A world leader in gases,
technologies and services
for industry and health,
Air Liquide is present in
75 countries with around
66,400 employees and
serves over 3.8 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.
2021
Annual
Report
At the
heart
of
the future
00_ALRA2021-RA_GB_couv_bat2.indd 1-3
25/03/2022 18:15
Arnaud,
employee at
Air Liquide
France Industrie
At
the heart
04
14
Interview with
Benoît Potier,
Chairman and CEO
At the heart of the
future for a more
sustainable world
08
Strategic plan
10 Governance
54
At the heart of the
future acting in confidence
with and for all
70
Performance
A I R L I Q U I D E .C O M
See our annual publications on our website:
Annual Report, Sustainability Report,
Universal Registration Document,
Shareholder’s Guide, Interactions.
YO U T U B E
L I N K E D I N
T W I T T E R
Air Liquide Corp channel
linkedin.com/company/airliquide
@AirLiquideGroup
Complimentary copy. Published by the Communications department of the Air Liquide Group,
75 quai d’Orsay, 75007 Paris, France
Publication Director: Benoît Potier. Editor: Alexandra Rocca. Date of publication and legal deposit: March 2022. ISSN: 2803-6220.
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Pictures, p. 66: Thomas Hensinger/Solar Impulse Foundation, p. 68: Gianfranco Tripodo/Capa Pictures, p. 75: Adrien Daste –
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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 2,614,100,703.50 euros.
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Air Liquide’s ambition is to contribute to a more
sustainable world. Our growth model is based on a principle of
global performance that combines economic performance with
sustainable development. For us, being at the heart of the future
means creating and developing innovative solutions that are
based on technology and scientific expertise to support industry
and healthcare in their march towards progress. It means acting
on a daily basis for our customers, our patients and, beyond that,
being useful to society as a whole.
of the
future
Energy Observer,
catamaran powered
by hydrogen and
renewable energies
Air Liquide
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Interview
Interview
4
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25/03/2022 18:19
Interview
with
Benoît Potier
Chairman
and CEO of
Air Liquide
The year 2021 was characterized by the
Covid-19 pandemic, inflation and a sharp
rise in energy prices. How would you
describe Air Liquide’s performance?
First of all, I would like to say a few words about
the beginning of 2022, which has been so painfully
marked by the conflict in Ukraine. My thoughts are
naturally with our 14 employees who are still based
there and we are monitoring their situation closely.
Their safety is a constant concern. I am also
thinking of the millions of refugees, mainly women
and children, forced to flee their country. Faced
with this real tragedy, the Group is organizing itself
to contribute humanitarian aid, notably through
the Air Liquide Foundation, but also through local
initiatives, notably in Poland and Romania.
As for our performance in 2021, I would say
that it was a very good year, given the complex
environment in which we were operating. Indeed,
we stepped up to the plate on all fronts. Throughout
the world, Air Liquide teams demonstrated an
incredible ability to both react and adapt to many
challenges, whether in response to the Covid-19
crisis, the significant acceleration in inflation or the
energy transition challenge. The Group’s resilience
was thoroughly tested in 2021 and our success is
due to our 66,400 employees who give their all
to our customers and patients on a daily basis. I
would like to give them my heartfelt thanks and
once again express my great pride in them.
Could you tell us more regarding
the Group’s financial performance?
In 2021, Air Liquide delivered another year of
profitable growth. The Group posted an 8.2%(1)
increase in sales to reach 23.3 billion euros in
revenue, and a 13.3%(2) increase in recurring
net profit. Growth was achieved across all
activities, with Engineering & Construction and
Global Markets & Technologies benefiting from
projects relating to the energy transition. In the
Gas & Services activity, which represents 95% of
Group revenue, growth in all business lines and
geographical areas was up significantly, particularly
in Asia (+6%), Europe (+7%) and the Americas
(+8%).
Our operating margin is increasing thanks to an
inflation-adapted pricing policy, high efficiency
gains reaching 430 million euros and strong
business portfolio management. Amid a landscape
of high energy prices, the Group was able to counter
rising costs thanks to our strong business model.
Finally, 2021 saw a high volume of investments that
reached 3.6 billion euros. The Group’s financial
performance in 2021 was truly exceptional.
5
“Our global presence,
our inventor DNA and
the soundness of our
business model enable
us to play a decisive role
in the markets that will
unlock the future.”
(1) On a comparable basis
(2) Excluding currency impact
Air Liquide
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6
François Jackow
François Jackow joined
the Group in 1993 and has
held a wide range of
responsibilities throughout
his international career.
In 2002, he was in charge of
Innovation, before being
appointed Chairman and CEO of
Air Liquide Japan in 2007, then
Group Vice President of the Large
Industries business line in 2011.
In 2014, he joined the Executive
Committee and was appointed the
Group’s Vice President of Strategy.
In 2019, he became Executive
Vice President, notably
supervising the Europe Industries,
Europe Healthcare and Africa/
Middle East/India hubs. François
Jackow is French and has a
scientific and managerial
education, having studied
in France and the United States.
A graduate of the Paris-based
École Normale Supérieure, he also
holds a Masters degree in
Chemistry from Harvard University
in the United States and an MBA
from the Collège des Ingénieurs.
In March 2021, Air Liquide announced
ambitious sustainable development
objectives. What has that changed
for the Group?
These objectives represent an in-depth evolution
of our business model. Our performance must
not only take into account the interests of our
employees, customers and shareholders, but also
those of society as a whole. With these objectives,
we have set out a very clear road map in terms of
sustainable development. The Group is focused
on global performance, which combines financial
and extra-financial performance and now includes
environmental, social and governance indicators.
Decarbonization is a key focus of your
commitments. What are the key drivers
in this field?
In practical terms, we have targeted two major
areas of action to fight global warming. The first is to
decarbonize industry. We are a leading player in this
pursuit thanks to our wide range of technologies
based on hydrogen, carbon capture and storage
and biomethane. We implement these solutions
for our customers, allowing them to significantly
reduce their CO2 emissions. We are also working to
decarbonize our own operations through numerous
initiatives, from the purchase of renewable energy
- as we’ve done in the Netherlands and in Belgium -
to the construction of more energy-efficient
production plants that emit less CO2. Our goal is
to reduce our CO2 emissions by 33% by 2035 and to
become carbon neutral by 2050. Our second area
of action is closely linked to the first, and is of course
hydrogen, a major lever of the energy transition.
In terms of hydrogen, what are your major
accomplishments?
There are so many, and we are extremely proud
of them. These days, many companies are
interested in hydrogen and its adoption is rapidly
gaining momentum in the industrial and heavy
transport sectors. We have already signed several
partnerships with major global industrial brands in
these domains, a sign of how our technologies have
reached maturity. In the past four years, we have
multiplied our annual expenditure on hydrogen
technologies by a factor of 20, and the number of
our employees working in this field has increased
tenfold. And this is just the beginning; the outlook
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“The Group is focused
on global performance.
... Growth only makes
sense if it has a positive
impact on the
environment and
society at large.”
are true assets. For over 120 years, Air Liquide
has ceaselessly cultivated its key strength:
the ability to perceive and even anticipate the
profound changes impacting society, and to offer
the necessary expertise.
We are also at a real turning point in the Group’s
history. Despite the current uncertain environment,
I remain confident in Air Liquide’s ability to face
the challenges ahead. The opportunities for
Air Liquide remain numerous. Our international
presence, inventor DNA, technological expertise
and the diversity of our business, supported by the
strength of our model, will enable the continuation
of our growth trajectory. We are having a truly
decisive impact on the markets that are essential
for the future: hydrogen, of course, which is part
of a rapidly changing energy world, but also
healthcare, electronics and high technologies.
Few companies have such a wide range. We are
pleased to be able to act in so many markets.
7
is extremely promising. By 2035, we will invest
8 billion euros in the low-carbon hydrogen value
chain, with the goal of tripling sales from 2 billion
to 6 billion euros in the same time frame.
On a more personal note, 2022 is a
milestone year for you, with the
announcement of a new governance
organization and the launch of a new
strategic plan.
Indeed, on June 1, 2022, François Jackow will
succeed me as Chief Executive Officer. I will remain
Chairman of the Board of Directors, a role that I
am familiar with, having already held it for around
15 years. We have planned this transition carefully
with the entire Board of Directors, and I have
complete faith in François, his leadership qualities,
his experience and his unrivaled knowledge of
the Group. I am confident that he will continue, in
tandem with the Executive Committee team, the
transformations that are already underway and
will take them even further, notably through our
new 2025 Strategic plan, ADVANCE.
Announced on March 22, 2022, this plan marks
an important step for the Group as we embark
on a path of global performance that combines
both financial and extra-financial indicators. We
are convinced that growth only makes sense if
it has a positive impact on the environment and
society at large. Building the future means being
financially efficient, ensuring continuity and the
ability to invest in the future, acting as a leader
of industry decarbonization, promoting progress
through technological innovation and acting for
everyone.
What is your vision for the Group’s future?
We are at a very singular moment in the history
of the world, marked by geopolitical, economic
and environmental upheavals. The last two years
have profoundly transformed our societies, and
we have all lived it first-hand. More recently, the
war in Ukraine and the terrible humanitarian and
economic consequences that stem from it have
changed the geopolitical situation and shaken up
the world order. Despite these challenges, I think
that the world must continue to move forward,
and that we must always believe in the future and
build it with conviction. From the Group’s point
of view, our resilience and our capacity to adapt
Air Liquide
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ADVANCE,
the 2025
strategic plan
8
Delivering strong
financial performance
Air Liquide is taking action today while
preparing the future. The Group is rising
up to an ambitious challenge: continuing its
growth dynamic and improving profitability
all while meeting its commitments to reduce
CO2 emissions and investing in the markets
of the future.
Decarbonizing
Decarbonizing
the planet
the planet
The Group is affirming its leading role in the
decarbonization of industry and the dawn of
a low-carbon society in which hydrogen is
today playing a decisive role. It is committed to
decarbonizing its own operations while helping
customers to do the same. Air Liquide plans
to reach carbon neutrality by 2050, with the
intermediate step of beginning to reduce its
CO2 emissions around 2025.
Our
objectives
+5% to +6%
AV E R A G E A N N U A L
S A L E S G R O W T H ( 1 )
+10%
R O C E
F R O M 2 0 2 3
I N I T I AT I N G T H E
reduction
O F C O 2 E M I S S I O N S
A R O U N D 2 0 2 5
(1) Compound annual growth rate (CAGR) of sales on a comparable basis over the 2021-2025 period.
(2) Sum of annual operating margin improvements in basis points, excluding energy pass-through impact.
(3) Industrial investment decisions above 5 million euros.
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ADVANCE, Air Liquide’s new strategic plan for 2025, is a milestone in the
company’s history. It places sustainable development at the heart of the
Group’s strategy, firmly setting Air Liquide on course for global
performance by combining financial and extra-financial performance.
ADVANCE is structured around four priorities and integrates
the Group’s Sustainable Development objectives.
9
Unlocking progress
Unlocking progress
via technology
via technology
Thanks to its capacity for innovation and
its technological expertise, the Group is
contributing to the development of five
markets of the future: mobility, electronics,
healthcare, industrial merchant and high
technologies. With ADVANCE, it intends to
strengthen its positioning in these sectors.
Acting
Acting
for all
for all
As a civic-minded company, Air Liquide
strives to ensure that everything it does is in
the interests of its employees, its customers
and its patients, its shareholders and its
partners and, beyond that, of society as a
whole.
