A new year of growth Margin and net profit improved

Transcription

1 2013 Full Year A new year of growth Margin and net profit improved Paris,

2 Strategy Benoît Potier l Chief Executive Officer Profitable growth over the long term Competitiveness Targeted investments Innovation Efficiency gains Productivity Prioritization Focus Open Innovation Entrepreneurship Venture capital 2

3 Another year of growth Annual G&S activity indicator (1) base 100, average % over 5 years (1) Revenue (excluding currency and natural gas), adjusted for the number of days per month. 3

4 Confirmed positive base business G&S quarterly growth analysis 7,0% 5,0% 3,0% 1,0% Base business Start-ups, Ramp-ups, Site takeovers, Small acquisitions Significant perimeter -1,0% -3,0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q excluding the impact of 2012 customer settlements. 4

5 Sales, net profit and dividend growth Group sales Net profit (Group Share) (2) Dividend per share (3) In bn In m ,640 In 2, (1) +3.7% % +2.0% 11 1, ,5 Pay-out 49.7% CAGR +4.1% +5.3% +6.2% (3) (1) Growth, excluding currency and natural gas impacts. (2) Previous years net profit restated for the effects of the IAS 19 revision. (3) Subject to approval at the General Shareholder Meeting to be held on May 7, 2014, detached on May 16 and paid on May 21. Historical data adjusted for free share attributions 5

6 Growth Pierre Dufour l Senior Executive Vice-President Gas & Services GSI in developing economies Healthcare Electronics recovery +4% FY % FY % FY % Q Sales growth, excluding currency and natural gas impacts. GSI: Gas & Services for Industries = Large Industries + Industrial Merchant + Electronics 6

7 Growth over the market G&S comparable growth (1) 115 Air Liquide 110 World IP Index Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Base 100 in 2010 Source: Consensus Forecasts (1) Excluding currency, natural gas and significant scope impacts. Q adjusted for the impact of 2012 customer settlements. 7

8 From geo-driven to market-driven growth Fastest growing segments Developing Europe +35% +15% Advanced Europe +6% +10% Gas & Services for Industries Developing Asia +6% Large Industries Industrial Merchant +12% Healthcare +12% +20% (1): Annual growth excluding currency and natural gas impacts (2): Gas & Services for Industries = Large Industries + Industrial Merchant + Electronics 8

9 Acceleration in Americas and Asia-Pacific G&S comparable growth(1) Europe +1% FY 2% Americas 11% 10% 2% 1% 4% 0,2% 8% 8% 1.5% 1% +7% FY 9% (2) 3% 3% 0,1% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q % Asia-Pacific Middle-East & Africa +3% FY 7% 6% 21% 19% 3% 17% 16% 14% 4% +12% FY 2% 5% (2) -0,3% -0,1% 1% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 (1) Excluding currency, natural gas and significant perimeter impacts. (2) Q also excluding the impact of 2012 customer settlements. 9 12% 11%

10 Continued growth in all business lines in Q4 G&S comparable growth(1) +3% FY Large Industries Take-overs (Ukraine, USA, Mexico) Strong HyCO volumes in North America 4 LI Start-ups in Q4 +8% +7% (2) +5% +4% +3% +3% +3% +3% 36% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Healthcare +5% FY FY % +14% +12% 19% +13% LVL + Gasmedi +6% +5% +5% +2% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Strong demand in Home Healthcare Solid Medical gases volumes in Americas Bolt-on acquisitions Tariff pressure (1) Excluding currency, natural gas and significant perimeter impacts. (2) Q also excluding the impact of 2012 customer settlements. 10

11 Continued growth in all business lines in Q4 G&S comparable growth(1) Industrial Merchant +4% +3% FY Stabilization in Europe Robust Americas in all segments Double digit growth in +4% +4% +4% +2% +1% 37 % +1% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Developing Asia in Q4 Good momentum in Materials & energy and Food & pharma +2% +1% Electronics FY 2013 FY +9% 8% +4% +2% -6% -4% -11% -12% -12% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Positive carrier gases and strong E&I in Americas Aloha momentum Positive impact of Voltaix acquisition Japan flat (1) Excluding currency, natural gas and significant perimeter impacts 11

