Net profit (Group share) stood at 2,759 million euros in 2022, showing strong growth of +7.3% as published and an increase of +1.0% excluding the currency impact. The recurring net income (Group share) stood at 3,162 million euros, up sharply by +22.9%, and +17.3% excluding the currency impact, compared to 2021 recurring net income (Group share). Recurring net income (Group share) thus exceeded 3 billion euros for the first time.
Net earnings per share, at 5.28 euros, were up +7.0%(1) compared with 2021, in line with the increase in net profit (Group share).
Cash flows from operating activities before changes in working capital amounted to 6,255 million euros, a marked increase of +18.2% and of +12.0% excluding the currency impact. The cash flow over sales ratio reached a high level of 20.9%, a significant improvement of +110 basis points compared with 2021, excluding the energy impact.
Net debt at December 31, 2022, amounted to 10,261 million euros, a decrease of 187 million euros compared with December 31, 2021. The increase in the Group’s cash flows from operating activities before changes in working capital makes it possible to reduce net debt after the payment of more than 3.2 billion euros in investments and nearly 1.5 billion euros in dividends.
Industrial and financial investment decisions reached a record level of nearly 4.0 billion euros. The 12‑month portfolio of investment opportunities remained high at 3.3 billion euros at the end of 2022 and the projects related to energy transition represented more than 40% of the investment opportunities. The portfolio of opportunities beyond 12 months also includes the first significant projects related to the Inflation Reduction Act in the United States, particularly along the Gulf Coast.
The additional contribution to sales of unit start‑ups and ramp‑ups totaled 421 million euros in 2022, including a 128 million euro contribution by the Sasol units in South Africa, with 126 million euros being accounted for in the significant scope.
The return on capital employed after tax (ROCE) was 9.1% in 2022. The recurring ROCE stood at 10.3%, a significant improvement compared to 9.3% in 2021 and reached the ADVANCE strategic plan's ROCE target (of over 10%) one year early.
At the Annual General Meeting on May 3, 2023, the payment of a dividend of 2.95 euros per share will be proposed to shareholders for the fiscal year 2022. Following the free share attribution of 1 for 10 in June 2022, the proposed dividend shows a strong growth of +12.2% compared with the previous year. The ex‑dividend date is scheduled for May 15, 2023 and the payment is scheduled for May 17, 2023.
Air Liquide’s Board of Directors, which met on February 15, 2023, approved the audited financial statements for the 2022 fiscal year. The Statutory Auditors issued a report with an unqualified opinion on March 1, 2023.