By relying on
>+ 160 bps
O P E R AT I N G M A R G I N
G R O W T H O V E R F O U R
Y E A R S ( 2 0 2 2 - 2 0 2 5 ) ( 2 )
€16bn
R E C O R D L E V E L O F I N V E S T M E N T
D E C I S I O N S ; H A L F O F T H E
I N D U S T R I A L I N V E S T M E N T S ( 3 )
W I L L B E D E D I C AT E D T O T H E
E N E R G Y T R A N S I T I O N
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Board of
Directors
as of 12.31.2021
h. Xavier Huillard
Independent Director
Chairman of the Remuneration
Committee
Member of the Appointments and
Governance Committee
Born in 1954 – French
i. Anette Bronder
Independent Director
Member of the Audit and
Accounts Committee
Born in 1967 – German
j. Kim Ann Mink
Independent Director
Member of the Remuneration
Committee
Born in 1959 – American
k. Fatima Tighlaline
Director Representing Employees
Born in 1979 – French
l. Aiman Ezzat
Independent Director
Born in 1961 – French
m. Bertrand Dumazy
Independent Director
Born in 1971 – French
The Board of Directors is composed of 13 members:
11 who are appointed at the Annual General Meeting
and two who represent Air Liquide employees.
The Board of Directors brings together a diverse
range of profiles. Five nationalities are represented
from Europe, America and Asia and 55% of
elected members are women. They bring a wealth
of skills (financial, managerial, digital, scientific,
international development, etc.) and a diversity
of experience in a variety of sectors (chemicals,
consumer products, healthcare, research, services,
construction, automotive, etc.).
10
The Board of Directors determines Air Liquide’s
objectives and ensures their implementation in line
with its corporate interest, by taking into account
the social and environmental stakes of its business.
Accordingly, it examines and approves the Group’s
major strategic priorities.
In 2021, it focused in particular on the impacts
that the Covid-19 pandemic had on the Group
and notably the measures taken to protect the
health of employees; performance analysis; the
Group’s strategy taking into account environmental
and social issues; the continued application of
the Sustainable Development policy and the
establishment of new ESG/Climate objectives; the
development of the new 2025 ADVANCE strategic
plan; industrial investment decisions; the energy
transition and the development of hydrogen; and
governance matters, including the decision to
separate the roles of Chairman of the Board of
Directors and of Chief Executive Officer. In this
context, the Board that will meet after the May 2022
Annual General Meeting will be asked to renew the
mandate of Benoît Potier as Chairman of the Board
of Directors and to appoint François Jackow as
Chief Executive Officer, effective June 1, 2022.
a. Benoît Potier
Chairman and Chief Executive
Officer
Born in 1957 – French
b. Jean-Paul Agon
Independent Director
Lead Director
Chairman of the Appointments
and Governance Committee
Member of the Remuneration
Committee
Born in 1956 – French
c. Siân Herbert-Jones
Independent Director
Chairman of the Audit and
Accounts Committee
Born in 1960 – British
d. Sin Leng Low
Independent Director
Member of the Audit and
Accounts Committee
Born in 1952 – Singaporean
e. Annette Winkler
Independent Director
Chairman of the Environment and
Society Committee
Member of the Appointments and
Governance Committee
Born in 1959 – German
f. Philippe Dubrulle
Director Representing Employees
Member of the Environment and
Society Committee
Born in 1972 – French
g. Geneviève Berger
Independent Director
Member of the Environment and
Society Committee
Born in 1955 – French
02_ALRA2021-RA&AC_GB_bat2.indd 10
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d.
h.
11
a.
e.
i.
l.
b.
f.
j.
m.
c.
g.
k.
Air Liquide
02_ALRA2021-RA&AC_GB_bat2.indd 11
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Executive
Committee
as of 12.31.2021
12
The Executive Committee
coordinates the Group’s various
programs and activities. It reviews
the operational management of the
business and oversees the
implementation of transformation
projects and business development.
In 2021, the Executive Committee continued to lead
initiatives in response to the public health crisis.
Action plans were implemented to protect the safety
of employees and partners through adapted work
organization, and to guarantee continuity of service
in essential sectors, especially healthcare.
Regarding strategy, the Executive Committee
has been particularly focused on rolling out the
Sustainable Development Objectives across the
Group – including through a new internal governance
framework for CO2 emissions management – as
well as developing the new ADVANCE strategic
plan for 2025.
Benoît Potier
Chairman and Chief Executive Officer.
Born in 1957 – French
François Jackow
Executive Vice President supervising the Europe
Industries, Europe Healthcare and Africa/Middle
East/India hubs. He also supervises the
Healthcare world business line and the Innovation,
Technologies, Digital/IT functions and the
Customer Experience program.
Born in 1969 – French
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Michael J. Graff
Executive Vice President supervising the
Americas and Asia Pacific hubs, he is also in
charge of the Electronics world business line.
Born in 1955 – American
Fabienne Lecorvaisier
Executive Vice President in charge of Sustainable
Development, Public and International Affairs,
Societal Programs and the Air Liquide Foundation.
She is also in charge of the General Secretariat.
Born in 1962 – French
Jean-Marc de Royere
Senior Vice President in charge of
Societal Programs. He is also Chairman
of the Air Liquide Foundation.
Born in 1965 – French
François Venet
Senior Vice President in charge of
Strategy. He also supervises the Large
Industries world business line and
Engineering & Construction.
Born in 1962 – French
Pascal Vinet
Senior Vice President in charge of the
Europe Industries and Africa/Middle
East/India hubs. He also supervises the
Safety and Industrial Systems function.
Born in 1962 – French
François Abrial
Vice President in charge of
the Asia Pacific hub.
Born in 1962 – French
13
Marcelo Fioranelli
Chief Executive Officer of Airgas.
Born in 1968 – Brazilian
Matthieu Giard
Vice President supervising Hydrogen
activities and the Industrial Merchant
world business line, the Procurement
function and Efficiency programs.
Born in 1974 – French
Armelle Levieux
Vice President, Group Human Resources.
Born in 1973 – French
Émilie Mouren-Renouard
Vice President in charge of Innovation, Digital
& IT, and Intellectual Property, as well as the
Global Markets & Technologies activity.
Born in 1979 – French
Jérôme Pelletan
Chief Financial Officer
Born in 1970 – French
Air Liquide
Diana Schillag
Vice President in charge of Healthcare activities in
Europe and the Healthcare world business line.
Born in 1971 – German
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14
At the
heart of
the future
01.
Building a low-carbon
society
02.
Improving patients’
quality of life
03.
Contributing to a more
connected world
04.
Helping industries meet
the challenges of tomorrow
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Leveraging its innovation capabilities and technological
expertise, Air Liquide contributes to tackling the challenges that
our societies are facing - whether they be related to industry
decarbonization, healthcare transformation, digital acceleration
or revolutionizing industry. We make a difference through our
desire to have a positive impact on society, through our concrete
achievements and our ability to invent sustainable solutions.
for a more
sustainable
world
15
Air Liquide
02_ALRA2021-RA&AC_GB_bat2.indd 15
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01_
16
Building
a
low-
carbon
society
02_ALRA2021-RA&AC_GB_bat2.indd 16
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Tackling climate change challenges requires strong and collective
action. Not only is Air Liquide committed to reducing CO2 emissions
from its own operations, but we are also helping customers decarbonize
at the same time. In close collaboration with industrial partners, we
are increasing our involvement in a variety of large-scale clean
energy solutions, such as low-carbon hydrogen production and
supply, carbon capture and storage technologies and
biomethane solutions. Our ambition is to act as the
leader of industrial decarbonization.
17
-33%
R E D U C T I O N I N A I R L I Q U I D E ’ S
A B S O L U T E - V A L U E C A R B O N
E M I S S I O N S B Y 2 0 3 5
€8Bn
W I L L B E I N V E S T E D I N T H E
L O W - C A R B O N H Y D R O G E N S U P P L Y
C H A I N B Y 2 0 3 5
Air Liquide
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Foster
18
“Air Liquide is
a leader in
hydrogen and
we are committed
to investing €8 billion
in the low-carbon
hydrogen supply
chain by 2035.”
(1) International Energy Agency – 2020
(2) 2021 reports from the Hydrogen Council
(3) Idem.
(4) Now known as Forvia
Matthieu Giard
Member of the Air Liquide Executive
Committee and Vice President supervising
Hydrogen and Industrial Merchant activities
What makes hydrogen a solution for
decarbonizing industry and heavy transport?
Hydrogen plays a key role in the energy transition,
particularly when it comes to decarbonizing industry and
heavy transport, which represent 18% and 25% of worldwide
CO2 emissions respectively1. Air Liquide has 50 years of
expertise in hydrogen, and 20 years ago we banked on the
molecule being used for clean mobility. Since 2021, things
have rapidly accelerated. More than 30 governments have
positioned hydrogen at the heart of their energy strategy,
with 100 billion euros2 pledged in support of its large-scale
roll-out. By 2050, it is expected to account for more than
20% of global end-use energy demand3.
As a pioneering group in the hydrogen sector,
how can Air Liquide accelerate this roll-out?
The entire hydrogen ecosystem is in development! We firmly
believe that when it comes to tackling environmental
challenges, we are all in this together. In this ramp-up phase,
we are forging strategic partnerships with industry and
transport stakeholders including TotalEnergies, Siemens
Energy, BASF, Airbus and Faurecia4, to create industrial
projects and infrastructures for the production and
distribution of hydrogen. To accelerate our efforts alongside
our industrial and financial partners, we have created the
largest global fund fully dedicated to expanding hydrogen
infrastructure, funded with 1.5 billion euros. In the face of
climate change, it is crucial that we combine technologies,
expertise, and industrial and financial capabilities to
accelerate the production and use of low-carbon hydrogen.
What do you think the development of hydrogen
will look like in 10 years?
The hydrogen revolution is already underway. Today, we
need to boost its roll-out by leveraging the commitments
made by public and private sector players to achieve
carbon neutrality by 2050. We are going to invest 8 billion
euros in the low-carbon hydrogen supply chain. Our
strategic investments in large-scale electrolyzers, such as
those we have already made in Canada, France and
Germany, will bring our overall electrolysis capacity to
3 GW by 2030 for producing renewable hydrogen. The
decade of hydrogen has begun, and it is our ambition to
act as a hydrogen leader.
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Cristina Ballester
Vice President Large Industries
Europe, Air Liquide
Why is carbon capture and storage (CCS)
considered an essential lever to reach carbon
neutrality by 2050?
While society is accelerating the usage of renewable energy
to address climate urgency, we also need solutions that will
support the transition by enabling the capture of large
volumes of CO2 emitted by industrial actors. This avoids
emissions in the short term, particularly from industries
whose emissions are hard to abate, such as cement, steel
and chemicals. In these sectors, CCS is an effective and
viable solution for industrial processes that don’t yet have
alternatives.
How is Air Liquide answering this challenge?
We have been developing carbon management solutions for
15 years. Our CryocapTM CCS solution uses cryogenics
technology to capture CO2. The process is highly efficient
compared to solvent-based technologies, recovering up to
98% of CO2. CryocapTM is part of a full carbon capture
service offer we are currently developing that will include
CO2 capture, purification, liquefaction, storage and transport
to the sequestration site. In some cases, we also recycle
the CO2 for other uses (carbonation of sparkling beverages,
food preservation and freezing, etc.). The maturity of our
solutions portfolio and our expertise give us legitimacy in
this key growth area that is crucial to reducing industrial
carbon footprints. Our customers know they can rely on us
for performance, reliability, safety and supply continuity.
Do you have some recent concrete examples to
illustrate this?
We have several projects underway in Europe. For
example, in France, in the Dunkirk industrial basin, we’ve
joined forces with ArcelorMittal to develop an ecosystem
to sequester up to 3 million metric tons of CO2 from the
steel industry. In Normandy, France, and Zeeland, the
Netherlands, we’re implementing large-scale CCS solutions
at hydrogen production units in collaboration with
TotalEnergies. With BASF in Antwerp, Belgium, we’re
planning to develop the world’s largest cross-border CCS
value chain. The Kairos@C project (see p. 58) won support
from the European Innovation Fund, confirming the
efficiency of our technology, which an increasing amount of
industries will need to reach carbon neutrality.
