L'Air Liquide S.A.

More than ever  
inventing the future

2 0 2 0 
A N N U A L   R E P O R T

Sabrina, Hydrogen team, 
Houston, USA 

+64,499 Air Liquide employees, 
all inventors of the future

 
C O N T E N T S

M o r e   t h a n   e v e r ,   b e l i e v i n g   i n   
a n d   i n v e n t i n g   t h e   f u t u r e   m e a n s …

S t e p p i n g   u p   
w h e n   t h e   w o r l d 
i s   u n d e r   t h r e a t

P.  0 8 

I n n o v a t i n g   
t o   a d a p t   
t o   t h e   n e e d s   
o f   c u s t o m e r s   
a n d   p a t i e n t s

P.  2 2

C o m m i t t i n g   
t o   s u s t a i n a b i l i t y

P.  4 2

T h e   G r o u p   
i n   2 0 2 0

P.  5 4

“We must always 
believe  
in the future, 
and more than 
ever invent it.”

Benoît Potier, Chairman and Chief Executive Officer

W h a t   t h e 
c r i s i s   h a s 
r e v e a l e d

M E S S A G E   F R O M 
B E N O Î T   P O T I E R ,
C H A I R M A N   A N D   
C H I E F   E X E C U T I V E   O F F I C E R

M E S S A G E

Unprecedented. That is the 

first word that comes to my 

mind to describe 2020. The 

pandemic that is still affecting us 

Mo biliza tion

today has profoundly changed our lives. It is 

in such challenging times that the full strength 

of a Group like ours reveals itself. Air Liquide’s 

This unprecedented year has, once again, 

teams across the world have been working 

confirmed the strength of our business model 

harder than ever to support our customers and 

and of our strategy. The Group’s performance 

patients, while being resolutely committed 

against the background of this crisis was 

to the fight against Covid-19 alongside 

outstanding. In 2020, the Group generated revenue 

governments and healthcare workers. The 

of more than €20 billion, which was almost stable 

teams have demonstrated their professionalism, 

on a comparable basis compared with 2019.  

both on site and remotely, and have done a 

Gas & Services sales, comprising 96% of Group 

remarkable job. I would like to underline my 

revenue, held up well, as did Global Markets 

immense pride in the extent of this mobilization.

& Technologies which retained its momentum. 

Healthcare, which was at the front line during 

the pandemic notably with the supply of medical 

oxygen, and Electronics have grown significantly. 

Geographically, the situation was varied  

Per for mance

with Europe faring well and  

a solid performance from 

the developing economies, 

particularly China,  

Eastern European and  

Latin American countries. 

The results obtained highlight the Group’s  

resilience in a crisis context. The operating  

margin improved sharply due both to structural 

efficiencies, which reached €441 million, and  

to exceptional cost control measures. 

Finally, 2020 saw a high level of investment 

decisions, which were maintained despite the 

context and reached €3.2 billion, representing  

a guarantee of the Group’s future growth.

“Thanks to the 
mobilization of the teams, 
the Group was able  
to face with the health 
crisis and support our 
customers and patients.”

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A I R   L I Q U I D E

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Resilience, therefore, but also responsibility  

in terms of the challenges facing our world 

and society. We believe that the future is a 

shared asset which can only be shaped through 

responsible growth. Faced with the climate 

emergency and changes in society, which have 

been accelerated by the crisis, it is time for 

action, more than ever, and companies must 

M E S S A G E

The Group has unique advantages which 

allows it to have a long-term vision of  

its performance. These assets are based,  

in particular, on the strength 

of its business model, the 

expertise of its teams, and 

the quality of its positions on 

markets of the future which 

Outlo ok

play their full part. Two years after Air Liquide 

pave the way to new growth opportunities. 

announced the most ambitious Climate 

objectives in its sector, we therefore wanted to 

take our sustainable development commitments 

even further. 

In 2021, these commitments take on a new 

dimension, with the implementation of a more 

ambitious strategy and the definition of new 

objectives. In practical terms, for our Group, that 

means committing to a low-carbon society and 

adopting a proactive policy to achieve carbon 

Respo nsibility

neutrality by 2050. That also 

means contributing to the 

transformation of healthcare 

by developing new value-

based approaches to 

provide better support to our patients and better 

meet healthcare needs across the world. 

We share this ambition with our employees,  

for whom we continuously strive to create  

a safer, more collaborative and more inclusive 

work environment capable of helping them 

fully achieve their potential. Finally, that means 

striving to be a benchmark corporate citizen, 

through our actions and our interactions with 

our stakeholders.

“We have made 
pioneering investments 
in the field of 
hydrogen, convinced 
from the beginning  
of its immense 
potential as a clean 
energy carrier.”

Air Liquide is deeply committed to  

the climate and the energy transition  

and we fully believe in the major role  

that our decarbonization solutions  

– and in particular hydrogen – will play  

in the development of a low-carbon society. 

Healthcare, which has reached a new level 

during the health crisis, also represents  

one of the focuses of our future growth. 

Finally, in a world where technological 

progress is accelerating, in particular in 

the digital field, our expertise places us in a 

perfect position in the race to future growth, 

for example to support the expansion of the 

electronics industry and that of high tech 

sectors such as deep cryogenics, space, and 

quantum technology. We firmly believe that 

our technologies and our ability to innovate 

will make a difference in the transformation 

that is currently underway.

“The climate and 
energy transition, 
healthcare, 
technologies and 
in particular in 
digital – the Group 
is well positioned 
on the markets 
of the future.”

During this period which remains 

uncertain, we are facing the future 

with caution, but also with courage 

and confidence. Confidence in the 

opportunities before us. Confidence,  

too, in our ability to seize them. Inventing 

the future has been our business for  

over a century. I sincerely believe that, 

together, we can continue, to invent  

Co nfid ence

and build this future and, 

more than ever, to live it.

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M O R E   T H A N   E V E R ,   B E L I E V I N G   I N 
A N D   I N V E N T I N G   T H E   F U T U R E   M E A N S…

S t e p p i n g   u p   
w h e n   t h e   w o r l d  
i s   u n d e r   t h r e a t

At the beginning of 2020, from healthcare to the food industry, energy to electronics, 
several essential sectors are struggling in the wake of the health crisis.  
Faced with this unprecedented challenge, our teams have mobilized to meet the needs 
of our customers and patients. Driven by our collaborative culture and our international 
scope, we have shared our skills and expertise in the field across continents. We have 
adapted our solutions to safely deliver to and support all of our customers, big and 
small, and our patients. Our teams' ability to step up, on a daily basis, at every stage   
of the crisis, has helped us make the difference.

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Medical oxygen, respirators: 
with the pandemic, demand 
from hospitals has been 
unprecedented. The efforts  
of our teams and our 
industrial capabilities have 
allowed the Group to meet 
demand for the supply  
of essential medical gases 
and adapted equipment  
to ensure supply continuity.

 Although this period has been challenging, 

what stands out the most for me is the solidarity, 

to help us produce 10,000 respirators in record 

time, at the French government's request.  

Many Air Liquide employees, from all 

professional backgrounds, lent a helping  

hand on the assembly lines. And the same  

was true of our industrial partners’ teams.  

It was a big challenge, but the collective spirit 

generated an unbelievable, positive energy 

and desire to help hospitals and protect lives.” 

L I O N E L   G E N I X ,   
G e n e r a l   M a n a g e r ,   
A i r   L i q u i d e   M e d i c a l   S y s t e m s ,   
F r a n c e ,   A p r i l   2 0 2 0

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A I R   L I Q U I D E

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When the health crisis was  
at its worst, many hospitals 
were overwhelmed. To help 
ease this pressure and free up  
beds, Air Liquide developed  
initiatives to support the return  
home of patients suffering 
from chronic illnesses or 
Covid-19. The Group ensured 
the continuum of care, thanks 
to healthcare monitoring 
measures adapted to each 
individual patient.

 I am a technician specialized in perfusion-

nutrition-diabetes but, to meet the needs 

created by the pandemic, I went back to doing 

my initial job at Orkyn(1) to support the team 

providing care to patients returning home. 

Patients were naturally very worried about  

the virus. Introducing and respecting strict 

health protocols, accompanied by plenty  

of explanations and support, helped alleviate 

their apprehension. We were therefore able  

to ensure a continuum of care. In this situation, 

we are playing our full role of home healthcare 

provider, allowing patients to continue 

their treatment in a familiar and reassuring 

environment.” 

S É B A S T I E N   F R A N C E S E ,   
P e r f u s i o n - N u t r i t i o n - D i a b e t e s   
T e c h n i c i a n ,   O r k y n ( 1 ) ,   
F r a n c e ,   J u l y   2 0 2 0

 (1) An Air Liquide subsidiary specialized in home healthcare.

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A I R   L I Q U I D E

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The food industry, pharma 
companies, the energy 
sector… The pandemic has 
affected gas supply, which 
is critical for these essential  
sectors to continue their  
operations. Our assets: our 
proximity to our customers, 
large and small, and our  
in-depth knowledge of their 
needs. At plants, our teams 
have adapted their supply 
chain to ensure the continuity 
of services and have refocused 
operations on the production of 
gas necessary for these sectors.

 In the Middle-East, during 2020 spring, 

borders have become difficult to cross due to 

travel restrictions. With exceptional logistical and 

human resources, we organized the continuity  

of the delivery of our gases from the production 

sites in Saudi Arabia and the United Arab 

Emirates, in order to continue to serve our 

customers – notably hospitals, the food sector 

and water treatment industries.” 

P A S C A L   S C H V E S T E R ,   
V i c e   P r e s i d e n t   i n   c h a r g e   o f   t h e   M i d d l e -
E a s t   &   I n d i a   h u b ,   I n d u s t r i a l   M e r c h a n t 
a c t i v i t y   a n d   H e a l t h c a r e ,   M a y   2 0 2 0

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The situation of teaching 
and working from home has 
widely imposed itself. At the 
same time, medical research 
to fight Covid-19 has required 
access to cutting-edge 
technology including AI(1), 
big data and robotics.  
This has led to a huge 
increase in demand  
for digital equipment.  
Our teams have stepped up 
their efforts to supply the 
electronics industry with the 
gas and advanced materials 
required to manufacture 
semiconductors.

