L'Air Liquide S.A. Annual Report 2022

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FY2022 Annual Report · L'Air Liquide S.A.

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

Advancing

Access
the digital
version

02 _ C O N T E N T S

A world of
challenges

p. 04

Advancing
with confidence

p. 10

Advancing to
meet the world’s
challenges

p. 26

Advancing
with you

p. 56

Cover: Taken by Air Liquide on the occasion of Génération Hydrogène, the cover photo represents hydrogen mobility on its way to
the future. Twenty-two hydrogen cars drive down Avenue Foch in Paris, forming the H2 symbol to represent hydrogen.

A W O R L D O F C H A L L E N G E S _ 0 3

What does it mean to advance? At Air Liquide,

a group deﬁned by future-oriented thinking,

advancing means inventing the future by responding

to the challenges facing society and seeing them as

opportunities instead of roadblocks. It means tackling

climate change, contributing to the transformation

of healthcare systems, accelerating key markets

of the future, supporting industry progress and

continually renewing our commitment to develop

concrete solutions that have a real impact. And most

of all, it means delivering long-term, sustainable

performance for all our stakeholders.

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04 _ A W O R L D O F C H A L L E N G E S

“The cement industry is a
strategic one, and the essential
work of decarbonizing it is
already underway. We can
reach this goal. At EQIOM, we
aim to make our Lumbres plant
in northern France the first

carbon-
neutral

cement plant in Europe by
2028. This means rethinking
production methods and
integrating new technologies
that will enable us to meet our
CO2 emissions reduction targets.”

Pierre Bultez
Public Policy Manager
at EQIOM

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A I R L I Q U I D E 2 0 2 2 _ 05

Dr Stefan Larsson
Chairman and Co-Founder of
the International Consortium
for Health Outcomes
Measurement (ICHOM)

“The aim of anyone working
in healthcare should be to
improve patient outcomes.
Patient-reported data allow
us to build replicable care
models that continually

improve
outcomes

while reducing total costs,
helping tackle healthcare
challenges and bringing
value to providers,
professionals and, most
of all, patients.”

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06 _ A W O R L D O F C H A L L E N G E S

“Employees today expect
companies to help them reach
their full professional potential,
but also to leave them time
and energy for their personal
lives. To do so, I employ three
management principles. First, I

communicate
proactively

and with transparency about
intentions and challenges.
Second, I empower and
encourage team members
to make their own decisions,
while also opening doors for
underrepresented groups.
And finally, I prioritize speed
and simplicity to enact
change as quickly as possible.”

Taki Nkhumeleni
Large Industries & Industrial
Merchant (LIM) Program
Director for Europe
Industries at Air Liquide

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A I R L I Q U I D E 2 0 2 2 _ 07

Olivier Mareuse
Executive Vice President,
Director of Asset
Management and of Saving
Funds at Caisse des Dépôts,
member of the Executive
Committee of Caisse des
Dépôts

“As the leading public
institutional investor
in France, Caisse des
Dépôts places long-term
shareholding at the heart
of its investment strategy.
We closely examine the
individual challenges facing
each company and business
sector, using financial and
extra-financial performance
criteria (environment, social,
governance). Our aim is to
support companies in their

sustainable
growth

strategies by encouraging
them to adopt the best ESG
standards and practices.”

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08 _ W O R L D O F C H A L L E N G E S

“The European Union faced
many geopolitical and economic
upheavals in 2022 including
hydrocarbon supply difficulties
and rising energy prices. This
situation has provoked an

accelerated
shift

in both energy usage and
production methods by
encouraging the adoption of
low-carbon technologies. It has
also triggered a historic surge in
public policy. This momentum
is happening on a global scale.
In the United States for example,
the Inflation Reduction Act (1)
is encouraging companies to
invest in green energy.”

(1) The U.S. Inﬂation Reduction Act, in place since
January 1, 2023, aims to curb inﬂation by reducing
the deﬁcit, while meeting the challenges of climate
change and strengthening the social security system.

Marc-Antoine
Eyl-Mazzega
Director of the Energy & Climate
Center at the French Institute
for International Relations
(Institut français des relations
internationales - IFRI)

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A I R L I Q U I D E 2 0 2 2 _ 09

Luana Cattan
Chemical engineering
Master’s student at
University of Campinas
in São Paulo, Brazil

“Corporate social responsibility
will be the most important
criterion in the job I choose
when I am ready to join
the workforce. I need to feel
comfortable with my work,
so joining a company with

a strong
sustainability
agenda

will be a requirement. I believe
major industrial companies have
a responsibility to develop realistic
solutions for a climate-neutral
future and to start implementing
them.”

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10 _ A D V A N C I N G W I T H C O N F I D E N C E

Advancing
with
confidence

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A I R L I Q U I D E 2 0 2 2 _ 11

Advancing with conﬁdence is advancing together with our stakeholders
toward a sustainable future. It is a conviction that has led us to put sustainable
development at the heart of our growth model. It is a mindset and an ambition
embodied by everyone in the Group and those within our ecosystem.

Editorial by Benoît Potier, Chairman of the Board of Directors (p. 12)
Interview with François Jackow, Chief Executive Ofﬁcer (p. 1(cid:26))
Governance (p. 18) Business Model (p. 22) Performance (p. 2(cid:22))

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12 _ A D V A N C I N G W I T H C O N F I D E N C E

Believing in the future
and, more than ever,

inventing it

Benoît Potier,
Chair man of Air Liquide’s
Board of Directors

We have reached a particular moment in the
history of the world, with geopolitical tensions as
well as energy and climate challenges becoming
primary concerns. This context of uncertainty is a
rallying call to action, with new energy approaches
now available to address the common need for
moderation, sovereignty and decarbonization. With
the requisite tools in hand, Air Liquide is proposing
innovative solutions and inventing a sustainable
future.

I am therefore conﬁdent in our future. Since its creation, our
Group has demonstrated its ability to take action regardless
of the situation, with the past three years being the most
recent proof of this. Our conﬁdence is driven by our capacity
to anticipate and design the solutions of the future, and we
continuously invest in new technologies to support the industrial,
electronics and healthcare sectors in their journey toward
progress.

My conﬁdence in the future is also founded on our capacity
to adapt. Our strength lies in our ability to respond to global
transformations and constantly expand our activities with
solutions for our customers, all while addressing the major
issues that impact society as a whole.

Finally, I am a fervent believer in the power of the collective,
which has always been a cornerstone of our business model.
Together with our employees, alongside our customers and
our partners, and with the support of our shareholders, we have
shown resilience and agility in initiating the transition toward a
low-carbon society. But for future generations, we must pick up
the pace. Our contribution to shared progress gives very strong
signiﬁcance to our individual and collective action. It is both what
motivates us and what helps us advance.

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A I R L I Q U I D E 2 0 2 2 _ 13

Champion
of climate
solutions

Interview with
François Jackow,
Chief Executive
Of ficer of Air Liquide

“The planet is in a state of emergency, and as of now
we have the capacity to provide concrete solutions to
the major challenges of decarbonizing industry.”

2022 was a pivotal year with the
launch of the new ADVANCE strategic
plan. What can you tell us about the
Group’s performance?

That it is very solid! In 2022, we
achieved another year of proﬁtable
growth despite a complex and
changing environment. Our reported
sales reached 29.9 billion euros, up
+7%, (1) and recurring net income grew

by +17%. (2) All our businesses – Gas &
Services, Engineering & Construction
and Global Markets & Technologies
– are up signiﬁcantly. Within Gas
& Services, all our geographies are
growing, in particular the Americas
and Asia Paciﬁc.

(1) on a comparable basis
(2) at constant exchange rates

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14 _ A D V A N C I N G W I T H C O N F I D E N C E

Focusing
on markets
of the future

In addition to revenue growth,
we have further improved our
operating margin thanks to
signiﬁcant efﬁciency gains and
the dynamic management of our
business portfolio. Moreover, in
the context of rising energy prices,
the Group has demonstrated its
ability to create value, enabling it
to adjust prices for customers. The
quality of these results illustrates
both the resilience of our business
model and the mobilization and
responsiveness of our teams, who
have done a remarkable job in
adapting to a volatile environment.
I would like to take this opportunity
to thank them.

I would also like to add that our
investment momentum, which is
the guarantee of our future growth,
has accelerated, particularly
in regard to hydrogen and the
transition to a low-carbon society.
Indeed, our investments have
reached a record level of nearly
4 billion euros. Finally, in terms of
extra-ﬁnancial aspects, our CO2
emissions (3) have remained stable
for the second year in a row. This
supports our goal of achieving
carbon neutrality by 2050.

These results show that ADVANCE,
our strategic plan combining
our ﬁnancial and extra-ﬁnancial
trajectory for 2025, is already
bearing fruit. On the basis of this
performance, we look forward to
2023 with conﬁdence.

“Our ADVANCE

strategic plan was

designed to provide

innovative solutions

to challenges

that are here to

stay. The current

context has acted

as an accelerator,

strengthening our

resolve to move

forward with a clear

goal: pursuing

our global
performance
trajectory.”

The energy crisis, inﬂation,
conﬂict in Europe… economic and
geopolitical instability seems to
be taking hold. Will this have an
impact on Air Liquide’s strategic
road map?

Without a doubt, 2022 was deﬁned
by a range of geopolitical, energy
and climate-related crises, which
have obviously had an impact on
our customers, our activities and
society as a whole. This complex
year conﬁrmed more than ever
the relevance of our road map, as
our ADVANCE strategic plan was
designed to provide innovative
solutions to challenges that are
here to stay. The current context
has acted as an accelerator,
strengthening our resolve to move
forward with a clear goal: pursuing
our global performance trajectory
by combining ﬁnancial and extra-
ﬁnancial performance.

This ambition is based on an
extremely solid foundation built
on the Group’s proven resilience;
the robustness of our business
model through the diversity of our
business lines and geographical
footprint; and of course our teams,
who demonstrated yet again this
year their ability to respond to
challenges. And, with ADVANCE,
we are now positioned at the
heart of the energy transition and
are focused on the markets of the
future, such as hydrogen mobility,
electronics, healthcare and high
technologies. All this provides
Air Liquide with unprecedented
positioning in terms of the current
global upheavals, and an excellent
opportunity to propel the Group into
the future.

(3) In metric tons of CO2 equivalent from Scopes 1 and 2
on a “market basis,” restated to take into account for a
full year from 2020 and each year thereafter, emissions
from assets, which correspond to changes in scope (both
upwards and downwards) and which have a signiﬁcant
impact on CO2 emissions.