19
“The maturity
of our portfolio of
carbon capture
and storage solutions
and our expertise
give us legitimacy
in contributing to the
decarbonization
of industry.”
Air Liquide
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Achieve
20
01_Hydrogen production unit
in Normandy, France
Developing the world’s first low-carbon
hydrogen network in Normandy, one of
Europe’s largest industrial basins.
02_World’s largest oxygen
production site, South Africa
Reducing CO2 emissions by 30% to 40%
by 2030.
Air Liquide is working with TotalEnergies to
decarbonize hydrogen production on its
petrochemical platform. The Group will take over
the existing production plant and supply
TotalEnergies with low-carbon hydrogen, and the
two companies will also join forces to deploy a
CO2 capture and storage solution (CCS). By
2025, an electrolyzer of at least 200 MW will be
connected to the existing hydrogen network,
making this the world’s first low-carbon hydrogen
network. The Group is also collaborating with
TotalEnergies, Borealis, Esso and Yara to
develop CCS infrastructure.
Since June 2021, Air Liquide has been running
the 17 Air Separation Units (ASUs) at the
oxygen production site owned by Sasol, a
South African company specializing in energy
and chemicals. It is now the world’s largest
oxygen production site. The Group is currently
operating the ASUs and is also drawing up
plans to modernize the units. The goal is to
optimize the units’ production capacity and
energy consumption while reducing CO2
emissions arising from oxygen production
by 30% to 40%.
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21
03_Largest PEM(1) electrolyzer
in the world, Quebec, Canada
Producing renewable hydrogen on an
industrial scale.
04_Low-carbon Air Separation Unit
(ASU), China
Building the world’s largest low-carbon ASU for
the steel industry.
By inaugurating the world’s largest PEM(1)
electrolyzer in 2021, Air Liquide has reaffirmed
its goal of achieving carbon neutrality by 2050.
This next-generation electrolyzer is 99%
powered by renewable hydraulic energy and
produces up to 8.2 metric tons of hydrogen per
day, which is enough to power more than 2,000
cars or 230 trucks. It will cut CO2 emissions by
27,000 metric tons per year, which is equivalent
to the emissions of 10,000 cars.
(1) PEM: Proton Exchange Membrane.
Air Liquide will build and operate a low-carbon Air
Separation Unit in Zhangjiagang City, Jiangsu
Province. Designed for Jiangsu Shagang Group,
the biggest private steel company in China, this
state-of-the-art unit, capable of producing 3,800
metric tons of oxygen per day, will significantly
reduce CO2 emissions. By becoming the Group’s
largest source of liquid oxygen and nitrogen in
China, the unit will supply industrial customers
and hospitals in the east of the country. It will
also supply krypton and xenon to meet the
growing demand of the local electronics industry.
Air Liquide
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Invent
Air Liquide firmly believes that hydrogen is the key to accelerating
the energy transition. The Group is partnering with major players from
various sectors who offer complementary skills to harness the full
potential of hydrogen, from production to future distribution methods.
This generates a reduction in industrial CO2 emissions and an increase
in the development of clean transportation.
Decarbonized
industry
22
Europe is taking a major step
in furthering industry and
mobility decarbonization.
Air Liquide and Siemens
Energy have joined forces to
create a European ecosystem
of hydrogen production
technologies by electrolysis,
thereby promoting the
emergence of a sustainable
hydrogen economy in Europe.
One of the large projects
backed by the French and
German authorities is the
construction of a renewable
hydrogen production unit with
a capacity of 30 MW in
Oberhausen, Germany. This
industrial-sized unit will be the
first of its kind to be
connected to the existing
Air Liquide pipeline network.
(1) Aéroports de Paris, a global leader in airport design, construction and operation.
(2) Now known as Forvia.
02_ALRA2021-RA&AC_GB_bat2.indd 22
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The future
of aviation
What if the airplane of
the future was powered by
hydrogen? This is the
ambition that Airbus has set
for 2035. In preparation,
Air Liquide is already
collaborating with the
aircraft manufacturer and
Groupe ADP1 to develop
liquid hydrogen production
and supply future
infrastructure for Parisian
airports. At Lyon-Saint
Exupéry Airport, the pilot
site, Air Liquide and Airbus
are working with VINCI
Airports to develop the first
hydrogen facilities by 2023.
On the runway, buses,
trucks and ground handling
machines will run on
hydrogen thanks to a
distribution station. This
station will also supply heavy
trucks moving around the
airport, thereby creating a
local hydrogen hub.
23
Sustainable
transport
Especially suitable for
intense use by heavy trucks,
hydrogen offers maximum
range and fast refueling. With
this goal in mind, Air Liquide
has partnered with Faurecia(2)
to develop a liquid tank
system that will double
on-board hydrogen capacity
compared to gaseous
hydrogen. The Group is
pairing its expertise with that
of the vehicle systems
specialist so that they can
co-design and co-produce
hydrogen tanks that will give
trucks twice the range for the
same payload.
Air Liquide
02_ALRA2021-RA&AC_GB_bat2.indd 23
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02_
24
Improving
patients’
quality
of life
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Because every patient experiences their illness differently,
Air Liquide favors personalized care pathways. This is a virtuous
approach that aims to improve both the patient’s health and
quality of life at the best cost for the healthcare system. Working
daily with all healthcare professionals, the Group contributes to
the transformation of healthcare at home, in hospitals and in
other care settings by offering innovative solutions that create
value for all healthcare stakeholders.
25
1.8M
P A T I E N T S A T H O M E A R O U N D
T H E W O R L D I N 2 0 2 1 ,
38%
O F W H O M A R E F O L L O W I N G
A P E R S O N A L I Z E D C A R E P A T H W A Y
Air Liquide
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Foster
26
“The Value-Based
Healthcare
approach returns
patients to the
heart of the
healthcare system,
with the goal
of improving their
quality of life at
the best cost for the
healthcare system.”
(1) Including the OECD (Organization for Economic Cooperation and
Development) and EIT Health (a network of actors working in the field of
health innovation, supported by the European Union).
Dolores Paredes
Vice President of Markets,
Strategy and Innovation at Air Liquide’s
Healthcare activity
You launched the transformation of Air Liquide’s
Home Healthcare business by implementing a
Value-Based Healthcare approach. Could you
please explain what this means?
This approach focuses on patients beyond their illness. We put
them, as people, at the heart of the healthcare system, taking into
account everything that makes them unique. By this I mean their
relationship with their illness, their history, their lifestyle and even
their family situation. We are moving from a service-based
approach to an approach that focuses on the key benefits for
patients to improve their quality of life in a more cost-effective
way. It is a unique opportunity to organize the entire healthcare
ecosystem around a common goal. Leading stakeholders are
already implementing it in several countries (hospitals, clinics,
healthcare systems), and the results are promising. International
organizations(1) are taking part in this transformation and helping
shape healthcare policies that promote the emergence of
value-based initiatives.
In what way is this approach strategic
for Air Liquide?
Around the world, healthcare systems are facing a two-fold
challenge: ensuring their continuity and upholding quality
of care. Value-Based Healthcare is now essential for
Air Liquide, which is taking long-term action to meet this
challenge. Today, Air Liquide takes care of 1.8 million patients
with chronic diseases. Our combined human and digital
approach allows us to offer them more personalized care
pathways. Our proximity to our patients and our role as a major
player in home healthcare alongside healthcare professionals
allow us to contribute to the transformation of healthcare.
What challenges do you face in the coming months?
Although several European countries have begun this
patient-centered transformation process, the challenge now is
ensuring this initiative is adopted in all regions. We must
fundamentally rethink care pathways, with the goal of making
them more personalized in order to improve patients’ health and
quality of life. We need to prove the value we are generating with
this approach, and this requires systematic measurement of the
benefits to the patient. This is a complex but exciting task. It
requires a coordinated approach from all healthcare
professionals in order for the entire ecosystem to reap the
benefits. This includes physicians, who can rely on our teams to
ensure compliance with treatment, those responsible for
covering the costs, who see the optimization of overall care
costs, and hospitals, which can focus on critical procedures.
02_ALRA2021-RA&AC_GB_bat2.indd 26
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Louis-François Richard
Vice President of Medical Gases
at Air Liquide, Europe
Air Liquide has a major presence in hospitals
with medical gases and related services.
Accordingly, how can Value-Based Healthcare
be adapted to healthcare institutions?
Value-Based Healthcare is a unique approach that
encourages all stakeholders to jointly re-examine the
benefits for patients and to be involved in the
transformation of healthcare systems. We work in
partnership with each stakeholder in the healthcare
pathway (hospitals, urban medicine and emergency
services) to help medical professionals concentrate on
tasks with greater added value for patients, while securing
the availability of the medical gases they need on a daily
basis.
What does that mean specifically?
Today we are only in the early stages of using the
Value-Based Healthcare approach to benefit hospitals.
But we already have solutions in place that ease the work
of caregivers and optimize costs for hospitals. Besides
supplying medical gases, we offer services that account
for all hospital needs. One example of this is Total Gas
Management, which enables everything in the gas logistics
process to be managed on the hospital site. Another
example is our new line of cylinders for medical oxygen
that facilitates the administration of medical oxygen,
patient mobility and inventory management for hospital
caregivers, who have been in extremely high demand
during the pandemic.
Hospitals face a great many challenges. How
are you responding to them?
All hospitals do indeed face sizable challenges:
accommodating patients in greater and greater numbers,
lowering costs without affecting quality of care and
participating in regional care networks, all while remaining
a hospital of choice. We are adapting to these challenges
by redesigning our operational models. As an example,
we want to offer a comprehensive care package per
patient treated, rather than per products and services
supply. Such a model lets us offer optimal quality of care to
the benefit of the patient, the healthcare professionals and
the healthcare system as a whole.
27
“At hospitals,
we offer gases and
service solutions
that take into
account the needs
of all medical
professionals,
while optimizing
costs.”
Air Liquide
02_ALRA2021-RA&AC_GB_bat3.indd 27
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Achieve
28
01_Covid-19: Producing and
distributing more medical oxygen
Teams mobilized to meet the needs of
hospitals.
02_Supporting vaccine research
Contributing to global efforts to fight Covid-19
by opening access to a new adjuvant that
increases the efficacy of vaccines.
All over the world, Air Liquide has stepped
up in the face of the pandemic by supplying
the medical oxygen needed to combat
Covid-19. Our employees raced against the
clock to offer help to caregivers by
increasing production and adjusting the
supply chain. In the hardest-hit areas,
hospital demand for oxygen increased
sixfold and even tenfold.
Furthering vaccine research is one of our ambitions.
Seppic, an Air Liquide subsidiary that manufactures
specialty ingredients, stepped up in the face of the
pandemic by making its Sepivac SWE™ adjuvant—
which was developed in partnership with the
Vaccine Formulation Institute(1)—available to the
global scientific community. Available without a
license, this adjuvant helps accelerate the
development of vaccines to combat influenza and
Covid-19.
(1) A not-for-profit body affiliated with the World Health Organization.
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29
03_Acquisition of Betamed, a Polish
leader in home healthcare
04_Launch of the Making
Diabetes Easier website
Building on the at-home support services we
offer to patients in Europe with complicated
illnesses.
Enabling patients and their families to live
with diabetes more comfortably, using a
single information platform.
The 2021 acquisition of Betamed, a Poland-
based leader in home healthcare, was a turning
point for Air Liquide, adding to its European
presence in complex treatments. With expertise
in long-term home care and mechanical
ventilation, Betamed enables the Group to
broaden its range of services and products
across the entire care pathway for people with
severe illnesses, either at home or in a
specialized clinic.
Living with diabetes requires an understanding of
the condition and how to manage it on a daily basis.
Harnessing 20 years of experience in treating
diabetes, Air Liquide launched the website Making
Diabetes Easier, which provides practical learning
resources for diabetic patients (particularly those
living with Type 1) to improve their daily lives.
