R A N Ç O I S DA R C H I S
Senior Vice President,
Innovation and Development
Vice President.
He also supervises
Information Technologies, the
Industrial Merchant business line and
the Group's Sustainable Development
Born in 1956 - French
F
J E A N - M A R C D E R OY E R E
Senior Vice President,
in charge of the Corporate Sustainability
Program - Dialogue with the Stakeholders.
Chairman of the Air Liquide Foundation
Born in 1965 - French
G F R A N Ç O I S JAC KOW
Senior Vice President,
in charge of the Healthcare activities.
He supervises Middle East and Africa.
Vice President Customer Experience
Born in 1969 - French
H F R A N Ç O I S V E N E T
Senior Vice President,
Strategy Vice President.
He also supervises
the Large Industries business line
and Engineering & Construction.
Born in 1962 - French
I
F R A N Ç O I S A B R I A L
Vice President,
Executive Vice President
of the Asia Pacific hub.
Born in 1962 - French
J
PA S CA L V I N E T
Vice President,
Chief Executive Officer of Airgas
Born in 1962 - French
K A R M E L L E L E V I E U X
Vice President,
Group Human Resources
Born in 1973 - French
C
F
I
11
A
D
G
J
B
E
H
K
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1
We are pursuing
a customer-centric
transformation strategy.
2
This strategy, which is
designed to achieve long-term
profitable growth, relies in
particular on open innovation
to help our customers
increase their efficiency and
competitiveness.
12
Strategy
in action
3
It is part of a global
dynamic to attain
responsible and meaningful
growth that creates value
for our customers, partners,
shareholders, and society
as a whole.
13
Air Liquide is a partner of the
Energy Observer, the first vessel in the world
to be propelled with hydrogen and renewable
energies, self-powered and not generating any
greenhouse gas or fine particle emissions.
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STRATEGY IN ACTION _ 1. BEING CUSTOMER-CENTRIC
Every
customer
is
unique
14
For Air Liquide, being
customer-centric
means incorporating
the customer’s
needs into all of the
company’s actions
and decisions, from
the most strategic
to the most
operational topics.
The goal of this
strategy is to offer a
first-class customer
experience through
personalized follow-
up of each customer.
This represents
a considerable
challenge for a
global company that
serves 3.6 million
customers and
patients throughout
80 countries.
Four conditions
for success:
#listening
#customization
# operational
excellence
# digital
transformation
“The Voice of the
Customer platform
allows me to rate
Air Liquide’s service
on a daily basis and
define our specific
needs.”
GODFREY MTHEMBU,
LOGISTICS AND PROCUREMENT MANAGER
STONEY CRESCENT ENGINEERING (PT Y)
JOHANNESBURG, SOUTH AFRICA
#listening
Three-question interview
with Godfrey Mthembu,
an Air Liquide customer
in South Africa
Can you tell us about your company?
Stoney Crescent Engineering specializes in
metal fabrication, toolmaking and wire work. We
offer a wide variety of products for the mining,
food processing and power generation mar-
kets. We’ve been working with Air Liquide over
the last ten years. They supply us with oxygen
and acetylene for metal cutting, and also with
the ARCAL™ range of gases for welding.
How do you work with Air Liquide?
We have regular operational meetings, and it’s
easy to reach Air Liquide’s Sales Repre sentative,
Lebohang Molotsi, when we need to discuss
issues. I also use the Voice of the Customer plat-
form, which allows me to rate the day-to-day
supply service, define our needs and express
concerns. It provides an opportunity to engage
more rapidly and more frequently with Air Liquide.
Can you provide an example of improve-
ment in your relationship with Air Liquide?
Initially, we used to collect the product direct-
ly from their branch, then the operating mode
changed and we started to get the product
delivered to our site. Yet we were not satisfied
with this change as we had to wait for delivery,
contributing to longer lead times. Listening to
our needs, Lebohang came up with a solution
to assist with this transition, proposing an addi-
tional allocation of cylinders to reduce produc-
tion downtime.
15
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STRATEGY IN ACTION _ 1. BEING CUSTOMER-CENTRIC
LEBOHANG MOLOTSI,
AIR LIQUIDE SALES
REPRESENTATIVE
IN SOUTH AFRICA
16
“I use the Voice of the
Customer platform to better
understand the customer.
It is a valuable interactive
tool for analyzing their
experience, empowering
us to act on their concerns with
customized improvements
to the services we offer.”
#customization
+ 30,000
customer feedback reports are submitted through
the Voice of the Customer platform every year
(two times more than the previous satisfaction program).
In March 2017, as part of its effort to
become a leader in customer satisfaction in
its industry, Air Liquide launched the digital
platform, Voice of the Customer, to collect
and analyze customer reviews in real time
throughout the world.
The goal is to quickly call back each and
every dissatisfied customer. The platform,
which is at the cutting-edge of customer sat-
isfaction in the industry, makes Air Liquide’s
sales teams more responsive and effective.
With real-time information, teams can provide
a fast, individualized solution for any com-
plaint. The platform allows each Air Liquide
entity to measure customer satisfaction
and share feedback throughout the Group
as part of a continuous improvement and
transpa rency approach.
Following an accelerated roll-out
plan, the platform is already active in 70 en-
tities in over 45 countries and has also add-
ed new features. Semantic analysis, for
example, helps interpret large numbers of
customer comments in order to better iden-
tify and address their needs. The creation
of a strengths and weaknesses map allows
entities to quickly see their strong points and
areas for improvement.
Employee engagement: a key factor
in customer satisfaction
In addition to the Voice of the Customer
platform, Air Liquide is rolling out the inter-
nal program My Voice which will be tested
in several entities in 2019. The goal of this
initiative is to collect employee feedback on
a regular basis to better understand their
expectations and work with them to create
appropriate action plans. This program is
in keeping with the Group’s HR strategy,
which relies on one key factor: employee
engagement. To help foster engagement,
Air Liquide makes sure it offers every emp-
loyee a successful experience by focusing
on listening and dialoguing with them at
every step in their careers within the com-
pany. This level of attention is an attractive
benefit that
loyalty
and fulfillment.
It also boosts collective
performance in the interest of achieving a
single goal: happy employees and happy
customers.
increases employee
17
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STRATEGY IN ACTION _ 1. BEING CUSTOMER-CENTRIC
#operational
excellence
At Air Liquide, operational excel-
lence is first and foremost a commitment
to providing customers with a top-rate ser-
vice including a level of safety, reliability,
quality and competitiveness that exceeds
market standards. Operational excellence,
which is a key part of the Group’s NEOS
company program, hinges on two factors,
namely the continuous improvement of
production tool performance, and the rela-
tionship with both customers and patients
by providing simple, seamless, and respon-
sive solutions.
To achieve this goal, the Group is making
considerable investments in technology, inno-
vation, and digital development. It is initiating a
number of programs in all of its business lines
to further improve its operational excellence. In
Europe, for example, the Group has committed
to using clean energy trucks to reduce the envi-
ronmental impact of its gas deliveries. The reli-
ability and effectiveness of its services has also
been increased thanks to the expertise of teams
using more sophisticated algorithms for route
optimization and automated packaging centers.
In addition, to better anticipate the needs
of its customers and patients and provide them
with increased efficiency and visibility, the Group
can rely on the billion data points collected per day
on its production units and connected objects.
