2017 EDITORIAL EDITORIAL results Improved performance of advanced materials for semiconductor etching. In addition to strong sales, the Group’s operating This offer has been very successful, in particular due performance continued to improve, with high efficiency to its environmental benefits. This sector is currently gains and synergies related to Airgas ahead of our fore- driven by the surge in Big Data, the development of casts that contributed to the increase in the operating artificial intelligence, virtual and augmented reality, margin and to higher net profit. Thanks to this strong the new generation of screens, and the connect- performance we will propose in 2018 the payment of a ed car. These market trends generate increased (a) dividend of 2.65 euros per share, which represents an demand for carrier gases and high value-added increase of +12.4% taking into account the attribution molecules. in October 2017 of one free share for 10 held. As you can see, at the beginning of 2018, your Group is The high level of cash flow made a significant contrib- stronger and better positioned. Our priorities this year ution to lowering net debt by nearly 2 billion euros in include focusing our efforts on growth and operation- the year. The balance sheet of your Group is therefore al excellence, the startup of major projects in Large strong enabling us to pursue selective investments. Industries scheduled for 2018 and the transformation New investment decisions for 2.6 billion euros have of our activities, leveraging on innovation and digital been made in 2017, and we currently have a 2.1 billion services, as well on the Airgas model and its strong euros industrial investment backlog. These invest- customer-centric culture. In light of this, I am confident ments will contribute to the future growth of your Group. in the Group’s medium-term growth outlook. Your Group is stronger and better positioned for 2018 THANK YOU FOR Progress in 2017 and priorities for 2018 You have chosen Air Liquide Regarding our 2016-2020 Company Program, all The success of a company program depends on the CHOOSING AIR LIQUIDE the initiatives identified have now been launched. commitment of its teams, the trust of its customers I would like to mention a few of them which are likely to and the loyalty of its shareholders. And all this with Benoît Potier, Chairman and CEOprovide new growth opportunities in energy transition, a long-term perspective. In this new edition of our healthcare and electronics. Shareholder’s Guide, we wanted to highlight what is behind the investment of shareholders. What are their In hydrogen energy, major progress has been made convictions, what ideas motivate them? This is why thanks to the Hydrogen Council founded early 2017. we have collected several testimonies, each story is a It is currently composed of more than 30 comp- personal journey illustrating the richness of our share anies from various sectors, and has successfully ownership. It is this trust-based relationship with each raised collective awareness of the interest of includ- and every one of you that we are committed to helping Dear Shareholders,global economic environment. All Gas & Services ing hydrogen energy in the future energy mix. grow over time. activities grew in 2017 and in particular Industrial The Council’s effectiveness is supported by a roadmap, A new scale for the GroupMerchant, which now accounts for nearly half of our established by its members, outlining the potential of Thank you for your loyalty. In 2017, your Group has reached a new step in its devel- revenue and whose recovery was confirmed quarter this sector, as well as by a growing number of projects opment and has taken on a new dimension thanks to after quarter. Global Markets & Technologies recorded in Europe, Asia and the United States. the successful integration of Airgas. This is reflected double-digit growth. in annual sales surpassing 20 billion euros and net On a geographic level, growth was mainly driven by In Healthcare, we have launched innovative Home profit higher than 2 billion euros. We are clearly seeing developing economies, China in particular, the solid Healthcare offers for patients with chronic diseases. the benefits of this major acquisition for Air Liquide level of activity in the Americas and Europe during the For example, we have developed a connected health- which has strengthened our positions for the future.second half, as well as Large Industries projects in care program for patients with heart failure in France.(a) Amount proposed for the 2017 fiscal year at the Annual General Meeting Your Group also benefited from a more favorable the Middle East.Finally, in Electronics, we have launched a new range on May 16, 2018. 4 5