Available in Europe in six languages, this website
deals with subjects as varied as diabetes
management, nutrition, sports, school, sleep
management and more.
Air Liquide
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Invent
Re-inventing the care pathway is a crucial factor in improving how
the needs of patients are met. Playing a role along with caregivers in
the transformation of the healthcare sector, Air Liquide has devised
innovative, patient-centric solutions. These approaches foster
personalized treatment, to both improve the follow-up care patients
receive and their overall quality of life.
30
Personalized
healthcare
In partnership with healthcare
professionals, Air Liquide has
committed to rethinking home
healthcare services by
adapting them to patients’ real
needs and lifestyles. Since
living with an illness is a
different experience for each
patient, the Group has set up a
digital platform that connects
the different stakeholders at
each stage of the care pathway,
enables follow-up care to be
adapted and maximizes patient
satisfaction thanks to innovative
data-driven solutions.
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Predictive
Science
allowing for the adjustment
of gas production and supply
to hospitals. Using data
acquired from tracking
apnea patients with
connected devices, another
algorithm identifies the risk
of patient non-compliance
and therefore how their
support can be better
preventively adapted.
How can we leverage the
potential of data to create
more value in healthcare?
This can be demonstrated by
two approaches developed
by Air Liquide, which is
investing in the field of
artificial intelligence as a way
to better support hospitals
and patients. The Group
perfected a system that can
predict oxygen consumption
patterns in hospitals by
combining public Covid-19
data with internal data,
31
Vital
Molecule
The pandemic has highlighted
the crucial role of medical
oxygen for treating patients
in respiratory distress.
Air Liquide teams, with the
help of physicians, are seeking
to develop a new non-invasive,
ventilation device that is easy
to use and can be bulk
manufactured. This device
would enable to deliver very
high rates of oxygen while
optimizing consumption and
can treat more patients than
current devices. In a period of
crisis, this is an effective
solution when the time of
medical professionals and
oxygen are in high demand.
Air Liquide
02_ALRA2021-RA&AC_GB_bat2.indd 31
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03_
Contributing
to a more
connected
world
32
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Semiconductors lie at the heart of the digital revolution that is
profoundly transforming society. In the ultra-competitive electronics
sector, the innovation race encourages the design of increasingly
smaller and more powerful components, all while reducing their
environmental impact. As a strategic partner to major electronic
customers, Air Liquide supports their geographic expansion and
helps them face technological challenges, from supplying
advanced materials to relocating production units.
157K
M E T R I C T O N S O F C O 2 E M I S S I O N S A V O I D E D I N T H E
E L E C T R O N I C S I N D U S T R Y T H A N K S T O A I R L I Q U I D E ’ S
E N S C R I B E ™ S O L U T I O N S I N 2 0 2 1
33
100%
O F L A T E S T - G E N E R A T I O N S M A R T P H O N E S
C O N T A I N C H I P S , M E M O R Y, S E N S O R S A N D
D I S P L A Y S M A D E W I T H A I R L I Q U I D E ’ S G A S E S
A N D A D V A N C E D M A T E R I A L S
Air Liquide
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Foster
34
“We offer a
unique range
of solutions
and advanced
materials for
the electronics
sector backed
by the best
innovation
capability in
the industry.”
Christian Dussarrat
Electronics R&D Program and
Scientific Director, Tokyo
Innovation Campus, Air Liquide
What role does Air Liquide play in the
electronics industry?
As society becomes increasingly digital, the electronics
industry is faced with growing demands for increased
performance and production of semiconductors.
Air Liquide helps the industry by providing the ultra-pure
gases and innovative materials necessary for
manufacturing chips. The Group’s innovation capacity
facilitates the development and manufacturing of the
highest-quality, fastest and most powerful nanoscale
devices.
What challenges are electronics players facing?
In roughly 15 years, the size of silicon transistors has
already decreased from 65 to 5 nanometers. At this scale,
flawless quality, product stability, safety and reliability are
critical, which is why the electronics industry has specific
and very stringent quality requirements for all gases and
chemicals supplied to its production plants. In addition to
these technological challenges, the industry is also
committed to producing semiconductors with smaller
environmental footprints, to contribute to low-carbon
computing.
How is Air Liquide supporting customers to meet
these challenges?
We are driven by our innovative mindset. Since the early
2000s, we have been working on materials called
precursors, which deliver specific tailored solutions to
customers in the memory and logic segments. More
recently, enScribe™ range materials allow etching at a
nanoscale with a minimized environmental impact. Over the
years, we have ramped up our expertise and now we offer
a unique portfolio of solutions and advanced materials
backed by the best innovation capability in the industry.
02_ALRA2021-RA&AC_GB_bat5.indd 34
28/03/2022 17:38
Ken Liu
Strategic Account Director, Electronics
activity at Air Liquide, Taiwan Island
In 2021, Air Liquide signed new contracts
with a key Taiwanese electronics player.
Can you tell us more?
Air Liquide’s global presence and its unique product
portfolio make it an attractive partner to electronics
leaders around the world. We are proud to have signed
new contracts with a key Taiwanese customer who is
taking its geographical expansion up a notch.
This customer will be opening a new manufacturing
site in Arizona, U.S., with a monthly capacity of
20,000 wafers(1), and we will be supplying ultra high
purity hydrogen, helium, and carbon dioxide to this facility.
We are also in talks with them to partner on further
expansion in Taiwan Island and Japan.
How does Air Liquide make the difference from
its competitors in the electronics sector?
When it comes to overseas expansion, semiconductor
manufacturers want to partner with suppliers they know
and trust. We have been supporting this customer and
most of the key electronics players for years. They are
reassured by our international presence and ability to
provide a single customer interface anywhere in the world.
Additionally, our product portfolio is simply the most
comprehensive on the market, from ultra-pure carrier
gases to novel advanced materials.
There is currently strong demand for
semiconductors, but an uncertain outlook in
areas such as supply chains and international
trade. Which challenges is Air Liquide facing as
it supports customers expansion?
Sustaining the rapid growth of the industry is not easy.
Our expertise and proximity with our customers around the
world promote optimal responsiveness and strict quality
control. Throughout the Covid-19 pandemic, we didn’t have
a single supply chain interruption. Our locations in key
electronics hubs like Japan and China also allow us to
secure the most cutting-edge solutions for our customers
and to support them in their relocation and expansion
plans.
35
“Our product
portfolio is
simply the most
comprehensive
on the market, from
ultra-pure carrier
gases to novel
advanced
materials.”
(1) Silicon wafers used for the manufacturing of integrated circuits.
Air Liquide
02_ALRA2021-RA&AC_GB_bat2.indd 35
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Achieve
36
01_A lasting carrier gas
partnership in Virginia, U.S.
Supplying one of the world’s largest
semiconductor manufacturers with
extensive carrier gas.
For over 30 years, Air Liquide has worked
closely with a key manufacturer, a
powerhouse of innovative memory solutions
present in Asia and North America. Upon
expanding their Manassas, Virginia site to
meet growing demand for digital products,
this customer agreed to a 15-year contract
extension with Air Liquide, increasing the
carrier gas supply requirements at its site.
This partnership is now Air Liquide Electronics
U.S.’ single largest investment to date.
02_Ultra-high purity low-carbon
hydrogen electrolyzers, Taiwan Island
Constructing low-carbon hydrogen electrolyzers
at the Tainan and Hsinchu Science Parks.
To meet the growing demand for high-purity
hydrogen in the electronics sector, Air Liquide is
investing in production units at the Tainan and
Hsinchu Science Parks, two of the most advanced
semiconductor basins in the world. The first
electrolyzer was successfully delivered in 2021.
When completed, the production site will have a total
capacity of 25 MW and will avoid 35,000 metric tons
of CO2 direct emissions annually. Those plants will
allow the Group to supply low-carbon hydrogen to
local semiconductor manufacturing plants.
02_ALRA2021-RA&AC_GB_bat3.indd 36
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37
03_For a more sustainable
semiconductor industry
Helping the electronics industry reduce its
carbon emissions through more efficient
semiconductors.
04_Localization of advanced
materials production
Supporting customers as they relocate
production closer to home for increased
supply chain security.
Air Liquide’s Advanced Materials centers design
cutting-edge technologies that enable the
production of the smallest semiconductors yet.
In turn, as devices shrink, they become better
insulated and more energy efficient, which has
allowed for energy savings even as global demand
surges. Between 2010 and 2018 alone, data
centers reduced their electricity consumption by
~297 TWHr thanks in part to the continued
performance improvement of semiconductors
and Air Liquide’s advanced materials.
Microchip manufacturing sites are facing
increased demand for advanced materials and
growing risks related to complex global supply
chains. This context is pushing them to localize
their materials sourcing. Air Liquide invests
alongside industry leaders in materials production
facilities, allowing them to ensure the quality and
the security of their supply. The recently
commissioned facility in Singapore expands our
existing network of centers, strategically located
in electronics hubs in Japan, South Korea, Taiwan
Island, the U.S. and Europe.
Air Liquide
02_ALRA2021-RA&AC_GB_bat2.indd 37
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Invent
The acceleration of the digital transformation both inspires and tests
the limits of the electronics industry. Air Liquide is leveraging its rich
expertise, innovation capability and global presence to help industry
leaders meet their challenges and make the most advanced
technologies a reality in everyone’s daily life.
Autonomous
driving
38
The rapid growth of
driver-assistance and car
connectivity functions is
bringing us closer and closer
to self-driving cars. This
progress is supported by
smarter infrastructure, more
powerful on-board processing
and the miniaturization of
real-time sensors, all of which
require larger quantities of
increasingly efficient
semiconductors. Air Liquide’s
innovative materials allow the
semiconductor industry to
meet this performance
challenge. The Group’s global
presence, production capacity
and quality management
system support both the
growth and the zero-defect
production demanded by the
automotive industry.
02_ALRA2021-RA&AC_GB_bat2.indd 38
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Artificial
intelligence
The reach of artificial
intelligence (AI) has
expanded rapidly in the last
decade, leaving no sector
of our daily life untouched.
AI requires extremely
powerful processors to
access and treat enormous
quantities of data in a
record time, imitating the
functionalities of a human
brain but surpassing by
far its capacity and
processing speed. The
semiconductors behind
these calculations must be
extremely powerful and
fast, but also energy
efficient. Air Liquide
leverages its innovation
capabilities and proximity
with the semiconductor
ecosystem to invent new
materials which allow the
semiconductor industry to
meet these challenges and
advance the abilities of AI.
39
Nanometric
solutions
The newest semiconductors
must be of impeccable quality
and capable of delivering peak
performance and minimal
environmental impact, all at
the smallest possible size.
EnScribe™, an Air Liquide
portfolio of advanced etch
materials, was developed in
partnership with
semiconductor manufacturer
partners to help them meet
both the technological and
environmental challenges of
manufacturing the tiniest
microchips. A significant step
towards low-carbon
computing.
Air Liquide
02_ALRA2021-RA&AC_GB_bat2.indd 39
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04_
40
Helping
industries
meet the
challenges of
tomorrow
02_ALRA2021-RA&AC_GB_bat2.indd 40
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Present in a wide variety of markets, Air Liquide is in a privileged
position to observe and detect new trends, needs and uses across
industrial ecosystems. Drawing on the powerful potential of
essential small molecules and data management, the Group
innovates with and for its customers to offer them new gas
applications that contribute to their operational efficiency
and address the challenges of both new emerging
markets and the energy transition.
2M
I N D U S T R I A L C U S T O M E R S
W O R L D W I D E
41
€2.9Bn
O F I N D U S T R I A L M E R C H A N T S A L E S
A R E R E L A T E D T O S O L U T I O N S T H A T P R O T E C T
L I F E A N D E N V I R O N M E N T
Air Liquide
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Foster
42
“Data is a
powerful tool
for improving
the customer
and employee
experience.”