 In China, lockdown had a major impact 

on gas and equipment supplies to our main 

electronics customers. During this challenging 

period, Air Liquide was able to organize  

and adapt its human, industrial and logistics 

resources to continue to supply them with 

the products required to produce electronic 

components, and maintain their activities. 

These efforts were appreciated by our 

customers and strengthened our partnership 

with the sector's leaders." 

A L E X   Y A O ,
E l e c t r o n i c s   S t r a t e g i c   A c c o u n t   M a n a g e r , 
A i r   L i q u i d e ,   C h i n a ,   A p r i l   2 0 2 0

(1) Artificial intelligence.

1 61 61 6

A I R   L I Q U I D E

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b.

e

h.

k.

G O V E R N A N C E

Boar d of   
Dir ectors

As of December 31, 2020

The  Board  of  Directors  is  composed 
of  13  members,  including  11  appointed 
at  the  Annual  General  Meeting  and 
two  members  representing  Air Liquide 
employees.  The  Board  of  Directors 
brings  together  a  diverse  range  
of  profiles:  five  nationalities  are 
represented  from  three  continents 
where  the  Group  operates  (Europe, 
America  and  Asia)  and  55%  of  elected 
members  are  women.  The  Board  
of  Directors  offers  a  wealth  of  skills 
(finance,  management,  digital,  science, 
international  development,  etc.)  in  a 
variety of sectors (chemicals, consumer 
products,  healthcare,  research,  energy, 
services,  automotive,  etc.).

The  Board  of  Directors  determines  
the  major  strategic  orientations  
of  Air Liquide’s  activities  and  ensures 
their  implementation,  in  line  with  
its  corporate  interest,  by  taking  into 
account  the  social  and  environmental 
stakes  of  its  actions.  Accordingly, 
it  examines  and  approves  the  Group’s 
major  strategic  issues. 

In  2020,  it  focused  in  particular  on 
monitoring  the  impact  of  the  Covid-19 
pandemic  on  the  Group’s  business, 
and  notably  the  measures  put  in  place 
to  protect  the  health  of  employees, 
performance  analysis  and  strategy  
with  regard  to  environmental  and 
societal  challenges,  the  hydrogen   
and  energy  transition,  shareholder 
policy  and  governance  issues.

a.

d.

g.

j.

m.

c.

f.

i.

l.

h. Geneviève Berger
Independent Director  
Member of the Environment  
and Society Committee
Bor n in 1955 – French

i. Brian Gilvary
Independent Director  
Member of the Audit  
and Accounts Committee
Member of the Remuneration 
Committee
Bor n in 1962 – British

j. Xavier Huillard
Independent Director  
Chair man of the Remuneration 
Committee 
Member of the Appointments
and Gover nance Committee 
Bor n in 1954 – French

k. Anette Bronder 
Independent Director
Bor n in 1967 – Ger man

l. Kim Ann Mink 
Independent Director
Bor n in 1959 – American

m. Fatima Tighlaline
Director representing employees
Bor n in 1979 – French

a. Benoît Potier
Chair man and Chief  
Executive Of ficer
Bor n in 1957 – French

b. Jean-Paul Agon
Lead Director
Independent Director  
Chair man of the Appointments 
and Gover nance Committee
Member of the Remuneration 
Committee
Bor n in 1956 – French

c. Thierry Peugeot
Member of the Audit  
and Accounts Committee
Bor n in 1957 – French

d. Siân Herbert-Jones
Independent Director  
Chair man of the Audit  
and Accounts Committee
Bor n in 1960 – British

e. Sin Leng Low
Independent Director  
Member of the Audit  
and Accounts Committee
Bor n in 1952 – Singaporean

f. Annette Winkler 
Independent Director 
Chair man of the Environment 
and Society Committee
Member of the Appointments 
and Gover nance Committee
Bor n in 1959 – Ger man

g. Philippe Dubrulle
Director representing employees 
Member of the Environment  
and Society Committee
Bor n in 1972 – French

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G O V E R N A N C E

Executive Committee

As of January 1, 2021

The  Executive  Committee  coordinates  the  Group’s  programs  and  business  lines.  
It examines operational management, supervising in particular change projects  
and  the  development  of  activities.

From  the  earliest  signs  of  the  pandemic,  the  Executive  Committee  mobilized  itself  
to monitor operations on a global scale. It activated the business continuity plans in all   
of  the  Group’s  businesses  and  geographies.  Their  methodical  implementation  has 
ensured  the  safety  of  employees  and  partners  through  adapted  work  organization,  
and  guaranteed  continuity  of  services  in  essential  sectors  such  as  healthcare.

a. Benoît Potier
Chair man and Chief 
Executive Of ficer.
Bor n in 1957 – French

b. Michael J. Graff
Executive Vice President 
supervising the Americas 
and Asia Pacific hubs,  
he is also in charge  
of the Electronics world 
business line.
Bor n in 1955 – American

c. François Jackow
Executive Vice President 
supervising the Europe 
Industries, Europe 
Healthcare and Africa/ 
Middle East & India hubs, 
as well as the Healthcare 
world business line  
and Customer Experience 
function.
Bor n in 1969 – French

d. Fabienne  
Lecorvaisier
Executive Vice President 
in charge of Finance, 
Operations Control  
and General Secretariat.
Bor n in 1962 – French

j. Matthieu Giard
Vice President supervising 
Hydrogen activities  
and the Industrial 
Merchant world business 
line, the Procurement 
function and Ef ficiency 
programs.  
Bor n in 1974 – French

k. Armelle Levieux
Vice President, Group 
Human Resources. 
Bor n in 1973 – French

l. Émilie Mouren-Renouard
Vice President in charge 
of Innovation, Digital & IT, 
and Intellectual Property, 
as well as Global Markets  
& Technologies activity.
Bor n in 1979 – French

m. Diana Schillag 
Vice President  
in charge of Healthcare 
activities in Europe  
and the Healthcare  
world business line. 
Bor n in 1971 – Ger man

n. Pascal Vinet 
Chief Executive  
Of ficer of Airgas.
Bor n in 1962 – French

e. Guy Salzgeber 
Executive Vice President 
in charge of the following 
functions: Sustainable 
Development, Safety, 
Innovation, Digital & IT,  
Inter national Public 
Af fairs. He also supervises 
the Global Markets & 
Technologies activity.
Bor n in 1958 – French

f. Jean-Marc de Royere 
Senior Vice President 
in charge of Inclusive 
Business. He is also 
Chair man of the 
Air Liquide Foundation.
Bor n in 1965 – French

g. François Venet 
Senior Vice President  
in charge of Strategy.  
He also supervises  
the Large Industries 
world business line and 
Engineering & Construction.
Bor n in 1962 – French

h. François Abrial
Vice President in charge  
of the Asia Pacific hub.
Bor n in 1962 – French

i. Susan Ellerbusch
Vice President in charge 
of the US Large Industries, 
Electronics and Hydrogen 
Energy businesses, as 
well as Canada’s Large 
Industries, Industrial 
Merchant and Healthcare 
businesses.
Bor n in 1967 – American

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M O R E   T H A N   E V E R ,   B E L I E V I N G   I N 
A N D   I N V E N T I N G   T H E   F U T U R E   M E A N S…

I n n o v a t i n g   
t o   a d a p t   
t o   t h e   n e e d s 
o f   c u s t o m e r s 
a n d   p a t i e n t s

In a time of crisis, it is more important than ever to meet the needs of our customers   
and patients. And beyond that, stepping up to the mark also involves preparing the future 
and innovating to support transformation in industry and healthcare, by designing 
efficient and sustainable solutions.

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A I R   L I Q U I D E

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~64,500 

employees

78 

countries

+3.8 M 

customers and patients

Strat eg y
The strength of a profitable, 
regular and responsible 
growth model 

From a medical oxygen cylinder to a smartphone,   
and from energy to food, Air Liquide partners with almost   
all economic players. Through its unique business model,   
the Group is able to post long-ter m growth that creates   
value for its employees, customers, patients, suppliers  
and shareholders, as well as society as a whole.

At the core of the Group’s business, 

In healthcare, new patient-centric 

customers, patients, suppliers, 

industrial and medical gases 

technologies and the development 

shareholders and local communities.

are used in numerous industrial 

of healthcare systems in emerging 

processes – water treatment,  

economies all represent growth 

This ambition is supported by the  

glass manufacturing, preservation  

opportunities for the Group.

strength of its assets: operational 

of fresh food, farming… – as well as  

A diverse range of geographies and 

excellence, a network organization 

in hospitals and patients’ homes. 

markets, a very strong capacity for 

working closely with customers,  

They are present in everyday 

innovation, and long-term financial 

a high-potential market investment 

products – food, beverages, 

vision all form a winning combination 

policy, and an open innovation 

smartphones, cars, and more.

that offers the Group a regular  

approach. This four-fold combination 

Whether producing gas or supplying 

useful and sustainable solutions 

technological equipment and 

This growth is also responsible. 

in order to support industrial and 

services, Air Liquide designs  

We are highly aware of our impact  

societal change.

and profitable growth model.

allows the Group to develop  

and implements a multitude  

on the environment and society. 

of solutions, tailored to the needs 

For the Group, that means acting 

of its customers. The Group’s 

where we can make a difference: to 

presence in the field, alongside 

reduce our own carbon emissions; 

small businesses, large companies 

to speed up the energy transition 

and healthcare professionals alike, 

thanks to the development of 

enables it to detect new needs, 

hydrogen energy in particular;  

develop a detailed understanding  

to develop low-carbon solutions 

of the changes in various markets 

for our industrial customers; and  

and offer innovative solutions  

to improve the day-to-day lives  

to meet its customers’ needs.

of our patients. It also means  

Furthermore, the long-term 

being a model corporate citizen  

contracts signed by the Group, 

by reinforcing our actions  

particularly with Large Industries 

in terms of ethics and safety 

customers, provide it with long-

and by developing dialogue with 

term visibility and financial stability.  

our stakeholders: employees, 

Four stories of our 2020 
achievements: 

Industry: When proximity leads 
to innovation and agility 
p. 26

Advanced Technologies:  
In the race for innovation  
p. 30

Towards a new approach  
to value-based healthcare
p. 34

Hydrogen and biomethane,  
the mobility revolution
p. 38

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A I R   L I Q U I D E

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I n d u s t r y

Wh en pr oximity le ads   
to innovation  an d agil ity

The health crisis has put pressure on production and logistics 
chains in many sectors. Air Liquide supports manufacturers in 
their quest for agility, competitiveness and sustainable solutions 
thanks to its unique strengths: technological expertise, in-depth 
knowledge of customer processes, its presence at the heart  
of local economies… And its ability to innovate relentlessly.  

