Full Year 2019 Results · Market Capitalization** 4 ... Electronic Specialty Gases 5. 6 Full Year...
Transcript of Full Year 2019 Results · Market Capitalization** 4 ... Electronic Specialty Gases 5. 6 Full Year...
Full Year 2019 Results
Step-up in Performance Improvement
High level of Investments for Customers and Efficiency
Commitment to Climate Reaffirmed
Tokyo Innovation Campus
The world leader in gases, technologies and services for Industry and HealthFull Year 2019 Credit Investors
Agenda
1. Air Liquide Today – Short Introduction
2. 2019, A Landmark Year for Air Liquide
3. Performance Improvement in FY 2019
4. Group Credit Profile
5. 2020 Outlook
6. Appendix
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Air Liquide TodayShort Introduction
3
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
A World Leader in Gases, Technologies and Services for Industry & Health
80Countries
67,000 Employees
>3.7 mCustomers
and Patients
~€22 bnof Sales in 2019
>€2.2bn
~€5bn
>€60bn
Net Profitin 2019
Cash Flow in 2019*
Market Capitalization**
4
* cash flow from operating activities before changes of working capital** on December 31, 2019
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
A Strong Business ModelElectricity
Natural gas
Water
ESG(d)
Healthcare
Large Industries
Industrial Merchant
Electronics
Air Liquide Activities
Home healthcare
Patient
Filling
center
SMR(a)
ASU(b)
Filling center
On-site (c)
customer
Hospital
Bulk and Cylinder
Customer
Metal
Producer
Refinery
Chemical
Producer ESG(d)
Filling center
Electronics
Customer
ASU(b)
Mutualize assets
Liquefaction piggyback
Distributors, bolt-on acquisitions
1
2
3
(a) SMR: Hydrogen and carbon monoxide production unit (Steam Methane Reformer) (b) ASU: Air gases production unit (Air Separation Unit) (c) On-site: Small local production unit (d) ESG: Electronic Specialty Gases
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 20196
A Balanced Footprint
Gas & Services revenue in 2019
€21bn €21bn
Large Industries
27%
Electronics
9%
Healthcare
18%
Industrial
Merchant 46%
Americas
40%
Africa Middle-East
3%Europe
34%
Asia-Pacific 23%
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 20197
+6% to +8%CAGR 2016-2020(1)
>10%In 2021-2022
Maintain
“A” range rating
Capex/Sales 2017-2020: 10% to 12%
Financial Objectives Efficiencies >€300m on average/year(2)
+ Airgas synergies >$300m
(2) Upgraded from >€300m to >€400m as of 2019
(1) Including Airgas scope effect in 2017 contributing +2% to the CAGR
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 20198
Reduce our carbon intensity in 2025 vs. 2015 by
Act for clean industry by developing low-carbon solutions
CUSTOMERS
ASSETS
ECOSYSTEMS
-30%
AASSETS
CCUSTOMERS
EECOSYSTEMS
A global
approach
Financial Objectives
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
0,0
0,5
1,0
1,5
2,0
2,5
3,0
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
0,0
1,0
2,0
3,0
4,0
5,0
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Regular and Sustained Performance
0
4 000
8 000
12 000
16 000
20 000
24 000
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
0
1 000
2 000
3 000
4 000
1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Revenue (in €m) EPS(2) (in €)
Cashflow (in €m)
(1) Calculated according to prevailing accounting rules over 30 years. (2) Adjusted for the 2-for-1 share split in 2007, for attributions of free shares and for a factor of 0.974 reflecting the value of the rights of the capital increase completed in October 2016. (3) Dividend 2019 subject to the approval of shareholders during the General Meeting on May 5, 2020
Dividend(2,3) (in € per share)
CAGR over 30 years(1)
+5.6% +6.7%
+6.5% +8.7%
CAGRover 30 years(1)
9
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
2019, A Landmark Year for Air Liquide
10
The world leader in gases, technologies and services for Industry and HealthFull Year 2019 Credit Investors
2019, A Landmark Year for Air Liquide
• Commitment to a structured plan for performance
improvement driving initial step up in margins
• Commitment to customers and efficiency
High level of investments, major signings in key basins
• Commitment to climate reaffirmed
Reduction in carbon intensity and launch of major
innovative projects
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 201912
Strong Performance Improvement in 2019
(1) Excluding energy impact(2) Excluding exceptional and significant operations not impacting the Operating Income Recurring(3) Return on Capital Employed based on Recurring Net Profit
+4.3%Group Sales
+11.1%Recurring Net Profit(2)
+60bpsRecurring ROCE(3)
+10.0%Operating Income RecurringOperating Margin(1)
+ 70bps
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Structured Program in Place to Deliver NEOS and Beyond
Pricing
Efficiencies
Bolt-on Acquisitions
+
+
+
Product MixManagement
TransformationPrograms
Portfolio Streamlining
… with commitment to further improve the operating margin(1).
