Regulatory News:
Air Liquide (Paris:AI):
Key Figures (in millions of
euros)
FY 2022
2022/2021 as published
2022/2021
comparable(a)
Group Revenue
29,934
+28.3%
+7.0%
of which Gas & Services
28,573
+28.3%
+6.1%
Operating Income Recurring
(OIR)
4,862
+16.9%
+10.5%
Group OIR Margin
16.2%
-160 bps
Variation excluding energy(b)
+70 bps
Gas & Services OIR Margin
17.7%
-190 bps
Variation excluding energy(b)
+70 bps
Net Profit (Group Share)
2,759
+7.3%
Net Profit Recurring (Group Share)(c)
3,162
+22.9%
Variation Net Profit Recurring (Group
share) excluding currency impact(c)
+17.3%
Net earnings per share (in
euros)
5.28
+7.0%
2022 proposed dividend per share (in
euros)
2.95
+12.2%
Cash flow from operating activities before
changes in net working capital
6,255
+18.2%
Net Debt
€10.3 bn
Return on Capital Employed after tax -
ROCE
9.1%
-20 bps
Recurring ROCE(d)
10.3%
+100 bps
(a) Change excluding the currency, energy (natural gas and
electricity) and significant scope impacts, see reconciliation in
the appendices. (b) See reconciliation in the appendices. (c)
Excluding exceptional and significant transactions that have no
impact on the operating income recurring, see reconciliation in the
appendices. (d) Based on the recurring net profit, see
reconciliation in the appendices.
Commenting on 2022 sales, François Jackow, Chief Executive
Officer of the Air Liquide Group, stated:
“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 our
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 our investment momentum,
which will feed our 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 our 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 business, 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
our 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
our 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)”
(1) In metric tonnes of scopes 1 and 2 CO2-equivalent, “market
based”, restated to take into account over a full year from 2020
and each subsequent year, the emissions of the assets which
correspond to changes in scope (upwards and downwards) and which
have a significant impact on CO2 emissions. (2) Excluding
exceptional and significant transactions that have no impact on the
operating income recurring. (3) Recurring ROCE based on Recurring
Net Profit. (4) Operating margin excluding energy passthrough
impact. Recurring net profit excluding exceptional and significant
transactions that have no impact on the operating income
recurring.
2022 Highlights
Corporate:
- Establishment of a new governance at
Air Liquide. On June 1, François Jackow became the Group’s
Chief Executive Officer, while Benoît Potier remains Chairman
of the Board of Directors. François Jackow was also appointed
Board Director of Air Liquide by the Group’s shareholders during
the General Meeting on May 4.
- Launch of ADVANCE, the new Air
Liquide strategic plan for 2025, which places sustainable
development at the heart of the Group’s strategy and
combines financial and extra-financial performance.
- Credit rating upgrade by Moody’s for
the Air Liquide Group, from “A3” to “A2” for its long-term
rating and from “P2” to “P1” for its short-term rating. The
outlook associated with the ratings is stable.
- Successful launch of a long-term bond
issue for a total of 600 million euros to finance
the Group’s long-term growth.
- Russia divestment project: signing
of a letter of intent with the local management team to transfer
Russian operations to them in the form of an MBO (Management Buy
Out) as part of an orderly, viable and responsible
transfer of operations. The execution of this project remains
subject to Russian regulatory approvals. The Group’s businesses in
Russia are no longer consolidated since September 1, 2022.
Sustainable Development:
- First validation in the industrial
gases industry by the Science Based Targets initiative (SBTi) of
Air Liquide’s target to reduce scopes 1 & 2 CO2
emissions by 2035 as qualified and aligned with climate
science.
- Attribution of “A-” rating by the
CDP for climate change and water management.
- Inclusion in the Dow Jones
Sustainability Europe Index, an index established by S&P
Global that assesses the progress of companies in terms of
sustainable development.
Decarbonizing the industry:
- Selection for a financial support by the
European Innovation Fund of the Air Liquide and EQIOM
project aimed at transforming the EQIOM plant near Dunkirk, France,
into one of the first carbon-neutral cement plants in
Europe.
- Memorandum of Understanding with
Lhoist to decarbonize their lime production unit
located in Réty, in the Hauts-de-France region, using Air Liquide’s
proprietary CryocapTM CO2 capture technology. This project
was selected for financial support as part of the European
Innovation Fund.
- Selection to be granted financial support
by the European Innovation Fund of the Kairos@C project,
developed by Air Liquide and BASF, with the objective of
developing the world’s largest cross-border carbon capture
and storage (CCS) value chain project around the port of
Antwerp.
- Financial support from the European
Commission for the Antwerp@C CO2 Export Hub backed by Air
Liquide, Fluxys Belgium and the Port of Antwerp-Bruges to
create a CO2 transport and export infrastructure at the Antwerp
port platform.
- Memorandum of Understanding
signed with Eni to decarbonize hard-to-abate industries in the
Mediterranean Basin.
- Agreement signed with Sogestran to
develop shipping solutions for carbon management, as
part of carbon capture and storage projects.
- Signature with Sasol of two long-term
renewable Power Purchase Agreements with Enel Green Power for a
total capacity of 220 MW to supply the Secunda site in South
Africa.
- Signature of a long-term renewable
energy Power Purchase Agreement (PPA) with Vattenfall in
the Netherlands for offshore wind capacity of around 115 MW,
currently under construction.
- Signature of a 10-year agreement with
Shell Energy Europe Limited (SEEL) for the purchase of
renewable energy to power industrial and medical gas production
operations in the north-east of Italy.
- Launch by Air Liquide of its
biomethane business in China. In the United
States, construction of Air Liquide’s largest biomethane
production plant in the world.
Low-carbon hydrogen:
- Support of the French government to
the Air Liquide Normand’Hy project to produce renewable
hydrogen on a large scale. This project will have an initial
capacity of 200 MW and will contribute to the creation of a French
and European low-carbon hydrogen industry, as well as to the
decarbonization of the Normandy industrial basin.
- Creation of a joint venture with
Siemens Energy dedicated to the series production of industrial
scale renewable hydrogen electrolyzers in Europe. One of this
joint venture’s first projects will be the Air Liquide Normand’Hy
electrolyzer project.
- Dutch government support for two Air
Liquide renewable hydrogen projects, named ELYgator and
CurtHyl. Each with a capacity of 200 MW, these electrolyzer
projects will contribute to the decarbonization of industry in the
Netherlands and neighboring countries.
- Start-up in the State of Nevada, of
the largest hydrogen liquefier in the world, in particular to
supply the mobility market on the West Coast of the United
States.
- Decision by Air Liquide and
TotalEnergies to create a joint venture to develop a network
of hydrogen charging stations for trucks on major European
highways (France, Benelux, Germany).
- Memorandum of Understanding with
CaetanoBus and Toyota Motor Europe to propose integrated
solutions for hydrogen mobility (development of infrastructure
and fleets of light and heavy-duty vehicles).
- Memorandum of Understanding
signed with Airbus, Incheon Airport and Korean Air to study
the use of hydrogen at Incheon International Airport.
- Plan with Groupe ADP to create
the first engineering joint venture to accompany airports
in their projects to integrate hydrogen in their
infrastructure.
- Investment of 200 million euros by
SCIPIG, an Air Liquide subsidiary, in the construction of two
hydrogen production units with CO2 capture and recycling in
Shanghai Chemical Industry Park.
Electronics & Industry:
- Under long-term contracts, investment of
around 500 million euros in the construction of three
new ultra-high purity industrial gas production units
for two of the world’s largest semiconductor manufacturers in
Taiwan.
- As part of long-term contracts
with two world leaders in semiconductors in Japan, Air
Liquide launched a staggered investment of more than 300 million
euros in four state-of-the-art production units.
- Signature of long-term agreements to
supply a semiconductor manufacturing site in Arizona, United
States. As part of this agreement, Air Liquide will invest
nearly 60 million US dollars to build and operate onsite plants
and systems.
- Long-term contract with EZZ Steel in
Egypt, under which Air Liquide Egypt will invest
approximately 80 million US dollars in an Air Separation Unit
(ASU).
- Signing of a record number of 52
new long-term contracts for on-site gas production in
Industrial Merchant.
- Increased presence in India with
an investment of around 40 million euros in a new ASU dedicated
to Industrial Merchant activities, in the state of Uttar
Pradesh, northern India.
Healthcare:
- Development of the home healthcare offering with the
acquisition of the diabetes division of Ethitech in South Africa by
VitalAire, home healthcare subsidiary of Air Liquide.
Financial performance
Group revenue for 2022 totaled 29,934 million
euros, a strong comparable growth of +7.0% over 2021.
The Group’s revenue as published posted a significant
increase of +28.3% in 2022, with a record high energy impact
of +15.3% as well as a favorable currency impact of +5.8%, while
the significant scope impact was limited (+0.2%).
This performance was delivered in a challenging context of
exceptionally high energy prices, strong inflation, strain on supply
chains and the conflict in Ukraine. The Group benefited from a
solid business model and diversity of business reach in terms of
geographies, businesses, end-markets and customers which
ensured a resilient performance and allowed the Group to
take advantage of all growth opportunities. The ADVANCE
strategic plan reinforces these attributes which position the
Group in growth markets of the future (in particular the energy
transition, Semiconductors and Healthcare).
Gas & Services revenue in 2022 totaled 28,573
million euros, a strong comparable increase of +6.1%.
The growth stood at +28.3% as published: the energy impact
(+16.1%) reached a record level over the year, with a peak in the
3rd quarter, the currency impact (+5.8%) also made a positive
contribution, while the significant scope effect (+0.3%) remained
limited. The latter corresponds to the additional contribution in
2022 of the 16 Sasol units acquired in June 2021, less the effect
of the deconsolidation of the activities in Russia from September
1, 2022.
- Gas & Services revenue in the Americas totaled
10,680 million euros in 2022, up sharply by +10.2% on
a comparable basis. The Large Industries business (+3.7%) benefited
from the start-up of several production units and solid demand. In
the Industrial Merchant business, sales increased by +13.5%,
supported by the strong increase in prices. Despite a high basis of
comparison due to the covid-19 pandemic in 2021, Healthcare revenue
was up +3.9% thanks to the development of the proximity care
business in the United States and the Home Healthcare business in
Latin America. Finally, Electronics posted sales up +5.8% over the
year, driven by strong growth in Carrier Gases and Specialty
Materials.
- Revenue in Europe was up +2.0% on a comparable
basis in 2022 and totaled 11,390 million euros. Sales
evolution was contrasted depending on business lines. In a context
of very high energy prices, Large Industries sales were down by
-16.6% over the year, strongly impacted by volumes down -8% and a
combined effect(1) in the 3rd quarter. The Industrial Merchant
business line saw an exceptionally high level of sales growth of
+24.1%, benefitting from a record price effect of +23.6%.
Healthcare revenue posted an increase of +4.4%, supported by the
dynamism of Home Healthcare and despite a high basis of comparison
due to the covid-19 pandemic in 2021.
- Revenue for the Asia-Pacific region in 2022 rose sharply
by +7.0% on a comparable basis, to total 5,608 million
euros. It benefited from particularly dynamic growth in the
Electronics business (+17.8%). Sales in Large Industries were
stable (+0.3%), with the covid-19 pandemic disrupting business
growth in China, while sales in the rest of Asia remained low
throughout the year. In Industrial Merchant, sales benefited from a
sharp rise in prices and increased by +4.2%.