(1) A program for digitizing the liquid
gas supply chain
Laure Pouyanné
Business Data Manager,
Industrial Merchant activity,
Air Liquide
How does digital data enable Air Liquide to
better meet the expectations of its customers?
Just like our customers, we have to produce
sustainably, offer a quality experience and meet the
latest industry expectations. Data is a powerful enabler
for us in overcoming these challenges. The Integrated
Bulk Operations1 program, which is currently being rolled
out, is a good example. By digitally connecting logistical
assets (production plants, tanks installed on customers’
sites or trucks), we are able to collect and analyze data to
optimize the liquid gas supply chain in real time. The key
here is that our logistics teams can anticipate customer
requests and identify the right time for delivery by
organizing more efficient and reliable delivery rounds. This
gives us an agile logistics chain for better customer service
while lowering our CO2 emissions!
What role do employees play in this digital
transformation?
Our employees are experts in our business processes and
are in close contact with our customers. So involving them
from the start is crucial when working together to build
solutions that can improve our operational efficiency. This
in turn provides a better customer experience. For
example, the Digital and R&D teams worked with operators
in France to design a solution that would increase their
productivity in preparing customer orders for gas cylinders
while optimizing handling operations.
What is the greatest challenge in optimizing
data management?
Supporting decision-making, anticipating needs, managing
performance and more. There is a wealth of data available
and our teams were quick to see the value in capitalizing
on it. So much so that you hear them talking about “their”
data. Now the challenge is to upskill and train teams, an
indispensable investment that maximizes the potential of
data. In the future, using data will be part and parcel of
employees’ everyday work.
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Steve Hope
Vice President Markets &
Strategy, Industrial Merchant
activity, Air Liquide
A new ecosystem intelligence approach is being
tested in the Industrial Merchant activity. What does
this involve?
Essentially, it is about challenging our orthodoxies around
how we look at current and new markets. The idea is to go
outside our normal bounds and look at all stakeholders,
their drivers of change and their interactions. We then build
a strategic analysis that better addresses an individual
market, prioritizing actions and reducing the time to market
for relevant solutions. To do this, we need to be part of a
broad, diverse ecosystem where we are connected with
key stakeholders. Supported by the i-Lab,(1) we’re testing
the approach on some market segments such as water
treatment in the pharmaceutical industry.
How strategic is this approach for your business?
To stay ahead in a fast-changing world, we must detect
trends and understand how they will shape our business
regarding new customers, stakeholders (customers,
customers’ clients, suppliers, public authorities, etc.) and
business models. By being proactively involved in an
ecosystem, we can deepen our knowledge and ask
ourselves the right questions: What will this customer look
like in five years? How will energy transition trends affect
customers, and what impact will they have on their
business and on the value chain? Who are the new players
in the market? This approach puts us at the forefront of
change so we can understand how disruption impacts our
customers’ needs, and we can anticipate their future
expectations and come up with new solutions.
What is the value for Air Liquide and your
customers?
An ecosystem-based process gives a much better read of
the customer’s environmental, regulatory and supply chain
context across markets, helping us to prioritize actions
and align resources. We start with their pain points and
ecosystem changes and then build on them using a
customer-centric approach. This can also lead to unlikely
pairings or partnerships that accelerate our thinking and
shape customer outcomes. By identifying critical water
treatment challenges within the pharmaceutical industry
that could be addressed by our technological expertise, we
forge new connections to solve issues and create value for
every player in the ecosystem.
43
“There is a
transformation
underway that
demands a
completely
different way of
understanding
and engaging our
customers and their
key stakeholders.”
1. Air Liquide’s foresight department which investigates emerging trends
and topics, and develops foresight tools and methodologies.
Air Liquide
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Achieve
44
01_A production furnace
at a glass plant
Reducing energy consumption and
CO2 emissions by improving the
oxy-combustion process.
Glass manufacturers are increasingly
seeking to improve energy- and cost-
efficiency and furnace profitability while
reducing pollutants. Air Liquide’s heat-
oxycombustion technology improves the
glass production process by reusing heat
that would otherwise be wasted. An EU-
funded study at a Bulgarian glass factory
demonstrated that heat-oxycombustion
reduced emissions of CO2 by 19% and of
nitrogen oxides by 90%.
02_An innovative training
approach for welders
Supporting welding customers to become
more competitive around the world.
In the highly competitive metal fabrication
market, customers seek increased productivity,
improved quality and cost reductions.
Air Liquide U.S. subsidiary Airgas offers a
comprehensive, systematic program to help
customers gain more value and continuously
improve. The innovative “Unlocking the Hidden
Cost of Welding™” program provides
professional training, quality management
methods and ongoing digital benchmarking
tools, and is currently being successfully
deployed in Europe and in Asia.
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45
03_Integrated and sustainable
water treatment solution
Partnering with Inopsys, a Belgian
specialist in treating chemical and
pharmaceutical wastewater.
Some waste waters from complex industrial
processes are non-recyclable and often
transported for incineration, a costly and
CO2-intensive process. Air Liquide offers its
customers an integrated and sustainable
solution, developed in collaboration with
Inopsys, that uses hybrid technology to
purify wastewater streams on site. The
Group initially shared its pioneering work in
advanced oxidation with Inopsys, and now
supplies the company with pure oxygen and
strategic expertise.
04_Indoor vertical farming
Developing a foothold on indoor vertical
farming in Singapore through a new
partnership with the company &ever.
Aiming to create a buffer from supply
disruptions and produce 30% of its
nutritional needs locally by 2030, Singapore
called upon the German company &ever to
develop indoor vertical farming in the
country. Air Liquide will support &ever’s
sustainable operations to supply carbon
dioxide, crucial for plant growth, which can
help increase their yield and growth rate.
Air Liquide
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Invent
To meet the challenges facing society, a profound transformation of
industry is underway. Air Liquide is contributing by working with its
customers to build more innovative and sustainable industries. The
Group develops new solutions for the future that support those involved
in bringing about new industrial revolutions, whether that is
electric vehicles, 3D printing or the agriculture of tomorrow.
Electrical
revolution
46
The electric vehicle
revolution is gaining speed
and Air Liquide is a key
player, as gases are crucial in
manufacturing the next
generation of batteries with an
extended range and a reduced
carbon footprint. The Group
provides its expertise to the
world’s leading companies in
this ecosystem. Gas solutions
are needed along the entire
value chain, from extracting
raw materials and producing
electrodes to assembling cells
and recycling.
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Additive
manufacturing
In 2021, the first 3D-printed
metal bridge was inaugurated
in Amsterdam. This was a
technological feat to which
Air Liquide made a major
contribution. The Group shared
the welding and additive
manufacturing expertise of its
R&D teams and provided
shielding gases to MX3D, the
tech start-up that masterminded
the project. More generally,
industrial gases play a key role
throughout the chain of additive
manufacturing processes,
ensuring their safe execution,
operational stability and the final
quality of the metal parts.
47
Alternative
proteins
equipment solutions to
those working in this field.
The Group has forged R&D
and industrial partnerships
notably in Belgium, Canada,
France and Germany, to
support the development of
this high-growth sector.
By 2050, the Earth will
have 10 billion inhabitants,
and food production will
need to increase by 70%.
This global challenge will
mean using new sources of
accessible, sustainable
proteins such as plant
proteins, insects or proteins
derived from fermentation.
Air Liquide is committed to
this transition through the
supply of gas and
Air Liquide
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At the
forefront of
48
01. Quantum computing
02.
Cryogenic
technologies
03. Fusion
04. Space
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Technological progress promising solutions to some of
humanity’s most pressing issues is closer than ever.
From new energies to space exploration and quantum
computing science, Air Liquide develops cutting-edge
solutions and hands-on expertise to ensure that tomorrow’s
world really does arrive.
technological
progress
49
Air Liquide
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50
Quantum
computing
Minimal temperatures, maximum benefits
Air Liquide, a pioneer in ultra-low temperatures, ventured even further into the
cold with the 2020 acquisition of CryoConcept, a company specialized in extreme
cryogenics. They have developed a dilution refrigeration solution that
approaches absolute zero (-273,14°C), temperatures crucial for ground-breaking
scientific research into quantum computing that promises to accelerate the
search for new drugs, the discovery of new materials and even cyberdefense.
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Cryogenic
technologies
Capturing, cooling and storing to save energy
51
Used initially in the space industry, Air Liquide’s Turbo-Brayton technology has found a
promising market in the maritime transport of liquefied natural gas (LNG). Onboard LNG
tankers, it prevents boil-off, contributing to the reduction of economic loss and CO2
emissions. This technology is also used to liquefy biomethane that can then be easily
transported to its point of use, such as bio-NGV (natural gas for vehicles) stations or
industrial customers. This promising fuel alternative is a sustainable source of energy,
of which Air Liquide will produce 1.8 TWh annually on a global scale by the end of 2022.
Air Liquide
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52
Fusion
A powerful energy of the future
A powerful, safe and man-made source of energy, comparable to the sun,
with zero carbon emissions - this will soon become a reality. The ITER
experimental reactor, currently under construction in France, is expected to be
operational by 2025. Air Liquide is supplying the world’s largest centralized
helium plant and the equipment that provide the cooling power essential to
producing this clean and renewable energy of the future.
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53
Space
Exploring new frontiers
With over 50 years’ worth of technological contributions to international space
programs such as the International Space Station or the European launcher,
Air Liquide has always been a key player in the development of space
technology. As the pace of progress accelerates, our expertise in oxygen,
hydrogen and space cryogenics technologies guide the industry’s
innovation, from projects aiming to establish human colonies in space
to the next generation of launch vehicles and ground systems.
Air Liquide
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At
the heart of
the future
54
01.
Building a
better employee
experience
05.
Helping
start-ups grow
02.
06.
Developing
solutions jointly
with our customers
03.
Promoting
dialogue with our
shareholders
04.
Joining forces to
build powerful
ecosystems
Participating
in collective
initiatives
07.
Creating more value
with our suppliers
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Being competitive and innovating over the long term is only
possible because of the trust of our employees, customers and
patients, shareholders and all stakeholders with whom we maintain
a relationship based on dialogue, responsibility and transparency.
It is by forging connections and fostering inclusive exchanges that
Air Liquide can build the Group’s future and contribute to a more
sustainable world.
acting in
confidence
with and
for all
55
Air Liquide
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Building
a better
employee
experience
experience
56
Debora
Trevisan
is the Director of
Human Resources
for Air Liquide Brazil.
A psychologist by
training, she has an
MBA and began her
career in HR more than
25 years ago, as an HR
specialist. Since her
arrival at Air Liquide in
2019, she has focused
on transforming the
company culture in
Brazil and improving
the employee
experience.
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At Air Liquide, we create an engaging and
inclusive environment that allows each
employee to flourish. In Brazil, this approach
has helped develop team motivation and
strengthened collaboration between teams.
What is Air Liquide’s approach to strengthening
the employee-employer relationship?
We place our employees at the center of everything we do,
and we encourage them to grow and develop their
potential through our program ‘Be, Act, Engage’. This
initiative is based on dialogue and collaboration. We also
ensure that our employees connect with and understand
the company’s larger goals and objectives, which is why
employee engagement is a key pillar of Air Liquide’s
sustainable development strategy. In this context, we have
launched many initiatives.
What key initiatives are you most proud
of launching?
It’s impossible to choose! We have implemented new
programs in several areas: safety, development,
collaboration, inclusion and diversity, health and well-being,
social responsibility. To do so, we have listened to
employees’ expectations and engaged them in their
implementation. For example, we created a Diversity
Committee and founded ‘Give an UP to your CV’ to
increase the inclusion of disabled persons in the
workforce. We’ve remodeled our offices to include more
collaborative spaces and implemented a new remote-work
policy. I’m also very proud of CuidAR, a well-being program
that promotes mental, physical and emotional health.
Did you see changes in employee engagement?