Reinforced existing plan
ExtendedOutlook
Launchedin 2019
(1) Assuming no major change in the environment and the international health situation is under control
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
0
0,3
0,6
0,9
1,2
1,5
2016 2017 2018 2019
GM&T E&C
0
0,5
1
1,5
2
2,5
3
3,5
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
High Investments, Order Intake Recovering
Industrial Investment Decisions E&C and GM&T Order Intake
€3.2bn €1.4bn
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Proposed Dividend Distribution in 2020
(1) Historical data adjusted for past free share attributions and for a factor of 0.9067 reflecting the value of the rights of the 2016 capital increase (2) Subject to the approval of shareholders during the General Meeting on May 5, 2020
0,0
0,4
0,8
1,2
1,6
2,0
2,4
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
€2.70(2)
Strong dividend increase Increase of nominal
Free share attribution
58% Payout Ratio
+ 12.4%
+9.0% 20 years CAGR Including free shares attributionevery other year
Div
ide
nd
(1)
in €
pe
r s
ha
re
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Further Reduction of Carbon Intensity(k
g C
O2/€
EB
ITD
A(1
) )
6.3
4.4
(1) Operating Income Recurring before Depreciation and at 2015 exchange rate
Reduction of
Carbon intensity
from 2015 to 2025
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2019 Achievement
-30%
Climate Objectivesannounced in Nov. 2018
in kg CO2/€ EBITDA(1)
Initial Carbon Intensity Commitment
4.6
*16
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Launch of Major Innovative Projects
CCS(1) Green H2
Low CO2
ProductionH2 Mobility
MOU with Northern Lights
Electrolyzer in Quebec
HyGreen Provence
thyssenkrupp
ArcelorMittal
California
China
Paris
Consortia with Ports of Antwerp and
Rotterdam
(1) Carbon Capture and Storage
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 201918
Performance Improvement in FY 2019
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Step-up in Performance Improvement
ROCE(2)OIR/sales
17.3%
CF/sales(1)
22.2% 8.6%
(1) Cash Flow from Operations before changes in Working Capital Requirement on Group Sales (2) Recurring ROCE, based on Recurring Net Profit
Group Sales
+4.3%
Performance
As published figures
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Regardless of the Environment, Robust FY Sales Growth
+2.1% FX Impact -1.4% Energy Impact +0.4% ScopeFY Group Sales:
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
EL
HC
Q4 2019 Market Trends to Continue in Q1 2020
Chemicals
Oil & gas
Steel
Metal Fab.
Construction
Energy
Food & Pharma
Techno & Research
Integrated Circuit
IM
LI
Medical gases
Home Healthcare
IC market rebound expected driven by development of 5G and IoT
Soft Chemicals and Steel
Sustained demand for Refining in Europe
New projects across markets
Widening contrasts in markets:
- Growing Consumption and Technology sectors
- Softening IP-related sectors
Healthcare strong fundamentals
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
LI
Q4 – Stable Americas, Very Solid Europe
SalesFY 2019
€8,460m
SalesFY 2019
€7,172m
Americas – Major Customer Turnarounds in LI
Europe – Growth Driven by HC and Resilient IM
G&S comparable sales growth
- solid H2 for Refining in Benelux- soft Steel and Chemicals in Germany
- positive pricing- positive mix: cylinders outpacing bulk
- high organic growth in HHC - solid Medical Gases
IM
HC
EL
LI
IM
HC
- customer turnarounds
- solid pricing- widening contrasts in markets- gas sales up, hardgoods down -9%
- strong Medical Gases in US and dynamic Latin America
- strong Carrier Gases- high YoY E&I comparison basis
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Q4 – Solid Asia, Stable AME
Asia – Robust EL, Solid LI, Resilient IM
AME – Solid Activity
SalesFY 2019
€4,794m
SalesFY 2019
€614m
G&S comparable sales growth
- O2 Ramp-Ups in China for Chemicals
- China: strong cylinder volumes, lowerbulk pricing
- strong helium sales
- slowing Australia and Japan
- >+10% excluding E&I- very strong Advanced Materials
- major production units stable atfull load
- Egypt and India outpacing Africa
LI
IM
EL
LI
IM
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Confirmed Step-Up in OIR Margin: +70 bps
including +10bps from IFRS 16
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Structured Performance Improvement Program
Portfolio ManagementPrice/Mix Efficiencies