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A I R L I Q U I D E 2 0 2 2 _ 15

regulation and, of course, support
from investors and consumer
adherence.

This means developing new
usages in sectors such as steel
and road transportation. We have
established several partnerships to
collectively support the opening of
these new markets. Additionally,
it means increasing our low-
carbon and renewable hydrogen
production capacities. To do so,
we intend to invest a minimum
of €8 billion in the low-carbon
hydrogen value chain by 2035.
One example is the Group’s largest
renewable hydrogen production
unit in Normandy, France, which
is under construction and will be
commissioned in 2025. We have
also signed long-term contracts
with industrial players in Europe
to supply them with low-carbon
hydrogen. In the United States, the
Inﬂation Reduction Act (4) will also
create several opportunities. Driven
by this unprecedented global
momentum, we aim to triple sales,
from €2 billion to €6 billion by 2035.

“It is necessary

to build an entire

ecosystem around

this technology.

To do so, political

strategies need

to promote the

development of

new
decarbonized
usages,

common regulation

and, of course,

support from

investors.”

Visiting the Air Liquide industrial site
in Hamilton, Ontario, in Canada.

Amid all these challenges, you
have made the climate crisis and
decarbonization a priority.

Indeed. My aim is to make
Air Liquide the champion of climate
solutions. This is an urgent priority
for the planet, and for us all. At
Air Liquide, we are already able
to provide tangible solutions to the
major challenges of decarbonizing
industrial activities. Moreover,
our solutions apply to both our
own activities and those of our
customers. Our expertise and
our thorough understanding of
their needs mean we can help
our customers meet their climate
commitments.

For example, we are developing
large-scale hydrogen technologies
for industry and mobility, and I
am proud to say that we have
been pioneers in this ﬁeld. We are
also established in CO2 capture,
biomethane and oxycombustion,
all areas that are in growing
demand. We therefore offer a wide
range of technologies based on our
key molecules. This is something
our customers appreciate, as shown
by our recent strategic partnerships
with cement manufacturer
EQIOM, reﬁner Eni and aircraft
manufacturer Airbus.

You have mentioned hydrogen
as a solution for the future. What
are the challenges involved with
accelerating growth in this ﬁeld?

The subject is no longer a matter
of debate. Hydrogen has a major
role to play in the decarbonization
of industry and heavy transport.
Its potential is huge, but we have
many collective challenges to
tackle before it can fully contribute
to the energy transition. Industrial
players will clearly contribute, but
it is necessary to build an entire
ecosystem around this technology.
To do so, political strategies need to
promote the development of new
decarbonized usages, common

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16 _ A D V A N C I N G W I T H C O N F I D E N C E

and innovative solutions, we aim
to improve the quality of life of
patients at the best cost for the
healthcare system.

You have been leading the Group
since June 2022. How do you see
the rest of the year?

With energy and determination.
And also with a great deal
of composure, owing to my
conﬁdence in the unwavering
commitment of our teams,
regardless of what the future
may hold.

Since my appointment, I regularly
meet with our teams, and every
time I do, I am impressed with their
proactive approach in a context
that frankly had the potential to
be unsettling. From one side of the
globe to the other, I have seen the
same commitment to satisfying
our customers, the same desire to
advance, innovate and create an
impact. This is a great source of
pride for me as a leader, and I am
deeply grateful to them.

The coming months will without
a doubt be complex and full of
surprises. But we are ready and
determined to meet the needs and
expectations expressed by our
customers and patients, and to
invent a more sustainable future
together.

Discussing with a researcher at the
Shanghai Innovation Campus.

“I went to meet

the teams, and I

saw everywhere

the same desire

to satisfy our

customers, the

same drive to

move forward

and create

impact.”

(4) The U.S. Inﬂation Reduction Act, in place since
January 1, 2023, aims to curb inﬂation by reducing the
deﬁcit, while meeting the challenges of climate change
and strengthening the social security system.
(5) A megafab is a very large capacity electronic chip
production unit.

In addition to decarbonization,
what are the other principal
growth drivers for Air Liquide?

Air Liquide’s major strength has
always been its dynamic and
diversiﬁed business portfolio,
which is rich in potential sources
of growth. I would like to mention
two. First is electronics, where
Air Liquide is currently a leading
supplier of ultra-high purity gases
and advanced molecules. A real
revolution is taking place in this
sector. The semiconductors market
is growing rapidly, driven by the
rapid development of artiﬁcial
intelligence and connected objects,
as well as by an increased need
for North American and European
sovereignty. This is evidenced
by the establishment of several
“megafab” (5) projects. We are
currently reinforcing our leadership
position in these geographic areas.

Our second major source of growth
is of course healthcare, and in
particular home healthcare. This
sector is continuing to evolve, after
having demonstrated its central
role during the public health
crisis. Our Group is making a
contribution. Both at hospital and
at home, our activity is committed
to a transformation toward
value-added offers for patients
and healthcare professionals.
By offering personalized support

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A I R L I Q U I D E 2 0 2 2 _ 17

Unlocking
progress 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:
hydrogen mobility, electronics,
healthcare, industrial merchant
and high technologies.
—
~€8 billion
will be invested in the
low-carbon hydrogen
value chain by 2035

Acting
for all

As a civic-minded company,
Air Liquide strives to ensure
that everything it does is in
the interests of its employees,
customers, patients,
shareholders and partners,
and, beyond that, of society as
a whole.
—
35%
of engineers and
managers will be
women by 2025

Providing
100%

of our employees with
common basis of care
coverage by 2025

Delivering
strong global
performance

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 invest
in the markets of the future.
—
+5 to 6%
average annual sales
growth (1)

>10% ROCE
from 2023

Start reducing CO2
emissions by 2025

Decarbonizing
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 has a key role to play.
The Group is committed to
decarbonizing its own operations
while helping customers to do the
same. Air Liquide plans to reach
carbon neutrality by 2050, with
an intermediate step of beginning
to reduce its CO2 emissions
around 2025.
—
-33%
CO2 emissions by 2035 (2)

~50%
of industrial investment
decisions will be devoted
to the energy transition (3)

(1) Compound annual growth rate (CAGR) of sales, on a comparable basis, over the period
2021-2025.
(2) In tons of CO2 equivalent, adjusted to include, from 2020 and for each subsequent year,
the full year’s emissions of assets acquired and integrated after 2020, scopes 1 and 2. Scope
2 emissions are calculated from purchased supplies (a market-based method): the Group
uses the method recommended by the GHG Protocol.
(3) Industrial investment decisions for projects over €5 million.

A
strategy
guided
by
ADVANCE,
our 2025
plan

The Group is pursuing
its ADVANCE plan,
placing sustainable
development at the
heart of its strategy
and positioning itself
on the path to global
performance that
combines financial
and extra-financial
performance.

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18 _ A D V A N C I N G W I T H C O N F I D E N C E

Board
of Directors

As of December 31, 2022

March 22, 2022, monitoring its
implementation and choosing
and executing the new unbundled
governance structure. As of
June 1, 2022, Benoît Potier
is Chairman of the Board of
Directors, and François Jackow
is Chief Executive Officer. The
work of the Board of Directors also
included a review of the situation
brought about by the geopolitical
and macroeconomic context, in
particular the conﬂict in Ukraine
and actions to take into account
the interests of Group employees
and stakeholders. The Board also
monitored the active pursuit of
industrial investment decisions,
in particular those related to
the energy transition in line with
the environmental objectives
announced by the Group; oversaw
the development of the Group’s
hydrogen activities; and decided
to distribute one free share for
every ten existing shares to
Shareholders in June 2022.

The Board of Directors is
composed of 12 members: 10
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. Four nationalities are
represented (American, British,
French and German) and 50%
of elected members are women.
Experience in ﬁelds including
industry, services, research and
innovation, healthcare, chemicals
and construction are represented
on the Board. Directors bring
transversal ﬁnance, corporate
social responsibility and digital
skills, as well as their leadership
vision of major international
groups.

The Board of Directors determines
Air Liquide’s strategy and ensures
its implementation, taking into
consideration the social and
environmental challenges of its
activities. Accordingly, it examines
and approves the Group’s major
strategic priorities, including multi-
year strategy linked to corporate
social responsibility.

In 2022, the Board of Directors
notably focused on reviewing
the new ADVANCE strategic
plan, which includes the Group’s
Sustainable Development
objectives, presented during
Capital Market Day on

Benoît Potier
Chairman of the Board
Born in 1957 – French

Geneviève Berger
Independent Director
Member of the Environment
and Society Committee
Born in 1955 – French

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A I R L I Q U I D E 2 0 2 2 _ 19

Kim Ann Mink
Independent Director
Member of the Remuneration
Committee
Born in 1959 – American

Aiman Ezzat
Independent Director
Member of the Audit and
Accounts Committee
Born in 1961 – French

Fatima Tighlaline
Director representing the
employees
Member of the Remuneration
Committee
Born in 1979 – French

François Jackow
Chief Executive Officer
and Director
Born in 1969 - French

Philippe Dubrulle
Director representing the
employees
Member of the Environment
and Society Committee
Born in 1972 – French

Siân Herbert-Jones
Independent Director
Chairwoman of the Audit
and Accounts Committee
Born in 1960 – British

Bertrand Dumazy
Independent Director
Member of the Appointments
and Governance Committee
Born in 1971 – French

Xavier Huillard
Independent Director
Lead Director
Chairman of the
Appointments and
Governance Committee
and of the Remuneration
Committee
Born in 1954 – French

Anette Bronder(1)
Independent Director
Member of the Audit and
Accounts Committee
Born in 1967 – German

Annette Winkler
Independent Director
Chairwoman of the
Environment and Society
Committee
Member of the Appointments
and Governance Committee
Born in 1959 – German

(1) The Board of Directors took note
of the resignation of Mrs Anette
Bronder with effect from January 3,
2023, due to her wish to take up an
executive position within an auditing
ﬁrm, which is incompatible with the
continuation of her term of office
as Director of L’Air Liquide S.A. The
Board met on February 15, 2023, and
decided to appoint Mrs Monica de
Virgiliis as Director for the remaining
term of office of Mrs Anette Bronder,
i.e., until the Annual General Meeting of
2024. Mrs Monica de Virgiliis has been
qualiﬁed as independent by the Board
of Directors.

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20 _ A D V A N C I N G W I T H C O N F I D E N C E

Executive

Committee

As of January 1, 2023

The Executive Committee coordinates Air Liquide’s various
programs and activities. It implements the strategy
defined by the Board of Directors and oversees operations,
the management of transformation projects and business
development. It also carries out strategic reviews and
monitors the Group's safety and operational performance.

