Air Liquide: 3rd quarter activity: good resilience

  Air Liquide:3rd quarter activity: good resilience

2012 objective confirmed

Business Wire

PARIS -- October 25, 2012

Regulatory News:

Air Liquide (Paris:AI):

3^rd quarter 2012 highlights

  *Closing of acquisitionsof LVLMédical and Gasmedi, major players in Home
    Healthcare in France and Spain
  *Hydrogen: new hydrogen distribution stations in Germany, Norway,
    Switzerland and Japan
  *Geographic expansion: new contracts in Poland and Brazil
  *Record level of investments, particularly in Energy and Healthcare

Upcoming events

Salon Actionaria (Exhibition):
November 23-24, 2012

2012 annual results:
February 14, 2013


                                    
3^rd quarter 2012 revenue             Variation Q3 12 / Q3 11
                                       published  comparable*
Group revenue               € 3,803 M   +5.7%       +1.0%
Of which Gas & Services    € 3,490 M  +6.5%      +1.6%
                                                    

*On a comparable basis: excluding impact of currency, natural gas and
significant perimeter

Group revenue for the third quarter 2012 reached €3,803 million, up +5.7% on
a published basis. The third quarter 2012 is in line with the three previous
quarters and reflects the resilience of the Group’s activity in a global
economic environment which is contrasted, notably between developing economies
on the one hand, and Western Europe and Japan on the other hand.

Gas & Services sales reached €3,490 million, up +6.5% as published. Large
Industries is sustained by hydrogen volumes for the energy and environmental
markets. Industrial Merchant activity remains resilient in a very competitive
environment with sharp contrasts between geographies. Healthcare continues to
be solid, particularly in Home Healthcare and Hygiene. Electronics is down,
primarily in Equipment and Installation, due to low customer investments.

On a comparable YTD Gas & Services sales growth, the momentum in developing
economies (+10%), particularly in China, Russia, Poland and Turkey,
compensated for the stability of activity reported in advanced economies (0%).
In addition, the Group has seized acquisitionopportunities, investing
€820million since January, 2012.

Efficiency gains totaled €188M, ahead of the annual objective of more than
€200M, and contributed to the Group’s operating performance. The debt to
equity ratio remains under control and the Group has continued to diversify
its financing sources.

Benoît Potier, Chairman and CEO of the Air Liquide Group, stated:

“The third quarter reflects both weakness in the activity of certain of our
customers and the robustness of emerging markets. Our widespread geographic
presence and the diversity of our businesses have enabled the Group to
achieve, in the current global environment, a solid sales level, growing
compared to the third quarter of 2011.

The very strong level of the Engineering and Construction order intake and the
12-month portfolio of opportunities that remains high confirm the confidence
of our customers in the longer term.

Consequently, the Group continues to adapt and to strengthen its
competitiveness, increasing its efficiency efforts in the advanced economies,
pursuing new contract signings and innovative initiatives in growth markets,
and making targeted acquisitions.

In this context and barring a major economic downturn, AirLiquide continues
to aim for growth in net profit in 2012.”

                              www.airliquide.com

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2012 third quarter revenue

  *Resilience in a contrasted environment
  *Solid investment dynamics

Group revenue for the third quarter 2012 reached €3,803 million, up +5.7% on
a published basis. The third quarter 2012 is in line with the three previous
quarters and reflects the resilience of the Group’s activity in a global
economic environment which is contrasted, notably between developing economies
on the one hand, and Western Europe and Japan on the other hand.

The substantial portfolio of investment opportunities and the record amount of
investment decisions illustrate the medium-term confidence of customers.

The main financial indicators were preserved during the quarter, with the
strengthening of efficiency projects, particularly in regions of lower growth,
and a +6% increase in operating cash flow that contributed to the financing of
two significant acquisitions during the third quarter.

Revenue        Q3 2011     Q3 2011                                        YTD
               published   revised   Q3      Q3          Q3 2012/2011     2012/2011
(in millions                      2012   2012/2011  change          change
of euros)                                  change      comparable^(a)   comparable
                                                                          ^(a)
Gas and       3,223      3,276    3,490  + 6.5%     + 1.6%          +2.2%
Services
Engineering
and           158        158      167    + 5.7%     + 2.5%          + 16.4%
Construction
Other         216        163      146    - 10.4%    - 12.5%         -8.9%
activities
TOTAL         3,597      3,597    3,803  + 5.7%     + 1.0%          + 2.2%
REVENUE


(a) Excluding currency, natural gas and major scope impacts.