People are at the heart of our strategy
To increase its operational excellence,
Air Liquide pays special attention to the en-
gagement of its employees, which is encouraged
through regular awareness-raising initiatives in
an effort to help spread a culture of continuous
improvement. Air Liquide also focuses on train-
ing the teams that design, operate, and maintain
production and delivery equipment. For exam-
ple, the Technical Community Leaders Program
helps employees improve their skills and expand
their networks within their field of expertise. The
Group also promotes a close relationship be-
tween the teams that design and build the pro-
duction equipment and those that operate it in
order to increase their effectiveness. In every
instance, safety is a prime concern.
18
#digital
transformation
19
In 2018
A new remote operations
center in Malaysia
In Kuala Lumpur, Air Liquide has built a new
Smart Innovative Operations center for the
Asia-Pacific region. Its role is to remotely oversee
the production, energy efficiency, and reliability
of its production units in eight countries. Using
predictive analysis and digital technologies,
the Group can better anticipate and respond
to the needs of its customers throughout the
region on a 24/7 basis.
SIO Predict:
anticipating breakdowns
SIO Predict is a cutting-edge tool that can detect
changes in the behavior of some of Air Liquide’s
production machines that could indicate a future
breakdown. In 2018, SIO Predict was rolled out to
160 of the Group’s sites throughout the world.
myGas: a customer portal
that can adapt in real time
In Europe and the Asia-Pacific region, Air Liquide
has rolled out the digital myGas portal along
with a myGas mobile app. This system provides
customers with a range of services, including
personalized access, the ability to submit an order
from a smartphone, and real-time tracking of
storage tank levels and orders.
The Internet of Things (IoT):
a source of optimization
Thanks to its accelerated roll-out of the IoT,
Air Liquide is increasing its effectiveness and
responsiveness. For the health sector, the Group
is carrying out several pilot projects designed
to locate medical oxygen cylinders within large
French hospital complexes to improve inventory
management. In the field of industrial gases,
remote measurement systems have also been
installed on customers’ storage tanks, so they can
be resupplied without the need to submit an order.
Digitalization is key to improving
operational excellence. It allows
Air Liquide to significantly boost efficiency
for customers and bring them a more
seamless experience. To stay ahead of
the pack, Air Liquide is now implementing
digital transformation programs for each
of its business lines. With over 200 data
scientists and analysts in its teams,
the Group has also developed the skills
commensurate with its ambitions.
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STRATEGY IN ACTION _ 2. REINVENTING INNOVATION
2
Openness
to ecosystems
accelerates
innovation
20
#ecosystem
With the conviction
that science,
technology, and
an entrepreneurial
spirit are key to
solving the major
industrial, health,
and environmental
challenges of the
future, Air Liquide
has profoundly
reinvented the way
it innovates over
the past five years.
The Group has turned
innovation into the
driving force behind
its transformation
strategy, which
is centered on its
customers’ needs
and connected to
major societal issues.
Three main areas
of focus are:
#ecosystem
#co-construction
#solutions
Air Liquide is connected to innovation
ecosystems throughout the world and now
draws on a global Innovation Campus net-
work. Strategically located in the United States
(Delaware), Asia, (Shanghai and Tokyo), and
Europe (Paris and Frankfurt), these campuses
are working to improve the Group’s expertise
in accordance with its customers’ needs in
fields such as electronics, health, biomethane,
hydrogen fuel, the Internet of Things, combus-
tion, and more. The Paris Innovation Campus,
inaugurated in September 2018, is now the
Group’s largest Campus and Air Liquide’s
flagship innovation site.
These Campuses are collaborative,
socially-oriented facilities that are open to the
outside world. They bring together all parties
involved in the process of innovation, from both
inside and outside the company, to blend skills
and disciplines, facilitate collective intelligence,
and accelerate the pace of innovation. Each
Campus includes its own R&D center, which
works closely with Operations, universities,
technology institutes, customers, and start-
ups. This open innovation approach can be
seen in our 100 industrial partners, and nearly
120 academic partners as well as in our col-
laborations with over 100 start-ups around the
world.
21
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STRATEGY IN ACTION _ 2. REINVENTING INNOVATION
#co-construction
BENJAMIN FILLION,
BIOMETHANE OPERATIONS
AND PROJECTS DIRECTOR
IN THE UNITED KINGDOM
AUDE BERTRANDIAS,
R&D ENGINEER AT THE
PARIS INNOVATION CAMPUS,
ON THE LIFE SCIENCES TEAM
22
Air Liquide’s R&D experts work hand
i n h a n d w i t h t h e b u s i n e s s t e a m s .
Aude Bertrandias, an engineer at the
Paris Innovation Campus, and Benjamin
Fi l l i o n , B i o m et h a n e O p e rat i o n s a n d
Projects director in the United Kingdom,
tell us how they work together to optimize
the production of clean energy derived
from organic matter (also see page 48).
This example of cooperation shows how
diversity of view points is a source of
collective intelligence that accelerates
innovation to serve the customer.
What kinds of projects do you
collaborate on with business Operations?
AB: I work with the business teams on bio-
methane projects, specifically on biomass
treatment and the methanization process –
transforming matter, such as straw, food resi-
due or household waste, into biogas. The aim
is to develop innovative solutions to optimize
biomethane production and provide our cus-
tomers with solutions that perfectly match
their needs and uses. Because Air Liquide
operates along the entire biomethane value
chain, from production to distribution, we
collaborate on a wide variety of topics.
Are the research projects always
long term?
AB: No, not necessarily! If an Air Liquide cus-
tomer asks Air Liquide to work on one of its
facilities, Benjamin can call on our expertise:
that is what we call Operations support.
When this happens, we have to act fast. The
business teams usually contact us earlier in
the process when they identify a new need
or a possible improvement for their custom-
ers. So the research project may last any-
where from a few months to several years
depending on its scale and its correspond-
ing issues. For example, we have several me-
dium to long-term research projects seeking
to optimize our purification processes; this is
a real challenge with the diversification of the
sources used to produce biogas.
What are the benefits of these
collaborations for R&D teams and,
more generally, for Air Liquide?
AB: As R&D engineers, these joint efforts
give us better insights into the challenges
of our customers. I see it as crucial because
this enables us to work together on concrete
innovations that are closely aligned with
market needs. In addition, it allows the Group
to deploy a true strike force that combines
biomethane business and research acumen,
which is a major advantage for opening this
market and differentiating ourselves.
23
At what stage in a project do you work
with R&D?
BF: We really collaborate throughout the entire
project, from beginning to end. In most cases,
we jointly define a working approach, then con-
tinue to interact throughout all the research and
testing phases. The R&D teams then support
us with implementing the innovative solutions
they developed so that we can offer them to our
customers. But it does not end there: they can
subsequently recommend new adjustments
to any given solution. It is really a continuous
improvement cycle.
Can you share an example of an innovation
introduced to customers thanks to your
collaboration?
BF: What comes to mind are membranes,
which are at the heart of the process of purify-
ing biogas into biomethane.
The synergy between Operations and research
made it possible for us to develop new, more
effective membranes that generated higher
yields in biomethane production and optimized
energy consumption. Those are two essential
factors to make our offerings more competitive
and to better serve our customers and partners.
More broadly, what does your collaboration
with the R&D teams mean for Air Liquide
customers?
BF: Real value added. We are able to offer them
concrete,
innovative and effective solutions
to address the challenges they identify. Op-
erations has been working with research for
a long time. What is different today is that this
collaboration happens faster, in phase with the
development of a very open Innovation Campus
network, which promotes dialogues with start-
ups, research centers and universities.
