Regulatory News:
Air Liquide (Paris:AI):
Key Figures (in millions of
euros)
H1 2023
2023/2022 as
published
2023/2022
comparable(a)
Group Revenue
13,980
-1.6%
+4.9%
of which Gas & Services
13,405
-1.4%
+5.3%
Operating Income Recurring
(OIR)
2,481
+8.5%
+13.0%
Group OIR Margin
17.7%
+160 bps
Variation excluding energy
impact(b)
+80 bps
Gas & Services OIR Margin
19.3%
+160 bps
Variation excluding energy impact(b)
+70 bps
Net Profit (Group Share)
1,722
+31.9%
Net Profit Recurring (Group Share)(c)
1,627
+4.9%
Variation Net Profit Recurring (Group
Share) excluding currency impact(b)
+11.3%
Earnings per Share (in euros)
3.30
+32.0%
Cash flow from operating activities before
changes in working capital
3,211
+10.4%
Net Debt
€10.6 bn
Return on Capital Employed after tax -
ROCE
10.0%
+100 bps
Recurring ROCE(d)
10.2%
+50 bps
(a) Change excluding the currency, energy
(natural gas and electricity) and significant scope impacts, see
reconciliation in appendix.
(b) See reconciliation in appendix.
(c) Excluding exceptional and significant
transactions that have no impact on the operating income recurring,
see reconciliation in appendix.
(d) Based on the recurring net profit, see
reconciliation in appendix.
Commenting on the results in the first half of 2023, François
Jackow, Chief Executive Officer of the Air Liquide Group,
stated:
“In a complex and changing macroeconomic and geopolitical
environment, Air Liquide delivered, in the first half of the year,
a very solid performance characterized by sales
growth on a comparable basis and a new increase in
its operating margin excluding the energy impact. This
performance highlights the resilience and quality of our
business model and is in line with the trajectory of our
ADVANCE strategic plan.
Revenue reached 13.98 billion euros, an increase of +4.9% on
a comparable basis in the first semester. On an as published
basis, the year-over-year comparison was -1.6%, due to the drop in
energy prices - whose variations are passed on to Large Industries
customers - as well as negative currency impacts. The Gas &
Services activity, which represented 96% of the Group’s
revenue, was up +5.3% on a comparable basis. Within this
activity, all regions saw growth, in particular the Americas
and Europe, driven notably by Industrial Merchant and
Healthcare.
In line with its ADVANCE strategic plan, Air Liquide
continued the steady improvement of its operational
performance. The Group generated significant
efficiencies of 206 million euros, up +24% despite an
inflationary context unfavorable to savings on purchases, and
continued the dynamic management of its business portfolio. Its
ability to create value allowed it to adjust its prices in
Industrial Merchant while preserving sales volumes. As a result,
the operating margin increased further, by +80 basis
points excluding the energy impact.
Net profit (Group share) amounted to 1.72 billion euros, up +32%
as published. Recurring net profit(1) increased by
+11.3% excluding currency impacts. Cash flow(2) grew by +13%
excluding currency impacts. The balance sheet is strong with a net
debt to equity ratio of 39.2%(3). Recurring ROCE (4), which
amounted to 10.2% at end-June, remains above 10%, in line with
ADVANCE’s objectives.
In terms of outlook, the Group's investment momentum
remained strong, reflecting our commitment to climate and
paving the way for future growth. The project backlog, at
3.5 billion euros, remained high. Investment decisions reached
1.8 billion euros this semester. With more than 40% of projects
linked to the energy transition, 12-month investment opportunities
are numerous and total 3.4 billion euros.
In 2023, Air Liquide is confident in its ability to further
increase its operating margin and to deliver recurring net profit
growth, at constant exchange rates(5).”
(1) Net profit recurring excluding
exceptional and significant transactions that have no impact on the
operating income recurring.
(2) Cash Flow from operations before
changes in working capital
(3) Adjusted for dividend seasonality.
(4) Recurring ROCE based on Recurring Net
Profit.
(5) Operating margin excluding energy
passthrough impact. Net profit recurring excluding exceptional and
significant transactions that have no impact on the operating
income recurring.
