-- Industrial Merchant sales (-7.1%) were impacted by the public health 
      crisis, but enjoyed a strong sequential improvement starting in the 3rd 
      quarter. The slowdown was partly offset by high pricing impacts of +3.6% 
      over the year. The contribution from helium gradually declined and 
      represented less than 15% of pricing impacts during the 4th quarter. 
      Sales were up in the Food, Pharmaceuticals, Research, and Retail & 
      Craftsmen markets during the 4th quarter, whereas sales in industrial 
      sectors such as Metal Fabrication and Automotive remained down despite a 
      gradual recovery during the 2nd half of the year. In the United States 
      and Canada, gas volumes, in particular cylinders, were up markedly during 
      the 2nd half of the year following a major decline during the 2nd quarter 
      at the peak of the public health crisis. In Latin America, revenues were 
      up over the year with a good momentum for liquid gas sales in Brazil and 
      Argentina during the 4th quarter, notably to the Metal Fabrication 
      sector. 
 
   -- Healthcare revenue was up +7.7% in 2020 with medical liquid oxygen and 
      hospital installations sales up significantly across the region, in 
      particular during the 2nd wave of the Covid-19 pandemic in the 4th 
      quarter. In the United States, proximity care recovered quickly following 
      a marked decline during the 2nd quarter due to the interruption of 
      elective care at the peak of the pandemic. In 2020, Home Healthcare 
      enjoyed strong growth in Latin America across all therapies and recovered 
      gradually in Canada following a material slowdown during the 2nd quarter. 
 
   -- Electronics revenue was up +5.2% over the year, with an increase in 
      Carrier Gases sales and excellent momentum for Equipment & Installation 
      sales. 
 
Americas Air Liquide announced a long-term supply agreement with Eastman 
Chemical Company to provide additional gaseous oxygen, nitrogen and syngas 
supporting Eastman's growth and production in Longview, Texas. Air Liquide 
will invest more than 160 million U.S. dollars to modernize existing assets 
and build a new Air Separation Unit (ASU) and Partial Oxidation Unit (POX).

Europe

Revenue in Europe was up +1.3% in 2020 to 6,826 million euros. Industrial activities, which were particularly affected by the public health crisis from mid-March, started to recover from the beginning of May and markedly accelerated its recovery during the second half of the year. Large Industries sales were down by -1.0% over the year. Industrial Merchant recovered during the 2(nd) half of the year, but its annual revenue, which was down -5.6%, remains impacted by the public health crisis. Healthcare activities, which account for almost 40% of Gas & Services sales in Europe, were strongly mobilized in the fight against Covid-19, and posted revenue growth of +9.7% over the year. 


   -- Over 2020, Large Industries sales were down slightly by -1.0% and 
      continued to enjoy good sequential growth since the 3rd quarter. 
      Chemicals and Steel volumes improved towards the end of the year, driven 
      notably by the recovery in the automotive sector in Germany. Hydrogen 
      volumes for refineries remained down, impacted by several customer 
      turnarounds during the 4th quarter and a slowdown in activity linked to 
      weaker demand for transportation fuels. Sales in Eastern Europe were up 
      in 2020, and particularly over the 4th quarter thanks to an increased 
      demand for air gases in Poland and Finland, and a one-off sale in Russia. 
 
   -- Industrial Merchant revenue was down -5.6% in 2020. The entire region was 
      affected by the public health crisis starting in the 1st quarter, in 
      particular Western and Southern Europe, but gas sales recovered rapidly, 
      in particular cylinders sales which returned to levels similar to 2019 
      during the 2nd half of 2020. Sales to the Automotive, Metal Manufacturing, 
      Materials, Energy, and Retail and Craftsmen sectors saw a return to 
      growth in the 4th quarter. Momentum was good in Eastern Europe, in 
      particular in the 4th quarter, with strong growth in gas volumes, notably 
      in liquid form, in Poland, Russia and Turkey. Pricing impacts remained 
      solid at +1.7% for 2020. 
 