What factors make this collaboration
successful?
BF : Listening and open-mindedness. It is excit-
ing to put forward concrete solutions, to help
them mature in order to serve our customers
and then see their results. This lends mean-
ing to my work, which I am proud to share with
R&D: together we can go further, to respond to
today’s environmental challenges.
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STRATEGY IN ACTION _ 2. REINVENTING INNOVATION
#solutions
T h e r e i s a c l e a r g o a l b e h i n d
A i r L i q u i d e ’ s i n n o v a t i o n s t r a t e g y :
deliver concrete, effective solutions to
the challenges raised by three major
worldwide trends: the energy transition,
changes in the healthcare sector and
the digital transformation.
To meet these goals, the Group not
only draws on its knowledge of essential small
molecules – oxygen, hydrogen and nitrogen –
which lie at the core of its scientific work, but
also relies on technology and digital resources.
The Group is supporting the energy
and environmental transition with innovative
solutions to make transportation cleaner and
enable its customers to reduce their carbon
footprint. It innovates to support the evolution
of the healthcare sector, with pioneering prod-
ucts and services, creating value for patients,
healthcare professionals and health systems.
Finally, the Group harnesses its innovation
capabilities to put the full power of the digital
transformation in the hands of its customers
and give them an unparalleled experience.
Chronic Care Connect TM,
Air Liquide’s first e-health solution
Since 2017, Air Liquide has been rolling out
Chronic Care Connect™, a medical
tele-
monitoring solution that makes it possible to
provide remote support to patients suffering
from chronic diseases in their own home. Based
on the medical follow-up protocol prescribed
by the physician, the patient uses one or more
measurement devices that are connected to a
digital tablet for monitoring. The medical data,
which is stored in a dedicated, secure area, is
submitted and remotely analyzed by nurses
at the Air Liquide center, who correspond
regularly with the patient and their physician.
The result is daily, individualized support with
the goal of improving the patient’s quality of
life, providing better healthcare, and helping
to control healthcare system expenses by
preventing hospitalization.
24
25
enScribeTM,
a technological revolution
in electronics
Electronics manufacturers must respond to the
growing need for data storage capacity, even
as components are increasingly miniaturized.
To help them meet this challenge, Air Liquide
developed enScribe™, a new family of advanced
etching materials. Designed for 3D production,
they can etch the latest chip structures very
deeply, on the nanometric scale. Additionally,
since the
lifespan of these materials in the
atmosphere is shorter, they help reduce green-
house gas emissions. The enScribe™ line is the
culmination of an open innovation initia tive, led
by the Group with manufacturers of memory
hardware production equipment and custo-
mers, in close collaboration with the Innovation
Campuses in Japan and the United States.
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STRATEGY IN ACTION _ 3. COMMITTED TO RESPONSIBLE GROWTH
3
Reconciling
performance
and purpose
Air Liquide’s
development is part of
a responsible growth
dynamic. Committed
along its customers,
its shareholders and
its partners, the Group
deploys solutions that
are beneficial to the
planet and society in the
fields where it can make
a difference, such as the
energy transition and
the fight against global
warming.
#climate objectives
26
#climate
objectives
Air Liquide has been working for a long time
to limit greenhouse gas emissions linked to its
operations or those of its customers: on-site
gas production, use of lighter containers, con-
tinuous improvements along its supply chain
and, more recently, the development of Smart
Innovative Operations centers (see page 19).
These are all innovations that, over time, have
enabled the Group to deliver solutions for
cleaner manufacturing and transportation.
This responsible behavior is regularly recog-
nized by non-financial rating agencies. For ex-
ample, Air Liquide was awarded a rating of "A"
by MSCI, "A-" in the Carbon Disclosure Project,
and a score of 69/100 by Sustainalytics.
In 2018, Air Liquide achieved a new milestone
in this responsible approach, with the an-
nouncement of its Climate objectives, which
are the most ambitious in its sector. Air Liquide
wants to contribute to reducing global green-
house gas emissions by controlling its own
emissions and by providing its customers and
society with innovative, sustainable solutions.
€100 M
This is the annual amount of innovation
expenses dedicated to reducing
CO2 emissions.
15.5 Mt
These are the CO2 emissions avoided
by Air Liquide in 2018.
27
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STRATEGY IN ACTION _ 3. COMMITTED TO RESPONSIBLE GROWTH
O B J E C T I V E 1
I N O U R C O M PA N Y:
R E D U C E T H E CA R B O N
I N T E N S I T Y O F
O U R AC T I V I T I E S BY 3 0 %
B E T W E E N 2 0 1 5 A N D 2 0 2 5
28
_ By increasing the share
of renewable electricity
in our energy purchases
_ By improving energy efficiency
at our production units
_ By reducing the carbon
footprint associated with
transporting our products
Renewable electricity:
a new large-scale
contract
In 2018, Air Liquide signed a con-
tract to buy 50 megawatts of renewable,
wind-powered electricity in the United States.
The supplier is a subsidiary of NextEra Energy
Resources LLC, the world’s largest producer
of renewable energy. The wind farm that will
supply electricity to Air Liquide is currently
being developed in Menard County, Texas,
and should be finished in the fourth quarter of
2020. With this agreement, Air Liquide’s ob-
jective is to supply a significant portion of its
industrial gas production assets in Texas with
renewable energy. This will enable the Group
to offer its customers low-carbon products at
prices that are still competitive.
By using wind-generated electrici-
ty, the Group will avoid 1.5 million tons worth
of CO2 emissions. The share of renewable
energies consumed by Air Liquide is grow-
ing. This is a long-term strategic initiative that
combines sustainable development, growth
and competitive advantage to face the steadily
rising demand for low-carbon solutions.
“Our industry consumes
traditionally a lot of energy
to reach the very high
temperatures required
for glass melting. Thanks
to the expertise and support
of Air Liquide, we respond
to the challenges of our sector,
with environmental
and financial benefits.”
C O Ş K U N G Ü N E R I
P R O D U C T I O N M A N AG E R
S I S E CA M I N B U LG A R I A
A I R L I Q U I D E C U STO M E R
O B J E C T I V E 2
W I T H O U R C U STO M E R S :
TA K I N G AC T I O N FO R
C L E A N E R I N D U ST R I E S
_ By offering low-carbon solutions,
such as oxy-combustion
_ By inventing new solutions,
such as CO2 capture and
reuse, hydrogen use for steel
production or new materials
for electronics…
29
Oxy-combustion:
cleaner technologies
for the glass industry
Air Liquide has developed an innova-
tive patented high temperature oxy-combus-
tion technology, reducing the environmental
impact of the glass melting process. This
technology is used, for example, by the Sise-
cam Group, one of the leading manufacturers
of glass in Europe: at its plant in Bulgaria, its
oxy-combustion furnace has allowed it to re-
duce its energy consumption and CO2 emis-
sions by 19% compared to an air furnace.
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STRATEGY IN ACTION _ 3. COMMITTED TO RESPONSIBLE GROWTH
O B J E C T I V E 3
FO R T H E P L A N E T:
C O N T R I B U T E
TO D E V E LO P I N G
A LOW- CA R B O N S O C I E T Y
_ By developing biomethane
for industry and transportation
_ By offering clean solutions
for refrigerated transportation
30
_ By promoting carbon-free
hydrogen in many applications,
such as clean transportation,
renewable energy storage
and industrial uses
Focusing on hydrogen
Hydrogen is one solution to acceler-
ate the energy transition in response to the
climate challenge. First, because it meets the
challenge of clean transportation: the first hy-
drogen cars are on the road and they do not
produce any pollution in use (zero greenhouse
gas emissions, zero particulate discharge and
zero noise). Buses, trains and boats will soon
follow suit.