Highlights
- Corporate
- Air Liquide, Hydrogen Supporter in
Hydrogen of the Olympic and Paralympic Games Paris 2024
to contribute to reducing the event’s carbon emissions. The Group
will supply hydrogen from renewable sources to power some of the
vehicles in the official Paris 2024 fleet and will contribute to
the acceleration of the development of long-lasting infrastructures
for hydrogen mobility (taxi fleets, refueling stations).
- Evolutions within Air Liquide’s
Executive Committee from September 1, 2023.
- Early bond redemption, for a total of
382 million US dollars, at the end of a Tender Offering
process for two series of US dollar bonds maturing in 2026 for the
first and 2046 for the second.
- Scope Ratings, Europe's leading credit
rating agency, awarded an “A” issuer rating to Air
Liquide, as well as an “A” rating for its senior unsecured debt
and an “S-1” short-term rating for all debt instruments issued by
Air Liquide S.A. and Air Liquide Finance. The outlook associated
with the issuer rating is positive.
- Asset portfolio management
- Divestiture of Air Liquide’s 19% stake
in Hydrogenics Corporation to Cummins, which owns the remaining
81% of the company. Hydrogenics will remain one of Air Liquide’s
suppliers for electrolyzer projects.
- Entry into exclusive negotiations with
Safran Aerosystems, for the sale by Air Liquide of its
aeronautical oxygen and nitrogen technology businesses, excluding
marine-related cryogenic activities.
- Realization of the Trinidad and Tobago
business divestiture to Massy Gas Products Holding Ltd.
- Healthcare
- Announcement in July 2023 of a project to
transform the Home Healthcare activity in France to align it
with the needs and expectations of patients and healthcare
professionals and adapt its business model to meet the challenges
of the country's healthcare system.
- Electronics
- Investment of close to 200 million US
dollars in two advanced material production centers in Taiwan
and South Korea.
- Sustainable development
- Signature by Air Liquide of its first
renewable electricity Power Purchase Agreement (PPA) in China,
giving access to a capacity of 200 MW. This will reduce CO2
emissions by up to 120,000 metric tonnes, which is comparable to
the emissions related to the electricity consumption of more than
300,000 Chinese households.
- Announcement of the signature by Air
Liquide and Sasol of Power Purchase Agreements (PPA) to
secure a capacity of 480 MW of renewable power to supply
Sasol’s Secunda site, in South Africa, where Air Liquide operates
the biggest oxygen production site in the world. These
agreements will contribute significantly to the decarbonization of
the site, and in particular to the targeted reduction by 30% to 40%
of the CO2 emissions associated with oxygen production by
2031.
- Annual publication of the Air Liquide
Sustainability Report, highlighting progress in this area as
well as additional objectives, in particular for scope 3
and biodiversity.
- Inclusion in the Dow Jones
Sustainability Europe Index, an index established by S&P
Global that assesses the progress of companies in terms of
sustainable development.
- Hydrogen
- Creation with Groupe ADP of "Hydrogen
Airport", the first engineering and consulting joint venture
specialized in accompanying airports in their projects to integrate
hydrogen in their infrastructure.
- Inauguration of the first
high-pressure station for long-distance trucks in Europe, in
Fos-Sur-Mer in the South-East of France, as part of the HyAmmed
project. On this occasion, Iveco Group presented a prototype of a
fuel cell truck.
- Decision with TotalEnergies to create
a 50/50 joint venture to develop a network of more than 100
hydrogen refueling stations for trucks on major European
highways. This initiative will help to develop the use of
hydrogen in goods transportation.
- Selection of Air Liquide’s autothermal
reforming (ATR) technology for a demonstration project, owned and
operated by INPEX CORPORATION, for the large-scale production of
hydrogen and low-carbon ammonia, a first in Japan.
- Development with KBR of a low-carbon
ammonia and hydrogen production solutions offering based on Air
Liquide’s Autothermal Reforming (ATR) technology. In addition,
a project for an innovative industrial-scale ammonia cracking
pilot plant in the port of Antwerp, Belgium. When
transformed into ammonia, hydrogen can be more easily transported
over long distances.