Revenue analysis

Group

Preliminary note: The consolidation of Seppic within Gas and Services modified
the segment breakdown of Group revenue. The 2011 revenues of Gas and Services
and Other activities were revised to take account of this change.

Group revenue totaled 3,803 million euros in the third quarter of 2012, up
+5.7% as published. Adjusted for a very significant currency impact, a natural
gas impact and the initial contribution of LVLMédical stated in terms of
major scope, comparable growth totaled +1.0% for the quarter.

Gas and Services

Unless mentioned otherwise, all the changes in G&S revenue described below are
based on comparable data (excluding currency, natural gas and major scope
impacts). Furthermore, the 2011 figures were revised for the inclusion of
Seppic’s Specialty Ingredients activities within the Gas and Services
Healthcare business line.

In the third quarter of 2012, Gas and Services revenue totaled 3,490 million
euros, up +6.5% as published relative to the revised 2011 figures. The
currency impact due to the euro decline totaled +4.9%, the impact of natural
gas price fluctuations was slightly negative at -0.3%, and the initial
contribution of Home Healthcare acquisitions amounted to +0.3%. On a
comparable basis, the rise in Gas and Services sales totaled +1.6% compared to
the same period in 2011. Excluding currency and natural gas price impacts,
growth was close to +2%.

The third quarter activity index, corresponding to revenue, excluding currency
and natural impacts, weighted by the number of invoicing days per period,
remained high. Comparable growth improved slightly compared to the second
quarter, primarily due to the rise in hydrogen volumes, higher growth in
Healthcare and sustained demand in China.

Monthly Gas and Services activity index

On a year on year basis, third quarter comparable growth prolonged the trend
of four consecutive quarters of lower growth.

Comparable Gas and Services sales growth^(a)

(a) Comparable: excluding currency, natural gas and significant scope impacts.
Growth rates prior to 2012 are not revised for the Seppic integration into the
G&S activity.

This performance was based on steady +10% growth in developing economies. The
momentum remained high in Eastern Europe, the Middle East and Africa. Robust
growth was also maintained in South America and China.

The share in the revenue of developing economies was 23% for the first nine
months of the year.

Advanced economies are stable since the beginning of the year. Even though
activity in Western Europe was marked by low industrial demand, Healthcare has
remained solid, temporarily impacted in the second quarter by the reallocation
of UK home healthcare contracts. Demand in North America remained solid,
particularly in Canada. However, the decline in the industrial production
index in Japan led to a downturn in activity across all business segments,
particularly Electronics.

Comparable Gas and Services sales growth ^(a)

(a) Comparable: excluding currency, natural gas and major scope impacts.

Despite the postponement of certain start-ups, initially forecast in the third
quarter, mainly due to technical reasons, the impact of minor acquisitions,
ramp-ups and site takeovers remained steady and contributed more than +4% to
the increase in Gas and Services sales. The Gasmedi and LVLMédical
acquisitions in Home Healthcare will fully contribute to growth from the
fourth quarter of 2012.

Analysis of quarterly growth in Gas and Services sales

Revenue            Q3 2011     Q3 2011                            Q3 2012/2011
                  published  revised  Q3 2012  Q3 2012/2011  change
(In millions of                                    change         comparable
euros)                                                          ^(a)
Europe            1,621      1,674    1,728    +3.2%         +1.0%
Americas          728        728      793      +8.9%         +3.4%
Asia-Pacific      791        791      873      +10.3%        - 0.1%
Middle East and   83         83       96       +16.1%        +14.2%
Africa
Gas and Services  3,223      3,276    3,490    +6.5%         +1.6%
Large Industries  1,157      1,157    1,253    +8.3%         +4.2%
Industrial        1,238      1,238    1,322    +6.8%         +1.4%
Merchant
Healthcare        511        564      607      +7.7%         +4.6%
Electronics       317        317      308      -3.1%         -12.0%
                                                               

(a) excluding currency, natural gas and major scope impacts.