S erving more than 2 million 

customers around the 
world, from craftsmen 

to SMEs and large companies, 
Air Liquide contributes to nearly 
every sector of the economy: food, 
pharmaceuticals, energy, chemicals, 
automotive, aeronautics and more. 
The Group is at the forefront of 
detecting market changes and 
anticipating the needs that will 
transform industrial production 
methods. It is constantly investing 
to support its customers in their 
geographical development while 
offering them innovative solutions 
that improve the industrial and 
environmental performance of 
their processes. This dynamic is 
reflected in the signing of several 
long-term contracts in 2020 with 
major industrial players in mature 
economies (United States, Europe) 
and developing economies (China, 
Russia). Air Liquide's key assets 
for advancing industry are its close 
proximity to its customers and  
its in-depth knowledge of their 
industrial processes, which enables 
it to maximize the full potential  
of the molecules it supplies and 
to design innovative equipment. 

Indeed, the Group is constantly 
transforming itself to better 
understand and meet the needs of 
its customers and respond to them 
more effectively, even in difficult 
conditions. For example, SRF,  
a customer in India specializing in 
technical textiles and packaging 
films, wants to become autonomous 
in its supply and have greater 
flexibility. Two advantages of 
Air Liquide’s on-site gas production 
solution that met the customer’s 
expectations. In 2020, despite  
the many restrictions resulting from 
the health crisis, multidisciplinary 
teams worked together on-site  
and remotely to successfully install  
and commission a nitrogen 
production unit at the customer’s site 
in the Dahei region. This 2,000 m3/h 
capacity unit provides SRF with 
a continuously reliable nitrogen 
supply, with enhanced safety 
conditions, and also meet its need 
for autonomy. And at a cost that 
is significantly more competitive 
than the market price. Air Liquide’s 
success in this project illustrates the 
advantages of on-site gas production 
which has steadily increased, a 
growth particularly driven by China 

and the United States. 
After a record year in 2019 with 
40 on-site production contracts, 
the Group signed 45 new contracts 
in 2020. In addition to the sales 
stability provided by these 10 to 
15 year long-term agreements, they 
also help to reduce the Group’s 
carbon footprint as there is no gas to  
liquefy or transport to the customer, 
resulting in less CO2 emissions.  
For industrial companies, these  
on-site gas production solutions 
mean autonomy, reliability as well 
as being environmentally friendly. 
Ultimately, on-site gas production 
solutions offer flexibility and 
competitiveness. 

—  Digital technology 
providing greater 
proactivity

Competitiveness that the Group 
wants to further strengthen using 
digital technologies. Air Liquide 
is experiencing profound change 
thanks to digital technology, which 
drives performance and innovation. 
Digital technology powers the 
Group’s working methods at all 
levels of the organization.

Industrial 
activities  
at Air Liquide

Industrial gases is an historical 
core business for Air Liquide.  
This activity is organized in 
two business lines:

The Large Industries business line 
serves customers in the metals, 
chemicals, refining and energy 
sectors. It supplies them with gas 
and energy solutions for their 
industrial production, solutions 
which are designed to improve  
the efficiency of the processes  
and the environmental footprint  
of their plants.

The Industrial Merchant business 
line provides comprehensive gas 
solutions to a wide range of  
customers – craftsmen, SMEs, large 
companies – in sectors as diverse 
as food, the pharmaceutical  
industry, aeronautics and  
automotive construction.

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T E S T I M O N I A L

 If the sales of on-site 

production units continue 
to grow, it is because they 
fully meet our customers’ 
new requirements: the 
need for competitiveness 
and the reduction of CO2 
emissions. It also shows that 
our customers recognize  
our technological expertise 
in this field.”

Matthieu Giard, 
Member of the Air Liquide Executive 
Committee and Vice President,  
Industrial Merchant business line

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  I N N O V A T I N G   T O   A D A P T   T O   T H E   N E E D S   O F   C U S T O M E R S   A N D   P A T I E N T S

I N D U S T R Y

The Integrated Bulk  
Operations program  
is revolutionizing  
the liquid gas supply chain

This program is based on four 
principles: predictive customer 
demand analysis, gas supply 
optimization, more efficient 
management of truck routes and 
real-time information on customer 
deliveries. The digital connection 
of supply chain assets – from 

production sites to trucks  
to customers’ on-site tanks – 
enables data reporting and 
analysis to improve the customer 
experience, operating performance 
and carbon footprint. A logistics 
revolution for the liquid gas 
business, which generates 27%(1) 
of Industrial Merchant activity 
revenue and supplies a variety  
of markets such as food, 
electronics, glass and metals 
industries.

It now permeates the solutions 
provided to customers, such as  
the Integrated Bulk Operations 
program that has been rolled out 
worldwide (see above). Air Liquide’s 
ambition is to improve customer 
service by optimizing the liquid gas 
supply chain end-to-end, using 
digital technologies and mass  
data collection from the production 
site to the customer’s site.
This solution has already proven 
itself in North America, where 
Air Liquide Canada has become  
a pioneer in the field. The entity now 
has 95% of its assets connected  
and already operates two-thirds  
of its liquid gas business using  
these technologies. How does  
it work? Customer consumption  
and molecule availability data  
are analyzed in-depth and driver 
routes are optimized, all in real time. 
This also has several advantages: 
the logistics teams anticipate 
customer requests, identify the most 
competitive molecules and adapt  
them to customers’ needs, in order 
to organize more efficient and 
reliable delivery rounds. The supply 
chain becomes more agile and CO2 
emissions are reduced.

(1) 8,959 million euros in 2020.

A I R   L I Q U I D E

and silver manufacturer KGHM 
Polska Miedź. In China, Air Liquide 
continues its development with the 
construction of a new ASU in the 
port area of Tianjin, which will allow 
the Group to support the growth  
of the region's industrial players. 
These investments underline  
Air Liquide's commitment to 
support its major customers in their 
transition to safer, more reliable and 
sustainable technological solutions. 
They also demonstrate the Group's 
confidence in the growth of the 
industry and its transition to cleaner 
and more efficient methods of 
production. 

The search for quality, reliability and  
performance, the need for supply  
autonomy, reduction of environmental 
impact… By working ever more closely 
with manufacturers and listening  
to their needs, the Group is inventing 
with them more efficient solutions.

—  Continuing strategic 

investments

This same quest to drive 
performance for its customers has 
led Air Liquide, despite the crisis 
context, to continue its strategic 
investments in several regions. 
In the United States, for example, 
the Group has strengthened 
its positions in Texas with the 
conclusion of long-term contracts 
with Eastman Chemical Company 
and Steel Dynamics, two of the 
region's major players, specialized 
in steel and chemicals. These 
contracts cover the supply of 
oxygen, nitrogen and argon to 
these customers thanks to the 
construction of state-of-the art and 
energy efficient air separation units 
(ASU). Air Liquide has also invested 
in Europe, where it has signed 
several long-term agreements with 
BASF, a world leader in chemicals, 
thus strengthening its strategic 
positioning in the Antwerp industrial 
basin in Belgium. The Group 
has also reinforced its industrial 
presence in Russia and Poland 
through long-term partnerships with 
steel producer NLMK and copper 

2 9

 
Advanced Technologies

In the  race  fo r inn ovati on: 
el ectr onic s a nd de ep  tec h

Innovation never stops. It’s the lifeblood of our customers’ industries, and it’s 
in our DNA. In 2020, as the world adapted to the Covid-19 crisis, Air Liquide 
picked up the pace to meet accelerated demand for digital technology, 
energy transition and scientific research. From the electronics industry  
to space exploration and quantum computing, the Group continued bringing 
its scientific expertise and entrepreneurial spirit to help its customers move 
forward faster and match the evolution of society.

W hile the pandemic 

locked people indoors, 
it also unleashed 

digital technology adoption, as 
work, study and play all shifted 
online. According to an annual  
McKinsey & Co survey(1), consumers 
and companies made a quantum leap 
to online channels, accelerating digital 
interactions by three to four years. 
Surveyed companies reported being 
seven years ahead in their switch to 
digital-enabled products – changes 
that are expected to stick. 

In electronics, this created a surge 
in demand for hardware, especially 
computers, tablets and smart TVs, 
along with higher-capacity, more 
robust digital infrastructure. Rather 
than subside, demand remained 
robust throughout the year as the 
world adapted to the “new normal”. 
And despite the disruption to human 
lives and business processes, 
electronics manufacturers kept 
pursuing innovation. During this 
unprecedented time, Air Liquide 
continued working alongside 
global electronics leaders to design 
and supply the high-purity gases, 
advanced materials and specialized 

services needed to manufacture 
increasingly high-performance 
technology at an industrial scale. 
The ongoing challenge is to produce 
faster, more powerful and feature-rich 
devices while reducing the financial 
and environmental costs. This involves 
ever more complex processes and 
smaller components, particularly 
nanometric-scale microchips (as 
little as 5 nanometers), which require 
the utmost precision and quality.

