Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — Shareholder Meeting (May 2016)
156 slides from Air Liquide Sa's shareholder meeting presentation, May 12, 2016
Slide 1: 2016 Shareholders' Meeting
2016 Meeting Air Liquide May 12, 2016
Slide 2: Official Opening
Official Opening Benoît POTIER Chairman & CEO
Slide 3: Agenda
Agenda Approval of the Company financial statements for the year ended December 31, 2015 Approval of the consolidated financial statements for the year ended December 31, 2015 Appropriation of 2015 earnings and setting of the dividend Authorization granted to the Board of Directors for a period of 1
Slide 4: Agenda
Agenda -38 et seq. of the French Commercial Code Renewal of the term office of a Principal and a Deputy Statutory Auditors Appointment of a Principal and a Deputy Statutory Auditors Authorization granted to the Board of Directors, for a period of five years to issue, bonds within a total aggregate m
Slide 5: Agenda
Agenda Authorization granted to the Board of Directors for a period of 24 months to reduce the share capital by cancellation of treasury shares Delegation of authority granted to the Board of Directors for a period of 26 months in order to increase the share capital through capitalization of additio
Slide 6: Agenda
Agenda Amendments to Articles 12 (Organization and Management of the Board of Directors) performance of the duties of Chairman of the Board of Directors and Chief Executive Officer Delegation of authority granted to the Board of Directors for a period of 26 months to perform share capital increases,
Slide 7: Agenda
Agenda Delegation of authority to be granted to the Board of Directors for a period of 26 months to issue, by way of private placement for qualified investors or a restricted group of investors, equity securities giving access to other equity securities or giving the right to the allotment of debt s
Slide 8: Agenda
Agenda Financial Results 2015 Highlights Outlook Governance & Corporate Social Responsibility Questions & Answers Vote on Resolutions 8
Slide 9: 2015 Results: Once again an increase in revenue and net profit
2015 RESULTS: Once again an increase in revenue and net profit Fabienne LECORVAISIER Group Chief Financial Officer
Slide 10: Competitiveness, Investments, Major initiatives
Competitiveness Investments Major initiatives Global Markets& Technologies Operating margin 2.4 bn 17.1% 17.6% investment decisions Merger agreement for the acquisition of
Slide 11: 2015 Solid performance
2015 Solid performance Strong growth, An average growth of +6% Margin improvement favorable exchange rates over 5 years Group revenue Group Proposed dividend operating margin per share In bn In % In 16.4 2,890 2.60 17 17.6 m 17.6% 2.6 +6.7% 17.2 15 2/0 Pay-out 16.8 ratio of 13 16.4 1.0 52% 11 16.0 0
Slide 12: Growth drivers
Growth drivers 2015 Sales growth* Developing Large Industries Healthcare economies Electronics +5% +8% +10% +11% * Gas & Services comparable growth, excluding currency, energy and significant scope impacts
Slide 13: Satisfactory business growth
Satisfactory business growth Gas & Services sales(1) Engineering & Technology Industrial Electronics -1% Merchant -1% Healthcare 10% Order intake 19% Large +5% Industrial 936 m Industries Merchant 36% Global Markets Healthcare +8% & Technologies Large Electronics +11% Industries +11% 35% Order intak
Slide 14: Resilience in Europe and Asia
Resilience in Europe and Asia Gas & Services sales(1) Europe Middle East & Africa 6,749 m +3% Asia-Pacific 4% Americas 3,595 m +0% 26% Europe Asia-Pacific 3,850 m +6% 46% Middle East & Africa +24% Americas 558 m -5% 0% 5% 10% 15% 20% 25% 30% 24% 14 (1) Gas & Services comparable growth, excluding cur
Slide 15: Net profit growth of +5.5%