Europe

Europe revenue in the third quarter of 2012 totaled 1,728 million euros, up
+1.0%. Substantial growth in Central and Eastern Europe as well as the return
to steadier growth in Healthcare, following the temporary impact from the
reallocation of contracts in the UK, offset a slight decline in industrial
activity in advanced economies.

Gas and Services Europe revenue

• Large Industries reported +2.3% growth, marked by a stabilized steel sector.
Demand in the Chemicals and Refining sectors remained constant. Business grew
rapidly in Central and Eastern Europe, particularly due to the contribution of
a site takeover in Turkey at 2011 year-end.

• Industrial Merchant sales decline, at –0.2%, was impacted by the ongoing
unfavorable economic climate in Southern Europe and a slight downturn in
Germany and France. This decline was offset by the initial contribution of the
UK distribution company Energas & Engweld acquired in June 2012, ongoing price
increases of +0.8% and growth of +22% in developing economies.

• Faced with more intense pricing pressure due to public budget deficits,
Healthcare regained a +3.0% growth rate due to the start-up of new contracts
won in the UK. Taking into account the initial contribution of LVL Médical,
growth totaled +5.1%. With this acquisition, Air Liquide has significantly
increased the number of patients treated in Europe. Medical gas volumes also
increased but at a more modest rate. Hygiene maintained a high growth rate of
+11% during the quarter.

• Electronics revenue declined by –18.8% compared to the third quarter of
2011, which had benefited from a major delivery of equipment for a new
photovoltaic panel fab in Italy. Due to new contracts, carrier and specialty
gas sales continued to rise, by +7%.

Americas

Gas and Services revenue in the Americas totaled 793 million euros, up +3.4%.
This performance reflects solid activity in all business segments and across
the entire region, even though the substantial 2011 Equipment and Installation
sales in Electronics provided an unfavorable comparable base, slightly
attenuating the growth.

Americas Gas and Services Revenue

• Large Industries reported +4.4% growth, despite the disruptions caused by
Hurricane Isaac. Chemicals sector demand benefited from the increased
competitiveness of American sites resulting from low natural gas prices. The
takeover of an air separation unit from Georgia Gulf linked up to the
Louisiana pipeline network has also contributed to sales since the beginning
of the year. Refining sector demand remained solid, while cogeneration plants
saw reduced electricity sale prices due to the decline in natural gas prices.
South America achieved strong air gas and hydrogen sales growth.

• Industrial Merchant achieved +3.9% quarterly growth, slightly down compared
to previous quarters. In Canada, sales of liquid products for the oil industry
continued to develop, driven by the start-up of new production facilities.
Cylinder activity increased over the entire region, particularly in South
America. Prices were up +2.0%.

• Healthcare revenue increased by +13.4%, driven by the growth of Home
Healthcare in Latin America. Sustained growth in North America was
attributable to steady medical gas sales in the United States and the
contribution of minor acquisitions in Canada.

• Electronics revenue declined by –16.6%, hindered by an unfavorable
comparable base due to significant Equipment and Installation sales in 2011,
as well as a slight decline in gas sales.

Asia-Pacific

Asia-Pacific revenue was flat, on a comparable basis, at 873 million euros.
The stability was due to a further decline in Japanese activity, particularly
in the Electronics sector, and a high 2011 comparable base boosted by
equipment sales. However, growth remained strong in China, at +14%, and in
other developing economies across the region, despite the postponement of
certain start-ups.

Asia-Pacific Gas and Services Revenue

• A +7.8% increase in Large Industries sales reflects the absence of start-ups
over the quarter, the limited number since the start of the year and
continued, even if more moderate, growth in developing economies. A
substantial number of start-ups are still forecast for the end of the second
half of 2012.

• Industrial Merchant revenue weakened by –1.0% over the quarter with
contrasting situations from country to country. The downturn was significant
in Japan, which has been in sequential decline since the third quarter of
2011, and has seen no apparent turnaround since the tsunami disaster. Solid
sales growth was recorded in developing economies.

• Electronics revenue declined by -9.1% over the quarter. Equipment &
Installation sales stabilized at a low level, reflecting the investment cycle.
Excluding E&I, gas sales increased across the region, except in Japan, where
Electronics sector restructuring continues. However, new investment projects
have begun to emerge.