+70bps OIR margin(1)
(1) Operating Income on sales excluding energy impact in FY 2019
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
+0.9%
+1.7%
+3.3%+3.2%
Pursued Management of Pricing and Product Mix
IM pricing momentum Q4 margin contributors
2016 2017 2018 2019
• Focus on high value added applications
• Higher cylinder growth compared to bulk in IM
• Less E&I in EL and hardgoods in IM
• High helium pricing continuing in 2020
• 2020 Price campaigns planned
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Strengthened Efficiency Program Delivering
On top of existing procurement and industrial efficiencies:
Pursued digital deployment with strong momentum in LI
On-going reorganizationsespecially in IM and HHC Europe
Airgas significant contributor to the 2019 increase
2019 efficiencies
Cumulated efficiencies
2017 2018 2019
€433m
+23%
2017-2020
€1.1bn
>€1.5bn
~30% linked to energy transition
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Continuous Portfolio Management
2 in Europe
1 in Asia: Fujian
2 at Airgas, 1 in Asia
4 at Airgas and 6 in China
1 in Canada and 1 in UK
1 in Netherlands
Focus on Core business Densification of operations
6 Divestitures in 2019 24 Acquisitions in 2019
9 including potential sale of Schülke
On-going
including
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Strong Recurring Net Profit
+11.1%Recurring Net profit
Excluding one-offs: - Fujian in 2019 - financial gain in 2018
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Regular ROCE Improvement
6%
8%
10%
Dec. 15 Dec. 16adjusted
Dec. 17 Dec. 18 Dec. 19 2021/222021/2022NEOS
objective
>10%
Airgasacquisition
10.3%
6.9%
ROCE – After tax
(1) Excluding positive impact on 2017 net profit of non-cash one-off items (2) Recurring ROCE based on Recurring Net Profit and excluding IFRS16
7.7%(1)8.0%
+60bps
8.6%(2)
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
FY 18 Q3 19 FY 19FY 2018 FY 2019
InvestmentOpportunities(1)
12-month portfolio
Investment Decisions(1)
Start-up/Ramp-upSales Growth Contribution
• Mostly Chemicals, Oil & Gas, IC
• Increased number of takeovers
• Major signings in key basins
• Contract renewals & acceleration of efficiency investments
• ~30% linked to ClimateBiomethane, PEM electrolyzer in Canada
• 18 Start-Ups FY
• Q4 2019: 1 additional SU in EL China
€2.9bn €3.7bn
FY 2018 FY 2019
€336m
(1) See definitions in appendix
High Level of Investments for Customers and Efficiency
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Confirmed 2020 Estimated Contribution from Start-Ups
Major Start-Ups
Sales growth contribution
2019
Q1 Q2 Q3 Q4
LIProject
South America
Increased Backlog €2.8bn
Yearly Sales Backlogafter full Ramp-ups
€ 0.9bn
2020
Q1 Q2 Q3 Q4
ELProject
Asia
LIProject
Asia
LIProject
US
LIProject
Europe
LIProjectCanada
ELProject
Asia
ELProject
Asia
~€230m
FY 2020
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Group Credit Profile
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
1,59 1,63 1,70
3,302,60 2,40
0,000,200,400,600,801,001,201,401,601,802,002,202,402,602,803,003,203,403,603,804,004,204,404,604,805,005,205,405,605,806,006,206,406,606,807,007,207,407,607,808,008,208,408,608,809,009,209,409,609,8010,00
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
2013 2014 2015 2016 2017 2018 2019
Net Debt Net Debt / EBITDA
Net Debt ratios under control
DEBT/ EQUITY
56%
DEBT/ EQUITY
53%
DEBT/ EQUITY
57%
DEBT/ EQUITY
90%
DEBT/ EQUITY
69%
In €m
DEBT/ EQUITY
80%
Following the acquisition of
12,37312,535
2.08x
DEBT/ EQUITY
64%
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
High Cash Flow and Gearing Reduction
(1) Including acquisitions, transactions with minority shareholders, net of divestitures (2) Including share purchases and capital increases (3) 21.0% excluding IFRS16
Net Debt31 Dec. 2018
Net Debt31 Dec. 2019
Gearing
69%
Gearing
64%
Cash Flow
22.2%of sales(3)
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
A Well-diversified Financing StructureAs of December 31, 2019
EUR 45%
USD 40%
JPY 2%
Other 13%
Currencies – Net debtSources
36
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Financing Structure
As of December 31, 2019
Group gross debt maturity profileAvailable liquidity
CONFIRMED CREDIT LINES
78%
• Holdings’ Confirmed Credit Lines are a mix of bilateralfacilities for €1.1bn and a €2.5bn Revolving Credit Facility
• “Adequate” liquidity profile (S&P)
- 1 syndicated credit line : €2.5bn