To meet these new challenges, 
Air Liquide can rely on its network  
of Innovation Campuses and Product 
Development Labs. With these 
collaborative resources, the Group 
invents the kind of customized 
advanced materials that lead to 
breakthroughs in industry standards. 
This is the case, for example, for its 
enScribe™ range of etching gases, 
which facilitate the manufacturing  
of complex 3D memory structures 
while greatly reducing the environ-
mental impact. The use of advanced 
materials enabled Air Liquide’s 
key customers to reduce their CO2 
emissions by 140,000 tons in 2020, 
and these savings should reach 
240,000 tons by 2025.

—  From the infinitely small  

to the great unknown

In 2020, Air Liquide also pursued 
its partnership with the space 
industry, where the Group’s unique 
technological expertise, especially  
in extreme cryogenics, has made  
it a major contributor to exploration 
programs. The Group is participating 
in Europe's Ariane launcher program 
and NASA's space programs, 
contributing to several space 
exploration missions (MeteoSat Third 
Generation, IASI-NG(2), ExoMars, 
LunaEnergy) and collaborating  
with the International Space Station 
(on the MELFI(4) refrigeration system). 

2

1%

20, increased demand 

In 20
for digital devices and 
infrastructure drove sales 
of Air Liquide Advanced 
Materials

Electronics 
and deep tech 
activities  
at Air Liquide

Air Liquide's Electronics activity 
is a world reference in designing, 
manufacturing and supplying 
of molecules and equipment for 
semiconductor, photovoltaic cell, 
flat panel manufacturers…
The Global Markets & Technologies 
(GM&T) activity offers technological 
solutions (molecules, equipment and 
services) to support the new energy 
transition and deep tech(3) markets, 
such as extreme cryogenics for 
scientific research  
or space exploration.

(1) How Covid-19 has pushed companies over the technology tipping point – and transformed business forever, McKinsey & Co, October 5, 2020. (2) The Atmospheric Infrared 
Sounding Interferometer-New Generation is an instrument designed by the Centre National d'Études Spatiales and installed on board meteorological satellites. Its objective is 
to provide observations of the atmosphere for weather forecasting.(3) Disruptive technologies based on scientific breakthroughs of such a nature as to change the methods 
of design and production. (4) MELFI is a cryo-refrigerator for use on board the International Space Station (ISS) for freezing and storing biological samples and other research 
specimens at temperatures as low as -95°C, before they are brought back to Earth. 

3 0

A I R   L I Q U I D E

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T E S T I M O N I A L S

 As end-users,  

we constantly expect new 
miracles from our digital 
ecosystem. The electronics 
manufacturers can simply 
not afford to slow down 
innovation, even during  
a global pandemic.”

Laurent Langellier, 
Markets, Customers and Products  
Vice President at Air Liquide’s  
Electronics business line 

 Space his a driver  
of incredible innovation. 
Developing technologies  
in an extreme environment 
is a way of constantly 
pushing the boundaries.”

Benjamin Michel, 
Space business unit Director  
at Air Liquide's Global Markets  
& Technologies activity

  I N N O V A T I N G   T O   A D A P T   T O   T H E   N E E D S   O F   C U S T O M E R S   A N D   P A T I E N T S

T E C H N O L O G I E S

Th rou gh  i t s a dvan ced 
techno log ies,   Ai r  L iq uid e 
c ont i nues  transform in g 
i deas  i nto  so lu tio ns  th at 
b ri ng   new  op p or tun iti es.

For more than 50 years, the Group  
has been developing innovative 
cryogenic technologies for space 
exploration. For example, the Group 
is participating in the ExoMars 
mission, which consists of sending  
a rover to Mars in 2022 to analyze  
the composition of its subsurface. 
This rover is equipped with high-
precision analytical instruments, in 
particular a chromatograph supplied 
with helium through a regulation 
system and a tank designed by 
Air Liquide.

—  From space-age technology 

to the energy transition

The extreme cryogenics technologies 
developed by Air Liquide for the 
space industry also serve a diverse 
range of industries on planet Earth, 
from industrial manufacturing and 
transportation to scientific research.  
One particularly successful 
application is Turbo-Brayton,  
originally developed to keep 
biological samples cold on the 
International Space Station.  
In orbit since 2006 without any 
maintenance, this solution is 
increasingly popular among 

shipping companies transporting 
liquefied natural gas (LNG) between 
producing and consuming countries. 
Onboard large LNG tankers, it 
prevents “boil-off” during transport 
when the gas, cold in its liquid state 
(-160°C), warms up and partially 
evaporates (up to 6 metric tons per 
hour). To limit the financial losses and 
the negative environmental impact 
of these “fugitive” CO2 emissions, 
shippers are increasingly requiring 
shipowners to fit their ships with 
preventative systems. The efficiency 
and reliability of the Turbo-Brayton 
solution also opens the door to 
renewable energy applications.  
For example, it can be used to 
liquefy biogas from recovery plants, 
which produce methane from 
household, agricultural and industrial 
waste. In its liquid form, the gas  
can then be easily transported  
to its point of use, such as refueling 
stations for natural gas vehicles.  
These initiatives have already been 
introduced in the Nordic countries  
in Europe. Having sold around 60 
units, Air Liquide will enable savings 
of around 290,000 metric tons of 
CO2-equivalent emissions annually, 
once all units are in operation.

—  Ultra-low temperatures  

for new heights in research

Reinforcing its 60 years of 
experience in extreme cryogenics, 
in 2020, Air Liquide acquired an 
80% stake in Cryoconcept, a French 
company specializing in ultra-low 
temperature refrigeration.  
This acquisition enables the Group 
to offer temperatures as low as 
-273.14°C or 0.01°C above absolute 
zero, which are essential to many 
areas of scientific research, as well 
as the operation of the most powerful 
quantum computers. The Group 
will also be supporting large-scale 
research experiments, thanks to 
a new agreement with the Hefei 
Institutes of Physical Science and 
the Chinese Academy of Science 
(HFIPS) to jointly develop and 
manufacture helium refrigeration 
systems in China.

Thanks to its technological expertise, 
Air Liquide is constantly innovating 
and adapting its solutions to meet 
the needs of its customers, while 
opening the path to new markets. 
This expertise perfectly positions the 
Group in the race for future growth.

3 2

A I R   L I Q U I D E

3 3

H e a l t h c a r e

T o w a r d s   a   n e w   a p p r o a c h   
t o   v a l u e - b a s e d   h e a l t h c a r e

Improving the quality of life of patients requires an overhaul of the continuum 
of care. As a leading home healthcare provider, this is our conviction.  
Doing so requires putting the benefits expected by our patients first  
and measuring them. Air Liquide, in partnership with healthcare 
professionals, is coordinating an approach which favors personalized 
support programs for patients in their homes. This approach has reached  
a new level with the health crisis.

T aking action with patients 

and doctors to contribute 
to healthcare advances,  

this is Air Liquide’s ambition. 
For several years, the Group has 
been developing innovative patient- 
centric solutions, which improve 
their therapeutic follow-up and 
quality of life. This momentum  
has been driven by major trends:  
an aging population, greater 
demand for home healthcare  
and the development of digital 
technology which is revolutionizing 
medicine. Three trends, confirmed 
by the health crisis, that have 
transformed the world of healthcare 
and the lives of millions of people. 
The Covid-19 pandemic has,  
indeed, reinforced the need for  
a more personalized approach  
to patient care for those suffering 
from chronic diseases that are 
treated at home (respiratory failure, 
sleep apnea, diabetes, Parkinson's  
disease). The crisis thus contributed 
to developing outpatient care(1).  
The Group, faced with the urgency 
of the situation (see p. 08-13), was 
instantly mobilized to face the 
healthcare challenges. “To assist 
patients suffering from Covid-19  

or other chronic illnesses and  
to reduce the load on hospitals, 
we have introduced new solutions 
including flexible protocols, 
digital monitoring tools, remote 
consultations, coordinating care 
and multidisciplinary teamwork,” 
explains Dolores Paredes, Head  
of Markets, Strategy and Innovation 
at Air Liquide’s Healthcare  
business line. In France, for 
example, Air Liquide and AP-HP(2) 
have introduced a new solution: 
remote monitoring, via a mobile 
application, of Covid-19 patients 
receiving oxygen therapy in their 
homes after being discharged 
from the hospital. “Patients have 
emerged from this crisis with a 
greater role to play in their own 
healthcare. This is a trend that we 
wish to accelerate and support,” 
analyzes Dolores. The Group’s 
strength to sustain this momentum 
is the presence of specialized  
teams, in close proximity to their 
patients at home. These teams 
are the best placed to be able to 
offer personalized care, which 
contributes to the improvement  
of patients’ therapeutic follow-up 
and quality of life.

—  Toward a new assessment 

of quality healthcare

“This continuous dialogue with 
patients confirms the idea that a new 
approach to healthcare in which 
they have their place in the decision-
making process is essential,” 
continues Dolores Paredes.  
“The question is no longer only how 
many treatments are required but 
also to discuss with doctors what is 
most important in the patient’s view. 
Do they want to return home soon  
to be with their loved ones? Receive 
support regarding continuing  
long-term treatment? Have more 
contact with health professionals? 
Our strategy is to develop an 
approach to healthcare which 
is based on the results that are 
important to the patient, balanced 
against the cost of achieving them.”

In practical terms, this requires  
a holistic continuum of care  
which combines a close relationship 
with patients in their homes with 
multidisciplinary teams (doctors, 
nurses, technicians, etc.) and digital 
innovations that can continuously 
assess benefits for the patients. 

The Healthcare 
activity  
at Air Liquide

Air Liquide provides medical 
products and services to meet 
the needs of patients, doctors, 
care facilities and the healthcare 
system as a whole. Present in 
both hospitals and patients' 
homes, the Group is a committed 
partner of transformation in the 
healthcare sector.

(1) Change in the health system aimed at better coordinating interventions by the medical sector, hospital-based medicine and home healthcare  
across each stage of a patient’s continuum of care. This change relies, in particular, on care protocols for patients outside of the traditional framework  
of full hospitalization.  (2) Assistance publique – Hôpitaux de Paris: French public healthcare institutions.