Beyond transportation, hydrogen has
enormous potential: it can be used to power
portable machines and devices, such as com-
puters, drones, captive fleets of utility vehicles
(e.g. forklifts) or heat homes. It can also com-
pensate for the intermittency of renewable en-
ergies, such as wind and solar power, by storing
excess electricity. This makes it a tremendous
ally in spreading their use and in responding to
the exponential rise in energy demand stem-
ming from the digital revolution.
As a pioneer on this market, Air Liquide
has expertise along the entire hydrogen value
chain and is helping to promote its use, espe-
cially for transportation via the deployment of
hydrogen stations around the world. In 2018,
the Group continued to support this promising
market by: commissioning a production site
in Denmark and making new investments in
the United States, launching the construction
of new plants in France and South Korea, and
supporting the implementation of hydrogen
energy around the world, especially through its
key role in the Hydrogen Council.
Created by Air Liquide and Toyota in
2017, the Hydrogen Council is a group of over
50 internationally known companies that rep-
resent 1.8 trillion euros in total sales and nearly
3.8 million employees. Its role is to establish
hydrogen as a key solution in the energy tran-
sition by promoting the harmonization of in-
dustry standards across regions and sectors.
The council maintains an ongoing dialogue
with all stakeholders, including NGOs and
governments.
31
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Industry, health, electronics,
clean energy, climate…
Air Liquide supports progress
in all sectors of the economy
and prepares for the future, with
a unique approach to innovation
and to customer-centricity.
32
Stories of
the future
5
stories
embodying
the changes
of tomorrow.
33
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STORIES OF THE FUTURE
In 2018, Air Liquide made significant strides
in the United States, the world’s largest industrial
gases market. The Group strengthened its positions
in this fast-growing market, driven notably by rising
demands in a variety of sectors – from metal
fabrication to automotive and aerospace
manufacturing to chemical industries.
1
0
#
Y
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34
35
USA
Driving the future
of industry
with our customers
Thanks to its customer-centric mindset,
Thanks to its customer-centric mindset,
operational excellence, and unique innovation
operational excellence, and unique innovation
approach, Air Liquide offers customers of all
approach, Air Liquide offers customers of all
sizes reliable gas supply and high-value
sizes reliable gas supply and high-value
solutions that allow them to improve
solutions that allow them to improve
competitiveness and think ahead to meet the
competitiveness and think ahead to meet the
challenges of tomorrow.
challenges of tomorrow.
Airgas
Airgas
A successful
A successful
customer-centric approach
customer-centric approach
A number of milestones were achieved in
A number of milestones were achieved in
2018 by Airgas, Air Liquide’s U.S. based subsidiary,
2018 by Airgas, Air Liquide’s U.S. based subsidiary,
acquired by the Group in 2016. The 300 million-US
acquired by the Group in 2016. The 300 million-US
dollar target of cumulated synergies was reached
dollar target of cumulated synergies was reached
in the 1st quarter of 2019, more than a year ahead of
in the 1st quarter of 2019, more than a year ahead of
schedule, confirming the success of this operation.
schedule, confirming the success of this operation.
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STORIES OF THE FUTURE
Thanks to its unique multi-channel approach,
including e-commerce, telesales teams, and a large
network of more than 950 retail branches, Airgas
is well positioned to capture growth opportunities.
A symbolic milestone was achieved in 2018
with the 500th acquisition in Airgas’ history – a
perfect illustration of its successful development
model aimed at strengthening its network and
proximity with local customers to grow. The com-
pany went one step forward in customer- centricity
with the expansion of its Welding Efficiency Anal-
ysis program, which helps customers evaluate and
improve their welding processes, allowing them
to be more competitive in their market. Based on
decades of experience and customer data from
around the country and across many industries,
this program includes onsite analysis and offsite
courses to help customers boost quality, produc-
tivity and profitability.
Another example of Airgas' successful
customer-centric approach is the ‘one-stop shop’
developed by the company to provide customers
coast to coast with a complete package – gases,
equipment, safety products and services – to
streamline their operations. This approach is a
competitive asset for the company.
FOCUS
AIRGAS 2018 FIGURES
> 1 million customers
> 950 retail branches
12 million transactions
10 million deliveries
Large Industries:
helping our customers grow
Chemical and petrochemical industries
on the Gulf Coast are ramping up, requiring fast-
growing volumes of industrial gases. This positive
momentum has led to several large contract wins
in 2018 with major customers in key industrial
basins. Air Liquide’s assets, including its extensive
Gulf Coast pipeline network, allow these high
capacity needs to be met with a high level of
reliability. Two long-term contracts were signed
with LyondellBasell, one of the world’s largest
plastics, chemicals and refining companies: the
first will supply oxygen for a new petrochemical
plant, currently under construction in Channelview,
Texas; the second will supply the plant with steam,
electricity, treated water and nitrogen to another
LyondellBasell unit located in the Bayport area.
Another major milestone was reached
in 2018 with the ramp-up of the Natgasoline’s
methanol plant in Beaumont, Texas – the largest
in North America to date. This plant includes
Air Liquide’s full know-how, from unit design
and construction to the production of oxygen,
nitrogen and argon. It also integrates the Group’s
proprietary MegaMethanol™ technology which
converts natural gas to methanol.
To further
increase the reliability,
efficiency and flexibility of its supply, in 2018
Air Liquide accelerated the deployment of its
Smart Innovative Operations program (see
page 19), which leverages the latest advances
in digital technology to transform the way the
Group operates its production units and to reach
the next step of operational excellence. More than
65 production units in the US are now remotely
monitored, and focusing for example on predictive
maintenance. More than 650 predictive analytics
models have been developed and implemented
to help identify and prevent maintenance issues
before they impact customers. The Group can
therefore better anticipate and meet the needs of
its customers, 24/7.
36
Preparing the future
To help its customers face their operational
challenges, Air Liquide relies on a unique open
innovation approach and a worldwide network of
Innovation Campuses (see page 21). In November
2018, the Group opened an Advanced Fabrication
Center at its Delaware Innovation Campus.
A manufacturing expertise center with
advanced training, testing and development
platforms, the center involves customers and
industrial partners early in the innovation process
to accelerate the development of added-value
solutions – from finding optimal process gas
compositions to augmenting process efficiency
and operational safety, health and sustainability.
The center benefits from Air Liquide’s
innovation capacity and Airgas’ deep market
knowledge and customer base. Located at the
heart of the world’s largest metal manufacturing
market, it will allow new solutions in innovative
fields such as advanced plasma cutting, cobotic (1)
welding and additive manufacturing to be brought
to market rapidly.
1
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FOCUS
TOWARDS A NEW
LOW-CARBON SOCIETY
Beyond the development of innovative
solutions to meet its customers’ needs, Air Liquide
is paving the way for the emergence of a new low-
carbon society, in particular thanks to its leading
role in the development of hydrogen production
and applications. The Group will invest over
150 million U.S. dollars to build the first world scale
liquid hydrogen production unit dedicated to the
hydrogen energy markets. Located in the western
U.S., the plant will have a capacity of nearly 30 tons
of liquid hydrogen per day – an amount that can
fuel 35,000 Fuel Cell Electric Vehicles (FCEV).