Net profit growth of +5.5% In m 2015/2014 2014 2015 2015/2014 Comparable (1) Revenue 15,358 16,380 +6.7% + 3.3% Operating income recurring 2,634 2,890 +9.8% +3.9% Other non-recurring operating income and expenses 16 (132) Operating income 2,650 2,758 +4.1% Net finance costs and other financial incom
Slide 16: Cost control
Cost control Change in costs at the Group level: < 6% Natural gas -7% Electricity +5% Transportation +3% Maintenance +5% & Other costs Salaries +8% -10% -5% 0% 5% 10% 16
Slide 17: Record operating margin
Record operating margin Operating income recurring Moderate cost increase In m In m 2,890 536 Margin Favorable 17.6% currency impact 2,634 278 Efficiencies Margin 17.1% Cost Volumes increase & Prices 2014 2015 2015 17
Slide 18: High efficiencies in all businesses
High efficiencies in all businesses Efficiency gains Efficiency gains breakdown In m 400 298 m Others Procurement Energy 350 Procurement 300 Annual Others(1) Large 250 target Industrial Industries 200 Healthcare 150 100 Electronics Industrial 50 Merchant 0 18 2005 2007 2009 2011 2013 2015 (1) Others
Slide 19: Solid cash flow model
Solid cash flow model Net Debt * Funds and Use of funds In bn In bn 7.2 3.8 Currency and significant scope impacts** 6.3 2.8 Acquisitions Net dividends Funds from operations Net investments Dec 31, 2014 Dec 31, 2015 Funds Use of funds 19 *Including transactions with minority shareholders **Currency
Slide 20: Targeted investments and tailored financing
Targeted investments and tailored financing Gas & Services investments by region Debt by currency Europe Others 11% 29% JPY Asia-Pacific Americas 9% 24% 7% 25% 39% Middle East CNY And Africa 12% $ 44% 20
Slide 21: Consolidated balance sheet
Consolidated balance sheet In m ASSETS 31/12/2014 31/12/2015 EQUITY & LIABILITIES 31/12/2014 31/12/2015 11,537 12,406 Goodwill 5,259 5,730 Minority interests 290 365 Fixed assets 15,318 16,556 Total equity 11,827 12,771 Other non-current assets(1) 862 936 Provisions & deferred tax liabilities 3,357
Slide 22: 2015 Performance
2015 Performance Performance Balance sheet and Financing Solid performance Solid cash flow model High efficiencies in all businesses Continued investments and margin improvement Net profit growth Sound balance sheet 22
Slide 23: 2016 First quarter
2016 First quarter Group sales Gas & Services by geography* Europe 3.9 bn +2.4%* 1,614 m +2% Americas 824 m +1% Lower exchange rates and energy prices Asia-Pacific +7% Developing economies +14% 966 m Middle East +45% Large industries and Electronics momentum & Africa 144 m 0% 5% 10% *Change Q1 2016/
Slide 24: 2015 Highlights
2015 Highlights Pierre DUFOUR Senior Executive Vice-President
Slide 25: 2015 Highlights
2015 HIGHLIGHTS ane IQUIDE
Slide 26: Climate change, public health, local communities
Climate change Contribution to public health Commitment to local communities
Slide 27: Asia-Pacific
2015 HIGHLIGHTS AIR LIQUIDE Creative Orygen
Slide 28: Philippe Sauquet, TOTAL
Philippe SAUQUET President, Refining & Chemicals, Member of the Executive Committee of TOTAL
Slide 29: Signing of new contracts
Signing of new contracts Oxygen Carrier gases O2 O2 Australia China Japan Singapore Taiwan
Slide 30: CO2 capture, hydrogen charging station
CO2 Capture New hydrogen Human resources prize charging station Japan Australia China
Slide 31: Middle-East & Africa
| 2015 HIGHLIGHTS M iddle- E ast & Africa
Slide 32: Joy Lange, Ste-Anne's Home
Joy LANGE Director Ste-Anne´s Home
Slide 33: Two great records
Two great records Hydrogen unit start-up in Yanbu Oxygen Contract O2 O2 South Africa Saoudi Arabia
Slide 34: Americas
“a 7 2015 y HIGHLIGHTS
Slide 35: Craig Scott, Toyota USA
Craig SCOTT Advanced technologies Director Toyota - USA
Slide 36: Agreement to acquire Airgas
Agreement to acquire Airgas USA
Slide 37: Pipeline construction, pulmonary hypertension treatment
Pipeline construction Pulmonary hypertension in the Hamilton basin treatment Canada Brazil
Slide 38: Europe
2015 HIGHLIGHTS Europe AIR LIQUIDE | Creative Onygen