- Decarbonizing industry
- Investment of around 60 million
euros to modernize two Air Separation Units (ASU) operated by
Air Liquide in the Tianjin industrial area, China, as part
of the renewal of a long-term contract with YLC, a
subsidiary of the Bohua group. The electrification of these two
ASUs will prevent the emission of 370,000 metric tonnes of CO2 per
year, which is comparable to the emissions related to the
electricity consumption of more than one million Chinese
households.
- Decarbonization and reduction of
energy consumption: as part of a long-term contract,
implementation of an innovative solution to support the
conversion of the Verallia plant in Pescia,
Italy, from traditional combustion to optimized
oxycombustion on the occasion of the construction of a new
glass furnace on the site.
- Signature with Holcim of a memorandum of
understanding concerning a decarbonization project for the new
Holcim cement plant under development in Belgium. Using Air
Liquide's innovative and proprietary Cryocap™ technology, this
project would enable Holcim to reduce this cement plant's CO2
emissions by 1.1 million metric tonnes per year.
Group revenue totaled 13,980
million euros in the 1st half of 2023, up +4.9% on a
comparable basis. Group revenue as published in the 1st
half-year was down -1.6%, impacted by unfavorable energy
(-4.7%) and currency (-2.1%) impacts, with the significant scope
impact being slightly positive at +0.3%.
Gas & Services revenue amounted to 13,405
million euros during the 1st half, a comparable increase
of +5.3%. Published sales in the 1st half of 2023
were down slightly by -1.4%, impacted by negative energy and
currency impacts of -4.9% and -2.1% respectively, the significant
scope impact being limited (+0.3%).
- Gas & Services revenue in the Americas reached
5,159 million euros in the 1st half of 2023, representing a
comparable increase of +6.7%. Sales in the Industrial
Merchant business were up sharply, by +10.0%, driven by a high
price effect (+7.5%). Customer shutdowns penalized Large Industries
sales (-3.9%) while volumes remained solid overall in the US Gulf
Coast. In Healthcare, price increases in Proximity Care in the
United States and the dynamism of Home Healthcare in Canada and
South America were the main contributors to the very strong
increase in sales (+13.5%). Lastly, after very solid growth in
2022, revenue from the Electronics business was down by -5.8% in
the 1st half due to the sharp decline in sales of materials in the
2nd quarter, in a context of slowdown in demand from memory
manufacturers.
- Revenue in Europe was up +4.8% on a comparable
basis during the 1st half of 2023 and reached 4,975 million
euros. In Industrial Merchant, the very strong increase in
sales of +18.1% benefited from a price effect that remained very
high at +19.0%. Healthcare sales were up +5.8%, driven notably by
the strong development of diabetes treatment in Home Healthcare and
higher medical gas prices in response to inflation. Large
Industries revenue was down -3.6% in the 1st half-year, however
this was a significant improvement compared to the 2nd half of 2022
heavily impacted by the sharp increase in energy prices.
- Sales in Asia Pacific were up +3.8% on a
comparable basis in the 1st half of 2023 and amounted to 2,763
million euros. Large Industries revenue, down -5.9%, was
impacted in particular by weak demand and customer shutdowns. In
Industrial Merchant, the sharp increase in sales of +12.1% was
supported by a price effect of +9.2% and a strong increase in
volumes in China in the 2nd quarter. In the Electronics business
(+7.3%), after double-digit sales growth in the 1st quarter,
revenue growth was more moderate in the 2nd quarter (+4.3%).
- Revenue in the Middle East & Africa region increased
by +5.8% on a comparable basis to 508 million euros
in the 1st half of 2023. The sales growth in air gases in South
Africa and Egypt explained the solid performance of Large
Industries. In Industrial Merchant, a high price effect (+8.7%) and
the increase in volumes made it possible to fully absorb the impact
of the divestiture of businesses in the Middle East and achieve
solid sales growth.