3 4

A I R   L I Q U I D E

3 5

T E S T I M O N I A L S

 In Europe, doctors 
and healthcare coverage 
organizations are 
becoming increasingly 
interested in providing 
global support to patients 
which focuses on the results 
of their treatment. We are 
even seeing experiments 
into reimbursement based 
on the results achieved for 
patients and their health, 
rather than a standard  
fee for all.”

Philippe Ogé, 
Director of Home Healthcare Europe 
at Air Liquide

 Supporting our teams 

to help them identify  
the true expectations  
of our patients as best  
as possible. This is the  
first step in our transition 
toward a value-based 
approach. We are working 
with doctors and nurses to 
identify the benefits of the 
approach, both for their 
patients and for healthcare 
systems in Northern 
European countries.”

Gonzague Dehen, 
Managing Director of Nordic Infucare, 
Air Liquide subsidiary

  I N N O V A T I N G   T O   A D A P T   T O   T H E   N E E D S   O F   C U S T O M E R S   A N D   P A T I E N T S

H E A L T H C A R E

“Ou r  strategy   is  b ase d 
on  t he  result s  t hat   are 
imp or tant  to  t he  pa ti ent , 
of f set   agai nst   t he  c ost   
of   achi ev ing  t h is.” 

These are key to developing a 
personalized approach to treatment, 
in cooperation with the prescribing 
doctor. An approach which takes 
into account a patient’s physiological 
data, lifestyle and family situation. 
In this respect, the patient is at the 
heart of the system, and the entire 
healthcare ecosystem benefits  
from this: the doctor can rely  
on Air Liquide’s teams to monitor  
the observance of treatment,  
healthcare coverage organizations 
see a significant decrease in the cost 
of overall care and pressure is taken 
off the hospitals.

—  From theory to practice

“At Air Liquide, we have launched  
an ambitious program to transform 
our activities in order to introduce  
this new value-based approach. 
Twelve of the Group’s countries  
in Europe have set their own  
targets in terms of optimizing 
the continuum of care, creating 
specialized offers for each 
pathology and forming strategic 
partnerships, as it is important to 
bring together the entire ecosystem,” 
explains Dolores Paredes.  

The success of this international 
project depends, in particular,  
on the creation of a digital platform 
to facilitate the measurement and 
monitoring of results from the care 
provided and the related costs.

Several initiatives have already been 
launched in all of these countries. For 
example, in Sweden, our subsidiary 
Nordic Infucare has launched 
Birgitta, a services transformation 
program for patients suffering from 
diabetes or Parkinson's disease. 
For the latter, the new and resolutely 
proactive care model focuses on 
the “3Ps”: Prediction (when the 
patient requires care and attention), 
Prescription (what is the most 
suitable treatment) and Prevention 
(how to slow the progression of 
the illness). “Our flagship program, 
and the most advanced, PIMA(3), 
has been endorsed by the Value 
Based Healthcare Center Europe(4),” 
welcomed Dolores Paredes.  
This program is based on an obvious 
observation: each patient with sleep 
apnea is different, therefore why 
offer the same support to them all? 
By customizing the approach,  
the goal is to increase the adherence 

to treatment and ultimately improve 
the patient's quality of life. 
This initiative, which was first 
launched in Spain, has already been 
adapted for patients in Portugal, Italy, 
Belgium and the Netherlands. In 
France, an agreement with the Chair 
of “Innovation and Value in Health” 
at the University of Paris School of 
Medicine has been reached, aimed 
at supporting academic research 
into this new approach, in particular 
for chronic diseases. At the same 
time, patients in ten countries have 
been surveyed in order to better 
understand their expectations  
in terms of results. After all, surely  
the patients are the best placed  
to teach us how to restore meaning 
and value to care? The floor is theirs. 
And this is just the beginning.

1

.8 M

nts are treated   
patie
by Air Liquide worldwide

(3) A personalized program for improved patient adherence.  (4) A European organization which brings together healthcare players (doctors, patient 
associations, universities, industrial players, insurers, etc.) with the aim of encouraging the implementation of a renewed healthcare approach based on value, 
through the development of new methods and by sharing best practices among healthcare players.

3 6

A I R   L I Q U I D E

3 7

 
N e w   e n e r g i e s

H y d r o g e n   a n d   b i o m e t h a n e ,   
t h e   m o b i l i t y   r e v o l u t i o n

Hydrogen has a key role to play in the energy mix   
of the future and is, along with biomethane, at the heart   
of the clean transport revolution. Air Liquide is committed   
to the energy transition and is currently strengthening   
ts lead in these growth markets by developing large-scale 
projects and strategic partnerships.

i

T he health crisis has acted 

as a trigger. Faced with the 
climate emergency, it is time 

to switch from awareness raising  
to action. The importance given to 
the energy transition in the economic 
recovery plans of several countries 
underlines this shift. And in particular 
the interest in hydrogen in response 
to transportation challenges  
(16% of global CO2 emissions(1)).  
Countries such as China, Japan  
and the United States, already 
launched ambitious policies several 
years ago to increase the number  
of hydrogen-powered vehicles and  
have invested accordingly. In Europe, 
the Clean Hydrogen Alliance, founded  
by the European Commission, is 
promoting this energy carrier  
to reach carbon neutrality by 2050(2).  
The EU has a dedicated strategy  
to become a global hydrogen player 
by the end of the decade.  
Some of its Member States have 
allocated budgets in the order of 
several billion euros to develop the 
sector, such as France, which will 
invest 7.2 billion euros by 2030.  
“The large investments that have 
been put on the table will facilitate  
a shift in scale and help reinvent  

new growth models. We have 
reached the dawn of a systemic 
change in which hydrogen and 
biomethane will play a key role,  
in particular in terms of transport, 
to limit our dependency on oil,” 
explains Erwin Penfornis, Vice 
President of the Hydrogen Energy 
world business unit at Air Liquide. 
This represents major opportunities 
for the Group which, for several 
years, has been driving an active 
growth strategy based on hydrogen 
energy and the valorization of 
biogas in biomethane.

—  The scaling up of hydrogen

Over the past 50 years, Air Liquide 
has developed unique know- 
how in the management of the 
entire hydrogen value chain 
(production, storage, distribution 
and the development of new 
usages). This molecule can now be 
produced using renewable energy 
sources, stored long term and then 
re-transformed into electricity, thus 
compensating for the intermittent 
nature of these same energy 
sources. The Group firmly believes 
that hydrogen is a key driver to 

make the switch to a low-carbon 
society. Thanks to this molecule, 
hydrogen-powered cars, buses, 
trucks, trains and even boats are  
not only quiet but do not generate 
CO2 emissions or other pollutants 
when running.

Since 2020, the Group has stepped 
up its investment to promote 
hydrogen mobility. “In Canada, 
we have commissioned the 
world’s largest membrane-based 
electrolyzer for the production 
of low-carbon hydrogen for the 
North American mobility market in 
particular,” adds Erwin Penfornis. 
“In France, we recently announced 
the acquisition by Air Liquide, 
of a stake in the capital of H2V 
Normandy(3) with a view to build an 
electrolyzer complex for the large-
scale production of renewable and 
low-carbon hydrogen. This is an 
ambitious project to contribute to the 
decarbonization of the local industry 
and mobility markets.” In addition  
to these strategic investments aimed 
at increasing low-carbon hydrogen 
production capacity, the Group 
is also working on scaling up the 
distribution networks. 

The Hydrogen 
Energy and 
Biomethane 
activities at  
Air Liquide

Air Liquide manages the 
entire hydrogen supply chain 
from production to storage, 
distribution and the development 
of applications for end users. 
Through its expertise, the Group 
is driving the widespread use  
of hydrogen as a source of clean 
energy, especially for mobility.

To support the energy 
transition, the Global Markets 
& Technologies (GM&T) activity 
brings environmentally friendly 
solutions to the clean energy 
market such as hydrogen energy 
and biomethane, in particular for 
clean mobility and industrial use. 

(1) Source: Our World in Data (ourworldindata.org/emissions-by-sector). (2) Objective stated by the European Commission in November 2018 in its “A clean planet for 
all” strategy. (3) Subsidiary of H2V Product Group, industrial company producing carbon-free hydrogen, based on water electrolysis using renewable energy.

3 8

A I R   L I Q U I D E

3 9

  
T E S T I M O N I A L S

 Hydrogen is one  

of the key solutions  
for a successful energy 
transition. This element  
will help us meet the  
clean transport challenge 
and thus contribute  
to improving air quality.”

Erwin Penfornis, 
Vice President of the Hydrogen Energy 
world business unit at Air Liquide

 With the construction  

of two new production 
units in Italy, Air Liquide 
continues to develop its 
biomethane business 
worldwide. These new 
investments showcase our 
capacity to support our 
customers towards clean 
mobility by offering them 
efficient solutions to reduce 
their carbon footprint.”

Christiane Muller, 
Vice President of the Global Markets  
& Technologies activity at Air Liquide

  I N N O V A T I N G   T O   A D A P T   T O   T H E   N E E D S   O F   C U S T O M E R S   A N D   P A T I E N T S

M O B I L I T Y

The Hydrogen Council: 
joining forces to promote 
hydrogen energy

Convinced that hydrogen will be  
one of the drivers of the energy 
transition, leaders from the energy, 
transport and industrial sectors, 
along with Air Liquide, decided to 
join forces in 2017. Their objective: 
promoting a long-term vision of 
hydrogen technologies and usage, 

and accelerating its large-scale 
deployment. Three years down  
the line, the Hydrogen Council, 
co-chaired by Benoît Potier, 
Chairman and CEO of Air Liquide 
and Takeshi Uchiyamada, 
Chairman of Toyota Motor 
Corporation, includes executives 
from more than 100 large 
international corporations which 
represent the entire hydrogen value 
chain and investment companies.