Slide 39: Grégory Olocco, I-Lab
Grégory OLOCCO I-Lab Air Liquide
Slide 40: Acquisitions in Healthcare
Acquisitions in Healthcare Hygiene division Germany Ireland Czech Republic
Slide 41: Sleep apnea website, pain treatment campaign
Website dedicated to sleep apnea Pain treatment campaign
Slide 42: Carbon monoxide, hydrogen activities in Turkey
Carbon monoxide Hydrogen activities in Turkey Germany Belgium Netherlands Turkey
Slide 43: Hydrogen mobility, CO2: Cryocap
Hydrogen mobility CO2 : Cryocap France Germany Belgium France
Slide 44: Innovation ecosystem
Innovation ecosystem Including :
Slide 45: A new era for Air Liquide
A new era for Air Liquide Reprise cam Group revenue 20 bn 15 bn 10 bn 12 months 5 bn 2011 2012 2013 2014 2015 2015
Slide 46: Digital transformation
Digital transformation Reprise cam
Slide 47: The long view
The long view Reprise cam Benoît POTIER Chairman & CEO
Slide 48: The long view
The long view Reprise cam
Slide 49: Decoding the Environment
Decoding the Environment Reprise cam
Slide 50: Decoding the environment
Decoding the environment Areas of instability Humanitarian crisis Reprise cam
Slide 51: Decoding the environment
Decoding the environment Use of digital technology Collaborative working Reprise cam
Slide 52: Decoding the environment
Decoding the environment Euro/US dollar Change in oil price Leading interest rates exchange rate Reprise cam In $ 1=$ % 110 109.2 1,4 1.366 2,0 1,5 76.3 FED 70 1,2 1,0 1.0 1.135 0.7 54.6 0,5 ECB 30 37.5 0,0 0.1 0.0 1,0 2014 2015 2016 2014 2015 2016 2012 2013 2014 2015 2016e Source: Thomson Reuters S
Slide 53: Decoding the environment
Decoding the environment Stock markets Global inflation Changes in GDP Reprise cam 10 In % 10 In % Advanced Developing Economies Economies 5 4.5 World 3.6 5 2.2 World 0 Advanced 2005 2010 2016e Economies European 0 Union Developing Economies 2005 2010 2016e -5 Source: IMF Source: IMF
Slide 54: Risk management
Risk management 2015 risk map Examples of studied subjects Reprise cam Financial impact Type of risk Personal safety Industrial Strong Financial & legal Operational Delivery reliability Transversal High Internal control Average Engineering project execution Low Low Average High Strong Probability Di
Slide 55: 2015 Overview
2015 Overview Reprise cam
Slide 56: The right balance
The right balance Reprise cam Growth Investment Profitability
Slide 57: Growing activities
Growing activities Gas & Services Health Sales Reprise cam +8% Europe +3% Electronics +3.8%* +11% Developing economies Large industries +10% 14,752 m +5% * Comparable growth, excluding currency, energy and significant scope impacts
Slide 58: Profitable growth
Profitable growth Group operating Efficiency gains Net income Reprise cam margin 298 m + 50bp + 5.5% 1,756 m
Slide 59: Investments
Investments Investment Management Solid Cash Flow* Reprise cam decisions of net debt Debt-to-equity ratio 2.4 bn +7% 57% in 2015 in 2015 *Before WCR variation
Slide 60: Robust balance sheet
Robust balance sheet Management of Unchanged Value creation Reprise cam capital employed adjusted ROCE* 20 bn 10.8% +500bp *Excluding the one-off impact of an Engineering & Construction project
Slide 61: Innovation advances
Innovation advances Reprise cam H2 energy ITER
Slide 62: Innovation advances
Innovation advances Reprise cam m-Lab Center of Research & Technology in China
Slide 63: Innovation advances
Innovation advances Reprise cam ALIAD Kite
Slide 64: Innovation advances: Global Markets & Technologies
Innovation advances Global markets & Technologies Reprise cam 1,400 Employees 292 m 2015 revenue
Slide 65: Major initiative in 2015
Major initiative in 2015 Reprise cam
Slide 66: Major initiative in 2015
Major initiative in 2015 Reprise cam 5.3 bn revenue $ 400 acquisitions in 30 years +17,000 employees +1 m customers 1,100 retail stores
Slide 67: Industrial Merchant
