A regular and responsible growth over the long-term

Building the future, with you

A regular and responsible growth over the long-term

2019 performance

2019 was a landmark year, characterized simultaneously by a significant improvement in performance, a high level of investments to serve our customers and strengthen our efficiency, and the operational implementation of our climate action plan. Group revenue for 2019 totaled 22 billion euros, up +4.3%. Net profit(a) rose to 2.2 billion euros, up +6.1%. Excluding exceptional and significant transactions, recurring net profit(b) Group share was up +11.1%(c). All Gas & Services activities and all geographic zones have progressed(d). In addition, all financial indicators improved, especially the operating margin, that climbed a further +70 basis points(e) in 2019. The efficiencies reached 433 million euros. Cash flows were high and the debt to equity ratio declined substantially. Air Liquide’s balance sheet is strong.

A growth over the long-term

Group revenue

in millions of euros

  • 1989 : 4,307
  • 1999 : 6,538
  • 2009 : 11,976
  • 2019 : 21,920

+5.6%
average annual growth over 30 years(f)


Adjusted net earnings(g) per share

in euros

  • 1989 : 0.69
  • 1999 : 1.27
  • 2009 : 2.90
  • 2019 : 4.76

+6.7%
average annual growth over 30 years(f)


Adjusted dividend(g) per share

in euros

  • 1989 : 0.22
  • 1999 : 0.48
  • 2009 : 1.39
  • 2019 : 2.70(h) 

+8.7%
average annual growth over 30 years(f)


(a) Net profit (Group share).

(b) Recurring net profit Group share excluding exceptional and significant transactions that have no impact on the operating income recurring. 

(c) Change excluding the currency, energy (natural gas and electricity) and significant scope impacts. 

(d) On a comparable basis, i.e. excluding the currency, energy (natural gas and electricity) and significant scope impacts.

(e) Change excluding energy.

(f) Calculated according to prevailing accounting rules over 30 years.

(g) Adjusted for the 2-for-1 share split in 2007, for attributions of free shares and for a factor of 0.974 reflecting the value of the rights of the capital increase completed in October 2016.

(h) Proposed for the 2019 fiscal year at the Annual General Meeting on May 5, 2020.

Note : this document should not be considered as investment advice. Please read the risk factors detailed in the Universal Registration Document, available at airliquide.com.