Air Liquide: Activity improvement in 2nd quarter

  Air Liquide:Activity improvement in 2nd quarter

2013 objective maintained

Business Wire

PARIS -- July 30, 2013

Regulatory News:

Air Liquide (Paris:AI) :

Key figures

  *H1 revenue*: +3.0%
    o/w 2^nd quarter*: +5.8%

  *Operating margin maintained: 16.6%
  *Cash flow: +6.2%

* adjusted for currency and natural gas impacts


  *Major investments in growth markets: air gas and energy for LyondellBasell
    (United States), gasification for Fujian Shenyuan New Materials (China).
  *Continued acquisitions: Healthy Sleep Solutions (Australia), Ventamed and
    HELP! (Poland) in Home Healthcare and the Voltaix project (United States)
    underway in Electronics.
  *New technological innovations: start-up of the world’s largest helium
    plant in Qatar, the first hydrogen filling station for forklift trucks in

Air Liquide’s Board of Directors, which met on July 29, 2013, reviewed the
consolidated accounts at June 30, 2013.

1^st half 2013 Group revenue was € 7,561 million, an increase of +0.4%
compared with the first six months of 2012 on a reported basis and of +3.0%
adjusted for currency and natural gas impacts. 2^nd quarter of 2013 revenue
was up +5.8% on a same basis, compared with the 2^nd quarter of 2012,
confirming the trend that was announced in the 1^stquarter of 2013.

Gas & Services sales came to € 6,885 million, up +3.5% for the 1^st half of
2013, adjusted for currency and natural gas impacts, with an increase of +5.6%
in the 2^nd quarter of 2013. All regions reported growth. Europe notably
benefited from the momentum of Large Industries in Russia and Ukraine and
acquisitions in Healthcare; the Americas were lifted by demand for hydrogen,
especially in the United States; and Asia Pacific saw unit ramp-ups and
increasing volumes in Industrial Merchant in China. The rise in industrial
production drove growth in Africa-Middle East.

Operating income recurring came to € 1,256 million. The operating margin
improved slightly to 16.6%, supported by efficiency gains of € 138 million for
the 1^st half of 2013, in line with the annual objective. Net profit Group
share totaled €752million, stable excluding non-recurring expenses linked to
the realignment programs in Europe. Cash flow at €1,501million, increased
yet again, by +6.2%.

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

“The operating performance for the first half of 2013 is positive and in line
with our expectations. It is the result of the improvement in activity
observed in the 2^nd quarter, boosted in particular by growth in Large
Industries, Healthcare and the developing economies, as well as by the Group’s
ability to control costs and generate substantial efficiencies.

The Group’s industrial investments and acquisitions in the first six months of
2013 reached more than one billion euros: focused on growth markets, they
allow us to take leading positions.

The Group continues to adapt and to make the necessary adjustments to
strengthen its competitiveness and pursue profitable growth over the
long-term. Barring a degradation of the environment, Air Liquide is confident
in its ability to deliver another year of net profit growth in 2013.”


Key 1^st half 2013 figures

In millions of euros                    published  adjusted*
Group revenue                  7,561 M€   +0.4%       +3.0%

Including Gas & Services       6,885 M€   +0.7%       +3.5%
Operating income recurring     1,256 M€   +0.9%
Net profit, Group share        752 M€     -4.0%**
Net earnings per share         2.43       -3.6%**
(in euros)
Net debt as of June 30, 2013   6,837 M€              

* adjusted for currency and natural gas impacts
** stable excluding non-recurring expenses in Europe

Limited review procedures have been completed in relation to the consolidated
interim financial statements, and an unqualified review report is in the
process of being issued by the statutory auditors.

   Follow the announcement of first half results live on Twitter using the
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Upcoming events
3^rd quarter revenue
October 24, 2013
Actionaria Exhibition, Paris, France
November 22 and 23, 2013
2013 Annual results
February 18, 2014
Annual General Meeting
May 7, 2014

Air Liquide is the world leader in gases for industry, health and the
environment, and is present in 80countries with close to 50,000employees.
Oxygen, nitrogen, hydrogen and rare gases have been at the core of Air
Liquide’s activities since its creation in 1902. Using these molecules, Air
Liquide continuously reinvents its business, anticipating the needs of current
and future markets. The Group innovates for the good of society while
delivering growth and consistent performance.

Innovative technologies that curb polluting emissions, lower industry’s energy
use, recover and reuse natural resources or develop the energies of tomorrow,
such as hydrogen, biofuels or photovoltaic energy… Oxygen for hospitals, home
healthcare, fighting nosocomial infections… Air Liquide combines many products
and technologies to develop valuable applications and services not only for
its customers but also for society.

A partner for the long term, Air Liquide relies on employee commitment,
customer trust and shareholder support to pursue its vision of sustainable,
competitive growth. The diversity of Air Liquide’s teams, businesses, markets
and geographic presence provides a solid and sustainable base for its
development and strengthens its ability to push back its own limits, conquer
new territories and build its future.

Air Liquide explores the best that air can offer to preserve life, staying
true to its Corporate Social Responsibility and sustainable development
approach. In 2012, the Group’s revenues amounted to €15.3 billion of which
82% were generated outside France. AirLiquide is listed on the Paris Euronext
stock exchange (compartment A) and is a member of the CAC 40 and Dow Jones
Euro Stoxx 50 indexes.



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