Air Liquide: Resilient Q1

In a weak economic environment, group revenue for the Q1 2009 was €2,997 million, down -3.0 %. Gas & Services sales reached €2,548 million, down -4.2 % on a comparable basis. Activity in the Q1 was marked by significant disparities between geographic zones, markets and products. Thus, cyclical sectors experienced a reduction in volume in excess of 30 %. However, defensive sectors generally resisted, subject to volume declines of less than 10 %. This deterioration was partially offset, notably by start-ups and ramp-ups of new units and the effect of pricing campaigns. In this context, the Q1 revenue illustrates the group's resilience. Large industries' benefit both from the commissioning of new units and the structure of long-term contracts, and thus continues to achieve sales growth.