REVENUE 


 
                                                  2020/2019    2020/2019 
Revenue                                            published    comparable 
 (in millions of euros)         H1 2019  H1 2020   change       change 
Gas & Services                  10,536   9,920    -5.8%        -2.7% 
Engineering & Construction      176      104      -41.0%       -41.3% 
Global Markets & Technologies   240      249      +3.5%        +3.2% 
TOTAL REVENUE                   10,952   10,273   -6.2%        -3.2% 
 
 
Revenue by quarter 
 (in millions of euros)                      Q1 2020  Q2 2020 
Gas & Services                               5,191    4,729 
Engineering & Construction                   52       52 
Global Markets & Technologies                127      122 
TOTAL REVENUE                                5,370    4,903 
2020/2019 Group published change             -1.3%    -11.0% 
2020/2019 Group comparable change            +0.6%    -6.9% 
2020/2019 Gas & Services comparable change   +1.1%    -6.5%

Group 



  Group revenue for the 1(st) half of 2020 totaled 10,273 million euros. The limited decline in sales over the half year of -3.2% for the Group and -2.7% for Gas & Services underlined the resilience of the business model despite the COVID-19 pandemic which affected all activities and regions. In China, the first country to be impacted by the virus, sales were up during the 2(nd) quarter. Business in Europe has been gradually recovering since May whereas it stabilized in the United States in June after showing the first signs of a recovery on specific markets in May. Consolidated sales of Engineering & Construction (-41.3%) reflected the priority allocation of resources to internal projects as well as the impact of the pandemic which led to closure of the manufacturing workshop in China for four weeks and to several projects being postponed by a few months. Global Markets & Technologies reduced the pace of its activity during the pandemic while pursuing its development with sales growth of +3.2% in the 1(st) half. The Group's published revenue was down -6.2% as the slightly positive currency impact +0.1% was not sufficient to offset the strong negative energy impact of -2.7% and the significant scope impact of -0.4%. 


  Gas & Services 


  Gas & Services revenue for the 1(st) half of 2020 reached 9,920 million euros. Healthcare is highly mobilized in the fight against COVID-19 and posted significant growth of +8.7%. Electronics also enjoyed very solid growth of +2.0% and +8.9% excluding Equipment & Installations sales, driven by very dynamic sales in Carrier Gases and Advanced Materials. Industrial Merchant (-8.1%) was the hardest hit by the public health crisis, but price impacts remained strong at +2.9%. Sales in Large Industries were down slightly, by -2.5% over the half year, due to a weaker demand in the 2(nd) quarter in particular in Europe and the United States -- two regions which were strongly affected by the pandemic. Sales as published were down -5.8%, negatively affected by unfavorable energy (-2.8%) and significant scope (-0.4%) impacts, despite the slightly positive currency impact (+0.1%). 

 
                                                     2020/2019    2020/2019 
Revenue by geography and business                     published    comparable 
line (in millions of euros)        H1 2019  H1 2020   change       change 
Americas                           4,217    3,975    -5.7%        -5.1% 
Europe                             3,611    3,440    -4.7%        +0.2% 
Asia-Pacific                       2,405    2,236    -7.0%        -2.1% 
Middle East & Africa               303      269      -11.3%       -7.3% 
GAS & SERVICES REVENUE             10,536   9,920    -5.8%        -2.7% 
Large Industries                   2,904    2,430    -16.3%       -2.5% 
Industrial Merchant                4,827    4,509    -6.6%        -8.1% 
Healthcare                         1,821    1,959    +7.6%        +8.7% 
Electronics                        984      1,022    +3.9%        +2.0% 
 


  Americas 


  Gas & Services revenue in the Americas totaled 3,975 million euros in the 1(st) half, marking a decline of -5.1%. North America was affected by the pandemic as of the end of March and after showing initial signs of a recovery in certain markets at the end of May, the activity stabilized in June. Latin America, which was affected by the virus later in the 2(nd) quarter, continues to fight against COVID-19. Large Industries sales were down slightly over the half year (-1.3%). With revenue down -8.3%, Industrial Merchant was the most affected by the public health crisis and lockdown measures. Electronics posted strong growth of +5.1%. Healthcare remains fully committed to the fight against the pandemic, notably through the supply of medical oxygen, and posted sales growth of +5.4%. 