Industrial Merchant Reprise cam +20,000 employees 5.2 bn revenue 36% of revenue in Gas & Services +1 m customers
Slide 68: Transformation of the Industrial Merchant business
Transformation of the Industrial Merchant business Air Liquide webshop 3D printing Biogas Reprise cam
Slide 69: ALbee
ALbee TM Roll out Online sales Kiosk Reprise cam
Slide 70: Industrial and market rationale
Industrial and market rationale National presence in the United States Strong complementarity in the United States 4 Divisions covering the entire country Reprise cam North Division Center Division Production Air Liquide Distribution West Division R&D Center South Division Air Liquide Sales Electron
Slide 71: A unique multi-channel distribution network
A unique multi-channel distribution network Reprise cam
Slide 72: Important synergies
Important synergies Cost Volume Reprise cam New offers Production Distribution >$300 Innovation million Administration
Slide 73: Strengthening leadership
Strengthening leadership N° 1 Reprise cam North America Industrial Merchant Revenue = 30% + Europe Large Industries Asia-Pacific Middle-East Electronics & Africa
Slide 74: A unanimous decision
A unanimous decision Reprise cam
Slide 75: Benefits for shareholders
Benefits for shareholders : a solid long-term growth Reprise cam Sales in $ bn 6.0 5.3 Average annual growth 5.0 of sales 4.0 2005 - 2015 +8% 3.0 2.4 2.0 1.0 0.1 0.0 1986 2005 2015
Slide 76: Acquisition on track
Acquisition on track Reprise cam
Slide 77: The long view
The long view Reprise cam
Slide 78: 3 major trends
3 major trends Energy Changes Digital transition in healthcare transformation Reprise cam
Slide 79: 2016 priorities
2016 priorities Performance Innovation Reprise cam
Slide 80: Outlook
OUTLOOK | , y ne ‘ Creative Ongen TUR HOUE Spy Creative Ongen
Slide 81: Key figures - Capital structure
Key figures - Capital structure Non-French Institutional investors Individual shareholders Reprise cam 46% 36% 400,000 French Individual shareholders Institutional investors 18%
Slide 82: Regular share performance
Regular share performance Comparison Air Liquide vs. CAC 40 In 140 Reprise cam 120 100 80 CAC 40 indexed 60 40 2011 2012 2013 2014 2015 April 29, 2015
Slide 83: Air Liquide and its shareholders
Air Liquide and its shareholders Reprise cam
Slide 84: The Air Liquide teams
The Air Liquide teams Reprise cam
Slide 85: A long term relationship
A long term relationship Reprise cam
Slide 86: Quote by Henri Bergson
longer what will Reprise cam happen, but what we will do with it Henri Bergson
Slide 87: Jean-Yves Jegourel, Ernst & Young
Jean-Yves JEGOUREL Ernst & Young et Autres
Slide 88: Statutory auditors' reports
Report on the annual financial statements Report on the consolidated financial statements Report on the report from the Chairman of the Board of Directors Special report on related party agreements and commitments 6 reports on the share capital movement 88
Slide 89: Reports on the annual and consolidated financial statements
Reports on the annual and consolidated financial statements Resolution 1: Annual Financial Statements of Liquide S.A. Pages 292-293 of the Reference Document In our opinion, the annual financial statements present fairly, in all material respects, the financial position, of the Company at December 3
Slide 90: Reports on the annual and consolidated financial statements
Reports on the annual and consolidated financial statements Resolution 8: Agreements and commitments From page 327 of the Reference Document We have not been advised of any agreements or commitments authorized in the course of the year to be submitted to the General Meeting of Shareholders for appro
Slide 91: Other reports
Other reports Delegation of authority granted to the Board of Directors Resolution 16 Page 331 Reduction of the share capital by cancellation of treasury shares Resolution 18 Page 332 Authorization to grant share subscription or purchase options Resolution 19 Page 333 Authorization to grant existing