CASH ANDCASH EQUIVALENT
22%
- 7 bilateral facilities : €1.1bn
€4.6bn
< 1 year
> 5 years
Between
1 and 5 years
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Financing Structure
As of December 31, 2019
2,00%
3,00%
4,00%
5,00%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
3%3,2%
3%
FIXEDRATE
93%
VARIABLERATE
7%
Average cost of net debt Fixed/variable rates(gross debt)
38
Duration6,2 years
Debt refinancing in excellent market conditions
June 2019 €600m 0,625% EMTN 11-year public bondSept 2019 $500m 2,25% US 10-year public bond
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
“A” Long Term Credit Rating Commitment
■ Long-term rating: A-
■ Short-term rating: A-2
■ Outlook: Positive on 22 July 2019
■ Rationale:
○ “L’Air Liquide has achieved internal cost savings andsynergies quicker than we expected following the Airgasacquisition. Moreover, the market environment forindustrial gases is supportive and the company hasimplemented a disciplined financial policy and thusimproved its balance sheet credit profile in the past years.”
○ “The outlook is positive because we may raise the rating inthe next 12-24 months, should we see adjusted FFO to debtimproving sustainably above 30%”.
■ Long-term rating: A3
■ Short-term rating: P-2
■ Outlook: Stable on 28 June 2019
■ Rationale:
○ “Air Liquide’s A3 rating reflects its leading position in theoligopolistic industrial gas market with a high degree ofrevenue visibility from long-term take or pay contracts. […]The rating furthermore benefits from a well spreadexposure across different customers, industries andgeographies as well as solid and stable profitability levels.”
○ “The stable outlook reflects our expectation that Air Liquidewill continue to reduce its leverage, albeit at a slow pace,and generate substantial cash over the next 18 months.”
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2020 Outlook
41
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
“Assuming no major change in the
environment and the international
health situation is under control,
Air Liquide is confident in its ability
to further increase its operating
margin and to deliver net profit
growth in 2020, at constant
exchange rate.”
2020 Outlook
Diverse End
Markets
Resilient Business
Model
StrongInvestment
Backlog
Performance Improvement
Program
42
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Appendix
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FY 2019 G&S Revenue Breakdown by Region
Americas
€8.5bn
Europe
€7.2bn Asia-Pacific
€4.8bn
Large Industries ElectronicsHealthcareIndustrial Merchant
€21,040m
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Americas
Q4 Gas & Services Sales: €2,106m
INDUSTRIAL MERCHANT LARGE INDUSTRIES HEALTHCARE ELECTRONICS
(1)
• Widening contrasts between markets:
- stronger Food, Pharma, Research
- lower Construction and Metal Fab• Solid pricing +3.9%• Positive gas sales, hardgoods
down -9%
• Heavy customer turnarounds in U.S.: -5% of Americas sales
• Strong cogen in U.S.
• Dynamic Latin America
• Major new signing
• Strong Medical Gases in U.S. for Proximity care
• High HHC and Medical gases in Latin America
• Limited impact of bolt-onacquisitions
• Strong Carrier Gases
• High YoY E&I comparison basis
45
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Europe
Q4 Gas & Services Sales: €1,819m
INDUSTRIAL MERCHANT LARGE INDUSTRIES HEALTHCARE
(1)
(1) Excluding energy impact
• Solid H2 demand for refining in Benelux
• Soft steel and chemicals
• Ramp-Ups in Eastern Europe
• Resilient activity in all geographies
• Solid pricing at +2.5%
• Positive mix: cylinderoutpacing bulk
• High organic growth in HHC with strong Diabetes
• Solid Medical Gases and Hygiene
• Contribution from small acquisitions fully offset by divestitures
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Asia-Pacific
Q4 Gas & Services Sales: €1,182m
INDUSTRIAL MERCHANT LARGE INDUSTRIES ELECTRONICS
(1)
(1) Excluding energy impact
• O2 Ramp-Ups in China for Chemicals
• High H2 volumes in Singapore
• Low Australia and Japan
• Recovering pricing: +1.4%, incl. Helium
• China: strong cylinder volumes, lower bulk pricing
• Slowing Australia and Japan
• Acquisition in Malaysia
• >+10% excluding E&I, especially in China, Korea and Taiwan
• Very strong Advanced Materialsin Korea and China
• Significant decrease in E&I compared to 2018 exceptional level