Through this investment, Air Liquide will enable
the large-scale deployment of hydrogen-powered
mobility on the West Coast, providing a reliable
supply solution to help fuel the 40,000 FCEVs
expected on the roads of California by 2022.
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(1) Cobotics (a neologism from the words “cooperation” and “robotics”) is a discipline focusing on direct or remote interaction between an operator and a robotic system.
The “cobot” provides assistance to the human operator with his or her tasks, here welding.
STORIES OF THE FUTURE
HEALTH
Taking care
of patients
at home
2
0
#
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38
39
Chronic diseases are now one of the
leading causes of death worldwide (1).
As a pioneer and leading player in home
healthcare, Air Liquide takes care of
1.6 million patients suffering from chronic
diseases at home. This represents an
effective way of improving the quality of
patients' lives, preventing complications,
and improving the effectiveness of
healthcare systems.
(1) Source: World Health Organization.
The healthcare industry is experiencing
some major shifts, including aging popu
lations, accelerated urban growth, techno
logical progress, sedentary lifestyles, and the
increase of chronic illnesses. Healthcare
systems, which are often organized around
hospitals, do not always encourage support
for chronic diseases that require regular, long
term monitoring.
A leading player in home healthcare for
the last 30 years, Air Liquide is a key partner for
addressing these changes. The Group aims, in
particular, to provide lasting responses to the chal-
lenges posed by the global increase in chronic
diseases. Thanks to its recognized expertise and its
close relationships with doctors and patients, the
Group has acquired a strong legitimacy in the field
of home healthcare by helping preserve the quality
of life and independence of patients, while helping
control healthcare spendings.
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STORIES OF THE FUTURE
40
Recognized expertise
born in Europe
In recent decades, Air Liquide has developed
recognized expertise in home healthcare. Capital-
izing on its experience in supplying medical gases
to hospitals, the Group started by supplying medi-
cal oxygen to the homes of patients suffering from
respiratory failure. It then extended its services to
other respiratory conditions, such as sleep apnea,
and other chronic diseases, including diabetes and
Parkinson’s disease, which call for highly technical
support and regular monitoring.
Improving patient adherence and encour-
aging effective coordination between healthcare
professionals to avoid hospital readmission are
two of the main challenges facing home healthcare.
Today, Air Liquide sets itself apart through
its ability to ensure comprehensive patient care,
combining the implementation of technological
equipment with support from multidisciplinary
teams made up of pharmacists, nurses, nutritionists,
healthcare professionals, and technicians working
with the medical community.
The Group also relies on digital technologies
to offer innovative e-health solutions, ensuring bet-
ter patient monitoring and facilitating coordination
between stakeholders at the various stages of the
healthcare journey.
It also collaborates with start-ups to offer a
wider range of value-added services. For instance,
in June 2018, Air Liquide purchased EOVE, a French
company that has developed a portable connected
ventilator that takes into account patients’ mobility
needs and helps doctors in their daily work.
This strategy of targeted acquisitions, com-
bined with its scientific expertise, knowledge of the
medical world, and proximity with patients, now makes
Air Liquide the European leader in home healthcare.
2
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41
FOCUS
AIR LIQUIDE
CONSOLIDATES ITS POSITION
IN SAUDI ARABIA
Air Liquide, which already operates in the
Saudi Arabian healthcare sector by supplying
medical gases to hospitals, expanded its activities
in the country in 2018 with the acquisition of the
respiratory division of Thimar Al Jazirah Compa-
ny (TAC), a key local player in the pharmaceutical,
medical, and dental industries, that provides home
healthcare to more than 1,400 patients throughout
the country. With this acquisition, the Group has
managed to consolidate its position in a region
that boasts significant potential. With more than
32 million inhabitants, growing healthcare needs
– in particular due to the prevalence of diabetes –
and a pledge from the public authorities to improve
the quality of services, the home healthcare sector
in Saudi Arabia has significant growth potential.
Opening up new markets
Building on its positioning in Europe,
Air Liquide has been developing its home healthcare
business for around fifteen years in other areas of
the world, such as Asia, the Middle East, and South
America. With a presence in 35 countries already,
the Group is seeking to diversify its activities by
offering value-added services in regions where
it already operates. It also targets new countries
where it generally makes targeted acquisitions to
grow quickly.
South Korea is one example of this strate-
gy. Eight years after it moved into the country, the
Group has tripled its sales in home healthcare and
is now the ventilation leader in the local market.
This success is primarily explained by the Group’s
ability to make valuable acquisitions to ensure its
long-term growth. After its 2010 acquisition of the
South Korean firm, Medions, which specializes in
care for heavily ventilated patients in their homes,
the Group gradually added to its offering by making
three acquisitions to help patients suffering from
other chronic diseases.
Each time, the Group makes sure the compa-
ny it is purchasing shares its values. It focuses on in-
tegrating the new teams and encourages expertise
pooling. This strategy of targeted acquisitions has
allowed it to develop a solid position in the country in
just a few years, where it is now a real partner of the
healthcare systems. Feedback from the teams at its
VitalAire Korea subsidiary was taken into account,
contributing to add new rebates to the national
healthcare system, including a service designed
for patients suffering from sleep apnea.
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STORIES OF THE FUTURE
ELECTRONICS
Increasing the
power of digital
technology
3
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42
43
Digital technology is transforming
our world: the way we work,
learn, socialize, shop and travel.
Central to this revolution
is the electronics industry.
The electronics industry uses gases
and other innovative materials for the
manufacturing of smaller and faster chips.
Air Liquide is a world leader in the supply of
many of these advanced materials.
In 2018, this dynamic propelled its Electronics
activity to a significant growth of 10%.
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STORIES OF THE FUTURE
44
The acceleration of the electronics market
began with the rise of computing and mobile
phones in the 1980s. Since then, the sector has
been growing exponentially, transforming every
aspect of our lives, with yesterday’s science fiction
becoming today’s reality: big data, the Internet
of Things, virtual reality, artificial intelligence,
self-driving cars. Behind these innovations are
increasingly powerful electronic components:
processors that convert real-world information
to digital signals and perform massively complex
calculations, memory chips that store vast
amounts of data, and touchscreens that simplify
the life of users.
Unleashing
the potential of materials
Air Liquide products are used to build
all these components, either as inerting
gases like ultra-pure nitrogen used to inert the
manufacturing environment, or as deposition
and etching materials for building chips and
flat panels.
The last decade’s advances in the
semiconductor industry – from hard disks to
microprocessors to today’s smartphones – have
been enabled, in part, by Air Liquide innovations in
advanced materials. In 2018, the Group supplied
almost $ 2 billion worth of gases and materials to
electronics customers and the potential of this
fast-growing market is huge: every year, 1.5 billion
smartphones are sold and each of them contains
chips that are made with about $2 of gases
and advanced materials. Also, each of today’s
connected cars contains about $3 of these
materials, which are used in microprocessors,
memory chips, sensors or screens.
Innovating for the future
In this rapidly evolving industry, with its
constant demand for improved technologies and
capabilities, new materials play a more critical role
than ever before. The challenge is both technical
and economic: the performance of computers,
smartphones and servers must keep improving,
while reducing their energy consumption and costs.
Meanwhile, manufacturers must also reduce the
environmental footprint of their etching process.
In this context, R&D is a key differentiator.