Industrial Merchant revenue continued to grow strongly
(+12.1%), driven by a high price effect of +10.7% and
growing volumes. Large Industries revenue, down -3.6%
in a context of weak demand, saw a significant improvement compared
to a 2nd half of 2022 which was heavily impacted by the sharp
increase in energy prices, in Europe in particular.
Electronics sales were up +6.3% in the half-year:
following double-digit growth in the 1st quarter, revenue growth
was more moderate in the 2nd quarter due to a very high basis of
comparison in 2022 and lower demand from memory manufacturers.
Lastly, the strong growth in sales in Healthcare
(+8.2%) was supported by the increase in the prices of
medical gases in an inflationary context and the dynamism of Home
Healthcare.
Consolidated revenue from Engineering & Construction
totaled 180 million euros in the 1st half of 2023, down
-17.3% compared to the high sales to third-party customers
in the 1st half of 2022. Consolidated revenue does not reflect the
volume of activity carried out with internal projects in Large
Industries or Electronics. Order intake amounted to 530 million
euros, a slight increase compared to the 1st half of 2022.
Sales in the Global Markets & Technologies business
increased by +3.9% on a comparable basis and amounted to
395 million euros in the 1st half-year. Organic
growth reached +17%, excluding several divestitures.
Order intake for Group projects and third-party customers reached
496 million euros.
The Group's operating income recurring (OIR) reached
2,481 million euros in the 1st half of 2023. It was up by
+8.5% and +13.0% on a comparable basis, which is
significantly higher than the comparable growth in sales of
+4.9%.
The operating margin (OIR to revenue) stood at
17.7%, a strong improvement of +80 basis points excluding
the energy impact.
Efficiencies(1) contributed to this improvement in
margin. They amounted to 206 million euros, up sharply by
+23.6% compared to the 1st half of 2022 and in line with the
annual target of more than 400 million euros.
Net profit (Group share) amounted to 1,722 million
euros in the 1st half of 2023, with an increase as published of
+31.9% and +39.5% excluding the currency impact.
Excluding the proceeds from the sale of the stake in Hydrogenics,
the impairment of an intangible asset and of assets held for sale,
net profit recurring (Group share)(2) amounted to 1,627
million euros. This was up by +4.9% and +11.3% excluding
currency, compared to net profit recurring (Group share) in the
1st half of 2022, a significant increase over comparable sales
growth of +4.9%. Net earnings per share rose by
+32.0% compared with the 1st half of 2022, in line with the
increase in net profit (Group share). These stood at 3.30 euros
per share compared with 2.50 euros per share in the 1st half of
2022.
Cash flows from operating activities before changes in
working capital amounted to 3,211 million euros during
the 1st half of 2023, representing a sharp increase of +10.4% and
+13.2% excluding the currency impact.
Net debt at June 30, 2023 reached 10,550 million
euros, a sharp decrease compared with 12,010 million euros at
June 30, 2022 and an increase of 289 million euros compared with
December 31, 2022, following the payment of more than 1.6 billion
euros in dividends in May.
The return on capital employed after tax (ROCE) was 10.0%
for the 1st half of 2023. At 10.2%, recurring ROCE(3)
remained above the target of 10.0% in the Advance strategic plan,
and was up sharply by +50 basis points compared to the 1st
half of 2022.
In order to accelerate the decarbonization of its production
units, Air Liquide announced in the 1st half of 2023 the
signing of long-term renewable energy supply contracts (PPAs) for
more than 1,000 GWh per year. This will equate to a reduction of
its annual CO2 emissions by approximately -970,000 tonnes.
In the 1st half of 2023, industrial and financial investment
decisions amounted to 1,798 million euros. They were
stable compared to the very high level of the 1st half of 2022.
At 3.5 billion euros, the investment backlog
remained at a very high level for three quarters and posted a
strong increase compared to the 3.0 billion euros in the 1st half
of 2022.
The additional contribution to sales of unit start-ups
and ramp-ups totaled 139 million euros over the 1st half of
2023. Over full-year 2023, it is expected to be at the low end of
the range of 300 to 330 million euros previously communicated.
