AIR LIQUIDE
The long-term nature of Air Liquide’s investment cycle and customer contracts, its strong portfolio of projects, the diversity of the industries supplied across 75 countries, and a solid balance sheet continue to provide the basis for a resilient outlook for Air Liquide.
Although visibility into the future is limited due to the uncertainties on the worldwide economy, customer demand has remained well-oriented throughout 2008, and Air Liquide’s actions will continue to adapt to the evolving environment.
The execution of the ALMA program, Air Liquide’s strategic Group-wide program for competitive growth, is on track with its objectives. The investment decisions and the portfolio of investment opportunities are in line with the Group’s ambitions. The healthy balance sheet allows the Group to maintain its high investment levels. Air Liquide teams are maintaining their efforts to reach the objectives of the efficiency programs and to compensate for the increase in costs of recent months through an adapted pricing policy. Lastly, the Group has secured its short- and medium-term financing requirements and is continuing its efforts in the management of its capital employed to ensure all of the investments planned. According to the evolution of the environment, Air Liquide will remain attentive to reallocating priorities within ALMA if necessary.
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