François Jackow
Chief Executive Officer
Born in 1969 - French

François Abrial
Senior Vice President in
charge of the Asia Pacific hub.
Born in 1962 – French

Ronnie Chalmers
Vice President in charge of the
Africa / Middle East / India hub.
Born in 1968 - British

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.
Born in 1974 – French

Michael J. Graff
Executive Vice President
supervising the Americas hub.
He is also in charge of the
Electronics world business
line and the Engineering
and Construction activity.
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

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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

François Jackow

Jean-Marc de Royere
Senior Vice President in
charge of Development Aid.
He is also Chairman of the
Air Liquide Fondation.
Born in 1965 – French

Diana Schillag
Vice President in charge
of Healthcare activities in
Europe and the Healthcare
world business line. She also
supervises the Procurement
and the Efficiency Programs.
Born in 1971 – German

François Venet
Senior Vice President in charge of
Strategy. He also supervises the
Large Industries world business line.
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

In 2022, faced with the conﬂict
in Ukraine, the Executive
Committee came together
to take appropriate action to
protect employees in Ukraine,
support refugees and monitor
operations in Russia, which
ultimately led to the decision
to transfer, in a responsible
and orderly manner, its
activities in Russia to the local
management team in the
form of an MBO. (1) In addition,
the Executive Committee
closely followed major global

upheavals (the energy crisis in
Europe, high levels of inﬂation,
the ﬁght against climate
change in particular in Europe
and the United States, etc.)
to adapt how it carried out its
operations.

ability to cope with crises. It
has worked on implementing
this program across its
regions and activities, all while
continuing to apply the Group’s
Sustainable Development
objectives.

(1) Management buy out: the purchase
of a company by its managers.

On a strategic level, in March
2022, in an uncertain global
context, the Executive
Committee launched
ADVANCE, the new strategic
program for 2025, conﬁrming
its conﬁdence in the Group’s

ALRA022_GB_01_int_bat2.indd 21

05/04/2023 15:20

22 _ A D V A N C I N G W I T H C O N F I D E N C E

A unique
model

Air Liquide draws its strength from the resilience of its model, the diversity of its
businesses and regions, and its capacity to innovate in almost all sectors of the
economy. These are solid pillars on which the Group relies to pursue its long-term
growth dynamic and contribute to a more sustainable world.

Long-term vision and
sustainable growth
strategy

Large Industries
Industrial gases in large
quantities in the framework
of long-term partnerships

67,100

committed employees
in 73 countries

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

>3.9M

customers and patients

3,600

employees contributing
to innovation

A wide range
of customers
and applications

Air Liquide, a world
leader in gases,
technologies and
services for industry
and health

Innovation and Technologies
Campuses

Long-term customer
contracts indexed
to energy prices

~14,000

patents

Major ability
to innovate

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

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

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

Global Markets
& Technologies
Molecules, equipment and
services to support the energy
transition and deep tech (1) markets

>600

production units worldwide

Management and
optimization of gas production
and distribution chain

Engineering & Construction
Plants and equipment for
industrial gas production

(1) Disruptive technologies based on scientific breakthroughs that can fundamentally change design and production methods.

ALRA022_GB_01_int_bati.indd 22
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13/04/2023 10:55
13/04/2023 10:55

A I R L I Q U I D E 2 0 2 2 _ 23

Performance indicators
2022

A regular long-term
performance

Key ﬁnancial
ﬁgures

Evolution of Group revenue
over 30 years (in millions of euros)

29,934

15,326

4,562

7,900

1992

2002

2012

2022

+6.5%

average
annual growth (1)

Evolution of adjusted net earnings
per share over 30 years (in euros)
5.28

0.74

1.47

3.37

1992

2002

2012

2022

+6.8%

average
annual growth (1)

Evolution of adjusted dividend (2)
per share over 30 years (in euros)

2.95

1.65

0.26

0.67

1992

2002

2012

2022

+8.4%

average
annual growth (1)

Revenue

€29,934M

+7%(3)

Net proﬁt
(Group share)

€2,759M

+7.3%

Recurring net proﬁt (4)
(Group share)

€3,162M

+17.3%

Operational margin

16.2%

+70 pbs(5)

Efficiency gains

€378M

Gearing

41.8%

Investment decisions

~€4bn

(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) On a comparable basis (excluding currency, energy effects and
excluding signiﬁcant scope).
(4) Excluding exceptional and signiﬁcant operations not impacting
operating income recurring, at constant exchange rates.
(5) Operating Income Recurring on Sales excluding energy
passthrough impact.

ALRA022_GB_01_int_bat.indd 23

30/03/2023 13:45

24 _ A D V A N C I N G W I T H C O N F I D E N C E

2022 Group revenue
(in millions of euros)

2022 Gas & Services
revenue by activity
(in millions of euros)

2022 Gas & Services
revenue by geography
(in millions of euros)

887
(3%)
Global Markets
& Technologies

474
(2%)
Engineering
& Construction

2,558
(9%)
Electronics

10,525
(37%)
Large Industries

5,608
(20%)
Asia Pacific

3,923
(14%)
Healthcare

895
(3%)
Middle East
& Africa

10,680
(37%)
Americas

28,573
(95%)
Gas & Services

11,567
(40%)
Industrial
Merchant

11,390
(40%)
Europe

Groupe revenue

€29,934M

Innovation
(2022 ﬁgures)

Group Shareholders
(as of December 31, 2022)

€308M

of innovation expenses
including €100M dedicated to
climate solutions

350

new patents ﬁled

400

innovation partnerships
with academics, industrial
partners and start-ups

65%
institutional
Shareholders

35%
individual
Shareholders

€2.95

dividend per share
to be proposed at the
Annual General Meeting
on May 3, 2023

~750,000

individual Shareholders, including
123,000 direct registered Shareholders
and 181,000 intermediary registered
Shareholders

ALRA022_GB_01_int_bat2.indd 24

05/04/2023 15:20

A I R L I Q U I D E 2 0 2 2 _ 25

2022 environmental,
social and governance
(ESG) indicators

Air Liquide’s ambition is to contribute to a more sustainable world.
The Group’s growth model is now based on the principle of global
performance that combines economic growth and sustainable
development. In 2022, supported by the announcement of ADVANCE,
Air Liquide has made significant progress and confirmed the Group’s
alignment with its short-term and medium-term ESG objectives.

Act

For a low-carbon
society
In line with the Paris Agreement,
the Group aims to achieve
carbon neutrality by 2050:

• In 2022, the Group’s CO2
emissions from scopes 1 and 2
amounted to 39 million metric
tons of CO2 equivalent.

• CO2 emissions in absolute
terms decreased in 2022
by 0.3% compared to the
2020 baseline. (1) They have
remained stable for the
second consecutive year
in a strong business growth
context.

• This result is in line with

the ADVANCE plan’s
objective of reaching an
inﬂection point in 2025
before embarking on a
trajectory of lower CO2
emissions in absolute
terms.

For health
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.

1.9M
patients were cared for at home
by Air Liquide in 2022, including:

49%
who are following a
personalized care pathway,
which amounts to 910,000
patients.

1.8M
people in low- and middle-
income countries now have
improved access to medical
oxygen.

As a trusted partner
By engaging with employees
and building best-in-class
governance practices.

31.5%
of engineers and professionals
in 2022 were women.
Air Liquide is aiming for 35% of
engineers and professionals to
be women by 2025.

42%
of employees beneﬁted from
the common basis of care
coverage in 2022, with a target
of 100% coverage by 2025.

0.9
The lost-time accident
frequency (2) rate of Air Liquide
employees and temporary
workers decreased to 0.9 at the
end of 2022, compared to 1.1 at
the end of 2021.

(1) In tons of CO2-equivalent of scopes 1 and 2, on a “market-based" methodology, restated to take into account over a full year from 2020 and each subsequent year, the emissions
of the assets which correspond to changes in scope (upwards and downwards) and which have a signiﬁcant impact on CO2 emissions. Scope 2 emissions calculated from the
speciﬁc supplies (market-based): the Group hence adopted the methodology recommended by the GHG Protocol.
(2) With work stoppages per million hours worked.

ALRA022_GB_01_int_bat2.indd 25

05/04/2023 15:20

26 _ A D V A N C I N G T O M E E T T H E W O R L D ’ S C H A L L E N G E S

Advancing
to meet
the world’s
challenges

ALRA022_GB_01_int_bat2.indd 26

05/04/2023 15:20

A I R L I Q U I D E 2 0 2 2 _ 27

Advancing to meet challenges that the world is facing means making
innovation the driving force of our business strategy. It is leveraging
our expertise to address the challenges of today and anticipate those
of tomorrow. It is bringing to life the cutting-edge technology that will
accelerate the key markets of the future. And it is embracing a leading role
in developing solutions that matter for society.

Decarbonizing industry and mobility (p. 28) Unlocking progress through innovation (p. 44)

ALRA022_GB_01_int_bat2.indd 27

05/04/2023 15:21

28 _ A D V A N C I N G T O M E E T T H E W O R L D ’ S C H A L L E N G E S

Decarbonizing
industry and
mobility

Air Liquide has at its disposal a comprehensive
portfolio of technological solutions and services
to support the decarbonization of industry and
mobility worldwide. This spans from the production
and supply of low-carbon industrial gases to
CO 2 management and the optimization and
transformation of industrial processes.

ALRA022_GB_01_int_bat.indd 28

30/03/2023 13:45

A I R L I Q U I D E 2 0 2 2 _ 29

Reducing
CO2emissions
at the world’s
largest oxygen
plant

Your Guides:
[ Jens Juckel ], Senior
Process and Efficiency Expert,
Air Liquide, [ Lizelle Meyer ],
Operations Excellence
Manager, Air Liquide,
[ Cyril Sebei ], Mechanical
Area Manager, Air Liquide,
[ Simon Baloyi ], Sasol
Executive Vice President,
Energy Operations and
Technology

Secunda,
South Africa

n a way, these units are
coming back home,”
s a y s J e n s J u c k e l ,
gesturing toward a line
of seven rectangular towers rising
from a mesh of ground-level piping.
But, of course, these air separation
units (ASU) located in Secunda,
in South Africa’s Mpumalanga
Province, aren’t going anywhere.