Slide 92: Governance & Corporate Social Responsibility (CSR)
Governance & Corporate Social Responsibility (CSR) Benoît POTIER Chairman & CEO
Slide 93: Current composition of the Board of Directors
Current composition of the Board of Directors Independent 8 Directors elected and independent Diverse 6 nationalities 5 women Skilled 10 Elected Directors 11 Various profiles and sectors: 1 Director representing members the employees chemicals, cosmetics, automotive, energy 93
Slide 94: Change in the Board of Directors
Change in the Board of Directors Resolutions 5 & 6: Renewals of term of office Resolution 7: Appointment Karen KATEN Pierre DUFOUR Brian GILVARY Expertise in Healthcare Senior Executive Expertise in Finance Oil and gas sector Vice-President International vision 94
Slide 95: Governance & Corporate Social Responsibility
GOVERNANCE & CORPORATE SOCIAL RESPONSIBILITY
Slide 96: Directors seniority and independence
Directors seniority 9 independent members 1st term of office 2nd term of office 3rd term of office (and more) 5 women Sin LENG-LOW Jean-Paul AGON Benoît POTIER 12 6 foreign members Annette WINKLER Siân Thierry DESMAREST HERBERT-JONES Geneviève BERGER Karen KATEN Pierre DUFOUR members 5 members servi
Slide 97: Accomplishment of the Board of Directors in 2015
Accomplishment of the Board of Directors in 2015 98% Strategic meeting attendance rate in Aix-en-Provence 7 meetings 97
Slide 98: Accomplishment of the Board of Directors in 2015
Accomplishment of the Board of Directors in 2015 Acquisition of Special Board meetings Unanimous Creation of a ad hoc committee with 4 independent Directors decision by the Audit Committee: - Assessment of valuation by an independent body - Analysis of risks and financing Board 98
Slide 99: Accomplishment of the Board of Directors in 2015
Accomplishment of the Board of Directors in 2015 Acquisition of : Financing Resolution 13 Resolutions 23 to 25 Share capital increase Increase in outstanding Issue of compound marketable With preferential rights for a bond issues securities without preferential total of 3 to 3.5 billion euros from 1
Slide 100: Accomplishment of the Audit and Accounts Committee in 2015
Accomplishment of the Audit and Accounts Committee in 2015 Major themes discussed 6 Financial Statements and Financing Siân HERBERT-JONES meetings Group Control 4 members, 96% Ethics Plan Risk Management Attendance all independent rate Selection of Statutory Auditors Sin-Leng LOW Thierry PEUGEOT Pau
Slide 101: Selection of Statutory Auditors
Accomplishment of the Audit and Accounts Committee in 2015 Selection of Statutory Auditors for next 6 fiscal years Resolution 9 Resolution 10 Renewal of Ernst & Young et Autres Renewal of Auditex as Principal Statutory Auditors as Deputy Statutory Auditors Jeanne BOILLET Emmanuelle MOSSE Resolution
Slide 102: Accomplishment of the Appointments and Governance Committee in 2015
Accomplishment of the Appointments and Governance Committee in 2015 Major themes discussed Thierry DESMAREST 3 meetings Composition of the Board and Committees Lead Director Recruitment of new Directors 3 members, all 100% attendance Resolution 20: Articles of association relating to the age limit i
Slide 103: Role of the Lead Director
Role of the Lead Director Responsibilities Conducting governance missions • Examining the general management of the Company • Evolution in governance rules • Instrument of dialog with independent Directors Chairs the joint annual meeting outside the presence of executives Thierry Prevention of confl
Slide 104: Accomplishment of Remuneration Committee work in 2015
Accomplishment of work in 2015 3 meetings Major themes discussed Jean-Paul AGON 3 members, 100% Policy and elements of remuneration relative to executive officers attendance all independent rate Thierry DESMAREST Annette WINKLER 104