At 3.4 billion euros, the 12-month portfolio of
investment opportunities remained very high at the end of June
2023. This reflects the dynamism of project developments,
particularly in the energy transition, representing more
than 40% of the portfolio, as well as in the Electronics
business.
The Air Liquide Board of Directors met on July 26, 2023. During
this meeting, the Board reviewed the consolidated financial
statements ending June 30, 2023. Limited review procedures were
completed with respect to the consolidated interim financial
statements, and an unqualified review report is in the process
of being issued by the statutory auditors.
Table of Contents of the activity
report
H1 2023 PERFORMANCE
7
Key Figures
7
Income Statement
8
Change in Net debt
18
Extra-financial performance
19
INVESTMENT CYCLE
20
RISKS FACTORS
21
OUTLOOK
21
APPENDICES
22
Performance indicators
22
Calculation of performance indicators
(Semester)
24
Calculation of performance indicators
(Quarter)
27
2nd quarter 2023 revenue
27
Geographic and segment information
28
Consolidated income statement
28
Consolidated balance sheet
29
Consolidated cash flow statement
30
Sales, operating income recurring and
investments key figures synthesis
32
H1 2023 PERFORMANCE
Unless otherwise stated, all variations in
revenue outlined below are on a comparable basis, excluding
currency, energy (natural gas and electricity) and significant
scope impacts.
Key Figures
(in millions of euros)
H1 2022
H1 2023
2023/2022
published
change
2023/2022
comparable
change(a)
Total Revenue
14,207
13,980
-1.6%
+4.9%
Of which Gas & Services
13,600
13,405
-1.4%
+5.3%
Operating Income Recurring (OIR)
2,286
2,481
+8.5%
+13.0%
Group OIR Margin
16.1%
17.7%
+160 bps
Variation excluding energy
impact(b)
+80 bps
Other Non-Recurring Operating Income and
Expenses
(270)
33
Net Profit (Group Share)
1,305
1,722
+31.9%
Net Profit Recurring (Group share)(c)
1,551
1,627
+4.9%
Variation Net Profit Recurring (Group
Share) excluding currency impact(b)
+11.3%
Net earnings per share (in
euros)
2.50
3.30
+32.0%
Cash flow from operating activities before
changes in working capital
2,907
3,211
+10.4%
Net Capital Expenditure(d)
1,547
1,466
Net Debt
€12.0 bn
€10.6 bn
Net Debt to Equity ratio(e)
46.0%
39.2%
Return on Capital Employed after tax -
ROCE
9.0%
10.0%
+100 bps
Recurring ROCE(f)
9.7%
10.2%
+50 bps
(a) Change excluding the
currency, energy (natural gas and electricity) and significant
scope impacts, see reconciliation in appendix.
(b) See reconciliation in
appendix.
(c) Excluding exceptional and
significant transactions that have no impact on the operating
income recurring, see reconciliation in appendix.
(d) Including transactions with
minority shareholders.
(e) Adjusted to spread the
dividend payment in 1st half out over the full year.
(f) Based on the recurring net
profit, see reconciliation in appendix.
Income Statement
REVENUE
Revenue
(in millions of euros)
H1 2022
H1 2023
2023/2022
published
change
2023/2022
comparable
change
Gas & Services
13,600
13,405
-1.4%
+5.3%
Engineering & Construction
221
180
-18.4%
-17.3%
Global Markets & Technologies
386
395
+2.5%
+3.9%
TOTAL REVENUE
14,207
13,980
-1.6%
+4.9%
Revenue by quarter
(in millions of euros)
Q1 2023
Q2 2023
Gas & Services
6,893
6,512
Engineering & Construction
87
93
Global Markets & Technologies
194
201
TOTAL REVENUE
7,174
6,806
2023/2022 Group published
change
+4.2%
-7.0%
2023/2022 Group comparable
change
+6.2%
+3.8%
2023/2022 Gas & Services comparable
change
+6.7%
+4.1%
Group
Group revenue totaled 13,980 million euros
in the 1st half of 2023, up +4.9% on a comparable basis.