12 Another strong year for Engineering & Technology E&T order intake(1) 1,942 Third party E&T sales 785 1,905 In m %(2) FY 2013 In m Q1 12 Q2 Q3 Q4 Q1 13 Q2 Q3 Q4 Q1 12 Large Gasification and ab&t cryogenic projects (1) Including advanced Business & Technologies order intake. 12 Q2 Q3 Q4 Q1 13 Q2 Q3 Good progress on projects (2) Comparable growth Q4

13 Targeted investments in growing markets Pierre Dufour l Senior Executive Vice-President Coal conversion in China Petrochemicals on the Gulf Coast N2 for EOR in Canada 13 CO2 for beverage Home Healthcare bolt-on acquisitions Voltaix in advanced materials Takeo cylinder for hospitals

14 Managing the investment cycle... Portfolio of opportunities 3.6 bn Net Capex (1) 2.2 bn 50% in developing Solid 12-month portfolio Sustained project review activity Investment decisions (1) 2.7 bn economies Net Capex / sales: 14.7% Delivering start-ups(2) 8,000 tpd O2 started in Q4 2.2bn Industrial, 44% in developing 58% in Large Industries 0.5bn financial decisions 23 start-ups, contributing to sales in in developing (1) Industrial and financial investments, including transaction with minority shareholders, net of divestitures 14 (2) Industrial projects > 10m

15 and the portfolio in line with the strategy Divestiture Acquisition Growth NordicInfu Care Growth Voltaix Strategic Anios Help! Focus Ventamed Voltaix Neal & Massy Healthy Sleep Solutions Low growth LPG Business Non-core 15 Growth

16 Competitiveness Maëlys Castella l Deputy Finance Director Growth Margin Sales Efficiency 303m +3.7% Margin improvement Cash Flow Cash flow/sales 19.4% Stable debt 6 bn +20bps Alignment plans 128m Sales growth excluding currency and natural gas impacts. 16 Cash Flow before change in WCR. Margin improvement excluding natural gas impact.

17 Robust sales in an improving environment FY12 Sales in m Gas & Services FY 13 FY 13/12 FY 13/12 Q4 13/12 as published excl. currency and nat gas excl. currency and nat gas 13,912 13, % +4.0% +4.0% Engineering & Technology % +4.3% +0.7% Other Activities % -5.9% -5.2% 15,326 15, % +3.7% +3.5% Group Total 17

18 Solid margin improvement In m 2012 (1) Revenue 15,326 15, % Purchases (6,099) (5,985) -1.9% Personnel expenses (2,674) (2,751) Other net income and expenses (2,768) (2,672) -0.4% 3,785 3, % (1,232) (1,236) +0.4% Operating Income Recurring (OIR) 2,553 2, % OIR margin 16.7% 16.9% +20 bps 2013 FY 13/12 excl. currency Operating profit before depreciation Depreciation and amortization OIR margin excl. natural gas effect 16.9% (1) Restated for the effects of the IAS 19 revision 18 FY 13/ % +4.3%

19 Supported by 33% efficiency retention in G&S G&S OIR margin +30 bps 18.8% in m 19.1% (1) ,750 2, , <109> +38 2,500 G&S 2,250 G&S <234> 33% retention 2,000 1,750 0 OIR 2012 Volume mix OIR = Operating Income Recurring 19 Energy effect +2.3% +0.3% +2.9% Cost increase Price excl. energy Efficiencies Currency and Others OIR 2013 (1) At constant NG, 19.2% as published

20 Net Profit up +5.5% excluding currency In m 2012 (1) In m Revenue Operating Income Recurring Other non-recurring operating income & expenses Operating Income Net financial costs and other net financial expenses Income taxes Tax rate Share of profit of associates Minority interests Net profit (Group share) Earnings per share (in ) 15,326 FY 13/ % 2,553 2, % +4.3% (27) 26 2,526 2, % +6.1% (331) (305) (558) (612) +5.5% 25.4% 26.6% (66) (64) 1,591 1, % % (1) Restated for the effects of the IAS 19 revision 20 FY 13/ ,225 excl. currency +3.1%

21 Net debt stable Net debt +3.5% In m In m <6,103> <865> +2, <6,062> <2,240> <41> <146> Gearing ratio 58% Net Debt Dec 31, 2012 Gearing ratio 56% Cash flow WCR + others Net Investments(1) (1) Including acquisitions, transactions with minority shareholders, net of divestitures 21 Dividends (2) Currency + Net Debt, Scope Dec 31, 2013 (2) Including share purchases ( 115m) and capital increase.

