Air Liquide: Confidence in the Group’s long-term growth outlook

  Air Liquide: Confidence in the Group’s long-term growth outlook

Strategy of delivering profitable growth over the long term:

  *Innovation: revenue growth exceeding that of the market
  *Competitiveness: continuous improvement in margins
  *Targeted investments: ROCE between 11% and 13%

Business Wire

PARIS -- December 11, 2013

Regulatory News:

On the occasion of its Investor Day, which is being held in Paris on December
11, 2013, Air Liquide (Paris:AI) presents an update on its ALMA 2015 plan and
explains its vision of how its markets are evolving, as well as its strategy
and growth outlook.

Over the 2011-2015 period, the Group expects average annual growth in revenues
of +5% to +7%, adjusted for currency impacts, outperforming the average annual
growth forecast for the industrial gases market by +1% to +2%. Over this same
period, Air Liquide is committed to generating substantial cumulative
efficiencies, an objective increased at the beginning of the year by +30%, to
€1.3 billion, as well as to pursuing its adjustment programs thus reinforcing
its competitiveness.

This sound management approach is being accompanied by the rollout between
2011 and 2015 of an investment program worth €12 billion, already mostly
committed, designed to lay the groundwork for medium-term growth.

Looking towards 2020, Air Liquide will continue to capitalize on the strength
of its core business and its financial structure, as well as on development
initiatives intending to achieve average annual revenue growth of between +6%
and +9%, excluding currency impacts, outperforming the industrial gases
market’s expected growth beyond 2015, and a return on capital employed (ROCE)
of 11% to 13%.

The Group also intends to leverage its leadership positions in the world’s
major industrial basins, its patented technologies and its competitive
solutions and services,  to address the major challenges that society will
face tomorrow. Whether related to energy and the environment, to the
acceleration of the digital revolution and of the related electronic products,
or to the move of healthcare services from hospital to home, these challenges
will be met with a reinforced innovation process that the Group has already

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

“Our ambition is to be the leader in our industry, delivering long-term
performance and acting responsibly with respect to all our stakeholders.

Our strategy is one of profitable growth over the long term. It is driven by
reinforced competitiveness in our operations, targeted investments in growing
markets, and constant innovation to open new markets and create new

The Group’s development potential is based on the rollout of this strategy by
committed teams. It is driven by three major trends: industry globalization
and resource constraints, evolving consumption patterns and demographics, and
the growing appetite for innovation. These trends are generating a new market
dynamic in addition to the more traditional geographic approach that had
prevailed up to now and which was focused on developing economies.

Thanks to the numerous strengths we bring to this new environment, we are
confident in the ability of Air Liquide to successfully pursue its
development, celebrated this year on the 100^th anniversary of listing on the
Paris Stock Exchange, and to generate profitable growth over the long term.”


2013 Annual results
February 18, 2014

Annual General Meeting
May 7, 2014

World leader in gases, technologies and services for Industry and Health, Air
Liquide is present in 80 countries with close to 50,000 employees and serves
more than 2 million customers and patients. Oxygen, nitrogen and hydrogen have
been at the core of the company’s activities since its creation in 1902. Air
Liquide’s ambition is to be the leader in its industry, delivering long-term
performance and acting responsibly.

Air Liquide ideas create value over the long term. At the core of the
company’s development are the commitment and constant inventiveness of its

Air Liquide anticipates the challenges of its markets, invests locally and
globally and delivers high-quality solutions.

The company relies on competitiveness in its operations, targeted investments
in growing markets and innovation to deliver profitable growth over the

Air Liquide’s revenues amounted to €15.3 billion in 2012, and its solutions
that protect life and the environment represented around 40% of sales. Air
Liquide 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.

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