- Revenue for 2022 in the Middle East and Africa was up
+0.8% to 895 million euros. Volumes in Large
Industries increased sharply in South Africa with the integration
of the 16 Sasol Air Separation Units, whose
acquisition was finalized at the end of the 1st half of 2021; thus
sales of 126 million euros over the year were accounted for
in the significant scope impact and hence excluded from
comparable growth. In Industrial Merchant, sales were down over the
year, with the +6.4% increase in prices not fully offsetting the
divestiture of small businesses in the Middle East.
The two growth drivers for 2022 were the Industrial
Merchant business, with sales up +14.2%, supported by a
record price effect of +14.7% and resilient volumes, and the
Electronics business, with revenue up +16.4%. Despite
a high basis of comparison in 2021 related to covid-19, sales in
Healthcare increased by +3.6%, supported by the
strong development of Home Healthcare, particularly in Europe, and
proximity care in the United States. Sales in Large
Industries were down -6.6%, marked by mixed activity
depending on the geography: in Europe, the decline in volumes was
part of a context of an exceptionally strong increase in energy
prices, while sales increased in America and remained stable in
Asia.
Consolidated revenue from Engineering & Construction
totaled 474 million euros in 2022, up strongly by
+20.6%. Order intake for Group projects and third-party
customers exceeded 1 billion euros for the second consecutive
year.
Global Markets & Technologies revenue for 2022
reached 887 million euros, representing a very high growth
of +25.8% compared to 2021. Biogas maintained strong
momentum and sales of Turbo-Brayton LNG reliquefaction units
contributed to the growth. Order intake for Group projects and
third-party customers totaled 875 million euros,
representing a dynamic increase of +25% compared to 2021.
Efficiencies(2) amounted to 378 million
euros over the year. They represent a saving of 2.2% of the
cost base. In a context of high inflation unfavorable to procurement
efficiencies, the priority for the teams is to limit cost increases
and transfer them to sales prices.
The Group's operating income recurring (OIR) reached
4,862 million euros. It was up sharply by +16.9% as
published and +10.5% on a comparable basis, which is significantly
higher than comparable sales growth of +7.0%. The operating
margin (OIR to revenue ratio) stood at 16.2% as
published, representing a -160 basis point decline compared with
2021, due to the sharp increase in energy costs which are
contractually passed through to Large Industries customers. This
therefore has a mechanical dilutive impact on the published margin.
Excluding the energy impact, the operating margin improved very
significantly by +70 basis points. This performance integrates
the dilutive impact of strong inflation on costs other than energy
costs, in Industrial Merchant in particular, and which is
transferred to sales prices. This +70 basis point improvement
therefore particularly reflected the Group’s ability to rapidly
transfer to sales prices the exceptionally strong and brutal
increase in energy costs and inflation in general.
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(3) (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%(4) 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.
In 2022, 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(5) 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.
Extra-financial performance
The ADVANCE strategic plan combines financial and
extra-financial performance. The Group's scopes 1 and 2 CO2
emissions totaled 39 million metric tonnes of CO2-equivalent
in 2022. Thus, CO2 emissions(6) remained stable for the 2nd
consecutive year, in line with the objective of reaching an
inflection point in 2025 before initiating a downward trend
towards carbon neutrality in 2050. The Group's commitment to
sustainable development goes beyond climate objectives: thus in
2022, the number of lost-time accidents among Air Liquide employees
decreased by -11%, 42% of the Group's 67,100 employees (+8 pts)
benefitted from a common basis of care coverage and 1.8 million
people have access to medical oxygen in low- and moderate-income
countries thanks to the Access Oxygen program.
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 are in the process of issuing a report
with an unqualified opinion.
Governance
On the recommendation of the Appointments and Governance
Committee, the Board of Directors also approved the draft
resolutions which will be submitted to the General Meeting of May
3, 2023 in order to appoint for a period of four years as
Directors:
- Ms Catherine Guillouard, former Chairwoman and Chief
Executive Officer of RATP (until September 2022) and previously
Chief Financial Officer of Rexel, Eutelsat and Air France. She will
bring to the Board her extensive financial skills as well as her
experience as an executive in a major public transport group, where
she led the transformation and decarbonization plan.
- Ms Christina Law, a Chinese national (Hong Kong) and
based in Singapore. She will bring to the Board her in-depth
knowledge of Asian markets, and her managerial experience in large
international groups specializing in the fields of healthcare and
treatment.
- Mr Alexis Perakis-Valat, President of the Consumer
Products Division of the L'Oréal group, the group’s main division.
He will bring to the Board his knowledge of consumer product
markets and his managerial experience within a leading
international group, where he has been one of the driving forces
behind major transformations carried out in recent years.
- Mr Michael H. Thaman, an American national. He
has extensive knowledge of North American industrial markets as
well as a strong international profile. He will bring nearly 30
years of experience, including 13 years as Chief Executive Officer
and then Executive Chairman, at Owens Corning, a world leader in
construction materials and one of the highest-rated American groups
on environmental and societal criteria, and his experience as a
Director in other major global listed US groups, particularly in
the field of renewable energies.
The Board stated that it considered Ms Catherine Guillouard, Ms
Christina Law as well as Mr Alexis Perakis-Valat and Mr Michael H.
Thaman to be independent.
In addition, the Board of Directors took note of the
resignation, with effect on January 3, 2023, of Ms Anette Bronder,
due to her decision to take an executive position with an audit
firm, which is incompatible with the maintenance of her office as a
Director of L'Air Liquide S.A. On the recommendation of the
Appointments and Governance Committee, the Board of February 15,
2023, decided to co-opt for the remaining term of office of Ms
Anette Bronder, i.e. until the close of the 2024 General Meeting,
Ms Monica de Virgiliis as a Director of the Company. Of dual
Italian and French nationality and former Director of Strategy at
the CEA in Paris after a career of more than 15 years in the field
of electronics (at ST Microelectronics and Infineon), she will
bring to the Board strong experience in the field of technology and
energy. Very committed to energy transition, she is the founder and
President of Chapter Zero France, a non-profit association aiming
to raise awareness of climate issues to Directors. The ratification
of such cooptation will be submitted to the General Meeting of May
3, 2023. The Board stated that it considered Ms Monica de Virgiliis
to be independent.
Concerning Ms Siân Herbert Jones, whose term of office as
Director will expire at the close of the General Meeting of May
2023, the Board took note of her wish not to seek renewal of her
office. The Board warmly thanked her for her contribution, during
her 12 years in office, to the work of the Board of Directors and
for her very active involvement in the Audit and Accounts
Committee, of which she was a member since 2013 and chaired since
May 2015.
Concerning Ms Geneviève Berger whose term of office as
Director will expire at the close of the General Meeting of May
2023, also indicated that she does not wish to seek renewal of her
office as Director. The Board took due note and warmly thanked her
for her contribution to the work of the Board of Directors since
2015, as well as her participation in the Environment and Society
Committee, of which she was a member since its creation in
2017.
At the end of the General Meeting to be held on May 3, 2023, the
Board of Directors would therefore comprise 14 members:
12 members appointed by the General Meeting, most of whom
are independent (i.e. 83% independent Directors), including
5 women (i.e. 42%), 5 foreign nationals and
2 Directors representing the employees.
Finally, the Board of Directors will submit to the vote of the
General Meeting the elements of remuneration of Mr Benoît Potier,
Chairman and Chief Executive Officer (from January 1 to May 31,
2022), Mr François Jackow, Chief Executive Officer (from June 1 to
December 31, 2022), Mr Benoît Potier, Chairman of the Board of
Directors (from June 1 to December 31, 2022), together with the
information relating to the remuneration of all the corporate
officers for 2022. The General Meeting will also be invited to
decide upon the remuneration policy for the corporate officers
which will apply to Mr. François Jackow, Chief Executive Officer,
to Mr Benoît Potier, Chairman of the Board of Directors and to the
Directors.
Table of Contents
PERFORMANCE
9
Key Figures
9
Income Statement
10
2022 Cash Flow and Balance Sheet
21
Environment and Society
23
INVESTMENT CYCLE AND FINANCING
24
Investments
24
Financing
26
OUTLOOK
28
APPENDICES
29
Performance indicators
29
Calculation of performance indicators
(Year)
31
Calculation of performance indicators
(Quarter)
35
4th quarter 2022 revenue
35
Geographic and segment information
36
Consolidated income statement
36
Consolidated balance sheet
37
Consolidated cash flow statement
38
Sales, Operating Income Recurring and
investments key figures synthesis
40
PERFORMANCE
Unless otherwise stated, all variations in revenue outlined
below are on a comparable basis, excluding currency, energy
(natural gas and electricity) and significant scope impacts.
Key Figures
(in millions of euros)
FY 2021
FY 2022
2022/2021 published
change
2022/2021 comparable
change(a)
Total Revenue
23,335
29,934
+28.3%
+7.0%
Of which Gas & Services
22,267
28,573
+28.3%
+6.1%
Operating Income Recurring (OIR)
4,160
4,862
+16.9%
+10.5%
Group OIR Margin
17.8%
16.2%
-160 bps
Variation excluding energy(b)
+70 bps
Other Non-Recurring Operating Income and
Expenses
(151)
(571)
Net Profit (Group Share)
2,572
2,759
+7.3%
Net Profit Recurring (Group Share)(c)
2,572
3,162
+22.9%
Variation Net Profit Recurring (Group
share) excluding currency impact(c)
+17.3%
Net earnings per Share (in
euros)
4.94(d)
5.28
+7.0%
Dividend per Share (in euros)
2.63(d)
2.95(e)
+12.2%
Cash flow from operating activities before
changes in net working capital
5,292
6,255
+18.2%
Net Capital Expenditure(f)
3,388
3,246
Net Debt
€10.4 bn
€10.3 bn
Net Debt to Equity ratio
47.5%
41.8%
Return on Capital Employed after tax -
ROCE
9.3%
9.1%
-20 bps
Recurring ROCE(g)
9.3%
10.3%
+100 bps
(a) Change excluding the currency, energy (natural gas and
electricity) and significant scope impacts, see reconciliation in
the appendices (b) See reconciliation in the appendices. (c)
Excluding exceptional and significant transactions that have no
impact on the operating income recurring, see reconciliation in the
appendices. (d) Restated to take into account the June 2022 free
share attribution. (e) Dividend proposed to shareholders for the
fiscal year 2022. (f) Including transactions with minority
shareholders and dividends received from equity affiliates. (g)
Based on the recurring net profit, see reconciliation in the
appendices.
Income Statement
REVENUE
Revenue
(in millions of euros)
FY 2021
FY 2022
2022/2021 published
change
2022/2021 comparable
change
Gas & Services
22,267
28,573
+28.3%
+6.1%
Engineering & Construction
387
474
+22.6%
+20.6%
Global Markets & Technologies
681
887
+30.3%
+25.8%
TOTAL REVENUE
23,335
29,934
+28.3%
+7.0%
Revenue by Quarter
(in millions of euros)
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Gas & Services
6,590
7,010
7,897
7,076
Engineering & Construction
108
113
115
138
Global Markets & Technologies
189
197
235
266
TOTAL REVENUE
6,887
7,320
8,247
7,480
2022/2021 Group published
change
+29.1%
+32.8%
+41.3%
+12.4%
2022/2021 Group comparable
change
+7.9%
+7.5%
+8.3%
+4.5%
2022/2021 Gas & Services comparable
change
+7.1%
+7.3%
+7.2%
+3.5%
Group
Group revenue for 2022 totaled 29,934 million
euros, up sharply by +7.0% compared to 2021.