22 Reduced cost of debt Net debt 2013 by currency In m Average cost of net debt In % 5% 10% 31% 14% 4.0% 4% -60bps 6.1bn 3% 13% 32% 2% EUR USD RMB 22 JPY Others Improved rating A+

23 Delivering long term performance Benoît Potier l Chief Executive Officer % % % % % % % % 0 10% Group Sales Group OIR Margin 2013

24 Competitiveness Efficiency gains Resources intensity Productivity In m OIR / employee (base 100 in 2003) (Personal expenses + Depreciation) / OIR , % 140 2,00 CAGR 1, , , , , , Regular margin improvement: from 14.2% to 16.9% in 10 years

25 Regular margin improvement Business lines OIR margin (1) 35% Maintained margin while 30% mix trending to more H2 25% 20% Productivity improvement 15% IM issues identified and tackled 10% Positive management of product mix 5% Large Industries Healthcare 2013 Industrial Merchant (1) 4 year moving average. Large Industries margin at constant natural gas 25 Electronics

26 High cash flow returns maintained InCash m Flow / Sales Cash2012 Flow / Capital 2013 employed 21% 20% 19.4% 20% 19% 18% 18% 17% 17% 16% 16% 15% 15% Regular cash flow generated by quality sales 17.4% 19% 14% Capital newly deployed will contribute Cash flow form operating activities before changes in working capital 26

27 ROCE managed within target range Capital employed: 16.9bn After Tax ROCE(1) 20 13% 11.1% 12% 15 11% 10% 10 Industrial assets 9% 5 8% Construction in progress Goodwill 7% 0 6% WCR & Others -5 (1) Reminder : Return On Capital Employed after tax: (Net profit after tax before deduction of the minority interests net cost of debt after taxes) / weighted average for the year of (shareholders equity + minority interests + net indebtedness). 27

28 Boosted innovation programs Entrepreneur push Science & Technology R&D Engineering & Construction Open Innovation Venture Capital ab&t network ALTEC centers Design to cost H2 mobility e-health Energy storage Recycling New therapies Mobility & Fuel Cell digitalization Large scientific projects 28

29 Roadmap to Forecast achievements Group Improvement in Q % to +7% Market +4% to +5% Large Industries +8% to +9% Industrial Merchant +3% to +5% +4% to +6% Electronics +7% to +8% Healthcare -1% 0% Compound Average Growth Rate % +2% +3% +4% +5% +6% +7% +8% Q excluding currency impact. +9% +10%

30 2014 Outlook FY 2013 Robust performance Investment decisions in growing markets Improved margin and net profit growth 2014 objective Barring a degradation of the environment, Air Liquide is confident in its ability to deliver another year of net profit growth in

31 Acting responsibly HyCO-Energy consumption(1) 100 Patients cared for 95 In thousands Registered shareholders In thousands Accident frequency rate (2) 200 2, , ,0 1,8 50 1, ,6 0 1, ,0 (1) Base 100 in Energy consumption per m3 of H2 and CO produced. (2) Lost-time accident frequency rate per million hours worked. 31

32 Sustainability 43% 27 New projects AA N 1 in industrial gases Ethibel Excellence Sustainability index for the 10th consecutive year ROBECOSAM Sustainability leaders 2014 (1) AA rating since February

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34 2013 Full year Appendix 34

35 Impact of currency and natural gas on G&S revenue Currency In m Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 /USD +20 (3) (10) (30) (26) /CAD +11 (2) (5) (16) (17) (40) (55) (74) (65) /JP (3) Others +33 (20) (27) (82) (77) Total currency impact +61 (65) (97) (202) (185) Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 /USD /CAD /JP (21) (8) (23) (37) Average rate Natural Gas In m Natural Gas Impact 35

36 Consolidated P&L In m 2012(1) 2013 Revenue 15,326 15,225 (11,541) (11,408) 3,785 3,817 (1,232) (1,236) 2,553 2,581 (27) 26 2,526 2,607 (331) (305) (558) (612) ,657 1, ,591 1, Cost of goods Operating income recurring before depreciation Depreciation and amortization expense Operating income Recurring Net non-recurring operating income Operating income Net finance costs & other net financial expenses Income taxes Share of profit of associates Profit for the period - Minority interest - Net profit (Group share) Basic earnings per share (in ) (1) Restated for the effects of the IAS 19 revision 36

