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Air Liquide Third quarter 2021 : • Strong sales growth • High momentum in development projects for the energy transition and in Electronics Key Figures ( in millions of euros ) PRESS RELEASE AND ACTIVITY REPORT Paris , October 22 , 2021 Group Revenue Q3 2021 5,834 5,585 81 168 + 17.2 % of which Gas & Services + 16.9 % of which Engineering & Construction + 36.9 % of which Global Markets & Technologies + 16.9 % ( a ) Change excluding the currency , energy ( natural gas and electricity ) and significant scope impacts , see reconciliation in appendix . 2021/2020 2021/2020 as published comparable ( a ) + 7.1 % + 6.5 % + 35.1 % + 15.9 % Commenting on 3rd quarter sales for 2021 , Benoît Potier , Chairman and CEO of Air Liquide , stated : " The third quarter confirms the continued sales growth observed in the first half - year . All activities are increasing : Gas & Services in all regions of the world , Engineering & Construction and Global Markets & Technologies , in a more favorable market environment . Revenue in the third quarter amounted to 5.8 billion euros , i.e. + 17.2 % as published and + 7.1 % in comparable terms . This good performance illustrates Group's strong positioning on its markets and the robustness of its business model , in the context of a strong surge in energy prices . Within Gas & Services , which accounts for 96 % of sales , activity is particularly supported by the momentum of the Electronics industry , the continued recovery of the Industrial Merchant business and the robustness of Healthcare activities . Mobilization of teams continued this quarter in fighting the pandemic in several regions of the world , particularly in the supply of medical oxygen . Geographically , activity levels are particularly strong in the Americas and Europe , and more contrasted in Asia . The Group continues its momentum of improving its operating margin , driven by operational efficiencies of 314 million euros over the first nine months , in line with the annual target of more than 400 million euros , and active price management taking into account the inflationary context . Cash flow remains high above 23 % of sales excluding energy impact . 12 - month investment opportunities are increasing , now reaching 3.3 billion euros , with more than 40 % related to the energy transition . In this context , the Group approved investments of nearly 900 million euros this quarter , notably in Large Industries and Electronics . One third of industrial investment decisions will contribute to the energy transition . The robust and diversified investment backlog , currently running at 3.1 billion euros , is particularly promising for future growth . True to its growth model combining financial performance and societal performance , Air Liquide has multiple initiatives this quarter to promote hydrogen as a key solution to fight global warming . In 2021 , Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit¹ growth at constant exchange rates . " ¹Excluding exceptional and significant items that have no impact on the operating income recurring . Excluding the impact of a possible US tax reform in 2021 .