Sales were up +3.8% during the 2nd quarter of 2023 compared with
the 2nd quarter of 2022.
Global Markets & Technologies sales were up
+3.9% and showed organic growth of +17%, excluding the
impact of divestitures. Consolidated revenue from Engineering
& Construction was down -17.3% compared to high
sales to third-party customers in the 1st half of 2022.
Group revenue as published in the 1st half-year was down
-1.6%, impacted by unfavorable energy (-4.7%) and currency
(-2.1%) impacts, with the significant scope impact being slightly
positive at +0.3%.
Gas & Services
Gas & Services revenue amounted to 13,405
million euros during the 1st half, a comparable increase
of +5.3%.
Industrial Merchant revenue continued to grow strongly
(+12.1%), driven by a high price effect of +10.7% and
growing volumes. Large Industries revenue, down -3.6%
in a context of weak demand, saw a significant improvement compared
to a 2nd half of 2022 which was heavily impacted by the sharp
increase in energy prices, in Europe in particular.
Electronics sales were up +6.3% in the half-year:
following double-digit growth in the 1st quarter, revenue growth
was more moderate in the 2nd quarter due to a very high basis of
comparison in 2022 and lower demand from memory manufacturers.
Lastly, the strong growth in sales in Healthcare
(+8.2%) was supported by the increase in the prices of
medical gases in an inflationary context and the dynamism of Home
Healthcare.
Published sales in the 1st half of 2023 were down
slightly by -1.4%, impacted by negative energy and currency
impacts of -4.9% and -2.1% respectively, the significant scope
impact being limited (+0.3%).
Revenue by geography and business
line
(in millions of euros)
H1 2022
H1 2023
2023/2022
published
change
2023/2022
comparable
change
Americas
5,017
5,159
+2.8%
+6.7%
Europe
5,424
4,975
-8.3%
+4.8%
Asia-Pacific
2,746
2,763
+0.6%
+3.8%
Middle East & Africa
413
508
+23.0%
+5.8%
GAS & SERVICES REVENUE
13,600
13,405
-1.4%
+5.3%
Large Industries
4,940
4,060
-17.8%
-3.6%
Industrial Merchant
5,510
6,050
+9.8%
+12.1%
Healthcare
1,925
2,034
+5.6%
+8.2%
Electronics
1,225
1,261
+3.0%
+6.3%
Americas
Gas & Services revenue in the Americas reached 5,159
million euros in the 1st half of 2023, representing an increase
of +6.7%. Sales in the Industrial Merchant business were up
sharply, by +10.0%, driven by a high price effect (+7.5%). Customer
shutdowns penalized Large Industries sales (-3.9%) while volumes
remained solid overall in the US Gulf Coast. In Healthcare, price
increases in Proximity Care in the United States and the dynamism
of Home Healthcare in Canada and South America were the main
contributors to the very strong increase in sales (+13.5%). Lastly,
after very solid growth in 2022, revenue from the Electronics
business was down by -5.8% in the 1st half due to the sharp decline
in sales of materials in the 2nd quarter, in a context of slowdown
in demand from memory manufacturers.
Americas Gas & Services H1 2023 Revenue
- Revenue from Large Industries was down -3.9% in
the 1st half-year, affected by customer shutdowns in the region and
the divestiture of the activity in Trinidad and Tobago. In the
United States, sales of cogeneration units were solid and gas
volumes resilient, particularly in the 2nd quarter.
- Sales in the Industrial Merchant business posted a
strong increase of +10.0% in the 1st half-year. The price
effect remained high at +7.5% in an inflationary
context, down slightly sequentially in the 2nd quarter (+5.3%).
Volumes increased, in particular those of bulk, supported notably
by the Manufacturing, Construction and Research markets.
- In the Healthcare business, sales increased sharply by
+13.5% in the 1st half of 2023. Rising prices in Proximity
Care in the United States, the dynamism of Home Healthcare in
Canada, particularly for the treatment of sleep apnea, and the
development of the Medical Gases and Home Healthcare businesses in
Latin America were the main drivers of this strong growth.