37 Consolidated Balance Sheet In m ASSETS 31/12/12(1) 31/12/13 5,133 13,511 1,084 5,090 13,939 1,061 Goodwill Fixed assets Other non-current assets* Total non-current assets 19,728 20, Inventories & work in-progress Trade receivables & other current assets Cash and cash equivalents* 3,320 1, Total current assets 5,283 5,005 25,011 25,095 31/12/12(1) 31/12/13 Total assets Net debt Net debt ratio 37 31/12/12(1) 31/12/13 Shareholders equity Minority interests 10, , Total equity 10,423 10,888 3,379 3,237 5,789 5, Total equity and non current liabilities 19,872 20,163 Provisions Trade payables & other current liabilities Current borrowings* 243 3, ,487 1,498 1,198 25,011 25,095 EQUITY AND LIABILITIES Provisions & deferred tax liabilities Non-current borrowings Other non-current liabilities* 3,232 6,103 6, % 55.7% Total equity and liabilities (1) Restated for the effects of the IAS 19 revision * including fair value of derivatives

38 Cash Flow statement In m 2012(1) Funds provided by operations 2,886 2,949 Changes in Working Capital Other items (67) (110) (19) (127) Net cash from operating activities 2,709 2,803 Purchase of PPE* and intangible assets Purchase of financial assets Proceeds from sale of PPE*, intangible and financial assets (2,008) (879) 50 (2,156) (392) 317 Net cash in investing activities (2,837) (2,231) Distribution (781) (876) Increase in capital stock Purchase of treasury shares Transactions with minority shareholders Exchange rate and consolidation scope effect 37 (104) (11) (115) (9) 343 Change in net indebtedness (855) 41 (1) Restated for the effects of the IAS 19 revision * property, plant and equipments

39 Growth in Q G&S revenue in m ,585 <37> <185> -1.0% <14> 3, % -0.4% % published growth % comparable Q Comparable (1) growth Natural gas Currency Significant perimeter (1) Excluding currency, natural gas and significant scope impacts 39 Q4 2013

40 Revenue analysis by quarter (1) Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q4 13/12 Europe 1,827 1,769 1,778 1,745 1, % +0.1% Americas % +10.8% Asia-Pacific % +6.9% Middle-East & Africa % +11.6% 3,585 3,406 3,479 3,444 3, % +4.4% Engineering & Technology % +0.7% Other Activities % -5.2% 3,990 3,698 3,863 3,765 3, % +3.8% Gas & Services Group Total (1) Excluding currency, natural gas and significant scope impacts 40 Q4 13/12 Sales in m comparable(1)

41 Revenue analysis by quarter (2) Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q4 13/12 Large Industries 1,296 1,225 1,236 1,218 1, % +3.3% Industrial Merchant 1,307 1,254 1,284 1,274 1, % +4.1% Healthcare % +5.1% Electronics % +9.3% 3,585 3,406 3,479 3,444 3, % +4.4% Engineering & Technology % +0.7% Other Activities % -5.2% 3,990 3,698 3,863 3,765 3, % +3.8% Gas & Services Group Total (1) Excluding currency, natural gas and significant scope impacts 41 Q4 13/12 Sales in m comparable(1)

42 G&S Revenue growth by quarter (3) Growth as published Natural Gas Currency Significant scope Comparable growth(1) Q % +0.7% +2.2% -0.6% +4.0% Q % +0.0% +4.6% -0.6% +0.9% Q % -0.3% +4.9% +0.3% +1.6% Q % +0.2% +1.8% +1.6% +4.6% Q % -0.6% -1.9% +1.4% +1.5% Q % -0.2% -2.9% +1.6% +4.0% Q % -0.6% -5.8% +1.2% +3.9% Q % -1.0% -5.2% -0.4% +4.4% (2) (1) Excluding currency, natural gas and significant scope impacts. (2) Q also excluding the impact of 2012 customer settlements. 42