Air Liquide’s strategy is to work alongside its
customers and partners in their ecosystem to
design customized solutions. This collective in-
telligence approach has allowed the development
of advanced materials that have today become
industry standards. In 2015, the Group combined
its ALOHA™ and Voltaix™ product lines, designed
for some of the most critical steps of the micro-
chip manufacturing process, to create Air Liquide
Advanced Materials, a global entity serving this
market segment.
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100%of latest generation smartphones have
components, chips and memories made
with Air Liquide’s advanced materials.
45
10%growth rate for Electronics sales in 2018
More recently, the enScribe™ family of etch
gases was launched and adopted in 2018 by sev-
eral customers (see page 25). Developed in close
cooperation with semiconductor manufacturers,
universities and customers, this new offer enables
addressing the growing complexity of 3D memory
chip structures while helping reduce greenhouse
gas emissions.
Beyond innovation, the electronics sector
demands infallible quality at ever-growing
volumes. As the industry consolidates, the market
leaders are building more and more ‘mega fabs’
that require several times the volumes of gases
and new materials needed previously. Thanks
to its technological expertise, its worldwide
presence and investment capacity, Air Liquide
can meet its customers’ growing needs and
support the industry-wide effort to become more
environmentally responsible.
A major actor of the infinitely small, the Group
is in a strong position to capture the great potential
of this market in the coming years.
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STORIES OF THE FUTURE
In a world where climate change
is making us reconsider how we live
and travel, our current energy mix needs
to be reapportioned to include significantly
more renewable and clean energy sources.
Air Liquide, a pioneer in this field,
is drawing on its technological expertise
to facilitate this change.
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NEW MARKETS
Accelerating
the deployment
of clean
energies
46
47
The development of clean energies
depends on society’s ability to design and
market innovative technological solutions
while inventing new economic models that
are viable over the long term.
Air Liquide, which has already made ground-
breaking strides in hydrogen energy, is helping
create new energy sources and implement cleaner
modes of transportation, both of which improve
air quality.
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STORIES OF THE FUTURE
€100 M
the amount Air Liquide
has invested in biomethane
over the past four years
Biomethane:
a doubled production capacity
Air Liquide is a main player in biomethane,
a clean and renewable energy source derived
from purified biogas, originating from organic
matter sourced from farming or household and
industrial waste.
Biomethane is injected into the natural gas
network, where it is used as fuel, known as bio
natural gas for vehicles (bio-NGV), at natural gas
fueling stations. It may also be liquefied and
transported in bulk to these stations. To date,
Air Liquide operates more than 60 bio-NGV
stations in Europe, which promotes the use of
biomethane as a fuel alternative and reduces fine
particle emissions by 85% and CO2 emissions by
90%. Aside from serving as a fuel source for
transportation, biomethane can also replace
natural gas in the home and be used to produce
hydrogen in a carbon-free way.
In just a few short years, Air Liquide, which
is well aware of the market’s potential, has
become one of the few stakeholders to have a
hand in every step of the global biomethane value
chain, including investment in and operation of
methanization units, membrane purification
technology, as well as the transportation, storage,
and distribution of liquefied gas.
The Group doubled its production capacity
in 2018 by opening three new production units in
France, the United Kingdom, and the United States.
It now owns 12 production sites throughout the
world that purify biogas to be transformed into
biomethane.
48
Hydrogen:
energy of the future
Hydrogen holds immense potential and has
many applications: clean transportation, renewable
energy storage, industrial uses, and more. As a
result, this molecule has become an indispensable
solution to meet the challenges of the energy
transition. It might even be able to provide 20% of
the reduction in CO2 emissions needed to limit
global warming to 2°C between now and 2050.
For over 40 years, Air Liquide has developed
unique expertise along the entire hydrogen value
chain: production, storage and distribution. The
Group is helping to promote its use via the
worldwide deployment of hydrogen stations and
through its key role in the Hydrogen Council (see
article on page 30).
Blueeze:
innovating our way towards cleaner
refrigerated transportation
In addition to bio-NGV, Air Liquide is
developing a clean and silent solution for refrig-
erated trucks called Blueeze. This cryogenic,
liquid nitrogen-based solution is used in on-board
cold transportation systems and creates zero
(1), NO2 (2), etc.),
local emissions (fine particles, NOx
unlike refrigeration units that use diesel.
Blueeze is also an innovative alternative
solution for the cold chain. For example, it can
decrease the temperature twice as fast and al-
lows for much more precise temperature control
compared to a traditional solution. Another
advantage is its smart control system, which
maximizes thermal efficiency.
Once again, Air Liquide is involved in every
part of the value chain to make sure it can provide
its customers with a complete solution. The
Group provides transporters with an on-board
cryogenic refrigeration unit that is both clean and
easy to use, safe refilling stations that can be
accessed at any time, and a network of experts
to help with training and maintenance.
With Blueeze and bio-NGV, which some
transporters use simultaneously, Air Liquide helps
refrigerated transportation companies meet the
challenges facing their sector, namely preserving
the cold chain, protecting the products being
transported, and developing cleaner, more
environmentally friendly solutions. Air Liquide
offers concrete solutions for challenges presented
by society’s transition to greener energy sources.
(1) NOx: Nitrogen oxide. (2) NO2: Nitrogen dioxide.
4
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49
FOCUS
MULTI-ENERGY STATIONS
the use of
To promote
these new
energies, Air Liquide designs and operates
clean, multi-energy stations. The first such
station was opened in 2016 in France. Now
there are 14 of these stations, which are partic-
ularly focused on ground freight transportation.
They serve as a single supply point distributing
natural gas for vehicles (NGV), bio-NGV (bio-
methane) and liquid nitrogen. This makes them
a real environmental and economic advantage
for carriers using the Blueeze solutions. By
positioning itself at the start of the value chain,
from production to distribution, Air Liquide
can optimize the use of its own biomethane
production.
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STORIES OF THE FUTURE
In 2018, the Air Liquide Foundation celebrated
its 10th birthday and renewed its commitment
for 2019-2023. This goal is made possible
by the actions of all employees who sponsor
or recommend projects all over the world.
50
AIR LIQUIDE FOUNDATION
Supporting progress
of science
and education
5
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In 2018, the Air Liquide Foundation
extended its scope to two new themes that
are essential for the future, namely the impro
vement of air quality and scientific education.
In practice, it now has four main missions:
51
Environment: it supports scientific research
projects that further our understanding of climate
change and protect the planet’s atmosphere,
particulary the quality of the air.
Health and respiration: it backs research that
aims to improve respiratory function and under-
stand the human body in the fields of healthcare
and exploration (space, scuba diving, and sports).
Scientific education: it encourages the transfer
of scientific knowledge in its areas of expertise in
partnership with institutions such as museums.
it supports
improve the
initiatives
Local development:
intended to
living conditions of
communities in the countries where the Group
operates. These actions might relate to edu-
cation and training, assisting disabled people,
social and professional reintegration, and even
access to water, power, and healthcare.
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STORIES OF THE FUTURE
52
Ice Memory:
protecting priceless
scientific heritage
In 2018, the Air Liquide Foundation renewed
its support for the Fondation Université Grenoble
Alpes as part of the international Ice Memory
project. The aim of this initiative was to preserve in
Antartica ice samples taken from high-altitude
glaciers around the world. These scientific archives
hold valuable information that can help us under-
stand climate change and the environment.
Under the effect of global warming, most of
the world’s glaciers are steadily retreating and will
eventually disappear. The Ice Memory project
therefore aims to protect this heritage and make it
available for tomorrow’s scientists to conduct new
research.