As we head east across the expansive
site to loo(cid:78) at another ro(cid:90), (cid:45)ens, (cid:54)enior
Process and (cid:40)(cid:389)ciency (cid:40)(cid:91)(cid:83)ert at Air Liquide
Lar(cid:74)e (cid:44)ndustries (cid:54)outh Africa, e(cid:91)(cid:83)lains(cid:29)
(cid:354)Air Liquide (cid:90)as co(cid:80)(cid:80)issioned (cid:69)y (cid:54)asol
to (cid:69)uild these A(cid:54)(cid:56)s in (cid:20)(cid:28)(cid:26)(cid:28)(cid:17)(cid:355) Here, (cid:54)outh
Africa’s largest energy and chemical producer
operates a two-mile-wide site that boasts the
world’s highest oxygen production capacity.
The oxygen produced on-site is mainly used

to produce synthesis fuel and chemicals.
Following a 480 million euro deal in summer
2021, the oxygen plant is now owned by
Air Liquide(cid:17) (cid:354)(cid:58)e (cid:90)ill (cid:69)e o(cid:83)eratin(cid:74) all (cid:20)(cid:25) A(cid:54)(cid:56)s
for the next 15 years, in addition to the unit we
already o(cid:83)erate today,(cid:355) says (cid:45)ens, (cid:354)and since
we built them, it feels like we are coming full
circle.”

The deal is a key step in the long-
term relationship that the Group has
had (cid:90)ith (cid:54)asol for the (cid:83)ast (cid:23)(cid:19) years(cid:17) (cid:49)ot
only is Air Liquide o(cid:83)eratin(cid:74) the (cid:90)hole
oxygen production plant, but it is also
modernizing the units. In addition to
bringing benefits in terms of safety, reliability
and efficiency, the solution provided by
Air Liquide (cid:90)ill hel(cid:83) reduce the a(cid:80)ount of
CO2 e(cid:80)itted durin(cid:74) o(cid:91)y(cid:74)en (cid:83)roduction(cid:17) (cid:354)(cid:58)e
are ai(cid:80)in(cid:74) to cut e(cid:80)issions of the acquired
assets in (cid:54)ecunda (cid:69)y (cid:22)(cid:19)(cid:8) to (cid:23)(cid:19)(cid:8) (cid:69)y (cid:21)(cid:19)(cid:22)(cid:20),(cid:355)

ALRA022_GB_01_int_bat4.indd 29

07/04/2023 11:52

“Air Liquide
has brought us
global expertise.
It’s been very
positive for the
atmosphere.”

[ Cyril Sebei ]

“In both senses
of the term!”

[ Jens Juckel ]

30 _ A D V A N C I N G T O M E E T T H E W O R L D ’ S C H A L L E N G E S

explains Jens. “The most obvious option
is to use renewable energy.” Indeed,
Air Liquide and Sasol have signed
power purchase agreements for
the long-term supply of 480 MW of
renewable energy. Ultimately, the goal
is to procure a total capacity of 900
MW of renewable-generated power
for the site.

Other key contributions to reducing
CO2 emissions include improvements in
process efficiency and the introduction
of a new operating philosophy for the
acquired assets. “We have identiﬁed and

started work on a number of efficiency
projects from which we are already
seeing significant savings,” says Jens.
And then there are what he calls “the
quick wins”: running existing units more
efficiently. At the eastern set of ASUs,
Operations Excellence Manager Lizelle
Meyer talks us through them. “Under
Sasol, safety and reliability were para-
mount, as they are to Air Liquide. But
we now have a third primary focus as
well: energy efficiency, which we are
pursuing through advanced process
control optimization strategies.”

“We apply
digitalization
to make
maintenance
more effective.”

[ Lizelle Meyer ]

ALRA022_GB_01_int_bat2.indd 30

05/04/2023 15:21

A I R L I Q U I D E 2 0 2 2 _ 31

“The
partnership
between
Air Liquide
and Sasol is
anchored in
open, honest
and transparent
collaboration.”

[ Simon Baloyi ]

Air Liquide is also working with
identify and
the Sasol teams to
execute further opportunities for site
decarbonization. According to Simon
Baloyi, Sasol Executive Vice President,
Energy Operations and Technology,
the shared ambition to decarbonize
operations in Secunda is what makes the
partnership with Air Liquide successful.
“By improving the energy efficiency of
our operations and assets, we will reduce
steam usage, which will directly result in
less carbon dioxide emissions.”

“Then there is increased reliability
and safety, which has a direct impact on
efficiency. Air Liquide uses digitalization
to make maintenance more effective,”
explains Lizelle, introducing us to Cyril
Sebei, Mechanical Area Manager,

who is responsible for a maintenance
team. “With our extensive cold boxes
maintenance program, for example,”
explains the engineer, “we are not
only ensuring safety, but increasing
efficiency.”

“Air Liquide has brought a new
operational strategy to the acquired
Secunda assets,” Cyril continues.
“We now work with Sasol to forecast
demand and reduce c apacity
whenever possible.” He gestures over
to the hulking Sasol cooling towers. “For
some employees, the acquisition was
worrying at ﬁrst. As it turned out, though,
Air Liquide has brought global expertise
in industrial gases. It’s been very positive
for the atmosphere.” Adds Jens with a
chuckle: “In both senses of the term!”

ALRA022_GB_01_int_bat2.indd 31

05/04/2023 15:21

32 _ A D V A N C I N G T O M E E T T H E W O R L D ’ S C H A L L E N G E S

Delivering the
world’s glass
with less
gas

Your Guides:
[ Alessandro Pallotti ],
Key Account and Business
Development Manager at
Air Liquide Italy, [ Benjamin
Coiffier ], On-Site Innovation
Program Manager, Industrial
Merchant activity at Air Liquide,
[ Andrea Cendron ], Technical
Director at Verallia Italy

Pescia,
Italy

ntering the meeting
room at the Verallia
g l a s s p l a n t
i n
Pescia, Italy, the
ﬁrst thing one notices is all the bottles
of water in the middle of the table.
Luckily, we don’t have to wait long
until our host, Andrea Cendron,
Technical Director at Verallia Italy,
gestures toward them: “Please, help
yourselves,” he says, adding with a
chuckle, “We’re not running short.”

That’s certainly true: with 34 plants producing
more than 16 billion glass containers every
year, Verallia is the world’s third largest
manufacturer of bottles and jars for beverages
and foodstuffs. And after the tour – especially
the brief stop by the furnace – we’re thirsty.

“Glass is made by melting a mixture of
silica, contained in sand, or indeed recycled
glass – and this requires temperatures of
around 1,500°C,” Andrea explains. By way of
comparison, gold melts at just over 1,000°C;
lead is already liquid at 300°C. “Our produc-
tion process is highly energy intensive, so our
main challenge is to lower our carbon
emissions.

“This is where Air Liquide can help,” says
Alessandro Pallotti, Key Account and Business
Development Manager at Air Liquide Italy.
“In late 2021, Verallia announced ambitious
sustainability objectives, and we were able to
respond with a proposal specifically tailored
to the glass market. Here in Pescia, we will be
combining our new next-generation, on-site
oxygen production unit, which will be 10%
more energy efficient than the previous
generation, with our HeatOxTM technology,

ALRA022_GB_01_int_bat2.indd 32

05/04/2023 15:21

A I R L I Q U I D E 2 0 2 2 _ 33

“Our new-
generation
on-site oxygen
production unit
is more efficient
than current
systems. It lowers
both energy
consumption
and related
carbon
emissions.”

[ Benjamin Coiffier ]

“Then, there

is HeatOxTM, our
proprietary technology that harnesses
the high-temperature fumes emitted by
the furnace to preheat the natural gas
and oxygen fed into it. They must be at
about 500°C on entering the furnace.
Thanks to heat recovery, less energy is
needed to bring them up to temperature,”
Alessandro further explains.

According to Andrea, these
technologies are real game changers:
“By introducing pure oxygen as an

which will recover wasted heat from
furnaces to save up to 20% of the en-
ergy needed for the glass melting process.
The result: an 18% reduction in CO2
emissions. The solution will also deliver
an up to 90% reduction in nitric oxide
emissions, which in high concentrations
can be harmful to health.”

His colleague, Benjamin Coiffier,
On-Site Innovation Program Manager
at Air Liquide Industrial Merchant
activity, explains the details. “Let’s start
with oxygen: furnaces are heated by
burning natural gas with air. If pure
oxygen is used instead of air (this is
called oxycombustion), then nitrogen
and nitric oxide emissions are removed
from the process and efficiency is
higher.” He continues, “Now, separating
oxygen from air also requires energy,
but our new on-site oxygen production
units are more efficient than current
systems, which lowers both our energy
consumption and related carbon
emissions; they also produce purer
oxygen, further reducing nitric oxide
emissions.”

ALRA022_GB_01_int_bat2.indd 33

05/04/2023 15:21

34 _ A D V A N C I N G T O M E E T T H E W O R L D ’ S C H A L L E N G E S

“We will be
combining our
new-generation,
on-site oxygen
production unit
with our HeatOxTM
heat recovery
system to deliver
energy savings of
up to 20%.”

[ Alessandro Pallotti ]

oxidizer in our production process,
and using HeatOxTM to recover the
flue gas heat, we will vastly improve
our performance regarding specific
emissions compared to a conventional
furnace.” Air Liquide’s twin oxy-
combustion and heat recuperator
solution
into
service in Pescia at the beginning
of January 2024, and preparations
a r e a l r e a d y w e l l u n d e r w a y.

is scheduled to go

“For us as glass producers, long-term
planning and continuity of supply are
absolutely essential,” explains Andrea.
“Once we commission a new furnace, it
will be in continuous operation – day and
night – for its entire service life, which is
around 15 years. If we ever had to switch
it off, recommissioning would be difficult.”

“Here, our new-generation, on-site
oxygen production unit offers another

ALRA022_GB_01_int_bat2.indd 34

05/04/2023 15:21

A I R L I Q U I D E 2 0 2 2 _ 35

“We know that
Air Liquide is a
trusted partner
with whom we
can explore
future solutions
to our challenge
of reducing our
emissions.”

[ Andrea Cendron ]

is only the beginning. In Brazil, too, the
Group is working with Verallia to upgrade
its furnaces. As an important step toward
making glass manufacturing carbon
neutral, Air Liquide has completed
preliminary tests with another partner to
replace natural gas with hydrogen. “But
before we start talking about H2,” Andrea
jokes, “can I offer anyone some more
H2O?”

advantage,” says Benjamin. “Our unique
cryogenic system is more reliable than
pressure-swing absorption. It's also
more compact.” Alessandro nods:
“And just in case there are any teething
difficulties, we have contingency plans
to deliver oxygen by truck. Continuity
of supply is guaranteed at Air Liquide.”

