Shareholder's Guide 2022

The year 2021 was characterized by the covid-19 pandemic, inflation and a sharp rise in energy prices. How would you describe Air Liquide’s performance?

First of all, I would like to say a few words about the beginning of 2022, which has been so painfully marked by the conflict in Ukraine. My thoughts are naturally with our 14 employees who are still based there and we are monitoring their situation closely. Their safety is a constant concern. I am also thinking of the millions of refugees, mainly women and children, forced to flee their country. Faced with this real tragedy, the Group is organizing itself to contribute humanitarian aid, notably through the Air Liquide Foundation, but also through local initiatives, notably in Poland and Romania.

As for our performance in 2021, I would say that it was a very good year, given the complex environment in which we were operating. Indeed, we stepped up to the plate on all fronts. Throughout the world, Air Liquide teams demonstrated an incredible ability to both react and adapt to many challenges, whether in response to the covid-19 crisis, the significant acceleration in inflation or the energy transition challenge. The Group’s resilience was thoroughly tested in 2021 and our success is due to our 66,400 employees who give their all to our customers and patients on a daily basis. I would like to give them my heartfelt thanks and once again express my great pride in them.

Could you tell us more regarding the Group’s financial performance?

In 2021, Air Liquide delivered another year of profitable growth. The Group posted an 8.2%⁽¹⁾ increase in sales to reach 23.3 billion euros in revenue, and a 13.3%⁽²⁾ increase in recurring net profit. Growth was achieved across all activities, with Engineering & Construction and Global Markets & Technologies benefiting from projects relating to the energy transition. In the Gas & Services activity, which represents 95% of Group revenue, growth in all business lines and geographical areas are up significantly, particularly in Asia (+6%), Europe (+7%) and the Americas (+8%).

Our operating margin is increasing thanks to an inflation-adapted pricing policy, high efficiency gains reaching 430 million euros and strong business portfolio management. Amid a landscape of high energy prices, the Group was able to counter rising costs thanks to our strong business model. Finally, 2021 saw a high volume of investments that reached 3.6 billion euros. The Group’s financial performance in 2021 was truly exceptional.