As well as the roll-out of stations for 
light vehicles in Europe, Japan,  
South Korea and the United States, 
Air Liquide is also focused on the truck 
segment. Large-scale projects are 
becoming a reality: in Rotterdam  
in the Netherlands and Fos-sur-Mer  
in France for example, where  
the Group is part of key initiatives  
to develop large-capacity hydrogen 
stations which will be used to power 
long-distance trucks.

The diversity of these investments 
underlines the industrial momentum 
driven by the Group. “We are striving  
to unite all players likely to have a major 
impact on this transformation: industrial 
players, states and global institutions,” 
explains Erwin Penfornis. Air Liquide 
has founded several initiatives 
worldwide, such as the Hydrogen 
Council (see above) which brings 
together more than 100 executive 
officers of large international 
companies. The Group is also forming 
public-private partnerships, such as in 
California and South Korea, to develop 
hydrogen mobility. In France, it is part 
of the new National Hydrogen Council 
which is co-chaired by Benoît Potier, 
the Chairman and CEO of Air Liquide, 

(1) French global automotive supplier.

and Patrick Koller, the Chief Executive 
Officer of Faurecia(1). Its purpose:  
to structure and develop the French 
industrial hydrogen segment.  
“These partnerships are fundamental 
in promoting collaborative solutions 
capable of scaling up production 
and distribution capacities, and thus 
making hydrogen a global reality,” 
concludes Erwin Penfornis.

—  Biomethane: a circular 

economy asset

Alongside hydrogen, biomethane 
is well placed in the transportation 
revolution. It decreases travel- 
related CO2 emissions by 85%, 
particles by 90% and noise by a 
potential 50% compared to diesel 
engines. The Group is investing  
across the entire value chain of 
this green energy source, from the 
recovery and purification of biogas 
right through to distribution to the 
end customer in Bio-NGV stations 
(natural gas for vehicles). The major 
advantage of this energy source: its 
natural position in a circular economy 
where biomass, transformed into 
biomethane, participates in the 
optimization of natural resources.  

In this context, customers can be both 
the generators of biomethane from 
the biomass that they produce, as 
well as the consumers of the energy 
thus obtained. "In this market of the 
future, we are already very active, 
with 20 biomethane production units 
worldwide and around 90 Bio-NGV 
stations in Europe," says Christiane 
Muller, Vice President of the Global 
Markets & Technologies activity  
at Air Liquide. Leading UK retailer 
ASDA has entrusted Air Liquide  
with the installation and operation of 
six biomethane distribution stations 
to refuel trucks at its sites. In Italy, 
the Group has just launched this 
activity with the construction of two 
production units near Milan, and also 
intends to build a biomethane filling 
station for transporters in the region.  
These investments underline  
the significant change of pace  
in the development of the Group’s 
biomethane activities in Europe. 

Air Liquide, through its various 
innovations and achievements, 
is playing a leading role in making 
hydrogen and biomethane  
key solutions for clean mobility.  
The change in scale is clearly visible.

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A I R   L I Q U I D E

4 1

 
M O R E   T H A N   E V E R ,   B E L I E V I N G   I N 
A N D   I N V E N T I N G   T H E   F U T U R E   M E A N S…

C o m m i t t i n g 
t o   s u s t a i n a b i l i t y

Air Liquide has long been working to combine growth and respect   
for the environment and the society. The Group contributes through   
its actions and commitments to achieve some of the Sustainable   
Development Goals set up by the United Nations, wherever it can   
make a difference.

4 2

A I R   L I Q U I D E

4 3

 
 
Air Liquide has a growth trajectory.

 This means performing steadily  

in the present and preparing well for the 

future thanks to a deeply resilient and 

diversified business model. Performance 

and sustainability are therefore both core 

to our strategy.

 It also means supporting our customers 

and patients and addressing the 

urgency of climate change and societal 

transformation.

“Our ambition going forward is to make a 

meaningful difference.”

 Inventing and shaping the future  

with state-of-the-art technologies, 

operational competences and services 

close to customers or patients,  

has always been in our DNA.

 But it is clear today that the role 

of a company like ours goes beyond 

this. As a matter of fact we all - States, 

companies and citizens – share  

the responsibility and the mission  

of building a sustainable future.

It is time to ACT for a sustainable future.

C O M M I T T I N G   T O   S U S T A I N A B I L I T Y

L E T ’ S  AC T  F O R  A  S U S TA I N A B L E  F U T U R E !

A b a t e m e n t 
o f   C O 2 
e m i s s i o n s

C a r e   f o r 
p a t i e n t s

T r u s t   a s   
t h e   b a s e

As we invent clean 

2020 brought healthcare to  

— to engage with our 

technologies for industries and 

the top of the world’s agenda 

employees

clean mobility, we work on 

with the Covid-19 crisis.  

the frontline of environmental 

As a major world player  

progress, playing a decisive 

in healthcare, Air Liquide has 

role in the transition to a 

always been close to patients, 

low-carbon society and the 

medical professionals,  

development of a hydrogen 

hospitals and health 

economy. 

authorities. The Group is  

well positioned to contribute  

to help transform healthcare  

to better support patients  

and better meet their needs 

around the world. 

At Air Liquide, we believe in 
the potential of each person 
and their talents. The Group’s 

long-term performance is 

driven by our employees and 

we are convinced that the 

power to impact the present 

and shape a better future is 

in their hands. Air Liquide’s 

commitment is to create a 

safe, inclusive and engaging 

workplace, while nurturing 

employees’ inventiveness, 

supporting their development 

and empowering them.

— and to build a  
best-in-class governance

As a responsible global  
and local player overseen  
by a diversified, independent 

Board of Directors, we can 
make a difference in the 

responsible way we behave 
day to day, manage  
our business, and interact  

with all our stakeholders: 

customers, patients, employees, 

suppliers, shareholders and  

the communities at large. 

4 4

A I R   L I Q U I D E

4 5

 
A batement of CO 2 
emissions for  
a low-carbon society

To address climate change, it is time, 
more than ever, to take actions.   
As a responsible company, Air Liquide 
has long endeavored to protect the 
environment. In 2018, the Group took 
a step further with an ambitious 
commitment to reduce the carbon 
intensity of its activities. Air Liquide also 
helps its industrial customers to reduce 
their carbon emissions, developing 
new technologies and skills to support 
their low-carbon transition. Our recent 
investments in low-carbon hydrogen  
also demonstrate this commitment.

H I G H L I G H T

I N AU G U R AT I O N  O F  T H E  W O R L D ’ S 
L A R G E S T  L OW - CA R B O N  H Y D R O G E N 
P R O D U C T I O N  U N I T  I N  CA N A DA

In early 2021, Air Liquide inaugurated the world’s largest 

membrane-based low-carbon hydrogen production unit 

i n  B é c a n c o u r,  C a n a d a .  Powe re d  by  9 9 %  re n ewa b l e 

energy,  this  unit  can  produce  over  8 . 2  metric  tons  of 

low- carbon hydrogen daily – enough to fuel more than 

2 ,000  cars ,  16 ,000  forklifts ,  275  buses ,  or  230  large 

t r u c ks .  T h i s  e n a b l e s  t h e  G ro u p  to  s u p p l y  i t s  N o r t h 

American  in dustrial  customers  and  mobility  markets 

w i t h  d e c a r b o n i ze d ,  h i g h - p u r i t y  hyd r o g e n  a n d  h e l p 

reduce their carbon footprint.

O U R  C O N T R I B U T I O N  A N D  O U R  M E T R I C S

R E D U C I N G  O U R  C O 2 
E M I S S I O N S
Air Liquide has long been 
committed to a sustainable 
growth. In 2018, the Group 
already committed to a 
30% reduction of its carbon 
intensity (1), and will fully deliver 
its objective by 2025 (2).   
The Group has now set more 
ambitious goals to abate  
CO 2 emissions.

-33% 

CARBON EMISSIONS  
BY 2035 
Air Liquide commits  
to decreasing its CO2 
emissions in absolute 
value by 33% by 2035. 
This includes direct 
emissions from its 
hydrogen production and 
cogeneration units, as 
well as indirect emissions 
from the production of 
electricity and steam 
purchased by the Group 
for its operations.

D E V E L O P I N G  L OW - CA R B O N  S O L U T I O N S   
FO R  O U R  C U S T O M E R S  A N D  FO R  I N D U S T R I E S
We are not only reducing our carbon footprint but also 
helping industrial customers do the same. Drawing on   
our technological expertise and capacity for innovation,   
we are inventing cleaner, more sustainable solutions   
to reduce their emissions.

AC C E L E R AT I N G  I N  H Y D R O G E N 
Hydrogen is a cornerstone of the energy transition. It offers 
a tremendous growth potential as a competitive low-carbon 
solution for many applications in the industrial, energy and 
mobility sectors. Deeply convinced that hydrogen will play 
a major role in the energy transition, the Group intends 
to be a key enabler of the hydrogen society thanks to its 
assets, technologies and expertise.

CARBON  
NEUTRALITY  
BY 2050

Air Liquide commits to reaching 
carbon neutrality by 2050, 
aligning the Group with 
international efforts to reduce 
global warming, as outlined  
in the Paris Agreement.  
This means significantly 
increasing the use of low-
carbon electricity for operations, 
implementing innovative 
carbon capture technologies, 
optimizing supply chains  
and improving the efficiency  
of our production units.

For example, the Group  
is working closely with the 
steel industry to reduce CO2 
emissions by using hydrogen  
on a large scale during the  
steel manufacturing process.  
We are also developing  
new technologies to capture 
and recycle carbon emissions 
from the steelmaking process.

x3 

Our hydrogen revenues will at 
least triple in size, increasing 
from 2 billion to more than 
6 billion euros by 2035.

~€8 bn 

invested in the low carbon 
hydrogen supply chain by 2035.

(1) In kg CO2 equivalent/euro of operating income recurring before depreciation and amortization at 2015 exchange rate and excluding IFRS16 for greenhouse gas emissions scopes 1 
and 2, Location-based. (2)In the adjusted reporting framework, from a 2020 baseline of 32.5 million tonnes CO2 eq (scopes 1 and 2), with scope 2 emissions in Market-Based.

