Benoît Potier, 
Chief Executive Officer

The global health crisis that we are facing is unprecedented in terms of size and complexity. It has had a major impact on our lives, global economic activity and the organization of companies. It has also highlighted Air Liquide’s collective strength and solidarity, as well as its ability to implement and innovate. A look back at the management of this unprecedented crisis with Benoît Potier.

What are your thoughts on the Group’s response to the COVID‑19 pandemic?

Benoît Potier: I would like, first of all, to congratulate Air Liquide employees across all business lines and functions worldwide. Their response to the crisis demonstrated an outstanding level of professionalism, commitment and ability to adapt. Despite the uncertain environment, they worked hard to ensure the continuity of our businesses. I would like to thank, in particular, the Healthcare teams who took action in record time to increase the production of medical oxygen and the manufacturing of respirators, as well as support the set-up of field hospitals in several countries. I would also like to thank our IT teams who were particularly mobilized to help facilitate remote working. The individual and collective commitment and solidarity seen across all entities make me very proud to manage the Air Liquide Group.

What impact do you believe this crisis has had on the Group’s performance?

B. Potier: Of course, we have been impacted by this crisis. Nonetheless, our unique business model is our greatest strength to overcome it. Our business model is solid, as it is based on the diversity of our customers and our applications, our strong capacity for innovation, the existence of long-term contractual relationships and our presence at the heart of local economies. Moreover, the strategic decisions taken in recent years, which have allowed us to consolidate our positions in certain markets and regions, have made us stronger and more able to respond to this situation. We have also taken specific measures to mitigate the impact of the crisis and thus increase our resilience: improved cash and cost control, increased efficiency investments while maintaining the total amount forecast for the year, and strengthening Group liquidity with a €1 billion bond issue. These measures, coupled with our good 2019 results, provide us with a strong basis to overcome the crisis.

In this context, what role have shareholders played?

B. Potier: Over the past 118 years, Air Liquide has already gone through external crises. We have always been able to overcome them, notably thanks to the loyalty of our shareholders and the stability of our share ownership structure. For this reason, with the Board of Directors, we decided to honor our commitment and to propose the payment of the dividend, which represents a significant additional income for many individual shareholders. To maintain the dialogue with shareholders, to which the Group is particularly attached, and despite having to hold the Annual General Meeting behind closed doors, we offered them a live online Q&A session. The great number of questions received highlighted the interest that shareholders have in the Group whether in the field of health, hydrogen, climate change, etc. I am delighted to see that our shareholders, who have always supported Air Liquide in the great moments of its History, continue to have confidence in its ability to invent the future. A future which combines economic interest, solidarity and corporate social responsibility. A future in which, I am certain, industry will have a key role to play. Always believe in the future and, more than ever, invent it. This is my ambition for Air Liquide. An ambition which I share with our teams and with you, our 420,000 shareholders.

Thank you for your loyalty and enjoy your reading.