Slide 105: Policy of Remuneration for Executive Officers
Policy of Remuneration for Executive Officers Jean-Paul AGON Chairman of the Remuneration Committee
Slide 106: Remuneration of the Executive Officers
Remuneration of the Executive Officers Policy Principles Responsibilities Incentive-based Historical Remuneration Reflecting the Group strategy aimed at profitable growth Market practices based on surveys from independent firms performance over the long-term 0 In compliance with the AFEP/MEDEF code
Slide 107: Short-Term Remuneration Fixed Portion 2015
Short-Term Remuneration Fixed Portion 2015 Stable over the last 3 years In m In k 4 4 3 3 2 2 1 1 0 0 2013 2014 2015 2013 2014 2015 Benoît POTIER Pierre DUFOUR Chairman & CEO Senior Executive Vice-President 107
Slide 108: Short-Term Remuneration Variable Portion 2015
Short-Term Remuneration Variable Portion 2015 Objectives Quantitative criteria Basis of calculation (as % of fixed portion) • Recurring net earnings per share growth (EPS) • Return on capital employed after tax (ROCE) Benoît POTIER Pierre DUFOUR Maximum Maximum 92% achieved (average of the past 10 f
Slide 109: Short-Term Remuneration Variable Portion 2015 achievement
Short-Term Remuneration Variable Portion 2015 achievement 2015 short-term remuneration In % of fixed portion In m Variable portion 4 Fixed portion Benoît POTIER Pierre DUFOUR 150% of fixed portion 114% of fixed portion 3 2 Short-term 1 Short- term 61% 22% 66.5% 47% 17% 49.5% 0 EPS ROCE Qualitative c
Slide 110: Short-Term Remuneration - Fixed + Variable
Short-Term Remuneration - Fixed + Variable 2015 short-term remuneration In m In m +0,2% in average per year +0,8% in average per year 4 over 3 years 4 over 3 years 3 -5% +9% -3% 3 2 2 -4% +8% -1% 1 1 0 0 2012 2013 2014 2015 2012 2013 2014 2015 Benoît POTIER Pierre DUFOUR 110 Chairman & CEO Senior Ex
Slide 111: Long-Term Remuneration
Long-Term Remuneration Performance Shares and Stock Options New in 2015 • In compliance with AFEP/MEDEF code • Performance conditions over 3 years Granting of performance shares as a - 65%: Recurring net earnings per share growth (EPS) substitute for - 35%: Growth of total shareholder return (TSR) b
Slide 112: Long-Term Remuneration
Long-Term Remuneration Constant volume mix: 2015 Remuneration - 70% of stock options In m Long-term Short-term Long-term - 30% of performance shares 4 3 Short- Long- Total valuation of these grants amounts term term 2 Short-term +13% in comparison with 2014 1 -7% in comparison with 2013 0 Benoît POT
Slide 113: Deferred Remuneration
Deferred Remuneration Resolution 8: Benoît POTIER and Pierre DUFOUR No new regulated agreements. Elements of deferred remuneration are unchanged • Defined benefit pension plan • Unified death and disability benefits plan Estimation in 2015 covering all employees In k/year 34 years 6 of service • Col
Slide 114: The Remuneration Policy in 2015
The Remuneration Policy in 2015 Balanced Competitive Consistent Performance Resolutions 14 and 15 Opinion on elements of remuneration due or allocated to Mr. Benoît POTIER and Mr. 114
Slide 115: Remuneration Policy for other Stakeholders
Remuneration Policy for other Stakeholders
Slide 116: Employees Loyalty Policy
Employees Loyalty Policy Principle: priority to performance shares Beneficiaries • Resolution 18 Allotment of stock subscription and purchase options 1,744 in 2015 • Resolution 19 Allotment of performance shares 3,300 in the past 5 years • Profit-sharing and incentive schemes (France) more than 95%
Slide 117: Shareholders - Remuneration
Shareholders - Remuneration Increased value in the long-term Adjusted dividend per share (1) • Regular dividend distribution 2.60 • Loyalty bonus • Principle of free share attributions maintained 1.22 Resolution 3 • Dividend: 2.60 per share, an increase of +2% 0.21 0.40 • Pay-out ratio: 52.4% 1985 1