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Q4 – Resilient IM, LI Stable Despite Turnarounds
SalesFY 2019
€5,629m
SalesFY 2019
€9,754m
Large Industries – No Start-Ups in Q4
G&S comparable sales growth
Industrial Merchant – Sustained Pricing Compensating Lower Volumes
solid Refining in Benelux with high H2
volumes
heavy customer turnarounds in Americas
soft Chemicals in Europe and low Steel
solid pricing at +3.2%
growing gas sales; drop in hardgoods
unequal end markets:- Strong Food, Pharma, and Techno- Weak Construction and Metal Fab
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Q4 – Consistent High HC, Strong EL Excluding E&I
Healthcare – Strong Organic Growth
Electronics – +6.8% Growth Excluding E&I
SalesFY 2019
SalesFY 2019
€1,964m
€3,693m
G&S comparable sales growth
strong HHC across Europe, expansion in diabetes
solid Medical Gases in Americas
double digit growth in Carrier Gases and Advanced Materials
significant decrease in E&I compared to 2018 exceptional level
49
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Industrial Merchant Pricing
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
FY 2019 E&C and GM&T Activities
(1) Comparable growth (2) Including internal Sales
Engineering & Construction
Sales to third parties(1)
-25%
Order Intake
+4%
Global Markets & Technologies
+15%
+14%
Sales(1)
Order Intake
€838m €523m
€328m €552m
Total Sales(2)
growing
51
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
See definitions in appendix
Dec 2016 Dec 2017 Dec 2018 Decisions Start-ups Dec 2019
Start-upsDecisions
Yearly Sales Backlogafter full Ramp-ups
€2.1bn €2.1bn€2.2bn
€2.8bn
€ 0.9bn
in €bn
Investment Backlog Increased to €2.8bn
52
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
G&S Quarterly Growth Analysis
(1) Comparable growth based on 2016 adjusted sales
(Mainly Tech Air)Base business
+0.2%
53
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Consolidated P&L
54
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Operating Margin (OIR/Revenue)
including +10bps from IFRS 16
Group 15.9% 16.9% 16.4%
Gas & Services 17.8% 18.7% 18.3%
Group 16.6% 18.1% 17.3%
Group - Excl. Energy 16.6% 17.6% 17.1%
Gas & Services 18.4% 19.9% 19.1%
Gas & Services - Excl. Energy 18.4% 19.3% 18.9%
2019H1 2019 H2 2019
H1 2018 H2 2018 2018
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Consolidated Balance Sheet Simplified - In €m
* Including fair value of derivatives
56
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Cash Flow Statement
* PPE: Property, plant and equipment.
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The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
Investment Cycle – Definitions
● Investment opportunities at end of the period
– Investment opportunities under consideration by the Group for decision within 12 months.
– Industrial projects with investment value > €5m for Large Industries and > €3m for other business lines.
– Includes asset replacements or efficiency projects. Excludes maintenance and safety.
● Investment backlog at end of the period
– Cumulated industrial investment value of projects decided but not yet started.
– Industrial projects with value > €10m, including asset replacements or efficiency projects, excluding maintenance and safety.
●Sales backlog
– Cumulated expected sales per year generated by the current investment backlog after full ramp-up.
●Decisions of the period
– Cumulated value of industrial and financial investment decisions.
– Industrial, growth and non-growth projects including asset replacements, efficiency, maintenance and safety.
– Financial decisions (acquisitions).
58
The world leader in gases, technologies and services for Industry and HealthCredit InvestorsFull Year 2019
For further information, please contact:
Investor Relations
Aude Rodriguez + 33 (0)1 40 62 57 08
Ludmilla Binet + 33 (0)1 40 62 57 37
Muriel Légeron + 33 (0)1 40 62 50 18
Pierre-Germain Marlier + 33 (0)1 40 62 57 95
Joseph Marczely + 1 610 263 8277
www.airliquide.com Follow us on Twitter @AirLiquideGroup
L’Air Liquide S.A.
Corporation for the study and application of processes developed by Georges Claude
with registered capital of 2,602,080,327 euros
Corporate Headquarters:
75, Quai d’Orsay
75321 Paris Cedex 07
Tel : +33 (0)1 40 62 55 55
RCS Paris 552 096 281
59
Group Financing and Rating
Guillaume Serey + 33 (0)1 40 62 51 78
Aude Revel + 33 (0)1 40 62 56 64
Thomas Lemée + 33 (0)1 40 62 58 25