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Air Liquide PRESS RELEASE AND ACTIVITY REPORT Paris , April 23 , 2021 First quarter 2021 : Return to growth for all activities in an improving environment Key Figures ( in millions of euros ) Group Revenue of which Gas & Services Q1 2021 2021/2020 as published 2021/2020 comparable ( a ) 5,334 -0.7 % + 3.8 % 5,103 -1.7 % + 2.8 % of which Engineering & Construction 76 + 44.5 % + 48.5 % of which Global Markets & Technologies 155 + 22.0 % + 25.7 % ( a ) Change excluding the currency , energy ( natural gas and electricity ) and significant scope impacts , see reconciliation in appendix . Commenting on sales in the 1st quarter of 2021 , Benoît Potier , Chairman and CEO of the Air Liquide Group , said : “ This first quarter saw solid growth of + 3.8 % on a comparable basis , confirming the trend recorded in the fourth quarter of 2020 . Sales reached 5.3 billion euros , including 5.1 billion euros for Gas & Services , which grew + 2.8 % on a comparable basis . This growth confirms the recovery seen in all of our Gas & Services activities . Strong momentum was also seen in the Engineering & Construction and Global Markets & Technologies business lines . In Gas & Services , which account for 96 % of Group sales , growth was particularly strong in Healthcare at + 10 % . In the industrial sector , the Industrial Merchant activity showed positive growth for the first time since the start of the health crisis , while Large Industries grew , driven by the start - up of new units and the marked recovery in the Steel and Chemicals markets . In terms of geographies , Asia showed very strong growth , led by China , while Europe grew solidly . The Americas region posted contrasted performance , impacted by an exceptional cold wave in the United States . Regarding efficiencies , the Group continued to take action to improve performance . In the 1st quarter of 2021 , 95 million euros in efficiencies were generated , in line with its target to achieve 400 million euros over the year . In addition , the cost reduction measures linked to the crisis have been largely maintained in the context of the gradual recovery in activity . Cash flow is high and stands at more than 23 % of sales , an improvement of +100 basis points . The investment decisions for the quarter amounted to 600 million euros . The 12 - month portfolio of opportunities continued to grow and stands at 3.2 billion euros . The proportion of projects linked to the energy transition has continued to increase and is now at 46 % . These investments will contribute to future growth . Financial performance and sustainable development are at the heart of Air Liquide's growth model . In a global health context that still differs from region to region , the Group remains committed to supplying healthcare facilities with medical oxygen . In addition , the Group set out particularly ambitious sustainable development objectives last March . A structured plan will allow it to achieve carbon neutrality by 2050 and to accelerate in the field of hydrogen and the deployment of decarbonization solutions for the industry . In 2021 , in a context of limited local lockdowns in the first half of the year and recovery in the second half , Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit ( 1 ) growth , at constant exchange rates . " ( 1 ) Recurring net profit : Excluding significant and exceptional items with no impact on recurring operating income . Excluding the impact of a possible US tax reform in 2021 .