Skip to main content
Air Liquide
Air Liquide worldwide
Please select

Engineering & Construction


Large projects


日日夜夜撸Quick Access

A long-term investment

A loyal and stable shareholder base

日日夜夜撸At Air?Liquide, as our investment cycle is long, we believe in long term commitment. So, we encourage long term shareholders. Air?Liquide believes in promoting and encouraging long term share ownership, through transparent investor relations, strong respect of all shareholders, regular dividend growth, thanks to regular growth in earnings and loyalty bonuses for long term shareholders.

Dividend policy

Air?Liquide was created in 1902 thanks to individual shareholders. The company paid its first dividends in 1907 and never ceased since. Air?Liquide was listed on the Paris Stock Exchange in 1913.

For more than 10?years, the pay-out ratio is stable, at around 50% of the Group net profit. Over the last 30?years, dividends kept increasing regularly or were at least maintained.

The Air?Liquide dividend is paid in cash once a year after the General Shareholders’ Meeting which takes place in May. Air?Liquide’s ex-date is around mid-May.

A strong share ownership culture

日日夜夜撸A differentiating feature of Air?Liquide is the high proportion of individual shareholders: together, more than 410,000?individual shareholders hold some 32% of the share capital at the end of 2018.

Their loyalty is attributable to a long history of steady earnings growth, resulting from the constant development of Air?Liquide’s markets and the solidity of its economic model.

Free share attribution: scrip issues

Air?Liquide regularly does a scrip issue, usually every other year. The last one, 1 free share allocated for 10 shares, took place?on October?4, 2017. These attributions are proposed by the Board of Directors and require the General shareholders meeting approval. Free shares receive the same voting rights, dividends and loyalty bonus as the shares held to receive them.

29 scrip issues over the last 60?years

日日夜夜撸Some 29?scrip issues have been done over the last 60?years (the next one will happen in 2019).?The share capital increases are through the capitalization of retained earnings. This is not a dividend. The number of shares increases whereas the share price immediately decreases in the same order of magnitude. The characteristic of these free share offers is that they do not modify the value of the portfolio of an Air?Liquide shareholder. They just make it more liquid by maintaining a lower share price.

The positive impacts of the scrip issues are:

  • By reducing the share price, they help to maintain the shares at a “reasonable?/ affordable” level
  • They contribute to improving share liquidity
  • The following year, a facially flat dividend per share would represent an increase in the dividend paid for all shareholders due to the higher number of shares

日日夜夜撸Fractional rights are paid in cash. Long term registered shareholders, individual or institutional having held their shares for more than 2?calendar years, receive 10% more free shares.

Note: All the historical published per share data (stock market prices, earnings and dividends) must be adjusted to take into account this increase in the number of shares. Do not hesitate to contact Shareholder Services日日夜夜撸 to learn more.

Loyalty bonus


  • +10% dividend
  • +10% free shares (in case of a free share attribution)

日日夜夜撸All shareholders, individual and institutional, who have held registered shares (either direct or intermediary) for more than two full calendar years, can benefit from the loyalty bonus, which results in a 10% dividend increase and 10% more free shares. Shares must be held until dividend payment and free share attribution dates (generally in May-June).

The “Intermediary registered” form

For institutional investors, intermediary registered shares are a good compromise. You can enjoy the advantages of registered shares日日夜夜撸 and the convenience of maintaining the shares in your normal portfolio. You receive all the documentation directly, in particular the documents relative to the General Shareholders meeting (Notice of meeting, voting form…) and are entitled to the loyalty bonus if you hold your shares for more two full calendar.

Note: According to French Law, the number of shares entitled to the loyalty bonus is limited, for anyone shareholder, to 0.5% of the Company’s capital.

Air?Liquide shares can be allocated four ISIN “value codes”, to distinguish the status of registered shares, depending on the year in which they will have the loyalty bonus entitlement.

Permanent value codes Intermediate value codes

All bearer or registered shares that have not been held in registered form for more than 1?year are listed under this value code.
Loyalty bonus in 2022

Shares recorded in registered form in 2018.
Loyalty bonus in 2021
Registered shares that already qualify for the loyalty bonus.
Shares recorded in registered form in 2017.
Loyalty bonus in 2020

TSR: Total Shareholder Return

The TSR is an annualized rate of return for a shareholder who buys his shares at the beginning of the period and resells them at the end of the period. This calculation takes into account the evolution of the share price, the dividends reinvested in shares as well as the allocations of free shares, both increased by the loyalty bonus, and includes the impact related to the increase capital of 2016.

日日夜夜撸Average annual growth of the portfolio as of December?31, 2018:

For capital invested Air?Liquide
Registered shares
Bearer shares
reinvested dividends
over 5?years +8.5% +8.2% +5.2%
over 10?years +12.6% +12.1% +7.8%
over 20?years +9.6% +9.1% +4.0%
天天夜日日在线观看,夭天啪天天谢干,2017天天拍天天拍香蕉视频 天天夜日日在线观看,天天透天天通天天擦,人人天天夜夜日日狠狠 成人av_国产自拍 亚洲av_每日更新在线观看av_成人在线 久草在线,新免费观看 -天天穞日日穞夜夜穞,久草在线免费资源站 日本一级特黄大片,A级高清免费毛片av无码,欧美成 人 在线播放-日日夜夜撸 日本毛片免费视频观看_无码av高清毛片在线看_a级高清免费毛片av无码_最新高清无码专区, 亚洲阿v在线免费播放,亚洲阿v天堂最新版本2019,亚洲啊天堂在线电影,亚洲阿v天堂2017国产,亚洲阿v天堂高清,亚洲爱就操,亚洲阿b在线观看 2018天天色,天天干,天天操,天天射,天天好逼网,天天色综合网 99热视频这只有精品国产,99热在线视频观看免费,99热久久免费视频在线,亚洲视频99热精品在线播放