This performance was delivered in a challenging context of
exceptionally high energy prices, strong inflation, strain on supply
chains and the conflict in Ukraine. The Group benefited from a
solid business model and diversity of business reach in terms of
geographies, businesses, end-markets and customers which
ensured a resilient performance and allowed the Group to
take advantage of all growth opportunities. The ADVANCE
strategic plan reinforces these attributes which position the
Group in growth markets of the future (in particular the energy
transition, Semiconductors and Healthcare).
Consolidated sales of the Engineering & Construction
business grew by +20.6%, reflecting the increase in order
intake in recent quarters. Global Markets & Technologies
continued its growth momentum with sales up by +25.8% in
2022, driven in particular by the Biogas business development.
The Group’s revenue as published posted a significant
increase of +28.3% in 2022, with a record high energy impact
of +15.3% as well as a favorable currency impact of +5.8%, while
the significant scope impact was limited (+0.2%).
Gas & Services
Gas & Services revenue in 2022 totaled 28,573
million euros, a strong increase of +6.1%. The two
growth drivers for 2022 were the Industrial Merchant
business, with sales up +14.2%, supported by a record price
effect and resilient volumes, and the Electronics business,
with revenue up +16.4%. Despite a high basis of comparison
in 2021 linked to covid-19, sales in Healthcare increased by
+3.6%, supported by the strong development of Home
Healthcare, particularly in Europe, and proximity care in the
United States. Sales in Large Industries were down
-6.6%, marked by mixed activity depending on the geography:
in Europe, the decline in volumes was part of a context of an
exceptionally strong increase in energy prices, while sales
increased in America and remained stable in Asia. Sales in Gas
& Services in 2022 rose sharply by +28.3% as published: the
energy impact (+16.1%) reached a record level over the year, with a
peak in the 3rd quarter, the currency impact (+5.8%) also made a
positive contribution, while the significant scope effect (+0.3%)
remained limited. The latter corresponds to the additional
contribution in 2022 of the 16 Sasol units acquired in June 2021,
less the effect of the deconsolidation of the activities in Russia
from September 1, 2022.
Revenue by geography and business
line
(in millions of euros)
FY 2021
FY 2022
2022/2021 published
change
2022/2021 comparable
change
Americas
8,445
10,680
+26.5%
+10.2%
Europe
8,315
11,390
+37.0%
+2.0%
Asia-Pacific
4,790
5,608
+17.1%
+7.0%
Middle East & Africa
717
895
+24.7%
+0.8%
GAS & SERVICES REVENUE
22,267
28,573
+28.3%
+6.1%
Large Industries
6,978
10,525
+50.8%
-6.6%
Industrial Merchant
9,487
11,567
+21.9%
+14.2%
Healthcare
3,706
3,923
+5.9%
+3.6%
Electronics
2,096
2,558
+22.0%
+16.4%
Americas
Gas & Services revenue in the Americas totaled 10,680
million euros in 2022, up sharply by +10.2%. The Large
Industries business (+3.7%) benefited from the start-up of several
production units and solid demand. In the Industrial Merchant
business, sales increased by +13.5%, supported by the strong
increase in prices. Despite a high basis of comparison due to the
covid-19 pandemic in 2021, Healthcare revenue was up +3.9% thanks
to the development of the proximity care business in the United
States and the Home Healthcare business in Latin America. Finally,
Electronics posted sales up +5.8% over the year, driven by strong
growth in Carrier Gases and Specialty Materials.
- Large Industries revenue in 2022 was up +3.7%.
Air gases volumes were up sharply until the end of the 3rd quarter,
supported by solid demand from Chemicals customers and the
contribution of new production units. The 4th quarter was marked by
weaker demand in Chemicals, particularly from ethylene oxide
producers, and in the Steel industry. Hydrogen sales also increased
in 2022, supported by the ramp-up of new units in Latin America
offsetting several customer maintenance turnarounds.
- In Industrial Merchant, the significant increase in
sales of +13.5% in 2022 was supported by a very strong
price effect of +13.4%, offsetting the increase in
costs in an inflationary context. Volumes were stable across the
year and up +1% excluding helium, in particular for bulk and
hardgoods, while the volume growth of cylinder gas was more
moderate. Sales grew across all sectors in 2022, particularly in
the Automotive, Fabrication, Materials and Energy sectors.
- Healthcare revenue was up +3.9% in 2022, despite
a sharp decline in volumes of medical oxygen for treating covid-19
compared to 2021. Sales of medical gases rose in the United States
as a result of dynamic activity and higher prices in proximity
care. In Latin America, Home Healthcare sales were up sharply over
the year and medical gases contributed to growth in the 2nd
half-year.
- The Electronics business posted a revenue increase of
+5.8% over the year. The strong growth in Carrier Gases was
supported by the ramp-up of several production units and high
helium prices. Specialty Materials sales were considerably higher,
benefiting notably from the increase in the price of rare gases.
Lastly, high sales in Equipment & Installation contributed to
the development of the business in the United States.
Americas
- Air Liquide announced a long term agreement to supply
ultra high purity hydrogen, helium, and carbon dioxide to one of
the world’s largest semiconductor manufacturers. The Group
plans to invest nearly 50 million euros to build, own and
operate onsite plants and systems at a new manufacturing site in
Phoenix, Arizona.
Europe
Revenue in Europe was up +2.0% in 2022 and totaled
11,390 million euros. Sales evolution was contrasted
depending on business lines. In a context of very high energy
prices, Large Industries sales were down by -16.6% over the year,
strongly impacted by volumes down -8% and a combined effect(7) in
the 3rd quarter. The Industrial Merchant business line saw an
exceptionally high level of sales growth of +24.1%, benefitting
from a record price effect of +23.6%. Healthcare revenue posted an
increase of +4.4%, supported by the dynamism of Home Healthcare and
despite a high basis of comparison due to the covid-19 pandemic in
2021.
- In a context of conflict in Ukraine and exceptionally high
energy prices, peaking in the 3rd quarter, sales in Large
Industries decreased by -16.6% in 2022. The beginning of
the slowdown seen toward the end of the 1st quarter, notably in
Steel, was confirmed from the 2nd quarter across all sectors. As a
result, volumes were down -8% over the year and -16% in the 4th
quarter, due to the slowdown in demand from customers in the Steel
and Chemicals sectors, particularly in Germany and Benelux.
Moreover, certain refineries used lighter crude oils, which need
less hydrogen. Finally, in the 3rd quarter and, to a lesser extent,
in the 4th quarter, the comparable growth was also heavily impacted
by an unfavorable combined effect(7) linked to very high energy
prices.
- The Industrial Merchant business line saw an
exceptionally high level of sales growth of +24.1% in 2022,
driven by a record price effect of +23.6%. Amid an
inflationary environment, contractual indexation and proactive price
rise campaigns clearly proved their effectiveness. In the 4th
quarter, the price effect remained strong despite the high basis of
comparison, as prices had begun to increase significantly in the
4th quarter of 2021. Volumes remained very resilient, slightly up
in 2022, despite a shortage of liquefied CO2 which worsened in the
4th quarter. Sales increased across all sectors, particularly Food,
Fabrication and Materials.
- Sales in Healthcare posted solid growth of +4.4%,
despite a high basis of comparison in 2021, particularly in the 1st
half-year, due to the covid-19 pandemic. They benefited in
particular from a dynamic Home Healthcare business, in particular
for the treatment of diabetes, and from the contribution of an
acquisition in Poland in the 4th quarter of 2021. In Medical Gases,
the unfavorable basis of comparison resulting from the high oxygen
consumption during the covid-19 pandemic in 2021 was reduced in the
2nd half-year and the price increases that were gradually achieved
over the year partially offset inflation-related rises in costs.
Specialty Ingredients sales saw a pronounced increase, driven by
higher volumes and price increases to offset higher costs.
Europe
- Air Liquide and TotalEnergies are innovating, in the
context of the conversion to a biorefinery of the TotalEnergies’
Grandpuits site, to produce and valorize renewable and
low-carbon hydrogen. Air Liquide will invest over 130
million euros in the construction and operation of a new unit
producing hydrogen. This unit will partly use biogas from the
biorefinery built by TotalEnergies, and will be equipped from the
beginning with Air Liquide’s carbon capture technology,
CryocapTM. These innovations will avoid emissions
amounting to 150,000 tonnes of CO2 a year compared to
current processes. TotalEnergies’ biorefinery will use the unit’s
hydrogen to produce sustainable aviation fuel. Moreover, Air
Liquide will commercialize part of the hydrogen for the mobility
and the captured CO2 for the needs of Industrial Merchant
customers.
- In Europe, several projects have obtained financing from
European funds or recognition as an Important Hydrogen
Project of Common European Interest (IPCEI) making it
possible to obtain national subsidies:
- Air Liquide and Lhoist have signed a Memorandum of
Understanding (MoU) with the aim to decarbonize Lhoist’s lime
production plant located in the North of France, using Air
Liquide’s innovative and proprietary CryocapTM carbon
capture technology.
- The European Commission announced it will grant Air Liquide,
Fluxys Belgium and Port of Antwerp-Bruges 144.6 million euros
subsidies. The funding is earmarked for the construction of
shared CO2 transport and export facilities on the
Antwerp port platform. The grant award is a major step
towards the final investment decision, expected in 2023.
- Air Liquide welcomed the Dutch State decision to support
its large-scale renewable hydrogen projects, named ELYgator
and CurtHyl. These electrolyzer projects, which will
have a capacity of 200 MW each, will significantly
contribute to the decarbonization of the Dutch and Belgian
industries and support the growth of clean mobility
markets. The ELYgator project has also been selected to receive
fundings from the European Innovation Fund.
- Air Liquide has signed several long term renewable power
purchase agreement (PPA) in Europe:
- a new contract with Vattenfall in the Netherlands
for a 115 MW of new offshore wind power under
construction;
- a first contract with Shell Energy Europe Limited (SEEL)
to power industrial and medical gas production in the North East of
Italy with an installed 42 MW solar energy
capacity.
- Air Liquide confirmed its intention to withdraw from
Russia. Taking a responsible and orderly approach, the Group
has signed a Memorandum of Understanding with the local management
team with the objective to transfer its activities in Russia in the
framework of an MBO (Management Buy Out). This project is
notably subject to Russian regulatory approvals. In parallel, as a
consequence of the evolution of the geopolitical context, the
activities of the Group in Russia were no longer consolidated
from September 1, 2022.
Asia-Pacific
Revenue for the Asia-Pacific region in 2022 rose sharply by
+7.0%, to total 5,608 million euros. It benefited from
particularly dynamic growth in the Electronics business (+17.8%).
Sales in Large Industries were stable (+0.3%), with the covid-19
pandemic disrupting business growth in China, while sales in the
rest of Asia remained low throughout the year. In Industrial
Merchant, sales benefited from a sharp rise in prices and increased
by +4.2%.
- Large Industries revenue was stable (+0.3%) in
2022. In China, growth slowed in the 1st half-year, in particular
due to residual energy control measures during the 1st quarter, and
covid-19-related lockdowns during the 2nd quarter. Sales grew
strongly in the 3rd quarter and, to a lesser extent, in the 4th
quarter, disrupted by the covid-19 pandemic in December. In the
rest of Asia, sales were weak in 2022, and more markedly in
Singapore, particularly in the 4th quarter.
- Industrial Merchant revenue was up +4.2% in 2022.
The price effect stood at a very high level of +6.8%
over the year. In China, solid sales growth benefited from the
increase in prices and the integration of small acquisitions, but
was affected by the covid-19 pandemic in the 2nd quarter and at
year-end. The situation was contrasted in the rest of Asia in 2022,
with business down in Japan but up in Singapore and Australia. In
the region, revenue growth was particularly marked in the Food,
Energy and Technology sectors.