- Electronics posted a decrease of -5.8% in revenue
in the 1st half-year. The sharp decline in volumes in specialty and
advanced materials was partially offset by higher sales in
Equipment & Installation, while Carrier Gas revenue remained
stable.
Europe
Revenue in Europe was up +4.8% during the 1st half of
2023 and reached 4,975 million euros. In Industrial
Merchant, the very strong increase in sales of +18.1% benefited
from a price effect that remained very high at +19.0%. Healthcare
sales were up +5.8%, driven notably by the strong development of
diabetes treatment in Home Healthcare and higher medical gas prices
in response to inflation. Large Industries revenue was down -3.6%
in the 1st half-year, however this was a significant improvement
compared to a 2nd half of 2022 heavily impacted by the sharp
increase in energy prices.
Europe Gas & Services H1 2023 Revenue
- Revenue from Large Industries was down -3.6% in
the 1st half-year, however a strong improvement compared to sales
that were down -22% in the 2nd half of 2022 due to the sharp rise
in energy prices. Customer demand strengthened in the 1st half-year
in a context of lower energy prices and sales benefited from the
start-up of a new Air Separation Unit (ASU) in Poland at the
beginning of the year. Hydrogen volumes progressed in the 2nd
quarter in Refining. The level of activity in the 2nd quarter was
broadly stable compared to the 1st quarter.
- In the Industrial Merchant business, sales growth
remained extremely strong, at +18.1%, supported by a
price effect of +19.0%, still very high, with a
slight sequential decrease in the 2nd quarter (+16.4%). Volumes
increased excluding helium and liquefied CO2 (whose supply was
restricted for several months). They benefited in particular from
sustained demand in the Automotive and Metallurgy sectors.
- Revenue from Healthcare increased by +5.8% in the
1st half-year. Diabetes treatment was the largest contributor to
the strong growth in Home Healthcare sales, followed by sleep
apnea. Growth in Medical Gases revenue was supported by rising
prices in an inflationary context. Growth in Specialty Ingredients
sales remained dynamic, with a strong contribution from price
increases associated with raw material cost inflation.
Europe
- Air Liquide and Holcim have signed a
Memorandum of Understanding (MoU) to pursue a project to
decarbonize Holcim’s new cement production plant under
development in Belgium, using Air Liquide proprietary
Cryocap™ carbon capture innovative technology. The joint
funding request was selected by the European Union Innovation
Fund.
- Air Liquide will implement for
Verallia, in Italy, a customized solution allowing to
reduce CO2 emissions and energy consumption. The furnace will
use the oxy-combustion process and the HeatOx™
proprietary technology to recover the heat.
- Air Liquide announced the construction of
an industrial scale ammonia (NH3) cracking pilot plant in
the port of Antwerp, Belgium. When transformed into ammonia,
hydrogen can be easily transported over long distances. Using
innovative technology, this plant will make it possible to
convert, with an optimized carbon footprint, ammonia into
hydrogen.
Asia Pacific
Sales in Asia Pacific were up +3.8% in the 1st half of
2023 and amounted to 2,763 million euros. Large Industries
revenue, down -5.9%, was impacted in particular by weak demand and
customer shutdowns. In Industrial Merchant, the sharp increase in
sales of +12.1% was supported by a price effect of +9.2% and a
strong increase in volumes in China in the 2nd quarter. In the
Electronics business (+7.3%), after double-digit sales growth in
the 1st quarter, revenue growth was more moderate in the 2nd
quarter (+4.3%).
Asia Pacific Gas & Services H1 2023 Revenue
- Sales in Large Industries were down -5.9% in the
1st half-year, with trends observed at the beginning of the year
continuing in the 2nd quarter. Demand thus remained low,
particularly in air gases for the Steel industry in Japan and in
Chemicals. Sales were also impacted by customer maintenance
turnarounds, including one extended stoppage in China.
- Industrial Merchant revenue was up sharply by
+12.1%. The price effect stood at a very high level
of +9.2% in the 1st half-year, with particularly strong
price increases in Japan and Australia. In China, after the
beginning of the year was marked by a wave of covid-19, volumes
rose sharply from March, with the comparison effect also favorable
in the 2nd quarter. In the region, the Manufacturing, Food and
Technology sectors supported the increase in volumes.
