In 2022, the Group delivered a strong performance despite a complex and changing geopolitical, economic and sanitary context. The quality of these published results illustrates the proven resilience of the Group’s business model, characterized by a very broad diversity of geographies and markets, as well as the remarkable mobilization and responsiveness of its teams to adapt to this volatile environment.
For the Group, 2022 was also marked by the launch of ADVANCE, its strategic plan for 2025, which closely combines financial and extra‑financial performance. This is already reflected in an acceleration of the investment momentum, which will feed the future growth, particularly in low‑carbon hydrogen and the transition to a low‑carbon society. On the extra‑financial level, the Group’s CO₂(1) emissions remained stable for the second consecutive year. This supports the Group’s objective of achieving carbon neutrality by 2050.
Air Liquide has delivered another year of profitable growth: Sales reached 29.9 billion euros, up +7% on a comparable basis, the operating margin increased by +70 basis points excluding the energy impact, and recurring net profit(2) rose +17% at constant exchange rates. At 10.3%, recurring ROCE(3) is higher than 10%, one year ahead of the target communicated as part of ADVANCE.
All activities are growing significantly: the Gas & Services businesses, which represents 95% of the Group’s revenue, is up +6.1%, on a comparable basis, the Engineering & Construction business by +20.6% and Global Markets & Technologies by +25.8%. Within Gas & Services, all the geographies posted growth, in particular the Americas and Asia Pacific. By business line, the increase in sales was notably driven by Industrial Merchant and Electronics.
The Group further improved its operating margin by +70 basis points excluding the energy impact. It generated significant efficiencies amounting to 378 million euros and continued its dynamic management of its business portfolio. In a context of a sharp and lasting rise in energy prices, it demonstrated the strength of its business model, in which Large Industries contracts are indexed to energy prices, and where its ability to create value allows it to adjust prices for its Industrial Merchant customers.
The investment decisions reached a record level of nearly 4 billion euros. 12‑month investment opportunities remain plentiful and total 3.3 billion euros, out of which more than 40% are linked to the energy transition.
Cash flow on sales excluding the energy impact improved by +110 basis points, allowing the Group to finance its investments and pay a dividend, while at the same time reducing its debt. Reflecting the Group’s confidence in the future, and following the allocation in 2022 of one free share for every 10 held, the dividend that will be submitted to the shareholders’ vote in May amounts to 2.95 euros per share, i.e. an increase of +12.2%.
In 2023, Air Liquide will continue to roll out its ADVANCE strategic plan. The year is expected to be marked by the signing of several major projects in the field of decarbonization and energy transition in Europe and by an acceleration of these opportunities in the United States. Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates(4).