- 2022 revenue from Electronics posted very strong growth
of +17.8%, supported by all business segments. Carrier Gases
benefited from several unit start-ups in China during the year and
the ramp-up of several units in the region. Sales in Specialty
Materials also grew strongly, partly due to the increase in the
price of rare gases. The Advanced Materials business was dynamic,
particularly in Singapore and China. Lastly, Equipment &
Installation sales in 2022 were very high.
Asia-Pacific
- Air Liquide announced significant investments in Asia
for the Electronics business:
- the construction in Taiwan of three production
units for two of the world's largest semiconductor
manufacturers for a total investment amount of approximately 500
million euros.
- long-term contracts for the supply of nitrogen and other very
high purity gases in Japan with two world leaders in
semiconductors. This is a staggered investment of more than 300
million euros in four production units located in key
Electronics industrial basins.
- Shanghai Chemical Industry Park Industrial Gases Co. Ltd
(SCIPIG), a subsidiary of Air Liquide, will invest more than
200 million euros to build two hydrogen production
units and related infrastructure in Shanghai Chemical Industry
Park (SCIP). These units will bring significant environmental
benefits, as they are designed to replace current supply from a
third party coal-based gasification unit, will be equipped
with CO2 capture and recycling technology and will be connected
to SCIPIG existing local network. These two units will come in
addition to two other hydrogen units and four air separation units
that SCIPIG already operates in the industrial park.
- Air Liquide Korea and Lotte Chemical entered a joint
venture to scale-up the hydrogen supply chain for
mobility markets in South Korea. The companies will
co-invest through the joint venture in a new generation of large
scale hydrogen filling centers in Daesan and Ulsan.
- Air Liquide has signed a long-term contract to supply
Kumho Mitsui Chemical (KMCI), a world leader in the chemical
industry, with additional hydrogen and carbon monoxide in South
Korea’s Yeosu National Industrial Complex, where Air Liquide
already operates four production units.
Middle East and Africa
Revenue for 2022 in the Middle East and Africa region was up
+0.8% to 895 million euros. The sales growth in air
gases in India and Egypt explained the strong performance of Large
Industries. Volumes also increased sharply in South Africa with the
integration of the 16 Sasol Air Separation Units,
whose acquisition was finalized at the end of the 1st half of 2021;
sales of 126 million euros over the year were accounted for
in the significant scope impact and hence excluded from
comparable growth. In Industrial Merchant, sales were down over the
year, with the +6.4% increase in prices not fully offsetting the
divestiture of small businesses in the Middle East; in the 4th
quarter, sales growth excluding the impact of divestitures was
above +10%. Sales in the Healthcare business were down compared to
the high level in 2021 as a result of the covid-19 pandemic.
However, activity returned to growth in the 4th quarter due to a
more favorable basis of comparison, dynamic activity in Home
Healthcare and an acquisition in South Africa.
Middle East and Africa
- Air Liquide and EZZ Steel, one of the leading
steel producers in the Middle East and Africa, have signed a
long term agreement for the supply of industrial gases to
EZZ’s new plant in Ain Sokhna, East of Cairo, Egypt. Air
Liquide Egypt will invest around 80 million US dollars in
building an Air Separation Unit (ASU) to supply EZZ needs
throughout the duration of the contract, as well as those of other
customers in the basin.
- Air Liquide announced the divestiture of its
Industrial Merchant businesses in the United Arab
Emirates, Bahrain and Saudi Arabia. In the
region, the Group remains well positioned to strengthen its
already strong presence in Large Industries and Healthcare,
and to seize the many opportunities in the fields of energy
transition and the development of low-carbon hydrogen.
- Air Liquide and Sasol have signed two Power Purchase
Agreements (PPA) with Enel Green Power for the long-term
supply of a total capacity of 220 MW of renewable power to
Sasol’s Secunda site, in South Africa, where Air Liquide
operates the biggest oxygen production site in the world. These
PPAs are the first results of the Request for Proposal (RFP)
process launched jointly by Air Liquide and Sasol in April, 2021,
targeting to secure a total renewable energy capacity of 900
MW. They will significantly contribute to the decarbonization
of the Secunda site, and in particular to the targeted reduction
by 30% to 40% of the CO2 emissions associated with the oxygen
production by 2031. The 220 MW wind power should be available in
2025.
Engineering & Construction
Consolidated revenue from Engineering & Construction totaled
474 million euros in 2022, up strongly by +20.6%.
Order intake (1,041 million euros) for Group projects and
third-party customers exceeded 1 billion euros for the second
consecutive year. For the Group, this includes a large Steam
Methane Reformer (SMR) and several large Air Separation Units (ASU)
for Electronics and Large Industries. Sales to third-party
customers include a major helium liquefaction unit.
Engineering & Construction
- Air Liquide and Siemens Energy announced the creation of
a joint venture dedicated to the series production of
industrial scale renewable hydrogen electrolyzers in Europe.
With two of the global leading companies in their field
combining their expertise, this Franco-German partnership will
enable the emergence of a sustainable hydrogen economy in Europe
and foster a European ecosystem for electrolysis and hydrogen
technology. Production is expected to begin in the second half
of 2023 and ramp-up to an annual production capacity of 3 GW
by 2025.
- Autothermal reforming (ATR) is one of the latest
technologies used for decarbonization of industries:
combined with carbon capture technology, it allows efficient,
large-scale production of low-carbon hydrogen and ammonia.
Among the leading companies on the ATR, Air Liquide technology has
been selected for a demonstration project, owned and
operated by INPEX CORPORATION, aimed at producing low-carbon
hydrogen and ammonia.
Global Markets & Technologies
Global Markets & Technologies revenue for 2022 reached
887 million euros, representing a very high growth of
+25.8% compared to 2021. Biogas maintained strong momentum
and benefited from sales price increase linked to the spike in
energy price. Higher sales of Turbo-Brayton LNG reliquefaction
units contributed to the growth. The 4th quarter was also marked by
sales of equipment for the space industry and special equipment for
cooling helium.
Order intake for Group projects and third-party customers
totaled 875 million euros, representing a dynamic increase
of +25% compared to 2021. These include more than 50 Turbo-Brayton
LNG reliquefaction units to be delivered over the next two to three
years, a large helium liquefaction unit and numerous pieces of
equipment for the Electronics, Hydrogen and Biogas markets.
Global Markets &
Technologies
- Air Liquide invested and will operate its first biomethane
production unit in China by the end of 2022. Located in Huai’an
City, in the Jiangsu Province, the unit will have a production
capacity of 75 GWh per year. This project demonstrates a
circular economy and low-carbon approach.
- Air Liquide has opened its largest liquid hydrogen
production and logistics center in the north of Las Vegas,
Nevada. This infrastructure aims to meet the growing
needs for hydrogen dedicated to mobility and to ensure the
supply of a large number of industries.
- Air Liquide announced several agreements regarding the
development of the hydrogen ecosystem:
- with CaetanoBus and Toyota Motor Europe to
propose integrated offers for hydrogen mobility including
the development of infrastructures and fleets of light
and heavy vehicles;
- with Groupe ADP with the ambition of creating the first
engineering joint venture specialized in hydrogen
integration projects within airport infrastructures.
OPERATING INCOME RECURRING
Operating income recurring before depreciation and
amortization totaled 7,328 million euros, a sharp
increase of +15.7% as published and +9.4% excluding the
currency impact compared with 2021.
Purchases were up markedly by +41.0% excluding
currency impact, mainly due to the exceptionally strong and
rapid increase in energy costs (+65% excluding the currency
impact), which are contractually passed through to Large Industries
customers. In a context of high inflation, personnel costs
were up +7.7% excluding the currency impact. Other
operating income and expenses increased by +14.7% excluding
the currency impact and notably included a marked increase in
transport and, to a lesser extent, maintenance costs.
Depreciation and amortization amounted to 2,466
million euros, an increase of +6.9% excluding the currency
impact. This increase is mainly related to the start-up of new
production units, the integration of Sasol’s 16 Air Separation
Units (ASU) acquired in June 2021 and Air Liquide taking control of
a joint venture in Asia-Pacific. It was very partially offset by
the deconsolidation of businesses in Russia.
The Group's operating income recurring (OIR) reached
4,862 million euros. It was up sharply by +16.9% as
published and +10.5% on a comparable basis, which is significantly
higher than comparable sales growth of +7.0%. The operating
margin (OIR to revenue ratio) stood at 16.2% as
published, representing a -160 basis point decline compared with
2021, due to the sharp increase in energy costs which are
contractually passed through to Large Industries customers. This
therefore has a mechanical dilutive impact on the published margin.
Excluding the energy impact, the operating margin improved very
significantly by +70 basis points. This performance
integrates the dilutive impact of strong inflation of costs other
than energy costs, in Industrial Merchant in particular, and which
is transferred to sales prices. This +70 basis point improvement
therefore particularly reflected the Group’s ability to rapidly
transfer the exceptionally strong and brutal increase in energy
costs and inflation in general to sales prices.
This improvement in the operating margin is also supported by
efficiencies(8) which amounted to 378 million
euros over the year. These efficiencies represent a saving of
2.2% of the cost base. In a context of high inflation unfavorable to
procurement efficiencies, the priority for the teams is to
limit cost increases and transfer them to sales prices.
Industrial efficiencies contributed more than 50% of total
efficiencies and included energy efficiency and production optimization
projects in Large Industries and supply chain improvements in
Industrial Merchant. The Group's digital transformation
continued: in Large Industries with the connection of new units to
remote operation centers (Smart Innovative Operations, SIO), in
Industrial Merchant with the acceleration of the tools
implementation to optimize delivery routes (Integrated Bulk
Operations, IBO) and in Healthcare with the deployment of remote
patient support platforms. The continued implementation of shared
service centers and the global continuous improvement program also
contributed to efficiencies.
Portfolio and pricing management also supported
margin improvement.
Gas & Services
The Gas & Services business operating income recurring
totaled 5,062 million euros, representing a sharp increase
of +16.0% compared with 2021 and of +10.2% on a
comparable basis. The operating margin stood at 17.7% as
published, up +70 basis points excluding the energy
impact. The operating margin, as published, was down compared
with 2021 due to the very strong increase in energy costs, which
are contractually passed through to customers and thus have a
dilutive impact.
Prices in the Industrial Merchant business
experienced a record increase of +14.7% in 2022, with
a peak at +18.0% in the 3rd quarter, demonstrating the Group's
ability to rapidly transfer the rise in costs. Prices were also up
in Large Industries, Electronics and Healthcare, across all
regions.
Gas & Services Operating
margin(a)
FY 2021
FY 2022
2022/2021 excluding energy
impact
Americas
20.1%
19.5%
+10 bps
Europe
17.4%
13.8%
+140 bps
Asia-Pacific
22.2%
21.2%
-
Middle East & Africa
22.1%
23.6%
+200 bps
TOTAL
19.6%
17.7%
+70 bps
(a) Operating income recurring / revenue as published.
Operating income recurring in the Americas reached
2,084 million euros in 2022, an increase of
+23.0% as published. Excluding the energy impact, the
operating margin increased by +10 basis points compared with
2021. In Large Industries, solid efficiencies and spot sales of
electricity produced by cogeneration units participated in the
margin improvement. Efficiencies in Industrial Merchant, combined
with strong cost control, also made a positive contribution.
Operating income recurring for Europe totaled 1,577
million euros, an increase of +9.2% as published.