Definitely! The benefits of these programs are tenfold
and are demonstrated in a concrete fashion by our survey
results. With My Voice, the Group program to measure
employee engagement at Air Liquide, we have seen an
increase of several points in our engagement index between
2020 and 2021. Another survey, the Great Place to Work
external review compares us with the Brazilian market, and
we have risen 13 points just between 2019 and 2021! These
are great signs that our commitment to creating a
welcoming and motivating environment for everyone within
the company is working. Additionally, a representative of one
of our suppliers told me that she had noticed positive
evolution in our employees’ relationships with her team and
she asked me for our strategy so that she could use it in her
own company. That’s what I am most proud of!
Towards a
learning
organization
At Air Liquide, we believe
in lifelong learning where
employees continuously
create, acquire and
transfer knowledge. At the
heart of our ‘learning
organization,’ Air Liquide
University’s role is to foster
innovation, openness,
performance and diversity
across the Group. New
learning methods are
incorporated in order to
keep the Group in step
with 21st-century trends
such as climate change
and the energy transition.
In 2021, 74% of employees
have received at least one
training course.
Listening to our
employee’s
voices
Air Liquide has launched
My Voice, a program that
measures employee
engagement. The
principles behind it are
simple: listening,
understanding and acting.
Since its 2019 launch,
feedback from employees
has been collected on an
annual basis to better
understand their
expectations and to
pinpoint and take relevant
actions, thus improving
their experience. In 2021,
83% of employees
participated in this survey.
Air Liquide
57
Believing in
diversity as a
source of
performance
With 66,400 employees
in 75 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 committed to
creating equal
opportunity for all and
promoting a culture of
inclusion, and has also set
ambitious gender equality
goals. In 2021, 31% of
engineers and
professionals were
women, and four
of the current
14 Executive Committee
members are women.
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Developing
solutions
jointly with
our customers
58
Jan
Remeysen
is CEO of BASF
Antwerpen, the second
biggest Verbund site
of BASF, the world’s
largest chemical
company. After
receiving his PhD in
Chemistry, he started
his career at the
company 25 years
ago. Since then he has
worked in multiple
departments at
BASF Antwerpen,
as well as at the
company’s
headquarters in
Ludwigshafen,
Germany.
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A key technology in the long-term strategy
for fighting climate change, carbon capture and
storage (CCS) is at the heart of this collaboration
between Air Liquide and its partner BASF.
You are working with Air Liquide to implement Kairos@C,
a carbon capture and storage (CCS) system in the port of
Antwerp, Belgium. Can you tell us more?
We are planning to develop the world’s largest cross-border CCS
value chain, including all the stages of carbon capture, from drying
and compressing to liquefaction and storage at sea. Air Liquide will
use its CryocapTM technology to capture and purify the CO2, and
BASF will apply its Sorbead® solution for drying the CO2 which will
be transported via pipelines on both banks of the Scheldt River to
a liquefaction terminal. We are tackling hard-to-abate emissions,
from chemical processes where there is currently no other way of
avoiding CO2 emissions. This will lead to an estimated 14.2 million
metric tons of CO2 emissions avoided over the first ten years of
Kairos@C’s operation. The infrastructure in the port of Antwerp will
be available to other industrial players in the region as well.
That sounds like a major milestone on the route towards
low-carbon industry.
It certainly is! Importantly, Kairos@C is the first complete value
chain of its kind. Besides sequestering CO2 at scale from the
moment we go operational, we will deliver proof of concept to
other regions. Alone, this work would be impossible to do, but
through this partnership we are able to create a large-scale
structure with which we can launch the value chain process
and attract other industrial players. The fact that we were
chosen among seven selected projects, out of 300 applicants,
for funding by the EU Innovation Fund is a testament to our
innovation power and the maturity of this project, as well as the
strength of our partnership.
How are Air Liquide and BASF working together to make
this happen?
Air Liquide is contributing gas capturing and liquefaction technology
expertise that is central to the process, and BASF is bringing in
knowledge, experience and contacts that help Air Liquide further
develop the project. We collaborate on the technical and strategic
levels. We regularly review and adjust our strategy, notably through
technical reviews. This is nothing new for us, as our companies have
been working together in Antwerp since the early 1960s. Each
partner concentrates on its own strengths, which feeds the growth
of complementary expertise and a mutually beneficial relationship.
Customer
experience:
from listening
to action
With its commitment to
delivering exceptional
customer experience, in
2017, Air Liquide launched
the Voice of the Customer
platform. This digital tool is
used to collect and analyze
feedback from customers
and patients across the
world in real time, meaning
any dissatisfaction can be
swiftly remedied. The
platform gives each Group
entity the ability to measure
customer and patient
satisfaction in a spirit of
continued improvement and
transparency. More than
200,000 customer and
patient reviews have
already been posted on the
platform, which has been
rolled out in over
60 countries.
59
A comprehensive
on-site gas
management
solution
for hospitals
To help hospitals and health
centers manage medical
gases, Air Liquide has
developed a fully
customized solution, Total
Gas Management (TGM),
which handles all medical
gas operations. Airgas, the
U.S. subsidiary of
Air Liquide, works with
400+ hospitals and
healthcare locations around
the country to support them
in optimizing their supply,
monitor parameters and
handle all logistics. This
allows caregivers to focus
on patients and hospitals to
operate at peak efficiency.
This service was especially
pertinent during intake
peaks during the Covid-19
pandemic as order volumes,
internal protocols and PPE(1)
requirements rapidly
changed.
Air Liquide
(1) Personal Protective Equipment
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Promoting
Promoting
Promoting
Promoting
dialogue with
dialogue with
dialogue with
dialogue with
dialogue with
our shareholders
our shareholders
our shareholders
60
Simmoni
de W.
Head of Finance at a
start-up specializing in
software, Simmoni de
W. has been an
Air Liquide Shareholder
since 2017. A member
of the SCC from 2017
to 2020, she continues
to be a voice for
Shareholders. She is
also involved with the
French NGO Passerelles
numériques, which
enables young people
from underprivileged
backgrounds in South
Asia to build their
employability through
education in the digital
sector.
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Through the Shareholders’ Communication
Committee (SCC), Air Liquide promotes
dialogue and gives a voice to its
Shareholders.
As a former member of the Shareholders’
Communication Committee (SCC), how would
you describe your experience?
My time on the SCC was extremely rewarding. I was very
pleasantly surprised by how attentive Air Liquide is toward
its Shareholders. I felt that my voice was being heard and
that I had a seat at the table. In particular, I had the chance
to openly ask Benoît Potier questions, in a transparent
manner, at our SCC meetings. It was a great honor. I also
appreciated the depth and diversity of the committee
members, in terms of age, background, expectations and
more. Working with people from different walks of life and
generations is an inspiring experience. Our profiles
complemented each other and gave us a more creative
and broader perspective.
Was there an initiative that particularly caught
your attention?
During our meetings, we would address a wide range of
topics, such as Air Liquide’s communication tools or the
use of social media to target a younger audience. But it
was the share ownership events that Air Liquide
participates in, such as Investir Day, that really stood out
for me. It was an opportunity for participants to meet and
talk to the Group’s experts on Air Liquide’s projects and
capacity for innovation.
As one of the younger Shareholders, how did
you contribute in that respect?
By striving for a greater emphasis on communicating via
digital channels, with a stronger presence on social media.
The goal is to reach young people who, nowadays, are
more readily focused on crowdfunding and don’t
necessarily think about investing in a future-oriented
company like Air Liquide. Indeed, the role of the SCC is to
put share ownership into the hands of the people and to
dispel the perception held by young people that it is
institutional or overly formal. Air Liquide is doing its utmost
in this regard.
Dialogue with
Shareholders is at
the heart of the
Group’s
philosophy
The Shareholder Services
Department, which counts
around 40 experts,
maintains a privileged
shareholder dialogue on an
ongoing basis. In addition,
the online Shareholder
Portal was revamped in
2021. More intuitive, it offers
a clearer presentation of
the various elements related
to stock market
transactions. It also allows
registered Shareholders to
have a consolidated view of
their portfolio and to follow
its evolution, and brings
together the various
account documents of
direct registered
Shareholders. Shareholding
has never been so simple!
61
The SCC: A voice
for Shareholders
In 1987, Air Liquide was the
first company to establish a
SCC. Chaired by the
Group’s CEO, Benoît Potier,
the committee meets three
times a year and each
member is appointed for a
three-year term. On the
agenda: meetings,
discussions with internal
and external experts, and
active participation in
Shareholder communication
projects.
The General
Meeting: THE
highlight of
Shareholder
democracy
In 2022, the Annual General
Meeting will once again be
held in-person. However,
it will also feature a new
digital dimension,
in particular thanks to
optimized replay. Air Liquide
will then hold a regional
Shareholders’ meeting on
May 12 in Lille, France.
Air Liquide
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Joining forces
to build powerful
ecosystems
ecosystems
62
Glenn
Llewellyn
is Vice President,
Zero-Emission Aircraft
at Airbus. He began
his career as an
engineer at the
company in 2004,
working on the A350.
He then headed up
Airbus’ Research and
Technology portfolio
dedicated to reducing
the climate impact of
its products. He is
widely recognized as
a leader on climate
strategy for aviation.
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In partnering with Airbus to help bring the
first zero-emission hydrogen aircraft to the
skies by 2035, Air Liquide is deepening a
historic partnership where the Group both
brings and gains expertise.
Promoting
hydrogen on the
global stage
Convinced that hydrogen
will be one of the drivers
of the energy transition,
leaders from the energy,
transport and industrial
sectors decided to join
forces in 2017, under the
impetus of Air Liquide and
Toyota. Their objective:
promoting a long-term
vision of hydrogen
technologies and usages,
and stepping up its
large-scale deployment.
Today, the Hydrogen
Council includes over 130
executives from large
international firms that
participate along the
entire hydrogen value
chain, as well as
investment companies.
Momentum is building around hydrogen, with
adoption set to rapidly expand in the coming
decades. What role is it going to play in the
aviation sector?
At Airbus, we believe zero-emission aviation is the future,
and the widespread adoption of hydrogen is critical to
securing this. As investment increases across countries
and sectors, hydrogen will become a competitive and
sustainable fuel source. Our ZEROe concept aircraft
enable us to explore a variety of configurations and
hydrogen technologies that will shape the development of
our future zero-emission aircraft. Our goal is entry-into-
service by 2035, and for that to become a reality, the
development of the necessary hydrogen infrastructure at
airports also needs to match our pace.
Why did you choose Air Liquide as a partner for
the ZEROe project?
A more sustainable future for aviation cannot be achieved
alone, so we have been reaching out to partners with
complementary expertise. Air Liquide is a long-term partner
that has a storied reputation for innovating and delivering, and
they have the right hydrogen expertise and technologies
needed to help Airbus deliver on our ZEROe ambition, both
on the ground and on board. Air Liquide also challenges us in
a constructive way, which strengthens our ability to bring
a winning solution to market. At their core, Airbus and
Air Liquide are strategically aligned and we are both fully
committed to building a more sustainable future for aviation.
How is Air Liquide directly contributing to this
initiative?
Air Liquide teams are leveraging their expertise and
technologies in hydrogen storage, production and
distribution to help us design the on-board aircraft
technologies for adapting liquid hydrogen to aviation uses.
On the ground, they are also playing a key role in the
development of hydrogen hubs at airports, working with
key operators like Groupe ADP and VINCI Airports to map
out the future of hydrogen airport infrastructure.
63
Setting sail
toward new
hydrogen
solutions
Traveling the world to
demonstrate the key role
of hydrogen in the energy
transition is the mission of
Energy Observer, the first
energy-independent
laboratory ship for
zero-emission navigation.
Air Liquide has been
involved in this adventure
since 2017, helping raise
awareness around energy
transition challenges.
Energy Observer recently
took a new step forward
with the design of a cargo
ship powered by liquid
hydrogen. This initiative is
being carried out in
collaboration with
Air Liquide as part of a
partnership reinforced in
2021. The aim is to
decarbonize maritime
transport, which accounts
for 3% of global annual
CO2 emissions.
