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Air Liquide First Half Results Outstanding H1 2021 performance : • increase in sales and operating margin • strong investment portfolio numerous initiatives related to sustainable development Key Figures ( in millions of euros ) Group Revenue of which Gas & Services Operating Income Recurring ( OIR ) Group OIR Margin Variation excluding energy Gas & Services OIR Margin Variation excluding energy Net Profit ( Group Share ) Net Profit Recurring ( Group Share ) ( b ) PRESS RELEASE AND ACTIVITY REPORT Paris , July 29 , 2021 Earnings per Share ( in euros ) Cash flow from operating activities before changes in net working capital Net Debt H1 2021 10,846 10,350 1,948 18.0 % 20.0 % 2021/2020 as published + 5.6 % + 4.3 % + 7.4 % +40 bps +100 bps +40 bps +120 bps + 14.9 % + 11.3 % + 14.8 % + 4.8 % 2021/2020 comparable ( a ) + 9.2 % + 8.0 % + 17.1 % 1,239 1,239 2.63 2,483 € 12.0 bn Return on Capital Employed after tax - ROCE 9.5 % +120 bps +60 bps Recurring ROCE ( c ) 9.0 % ( a ) Change excluding the currency , energy ( natural gas and electricity ) and significant scope impacts , see reconciliation in appendix . ( b ) Excluding exceptional and significant transactions that have no impact on the operating income recurring , see reconciliation in appendix . ( c ) Based on the recurring net profit , see reconciliation in appendix . Commenting on the 1st half of 2021 , Benoît Potier , Chairman and CEO of Air Liquide , said : " This first half excellent performance reflects the momentum of our markets and the acceleration in sales in the 2nd quarter . These exceeded the level seen in 2nd quarter of 2019 ( ¹ ) , across all regions and for all activities . Sales for the half year were close to 11 billion euros , marking strong growth of + 9.2 % on a comparable basis , versus the 1st half of 2020 . In Gas & Services , the rebound in industrial activities was particularly strong in the 2nd quarter , both in Large Industries and Industrial Merchant . Electronics also recorded strong growth at the end of the half year . The Healthcare business line remained at a high level , with teams strongly committed to the fight against the pandemic . Geographically speaking , markets are growing in all regions , although some countries remain vulnerable to the pandemic situation . Engineering & Construction and Global Markets & Technologies activities posted strong growth . The Group's operating margin rose again sharply , by +100 basis points , excluding the energy impact . This improvement reflects the contribution of the structural margin improvement program , through ongoing recurring efficiency programs in the amount of 206 million euros , in line with the annual objective set at more than 400 million euros . It also illustrates the strong pricing policy , in particular in Industrial Merchant , active business portfolio