Excluding the energy impact, the operating margin saw a
sharp increase of +140 basis points compared with 2021. In
Large Industries, the structure of contracts ensured the resilience
of the operating margin in a context of declining volumes; solid
efficiencies also contributed to margin improvements, as well as
cogeneration unit activity and the combined effect(9) in an
environment of sharply rising energy prices. In Industrial
Merchant, the increase in prices and efficiencies contributed to
the increase of the operating margin, while in Healthcare, the
increase in costs was not fully offset by price effects.
Operating income recurring in Asia-Pacific stood at
1,190 million euros, an increase as published of
+11.6%. The operating margin excluding the energy
impact remained stable compared with 2021.
Operating income recurring for the Middle East and Africa
reached 211 million euros, an increase of +33.3% as
published. Excluding the energy impact, the operating margin
saw a very strong increase of +200 basis points compared
with 2021. The integration of the 16 Sasol units, carried out
without re-invoicing energy costs to the customer until the end of
the 3rd quarter, is the main contributor to this increase. The
divestments in Industrial Merchant in the Middle East and the
efficiencies generated in all business lines also had an accretive
impact on the operating margin.
Engineering & Construction
Operating income recurring for Engineering &
Construction was 44 million euros in 2022. The
operating margin stood at 9.3%, compared to 11.0% in 2021,
and remains in line with the business unit's medium-term
objectives.
Global Markets & Technologies
Operating income recurring from the Global Markets &
Technologies business stood at 112 million euros with an
operating margin of 12.6%.
Corporate Costs and Research & Development
Corporate and Research & Development expenses stood
at 356 million euros, up +4.4% compared with 2021.
NET PROFIT
Other operating income and expenses showed a net balance
of -571 million euros.
Other operating expenses amounted to -833 million euros and
included an exceptional provision of -586 million euros, with no
impact on cash(10), which covers the impairment of all of the
Group’s assets in Russia. As a reminder, the Group signed a letter
of intent with the local executive management team in September
2022, to transfer(11) its businesses in Russia in the form of an
MBO (Management Buy Out). Due to the changing geopolitical context,
the Group’s businesses in Russia are no longer consolidated from
September 1, 2022. Other operating expenses also included, for -48
million euros, a provision for risks in the Engineering &
Construction business, as well as restructuring costs.
Other operating income stood at 262 million euros and
corresponded mainly to Air Liquide taking control of a joint
venture in Asia during the 1st half-year, revalued at fair
value.
Financial income and expenses amounted to -386 million
euros, compared with -408 million euros in 2021. They included
net finance costs of -288 million euros, a
very slight increase of +0.5% excluding the currency impact. The
average net finance cost, at 3.0%, was up slightly from 2.8% in
2021, mainly due to the increase in factoring costs, which are
directly related to the rise in interest rates. Other financial
income and expenses stood at -98 million euros
compared with -128 million euros in 2021. This difference stems
from a provision reversal related to interest on arrears.
The income tax expense totaled -1,002 million
euros in 2022, i.e. an effective tax rate of 25.7%, up
slightly from 25.4% in 2021, mainly due to significant non-taxable
non-recurring items(12).
The share of profit of associates amounted to 1
million euros. The share of minority interests in
net profit totaled 145 million euros, up +21.2%, mainly due
to Air Liquide taking control in January 2022 of a joint venture in
Asia.
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.
Excluding the exceptional provision on the Group’s assets in
Russia, the provision for risks in the Engineering &
Construction business and the exceptional income related to Air
Liquide taking control of a joint venture in Asia, all these items
having no impact on cash, recurring net income(13) (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%(14) compared with 2021, in line with the increase in net
profit (Group share). The average number of outstanding shares used
for the calculation of 2022 net earnings per share was
522,069,020.
Change in the number of shares
FY 2021
FY 2022
Average number of outstanding shares
520,828,581(a)
522,069,020
(a) Adjusted following the free share attribution in June
2022.
DIVIDEND
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
total estimated pay-out taking into account stock-options, share
buybacks and cancellations would amount to 1,587 million
euros, representing a pay-out ratio of 58% of the
published net profit. The ex-dividend date is scheduled for May 15,
2023 and the payment is scheduled for May 17, 2023.
2022 Cash Flow and Balance Sheet
(in millions of euros)
2021
2022
Cash flow from operating activities
before changes in net working capital
5,292
6,255
Changes in working capital
377
(397)
Other cash items
(99)
(48)
Net cash flows from operating
activities
5,571
5,810
Dividends
(1,418)
(1,487)
Purchase of property, plant and equipment
and intangible assets, net of disposals(a)
(3,388)
(3,246)
Proceeds from issues of share capital
175
38
Purchase of treasury shares
(40)
(192)
Lease liabilities repayments and net
interests paid on lease liabilities
(274)
(283)
Impact of exchange rate changes and net
indebtedness of newly consolidated
companies & restatement of net finance
costs
(465)
(453)
Change in net debt
161
187
Net debt as of December 31
(10,448)
(10,261)
Debt-to-equity ratio as of December
31
47.5%
41.8%
(a) Including transactions with minority shareholders.
NET CASH FLOW FROM OPERATING ACTIVITIES AND CHANGES IN
WORKING CAPITAL REQUIREMENT
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%, an improvement of +110 basis points compared
with 2021, excluding the energy impact.
Working Capital Requirement (WCR) rose by 397 million
euros compared with 2021. This was mainly due to the increase
in inventories, which reflects inflation and the anticipation of
supply difficulties for certain products. Thus, WCR excluding
tax to revenue ratio stood at 1.6%, a slight increase
compared to an exceptionally low level of 0.9% in 2021 (and 2.3% in
2020).
Net cash flow from operating activities after changes in
working capital requirement amounted to 5,810 million
euros, an increase of +4.3% compared with 2021.
CAPITAL EXPENDITURE
(in millions of euros)
Industrial Investments
Financial
Investments(a)
Total capital
expenditures(a)
2018
2,249
131
2,380
2019
2,636
568
3,205
2020
2,630
145
2,775
2021
2,917
696
3,613
2022
3,273
140
3,413
(a) Including transactions with minority shareholders.
Capital expenditure was very high in 2022 at 3,413
million euros, including transactions with minority
shareholders.
Industrial capital expenditure amounted to 3,273
million euros, compared with 2,917 million euros in 2021, an
increase of +12.2% and +7.5% excluding the currency impact,
reflecting very dynamic project development activity. For the Gas
& Services business, this expenditure totaled 2,967 million
euros with the corresponding geographical breakdown presented in
the table below.
Gas & Services
(in millions of euros)
Europe
Americas
Asia Pacific
Middle East and Africa
Total
2021
913
909
755
64
2,641
2022
972
979
866
150
2,967
Financial investments amounted to 140 million
euros in 2022, including 4 million euros of transactions with
minority shareholders. They mainly included the acquisition of
small entities in the Industrial Merchant and Healthcare business
lines, as well as an additional participation in a joint Large
Industries business in Asia, resulting in Air Liquide taking its
control. This compares with 660 million euros in 2021, including
the acquisition of 16 Air Separation Units from Sasol in South
Africa for approximately 480 million euros.
Proceeds from the sale of assets, which reached
153 million euros in 2022, underline the Group’s
efforts to maintain an active portfolio management strategy. They
include the disposal of Industrial Merchant businesses in Latin
America and in the Global Markets and Technology business line in
Europe.
Net capital expenditure(15) totaled 3,246 million
euros.
NET DEBT
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. The net debt-to-equity ratio stood at 41.8%.
ROCE
The return on capital employed after tax (ROCE) was 9.1% in
2022. The recurring ROCE(16) 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.
Environment and Society
ADVANCE, the Group's new strategic plan through 2025,
announced in March 2022, places sustainable development at the
heart of the Group’s strategy and combines financial and
extra-financial performance.
The Group's scopes 1 and 2 CO2 emissions in 2022 totaled
39 million metric tonnes of CO2-equivalent. CO2
emissions(17) in 2022 changed by -0.3% compared to the 2020
baseline(17). CO2 emissions (17) thus remained stable for the
second consecutive year, in line with the ADVANCE plan's target
of reaching an inflection point in 2025 before initiating a
downward trend towards carbon neutrality in 2050. In 2022,
the Group continued to deploy the levers defined in the ADVANCE
plan in order to align with the CO2 trajectory. Thus, several
contracts (PPAs) to supply 350 MW of renewable electricity capacity
were signed in 2022 in the Netherlands, Italy, Germany and South
Africa. In addition, a number of energy efficiency projects
were decided, as well as the electrification of two ASUs in China
ultimately reducing the Group’s emissions by approximately -1%.
Lastly, the Group is developing CO2 capture projects
(selected for subsidies) on existing hydrogen production units.
Deployed in early 2022 in all subsidiaries, a new governance
ensures the monitoring and management of CO2 emissions (reporting,
budget, integration into reviews of investment projects, etc.).
The Group's carbon intensity remains stable at
5.5 kg of CO2-equivalent per euro of EBITDA(18).
The Group’s sustainable development commitment goes beyond
climate objectives.
Safety is a priority. The number of lost time accidents
for Air Liquide employees decreased by -11% in 2022.
Awareness and prevention actions are implemented over the long term
with a “zero accidents” objective.
The share of the 67,100 Group employees with a common basis
of care coverage reached 42% and increased by +8
points compared to 2021. In 2022, each region drew up a roadmap
for achieving the target which is set at 100% coverage by 2025.
1.8 million people now have access to medical oxygen in
low- and middle-income countries thanks to the Access Oxygen
program. This is an increase of +70% compared to the end of
2021, supported by the development of an initiative in South Africa
and a first pilot project in Kenya.
Committed to its shareholders, Air Liquide set up a new
governance in 2022, which separates the functions of Chairman
of the Board of Directors and Chief Executive Officer.
Environment and Society
- Air Liquide’s target to reduce its Scope 1 & 2 CO2
emissions by 2035 has been validated by the Science
Based Targets initiative (SBTi) as qualified and aligned with
climate science. The Group was the first in its industry to
obtain this validation. This approval represents an important
milestone towards the Group’s ambition to reach carbon neutrality
by 2050.
- Air Liquide has again been recognized in 2022 for its
environmental, social and governance performance by key corporate
sustainability 2022 ratings. Illustrating its progress on
sustainability, Air Liquide is now included in the Dow Jones
Sustainability Europe Index. In addition, while maintaining its
CDP “A-” score in both Water and Climate Change, Air Liquide
is ranked #4 by Chemscore among the world's top chemical
producers in their efforts to manage their environmental
impact.
INVESTMENT CYCLE AND FINANCING
Investments
INVESTMENT DECISIONS AND INVESTMENT BACKLOG
(in billions of euros)
Industrial Investment
decisions
Financial investment decisions
(acquisitions)
Total investment
decisions
2018
3.0
0.2
3.1
2019
3.2
0.6
3.7
2020
3.0
0.1
3.2
2021
3.0
0.6
3.6
2022
3.9
0.1
4.0
In 2022, industrial and financial investment decisions
reached a record level of nearly 4.0 billion euros.
Industrial investment decisions amounted to 3,861
million euros, up +30% compared with 2,969 million euros
in 2021.
- In Large Industries, decisions concerned notably
projects related to the energy transition. Thus, a new unit in
France will in particular supply hydrogen to a biorefinery
producing renewable fuels for aviation, hydrogen for mobility and
biogenic CO2 for the Industrial Merchant business line (by
recovering the residual biogas from the biorefinery and using the
CryocapTM CO2 capture process). Decisions also include initial
investments to improve the efficiency of the production units
acquired in South Africa in 2021, the installation of a CO2
recycling system on an existing carbon monoxide production unit in
Europe, as well as the electrification of several Air Separation
Units in China (impact on Group's CO2 emissions by approximately
-1%).