Air Liquide
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Helping
start-ups
grow
64
Hugo
Cence
is co-founder and CEO
of Intact, a start-up
that develops
ultrasonic and 3D
quality control tests for
industrial equipment.
After studying material
and structural
mechanics, he worked
in the Middle East and
then in Marseille,
France, in the R&D
laboratory of an
engineering company.
In 2015, Hugo joined
Ekoscan,(1) along with
a friend from his
graduating class with
whom he founded
Intact in 2021, in
cooperation with
ALIAD, the venture
capital investor of
Air Liquide.
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Alongside industrial and academic partners,
Air Liquide is also working with start-ups to
accelerate its innovation strategy. The goal: to
develop the Group’s future technologies and
enrich its portfolio of sustainable solutions.
Open
ecosystem
innovation
To foster the innovation
ecosystems in which the
Group has played a
major role for many
years, Air Liquide relies
on its five Innovation
Campuses (Paris,
Frankfurt, Delaware,
Shanghai and Tokyo),
where researchers,
customers, academics
and entrepreneurs come
together to imagine
together the solutions of
tomorrow, and on its
Campus Technologies
(Grenoble), which
manufactures innovative
solutions for its
customers. The Group
currently has more than
400 academic, industrial
and start-up partnerships.
65
Intact develops industrial quality control tests.
What does this involve in concrete terms?
Using unique technology, we have designed a robot that
allows us to model the interior of a structure in 3D, based
on ultrasonic tests, without affecting the integrity of the
equipment. Our solution enables quality control of all types
of metallic or composite structures (pipes, aircraft hulls,
etc.). It is currently used on Air Liquide sites, but also by
companies such as ArcelorMittal, EDF and ExxonMobil,
which see several advantages in the technology: avoiding
industrial risks and improving the safety of operators,
particularly for maintenance operations at height. We can
also provide predictive maintenance using algorithms that
estimate the remaining life of equipment.
ALIAD, Air Liquide’s venture capital investor, has
invested in Intact. What motivated this partnership?
To start, there was the meeting between Ekoscan and
Air Liquide’s R&D teams in 2015. Together, we developed a
customized monitoring solution for the inspection of
hydrogen purification units and a robot to deploy this
technology in an automated manner at Air Liquide’s industrial
sites. Then we decided to create the start-up Intact together.
This allowed us to structure a collaboration that had already
existed for several years. ALIAD participates in Intact’s
governance and is helping us to grow faster, for example by
taking a minority stake in the Canadian company, Arcanite(2),
to make it an exclusive partner and an operational base for
development in North America.
What does Air Liquide bring you, beyond
the financial investment?
We regularly exchange with their materials engineering
experts to better understand the equipment we control.
We also learn a lot about equipment integrity from the
engineers who design gas production units, especially
those related to hydrogen. Commercially, the fact that we
have been able to test our technologies in different
contexts for Air Liquide enables us to propose very
convincing business cases to our other customers.
ALIAD: the
investor of
start-ups of the
future
Air Liquide Venture Capital
(ALIAD) is the venture
capital investor of the
Air Liquide Group. Since its
creation in 2013, it has made
more than 35 investments in
technology start-ups
operating in three key
sectors: energy transition,
healthcare and digital.
Accelair, the
Group’s deep
tech start-up
accelerator
Accelair provides start-ups
with a tailor-made hosting
service and personalized
support from Air Liquide
experts. In 2021, three new
start-ups joined Accelair:
Umiami, which uses a unique
process to reproduce 100%
vegetable meat; Sirius
Space Services, which is
developing a reusable
launcher for nano, micro and
mini-satellites; and
Carboneo, which offers an
innovative process for
reducing CO2 emissions.
Located at the heart of the
Paris Innovation Campus,
Accelair houses a total of
eight start-ups.
(1) Manufacturer of advanced
equipment for the industry.
(2) Company specialized in
non-destructive testing for the
industry.
Air Liquide
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Participating
in collaborative
initiatives
initiatives
66
Bertrand
Piccard
is a Swiss explorer,
psychiatrist and
pioneer in clean
technologies. In 1999,
he completed a
non-stop balloon trip
around the globe, and
in 2016 he conducted
the same feat in a
solar-powered aircraft,
the Solar Impulse 2.
Chairman of the Solar
Impulse Foundation,
Bertrand Piccard’s
explorations have
always been inspired
by his commitment to
protect the planet.
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Based on shared vision and expertise,
Air Liquide builds enduring relationships
with visionary pioneers in sustainable
solutions like the Solar Impulse Foundation
to spark change in society.
Acting within
communities
Working closely with
partners, the Air Liquide
Foundation funds both
scientific and community
projects that have a positive
impact on society. One
flagship initiative develops
innovative professional
integration programs for
technical and industrial
careers, helping individuals
to develop the skills that are
in demand in fields where
Air Liquide can bring
expertise. Mostly powered
by partnerships with NGOs,
this initiative empowers
young adults without
diplomas, jobs or training,
especially those from
disadvantaged areas, to
take control of their own
professional destiny.
67
The Solar Impulse Foundation and Air Liquide
have been collaborators for 25 years. Tell us
about your first meeting. Can you tell us more
about this partnership?
My first contact with Air Liquide was in 1997 when
they provided the helium for my balloon and oxygen for the
crew during my third attempt to travel around the world.
They were already an incredibly performing company that
was creating innovative solutions meeting environmental
challenges, even at that time. Then in 2016, Air Liquide
provided the life support system for Solar Impulse pilots.
It was important to find a company that could deliver
oxygen all around the world and Air Liquide was the
perfect partner for that. When I launched the 1000+
Solutions(1) Challenge, they became one of the main
partners of my Foundation.
How does Air Liquide’s expertise help you in
your mission to preserve the environment?
Air Liquide is a key player in the Foundation’s Expert
Community, an independent group of science, engineering
and business professionals. Their experts undertake
rigorous and objective assessments of technologies
seeking our Efficient Solution Label, which is given
to leading processes and products that combine
economic and environmental performance. As for now,
30 Air Liquide experts have assessed more than
300 technologies over the course of our partnership.
How do you explain the success of this long
partnership?
The main reason is the convergence of our vision and the
quest for excellence. We share the common goal of
offering low-carbon and efficient processes, products and
services that are economically viable, and we both have
fantastic teams and dedicated professionals working hard
to make this vision reality. Our partnership is natural. We
have recently renewed it for four more years and our
shared ambition is to continue to accelerate the adoption
of cleantech solutions in the energy sector and beyond.
An investment
fund dedicated
to clean
technologies
In partnership with
Rothschild & Co. and the
Solar Impulse Foundation,
Air Liquide has created a
€250 million investment
fund dedicated to the
development of high-
potential small- and
medium-sized companies
working on environmentally
friendly solutions. This fund
invests notably in the
sectors of clean energy,
clean mobility, agriculture,
the circular economy,
water management and
smart cities.
Promoting
oxygen access
Air Liquide has joined
forces with Unjani Clinics
to provide widespread
access to an integrated,
permanent oxygen
therapy solution in
92 primary healthcare
clinics in South Africa.
Under the partnership,
medical oxygen will be
supplied to the entire
Unjani Clinics network
and medical staff will be
trained to use the
equipment. In 2021,
24 sessions were held to
train over 100 nurses in
the use of this equipment.
(1) Bertrand Piccard set a challenge
in 2017 to select 1,000 efficient and
profitable solutions that protect the
environment.
Air Liquide
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Creating more
value with our
suppliers
68
Andrés
Martínez
joined Transmol in
2020 as Logistics
Director, having
worked in logistics
since 2002. Fittingly
for someone whose
job is to keep things
moving, Andrés
Martínez has seen
the world: a trained
naval architect, he
completed an MBA
in Houston, returning
to his native Spain to
start his career in 1992.
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To reduce the Group’s carbon footprint from
transporting its gases, Air Liquide is partnering
with carriers like Transmol to convert their truck
fleets to run on alternative fuel sources.
Air Liquide wanted to shift the heavy vehicles used
to transport its gases to clean fuel sources. Transmol
played a key role in this in Spain, can you tell us
more about it?
We’ve been driving Air Liquide pressurized gas in the
industrial market for 10 years. In 2017, we decided to
replace diesel trucks at the end of their service life with
trucks running on natural gas for vehicles (NGV). Since
then, the proportion of NGV trucks in our fleet that serves
Air Liquide has risen consistently. 50 out of 55 units have
now made the transition to NGV.
What were the challenges of changing to NGV, and
how did Transmol and Air Liquide work together to
surmount them?
Air Liquide contacted experts and invested in gathering
valuable information before the switch to NGV. They
ensured the change would be profitable for us and for
them before committing, and they were able to prove it to
us with efficiency and safety data. The research carried
out allowed us to make the switch with confidence. We
were already familiar with the gas itself, as we specialize in
transporting large volumes of NGV, and we shared our
relevant experiences with Air Liquide as well. We worked
together to determine the best roll-out of NGV in our fleet.
How has Transmol benefited from this switch?
We will soon start to see a positive economic impact from
switching to a green fuel like NGV. Operating costs are
tipping in our favor as taxes on diesel are rising. We also
have improved our own environmental performance, which
will benefit us in operational terms as cities in Spain start
to impose restrictions on CO2 emissions. Moreover, having
trucks running on NGV allows us to avoid harmful particles
such as NOx and SO2. This partnership allowed us to
create more value for our own company.
A lower
environmental
impact for gases
transportation
A minor amount of air gases
and hydrogen produced by
Air Liquide are transported
by road - the rest travel either
by pipeline or are provided
through units directly installed
at the customers’ sites.
Thanks to the success of
delivery optimization
programs, efficiency
continues to improve as part
of the Group’s goal of
reducing its carbon footprint
linked to gases transportation.
The Group aims to convert
20% of its global truck fleet
and 50% of its European fleet
to alternative fuels by 2025.
A sustainable
procurement
policy
Air Liquide endeavors to
build sustainable and stable
relationships with its
suppliers, as part of a culture
of mutual trust. The goal is
to achieve long-term
partnerships and high
standards of safety,
reliability, competitiveness
and innovation, while
accommodating ethical
practices and sustainable
development. These
principles are officially
recognized via a Supplier’s
Code of Conduct and a CSR1
commitment clause in
contracts.
Safety, a
fundamental
value
Safety is an integral part of
Air Liquide’s operational
excellence and culture. The
Group is committed to
efficiently reducing the
exposure of its employees,
customers, subcontractors,
suppliers and local
communities to professional
and industrial risks, in all
circumstances. Air Liquide
is working closely with
suppliers to improve their
road safety records. For
instance, onboard
technologies such as
cameras that can detect
driver fatigue are installed in
trucks to detect driver
fatigue and distraction, help
change driving habits when
necessary and provide
visibility of the vehicle’s
surroundings.
69
Air Liquide
(1) Corporate social responsibility
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Performance
2021
70
In 2021, Air Liquide achieved excellent performance, in spite of a
complex economic environment. From dealing with the Covid-19
pandemic and the sharp rise in inflation to the challenges of the
energy transition, the Group’s teams have stepped up in all areas,
demonstrating resilience and great adaptability.
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A regular long-term
performance
2021 key
financial figures
EVOLUTION OF
GROUP REVENUE
over 30 years (in millions of euros)
23,335
14,457
4,851
8,328
1991
2001
2011
2021
+5.4%
average
annual grow th (1)
EVOLUTION OF ADJUSTED
NET EARNINGS (2)
PER SHARE
over 30 years (in euros)
5.45
3.58
0.79
1.61
1991
2001
2011
2021
+6.7%
average
annual grow th (1)
EVOLUTION OF ADJUSTED
DIVIDEND (2) PER SHARE
over 30 years (in euros)
2.90 (3)
1.65
0.26
0.65
1991
2001
2011
2021
+8.3%
average
annual grow th (1)
REVENUE
€23,335M
+ 8. 2% (4)
RECURRING NET PROFIT
(Group share)
€2,572M
+ 13.3% (5)
OPERATIONAL MARGIN
17.8%
+ 70 bps (6)
EFFICIENCY GAINS
€430M
71
GEARING
47.5%
INVESTMENT DECISIONS
€3.6bn
(1) Calculated according to prevailing rules over 30 years.