4 6

A I R   L I Q U I D E

4 7

Care for  
patients

WitWith 1h 1.8 million patients and
With 1.8 million patients and 
.8 million patients and 
115,000 hospitals served worldwide,
15,000 hospitals served worldwide, 
5,000 hospitals served worldwide, 
Air Liquide is a major player in the 
Air Liquide is a major player in the 
Air Liquide is a major player in t
healthcare sector. Working alongside 
orking alongside 
hcare sector. WWorking alongside
healt
healthcare sector. 
patients, pr
patients, professionals and hospitals, 
essionals and hospitals, 
patients, profofessionals and hospit
we aim to improve patients’ quality 
wwe aim t
e patients’ quality   
e aim to imo imprproovve patients’ quality
of life and contribute to a more 
efficient health system. Our employees’ 
mobilization during the Covid crisis 
has shown we can take on increasing 
responsibility in this area. 

H I G H L I G H T

AC C E S S  OX YG E N : FAC I L I TAT I N G  AC C E S S 
T O  M E D I CA L  OX YG E N  I N  S E N E G A L

In Senegal, Air Liquide has equipped more than 80 rural 

health posts and centers to administer much -needed 

m e d i c a l  ox yg e n  to  p at i e nt s  w i t h  a c u te  r e s p i r ato r y 

d i s e a s e s .   S u p p o r t e d   b y   t h e   S e n e g a l e s e   M i n i s t r y 

of  H e a lt h  a n d  U N I C E F,  A i r  Li q u i d e’s  Ac c e s s  Ox yg e n 

s o l u t i o n  i s  n ow  ava i l a b l e  to  a  p o p u l at i o n  of  a ro u n d 

900,000 inhabitants.

O U R  C O N T R I B U T I O N  A N D  O U R  M E T R I C S

I M P R OV I N G  T H E  Q UA L I T Y   
O F  L I F E  O F  C H R O N I C  PAT I E N T S   
AT  H O M E  I N  M AT U R E  E C O N O M I E S
In Home Healthcare, Air Liquide takes care of patients 
with chronic conditions, such as respiratory diseases 
and diabetes. Working with healthcare professionals 
and caregivers, we are committed to improving 
patients’ quality of life by raising disease awareness, 
educating and empowering patients, identifying the 
outcomes that matter most to them, and personalizing 
services to their conditions and lifestyles.

Promoting customized  
care pathways through  
a combination of personal 
support from our teams 
(technicians, nurses)  
and digital tools, in order  
to improve the adherence  
to treatment and quality  
of life of patients with  
chronic diseases.

Equipping with oxygen 
primary care facilities  
in villages and bringing 
our expertise to support 
local communities.

Expanding partnerships  
with NGOs in this field. 

FAC I L I TAT I N G  AC C E S S   
T O  M E D I C A L  OX YG E N  FO R  R U R A L 
C O M M U N I T I E S  I N  L OW -  A N D   
M I D D L E - I N C O M E  C O U N T R I E S
Medical oxygen is critical for treating notably 
pneumonia , which claims the lives of more than 
800,000 children under five years old every year (1)   
in the world. Yet wide gaps in access remain   
in most low- and middle -income countries.   
To help reduce child mortality, Air Liquide is expanding 
its partnerships with NGOs (2)  to provide medical 
oxygen across those countries and open up access  
to their inhabitants.

(1) WHO Maternal Child Epidemiology Estimation (WHO-MCEE) 2018.
(2) Non-governmental organizations.

4 8

A I R   L I Q U I D E

4 9

 
 
Trust as the base   
to engage with   
our employees

Increasing Air Liquide’s 
positive impact means 
developing our employees’ 
ability to engage and go 
the extra mile for customers, 
patients and society as a 
whole. By creating a safer, 
more collaborative and 
inclusive work environment 
and providing the right 
support, we aim to empower 
our employees to develop 
their full potential.

H I G H L I G H T

D I V E R S I T Y, A  S O U R C E  O F  DY N A M I S M   
A N D  A  P E R FO R M A N C E  D R I V E R

With 64,500 employees in 78 countries, 150 nationalities 

are currently represented within the Group. Air Liquide’s 

objective  is  to  have  diverse  teams  that  represent  the 

local culture in which they operate. The Group is also 

c o m m it te d  to  c reat i n g  e q u a l  o p p o r tu n it y  fo r  a l l  a n d 
promoting a culture of inclusion, and has set ambitious 
g e n d e r  e q u a l i t y  g o a l s .  I n  2 02 0,  3 0 %  of  m a n a g e r s 
a n d  e n g i n e e r s  a re  wo m e n ,  a n d  fi ve  of  t h e  c u rre nt  
14 Executive Committee members are women.

O U R  C O N T R I B U T I O N  A N D  O U R  M E T R I C S

S A F E T Y  FO R  A L L  O F   
O U R  E M P L OY E E S   
A N D  S TA K E H O L D E R S
Safety is a fundamental value   
and an integral part of Air Liquide’s 
operational excellence and culture. 
The Group is committed to efficiently 
reducing exposure to professional 
and industrial risks for its employees, 
customers, subcontractors, suppliers 
and local communities. In 2020,   
Air Liquide’s lost-time accident 
frequency rate (1) dropped to 0.9 (vs. 1. 2 
in 2019), the lowest rate in 20 years.

Safety: 
a zero-
accident 
ambition

B E L I E V I N G  I N  D I V E R S I T Y   
A S  A  S O U R C E  O F  P E R FO R M A N C E
At Air Liquide, diversity is a source of dynamism, creativity 
and performance. An inclusive workplace with talents   
of different ages, nationalities and backgrounds is a key 
asset for the Group’s success. Thanks to the energy   
and inventiveness of our teams, Air Liquide continuously 
invents new practices and develops innovative solutions   
for customers and patients that improve performance.   
We can increase our positive impact on society by 
empowering everyone to grow and make a difference.

WE COMMIT TO INCREASING TO: 

35%of women among our Mana gers and 

Professionals by 2025. To promote diversity 
and a more inclusive culture, Air Liquide 
encourages each of its entities to develop 
initiatives that make their workforce more 
representative of their local communities.

C O M M O N  B A S I S  O F  C A R E  C OV E R AG E   
FO R  A L L  E M P L OY E E S
Present in 78 countries with diverse cultures, 
Air Liquide historically faces very different 
situations in care coverage for employees.   
As a socially responsible employer, the Group 
is committed to offering a common basis of care 
coverage for all our employees.

W

E C

OMMIT TO PROVIDING  

1

00%

of our employees with common basis  
of care coverage by 2025 including  
life insurance, health coverage  
and new maternity leave policy.

E N C O U R AG E  E M P L OY E E 
E N G AG E M E N T  I N  L O CA L  I N I T I AT I V E S
Each of our 64,500 employees has the 
potential to support their communities. 
Believing in our people means giving them 
opportunities to engage in local initiatives.

We offer our employees  
the opportunity to devote 
time to a project or a mission 
supporting the Group’s 
Sustainability objectives  
in their local communities.

(1) Number of lost-time accidents with at least one lost day per million hours worked by Group employees.

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A I R   L I Q U I D E

5 1

Trust as the base to 
build a best-in-class 
governance

More than ever, a sustainable 
future means working with all our 
stakeholders and sharing responsibility 
in a spirit of openness,  fairness and 
accountability. Through transparency 
and continuous dialogue, Air Liquide 
commits to strengthening relations 
with its stakeholders: customers and 
patients, shareholders, suppliers, local 
communities and the public sphere. 

H I G H L I G H T

I M P R OV I N G  C U S T O M E R  E X P E R I E N C E , 
F R O M  L I S T E N I N G  T O  AC T I O N

As part of its commitment to delivering an outstanding 

customer experience, Air Liquide has set up in 2017 the 

" Voice of the Customer" digital platform to collect and 

analyze  customer  reviews  in  real  time  worldwide  and 

to  react  i m m e d i ately  i n  ca se  of  d i s s ati sfacti on .  Th i s 

p l at fo rm  a l l ows  e a c h  A i r  Li q u i d e  e nt i t y  to  m e a s u re 

customer satisfaction and share feedback throughout 

the  G roup  in  a  s pirit  of  continuous  imp rovement  an d 

transparency. Over 150,000 customer feedback have 

already been submitted through the platform, deployed 

in more than 60 countries. 

O U R  C O N T R I B U T I O N  A N D  O U R  M E T R I C S

A  D I V E R S I F I E D  B OA R D   
O F  D I R E C T O R S  A N D   
C L O S E  R E L AT I O N S H I P  
W I T H  S H A R E H O L D E R S
Being international, independent 
and gender-balanced with   
a wealth of different profiles   
and skills, Air Liquide’s   
Board of Directors is a key 
strength for the Group’s   
long-term performance. 
Performance which brings   
value to all our shareholders.   
The trust and loyalty of our 
470,000 shareholders are key   
to Air Liquide’s development.   
For more than a century,   
the Group has involved them 
in its growth, building long-
term relationships based on 
transparency and proximity.   
We commit to maintaining 
ongoing dialogue with both 
individual and institutional 
shareholders through dedicated 
services, attractive remuneration 
and increased long-term 
investment value.

A  R E S P O N S I B L E  D I A L O G U E  W I T H   
O U R  B U S I N E S S  S TA K E H O L D E R S
In a constantly evolving and increasingly competitive 
environment, integrity, transparency and dialogue  
are the cornerstones of Air Liquide’s responsibility  
to customers, patients and suppliers. The Principles  
of Action defined by the Group govern the actions  
of all our employees in the management of business.  
We also go one step further by introducing an 
assessment of our sustainability development 
approach in the customer satisfaction surveys. As part 
of our procurement policy, we are also monitoring the 
compliance of our suppliers in terms of responsibility.

