3rd Quarter 2011: Solid Activity Levels 2011 Objective Confirmed
3rd Quarter 2011 sales Variation 2011/2010
In million of euros published comparable*
Group sales Euros 3,597M +4.9% +6.6%
of which Gas & Services Euros 3,223 M +5.9% +7.7%
*on a comparable basis: excluding impact of currency, natural gas and significant perimeter impacts
Group sales for the 2011 3rd Quarter were 3,597 million euros, up +4.9% as published
and up +6.6% on a comparable basis. Sales in Gas & Services reached 3,223million
euros, up +7.7% on a comparable basis. This growth reflects the solid activity levels
seen in the 3rd Quarter.
Large Industries experienced numerous start-ups and ramp-ups largely compensating
for lower demand from a few metal producers. The Industrial Merchant activity has
improved slightly this quarter on growth in Asia and the Americas, and with rising prices.
Electronics continued to achieve strong progress in spite of Equipment and Installation
sales coming back to usual levels. Healthcare is growing at a sustained rate, boosted by
the Home Healthcare activity. Events in Africa and the Middle East have had little impact
on the Group overall.
Year to date, Gas & Services sales rose +9.5% (comparable), in line with the objectives
of the ALMA 2015 program. The growth rate in sales is robust in Advanced Economies
(+6% for the first 9 months of 2011) and very dynamic in Developing Economies
(+24%).
Efficiency gains, reaching 192 million euros at the end of September, are ahead of fullyear
objectives and contribute to the Group's operating performance. The debt level is
under control and the Group has diversified its sources of financing.
Commenting on the 3rd Quarter 2011, Benoît Potier, Chairman and CEO of the
Air Liquide Group, stated:
"The 3rd Quarter is characterized by solid growth in Gas & Services sales, which is
globally in line with performance in the previous quarter.
The investment momentum continues: the portfolio of opportunities remains high,
and our investment decisions totaled 1.5 billion euros as of September 30.
Air Liquide continues to diversify its positions in its markets and to strengthen its
presence worldwide.
In the face of an unsettled economic and financial situation, particularly in Europe
with the tension over sovereign debt, the Group can rely on the robustness of its
business model and its ability to adapt in pursuit of its long termdevelopment.
In this context, and assuming normal economic conditions, Air Liquide is
confident in its ability to continue to generate steady growth of net profit
in 2011."
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