Middle East and Africa

Middle East and Africa revenue totaled 96 million euros, up +14.2%, marking a
turnaround in the countries disrupted by the Arab Spring events. Activity also
benefited from scope impacts and robust demand in South Africa, despite the
general strikes in the country.

Engineering and Construction

Order intake remained particularly strong during the quarter, due to the high
level of internal investment decisions and numerous third-party equipment
sales projects. Since the beginning of the year, total order intake reached
1.3 billion euros, well above the total 2011 figure of 1 billion euros.

Engineering and Construction revenue amounted to 167 million euros, up +2.5%
compared to the third quarter of 2011, after a particularly high billing level
in the first half of 2012 bringing the year to date increase to +16.4%.

Other activities

Revenue            Q3 2011     Q3 2011                            Q3 2012/2011
(in millions of    published   revised             Q3 2012/2011   change
euros)                                Q3 2012  change        comparable
                                                                ^(a)

Welding           112        112      103      -8.1%         -8.3%
Diving and other  104        51       43       -15.1%        -22.1%
TOTAL             216        163      146      -10.4%        -12.5%


(a) Comparable: excluding currency impacts.

Third quarter revenue for Other activities decreased –10.4% to reach
146million euros, mainly reflecting the sale of a portion of the specialty
chemicals industrial activities in the second half of 2011.

The decline in Welding activity mirrors the European economic situation which
weighed on consumable sales growth and the low level of equipment and
automation sales. Diving (Aqualung) sales grew by nearly +12% thanks to solid
demand in all sectors and regions.

Highlights of the 2012 third quarter

The 2012 third quarter was marked by a significant level of investment
decisions, reaching over 1.2 billion euros for the quarter alone. The record
amount is explained by the combination of numerous industrial opportunities
finalized by several contract signings, as well as two major Home Healthcare
acquisitions in Europe.

Continued industrial investments throughout the world

The Group maintains its strategy of a global presence by growing its positions
in developing economies while strengthening its foothold in promising markets
in advanced economies. During the quarter, the Group thus committed to new
investments in South America, Central Europe and Asia.

In Brazil, the Group was awarded two contracts from leading companies: FEMSA,
the largest bottler of Coca-Cola beverages in the world and Suzano Papel e
Celulose, the top paper producer in Latin America. Under these contracts, Air
Liquide will invest 70 million euros in the construction of a carbon dioxide
unit in Southern Brazil and an air gas separation unit in the north. These new
product sources will further the deployment of the Brazilian Industrial
Merchant activity.

Following the first contract in 2011, Air Liquide is continuing to gain ground
in Mexico, with the winning of a new contract for Tenigal, a steel producer,
owned jointly by Ternium and Nippon Steel. The Group will invest a total of
28million euros to construct an air gas separation unit and a hydrogen
production plant. These new facilities will triple the Group’s liquid gas
production capacity in Northern Mexico. Air Liquide will also bolster the
infrastructure of its regional supply chain and provide liquid gases to the
steel, glass and automobile sectors among others.

In Poland, Air Liquide signed a contract with KGHM Polska Miedz, the copper
industry leader, with a commitment to build an oxygen production unit with a
capacity of 1,500 tons/day. This decision represents an investment of 70
million euros, with a start-up in early 2015.

In Russia, the Group has strengthened its positions, particularly in
distribution, inaugurating a new filling centre in Kolpino. The
state-of-the-art unit will fill up to 30,000cylinders per month. It will
provide pure gases and gas mixtures to the producers of the Saint Petersburg
and Leningrad regions.

As a result of the extensive experience of its teams in China, Air Liquide has
been awarded a long-term contract by Zhejiang Huafon Spandex Co Ltd, the
leading global producer of resins for shoes and leather and the top Chinese
producer of spandex. A hydrogen unit will be built according to the latest
Group technologies, thus guaranteeing a superior degree of reliability, and
the highest safety and energy efficiency levels. Based in the province of
Liaoning, it will produce 15,000Nm3/hour of hydrogen and steam.