A  P O S I T I V E  I M PAC T  O N  S O C I E T I E S   
W H E R E  W E  O P E R AT E
Air Liquide develops close relationships and dialogue 
with all its local stakeholders, whether communities, 
international institutions, NGOs, associations or 
authorities. In particular, the Air Liquide Foundation  
acts for the advancement of science, through support  
to fundamental medical and environmental research.   
The Foundation also contributes to the development  
of communities through local initiatives and its work  
on professional integration in technical fields. In doing  
so, we help make a positive impact on local communities 
where we operate.

5 2

A I R   L I Q U I D E

5 3

Our   
profile

Our business
model

Our  
activities

To support almost
all economic sectors

A I R   L I Q U I D E ,   A   U N I Q U E   M O D E L

~64,500
committed employees
in 78 countries

Long-term 
vision and 
clear strategy

Extensive scientific
and technical expertise
in industrial gases
(oxygen, nitrogen, 
hydrogen, etc.)

>3.8 million
customers
and patients

4,300
employees
contributing
to innovation

5
Innovation
Campuses

11,000
patents

2 industrial gases
production modes

Centralized production 
On-site production at customers’

3 industrial gases 
distribution networks

>9,700 km of pipelines  
for large quantities

>10,000 trucks
for medium quantities

24 million cylinders
for small quantities

A wide range   
of customers
and applications

Major ability
to innovate

Long-term 
customer 
contracts, 
indexed to 
energy prices

Management
and optimization
of production
and distribution
chain

Active 
involvement
in new 
markets

Global 
presence
and local 
activity

A world leader 
in industrial 
gases and  
related  
services

A unique  
model

24%(1)

44%(1)

LARGE INDUSTRIES 

Industrial gases   
in large quantities   
in the framework of   
long-ter m partnerships

INDUSTRIAL MERCHANT 

Industrial gases in small 
and medium quantities, 
application technologies, 
small equipment and  
related services serving  
a wide range of customers

10% (1)

ELECTRONICS
Ultra-pure gases   
in large quantities  
and development
of new molecules

18%(1)

HEALTHCARE 

Medical gases, products  
and services to support 
patients and customers  
in hospital and at home

3%(1)

1%(1)

GLOBAL MARKETS  
& TECHNOLOGIES

Molecules, equipment and 
services to support of energy 
transition and deep tech(2)

ENGINEERING
& CONSTRUCTION 

Plants and equipment 
for industrial gas 
production

Chemicals

Refining & energy

Metals

Materials & energy

Automotive & fabrication

Food & phar maceuticals

Technology & research

Entrepreneurs & distributors

Semiconductors

Flat panels

Photovoltaic

Hospitals

Home healthcare

Specialty ingredients

Energy transition

Deep tech(2)

Customers choosing
to insource their 
industrial gas needs

5 4

2020 Figures

A I R   L I Q U I D E

5 5

(1) Percentage of 2020 Group revenue.
(2) Disruptive technologies based on scientific breakthroughs that can fundamentally change design and production methods.

P E R F O R M A N C E

A re gu lar 
perfor ma nce   
over 3 0 ye ars

The Group was fully mobilized to serve its customers  
and patients in 2020, which was an out of the ordinary year.
The Group’s performance was outstanding in this 
environment: sales resilience, significant margin 
improvement, net profit growth and investment decisions 
continued at a very high level. This performance illustrates 
the solidity of our business model.

EVOLUTION   
OF GROUP REVENUE
over 30 years (in millions of euros)

20,485

13,488

4,408

8,099

1990

2000

2010

2020

+5 3% a verage   

.

annual grow th (1)

EVOLUTION OF ADJUSTED
NET EARNINGS (2) PER SHARE
over 30 years (in euros)

5.16

3.29

0.74

1.47

1990

2000

2010

2020

+6 7% a verage   

annual   
grow th (1)

.

EVOLUTION OF ADJUSTED  
DIVIDEND (2) PER SHARE
over 30 years (in euros)

2.75 (3)

1.55

0.24

0.61

1990

2000

2010

2020

+8.5% a verage   

annual   
grow th (1)

2020 key 
f inancial  f ig ures

REVENUE
€20,485 M

NET PROFIT   
(Group share)

€2,435 M +1.5% (4)

OIR MARGIN

18.5% +80 pbs (5)

EFFICIENCY GAINS
€441 M

GEARING
55.8%

INVESTMENT DECISIONS
€3.2 bn

2020 key   
ex tr a-f inanc ial 
f igure s

SAFETY
0.9 

Frequency rate of accidents with time off work  
per million hours worked. This is the lowest frequency  
rate of the last 20 years.

CARBON INTENSITY(6)
-30% 

Reduction in carbon intensity over the past five years,  
in line with the target set for 2025

DIVERSITY 
30% 

of women among Engineers and Professionals

DISTRIBUTION  
OF 2020 GROUP 
REVENUE 
(in millions of euros)

579
(3%)
Global Markets 
& Technologies

250
(1%)
Engineering  
& Construction

2020 GAS & SERVICES  
REVENUE BY ACTIVITY 
(in millions of euros)

DISTRIBUTION OF 2020  
GAS & SERVICES REVENUE  
BY GEOGRAPHY 
(in millions of euros)

2,001
(10%)
Electronics

3,724
(18%)
Healthcare

564
(3%)
Middle East  
and Africa

4,467
(22%)
Asia Pacific

8,959
(44%)
Industrial  
Merchant

7,799
(40%)
Americas

19,656
(96%)
Gas & Services

4,972
(24%)
Large Industries

6,826
(35%)
Europe

INNOVATION
(2020 figures)

€303 M

of innovation expenses

347

new p

atents filed in 2020

GROUP SHAREHOLDERS  
(as of December 31, 2020)

67% 
institutional 
shareholders

33% 
individual 
shareholders

including 105,000 direct registered shareholders, 
158,000 intermediary registered shareholders  
and 207,000 bearer shareholders.

>300 

industrial and s

cientific partnerships 

and collaborations with start-ups

€2.7

5

dividend per shar
proposed in the AGM  
of May 4, 2021

e 

470,

000

individual
shareholders

(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. (3) 2020 dividend subject to the approval of shareholders during the General Meeting on May 4, 2021. (4) Excluding exceptional and significant 
operations not impacting the Operating Income Recurring. (5) Excluding energy impact. (6) Kg of CO2 equivalent per euro earnings before depreciation, excluding the impact of IFRS 16, at 2015 
exchange rates. 

5 6

A I R   L I Q U I D E

5 7

  
 
 
P E R F O R M A N C E

Consolidated income  
statement (summarized)

AS OF DECEMBER 31, 2020

Consolidated  
balance sheet (summarized)

AS OF DECEMBER 31, 2020

(in millions of euros)

Revenue

Operating costs

Operating profit before depreciation

Depreciation and amortization

Operating income recurring

Other non-recurring operating income & expenses

Operating income

Net financial costs and other net financial expenses

Income taxes

Share of profit of associates

PROFIT FOR THE PERIOD

- Minority interests

- Net profit (Group share)

Basic earnings per share (in €)

December 31, 2019

December 31, 2020

Assets (in millions of euros)

12/31/2019

12/31/2020

21,920

-15,988

5,932

-2,138

3,794

-188

3,606

-468

-801

1

2,338

96

2,242

4.76

20,485

-14,557

5,928

-2,138

3,790

-140

3,650

-440

-678

-4

2,528

93

2,435

5.16

Goodwill

Fixed assets

Other non-current assets(1)

Total non-current assets

Inventories and work-in-progress

Trade receivables and other current assets

Cash and cash equivalents(1)

Total current assets

Assets held for sale

TOTAL ASSETS

13,943

22,673

1,083

37,699

1,532

3,379

1,057

5,968

 - 

43,667

13,087

21,401

1,123

35,611

1,406

3,033

1,836

6,275

91

41,977

Equity and Liabilities (in millions of euros)

12/31/2019

12/31/2020

Shareholders' equity

Minority interests

Total equity

Provisions and deferred tax liabilities

Non-current borrowing

Non-current lease liabilities

Other non-current liabilities(1)

Total equity and non-current liabilities

Provisions

Trade payables and other current liabilities

Current lease liabilities

Current borrowings(1)

Total current liabilities

Liabilities held for sale

TOTAL EQUITY AND LIABILITIES

(1) Including fair value of derivatives.

A I R   L I Q U I D E

18,870

454

19,324

4,573

11,567

1,088

308

36,860

268

4,396

244

1,899

6,807

 - 

43,667

18,543

462

19,005

4,290

10,220

969

218

34,702

316

4,462

218

2,240

7,236

39

41,977

5 9

5 8

Consolidated cash flow  
statement (summarized)

AS OF DECEMBER 31, 2020

(in millions of euros)

Funds provided by operations

Changes in working capital

Other cash items

Net cash from operating activities

Purchases of property, plant and equipment, and intangible assets

Purchases of financial assets and the impact of changes in scope

Proceeds from sale of subsidiaries, property, plant and equipment, and intangible and 
financial assets

Net cash in investing activities

Distribution

Increase in capital stock

Purchase of treasury shares

Transactions with minority shareholders

Change in borrowing and lease liabilities (including net interest)

Impact of exchange rate changes and net debt of newly consolidated companies and others

Change in net cash and cash equivalents

NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

12/31/2019

12/31/2020

4,859

-37

-110

4,712

-2,637

-537

589

-2,585

-1,237

39

-148

-31

-1,403

1

-652

897

4,932

364

-90

5,206

-2,630

-129

804

-1,955

-1,387

44

-50

-16

-1,019

-1

822

1,719

6 0

A I R L I Q U I D E .C O M 

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L’Air Liquide - S.A. company established for the study and application of processes developed by Georges Claude  
with issued capital of 2,605,133,982.00 euros.

A world leader in gases, 
technologies and services 
for industry and health, 
Air Liquide is present in 
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64,500 employees and 
serves over 3.8 million 
customers and patients. 
Oxygen, nitrogen and 
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small molecules for life, 
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have been at the core  
of the company’s activities 
since its creation in 1902.