For each glacier selected, an initial sample is
analyzed to establish a reference database. Another
sample is kept in the French-Italian Concordia
Research Station on the Antarctic Plateau. Placed
in a dedicated cave, around ten meters under the
snow, it is secured in a natural freezer at -54° and will
remain safe for centuries to come.
The Air Liquide Foundation helps purchase
analytical equipment, fund core sampling mission
expenses, and acquire containers for the storage
cave. To date, four samples have already been
drilled from glaciers in France, Bolivia, and Russia
in 2018. In the next two decades, samples from
some twenty glaciers must also be preserved for
future generations.
The UNESCO Executive Board, which brings
together 58 member states, adopted two decisions
in 2017 and 2018: recognizing the scientific and
cultural importance of glaciers and the relevance
of the Ice Memory initiative, and urging the
international community to act quickly.
Employee engagement
in the field
In addition to scientific projects like Ice
Memory, Air Liquide Foundation employees are
also very active in the field of local development.
Each initiative is sponsored by a volunteer
employee working in a Group entity that is close to
the project site. In 10 years, hundreds of employees
have become involved with the Foundation.
Marie Ba Lacouture and Elisabeth Ndiaye
Ndong, two Air Liquide Senegal employees, are a
great example. Together, they helped renovate the
maternity ward in the village of Bassar, which is
located in an isolated area that is only accessible
by boat. Expanded and equipped with new medical
and other equipment, including a solar power
system, the building can now host five times as
many prenatal consultations. The two colleagues
received the "Jury’s Favorite" prize for Group
employees, which was presented as part of the
2018 Social Engagement Awards.
Furthermore, the Group’s various entities
throughout the world take action in their regions in
fields ranging from education, healthcare, and
training to environmental protection.
Following the forest fires that affected the
Iberian Peninsula, Air Liquide employees in Spain
and Portugal also volunteered in 2018 through field
days dedicated to controlling invasive species or
planting and protecting shoots of native trees.
Since its creation in 2008, the
Foundation has supported
46
scientific projects
275
societal projects in 52 countries,
in line with the Group’s societal
commitment
5
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“It is essential
for me to be
a shareholder
in a group
that combines
performance
and responsibility.
That’s what I found
at Air Liquide.”
C O N STA N C E ,
A I R L I Q U I D E S H A R E H O L D E R
Performance
54
56
58
58
61
Our activities
A regular long-term performance
2018 Key figures
Financial information
66,000
employees
+ 3.6 M
customers and patients
Global presence
80 countries
55
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PERFORMANCE
Air Liquide supports
the growth of all economic
sectors
DESIGNING
INDUSTRIAL GAS
PRODUCTION
UNITS FOR
AIR LIQUIDE
AND CUSTOMERS
PRODUCING
DIRECTLY
56
SUPPLYING
GASES AND
SERVICES FOR
ALL INDUSTRIES
AND HEALTH
Centralized
production
On-site production
at customers’
AIR SEPARATION UNITS,
HYDROGEN AND CARBON MONOXIDE
PRODUCTION UNITS
LARGE QUANTITIES by pipelines
MEDIUM QUANTITIES by tanker trailers
SMALL QUANTITIES in cylinders
DEVELOPING
NEW MARKETS AND
BREAKTHROUGH
TECHNOLOGIES
BIOMETHANE PRODUCTION UNITS,
HYDROGEN CHARGING STATIONS AND OTHERS
(1) Percentage of 2018 group revenue. (2) Scientific breakthroughs and disruptive technologies that can fundamentally change design and production methods.
CUSTOMERS
CHOOSING TO
INSOURCE THEIR
GAS NEEDS
ENGINEERING
& CONSTRUCTION
Building plants and
equipment for gas
production
CHEMICALS
LARGE INDUSTRIES
REFINING
METALS
MATERIALS & ENERGY
AUTOMOTIVE &
MANUFACTURING
FOOD &
PHARMACEUTICALS
TECHNOLOGY
& RESEARCH
PROFESSIONALS
& RETAIL
HOSPITALS
HOME HEALTHCARE
HYGIENE/SPECIALTY
INGREDIENTS
SEMI-CONDUCTORS
FLAT PANELS
PHOTOVOLTAIC
ENERGY
ENERGY
TRANSITION
TRANSITION
MARITIME LOGISTICS
DEEP-TECH(2)
Producing and
delivering gases
in large quantities
INDUSTRIAL
MERCHANT
Serving a wide range
of customers thanks
to the Group’s
expertise in gases
and processes
HEALTHCARE
Providing gases,
medical products and
services to support our
clients and patients,
in the hospital and
at home
ELECTRONICS
Designing, manufacturing,
and providing molecules
and equipment for this
sector
GLOBAL MARKETS
& TECHNOLOGIES
Providing technological
solutions (molecules,
equipment and services)
for new markets
2%(1)
27%(1)
44%(1)
17%(1)
8%(1)
2%(1)
57
e
m
e
r
t
x
E
e
c
n
e
g
A
:
t
i
d
e
r
C
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PERFORMANCE
A regular
long-term
performance
2018
Key financial
figures
DISTRIBUTION
OF GROUP REVENUE
(in millions of euros)
GAS AND SERVICES REVENUE
BY WORLD BUSINESS LINE
(in millions of euros)
20,107
430
474
1,755
3,486
5,685
9,181
EVOLUTION
OF THE GROUP REVENUE
over 30 years (in millions of euros)
REVENUE
21,011
13,103
€21,011 M
s
a
G
i
s
e
c
v
r
e
S
&
g
n
i
r
e
e
n
g
n
E
i
n
o
i
t
c
u
r
t
s
n
o
C
&
s
t
e
k
r
a
M
a
b
o
G
l
l
i
l
s
e
g
o
o
n
h
c
e
T
d
n
a
i
s
c
n
o
r
t
c
e
E
l
h
t
l
a
e
H
e
g
r
a
L
s
e
i
r
t
s
u
d
n
I
l
a
i
r
t
s
u
d
n
I
t
n
a
h
c
r
e
M
3,907
6,088
1988
1998
2008
2018
+5.8%
average annual growth(1)
58
EVOLUTION OF THE ADJUSTED
NET EARNINGS (2) PER SHARE
over 30 years (in euros)
4.95
3.20
1.28
1998
2008
2018
+6.9%
average annual growth(1)
0.67
1988
EVOLUTION OF THE ADJUSTED DIVIDEND (2)
PER SHARE
over 30 years (in euros)
2.65
0.24
1988
1.53
0.49
1998
2008
2018
+8.3%
average annual growth(1)
(1) Calculated according to prevailing rules over 30 years.
(2) Adjusted for the 2-for-1 share split in 2007, for attributions of free shares and
for a factor of 0.974 reflecting the value of the rights of the capital increase
completed in October 2016.
NET PROFIT
(Group share)
€2,113 M
INVESTMENT
DECISIONS
€3.1 bn
EFFICIENCY
GAINS
€351 M
CUMULATIVE AMOUNT
OF AIRGAS SYNERGIES
SINCE ACQUISITION
(end of 2018)
US$290 M
DISTRIBUTION OF GAS & SERVICES REVENUE BY GEOGRAPHY
(in millions of euros)
7,982
7,111
4,359
655
59
Americas
Europe
Asia Pacific
Middle East
and Africa
INNOVATION
€300 M
of innovation expenses
309
new patents filed
in 2018
> 200
industrial and scientific
partnerships
GROUP SHAREHOLDERS
(as of December 31, 2018)
68%
institutional
shareholders
32%
individual
shareholders
> 410,000
individual shareholders
€2.65
dividend per share
proposed in the AGM of
May 7, 2019
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PERFORMANCE
2018 Key
extra-financial figures
SAFETY
DIVERSITY
1.3
frequency rate of accidents
with time off work per
million hours worked
29%
of women among engineers
and managers
Company
Program
objectives
2016-2020
Air Liquide is implementing its Company
Program, NEOS, to meet its targets
for the period 2016-2020.