Air Liquide has consolidated its high technology positions and is accompanying
the latest developments in the field of new generation screens - screens that
are thinner and lighter, consuming less energy and offering a sharper
resolution. The Group has signed several contracts with Asian flat screen
manufacturers. In Singapore, Japan and Taiwan, it will supply ultra pure gases
to three plants that design advanced technology screens for smart phones and
pads. In China, it will supply specialty gases, equipment and installations to
two new major manufacturers of Generation 8.5 LCD screens.

Step-up in acquisition programs

In the summer of 2012, Air Liquide announced two significant acquisitions in
Home Healthcare in Europe. Having obtained the necessary authorizations, the
Group has finalized these operations in the third quarter and hence
strengthened its European market positions.

Having acquired 70.49% of the share capital of LVLMédical from the company’s
controlling shareholders in June, Air Liquide launched a simplified takeover
bid for the remaining shares from September 21, 2012 to October 11, 2012,
inclusively. The Group now holds more than 95% of the share capital and will
carry out a squeeze-out transaction for all the remaining LVLMédical shares
and BSAAR warrants (redeemable warrants to subscribe or purchase shares) not
yet held by Air Liquide. The squeeze-out will be conducted under the same
pricing conditions as the takeover bid, i.e. 30.89 euros per share and 13.20
euros per BSAAR.

With 50,000 patients and 750 employees in France, LVL Médical generated
revenue of 104million euros in 2011. The net investment represented 316
million euros for Air Liquide. Consolidated third-quarter sales include a
month of activity for LVL Médical.

In September 2012, the Group finalized the acquisition of Gasmedi, the third
largest Home Healthcare player in Spain, with 2011 revenue of 82million
euros, for a net Group investment of 330million euros. Gasmedi employs more
than 500 people and cares for 125,000patients in 14of the 17 Spanish
regions.

The combination of the performance of these two companies and the expertise of
their teams with Air Liquide’s capacity for innovation, the Group will to able
to pursue the development of its activities for the benefit of all its
patients while improving productivity.

As part of its Euro Medium Term Notes (EMTN) program, Air Liquide carried out
a 500million euro bond issue in October, at a rate of 2.125%, for a 9-year
maturity. This operation is dedicated to the refinancing of the Gasmedi and
LVL Médical acquisitions and benefited from a Socially Responsible Investment
(SRI) qualification based on both the use of funds to finance the Home
healthcare activity and a rating from Vigeo, the ESG agency, of the home
healthcare segment. Largely placed with investors having SRI management
mandates, this bond issue has diversified the Group’s financing sources.
Following on from several public and supranational issuers, Air Liquide thus
becomes the first company to issue bonds that meet SRI investor criteria.

Industrial gas distributors and minor local players also represent an external
growth opportunity identified by the Group. During the quarter, Air Liquide
thus acquired several small companies in the Industrial Merchant activity:
three in Brazil and one in Canada, and a more significant player, Energas &
Engweld, in the United Kingdom. These acquisitions, whether based in
developing or advanced economies, will leverage the Group’s current positions
to accelerate Industrial Merchant growth.

Advances in Hydrogen Energy

The automobile sector has announced the commercialization of fuel cell
vehicles by 2015. This new technology consists of a fuel cell fuelled by
hydrogen to generate the required electricity for the car. It allows greater
autonomy, of about 500 km between each re-fill, and creates no local pollution
(zero CO2 emissions and zero noise). Numerous programs to deploy the
distribution infrastructure required on a global basis have recently benefited
from strong support from governments in Europe, California and Asia.

Present across the hydrogen chain, the Group constantly innovates at each
stage of the value chain (production, distribution, filling stations,
applications and the fuel cell) to develop new markets and participates in
several research programs. It has just inaugurated its first hydrogen filling
station accessible to the general public for private vehicles in Düsseldorf,
Germany. During the next three years, ten new hydrogen filling stations will
be built and rolled out as part of a State plan to equip Germany with a supply
network of at least 50 public hydrogen filling stations.

Air Liquide has recently installed two other stations: in Oslo, Norway and
Brugg, Switzerland.

In Japan, the government is planning to install approximately 100 hydrogen
filling stations for fuel cell electric vehicles by 2015. Air Liquide Japan
expects to build a substantial number of these, and has set up a dedicated
team for this purpose.

Air Liquide has designed and provided some 60 hydrogen filling stations
throughout the world, thus contributing to the use of hydrogen for
decarbonized mobility.