“We have built up strong working
relationships at all levels,” says Andrea,
“and we know that Air Liquide is a trusted
partner with whom we can explore future
solutions to our challenge of reducing
our emissions.” Air Liquide’s support
of Verallia’s sustainability goals in Italy

ALRA022_GB_01_int_bat2.indd 35

05/04/2023 15:21

36 _ A D V A N C I N G T O M E E T T H E W O R L D ’ S C H A L L E N G E S

Building
the future of
renewable
hydrogen in
Normand’Hy

i s w h e r e
h i s
A i r
L i q u i d e ’ s
e l e c t r o l y z e r w i l l
be built,” indicates
Rahim Salemkour,
Project Director. “It is scheduled to
be commissioned in 2025 and will
be the largest in the world.” We are
in Port-Jérôme, a small town in a
region of Normandy, France, that
is known for its industrial prowess.

In front of us, construction is underway at
the site that will soon be home to the Group’s
new renewable hydrogen production unit.
“Air Liquide Normand’Hy is a large-scale
electrolyzer with an initial capacity of
200 megawatts,” Rahim explains. This is
equivalent to the average annual electricity
consumption of more than 235,000 French
households. “We will be able to produce

up to 28,000 tons of hydrogen per year
here through water electrolysis, which is a
production process that uses electricity to
‘break’ purified water molecules in order to
separate the hydrogen from the oxygen.”

Air Liquide Normand’Hy is the corner-
stone of a project aimed at decarbonizing
this industrial basin, which Air Liquide
is implementing alongside other major
industrial players in the region. The strong
level of interest in the project means it has
also garnered the backing of the French
government as part of an Important Project
of Common European Interest.(1)

“To enable this kind of large-scale
production of renewable hydrogen,”
states Rahim, “the Group has entered a

(1) Project selected among the 35 PIIEC “Hy2Use” projects.

Your Guides:
[ Rahim Salemkour ],
Project Director, Air Liquide,
[ Mathieu Cavélius ], Business
Developer, Air Liquide, [ Liliane
Herculano ], Project Manager,
Air Liquide

Port-Jérôme,
France

ALRA022_GB_01_int_bat2.indd 36

05/04/2023 15:21

A I R L I Q U I D E 2 0 2 2 _ 37

Developing a new
generation of
electrolyzers with
Siemens Energy
Air Liquide and Siemens
Energy have embarked
on a joint venture in the
large-scale production
of renewable hydrogen
electrolyzers.

The combined expertise of
the two leading companies
in their field will enable
a sustainable hydrogen
ecosystem to emerge in
Europe.

joint venture with Siemens Energy to
develop large-capacity electrolyzers.
This will allow us to pool our technology
and expertise in proton-exchange
membrane (PEM) electrolysis.” This
Franco-German partnership is crucial
for the development of a European
hydrogen sector, which Air Liquide is
spearheading.

Air Liquide has chosen to install
this new electrolyzer in Port-Jérôme
because it is a strategic location for
the Group. “We have had a presence
here since the 1970s and have
rolled out many technologies in the
region,” explains Mathieu Cavélius,
Development Engineer. Over time,
the Group has cemented its presence
by developing a pipeline network and
forging long-standing partnerships
with major refiners in the region who

use hydrogen to remove sulfur from
fuel.

“It was clear that we would
continue to roll out new technologies
here,” explains Mathieu. Indeed,
Port-Jérôme is already home to the
largest steam methane reforming
hydrogen production unit (2) operated
by Air Liquide in France, just a few
kilometers from the Normand’Hy site.
Here, in 2015, the Group installed its
Cryocap™ technology, which uses
cryogenics to capture up to 98% of

(2) Method separating the atoms that make up
methane (CH4). Using steam, hydrogen and carbon
dioxide are obtained. This is the most widely
used and most economical method of producing
hydrogen to date, but it does emit CO2 which can be
captured and utilized through various applications
thanks to CryocapTM technology.

ALRA022_GB_01_int_bat2.indd 37

05/04/2023 15:21

“Normand’Hy’s
major asset
is its ability
to produce
competitive
and carbon-
free hydrogen
on a large scale
from renewable
energy.”

[ Rahim Salemkour ]

38 _ A D V A N C I N G T O M E E T T H E W O R L D ’ S C H A L L E N G E S

footprint of industrial players can be
reduced,” said Mathieu. This hydrogen
will also be used to decarbonize heavy
transport, starting with heavy goods
and industrial vehicles, followed by
buses and commercial vehicles in the
region.

Not only will the Air Liquide
Normand’Hy site produce renewable
hydrogen, the project as a whole
has an environmental approach.
Liliane Herculano, a Project Manager
who deals with regulatory aspects,
explained: “Due to its size, the project

the CO2 emitted during hydrogen
production – a world first. Thanks to
Cryocap™, Air Liquide has created
new opportunities for capturing and
reducing the carbon emissions of
its own sites, as well as those of its
customers. “Today, we are seeing
great progress being made with the
construction of this vast electrolyzer,”
Rahim says. The main challenge lies
in sourcing the electricity that powers
it. “The electricity used will come from
wind turbines and photovoltaic solar
farms located near the site. This is
what we mean when we talk about
renewable hydrogen. There will be no
CO2 emissions produced during the
production process,” said Rahim. As
a result, up to 250,000 tons of CO2
emissions per year will be prevented,
the equivalent of the emissions of a
French city with 25,000 inhabitants. (3)

D o w n s t r e a m , A i r L i q u i d e
Normand’Hy will be connected to the
regional industrial ecosystem. This will
allow the hydrogen to be distributed
directly to industries in the area.
“We will continue to collaborate with
refining, petrochemical and chemical
companies that require hydrogen for
their production. Today, with the climate
challenges we are facing, it is a matter
of gradually replacing the hydrogen
we already supply with renewable
hydrogen. This way, the carbon

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A I R L I Q U I D E 2 0 2 2 _ 39

“This pioneering
project is a unique
opportunity for
industrial players
in this area of
Normandy, as well
as for mobility
– it will be a
milestone.”

[ Mathieu Cavélius ]

has been subjected to an environmental
assessment. With the help of an
environmental engineer, we carried
out a year-long fauna and flora impact
study, which represents a complete
life cycle.” This allowed Air Liquide to
adapt the project in terms of its design,
construction and operation. “As a simple
example, we decided to excavate the
site between September and October
2022, as this is a time of year when
animals are neither hibernating nor in
their breeding period,” explained Liliane.

Air Liquide has worked to preserve
the environment and support the entire
area surrounding the Normand’Hy
site. This project will contribute to the
economic development of the region
and build up a unique expertise in

hydrogen production. The Group is
already committed to developing this
expertise through the H2 Academy, a
higher education training initiative that
teaches younger generations in the
area about new career paths within the
hydrogen industry.

Air Liquide’s objective

is to
accelerate the development of
renewable and low-carbon hydrogen
on a global scale. To achieve this, it has
decided to invest at least 8 billion euros
in this area by 2035. The Normand’Hy
project is this ambition brought to life!

(3) In 2019, the Carbone 4 consulting ﬁrm estimated
the average emissions per person and per year in
France to be nearly 10 tons of CO2 equivalent.

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And also

Up to

98%

of CO2 emissions emitted by
a hydrogen production unit
captured thanks to CryocapTM.

Toward carbon
neutrality:
CCS, a promising
solution

then recovered for other
industrial uses. This unique
capture process will also be
integrated into Air Liquide’s
low-carbon and renewable
hydrogen production unit in
Grandpuits, France, which is
under construction as part
of a long-term contact with
TotalEnergies.

The Group is present across
the CCS value chain, from
CO2 capture to its transport
to sequestration sites. It is
deploying large-scale projects
in France, Belgium and the
Netherlands. Meanwhile, a joint
venture with Sogestran, called
OCEOS, is enabling Air Liquide
to participate in maritime
transport of carbon to meet the
needs of future CCS projects
in Europe.

How can large volumes of
CO2 emitted by industrial
players be captured in
the short term? Carbon
capture and storage (CCS)
is currently one of the most
viable and efficient solutions.

Air Liquide has been developing
CO2 management solutions for
15 years now, with a notable
example being its Cryocap™
system. In Normandy, France,
this solution is already in use
at the Group’s Port-Jérôme
hydrogen production facility,
where it uses cryogenics to
capture up to 98% of emitted
CO2. The liquefied CO2 is

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Accelerating
hydrogen
development
in the U.S.

Hydrogen mobility is growing in
the U.S. To meet the increasing
demand, Air Liquide opened
its largest liquid hydrogen
production facility in 2022, in
North Las Vegas, Nevada.

The facility and the associated
logistics infrastructure mark a 250
million dollar investment by the
Group in the national hydrogen
market. The plant has a production
capacity of 30 tons of liquid
hydrogen per day, which is enough to
fuel up to 40,000 hydrogen vehicles.
It will serve customers looking for
low-carbon solutions, notably those
in the mobility market in California.

A I R L I Q U I D E 2 0 2 2 _ 41

Biomethane:
for a
sustainable
energy mix

Air Liquide is committed
to the development of
biomethane, a key energy
source to decarbonize
transport and industry
and accelerate the energy
transition as part of a circular
economy approach.

The Group is positioned
as a partner of choice for
industrial players, farmers
and local authorities thanks
to its presence along the
entire biomethane value chain:
from biomass sourcing, to the
production of biogas and its
purification into biomethane,
to final transportation to
customers. With production

facilities in France, Norway,
Sweden, the United Kingdom
and recently Italy, the Group
is expanding its business on
a global scale. In the United
States, Air Liquide is currently
building its largest biomethane
production plant to date, in
Rockford, Illinois. And in China,
where biomethane has major
potential, the Group launched its
first production plant at the end
of 2022.

biomethane production plants
worldwide with production capacity
of 1.6 TWh per year, equivalent to
the average gas consumption of
approximately 333,000 people.

+25%

increase in capacity over the past
3 years.

