2007: strong increase in results Strengthened growth momentum

This growth results from a combination of strong demand for hydrogen, new start-ups in Large Industries in the second half of the year, record sales in Electronics, continued growth in liquid volumes for our industrial customers, and sustained development in Healthcare.
In 2007, the Group met all of its operating and financial objectives.
The OPAL efficiency and productivity program, initiated in 2005, was successfully completed in 2007 generating savings of €400 million in line with target. The recurring operating margin for Gas and Services increased significantly to 18.1%.
The net profit for the Group increased by +12.1% to €1,123 million.
Cash flow increased by +8.7%. Total capital expenditure doubled compared with 2006, reaching €2.7 billion, supporting our growth over the coming years.
On this basis, the Board of Directors has recommended a one for ten bonus share issue, effective June 9, 2008, subject to approval at the next Annual General Meeting of Shareholders. They will also propose to the Annual General Meeting the payment of a dividend of €2.25 per share, an increase of +12.5% over 2006. The dividend will be paid on May 19, 2008.

Commenting on the 2007 results, Benoît Potier, Chairman and CEO of the Air Liquide group, stated:
“Air Liquide achieved an excellent set of results in 2007. This is another year of progress, clearly illustrating the Group’s ability to combine accelerated growth and strong financial performance.
This progress is based on strong geographic presence, particularly in emerging economies, the consolidation of our positions in growth markets such as hydrogen and homecare, and the strengthening of our technology portfolio in the energy and environmental markets which require large volumes of oxygen.
Our ambition is to be recognized as the industry leader. The ALMA program which has just been launched, will allow us to accelerate growth and further improve our competitive position in the years to come.
We enter the year with most of our markets well oriented, which gives us confidence in Air Liquide’s ability, at constant exchange rates, to achieve double-digit growth in net profit in 2008.”




With more than 40,000 employees in 72 countries, Air Liquide occupies a position as world leader in industrial and medical gases and related services. Thanks to innovative solutions based on constantly updated technology, Air Liquide produces air-derived gases (oxygen, nitrogen, argon, rare gases...) and other gases such as hydrogen. In this way the Group contributes to the manufacturing of many products used in daily life: bubbles in carbonated beverages, preservative atmospheres for packaged food, oxygen for hospitals and patients at home, ultra-pure gases used in manufacturing semi-conductors, hydrogen for removing sulfur from fuels...
Air Liquide contributes to the preservation of life and is committed to sustainable development. Since its founding in 1902, Air Liquide has worked to maintain a relationship of trust and transparency with its shareholders, in accordance with the highest principles of corporate governance. Since the publication of its first consolidated accounts in 1971, the Group has maintained a steady increase in earnings. In 2007, its revenue amounted to €11.8 billion, nearly 80% of which came from outside France. Air Liquide is listed in the Paris Bourse and is a component of the CAC 40 and Eurostoxx 50 indices (code ISIN FR 0000120073).