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2017 Reference Document Air Liquide 2017 Reference Document INCLUDING THE ANNUAL FINANCIAL REPORT Content Key Figures 2 1 3 5 Management Report 9 Corporate Annual General Governance 125 Meeting 2018 319 History of the Air Liquide Group 10 Activities, risk factors and internal control 14 Management and control 126 Board of Directors’ Report on 2017 Performance 39 Composition, preparation the resolutions presented to the Combined Shareholders’ Meeting 320 Investment cycle and financing strategy 52 and organization of the work of the Board of Directors 129 Resolutions presented Innovation 58 Information concerning members of for the approval of the Strategy and outlook 65 the Board of Directors and Executive Combined Shareholders’ Meeting 326 Management 150 Statutory Auditors’ Reports 335 Remuneration of the Executive Officers and Directors of L’ Air Liquide S.A. 162 Description of the stock option and performance share plans 209 Employee savings and share ownership 216 2 Transactions involving Company shares performed by Executive Officers in accordance 2017 Sustainable with article L. 621-18-2 of the French 6 Development Report 67 Monetary and Financial Code 217 Factors that may have an impact Additional information 343 Introduction 68 in the event of a takeover bid 218 Prerequisites to action: safety, ethics Share capital 344 and the respect of Human Rights 69 General information 348 Sustainable Development strategy 76 Information relating to The Corporate Sustainability Program 81 payment deadlines Dialog with stakeholders 93 for suppliers and customers 358 Extra-financial reporting and Person responsible methodology 109 for the Reference Document 359 Independent verifier’s report 121 Cross-reference table Appendix 124 for the Reference Document 360 4 Cross-reference table for the Annual Financial Report 364 Financial statements 221 Cross-reference table for the Management Report 365 Consolidated financial statements 223 Glossary 367 Statutory accounts of the parent company 299 Ten-year consolidated Financial Summary 372 2017 Reference Document Including the annual Financial Report World leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with approximately 65,000 employees and serves more than 3.5 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. Air Liquide’s ambition is to lead its industry, deliver long-term performance and contribute to sustainability. The Company’s customer-centric transformation strategy aims at profitable growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders. Air Liquide’s revenues amounted to 20.3 billion euros in 2017, and its solutions that protect life and the environment represented more than 40% of sales. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, EURO STOXX 50 and FTSE4Good indexes. The original French version of this Reference Document was filed with the French financial markets authority (AMF), on 03/07/18, in accordance with article 212-13 of its General Regulations. It may be used in support of any financial transaction if it is supplemented by a prospectus approved by the AMF. This document was prepared by the issuer and its signatories assume responsibility. Visit our website www.airliquide.com This document is a non-binding « free » translation from French into English and has no legal value other than an informative one. Should there be any difference between the French and the English version, only the text in French language shall be deemed authentic and considered as expressing the exact information published by Air Liquide. A financial and technical glossary is provided at the end of the document – pages 367 to 370. 2017 REFERENCE DOCUMENT I AIR LIQUIDE 1 KEY FIGURES A GLOBAL PRESENCE 2017 GROUP REVENUE BY ACTIVITY Present in 80 96% Gas & Services 26% Large Industries COUNTRIES 45% Industrial Merchant 17% Healthcare 20,349 8% Electronics million euros 65,000 2% Engineering & Construction ˜ 2% Global Markets employees & Technologies World leader in gas, technologies and services for Industry 26% of revenue for Gas & Services for Industry (a) realized in developing economies and Health 2017 GROUP REVENUE BY REGION AND BY ACTIVITY, FOR GAS & SERVICES (G&S) Americas Europe 17% Large Industries 31% Large Industries 69% Industrial Merchant 8,150 31% Industrial Merchant 10% Healthcare 35% Healthcare 6,776 million euros million euros 4% Electronics 41% of G&S 3% Electronics 35% of G&S Asia-Pacific Middle East & Africa 37% Large Industries 31% Industrial Merchant 50% Large Industries 5% Healthcare 4,081 44% Industrial Merchant 635 million euros million euros 6% Healthcare 27% Electronics 21% of G&S 3% of G&S (a) Gas & Services for Industry (GSI): Large Industries, Industrial Merchant, Electronics. 2 2017 REFERENCE DOCUMENT I AIR LIQUIDE KEY FIGURES A WIDE RANGE OF MARKETS AND A STRONG BUSINESS MODEL… KEY ELEMENTS BY BUSINESS LINE (a)(b) High capital intensity 27% of G&S Customers in metals, chemicals, refining and energy 5,336 millions of euros Industrial basin and pipeline network strategy +6% in 2017 Long-term contracts (15 years), take-or-pay clauses +1% on average over 5 years LARGE and indexed energy cost INDUSTRIES Synergies with other business lines 47% of G&S More than 2 million customers 9,261 million of euros Technological solutions adapted to customers’ businesses +22% in 2017 Importance of logistics +12% on average over 5 years INDUSTRIAL MERCHANT Medico-technical services activity in a regulated sector 17% of G&S 1.5 million patients 3,401 million of euros Geographical density +9% in 2017 +7% on average over 5 years Sophisticated information systems essential HEALTHCARE for the activity 9% of G&S Technological solutions with ultra-pure gases 1,644 million of euros and advanced materials +2% in 2017 Long-term contracts for nitrogen +6% on average over 5 years Concentration of the activity in Asia ELECTRONICS (a) Gas & Services bring together the following business lines: Large Industries, Industrial Merchant, Healthcare, and Electronics. See details in the Activities section on p. 14. (b) Published data. 2017 REFERENCE DOCUMENT I AIR LIQUIDE 3 KEY FIGURES ... DRIVEN BY COMMITTED WOMEN AND MEN Number of employees since 2008 (10 years) Gender diversity evolution since 2008 (10 years) 70,000 66,700 35% Percentage of women among Managers and Professionals 65,200 31% (b) 60,000 30% 50,300 49,500 29% (c) 50,000 51,500 43,600 50,250 Percentage of women 43,000 25% among Group employees 46,200 24% 40,000 42,300 22% 20% 30,000 20,000 15% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (a) Number of employees (a) Excluding Airgas. (b) 29% including Airgas. (c) 26% including Airgas. Frequency of accidents (a) 4 3 Airgas lost-time accident frequency rate 3.2 2.7 2.9 2.8 2.4 2 2.3 2.3 2.3 2.3 2.1 2.1 Lost-time accident frequency rate 1.8 1.9 1.6 1.7 (excluding Airgas) 1.7 1.7 1.6 1.6 1.6 1.4 1 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (a) Number of lost-time accidents with at least one lost-day per million hours worked by Group employees. 345 284 projects Air Liquide employees in around 50 countries Foundation involved since its creation Internal Governance in 2017 Corporate Governance in 2017 97% of the Group’s employees belong to an entity 73% of Board members are independent Directors that has a local Code of Conduct 80% of the Group’s revenues covered by the Industrial 45% of Board members are women ˜ Management System (IMS) over the last five years 55% of Board members are of foreign nationality > 90% of revenues subject to internal control system (non-French) processes 4 2017 REFERENCE DOCUMENT I AIR LIQUIDE KEY FIGURES AN INNOVATIVE COMPANY INNOVATION EXPENSES Innovation expenses since 2008 (10 years) 288 292 278 282 280 265 252 257 245 224 235 218 210 318 175 new patents 140 filed in 2017 105 70 35 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Innovation expenses (in millions of euros) GLOBAL NETWORK SUPPORTING INNOVATION 3,800 employees in entities dedicated or contributing to innovation R&D GM&T Digital transformation i-Lab & ALIAD ALTEC and Business Lines E&C and other entities 2017 REFERENCE DOCUMENT I AIR LIQUIDE 5 KEY FIGURES REGULAR AND SUSTAINED PERFORMANCE Created in 18.3% 1902 2017 Gas & Services Operating Margin / Revenue CONSISTENT PERFORMANCE OVER 30 YEARS Revenue (in millions of euros) Cash Flow from operating activities before changes Compound annual growth over 30 years: +6.0% in working capital requirement (in millions of euros) 2016-2017 growth: +12.2% Compound annual growth over 30 years: +6.9% 2016-2017 growth: +17.3% 20,349 4,133 20,000 4,000 16,000 3,200 12,000 2,400 8,000 1,600 000 800 0 0 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 Net profit (Goup share) (in millions of euros) Return on Capital Employed (a) Compound annual growth over 30 years: +8.1% 2016-2017 growth: +19.3% 2,400 ,14 2,200 2,000 ,12 ,10 1,600 8.2% ,08 1,200 ,06 800 ,04 400 ,02 0 00 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TSR Total Shareholder Return +9.6% +8.4% for a single registered share over 5 years (b) over 10 years (c) (a) See ROCE (Return on Capital Employed) definition on page 44.
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