With this program, the Group is able
to ensure long-term performance,
be more connected to its stakeholders
and be more innovative.
ENVIRONMENT
PERFORMANCE
60
ALMOST
40%
Percentage of 2018
investment decisions that
respond to environmental
and climatic issues
30%
The reduction goal
for carbon intensity
of Group activities
over the 2015-2025 period
ALMOST
70%
The objective of increasing
the Group’s renewable
electricity purchases
over the 2015-2025 period
(1) Including Airgas consolidation scope effect in 2017, corresponding to a +2% CAGR.
+ 6 to 8% CAGR (1)
revenue growth
> €400 M
annual efficiency gains
over the 2019-2020 period,
which is 100 million euros
more than the initial target
> US$300 M
Airgas synergies
> 10%
ROCE after 5 to 6 years
Maintaining rating from S&P
“A” range
RESPONSIBILITY
preventing global warming.
> Improving air quality and
> Strengthening its dialog
with Group stakeholders.
Consolidated income
statement (summarized)
AS OF DECEMBER 31, 2018
(in millions of euros)
2017
2018
Revenue
Purchases
Personnel expenses
Other income and expenses
Operating income recurring before depreciation and amortization
Depreciation and amortization expense
Operating income recurring
Other non-recurring operating income and expenses
Operating income
Net finance costs
Other financial income and expenses
Income taxes
Share of profit of associates
NET PROFIT FROM CONTINUING OPERATIONS
NET PROFIT FROM DISCONTINUED OPERATIONS
PROFIT FOR THE PERIOD
• Minority interests
• Net profit (Group share)
Basic earnings per share (in euros)
Diluted earnings per share (in euros)
Basic earnings per share from continuing operations (in euros)
Diluted earnings per share from continuing operations (in euros)
Basic earnings per share from discontinued operations (in euros)
Diluted earnings per share from discontinued operations (in euros)
20,349
-7,721
-4,138
-3,348
5,142
-1,778
3,364
-344
3,020
-421
-68
-207
5
2,329
-37
2,292
92
2,200
5.16
5.14
5.25
5.22
-0.09
-0.08
61
21,011
-8,276
-4,146
-3,374
5,215
-1,766
3,449
-162
3,287
-303
-50
-731
4
2,207
-
2,207
94
2,113
4.95
4.93
4.95
4.93
-
-
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PERFORMANCE
Consolidated
balance sheet (summarized)
AS OF DECEMBER 31, 2018
Consolidated
cash flow statement (summarized)
AS OF DECEMBER 31, 2018
ASSETS (in millions of euros)
Goodwill
Other intangible assets and property, plant and equipment
Other non-current assets (a)
TOTAL NON-CURRENT ASSETS
Inventories and work-in-progress
Trade receivables and other current assets
Cash and cash equivalents (a)
TOTAL CURRENT ASSETS
62
ASSETS HELD FOR SALE
TOTAL ASSETS
EQUITY AND LIABILITIES (in millions of euros)
Shareholders' equity
Minority interests
TOTAL EQUITY
Provisions and deferred taxes
Non-current borrowings
Other non-current liabilities (a)
TOTAL NON-CURRENT LIABILITIES
Provisions
Trade payables and other current liabilities
Current borrowings (a)
TOTAL CURRENT LIABILITIES
LIABILITIES HELD FOR SALE
TOTAL EQUITY AND LIABILITIES
(a) Included derivatives.
December 31, 2017
December 31, 2018
(in millions of euros)
2017
2018
12,840
20,137
1,059
34,036
1,334
3,963
1,694
6,991
-
41,027
16,318
400
16,718
4,401
12,522
241
17,164
333
4,264
2,548
7,145
13,345
20,847
1,026
35,218
1,460
3,533
1,770
6,763
-
41,981
17,783
424
18,207
4,367
11,710
268
16,345
325
4,526
2,578
7,429
41,027
41,981
Operating activities
Cash flows from operating activities before changes in working capital
Changes in working capital
Others
Net cash flows from operating activities
Investing activities
Purchase of property, plant and equipment and intangible assets
Acquisition of subsidiaries and financial assets
Proceeds from sale of property, plant and equipment and intangible
assets and financial assets
Dividends received from equity affiliates
Net cash flows used in investing activities
Financing activities
Dividends paid
• L'Air Liquide S.A.
• Minority interests
Proceeds from issues of share capital
Purchase of treasury shares
Transactions with minority shareholders
Net cash flows used in financing activities excluding increase (decrease)
in borrowings
Effect of exchange rate changes, opening net indebtedness of newly acquired
companies and others
Change in net indebtedness
NET INDEBTEDNESS AT THE BEGINNING OF THE PERIOD
NET INDEBTEDNESS AT THE END OF THE PERIOD
4,133
188
-67
4,254
-2,183
-140
477
-1,846
-1,031
-68
70
-158
-4
-1,191
780
1,997
-15,368
-13,371
63
4,138
613
-35
4,716
-2,249
-129
103
5
-2,270
-1,159
-75
138
-63
-2
-1,161
-449
836
-13,371
-12,535
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Thank you to our employees, our customers
Thank you to our employees, our customers
and patients, our shareholders and
and patients, our shareholders and
our innovation partners.
our innovation partners.
We are proud to be working with you
We are proud to be working with you
to help build a more sustainable world.
to help build a more sustainable world.
Together, let’s continue to invent the future.
Together, let’s continue to invent the future.
64
Hydrogen could account
for up to 20% of the reduction
in CO2 emissions needed
to limit global warming
to 2°C by 2050.
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A world leader in gases, technologies
and services for Industry and Health,
Air Liquide is present in 80 countries
with around 66,000 employees and serves
over 3.6 million customers and patients.
Oxygen, nitrogen and hydrogen are
essential small molecules for life,
matter and energy. They embody
Air Liquide’s scientific territory and
have been at the core of the company’s
activities since its creation in 1902.
2
0
1
8
A
N
N
U
A
L
R
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P
O
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T
A I R L I Q U I D E .C O M
See our annual publications:
Annual Report, Reference Document,
Shareholder’s Guide, On Air Magazine,
Interactions….
YO U T U B E
Air Liquide Corp Channel
T W I T T E R
@AirLiquideGroup
L I N K E D I N
linkedin.com/company/airliquide
Published by the Communications department of the Air Liquide group, April 2019
75 quai d’Orsay, 75007 Paris, France
Photos credits: Oli Bellandir, Franck Benausse/LE SQUARE, Matthew Bender/CAPA, Gregor Colienne/Kaptive,
Amélie Conty, Antoine Doyen, Erik Forster/CAPA Pictures, Getty, istock, Nicolas Loran, Emile Luider, Julien Lutt/CAPA Pictures,
Jean-Philippe Mesguen, Frank Seifert, Laurent Tesseire, Terry Vine/Getty, Patrick Wack/CAPA Pictures.
Design & Production:
(ref.: ALRA018)
L’Air Liquide - S.A. company established for the study and application of processes developed by Georges Claude
with issued capital of 2,361,913,658.50 euros
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