- Development was robust in the Electronics business,
notably in Asia with projects for new production units for carrier
gases and advanced materials. Investment decisions also include
production units in the United States and Europe.
- In Industrial Merchant, investment decisions in 2022
included more than 50 small gas generators on customer sites,
including several for use in conversion to oxy-combustion furnaces
for the glass or aluminum industries, thus reducing natural gas
consumption by customers and consequently their CO2 emissions.
- Investments in the Healthcare business concerned in
particular a new specialty ingredients production unit in
France.
- Several investment projects were approved in 2022 in the
Global Markets & Technologies business, notably for the
production of biogas in Italy and the United States. Furthermore, a
new krypton and xenon purification unit will be built in
Korea.
Financial investment decisions reached 112 million
euros in 2022, compared with 662 million euros in 2021, which
included the acquisition of the units from Sasol for approximately
480 million euros. In Industrial Merchant, they included
several small acquisitions in the United States, China and the
Netherlands, and in Healthcare, the acquisition of a South
African company specializing in the treatment of diabetes.
The investment backlog hit a record high of 3.5
billion euros. Projects in Asia represented a little
more than half of investments, primarily in the Electronics
business, with several projects in Large Industries. The
Europe and America regions have similar levels of
ongoing investment: in Europe, these are mainly projects related to
the energy transition and in America, mostly projects for Large
Industries and Electronics. These projects should lead to a future
contribution to annual sales of approximately 1.3 billion euros
per year when fully ramped up, an increase from 1.1 billion
euros at the end of 2021.
START-UPS
The main start-ups in 2022 concerned the Large Industries
and Electronics businesses. In Large Industries,
several high-capacity Air Separation Units started up along the
Gulf Coast in the United States and in China. In Electronics,
start-ups mainly involved several carrier gas and advanced
materials production units in Asia, in particular a large ASU and
an electrolyzer in Taiwan in the 4th quarter. In the Global
Markets & Technologies business, they also included several
biogas production units and a major hydrogen production and
liquefaction unit for the hydrogen mobility market in
California.
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.
Electronics is the main contributor in Asia, while in Europe and
Americas it is Large Industries.
The additional contribution to 2023 sales of unit
start-ups and ramp-ups should be between 300 million and 330
million euros, which is higher than the corresponding amount in
2022, excluding the contribution from the Sasol units.
INVESTMENT OPPORTUNITIES
The 12-month portfolio of investment opportunities
remains high at 3.3 billion euros at the end of 2022, up
from 3.0 billion euros in the 3rd quarter of 2022. The projects
related to energy transition represent more than 40% of
the investment opportunities. In Europe, these mainly included
projects for renewable hydrogen production by water electrolysis,
capture of CO2 emitted by the Group’s or its customers’ production
units, as well as hydrogen mobility development. Investment
opportunities in Asia concerned Large Industries, Electronics and
hydrogen mobility. In the Americas, the portfolio of investment
opportunities at 12 months included a majority of large projects in
Electronics, supported by the Chips Act, as well as projects in the
Large Industries business. 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.
Financing
“A” CATEGORY FINANCIAL RATING CONFIRMED
Air Liquide is rated by two main rating agencies, Standard &
Poor’s and Moody’s. The long-term rating from Standard &
Poor’s is “A” and from Moody’s is “A2”, an
improvement compared with “A3” in 2021. These are in line with
the Group’s strategy. Moreover, the short-term ratings are “A1” for
Standard & Poor’s and “P1” for Moody’s, an improvement compared
to “P2” in 2021. Standard & Poor's confirmed its ratings on
March 29, 2022 and gave them a stable outlook. Moody’s announced
long-term and short-term rating upgrades on September 6, 2022 and
gave them a stable outlook.
DIVERSIFYING AND SECURING FINANCIAL SOURCES
As of December 31, 2022, Group financing through capital markets
accounted for 88% of the Group’s total debt, for a total
amount of outstanding bonds of 10.5 billion euros including all
types of bonds, and 0.1 billion euros of commercial paper.
The total amount of credit facilities was stable
at 3.6 billion euros. The syndicated credit facility covers
an unchanged amount of 2.5 billion euros and matures in
December 2025. Since 2019, this facility includes an indexation
mechanism of financial costs on three of the Group’s CSR targets in
the areas of carbon intensity, gender diversity, and safety.
The amount of total debt maturing in the next 12 months is 2.0
billion euros, stable compared with December 31, 2021.
2022 ISSUES
In September 2022, under the EMTN program, the Group issued a
public bond for an amount of 600 million euros,
maturing in 10 years.
At the end of 2022, outstanding bonds issued under the EMTN
program amounted to 7.0 billion euros (nominal amount).
Net Debt by currency as of December 31, 2022
December 31, 2021
December 31, 2022
Euro
42%
46%
US Dollar
42%
37%
Japanese Yen
2%
3%
Chinese Renminbi
N.C.
1%
Taiwanese Dollar
N.C.
4%
South African Rand
3%
2%
Others
11%
7%
TOTAL
100%
100%
Investments are generally funded in the currency in which the
cash flows are generated, creating a natural currency hedge. In
2022, net debt decreased in US dollar and increased in euro,
Japanese Yen, Chinese renminbi and in Taiwanese dollar. The share
of dollar in total net debt decreased in favor of these
currencies.
CENTRALIZATION OF CASH AND FUNDING
In 2022, Air Liquide Finance continued to pool the cash balances
of Group entities.
At December 31, 2022, Air Liquide Finance had granted to Group
subsidiaries, directly or indirectly, the equivalent of 12.6
billion euros in loans and received 3.1 billion euros in excess
cash as deposits from them. These transactions were denominated in
24 currencies (mainly the euro, US dollar, Japanese yen, Singapore
dollar, Chinese renminbi, British pound, Canadian dollar,
Australian dollar). Approximately 400 subsidiaries are included in
the Group cash pooling, directly or indirectly (including
subsidiaries where cash pooling is carried out locally before being
centralized at Air Liquide Finance).
DEBT MATURITY AND SCHEDULE
The average of the Group’s debt maturity was 5.9
years at December 31, 2022, a slight decrease compared to
December 31, 2021 (6.0 years). Due to the generation of net cash
flow in 2022, bond issues reached maturity without the need for
refinancing and the new 2022 bond was issued with a long 10 year
maturity.
OUTLOOK
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(19) 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(20) rose +17% at constant
exchange rates. At 10.3%, recurring ROCE(21) is higher
than 10%, one year ahead of the target communicated as part of
ADVANCE.
All activities are growing significantly: the Gas
& Services business, 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.(22)
APPENDICES
Performance indicators
Performance indicators used by the Group that are not directly
defined in the financial statements have been prepared in
accordance with the AMF position 2015-12 about alternative
performance measures.
The performance indicators are the following:
- Currency, energy and significant scope impacts
- Comparable sales change and comparable operating income
recurring change
- Operating margin and operating margin excluding energy
- Operating income recurring before depreciation and amortization
excluding IFRS16 at 2015 exchange rate to calculate the carbon
intensity
- Reported and restated CO2 emissions
- Recurring net profit Group share
- Recurring net profit excluding currency effect
- Net Profit Excluding IFRS16
- Net Profit Recurring Excluding IFRS16
- Efficiencies
- Return on Capital Employed (ROCE)
- Recurring ROCE
Definition of currency, energy and significant scope
impacts
Since industrial and medical gases are rarely exported, the
impact of currency fluctuations on activity levels and results is
limited to euro translation impacts with respect to the financial
statements of subsidiaries located outside the euro zone. The
currency effect is calculated based on the aggregates for the
period converted at the exchange rate for the previous period.
In addition, the Group passes on variations in the cost of
energy (electricity and natural gas) to its customers via indexed
invoicing integrated into their medium and long-term contracts.
This indexing can lead to significant variations in sales (mainly
in the Large Industries Business Line) from one period to another
depending on fluctuations in prices on the energy market.
An energy impact is calculated based on the sales of each
of the main subsidiaries in Large Industries. Their consolidation
allows the determination of the energy impact for the Group as a
whole. The foreign exchange rate used is the average annual
exchange rate for the year N-1. Thus, at the subsidiary level, the
following formula provides the energy impact, calculated for
natural gas and electricity respectively:
Energy impact =
Share of sales indexed to energy year (N-1) x (Average energy
price in year (N) - Average energy price in year (N-1))
This indexation effect of electricity and natural gas does not
impact the operating income recurring.
The significant scope effect corresponds to the impact on
sales of all acquisitions or disposals of a significant size for
the Group. These changes in scope of consolidation are
determined:
- for acquisitions during the period, by deducting from the
aggregates for the period the contribution of the acquisition,
- for acquisitions during the previous period, by deducting from
the aggregates for the period the contribution of the acquisition
between January 1 of the current period and the anniversary date of
the acquisition,
- for disposals during the period, by deducting from the
aggregates for the previous period the contribution of the disposed
entity as of the anniversary date of the disposal,
- for disposals during the previous period, by deducting from the
aggregates for the previous period the contribution of the disposed
entity.
Note: exceptionally, the acquisition of Sasol production units
in 2021 had an impact in 2 steps on Group sales. After the
acquisition of the assets in June 2021 (1st step), devices were
installed on the units in 2022 in order to measure the energy
consumed which, from October 2022 (2nd step), could be re-invoiced
to the customer according to the standard Large Industries
contractual frame. For the sake of transparency in financial
communication, sales related to energy consumed and contractually
re-invoiced to the customer are identified within the significant
scope and are therefore excluded from the comparable growth. This
element will thus be accounted for in the significant scope during
12 months from October 2022.
Calculation of performance indicators (Year)
COMPARABLE SALES CHANGE AND COMPARABLE OPERATING INCOME
RECURRING CHANGE
Comparable changes for sales and operating income recurring
exclude the currency, energy and significant scope impacts
described above.
For 2022, the calculations are the following:
(in millions of euros)
FY 2022
FY 2022/2021 Published
Growth
Currency impact
Natural gas impact
Electricity impact
Significant scope
impact
FY 2022/2021 Comparable
Growth
Revenue
Group
29,934
+28.3%
1,339
2,503
1,080
58
+7.0%
Impacts in %
+5.8%
+10.7%
+4.6%
+0.2%
Gas & Services
28,573
+28.3%
1,300
2,503
1,080
59
+6.1%
Impacts in %
+5.8%
+11.3%
+4.8%
+0.3%
Operating Income Recurring
Group
4,862
+16.9%
255
-
-
12
+10.5%
Impacts in %
+6.1%
-
-
+0.3%
Gas & Services
5,062
+16.0%
246
-
-
12
+10.2%
Impacts in %
+5.5%
-
-
+0.3%
OPERATING MARGIN AND OPERATING MARGIN EXCLUDING
ENERGY
The operating margin is the ratio of the operating income
recurring divided by revenue. The operating margin excluding the
energy impact corresponds to operating income recurring (which is
not impacted in absolute value by the energy costs contractually
re-invoiced to Large Industries customers) divided by revenue
restated for the energy impact to which the corresponding currency
impact is attached. The ratio of operating income recurring divided
by revenue (whether restated or not for the energy impact) is
calculated with a one decimal place rounded number. The variation
between 2 periods is calculated as the difference between these
rounded ratios, which can result in positive or negative
differences compared to a more precise calculation, due to
rounding.
FY 2022
Natural gas impact(1)
Electricity impact(1)
FY 2022, excluding energy
impact
Revenue
Group
29,934
2,541
1,073
26,320
Gas & Services
28,573
2,541
1,073
24,959
Operating Income Recurring
Group
4,862
-
-
4,862
Gas & Services
5,062
-
-
5,062
Operating Margin
Group
16.2%
-
-
18.5%
Gas & Services
17.7%
-
-
20.3%
(1) Including the currency impact linked to the considered
energy impact.