   -- Healthcare has been very involved in the fight against Covid-19 and 
      posted an improvement of +9.7% over 2020. Medical Gases sales remained 
      high, in particular during the 4th quarter. The business line was also 
      supported by exceptional ventilator sales at cost price and exceptionally 
      strong demand for medical equipment due to the pandemic. Home Healthcare 
      saw a return to a more dynamic growth during the 2nd half of the year, 
      following the slowdown in new homecare installations during the 2nd 
      quarter at the peak of the pandemic. This was notably driven by the 
      contribution from new bolt-on acquisitions and the increase in the number 
      of patients treated for diabetes at home in Scandinavia, Germany, and in 
      the Iberian peninsula. 
 
Europe Air Liquide announced a 40% stake acquisition in the capital of the 
French company H2V Normandy, which aims to build a large-scale electrolyzer 
complex of up to 200 MW for the production of renewable and low-carbon 
hydrogen in France. This strategic investment demonstrates Air Liquide's 
long-term commitment to hydrogen energy and its ambition to be a major player 
in the supply of renewable and low-carbon hydrogen, in order to contribute to 
the decarbonization of the industry and mobility markets. Air Liquide 
announced an investment of 125 million euros in July to build the first 
world-scale Air Separation Unit (ASU) for oxygen production with an energy 
storage system that helps facilitate more renewable energy on the electricity 
grid due to its grid stabilizing capability. This highly efficient plant, with 
circa 10% less electricity consumption, will have a production capacity of 
2,200 tons of oxygen per day, and will be built in Port of Moerdijk in the 
Netherlands. This project illustrates Air Liquide's strategy to grow in 
strategic industrial basins, and the Group's ability to design and implement 
innovative solutions contributing to the energy transition, in line with its 
Climate Objectives.

Asia-Pacific

Revenue in Asia-Pacific remained stable (-0.1%) in 2020 and stood at 4,467 million euros, with all industrial activities displaying growth during the 4(th) quarter. China (+3.4%) contributed strongly to growth for the region thanks to a rapid recovery across all activities following the Covid-19-related decline seen during the 1(st) quarter. The pick-up in business was slower in the rest of the region, impacted by the public health crisis. Large Industries (+0.2%) was driven by the strength of its business model and the ramp-up of a unit in South Korea. Industrial Merchant (-3.6%) remained sluggish, despite the strong recovery in sales in China during the 2(nd) half of the year. Electronics (+3.6%) momentum was excellent with growth exceeding +10% over the year excluding Equipment & Installation sales. 


   -- Large Industries sales were up slightly over the year (+0.2%), driven 
      mainly by strong demand in oxygen for Steel and Chemicals in China in the 
      2nd half and the ramp-up of a hydrogen unit in South Korea. At the end of 
      the year, oxygen volumes in China were higher than in 2019 but the 
      recovery was slower in the rest of the region, in particular in Japan 
      where volumes remained weak. In the 4th quarter, hydrogen and carbon 
      monoxide sales were impacted by customer maintenance turnarounds in 
      China. This was partially offset by strong demand for hydrogen for 
      refining in Singapore. 
 
   -- Industrial Merchant revenue was down -3.6% over the year, due to the 
      impact of the Covid-19 pandemic. The region saw a return to growth during 
      the 4th quarter. This was driven by China which posted a strong sales 
      increase of +9.9% over the quarter and of +3.6% for the year, with a 
      marked increase in cylinder gas sales and gas produced on site in 
      particular. Momentum across the rest of the region remained slower due to 
      the public health crisis, in particular in Japan and Singapore, but has 
      seen a sequential improvement during the second half of the year. Sales 
      were up in the Research, Metal Manufacturing, and Retail & Craftsmen 
      markets in the region and pricing impacts were stable across the year. 
 
   -- Electronics sales for 2020, which were up +3.6%, posted marked growth of 
      +10.7% excluding Equipment & Installation sales, which had been 
      particularly high during the 1st half of 2019. This growth was driven by 
      Advanced Materials and Carrier Gases with, in particular, the ramp-up of 
      an Advanced Materials supply contract in South Korea and of several 
      Carrier Gases production plants in China, Japan, Taiwan and Singapore. 
 
Asia-Pacific Air Liquide and BASF have signed a contract in South Korea's 
Yeosu National Industrial Complex to extend the term of their existing 
agreements over the long term. Within this context, Air Liquide leveraged the 
start-up in 2020 of its fourth hydrogen and carbon monoxide unit in this major 
industrial complex to increase by 20% the contractual volumes dedicated to 
BASF.

Middle East and Africa

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02-10-21 0135ET