(2) Adjusted for the 2-for-1 share split in 2007, for free shares attributions
and for the capital increase completed in October 2016.
(3) 2021 dividend subject to the approval of shareholders at the
General Meeting on May 4, 2022.
(4) On a comparable basis (excluding currency and energy effects).
(5) Excluding exceptional and significant operations not impacting
operating income recurring.
(6) Excluding energy impact.
Air Liquide
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DISTRIBUTION OF 2021
GROUP REVENUE
(in millions of euros)
2021 GAS & SERVICES
REVENUE BY ACTIVITY
(in millions of euros)
DISTRIBUTION OF 2021
GAS & SERVICES REVENUE
BY GEOGRAPHY
(in millions of euros)
681
(3%)
Global Markets
& Technologies
387
(2%)
Engineering
& Construction
2,096
(9%)
Electronics
3,706
(17%)
Healthcare
717
(3%)
Middle East
and Africa
4,790
(22%)
Asia Pacific
72
9,487
(43%)
Industrial
Merchant
8,445
(38%)
Americas
22,267
(95%)
Gas & Services
6,978
(31%)
Large Industries
8,315
(37%)
Europe
INNOVATION
(2021 figures)
GROUP SHAREHOLDERS
(as of December 31, 2021)
€304M
of innovation expenses including
€100M dedicated to the
energy transition
354
new patents filed
>400
industrial and scientific
partnerships and collaborations
with start-ups
67%
institutional
shareholders
33%
individual
shareholders
€2.90
dividend per share
proposed at the AGM
of May 4, 2022
505,000
individual shareholders
including 117,000 direct
registered shareholders,
165,000 intermediary
registered shareholders
and 223,00 bearer
shareholders
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Environmental,
social and governance
(ESG) indicators
In March 2021, Air Liquide announced the
reinforcement of all its sustainable development
objectives, which are based on three pillars.
Act
8,445
Americas
FOR A LOW-CARBON
SOCIETY
FOR
HEALTH
IN
CONFIDENCE
In line with the Paris Agreement,
the Group’s goal is to achieve
carbon neutrality by 2050,
with two major intermediate
steps:
by 2025: begin to reduce CO2
emissions in absolute value;
by 2035:
-33%(1)
decrease in CO2 emissions
from scopes 1 and 2,
compared to 2020.
Additionally, Air Liquide maintains
its objective of reducing the
Group’s carbon intensity by 30%
by 2025(2) compared to 2015.
by improving the quality of life of
patients with chronic diseases in
advanced economies, and by
facilitating access to medical
oxygen in low- and middle-
income countries.
1.8Mpatients were cared for at home
by Air Liquide in 2021, including
38%
who are following a personalized
care pathway, which amounts to
671,000 patients.
1M
people in low- and middle-
income countries had access
to medical oxygen.
by engaging with employees and
building best-in-class governance
practices.
73
31%
of engineers and professionals in
2021 were women. Air Liquide
is aiming for 35% of engineers
and professionals to be
women by 2025.
34%
of employees benefited from
the common basis of care
coverage in 2021, with a target
of 100% coverage by 2025.
1.1
Accident frequency rate.(3)
Slight increase compared with 2020
(0.9), which was the lowest rate in 20
years, in line with the strong business
recovery in 2021.
(1) In tons of CO2-equivalent, restated to include from 2020 and each following year the full-year emissions of assets acquired and integrated after 2020, scopes 1 and 2. Scope 2
emissions calculated from the specific supplies (market-based): the Group hence adopted the methodology recommended by the GHG Protocol.
(2) In kg CO2-equivalent/euro of operating income recurring before depreciation and amortization at 2015 exchange rate and excluding IFRS 16, with scopes 1 and 2 of reported
greenhouse gas emissions, applying the “market-based” method for the scope 2.
(3) With work stoppages per million hours worked.
Air Liquide
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Our
profile
Our business
model
~ 64,500
committed employees
in 78 countries
Long-term
vision and
sustainable
growth strategy
Extensive scientific
and technical
expertise in industrial
gases (oxygen, nitrogen,
hydrogen, etc.)
>3.8M
customers and patients
4,500
employees
contributing
to innovation
5
Innovation Campuses
1
Campus Technologies
13,500
patents
2 industrial gases
production modes
Centralized production
On-site production at
customer sites
3 industrial gases
distribution networks
>9,700 km of pipelines
for large quantities
~20 million cylinders
for small quantities
~9,900 trucks for
medium 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
74
A world leader
in industrial
gases and
related
services
A unique
model
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Our
activities
Supporting almost all
economic sectors
LARGE INDUSTRIES
Industrial gases in large quantities
in the framework of long-term
partnerships
Chemicals
Refining
Metals
30%(1)
INDUSTRIAL MERCHANT
Materials & energy
Industrial gases in small and medium
quantities, application technologies,
small equipment and related services
serving a wide range of customers
40%(1)
Automotive & fabrication
Food & pharmaceuticals
Technology & research
Entrepreneurs & distributors
ELECTRONICS
Ultra-pure gases in large
quantities and development of
new molecules
9% (1)
Semiconductors
Flat panels
Photovoltaic
75
HEALTHCARE
Medical gases, products and
services to support patients and
customers in the hospital and at
home
16%(1)
GLOBAL MARKETS
& TECHNOLOGIES
Molecules, equipment and
services to support the energy
transition and deep tech(2)
markets
3%(1)
ENGINEERING
& CONSTRUCTION
Plants and equipment for
industrial gas production
2%(1)
Hospitals
Home healthcare
Specialty ingredients
Energy transition
Deep tech(2)
Customers choosing
to insource their
industrial gas needs
(1) Percentage of 2021 Group revenue.
(2) Disruptive technologies based on scientific breakthroughs that can
fundamentally change design and production methods.
Air Liquide
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Consolidated income
statement (summarized)
AS OF DECEMBER 31, 2021
(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
76
- Minority interests
- Net profit (Group share)
Basic earnings per share (in €)
2020
20,485
-14,557
5,928
-2,138
3,790
-140
3,650
-440
-678
-4
2,528
93
2,435
5.16
2021
23,335
-17,002
6,333
-2,173
4,160
-150
4,010
-408
-915
5
2,692
120
2,572
5.45
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Consolidated
balance sheet (summarized)
AS OF DECEMBER 31, 2021
Assets (in millions of euros)
12/31/2020
12/31/2021
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
13,087
21,401
1,123
35,611
1,406
3,033
1,836
6,275
91
41,977
13,992
23,984
1,216
39,192
1,585
3,611
2,311
7,507
84
46,783
Equity and liabilities (in millions of euros)
12/31/2020
12/31/2021
77
Shareholders’ equity
Minority interests
Total equity
Provisions and deferred tax liabilities
Non-current borrowings
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
18,543
462
19,005
4,290
10,220
969
218
34,702
316
4,462
218
2,240
7,236
39
21,462
537
21,999
4,419
10,506
1,033
382
38,339
309
5,614
228
2,256
8,407
37
TOTAL EQUITY AND LIABILITIES
41,977
46,783
(1) Including fair value of derivatives.
Air Liquide
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Consolidated cash flow
statement (summarized)
AS OF DECEMBER 31, 2021
(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
78
Transactions with minority shareholders
Change in borrowings and lease liabilities (including net interests)
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
2020
4,932
364
-90
5,206
-2,630
-129
804
-1,955
-1,387
44
-50
-16
-1,019
-1
822
1,719
2021
5,292
377
-98
5,571
-2,917
-660
225
-3,352
1,418
175
-40
-37
-497
17
420
2,139
03_ALRA2021-RA_GB_bat2.indd 78
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A I R L I Q U I D E .C O M
See our annual publications on our website:
Annual Report, Sustainability Report,
Universal Registration Document,
Shareholder’s Guide, Interactions.
YO U T U B E
L I N K E D I N
T W I T T E R
Air Liquide Corp channel
linkedin.com/company/airliquide
@AirLiquideGroup
Complimentary copy. Published by the Communications department of the Air Liquide Group,
75 quai d’Orsay, 75007 Paris, France
Publication Director: Benoît Potier. Editor: Alexandra Rocca. Date of publication and legal deposit: March 2022. ISSN: 2803-6220.
Photo credits: in order of appearance, p. 1: Julien Lutt/Capa Pictures, p. 2-3: Energy Observer Productions/Antoine Drancey,
p. 4: Antoine Doyen, p. 6: François Roelants, p. 9: Gorodenkoff/Getty Images – Wayne Eastep/Getty Images – Sinology/Getty Images
– Betsie Van Der Meer/Getty Images, p. 11: Antoine Doyen – Julien Lutt/Capa Pictures – Carlos Crespo/Capa Pictures – Olga Kolleeny/
Capa Pictures – Laurent Attias, p. 12: Franck Juery, p. 13: Franck Juery – Mourad Mokrani – Terry Halsey, p. 14-15: Tim Robberts/Getty
Images, p. 18: Mourad Mokrani, p. 19: Air Liquide, p. 20: Adrien Daste – Sasol, p. 21: Air Liquide – Bertrand Holsnyder, p. 22: Olive/Getty
Images, p. 23: Eternity in an Instant/Getty Images – Bim/Getty Images, p. 26: Julien Lutt/Capa Pictures, p. 27: Julien Lutt/Capa
Pictures, p. 28: Adrien Daste – portishead1/Getty Image, p. 29: Sophie Loubaton/Capa Pictures – vgajic/Getty Images, p. 30: Pyrosky/
Getty Images, p. 31: BirdHunter591/Getty Images – Adrien Daste, p. 34: Christopher Jue/Capa Pictures, p. 35: David Wang/Air Liquide,
p. 36: Adrien Daste, p. 37: Narumon Bowonkitwanchai/Getty Images – Philippe Roy/Getty Images, p. 38: Artur Debat/Getty Images,
p. 39: Bloom Productions – Adrien Daste, p. 42: Mourad Mokrani, p. 43: Aaron Auyeung, p. 44: tomasworks/Getty Images – Pau Hana
Productions, p. 45: jonathanfilskov-photography/Getty Images – AzmanJaka/Getty Images, p. 46: Maskot/Getty Images, p. 47: Thijs
Wolzak – d3sign/Getty Images, p. 48-49: Amparo García/EyeEm/Getty Images, p. 50: Olivier Guia/CryoConcept, p. 51: Akiromaru/
Getty Images, p. 52: Eduard Muzhevskyi/Science Photo Library/Getty Images, p. 53: South_agency/Getty Images, p. 54-55: Franck
Benausse/Le Square, p. 56: Arnaldo Kikuti, p. 58: Yann Manac’h/Capa Pictures, p. 62: Hervé Gousse, p. 64: Laurent Cipriani/Capa
Pictures, p. 66: Thomas Hensinger/Solar Impulse Foundation, p. 68: Gianfranco Tripodo/Capa Pictures, p. 75: Adrien Daste –
Air Liquide – Sanjeri – Olivier Fernandez/IStock – Thomas Cortesi – Alexandre Aldavert.
Design and production:
(ref.: ALRA021) Printers: FOT Imprimeurs.
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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 2,614,100,703.50 euros.
A world leader in gases,
technologies and services
for industry and health,
Air Liquide is present in
75 countries with around
66,400 employees and
serves over 3.8 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.
2021
Annual
Report
At the
heart
of
the future
00_ALRA2021-RA_GB_couv_bat2.indd 1-3
25/03/2022 18:15
Arnaud,
employee at
Air Liquide
France Industrie