Investment cycle

Portfolio of opportunities

Despite global customer prudence in the short term, the 12-month portfolio of
opportunities remains very solid, amounting to 4.0billion euros at the
period-end, compared to 4.1 billion euros at the end of June. This stability
is all the more remarkable considering that the level of decisions, and thus
portfolio outflow, was particularly high.

Project review activity remains intense and numerous opportunities were added
to the portfolio during the third ^ quarter, particularly in the Large
Industries Energy and Chemicals sectors.

Nearly two thirds of the projects in the 12-month portfolio are still located
in developing economies, with a growing focus towards China, the Middle East
and Africa. The number of site takeovers in the portfolio remains stable, with
12projects representing more than 25% of the value of the overall
opportunities.

Investment decisions

Industrial and financial investment decisions, which is to say Group
undertakings in terms of future investments, amounted to 1.2 billion euros
over the quarter and 2.4 billion euros year to date. The third quarter figure,
which is over twice that of the two previous quarters, includes 784 million
euros of acquisition decisions, principally LVLMédical in France and Gasmedi
in Spain. The acquisition of LVLMédical has contributed to Group revenue
since September, while that of Gasmedi in Spain will be effective from the
fourth quarter of 2012.

Industrial decisions were stable compared to previous quarters. These projects
are equally distributed between developing economies, and North America and
France.

Capital expenditure

Net capital expenditure, including transactions with minority interests, stood
at 2,234million euros year to date, including 36% for acquisitions, the
balance being attributable to industrial capital expenditure.

Start-ups

Five of the six start-ups initially planned for the third quarter, largely
relating to the Industrial Merchant activity in advanced economies, were
postponed to the fourth quarter of 2012, or early 2013. ^ Two thirds of these
delays are due to technical or administrative difficulties encountered by our
customers, the others being related to the troubled economy or customer
prudence. Some 10 to 13 start-ups are still expected by year-end, two having
already been implemented in the month of October. At this stage, 25 to 30
start-ups are planned for 2013.

Operating performance

Group efficiency gains stood at 62million euros over the quarter, cumulating
to 188million euros since the start of the year. Reinforced action plans
implemented in the regions where growth is more modest, have ensured that the
Group is ahead of the annual target of over 200million euros. In the
difficult economic context and with persistent inflation in numerous
countries, this efficiency combined with continued positive pricing in
Industrial Merchant, have helped to preserve the Group’s operating
performance.

Cash from operations before the change in working capital rose by +6% for the
first nine months of the year, enabling the financing of a high level of
investments, including 820million euros in acquisitions, including LVL
Médical and Gasmedi during the third quarter. The group’s financial structure
remains solid.

Outlook

The third quarter reflects both weakness in the activity of certain customers
and the robustness of emerging markets. Air Liquide’s widespread geographic
presence and the diversity of its businesses have enabled the Group to
achieve, in the current global environment, a solid sales level, growing
compared to the third quarter of 2011.

The very strong level of the Engineering and Construction order intake and the
12-month portfolio of opportunities that remains high confirm the confidence
of the Group’s customers in the longer term.

Consequently, the Group continues to adapt and to strengthen its
competitiveness, increasing its efficiency efforts in the advanced economies,
pursuing new contract signings and innovative initiatives in growth markets,
and making targeted acquisitions.

In this context and barring a major economic downturn, AirLiquide continues
to aim for growth in net profit in 2012.

Appendices

Currency, natural gas and significant scope impacts

In addition to the comparison of published figures, financial information is
given excluding currency, the impact of natural gas price fluctuations and
significant scope effect.

Since industrial and medical gases are rarely exported, the impact of currency
fluctuations on activity levels and results is limited to euro translation
impacts with respect to the financial statements of subsidiaries located
outside the Euro-zone. Fluctuations in natural gas prices are generally passed
on to our customers through indexed pricing clauses.

Consolidated 2012 3^rd quarter revenue includes the following:

                        Change                                      Change
In millions  Revenue  Q3      Currency  Natural  Significant  Q3 12/11
of euros      Q3 2012   12/11               gas       scope         comparable
                        ^(a)                                        ^(b)
Group        3,803    +5.7%   +169      -9       +9           +1.0%
Gas &        3,490    +6.5%   +160      -9       +9           +1.6%
Services
                                                             

(a) compared to 2011 revised data, after integration of Seppic within Gas and
Services.