OPERATING INCOME RECURRING BEFORE DEPRECIATION AND
AMORTIZATION EXCLUDING IFRS 16 AT 2015 EXCHANGE RATE TO CALCULATE
THE CARBON INTENSITY
(in millions of euros and thousands of
tonnes)
2015
2022
2015/2022 change
(A) Operating income recurring before
depreciation and amortization
4,033
7,328
(B) Currency impact (2015)(1)
(67)
(C) IFRS 16 Impact(2)
252
(A) - (B) - (C) = (D) EBITDA used for
Carbon Intensity calculation
4,033
7,143
(E) CO2 equivalent emissions (Scopes 1 +
2(3)) in thousands of tonnes
29,413
39,306
Carbon Intensity (E) / (D)
7.3
5.5
-25%
(1) At 2015 exchange rate excluding Argentina and Turkey due to
the hyperinflationary context in Argentina (EBITDA of Argentina and
Turkey conserved at 2022 rate).
(2) The IFRS 16 impact on operating income recurring before
depreciation and amortization includes the neutralization of rental
expenses, which are then reintegrated into depreciation and
amortization and other financial expenses booked in relation to
IFRS 16.
(3) Scope 2 emissions calculated from the specific supplies
(market-based): the Group hence adopted the methodology recommended
by the GHG Protocol.
REPORTED AND RESTATED CO2 EMISSIONS
(in thousands of metric tonnes of
CO₂-eq.)
2020
2021
2022
Scope 1: total direct Greenhouse Gas (GHG)
emissions(1)
15,345
15,536
16,273
Scope 2: total indirect GHG
emissions(1)
17,184
20,829
23,033
Total emissions as reported(1)
32,529
36,364
39,306
Total restated emissions(2)
39,564
40,085
39,464
(1) « Market based », actual Group emissions including changes
in scope (upwards and downwards) having an impact on CO2 emissions
during the year from the effective date.
(2) « Market based », restated to take into account over a full
year from 2020 and each subsequent year, the emissions of the
assets which correspond to changes in scope (upwards and downwards)
and which have a significant impact on CO2 emissions.
RECURRING NET PROFIT GROUP SHARE AND RECURRING NET PROFIT
GROUP SHARE EXCLUDING CURRENCY IMPACT
The recurring net profit Group share corresponds to the net
profit Group share excluding exceptional and significant
transactions that have no impact on the operating income
recurring.
FY 2021
FY 2022
2022/2021 variation
(A) Net Profit (Group Share) - As
Published
2,572.2
2,758.8
+7.3%
(B) Exceptional and significant
transactions after-tax with no impact on OIR
- Exceptional value loss and provisions on
Russian activities(1)
(575.6)
- Exceptional income related to
joint-venture take-over in Asia-Pacific(1)
205.5
- Provision for risks in Engineering &
Construction activity
(32.8)
(A) - (B) = Net Profit Recurring (Group
Share)
2,572.2
3,161.7
+22.9%
(C) Currency impact
143.6
(A) - (B) - (C) = Net Profit Recurring
(Group Share) excluding currency impact
3,018.1
+17.3
(1) The majority of which is non-taxable.
NET PROFIT EXCLUDING IFRS 16 AND NET PROFIT RECURRING
EXCLUDING IFRS 16
Net profit excluding IFRS 16:
FY 2021
FY 2022
(A) Net Profit as Published
2,691.9
2,903.9
(B) = IFRS 16 Impact(1)
(13.3)
(15.6)
(A) - (B) = Net Profit excluding IFRS
16
2,705.2
2,919.5
(1) The IFRS 16 impact includes the reintegration of leasing
expenses less depreciation and other financial expenses booked in
relation to IFRS 16
Net profit recurring excluding IFRS 16:
FY 2021
FY 2022
(A) Net Profit as Published
2,691.9
2,903.9
(B) Exceptional and significant
transactions after-tax with no impact on OIR
0.0
(402.9)
(A) - (B) = Net Profit
recurring
2,691.9
3,306.8
(C) IFRS 16 Impact(1)
(13.3)
(15.6)
(A) - (B) - (C) = Net Profit recurring
excluding IFRS16
2,705.2
3,322.4
(1) The IFRS 16 impact includes the reintegration of leasing
expenses less depreciation and other financial expenses booked in
relation to IFRS 16
EFFICIENCIES
Efficiencies represent a sustainable cost reduction
resulting from an action plan on a specific project. Efficiencies
are identified and managed on a per project basis. Each project is
followed by a team composed in alignment with the nature of the
project (purchasing, operations, human resources...).
RETURN ON CAPITAL EMPLOYED - ROCE
Return on capital employed after tax is calculated based on the
Group’s consolidated financial statements, by applying the
following ratio for the period in question.
For the numerator: net profit excluding IFRS 16 - net finance
costs after taxes for the period in question.
For the denominator: the average of (total shareholders' equity
excluding IFRS 16 + net debt) at the end of the past three
half-years.
FY 2021
H1 2022
FY 2022
ROCE Calculation
(in millions of euros)
(a)
(b)
(c)
Numerator (c)
Net Profit Excluding IFRS16
2,919.5
2,919.5
Net Finance costs
(288.4)
(288.4)
Effective Tax Rate (1)
25.0%
Net Finance costs after tax
(216.4)
(216.4)
Net Profit - Net financial
costs after tax
3,135.9
3,135.9
Denominator ((a)+(b)+(c))/3
Total Equity Excluding IFRS16
22,039.6
23,942.0
24,628.5
23,536.6
Net Debt
10,448.3
12,009.9
10,261.3
10,906.5
Average of (total equity + net
debt)
32,487.9
35,951.9
34,889.8
34,443.1
ROCE
9.1%
(1) excluding non-recurring tax impact
RECURRING ROCE
The recurring ROCE is calculated in the same manner as the ROCE
using the recurring net profit for the numerator.
FY 2021
H1 2022
FY 2022
Recurring ROCE
Calculation
(in millions of euros)
(a)
(b)
(c)
Numerator (c)
Net Profit Recurring Excluding
IFRS16
3,322.4
3,322.4
Net Finance costs
(288.4)
(288.4)
Effective Tax Rate(1)
25.0%
Net Finance costs after tax
(216.4)
(216.4)
Recurring Net Profit Excluding
IFRS16
- Net financial costs after
tax
3,538.8
3,538.8
Denominator ((a)+(b)+(c))/3
Total Equity Excluding IFRS16
22,039.6
23,942.0
24,628.5
23,536.6
Net Debt
10,448.3
12,009.9
10,261.3
10,906.5
Average of (total equity + net
debt)
32,487.9
35,951.9
34,889.8
34,443.1
Recurring ROCE
10.3%
(1) excluding non-recurring tax impact
Calculation of performance indicators (Quarter)
Q4 2022
Q4 2022/2021 Published
Growth
Currency impact
Natural gas impact
Electricity impact
Significant scope
impact
Q4 2022/2021 Comparable
Growth
Revenue
Group
7,480
+12.4%
201
193
134
(0)
+4.5%
Impacts in %
+3.0%
+2.9%
+2.0%
+0.0%
Gas & Services
7,076
+11.7%
193
193
134
1
+3.5%
Impacts in %
+3.0%
+3.1%
+2.1%
+0.0%
4th quarter 2022 revenue
BY GEOGRAPHY
Revenue (in millions of euros)
Q4 2021
Q4 2022
Published change
Comparable change
Americas
2,242
2,727
+21.7%
+9.3%
Europe
2,620
2,700
+3,0%
-2.6%
Asia-Pacific
1,267
1,388
+9.5%
+5.9%
Middle East & Africa
203
261
+28.4%
+2.8%
Gas & Services Revenue
6,332
7,076
+11.7%
+3.5%
Engineering & Construction
137
138
+1.0%
+0.1%
Global Markets & Technologies
186
266
+43.8%
+40.6%
GROUP REVENUE
6,655
7,480
+12.4%
+4.5%
BY WORLD BUSINESS LINE
Revenue (in millions of euros)
Q4 2021
Q4 2022
Published change
Comparable change
Large industries
2,319
2,473
+6.6%
-10.2%
Industrial Merchant
2,508
2,965
+18.2%
+13.3%
Healthcare
950
999
+5.2%
+5.4%
Electronics
555
639
+15.1%
+13.7%
GAS & SERVICES REVENUE
6,332
7,076
+11.7%
+3.5%
Geographic and segment information
FY 2021
FY 2022
(in millions of euros and %)
Revenue
Operating income
recurring
OIR margin
Revenue
Operating income
recurring
OIR margin
Americas
8,445
1,694
20.1%
10,680
2,084
19.5%
Europe
8,315
1,444
17.4%
11,390
1,577
13.8%
Asia-Pacific
4,790
1,066
22.2%
5,608
1,190
21.2%
Middle East and Africa
717
158
22.1%
895
211
23.6%
Gas & Services
22,267
4,362
19.6%
28,573
5,062
17.7%
Engineering and Construction
387
42
11.0%
474
44
9.3%
Global Markets & Technologies
681
97
14.2%
887
112
12.6%
Reconciliation
-
(341)
-
-
(356)
-
TOTAL GROUP
23,335
4,160
17.8%
29,934
4,862
16.2%
Consolidated income statement
(in millions of euros)
FY 2021
FY 2022
Revenue
23,334.8
29,934.0
Other income
226.8
244.3
Purchases
(9,388.7)
(13,813.0)
Personnel expenses
(4,362.9)
(4,963.4)
Other expenses
(3,477.2)
(4,074.2)
Operating income recurring before
depreciation and amortization
6,332.8
7,327.7
Depreciation and amortization expenses
(2,172.5)
(2,465.9)
Operating income recurring
4,160.3
4,861.8
Other non-recurring operating income
8.3
262.4
Other non-recurring operating expenses
(159.0)
(833.1)
Operating income
4,009.6
4,291.1
Net finance costs
(280.0)
(288.4)
Other financial income
3.6
32.4
Other financial expenses
(131.9)
(130.0)
Income taxes
(914.8)
(1,002.3)
Share of profit of associates
5.4
1.1
PROFIT FOR THE PERIOD
2,691.9
2,903.9
- Minority interests
119.7
145.1
- Net profit (Group share)
2,572.2
2,758.8
Basic earnings per share (in
euros)
4.94(a)
5.28
(a) The 2021 earnings per share has been restated to take into
account the June 2022 free share attribution.