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Taking to the

skies, powered

by hydrogen

To help the aviation sector
achieve carbon neutrality by
2050, Air Liquide has partnered
with Groupe ADP (Aéroports de
Paris) to create a joint venture
that will provide airports with
the engineering and services
needed for the transition to
hydrogen. As Airbus aims to
operate the ﬁrst hydrogen-
powered commercial aircraft
by 2035, airports need to start
reconsidering their infrastructure
today. In particular, they must
look at how liquid hydrogen will
be supplied and how it can also
serve other ground mobility
usages, notably heavy-duty

transport or ground support. Tomor row

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Tomor row

A I R L I Q U I D E 2 0 2 2 _ 43

Toward

low-carbon

shipping

With more than 500 million
metric tons of goods transported
inland in the European Union, (1)
shipping companies are looking
for solutions to decarbonize their
logistic chain. In this context,
Air Liquide and Future Proof
Shipping (FPS), a provider of zero-
emission shipping solutions, have
signed a long-term contract for the
supply of hydrogen to FPS’s inland
barge, the Maas, which transports
containers in the Benelux
region. This supply will allow the
substitution of hydrogen for the
conventional fuel used in the
shipping industry, thus reducing
the sector's environmental
footprint. The hydrogen will be
delivered in specially designed
multi-modal hydrogen storage
suited for inland barges. The
overall solution will avoid nearly
2,000 metric tons of CO2
emissions per year for the first ship
concerned. Due to its replicability
potential for other ships (and other
heavy-duty mobility usages), the
project is a milestone on the path
to the decarbonization of inland
waterways.

(1) Eurostat

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Unlocking
progress
through
innovation

Innovation and technology are major forces of
Air Liquide and have always enabled it to play a
pioneering role. It is thanks to these strengths that
the Group is contributing to the development of
key sectors for the future. This includes electronics,
where its molecules are used in the manufacture of
semiconductors, and healthcare, where its solutions
contribute to improving patient's quality of life.

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A I R L I Q U I D E 2 0 2 2 _ 45

Advanced
materials
for
sustainable
electronics

Your Guides:
[ Jenny Tan ], Frontend Global
Materials Operations Director,
Micron, [ Jiro Yokota ],
Technology Program
Manager, Advanced Materials,
Air Liquide, [ Dylan Low ],
Strategic Business Unit
Director, Air Liquide Singapore,
[ Helena Seiver ],
Vice President, Strategic
Account Management for
Micron, Air Liquide

Singapore

h e n p e o p l e h e a r
‘advanced materials,’”
says Jir o Yokota,
“they often think that
we are dealing with
simple, plug-and-play solutions: ‘Just
exchange material A for material
B to save X amount of money in
production,’” says the Technology
Program Manager at Air Liquide
Advanced Materials. “But what we do
is far more complex – and requires a
closer relationship with the customer
and a thorough understanding of
their production processes.”

We have come to one of Air Liquide’s
longest-standing customers, Micron, to get
a feel for what Jiro means. For 30 years now,
Air Liquide has been supplying the US-based
provider of memory storage solutions with
the ultra-pure gases required in microchip
production. During this time, the electronics
industry had expanded rapidly as computers
and then smartphones became standard
consumer goods, while at the same time cars
and household appliances acquired more
complex electronic components capable
of faster performance and more processing
power. All while reducing financial costs and
environmental footprint.

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“Our enScribe™
products are
designed to reduce
the global warming
potential typically
associated with
most contemporary
gases used in etch
processes.”

[ Jiro Yokota ]

We are here in Singapore at the
Air Liquide Advanced Materials center
built for Micron. Located on the western
shore of the island state, a couple of
miles away from its gleaming center,
the facility is an ultra-modern production
plant – “the first of its kind,” explains
Dylan Low of Air Liquide Singapore.

He picks us up at the gates along-
side Helena Seiver, Vice President, Stra-
tegic Account Management for Micron
at Air Liquide, and while we don protec-
tive goggles, helmets and overalls for our
tour of the plant cleanrooms, she explains
her role as “providing one Air Liquide ser-
vice to one Micron.” This means ensuring
that Air Liquide deploys its international
reach to support its partner as it, too,
expands globally. In this case, the Group
opened one of its largest electronics

advanced materials production facilities
alongside Micron in Singapore.

This strategy of regionalizing supply
chains makes them more robust and
responsive. With covid-19 lockdowns
in place during the construction of
Air Liquide’s Advanced Materials
center in Singapore, the importance of
regional synergies became even more
salient. About the partnership with
Air Liquide, Jenny Tan, Frontend Global
Materials Operations Director at Micron,
comments, “Micron and Air Liquide have
been successfully collaborating for the
last 30 years on various projects that
have contributed to Micron’s production
efficiency, supply chain resiliency and
sustainability efforts. We are excited
to continue our long partnership with
Air Liquide in the years to come.”

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“We are excited
to continue our
long partnership
with Air Liquide
in the years to
come.”

[ Jenny Tan ]

by some customers has already helped
reduce the industry's overall emissions
by almost 1%.”

“Also,” he adds, “each chip that
leaves a fab has the potential to further
reduce emissions down the line – by
making a computer or even a car more
efficient.” Advanced materials indeed!

Jiro takes this as his cue to
talk us through how Air Liquide’s
enScribe™ etching molecules help
the company’s electronics customers
make marked emissions reductions in
their manufacturing processes. “Our
materials replace high global warming
potential etching gases, which have
more potent greenhouse gas emissions
than carbon dioxide,” he says. “As such,
whenever a customer adopts one of
these molecules, it has the potential to
reduce the entire sector’s emissions.
The use of just one of these molecules

A I R L I Q U I D E 2 0 2 2 _ 47

“For 30 years,
Air Liquide and
Micron have
grown together.
The Singapore
Advanced
Materials Center,
their most recent
joint achievement,
is the first
production plant
of its kind.”

[ Dylan Low ]

[ Helena Seiver ]

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Toward
personalized
care
at home

Your Guides:
[ Federica Bellingeri ], Patient
Empowerment and Centricity
Manager, Air Liquide Healthcare,
[ David Rudilla ], Director of
Patient Quality of Life, Air Liquide
Healthcare, [ Carlos Garcia
Diaz ], Oxygen technician,
VitalAire Spain

Madrid,
Spain

David Rudilla, Air Liquide Healthcare’s
Director of Patient Quality of Life and a
psychologist, is on-site with us today.
He is part of a multidisciplinary team
of nurses, technicians, doctors and
pharmacists who help patients
like
Margaret cope with living with a range of
chronic conditions. “I am passionate about
placing human dignity and quality of life at
the center of the support teams provide,”
he enthuses. “As we are on the ground

l i f e

" M

y
h a s
changed,” says
Margaret Watty,
a lively, independent-minded
woman who is living with chronic
obstructive pulmonary disease,
a condition that results in severe
breathing difﬁculty.

Her gratefulness is palpable as we sit
together in the warm, sunny living room of
her Madrid apartment. “Before, I couldn’t go
out – I could hardly walk.” After two bouts with
covid-19, she now requires oxygen therapy
24 hours a day.

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A I R L I Q U I D E 2 0 2 2 _ 49

interacting with patients throughout
their care, we have a global view that
takes into account more than just
clinical data.” This proximity allows a
more comprehensive understanding
of each person’s needs, which in turn
enables the development of innovative
solutions to help them.

Carlos Garcia Diaz, Margaret’s
VitalAire oxygen technician, is also
joining us today. He visits Margaret
regularly and the two have developed a
close bond. He is always on the lookout
for ways to improve her quality of life, and
he recently brought her a new oxygen
concentrator that better fits her needs.
“Originally I had a bigger machine, but

Carlos found me this smaller one,” says
Margaret with a smile. “I’ll be able to
put it in a backpack, so I can be more
mobile.” Carlos nods in agreement.
“She has to be constantly connected to
the machine,” he explains. “These long
tubes can be a real impediment when
she moves around. But the portable
machine allows her to leave her home
and be more independent.”

Because every patient experi-
ences their illness differently, person-
alized care plans are more effective

“It makes a
huge difference
to me to know
that the people
delivering
my follow-up
understand my
situation.”

[ Margaret Watty ]

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0 14 _ R E P O R T A G E _ H Y D R O G È N E V E R T

“My goal is to
try to ensure
the therapy
interferes as little
as possible with
the patient’s
daily life.”

[ Carlos Garcia Diaz ]

tells us. “Payers understand that
personalized care plans allow for better
targeting of resources and efforts.”
David agrees: “The approach improves
patient outcomes at the best cost for
healthcare systems, which are under
unprecedented strain due to rising
life expectancy, chronic diseases and
treatment costs,” he says.

To improve treatment adherence
and lon(cid:74)(cid:16)ter(cid:80) quality of life, feed(cid:69)ac(cid:78)
f ro m pat i e nts o n t h e i r n e e d s ,
expectations and treatment experience
is vital. And even their lifestyle enters
into the equation(cid:17) (cid:354)Patient adherence
to therapy is vital, but patients are
often dealing with chronic conditions
at home,” David points out. “Therapy
outcomes rely not only on clinical
indicators, but on the barriers or
inconveniences of treatment being
minimized as much as possible.”

than a one-size-fits-all approach.
A combination of human presence, dig-
ital platforms and data analysis allows
Air Liquide Healthcare tea(cid:80)s to (cid:69)uild
a personal profile for every patient and
continuously adapt it as the patient’s
situation evolves. “It makes a huge dif-
ference to know that if I call I can speak
to Carlos, and not a machine telling me
press 1 if I need this, press 2 if I need that,”
says Margaret.

To learn more about the impor-
tance of value-based healthcare
models, we jump in a car with David
and head to his office to meet
with Federic a Bellingeri, Patient
E m p o w e r m e n t a n d C e n t r i c i t y
(cid:48)ana(cid:74)er for Air Liquide Healthcare
in the Netherlands. “Value-based
healthcare is increasingly gaining
traction in the health sector,” she

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A I R L I Q U I D E 2 0 2 2 _ 51

“Therapy
outcomes rely not
only on clinical
indicators, but
on the barriers or
inconveniences
of treatment
being minimized
as much as
possible.”

[ David Rudilla ]

The future of healthcare has
to be an ecosystem that puts the
patient at the center. Air Liquide
Healthcare teams collaborate closely
with stakeholders to find ways to
advance this goal. “Some payers
have adopted an outcome-driven
model, with payment linked to therapy
adherence or to patient satisfaction,
and to innovation that improves patient
outcomes,” says Federica. For David,
Air Liquide Healthcare is contributing
to the development of a virtuous circle:
“Doctors benefit from the information

we provide. Hospitals that entrust us
with their patients’ care at home get
better outcomes at the right cost.
Patients are empowered because their
voices are heard. We receive feedback
that makes our solutions more effective.
And, ultimately, society benefits from a
more sustainable healthcare system.”

“My life has returned to almost
normal,” says Margaret. And that is the
most meaningful outcome of all.