(b) excluding currency, natural gas and significant scope impacts.

For the Group,

  *The currency impact was +4.7%.
  *The impact of lower natural gas prices was -0.3%.
  *The significant scope impact was +0.3%.

For Gas and Services,

  *The currency impact was +4.9%.
  *The impact of lower natural gas prices was -0.3%.
  *The significant scope impact was +0.3%.

Consolidated year-to-date 2012 revenue includes the following:

In                     Change                                       Change
millions   Revenue   YTD      Currency  Natural  Significant  YTD 12/11
of euros    YTD 2012   12/11                gas       scope         comparable
                       ^(a)                                         ^(b)
Group      11,335    +5.8%    +400      +13      -29          +2.2%
Gas &      10,327    +5.9%    +380      +13      -29          +2.2%
Services
                                                             

(a) compared to 2011 revised data, after integration of Seppic within Gas and
Services.

(b) excluding currency, natural gas and significant scope impacts.

YTD 2012 revenue

Revenue per business line
                                               
In millions of euros         YTD 2011   YTD 2012   Change YTD 12/11
                            revised             published  comparable*
Gas & Services              9,751     10,327    +5.9%      +2.2%
Industrial Merchant         3,636     3,886     +6.9%      +2.6%
Large Industries            3,411     3,719     +9.0%      +4.8%
Healthcare                  1,708     1,804     +5.6%      +4.0%
Electronics                 996       918       -7.8%      -11.4%
Engineering & Construction  447       532       +18.9%     +16.4%
Other activities            514       476       -7.2%      -8.9%
Welding                     344       335       -2.4%      -2.5%
Diving and                  170       141       -16.9%     -21.9%
Specialty Chemicals
Group revenue               10,712    11,335    +5.8%      +2.2%
                                                             

*comparable: excl. currency, natural gas and significant perimeter effects

G&S revenue by geography
                                           
In millions of euros     YTD 2011   YTD 2012   Change YTD 12/11
                        revised             published  comparable*
Europe                  5,090     5,199     +2.1%      +0.6%
Americas                2,137     2,311     +8.2%      +5.7%
Asia-Pacific            2,296     2,547     +10.9%     +0.8%
Middle East and Africa  228       270       +18.4%     +17.8%
Gas & Services revenue  9,751     10,327    +5.9%      +2.2%
                                                         

*comparable: excl. currency, natural gas and significant perimeter effects

Reallocation of Specialty ingredients within Healthcare business line 2011

Revenue              Q1 11       Q2 11       Q3 11       Q4 11       2011
                    as         as         as         as         as
In millions of       published   published   published   published   published
euros
Large industries    1,133      1,121      1,157      1,174      4,585
Industrial          1,200      1,199      1,238      1,256      4,892
Merchant
Electronics         343        336        317        291        1,286
Healthcare          509        515        511        539        2,076
REVENUE
                    3,185      3,171      3,223      3,260      12,839
GAS & SERVICES
Engineering and     134        156        158        258        705
Construction
Other Activities    224        246        216        227        913
GROUP REVENUE       3,543      3,573      3,597      3,745      14,457
                                                               

Revenue                        Q1 11     Q2 11     Q3 11     Q4 11     2011
                              revised  revised  revised  revised  revised
In millions of euros
Large Industries              1,133    1,121    1,157    1,174    4,585
Industrial Merchant           1,200    1,199    1,238    1,256    4,892
Electronics                   343      336      317      291      1,286
Healthcare                    564      579      564      592      2,301
REVENUE
                              3,240    3,235    3,276    3,313    13,064
GAS & SERVICES
Engineering and Construction  134      156      158      258      705
Other Activities              169      182      163      174      688
GROUP REVENUE                 3,543    3,573    3,597    3,745    14,457
                                                                 

Contact:

Air Liquide
Corporate Communications
Corinne Estrade-Bordry, + 33 (0)1 40 62 51 31
Garance Bertrand, +33 (0)1 40 62 59 62
or
Investor Relations
Virginia Jeanson, +33 (0)1 40 62 57 37
Annie Fournier, +33 (0)1 40 62 57 18
 
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