Mobilization
Unprecedented. That is the first word that comes to my mind to describe 2020.
The pandemic that is still affecting us today has profoundly changed our lives. It is in such challenging times that the full strength of a Group like ours reveals itself. Air Liquide’s teams across the world have been working harder than ever to support our customers and patients, while being resolutely committed to the fight against Covid-19 alongside governments and healthcare workers. The teams have demonstrated their professionalism, both on site and remotely, and have done a remarkable job. I would like to underline my immense pride in the extent of this mobilization
Performance
This unprecedented year has, once again, confirmed the strength of our business model and of our strategy. The Group’s performance against the background of this crisis was outstanding. In 2020, the Group generated revenue of more than €20 billion, which was almost stable on a comparable basis compared with 2019. Gas & Services sales, comprising 96% of Group revenue, held up well, as did Global Markets & Technologies which retained its momentum. Healthcare, which was at the front line during the pandemic notably with the supply of medical oxygen, and Electronics have grown significantly. Geographically, the situation was varied with Europe faring well and a solid performance from the developing economies, particularly China, Eastern European and Latin American countries. The results obtained highlight the Group’s resilience in a crisis context. The operating margin improved sharply due both to structural efficiencies, which reached €441 million, and to exceptional cost control measures. Finally, 2020 saw a high level of investment decisions, which were maintained despite the context and reached €3.2 billion, representing a guarantee of the Group’s future growth.