43 Europe in Q4 Electronics Q4 Gas & Services sales: 1,766m Industrial Merchant 3%2% Industrial Merchant 30% 31% Healthcare 39% 37% Southern Europe still slow Dynamic Eastern Europe Pursued pricing actions Large Industries Q4 13/12 Comparable change (1): +0.1% Large Industries Industriel Merchant -0.7% Improving O2 volumes Solid H2 demand Cogen sales decreasing Large Industries -2.1% +3.9% Healthcare Healthcare Home Healthcare demand growth Anios divestiture in December Tariff pressure in advanced countries -3% -1% 2% 5% In m FY 2013 Publ. growth Comp. growth(1) Sales 7, % +1.0% OIR 1, % 19.1% +80bps (1) excluding impact of currency, natural gas and significant scope. (2) excluding impact of natural gas. 43 OIR/Sales +40bps(2)

44 Americas in Q4 Q4 Gas & Services sales: 822m Industrial Merchant Electronics Healthcare 10% 8% 10% 45% Sustained activity across the region Bolt-on acquisitions Solid pricing effect Large Industries 32% 35% Large Industries Q4 13/12 Comparable change (1): +10.8% Electronics +52.0% +8.0.% Industrial Merchant Strong H2 demand Lower steel demand in Canada Low cogen volumes in the US +7.3.% Healthcare Strong growth in developing economies Voltaix (Aloha, ESG) and E&I (1) excluding impact of currency, natural gas and significant scope. (2) excluding impact of natural gas. 44 Large Industries +9.4.% Healthcare Electronics Industrial Merchant 0% 3% 5% 8% 10% 13% 15% In m FY 2013 Publ. growth Comp. growth(1) Sales 3, % +7.0% % 23.6% -40bps OIR OIR/Sales +20bps(2)

45 Asia-Pacific in Q4 Electronics Q4 Gas & Services sales: 826m 24% 22% 35% Healthcare 5% 5% Industrial Merchant Japan picking up Double digit growth in China in Q4 +5.6% Start-ups in China Solid air gases volumes +0.7% No rebound in Japanese industry Strong China (E&I) Aloha growth 0% Large Industries Electronics 4% 8% 12% In m FY 2013 Publ. growth Comp. growth(1) Sales 3, % +2.9% % 15.1% +0bps OIR Industrial Merchant +12.5% Electronics 45 38% Q4 13/12 Comparable change (1): +6.9% (1) excluding impact of currency, natural gas and significant scope. (2) excluding impact of natural gas. 34% Large Industries Large Industries Industrial Merchant OIR/Sales -10bps(2)

46 Acceleration in Americas and Asia Growth(1) FY sales Q % 51% FY 2013 Q % Total G&S +4.4% 13,837 m Europe Europe Asia 3% +3.1% Middle-East and Africa Solid LI O2 and Healthcare volumes +0.1% 7,058 m Americas +1.0% Strong Eastern Europe Flat IM +10.8% Sustained HyCO volumes Strong IM pricing Americas 3,225 m +7.0% Electronics recovery Asia Pacific +6.9% IM & LI start-ups in China 3,184 m +2.9% E&I Electronics flat in Japan +11.6% ME & Africa 370 m +12.3% Healthcare and IM volumes (1) Comparable: excluding currency, natural gas and significant perimeter impacts. 46

47 FY 2013 Revenue breakdown by region Gas & Services FY 2013 Revenue 13.8bn 23% Europe Americas 51% 23% Asia 3% Middle-East and Africa Europe: 7.1bn Americas: 3.2bn Asia: 3.2bn 30% 36% 37% 36% 36% 47% 2% 31% 7% Industrial Merchant 47 Large Industries 5% 10% 23% Healthcare Electronics

48 Strong developing economies, advanced stabilizing G&S for Industries (GSI) sales comparable growth(1) (FY 2013/FY 2012) -2% + 9% +24% +6% +6% growth(1) -2% +12% +14% 27% of GSI in FY 2013 Advanced economies Developing economies +0% (1) GSI sales excluding Healthcare sales. Excluding currency, natural gas and significant scope impacts %

49 Continuous growth in Healthcare Healthcare sales growth(1) (FY 2013/FY 2012) +11% +11% growth(1) +9% +9% +19% 19% of G&S +25% growth(1) in FY 2013 Healthcare presence (1) Growth excluding currency impacts. 49