  Americas Gas & Services H1 2020 Revenue 

   -- Large Industries revenue was down slightly, by -1.3%, in the 1st half, 
      mainly due to weak air gases volumes in the United States, in particular 
      for Chemicals in the 2nd quarter as a result of lockdown measures. 
      Following a dynamic 1st quarter and a moderate decline in the 2nd quarter, 
      hydrogen volumes for Refining stabilized pending a recovery in fuel 
      demand. Growth in Latin America was driven mainly by the start-up and 
      ramp-up of new units. 
 
   -- Industrial Merchant sales, which were down -8.3% over the 1st half, were 
      strongly impacted by the public health crisis. The slowdown in industrial 
      sectors such as Construction and Metal Fabrication therefore triggered a 
      major decline in sales in the United States, notably for hardgoods and, 
      to a lesser extent, cylinders and liquid gas. The marked fall in volumes 
      was partially offset by fixed revenues from the provision of gas 
      cylinders and liquid storage tanks, and high price impacts (+4.0%) which 
      benefited from the price increases campaigns at the beginning of the 
      year. Consumption-related markets such as Food and Pharmaceuticals and 
      the Research sector were more resilient. In Canada, liquid nitrogen 
      volumes were also affected by the slowdown in oil exploration activities. 
      In Latin America, volumes were weaker during the 2nd quarter, as the 
      region was hit later by the public health crisis. 
 
   -- Healthcare revenue was up +5.4% in the 1st half, driven by medical gases 
      sales growth across the region. In the 2nd quarter, sales of medical 
      oxygen to fight COVID-19 in the United States did not fully offset the 
      decline in proximity care activity due to the interruption of 
      non-emergency services, but the situation improved towards the end of the 
      quarter. In Latin America, the Healthcare teams were highly mobilized in 
      the fight against COVID-19. Medical oxygen sales as well as ventilators 
      and installations in hospitals were up markedly, in particular in 
      Argentina and Brazil, as well as Home Healthcare sales. 
 
   -- Electronics revenue was up +5.1%, with Advanced Materials and Equipment & 
      Installation sales up sharply across the half year. 
 
Americas   -- Air Liquide has signed a long-term agreement with Steel 
Dynamics, Inc. (SDI), one of the largest steel producers and metals recyclers 
in the United States, to supply gaseous oxygen, nitrogen, and argon to SDI's 
new Electric Arc Furnace (EAF) steel mill in Sinton, Texas. To support the new 
agreement, Air Liquide plans to invest over 100 million U.S. dollars to 
install an Air Separation Unit (ASU) on its Gulf Coast pipeline network in 
Ingleside, Texas, and extend its pipeline network to SDI's site. 
 


  Europe 


  Revenue in Europe was stable over the half year (+0.2%), reaching 3,440 million euros. The region was particularly impacted by the public health crisis as of mid-March, notably in Southern Europe, and activities have begun to gradually recover since the beginning of May. Large Industries sales were down by -3.5%. Industrial Merchant, which was down -8.2%, was the most impacted by the public health crisis. Healthcare activities, which account for more than 40% of Gas & Services sales in Europe, remain fully mobilized to fight against COVID-19 and saw revenue growth of +10.8% in the 1(st) half. 


  Europe Gas & Services H1 2020 Revenue 

   -- Large Industries sales were down -3.5% during the 1st half, due to a 
      slowdown in activity during the 2nd quarter related to the public health 
      crisis. Air gases volumes were weak in Steel and, to a lesser extent, in 
      Chemicals, due mainly to a significant fall in Construction and 
      Automotive activities. Following a dynamic 1st quarter, demand for 
      hydrogen from Refiners in the Benelux was weaker during the 2nd quarter. 
      The eastern part of Europe was more resilient, with air gases sales up 
      during the 1st half in Russia and Turkey. Overall activity in the region 
      has been gradually recovering since May. 
 
   -- Industrial Merchant sales were down -8.2% during the 1st half. The entire 
      region was affected by the public health crisis, with weak cylinder and 
      liquid gas sales, in particular in Western and Southern Europe. The Food 
      and Pharmaceuticals sectors were more resilient than those linked to 
      industrial production. The first signs of a gradual recovery were visible 
      as of May, in particular with a rebound in cylinder gas sales in Benelux 
      and Southern Europe. Price impacts remained high at +1.6%. 
 
   -- Healthcare has been deeply involved in the fight against COVID-19 and was 
      up +10.8% over the half year. The business line notably benefited from 
      the marked increase in sales of medical hydroalcoholic gel produced by 
      its subsidiary schülke as well as the sale of, at cost price, 
      ventilators by Air Liquide Medical Systems as part of the emergency 
      measures implemented to manage the pandemic. Following a major increase 
      in medical oxygen volumes in March and April, activity levels are 


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