“We’re creating
synergies with
stakeholders
to ensure that
the ultimate
treatment goal
is the one most
meaningful to
the patient.”

[ Federica Bellingeri ]

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And also

ALTEC,
cutting edge
engineering
at Airgas

In 2022, Airgas, Air Liquide's
American subsidiary,
opened the new ALTEC(1)
center, which brings its
engineering teams together
to innovate, create and
accelerate solutions for
their customers.

The 42,000 square feet
facility includes cutting-edge
laboratories dedicated to
industries spanning from food,
metals and glass to welding
and automation. This new
center facilitates the sharing of
resources, ideas and expertise
in a customized space, providing
synergies that greatly amplify
Airgas's ability to provide tailor-
made solutions to customers.

(1) Air Liquide Technology Center.

Photoshoot planned at
Altec, Airgas

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A I R L I Q U I D E 2 0 2 2 _ 53

Data and AI
working for
the energy
transition

The energy transition
is impossible without
technology, and artificial
intelligence (AI) is playing
a decisive role. For
Air Liquide, AI is a strong
lever of value creation and
efficiency, fully in line with
its innovation strategy for a
sustainable performance.

Every day, billions of data are
collected from the Group’s 500
plants, 20 million gas cylinders
and 9,900 trucks. Analyzing
this data allows a detailed
and global understanding of
industrial assets and, ultimately,
monitoring optimization. For
example, the teams have
implemented AI solutions
that reinforce the reliability of
production units, which are
controlled by remote centers,
and that optimize their energy
consumption, thus reducing
their environmental impact.

20
million

kilometers avoided
thanks to AI

Another axis for decarbonizing
operations is logistics. In 2020,
the Group deployed a program
to digitize its liquid gas supply
chain, based on AI. This will
allow Air Liquide to better
anticipate its customers’ needs
and determine optimal routes,
thus limiting the number of
kilometers traveled by delivery
trucks. The goal is a 10%
reduction per year until 2025.

Making factories
more ﬂexible with AI

Contributing to a low-carbon
society requires using
renewable energy to power
industrial and urban areas.
However, their intermittence
poses a major challenge.
Air Liquide has thus launched
an ambitious research program
with the École des Mines
ParisTech into how to use AI to
address this challenge. Among
other things, the program
focuses on the flexibility
of industrial units, which
is essential for integrating
renewable energy into the
grid, and on the development
of algorithms to optimize plant
production.

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Tomor row

To the Moon

As an expert in extreme
cryogenics and a supplier of
key molecules, Air Liquide is
a major partner in sustainable
space exploration. Its cutting-
edge technologies are an
essential building block for
establishing the ﬁrst prolonged
human presence on the Moon.
In particular, they will enable
the refueling of space vehicles
via stations in orbit, and the use
and production of hydrogen
in situ from lunar resources.
The Group is already meeting
these challenges with its
partners in the sector, notably
the ESA and NASA, to whom
it supplied high-pressure
nitrogen for the launch of the
Artemis 1 mission to the Moon.

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A I R L I Q U I D E 2 0 2 2 _ 55

When CO2 is
recycled into

textiles

Start-up Fairbrics is using
CO2 emitted by industry to
replace polyester made with
fossil fuels. Founded in 2019,
this green chemistry start-up
has developed an innovative
process that turns captured CO2
into textile ﬁbers. It serves as a
concrete example of how the
circular economy can contribute
to decarbonization. During
the two years that it spent at
Accelair, Air Liquide’s deep tech
start-up accelerator, Fairbrics
developed its technology thanks
to the laboratories at its disposal
and the technical and safety
expertise of the Group’s R&D
teams. Thanks to this support,
Fairbrics was able to launch
and raise nearly €10 million in
2020 and 2021 to transition
to an industrial scale. In 2022,
following a second round of
ﬁnancing of more than €20
million, the start-up announced
the construction of a pilot plant
in Antwerp that will produce
1,000 T-shirts per day from the
CO2 emissions of factories in the
industrial zone.

Tomor row

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56 _ A D V A N C I N G W I T H Y O U

Advancing
with you

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A I R L I Q U I D E 2 0 2 2 _ 57

Advancing with you is recognizing the journey toward a sustainable future
as a joint endeavor requiring collaboration throughout our entire ecosystem.
It is forging meaningful connections with employees, customers, patients,
shareholders and all other stakeholders. It means acting for all in the pursuit
of a more sustainable, just and equitable world.

With our employees (p. 58) With our customers (p. 59) With patients (p. 60)
With communities (p. 61) With our shareholders (p. 62)

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Leading
by example

Lori Kuiper,
Orbital, Heating and
Pipe Product Manager,
Red-D-Arc, part of
Airgas, Air Liquide’s
U.S. subsidiary

Being a woman in
a traditionally male
profession is not always
easy, but welding engineer
Lori Kuiper was raised
to believe you can be
anything you want to be.
Today, she is determined
to pass on this message
by inspiring women to
forge their path in the
industry that she loves.

How did your career as a
woman welder start?

When I was 24, I applied for an
apprenticeship program at General
Motors that had reserved three
places for women. On my first day,
I ended up in a dark, smoky foundry
with overhead cranes on tracks
carrying buckets of molten metal –
and I wondered what I had gotten
myself into! My career has evolved
a lot since then, but I wouldn’t be
here at Airgas today if that original

opportunity for women hadn’t
been created – proof that when
a company does something with
intent, it pays off.

You are very committed
to encouraging women in
the industry. Do you have
examples of initiatives to
share with us?

There are a lot of fantastic
grassroots initiatives such as
Weld Like a Girl™ and Women Who
Weld®. (1) Internally at Air Liquide,
Women in TCL (2) supports
employees to advance in their
field. This program recognizes
employees for their technical
knowledge and scientific expertise,
offering them a flexible and
structured career path. We are also
involved in educational outreach,
and we provide welding equipment
and training to help teachers and
students learn new and advanced
skills in the field. That might seem
basic, but not being able to find
personal protective equipment that
fits correctly is a huge barrier to
learning to weld.

What would you say to a
woman thinking about an
engineering career at
Air Liquide?

I would tell them that it’s a place
where their voice will be heard
and where different points of view
are valued. But most importantly,
I would say don’t let other people
put limitations on you or hold you
back from your path.

(1) Weld Like a Girl™ is an empowerment project
for girls and women, using welding and creativity
to boost self-esteem and whole-person wellness.
Women Who Weld® is a nonproﬁt organization that
teaches women how to weld and ﬁnd employment
in the welding industry.
(2) Technical Community Leaders.

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As Chief Procurement
Officer at leading specialty
polymer manufacturer
Covestro, Thomas Römer
oversees all global
procurement activities
and works closely with
suppliers to find ways to
reduce the company’s
carbon footprint.

Why did you choose
Air Liquide as a supplier?

Industrial gases like hydrogen and
carbon monoxide serve as the basis
for all of our end products: they are
"backbone" materials. The choice
of suppliers is indeed critical, and we
were won over not only by the price, but
also by Air Liquide’s reliability, which
is of the utmost importance to us.
We also really appreciate the key
account concept. This means we
have one main contact at Air Liquide
for day-to-day operations and
project development, which
simplifies everything and
accelerates decision-making. He
always works to understand what
we as the customer need and then
find a solution for us. And if needed,
he is capable of mobilizing a task
force to solve technical issues.

In light of Covestro’s climate
neutrality goals, what is
Air Liquide doing to help you
achieve them?

Cost and availability have always
been key purchase criteria for
us, and our CO2 footprint is now
another, as we want to achieve
net-zero emissions (1) by 2035. With
Air Liquide, we are looking into the
possibility of using biogenic carbon
dioxide (2) for production processes,
and low-carbon hydrogen and

A I R L I Q U I D E 2 0 2 2 _ 59

ammonia for heating. We’re also
interested in Air Liquide’s work on
water electrolysis.

What are the challenges that
Covestro faces on its way to
carbon neutrality?

Making our industry carbon neutral
is critical, but today no chemical
company can instantly become
100% defossilized. So, we have to
find the most promising solutions to
help reduce the CO2 emissions of

production units all while meeting
our customers’ needs in terms of
competitive solutions. Air Liquide
helps us by adapting offerings
and processes to the situation,
such as the recent investment in
Shanghai for low-carbon hydrogen
production, which benefits from
green financing.

(1) Scope 1 and Scope 2
(2) Biogenic carbon dioxide is carbon dioxide that is
produced as a by-product of the decomposition of
organic materials.

Thomas Römer
Chief Procurement
Of ficer at
Covestro

A joint
approach
to reducing
CO2 emissions

ALRA022_GB_01_int_bat.indd 59

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60 _ A D V A N C I N G W I T H Y O U

Committed to improving
the lives of people with
diabetes, Air Liquide
has partnered with the
International Diabetes
Federation (IDF) Europe
to engage stakeholders
in developing a patient-
centered care ecosystem
and inspire policy change
that will transform the
future of people living with
diabetes.

IDF Europe aims to advocate
on all levels for those with
diabetes. How do you do this?

A big part of our work is to raise
visibility and awareness about
diabetes, which currently affects
more than 32 million Europeans.
We do this through information
campaigns as well as advocating
for policy change at the national
and European levels. In November
2022, we celebrated a major
achievement when a new resolution
on the prevention, management and
better care of diabetes was adopted
by the European Parliament. We
worked together with Air Liquide
Healthcare teams, people living
with diabetes and other diabetes
stakeholders on a campaign that
engaged policymakers to get this
resolution passed, highlighting what
you can achieve if you have strong
political will and science working
together.

What should the future of
diabetes care look like?

Care needs to shift from being
disease-focused to person-
focused. Patient empowerment is
critical to helping people self-
manage their condition. Thanks
to companies like Air Liquide
Healthcare, recent years have seen
huge advancements in using unique
combinations of human support,
digital tools and devices to provide
the right support for each patient,
with the objective of improving both

health outcomes and quality of life.
Personalized care plans are really
an investment that could prevent
long-term complications.

Are things moving in the right
direction?

I’m optimistic, as stakeholders are
starting to see the importance
of smoother, personalized care
pathways. Our shared goal is to
reduce the burden of living with
the disease.

Elisabeth Dupont
Regional Manager
Europe at
the Inter national
Diabetes Federation

Elevating
the voices
of patients

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A I R L I Q U I D E 2 0 2 2 _ 61

When the conflict
in Ukraine started
in February 2022,
Internationaler Bund
Polska, a social action
organization, which
provides a variety of
reintegration services,
rapidly mobilized to help
the influx of refugees
arriving in Poland.
A local Air Liquide
employee contacted
the NGO to see what
could be done to help.
Consequently, Air Liquide
supported the charity’s
project with employee
volunteering and a
grant from the Fondation
Air Liquide.