Consolidated balance sheet
ASSETS (in millions of euros)
December 31, 2021
December 31, 2022
Goodwill
13,992.3
14,587.2
Other intangible assets
1,452.6
1,811.4
Property, plant and equipment
22,531.5
23,646.9
Non-current assets
37,976.4
40,045.5
Non-current financial assets
745.4
775.5
Investments in associates
158.0
185.7
Deferred tax assets
239.3
232.3
Fair value of non-current derivatives
(assets)
73.4
40.8
Other non-current assets
1,216.1
1,234.3
TOTAL NON-CURRENT ASSETS
39,192.5
41,279.8
Inventories and work-in-progress
1,585.1
1,961.0
Trade receivables
2,694.1
3,034.8
Other current assets
810.5
985.4
Current tax assets
106.5
196.3
Fair value of current derivatives
(assets)
63.9
107.6
Cash and cash equivalents
2,246.6
1,911.4
TOTAL CURRENT ASSETS
7,506.7
8,196.5
ASSETS HELD FOR SALE
83.9
41.7
TOTAL ASSETS
46,783.1
49,518.0
EQUITY AND LIABILITIES (in millions of
euros)
December 31, 2021
December 31, 2022
Share capital
2,614.1
2,879.0
Additional paid-in capital
2,749.2
2,349.0
Retained earnings
13,645.1
15,868.0
Treasury shares
(118.3)
(118.4)
Net profit (Group share)
2,572.2
2,758.8
Shareholders' equity
21,462.3
23,736.4
Minority interests
536.5
835.6
TOTAL EQUITY
21,998.8
24,572.0
Provisions, pensions and other employee
benefits
2,291.9
1,991.1
Deferred tax liabilities
2,126.8
2,465.4
Non-current borrowings
10,506.3
10,168.8
Non-current lease liabilities
1,032.8
1,052.2
Other non-current liabilities
343.0
317.8
Fair value of non-current derivatives
(liabilities)
39.0
54.5
TOTAL NON-CURRENT LIABILITIES
16,339.8
16,049.8
Provisions, pensions and other employee
benefits
309.4
282.4
Trade payables
3,333.2
3,782.6
Other current liabilities
2,002.9
2,215.6
Current tax payables
277.8
260.1
Current borrowings
2,188.6
2,003.9
Current lease liabilities
228.0
227.6
Fair value of current derivatives
(liabilities)
67.5
108.6
TOTAL CURRENT LIABILITIES
8,407.4
8,880.8
LIABILITIES HELD FOR SALE
37.1
15.4
TOTAL EQUITY AND LIABILITIES
46,783.1
49,518.0
Consolidated cash flow statement
(in millions of euros)
FY 2021
FY 2022
Operating activities
Net profit (Group share)
2,572.2
2,758.8
Minority interests
119.7
145.1
Adjustments:
• Depreciation and amortization
2,172.5
2,465.9
• Changes in deferred taxes
106.2
92.6
• Changes in provisions
(36.0)
565.9
• Share of profit of affiliates
(5.4)
(1.1)
• Profit/loss on disposal of assets
27.5
(129.9)
• Net finance costs
203.1
215.4
• Other non cash items
132.3
142.5
Cash flow from operating activities
before changes in net working capital
5,292.1
6,255.2
Changes in working capital
377.3
(396.8)
Other cash items
(98.7)
(48.3)
Net cash flows from operating
activities
5,570.7
5,810.1
Investing activities
Purchase of property, plant and equipment
and intangible assets
(2,916.8)
(3,273.0)
Acquisition of consolidated companies and
financial assets
(659.8)
(135.8)
Proceeds from sale of property, plant and
equipment and intangible assets
88.7
92.0
Proceeds from the sale of subsidiaries,
net of net debt sold and from the sale of financial assets
130.9
61.1
Dividends received from equity
affiliates
5.5
13.8
Net cash flows used in investing
activities
(3,351.5)
(3,241.9)
Financing activities
Dividends paid
• L'Air Liquide S.A.
(1,334.8)
(1,410.5)
• Minority interests
(82.9)
(76.3)
Proceeds from issues of share capital
175.4
37.7
Purchase of treasury shares
(40.1)
(191.5)
Net financial interests paid
(204.9)
(236.1)
Increase (decrease) in borrowings
(17.2)
(617.7)
Lease liabilities repayments
(241.4)
(249.0)
Net interests paid on lease
liabilities
(33.0)
(33.6)
Transactions with minority
shareholders
(36.8)
(4.0)
Net cash flows from (used in) financing
activities
(1,815.7)
(2,781.0)
Effect of exchange rate changes and change
in scope of consolidation
16.8
(165.2)
Net increase (decrease) in net cash and
cash equivalents
420.3
(378.0)
NET CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE PERIOD
1,718.6
2,138.9
NET CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD
2,138.9
1,760.9
The analysis of net cash and cash equivalents at the end of
the period is as follows:
(in millions of euros)
December 31, 2021
December 31, 2022
Cash and cash equivalents
2,246.6
1,911.4
Bank overdrafts (included in current
borrowings)
(107.7)
(150.5)
NET CASH AND CASH EQUIVALENTS
2,138.9
1,760.9
Net debt calculation
(in millions of euros)
December 31, 2021
December 31, 2022
Non-current borrowings
(10,506.3)
(10,168.8)
Current borrowings
(2,188.6)
(2,003.9)
TOTAL GROSS DEBT
(12,694.9)
(12,172.7)
Cash and cash equivalents
2,246.6
1,911.4
TOTAL NET DEBT AT THE END OF THE
PERIOD
(10,448.3)
(10,261.3)
Statement of changes in net debt
(in millions of euros)
FY 2021
FY 2022
Net debt at the beginning of the
period
(10,609.3)
(10,448.3)
Net cash flows from operating
activities
5,570.7
5,810.1
Net cash flows used in investing
activities
(3,351.5)
(3,241.9)
Net cash flows used in financing
activities excluding changes in borrowings
(1,593.6)
(1,927.2)
Total net cash flows
625.6
641.0
Effect of exchange rate changes, opening
net debt of newly acquired companies and others
(269.3)
(248.0)
Adjustment of net finance costs
(195.3)
(206.0)
Change in net debt
161.0
187.0
NET DEBT AT THE END OF THE
PERIOD
(10,448.3)
(10,261.3)
Sales, Operating Income Recurring and investments key figures
synthesis
The following tables gather data already available in
this report. They complement the key figures indicated in
the table on the first page.
Sales
FY 2022 split of revenue and comparable
growth in %
Total
Large Industries
Industrial Merchant
Electronics
Healthcare
Americas
100%
21%
65%
5%
9%
+10.2%
+3.7%
+13.5%
+5.8%
+3.9%
Europe
100%
50%
25%
2%
23%
+2.0%
-16.6%
+24.1%
N.C.
+4.4%
Asia-Pacific
100%
36%
27%
34%
3%
+7.0%
+0.3%
+4.2%
+17.8%
N.C.
Middle-East and Africa
100%
N.C.
N.C.
N.C.
N.C.
+0.8%
100%
37%
40%
9%
14%
Gas & Services
+6.1%
-6.6%
+14.2%
+16.4%
+3.6%
Engineering & Construction
+20.6%
Global Markets & Technologies
+25.8%
GROUP TOTAL
+7.0%
N.C.: Not communicated.
Operating Income Recurring
Operating margin in %(a) Operating Income
Recurring in million euros
FY 2021
FY 2022
2022/2021 excluding energy
impact
Operating Income Recurring FY
2022
Americas
20.1%
19.5%
+10 bps
2,084
Europe
17.4%
13.8%
+140 bps
1,577
Asia-Pacific
22.2%
21.2%
-
1,190
Middle-East and Africa
22.1%
23.6%
+200 bps
211
Gas & Services
19.6%
17.7%
+70 bps
5,062
Engineering & Construction
11.0%
9.2%
-170 bps
44
Global Markets & Technologies
14.2%
12.6%
-160 bps
112
(a) Operating income recurring / revenue as published.
Investments
(in billion euros)
2022
12-month portfolio of investment
opportunities(a)
3.3
Investment decisions(b)
4.0
Investment backlog(a)
3.5
Additional contribution to revenue of unit
start-ups and ramp-ups(b)
0.4
(a) At the end of the reporting period.
(b) Cumulated from the beginning of the calendar year until the
end of the reporting period.
François Jackow also comments the Group’s
2022 results in a video interview, available in French and
English at www.airliquide.com.
The slideshow that accompanies this release
is available as of 7:20 am (Paris time) at
www.airliquide.com.
Throughout the year, follow Air Liquide on
Twitter: @AirLiquideGroup.
UPCOMING EVENTS
2023 1st Quarter Revenue
April 27, 2023
A world leader in gases, technologies and
services for Industry and Health, Air Liquide is present in 73
countries with approximately 67,100 employees and serves more than
3.9 million customers and patients. Oxygen, nitrogen and hydrogen
are essential small molecules for life, matter and energy. They
embody Air Liquide’s scientific territory and have been at the core
of the company’s activities since its creation in 1902. Taking
action today while preparing the future is at the heart of Air
Liquide’s strategy. With ADVANCE, its strategic plan for 2025, Air
Liquide is targeting a global performance, combining financial and
extra-financial dimensions. Positioned on new markets, the Group
benefits from major assets such as its business model combining
resilience and strength, its ability to innovate and its
technological expertise. The Group develops solutions contributing
to climate and the energy transition—particularly with hydrogen—and
takes action to progress in areas of healthcare, digital and high
technologies. Air Liquide’s revenue amounted to more than 29.9
billion euros in 2022. Air Liquide is listed on the Euronext Paris
stock exchange (compartment A) and belongs to the CAC 40, CAC 40
ESG, EURO STOXX 50, FTSE4Good and DJSI Europe indexes.
1 Indeed, for Large Industries, the method values the energy
impact of the year on the basis of the volumes of the preceding
year times the difference of energy prices. Consequently, the rise
in energy prices being exceptionally strong and volumes down, the
energy impact is amplified, as well as a negative combined effect,
which reduced comparable sales of Large Industries. 2 See
definition in the appendices. 3 See definition and reconciliation in
the appendices. 4 Net earnings per share for 2021, restated to take
into account the impact of the free share attribution on June 8,
2022, amounted to 4.94 euros. 5 See definition and reconciliation in
the appendices. 6 In metric tonnes of scopes 1 and 2
CO2-equivalent, “market based”, restated to take into account over
a full year from 2020 and each subsequent year, the emissions of
the assets which correspond to changes in scope (upwards and
downwards) and which have a significant impact on CO2 emissions.
7Indeed, for Large Industries, the calculation method values the
energy impact of the year on the basis of the volumes of the
preceding year times the difference of energy prices. Consequently,
the rise in energy prices being exceptionally strong and volumes
down, the energy impact is amplified, as well as a negative
combined effect, which reduced comparable sales of Large
Industries. 8 See definition in the appendices. 9 Indeed, for Large
Industries, the calculation method values the energy impact of the
year on the basis of the volumes of the preceding year times the
difference of energy prices. Consequently, the rise in energy
prices being exceptionally strong and volumes down, the energy
impact is amplified, as well as a negative combined effect, which
reduced comparable sales of Large Industries. 10 With the main
exception of -7 million euros related to the unwinding of currency
hedging positions. 11 This project is subject in particular to
Russian regulatory approvals. 12 Mainly non-deductible provisions
on Group’s assets in Russia and the non-taxable capital gain
related to Air Liquide taking control of a joint activity in Asia.
13 See definition and reconciliation in the appendices. 14 Net
earnings per share for 2021, restated to take into account the
impact of the free share attribution on June 8, 2022, amounted to
4.94 euros. 15 Inluding transactions with minority shareholders and
dividends received from equity affiliates. 16 See definition and
reconciliation in the appendices. 17Inmetric tonnes of scopes 1 and
2 CO2-equivalent, “market based”, restated to take into account
over a full year from 2020 and each subsequent year, the emissions
of the assets which correspond to changes in scope (upwards and
downwards) and which have a significant impact on CO2 emissions. 18
See definition and reconciliation in the appendices. 19 In metric
tonnes of scopes 1 and 2 CO2-equivalent, “market based”, restated
to take into account over a full year from 2020 and each subsequent
year, the emissions of the assets which correspond to changes in
scope (upwards and downwards) and which have a significant impact
on CO2 emissions. 20 Excluding exceptional and significant
transactions that have no impact on the operating income recurring.
21 Recurring ROCE based on Recurring Net Profit. 22 Operating
margin excluding energy passthrough impact. Recurring net profit
excluding exceptional and significant transactions that have no
impact on the operating income recurring.
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