![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
C3 AI Inc | NYSE:AI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.29 | 0.95% | 30.87 | 25,997 | 12:19:09 |
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:
Sustainable Development:
Decarbonizing the industry:
Low-carbon hydrogen:
Electronics & Industry:
Healthcare:
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.
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:
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 ContentsPERFORMANCE
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.
Americas
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.
Europe
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%.
Asia-Pacific
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
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
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
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
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.
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:
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:
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230215005789/en/
Media Relations media@airliquide.com Investor Relations IRTeam@airliquide.com
1 Year C3 AI Chart |
1 Month C3 AI Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions