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Download the Document airliquide_docderef2010.indd 02 25/03/11 10:27 1 Management Report 3 Key fi gures 4 History of the Group 7 Activities 9 Research and Development 14 Risk Management 16 2010 performance 20 Funding policies 32 Strategy, investments and outlook 35 10-year consolidated fi nancial summary 42 2 Sustainable Development Report 45 Introduction 46 Creating value for shareholders 47 A social enterprise and corporate citizen 49 Preserving life and the environment 59 An innovative company 73 Reporting methodology 75 Statutory Auditors’ limited assurance report 77 Appendix 79 3 Corporate Governance 81 Management and Control 82 Report from the Chairman of the Board of Directors 84 Statutory Auditors’ Report 102 Report on remuneration of the Executive Offi cers and Directors of L’Air Liquide S.A 103 Transactions involving Company shares performed by corporate offi cers and members of Executive Management 115 Share subscription option plans and Conditional Grant of Shares to Employees (CGSE) 116 Employee savings and share ownership 122 Information concerning members of the Board of Directors and Executive Management 125 Statutory Auditors’ offi ces and Remunerations 133 4 Financial statements 135 Consolidated fi nancial statements 137 Notes to the consolidated fi nancial statements 154 Statutory accounts of the parent company 214 5 Annual General Meeting 2011 235 Board of Directors’ Report 236 Combined Shareholders’ Meeting – May 4, 2011 246 Statutory Auditors’ Report 262 Other reports 272 6 Additional information 275 Share capital 276 General information 280 Trade payables 289 Factors that may have an impact in the event of a takeover bid 290 Person responsible for the Reference Document 292 Cross-reference table 293 Cross-reference table for the Financial Annual Report 297 Financial glossary – Technical glossary 298 REFERENCE DOCUMENT - AIR LIQUIDE 2010 Reference Document including Sustainable Development Report Air Liquide is the world leader in gases for industry, health and the environment, and is present in over 80 countries with 43,600 employees. Oxygen, nitrogen, hydrogen and rare gases have been at the core of Air Liquide’s activities since its creation in 1902. Using these molecules, Air Liquide continuously reinvents its business, anticipating the needs of current and future markets. The Group innovates to enable progress, to achieve dynamic growth and a consistent performance. Innovative technologies that curb polluting emissions, lower industry’s energy use, recover and reuse natural resources or develop the energies of tomorrow, such as hydrogen, biofuels or photovoltaic energy… Oxygen for hospitals, homecare, fi ghting nosocomial infections… Air Liquide combines many products and technologies to develop valuable applications and services not only for its customers but also for society. A partner for the long term, Air Liquide relies on employee commitment, customer trust and shareholder support to pursue its vision of sustainable, competitive growth. The diversity of Air Liquide’s teams, businesses, markets and geographic presence provides a solid and sustainable base for its development and strengthens its ability to push back its own limits, conquer new territories and build its future. Air Liquide explores the best that air can offer to preserve life, staying true to its sustainable development approach. RENDEZ-VOUS SUR NOTRE SITE www.airliquide.com The Reference document was fi led with the French fi nancial markets Authority (AMF), on March 24, 2011 , in accordance with Article 212-13 of its General regulations. It may be used in support of any fi nancial transaction if it is supplemented by a prospectus approved by the AMF. This document contains all information required for fi nancial Annual report. It was prepared by the issue and its signatories assume responsibility for it. This document is a free translation from French into English and has no other value 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. REFERENCE DOCUMENT 2010 - AIR LIQUIDE 1 2 REFERENCE DOCUMENT 2010 - AIR LIQUIDE 1 Management Report KEY FIGURES 4 HISTORY OF THE GROUP 7 ACTIVITIES 9 Gas and Services 9 Engineering and Construction 12 Other activities 12 Gas and Services competition 13 RESEARCH AND DEVELOPMENT 14 A sustainable environment 14 A communicating world 15 A healthier life 15 RISK MANAGEMENT 16 Specifi c business-related risks 16 Industrial and environmental risks 17 Financial risks 17 Legal risks 18 Insurance management 19 2010 PERFORMANCE 20 2010 Highlights 21 2010 Income statement 22 2010 Cash fl ow and balance sheet 29 FUNDING POLICIES 32 Diversifying funding sources 32 Centralization of funding and excess cash 33 Debt maturity and schedule 33 Change in net indebtedness 34 Bank guarantees 34 Long-term credit rating 34 STRATEGY, INVESTMENTS AND OUTLOOK 35 Strategy 35 Investments 38 Outlook 40 10-YEAR CONSOLIDATED FINANCIAL SUMMARY 42 REFERENCE DOCUMENT 2010 - AIR LIQUIDE 3 1 MANAGEMENT REPORT Key fi gures Key fi gures MAIN PERFORMANCE INDICATORS 2010/2009 published In millions of euros 2006 2007 2008 2009 2010 % change Revenue 10,949 11,801 13,103 11,976 13,488 +12.6% Operating income recurring 1,659 1,794 1,949 1,949 2,252 +15.6% Net profi t (Group share) 1,002 1,123 1,220 1,230 1,404 +14.1% Cash fl ow from operating activities (before changes in working capital requirements) 1,889 2,054 2,207 2,275 2,661 +17.0% Total capital expenditure (b) 1,200 2,667 2,151 1,520 1,690 Of which industrial capital expenditure (c) 1,128 1,359 1,908 1,411 1,450 Total capital expenditure (b)/revenue ratio 11.0% 22.6% 16.4% 12.7% 12.5% Financial capital expenditure (acquisitions) (d) 72 1,308 242 109 332 Return on equity (ROE) 16.4% 17.7% (a) 18.6% (a) 17.2% 17.0% Return on capital employed after tax (ROCE) 11.9% 12.3% (a) 12.2% (a) 11.6% 12.1% Gearing 53% 72% (a) 80% (a) 63% 55% (a) After change of recognition method for Employee Benefits. (b) Purchases of property, plant and equipment, intangible assets and long-term investments. Industrial and financial capital expenditures are included. (c) Equivalent to “Purchases of intangible assets and property, plant and equipment”. (d) Including transaction with minority shareholders. COMMENT: Numerous fi nancial terms as well as their calculation method are explained in the Glossary provided at the end of this Reference Document. HISTORIC PERFORMANCE ADJUSTED NET EARNINGS PER SHARE EVOLUTION ADJUSTED DIVIDEND PER SHARE EVOLUTION (in euros) (in euros) 4.99 5 +8.6% average annual growth over 30 years 2.5 +9.9% average annual growth over 30 years 2.35* 4 2.0 3 1.5 2 1.0 1 0.5 0 0 1980 1985 1990 1995 2000 2005 2010 1980 1985 1990 1995 2000 2005 2010 * To be proposed at the Annual General Meeting on May 4, 2011. 4 REFERENCE DOCUMENT 2010 - AIR LIQUIDE MANAGEMENT REPORT 1 Key fi gures REVENUE BY ACTIVITY GROUP 2010 Revenue by activity 6% 6% Others Engineering and Construction 13,488 million euros 88% Gas and Services GAS AND SERVICES GAS AND SERVICES 2010 Revenue by geographical area 2010 Revenue by world business line 3% Middle East and Africa 10% Electronics 22% 34% Asia-Pacific 52% Europe 16% Large Industries 11,886 Healthcare 11,886 million euros million euros 40% 23% Industrial Merchant Americas REVENUE EVOLUTION CASH FLOW FROM OPERATING ACTIVITIES (in millions of euros) BEFORE CHANGE IN WORKING CAPITAL REQUIREMENT (in millions of euros) 15,000 +7.2% average annual growth over 30 years 3,000 +8.5% average annual growth over 30 years 13,488 2,661 2,500 12,000 2,000 9,000 1,500 6,000 1,000 3,000 500 0 0 1980 1985 1990 1995 2000 2005 2010 1980 1985 1990 1995 2000 2005 2010 REFERENCE DOCUMENT 2010 - AIR LIQUIDE 5 1 MANAGEMENT REPORT Key fi gures STOCK MARKET INDICATORS In euros 2006 2007 2008 2009 2010 Net profi t per share (a) 3.54 3.99 4.40 4.40 4.99 Net dividend per share (a) 1.70 1.91 2.11 2.11 2.35 (b) Market capitalization at December 31 (in millions of euros) 21,794 24,312 17,077 21,941 26,808 Adjusted share price (a): + High 77.70 87.18 89.53 79.01 99.15 + Low 59.69 70.28 52.21 51.51 70.60 At 12/3176.55 86.62 61.27 77.72 94.64 (a) Adjusted for the two-for-one share split on June 13, 2007 and free share issues (2006, 2008 and 2010). (b) To be proposed at the Annual General Meeting on May 4, 2011. AIR LIQUIDE STOCK MARKET PERFORMANCE In euros Air Liquide 100 90 80 70 60 CAC 40 indexed 50 40 30 Jan. 2006 Jan. 2007 Jan. 2008 Jan. 2009 Jan. 2010 Jan. 2011 TOTAL SHAREHOLDER RETURN OF AN INVESTMENT IN AIR LIQUIDE SHARES Total Shareholder Return (TSR) is the annualized rate of dividends paid (including loyalty bonus), assuming that the return for shareholders who purchased a share at the beginning dividend is immediately reinvested in shares, as well the free of the period and sold it at the end of the period, including the share attributions. contribution from both the share price performance and AVERAGE ANNUAL GROWTH OF THE PORTFOLIO AS DECEMBER 31, 2010 FOR A CAPITAL INVESTED… TSR – Registered shares TSR – Bearer Shares … over 5 years (on December 31, 2005) + 11.8% + 11.4% … over 10 years (on December 31, 2000) + 10.2% + 9.7% … over 20 years (on December 31, 1990) + 12.1% + 11.6% 6 REFERENCE DOCUMENT 2010 - AIR LIQUIDE MANAGEMENT REPORT 1 History of the Group History of the Group 1902 1946 Origin New adventures, diving Air Liquide began as an idea to produce oxygen industrially New adventures shared with Captain Jacques Cousteau led to by using liquid air, and came into existence after an encounter the creation of Spirotechnique (today Aqualung International), between two men: Georges Claude, the visionary, and Paul which designs, manufactures and sells diving regulators and other Delorme, the pragmatic businessman.
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