Slide 118: Corporate Social Responsibility
Corporate Social Responsibility
Slide 119: Mapping of CSR stakes
Mapping of CSR stakes 2015 formal consultation Key CSR stakes Customers Patient associations Employees Safety Environment Shareholders NGO Suppliers Healthcare Communities Journalists
Slide 120: Keeping people and property safe
Keeping people and property safe Accident Employees frequency rate Number of accidents per million hours worked 6.4 1.6 2000 2015
Slide 121: Contributing to public health
Contributing to public health Protecting vulnerable lives Hospitals 13,500 Employees serving 7,500 and clinics Patient-focused 1.3 Presence along the continuum of care Home million Healthcare Listening to patient associations patients
Slide 122: The climate and ecological transition
The climate and ecological transition Protecting life and the environment 60% of innovation expenses 44% of sales Energy efficiency Oxygen in hospitals and at home Hydrogen, as a clean energy source Hydrogen to desulfurize hydrocarbons CO2 capture and valorization Oxygen to improve combustion effici
Slide 123: The climate and ecological transition
The climate and ecological transition COP 21 Clean mobility Hydrogen-charging station in Paris, in partnership with an electric taxi company CO2 capture and valorization Air production unit in Normandy (CryocapTM process)
Slide 124: Committed to local communities
Committed to local communities 47 countries 228 29 projects* Environmental and 199 healthcare projects micro-initiatives for local development * Since 2008, date of Air Liquide
Slide 125: Air Liquide Foundation and the forests
Air Liquide Foundation and the forests The Air Liquide Foundation supports the study of CO 2 capture by mangroves and forests IRD* Mangroves in New Zealand, Vietnam and New Caledonia WWF Forests in Indonesia and Gabon *Institut de Recherche pour le Développement, Research Institute for Development (
Slide 126: External point of view on CSR
External point of view on CSR Bénédicte FAIVRE-TAVIGNOT Member of Air Liquide Professor at HEC Paris Business School Co-
Slide 127: What world do we want to leave to our children?
What world do we want to leave to our children? 127
Slide 128: Questions & Answers
Hieoetentepd Questions & Answers MEETING AIR LIQUIDE Creative Onygen
Slide 129: Shareholders' Meeting, Paris, May 12, 2016
SHAREHOLDERS’ PARIS | THURSDAY MAY 12, 2016 MEETING IR LIQUIDE Creative Orygen
Slide 130: Vote on Resolutions
SHAREHOLDERS’ PARIS | THURSDAY MAY 12, 2016 MEETING y Vote on Resolutions
Slide 131: First Resolution
First Resolution Approval of the Company financial statements for the year ended December 31, 2015 131
Slide 132: Second Resolution
Second Resolution Approval of the consolidated financial statements for the year ended December 31, 2015 132
Slide 133: Third Resolution
Third Resolution Appropriation of 2015 earnings and setting of the dividend 133
Slide 134: Fourth Resolution
Fourth Resolution Authorization granted to the Board of Directors for a period of 18 months to allow the Company to trade in its own shares 134
Slide 135: Fifth Resolution
Fifth Resolution Renewal of the term of office of Ms Karen Katen as Director 135
Slide 136: Sixth Resolution
Sixth Resolution Renewal of the term of office of Mr Pierre Dufour as Director 136
Slide 137: Seventh Resolution
Seventh Resolution Appointment of Mr Brian Gilvary as Director 137
Slide 138: Eighth Resolution
Eighth Resolution by articles L. 225-38 et seq. of the French Commercial Code 138
Slide 139: Ninth Resolution
Ninth Resolution Renewal of Ernst & Young et Autres as Principal Statutory Auditors 139
Slide 140: Tenth Resolution
Tenth Resolution Renewal of Auditex as Deputy Statutory Auditors 140
Slide 141: Eleventh Resolution