What was the situation like for
your organization when the
conﬂict in Ukraine started?

We are a small, local organization
helping people in difficulty. When
the conflict started, the international
NGOs didn’t arrive immediately, so
in a very short time and on a major
scale we had to organize ways to
help those fleeing. We had 2,500
people show up to our center. Two
days later, we opened the first
warehouse to distribute material aid.
And during the most intense period,
we had 10 locations open in Krakow.

How did you manage?
And how did Air Liquide get
involved?

We opened a huge warehouse,
which at one point had 300
volunteers from 24 countries
working there. In the midst of all this,
Paweł Świątkowski, an Air Liquide

Maria Wojtacha
Director of
the Fundacja
Inter nationaler
Bund Polska

Joining forces
to help
communities

engineer, came to my office and
asked, “What do you need?” At the
time we critically lacked women’s
underwear and hygiene products,
and he told me, “OK, we’ll take
care of it.”

What is the most important
way companies can help?

We helped 174,000 Ukrainian
refugees in 2022, and it was
invaluable to have a partner that
listened over the long term and
adjusted the type of support given
as our needs changed. They also

gave employees time off to work
with us(1) – one day all our warehouse
volunteers were from Air Liquide!
What truly makes the difference
is everyone coming together –
individuals, businesses, other NGOs
– to offer help.

(1) Employee volunteering that took place in
the framework of Citizen at Work. By 2025,
this Air Liquide program will offer all Group
employees the possibility to support, during
work hours and on a voluntary basis, their
local communities by participating in initiatives
organized or identiﬁed by their entity.

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62 _ A D V A N C I N G W I T H Y O U

Investing
is a social
commitment

Virginie I.
an Air Liquide
individual Shareholder (1)
since last year,
founder of the
association Coup de
Pouce (A Helping
Hand) and an active
philanthropist.

A proponent of impact
investing, (2) Virginie I.
helps major investors
choose investments that
generate a positive social
and environmental impact
in addition to financial
performance. This criteria
led her to invest in
Air Liquide.

Why did you choose to invest
in Air Liquide?

Impact investing in companies
like Air Liquide gives purpose to
my investments. In addition to the
ﬁnancial return, which allows me to
conduct an after-school project in
the Haut-Katanga Province of the
Democratic Republic of the Congo,
my Air Liquide shares are a way for
me to support a company that is
aligned with my beliefs. They are
also an opportunity to contribute to
the development of solutions that

are beneﬁcial to society and that
meet daily needs, from transport
and energy to healthcare and more.

In your opinion, what are
Air Liquide’s strengths?

Air Liquide may be an international
Group, but it values close
relationships and favors direct
contact with its Shareholders. I have
great conﬁdence in Air Liquide’s long-
term vision, in part due to the stability
of its strategy.

How do you get involved as
a Shareholder?

Air Liquide provides many services
and tools to Shareholders that
are invaluable for answering our
questions and helping us to feel
involved in the Group. I follow
Air Liquide’s news closely via the
Shareholder Newsletter, which I
read regularly, and via the website.
I also get involved in events such
as Génération Hydrogène, which
explained hydrogen usages and its
future potential. This involvement is
essential to helping me understand
the full extent of my investment.

(1) Direct registered shareholders hold a securities
account directly with Air Liquide, without going
through a ﬁnancial institution.
(2) Impact investments are investments made in
companies, organizations and funds that aim to
generate a positive social and environmental impact
in addition to a ﬁnancial return.

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A I R L I Q U I D E 2 0 2 2 _ 63

Paris Innovation Campus

ALRA022_GB_01_int_bat2.indd 63

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64 _ A P P E N D I X

Consolidated income
statement (summarized)

AS OF DECEMBER 31, 2022

(in millions of euros)

Revenue

Operating costs

Operating proﬁt before depreciation

Depreciation and amortization

Operating income recurring

Other non-recurring operating income & expenses

Operating income

Net financial costs and other net financial expenses

Income taxes

Share of proﬁt of associates

PROFIT FOR THE PERIOD

- Minority interests

- Net proﬁt (Group share)

Basic earnings per share (in €)

2021

23,335

-17,002

6,333

-2,173

4,160

-150

4,010

-408

-915

2,692

120

2,572

4.94

2022

29,934

-22,606

7,328

-2,466

4,862

-571

4,291

-386

-1,002

2,904

145

2,759

5.28

Recurring net proﬁt (Group share)

2,572

3,162

ALRA022_GB_01_int_bat.indd 64

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A I R L I Q U I D E 2 0 2 2 _ 65

Consolidated
Balance Sheet (summarized)

AS OF DECEMBER 31, 2022

Assets (in millions of euros)

12/31/2021

12/31/2022

Goodwill

Fixed assets

Other non-current assets*

Total non-current assets

Inventories & work in-progress

Trade receivables & other current assets

Cash and cash equivalents*

Total current assets

Assets held for sale

TOTAL ASSETS

13,992

23,984

1,216

39,192

1,585

3,611

2,311

7,507

14,587

25,458

1,234

41,280

1,961

4,216

2,019

8,196

46,783

49,518

Equity and Liabilities (in millions of euros)

12/31/2021

12/31/2022

Shareholders’ equity

Minority interests

Total equity

Provisions & Deferred tax liabilities

Non-current borrowings

Non-current lease liabilities

Other non-current liabilities*

Total equity and non-current liabilities

Provisions

Trade payables & other current liabilities

Current lease liabilities

Current borrowings*

Total current liabilities

Liabilities held for sale

21,462

537

21,999

4,419

10,506

1,033

382

38,339

309

5,614

228

2,256

8,407

23,736

836

24,572

4,457

10,169

1,052

372

40,622

282

6,258

228

2,113

8,881

TOTAL EQUITY AND LIABILITIES

46,783

49,518

* Including fair value of derivatives

ALRA022_GB_01_int_bat.indd 65

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66 _

A P P E N D I X

Consolidated cash ﬂow statement

(summarized)

AS OF DECEMBER 31, 2022

(in milions of euros)

Funds provided by operations

Changes in working capital

Other cash items

Net cash from operating activities

Purchases of property, plant and equipment, and intangible assets

Purchases of ﬁnancial assets and the impact of changes in scope

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

Net cash in investing activities

Distribution

Increase in capital stock

Purchase of treasury shares

Transactions with minority shareholders

Change in 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

2021

5,292

377

-98

5,571

-2,917

-660

225

-3,352

-1,418

175

-40

-37

-497

420

2,139

2022

6,255

-397

-48

5,810

-3,273

-136

167

-3,242

-1,487

-192

-4

-1,136

-165

-378

1,761

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02 _ C O N T E N T S

A world of
challenges

p. 04

Advancing
with conﬁdence

p. 10

Advancing to
meet the world’s
challenges

p. 26

Advancing
with you

p. 56

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.

YO U T U B E

L I N K E D I N

T W I T T E R

I N STAG R A M

@AirLiquideGroup

linkedin.com/company/airliquide

@AirLiquideGroup

@air_liquide_group

Air Liquide's Normand'Hy electrolyzer project on page 36 is supported by:

Complimentary copy. Published by the Communications department of the Air Liquide Group,
75 quai d’Orsay, 75007 Paris, France

Publication Director: François Jackow. Editor: Domitille Faﬁn. Date of publication and legal deposit: April 2023. ISSN: 2803-6220.
Photo credits: in order of appearance, p. 1: Isegoria/Havas Events, p. 4: Wachirawit Jenlohakit/Getty Images, p.5: Adrien Daste – All rights reserved,
p. 6: Adrien Daste – Air Liquide, p. 7: Alexander Spatari/Getty Images – Frédérique Plas/Caisse des Dépôts, p. 8: krisanapong detraphiphat/Getty
Images – All rights reserved, p. 9: Hiroshi Watanabe/Getty Images – Gabo Morales/CAPA Pictures, p. 10-11: Ippei Naoi/Getty Images, p. 12: Antoine
Doyen, p. 13-16: Mourad Mokrani – Colin Rowe – Zhao Wei, p. 18-19: Antoine Doyen – Julien Lutt / CAPA Pictures – Carlos Crespo / CAPA Pictures –
Laurent Attias/Edenred, p. 20-21: Franck Juery – Terry Halsey – Mourad Mokrani – Habibullah Qureshi Mujeebullah Qureshi, p. 26-27: AJ_Watt/Getty
Images, p. 29-31: Erik Forster/CAPA Pictures – Sasol, p. 32-35: Elio Carchidi/CAPA Pictures, p. 36-39: Carlos Ayesta/CAPA Pictures, p. 40-41: Adrien
Daste – Gauge Theory Creative – kontrast-fotodesign/Getty Images, p. 42-43: Colin Anderson Productions/Getty Images – Mrz producer/
Shutterstock, p. 45-47: Adrien Daste – Xavier Keutch/CAPA Pictures – Jennifer Altman/CAPA Pictures, p. 48-51: Jacobo Medrano/CAPA Pictures,
p. 52-53: Mystic Image Productions – Adrien Daste, p. 54-55: Anton Petrus/Getty Images – Kryssia Campos/Getty Images, p. 56-57: Mourad Mokrani,
p. 58: Alicia's Photography, p. 59: Egbert Trogemann/CAPA Pictures, p. 60: Antonin Weber/CAPA Pictures, p. 61: Raphael Olivier/CAPA Pictures,

p. 62: Thomas Laisné/La Company, p. 63: Adrien Daste. Design and production:

(ref.: ALRA022) Printers: Imprimerie Snel.

This document is printed on FSC-certiﬁed paper sourced from sustainably managed forests by an Imprim’Vert-certiﬁed printer.

L’Air Liquide - S.A. company established for the study and application of processes developed by Georges Claude
with issued capital of 2,878,976,490.50 euros.

ALRA022_GB_00_couv_bat2.indd 2-4

05/04/2023 15:15

Air Liquide is

a world leader

in gases,

technologies

and services for

industry and

health

Present in 73 countries
and counting 67,100
employees, Air Liquide
serves over 3.9 million
customers and patients.
Oxygen, nitrogen and
hydrogen are essential
small molecules for life,
matter and energy. They
embody Air Liquide’s
scientiﬁc territory and
have been at the core of
the company’s activities
since its creation in 1902.

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

Advancing

ALRA022_GB_00_couv_bat3.indd 1,3

07/04/2023 09:41

Access
the digital
version