50 Industrial Merchant pricing Q Europe +0.7% +0.5% +3.6% Americas Asia-Pacific +3.6% +1.5% +1.1% +3.9% Middle-East and Africa Total Industrial Merchant 50 FY % +1.9% +1.8%

51 Engineering & Technology In m Consolidated revenues OIR(1) margin 10.0% 10.8% Total order intake 1,942 1,905 4,000(2) 4,828 Total orders-in-hand Total Orders-in-hand breakdown at Dec 31, 2013 ASU 3% 9% HyCO Traditional energy Alternative energy 11% 41% 10% Renewable energy ab&t (1) includes financial income generated by customer advances. (2) ab&t excluded for %

52 Operating margin natural gas effect Group, in m Revenue Incl. Natural gas effect 2012(1) ,326 15, Operating income recurring Operating margin 2,560 2, % 16.9% Operating margin excluding natural gas Gas and services, in m Revenue Incl. Natural gas effect 16.9% ,912 13, Operating income recurring Operating margin 2, % 19.2% (1) As published -88 2,622 Operating margin excluding natural gas %

53 Operating margin (OIR/Revenue) H1 10 H Group 16.6% 16.8% 16.7% Gas & Services 19.2% 19.2% 19.2% H1 11 H2 11 Group 16.7% 16.6% 16.7% Gas & Services (1) 19.0% 18.8% 18.9% H1 12 H Group 16.5% 16.9% 16.7% Gas & Services 18.7% 19.0% 18.8% H1 13 H Group 16.6% 17.3% 16.9% Gas & Services 18.7% 19.6% 19.2% (1) 2011 revised for integration of Seppic in Gas and Services. 53

54 Preparing the future 12-month portfolio of opportunities Investment decisions(1) Net capex(1) In bn In bn In bn Start-ups(2) YTD Dec-12 Jun- 13 Dec FY % Developing Economies 36% Advanced Economies 48% Acquisitions (1) Industrial and financial investments, including transaction with minority shareholders, net of divestitures 54 74% (2) Industrial projects > 10m

55 Gas & Services capex by geography G&S 2013 capex(1) 2.4bn Middle East - Africa 8% Europe G&S capex(1) / sales Europe 21.3% 12.2% Americas 16.8% 25.9% Asia-Pacific 17.0% 17.1% Middle East and Africa 64.2% 50.6% Total 20.4% 17.6% Asia-Pacific 22% 36% 34% Americas (1) Gross industrial and financial investments, including transactions with minority shareholders. 55

56 Financing structure At 31 December 2013 Sources Maturity(2) In m Bank debt Market debt: 77% 22% Others(1) Commercial paper Fixed/variable rates 8000 Fixed rate > % > % 4% % 14% Bonds Private placements to % Variable rate 2014 (1) Others: Finance leases and put options granted to minority shareholders. (2) The maturity date for commercial paper coincides with that of confirmed credit lines. 56

57 Evolution of number of shares In thousands of shares 312, <1,000> ,832 Options exercised Dec 31, 2013 Average number of shares outstanding in ,734 shares Dec 31, Cancellation of shares purchased by the company Employee Share subscription

58 Regular and sustained performance Revenue (in m) 15,000 EPS(1) (in ) 5 12, % CAGR over 30 years(3) +8.4% CAGR over 30 years(3) 4 10, , , , IFRS I FRS Cashflow (in m) Dividend (1) (2) (in per share) 2,5 2, % CAGR over 30 years(3) 2,000 2,0 1,500 1,5 1,000 1, , % CAGR over 30 years(3) 0, IFRS IFRS (1) Adjusted for the 2-for-1 share spilt in 2007 and free share attributions. (2) To be approved by the AGM on May (3) Calculated according to prevailing accounting rules over 30 years

59 For further information, please contact: Investor Relations Communications Virginia Jeanson + 33 (0) Anne Bardot + 33 (0) Anette Rey + 33 (0) Annie Fournier + 33 (0) Jérôme Zaman + 33 (0) Follow us on L Air Liquide S.A. Corporation for the study and application of processes developed by Georges Claude with registered capital of 1,720,574, euros Corporate headquarters: 75, Quai d Orsay Paris Cedex 07 Tel : +33 (0) RCS Paris

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