Eleventh Resolution Appointment of PricewaterhouseCoopers Audit as Principal Statutory Auditors 141
Slide 142: Twelfth Resolution
Twelfth Resolution Appointment of Mr Jean-Christophe Georghiou as Deputy Statutory Auditor 142
Slide 143: Thirteenth Resolution
Thirteenth Resolution Authorization granted to the Board of Directors for a period of five years to issue, on one or more occasions, bonds within a total aggregate maximum limit (including previous issues not yet redeemed) of 20 billion euros 143
Slide 144: Fourteenth Resolution
Fourteenth Resolution Opinion on elements of remuneration due or allocated to Mr Benoît Potier for the year ended December 31, 2015 144
Slide 145: Fifteenth Resolution
Fifteenth Resolution Opinion on elements of remuneration due or allocated to Mr Pierre Dufour for the year ended December 31, 2015 145
Slide 146: Sixteenth Resolution
Sixteenth Resolution Authorization granted to the Board of Directors for a period of 24 months to reduce the share capital by cancellation of treasury shares 146
Slide 147: Seventeenth Resolution
Seventeenth Resolution Delegation of authority granted to the Board of Directors for a period of 26 months in order to increase the share capital through capitalization of additional paid-in-capital, reserves, profits or any other amount that may be capitalized, for a maximum amount of 250 million e
Slide 148: Eighteenth Resolution
Eighteenth Resolution Authorization granted to the Board of Directors for a period of 38 months to grant to employees and Executive Officers of the Group, or some of such employees and Executive Officers, share subscription options or share purchase options resulting in the waiver by shareholders of
Slide 149: Nineteenth Resolution
Nineteenth Resolution Authorization granted to the Board of Directors for a period of 38 months to grant existing or new shares to employees and Executive Officers of the Group, or some of such employees or Executive Officers, resulting in the waiver by shareholders of their preferential subscriptio
Slide 150: Twentieth Resolution
Twentieth Resolution Amendments to articles 12 (Organization and Management of the articles of association relating to the age limit for the performance of the duties of Chairman of the Board of Directors and Chief Executive Officer 150
Slide 151: Twenty-first Resolution
Twenty-first Resolution Delegation of authority granted to the Board of Directors for a period of 26 months to perform share capital increases, without preferential subscription rights, reserved for members of a Company or Group savings plan 151
Slide 152: Twenty-second Resolution
Twenty-second Resolution Delegation of authority granted to the Board of Directors for a period of 18 months to perform share capital increases, without preferential subscription rights, reserved for a category of beneficiaries 152
Slide 153: Twenty-third Resolution
Twenty-third Resolution Delegation of authority granted to the Board of Directors for a period of 26 months to issue, by way of a public offering, equity securities giving access to other equity securities or giving the right to the allotment of debt securities, and/or marketable securities giving a
Slide 154: Twenty-fourth Resolution
Twenty-fourth Resolution Delegation of authority granted to the Board of Directors for a period of 26 months to issue, by way of private placement for qualified investors or a restricted group of investors, equity securities giving access to other equity securities or giving the right to the allotme
Slide 155: Twenty-fifth Resolution
Twenty-fifth Resolution Authorization granted to the Board of Directors for a period of 26 months to increase the issuance amount of equity securities or marketable securities without preferential subscription rights in the event of over-subscription 155
Slide 156: Twenty-sixth Resolution
Twenty-sixth Resolution Powers for formalities 156