- Sales in the Electronics business were up by
+7.3% in the 1st half-year. Following double-digit growth in
the 1st quarter, revenue growth was more moderate in the 2nd
quarter due to a very high basis of comparison in 2022 and lower
demand from memory manufacturers. Sales of materials were down,
while Carrier Gas revenue was up sharply, supported by the start-up
and ramp-up of new units and by the increase in the price of
helium. After a very strong increase in the 1st quarter, Equipment
& Installation sales were stable in the 2nd quarter compared to
a high level in 2022.
Asia Pacific
- Air Liquide has signed a long-term
Power Purchase Agreement (PPA) with subsidiaries of China
Three Gorges, allowing access to solar and wind farms of a
total production capacity of 200 MW. This agreement will
enable up to 120,000 tonnes of CO2 emission reduction per
year. Following PPAs signed in the United States, Europe and South
Africa, this is the first long-term PPA signed by Air Liquide in
China.
- Air Liquide will invest in China
around 60 million euros to revamp two Air Separation
Units (ASUs) in order to use electrical energy instead of
steam, hence significantly reducing the CO2 emissions.
This investment is performed within the frame of a long term supply
contract renewal with Tianjin Bohua Yongli Chemical Industry
CO., Ltd (YLC).
Middle East and Africa
Revenue in the Middle East & Africa region increased by
+5.8% to 508 million euros in the 1st half of 2023.
The sales growth in air gases in South Africa and Egypt explained
the solid performance of Large Industries. In Industrial Merchant,
a high price effect (+8.7%) and the increase in volumes made it
possible to fully absorb the impact of the divestiture of
businesses in the Middle East and achieve solid sales growth. In
the Healthcare business, the development of diabetes treatment in
Saudi Arabia and the contribution of an acquisition in South Africa
were the main drivers of the strong growth in Home Healthcare.
Middle East and Africa
- In the first half, Air Liquide and Sasol announced the
signing of long-term Power Purchase Agreements (PPAs) with
Enel Green Power, TotalEnergies and its partner Mulilo for the
Sasol site at Secunda in South Africa. The renewable
energy capacities secured by Air Liquide and Sasol under these
contracts reach 480 MW and are part of their joint
commitment to secure a total capacity of 900 MW of renewable
energy for the site.
Engineering & Construction
Consolidated revenue from Engineering & Construction totaled
180 million euros in the 1st half of 2023, down
-17.3% compared to the high sales to third-party customers
in the 1st half of 2022. Consolidated revenue does not reflect the
volume of activity carried out with internal projects in Large
Industries or Electronics.
Order intake amounted to 530 million euros, a slight
increase compared to the 1st half of 2022. Orders for third-party
customers represent more than half of the total and include large
scale hydrogen production and liquefaction units. Group projects
include Air Separation Units, a rare gas production unit and an
industrial scale pilot ammonia cracking unit.
Engineering & Construction
- Air Liquide, through its Engineering & Construction
Division, will work with KBR to offer fully integrated
low-carbon ammonia solutions based on Autothermal Reforming
(ATR) technology. Air Liquide is a world leader in ATR
technology, one of the most suitable solutions for large-scale
production of low-carbon hydrogen (H2), which is then combined with
nitrogen (N2) to produce low-carbon ammonia (NH3). The solutions
provided with KBR, the world leader in ammonia technology, will
also contribute to the development of a global low-carbon
hydrogen market as, when transformed into ammonia, hydrogen can
be easily transported over long distances.
Global Markets & Technologies
Sales in the Global Markets & Technologies business
increased by +3.9% and amounted to 395 million euros
in the 1st half-year. Organic growth reached +17%,
excluding the divestiture of the biogas distribution for mobility
and the manufacture of small-scale cryogenic vessels businesses.
Sales of technological equipment, particularly for the liquefaction
of gases (in particular Turbo-Braytons), were up sharply. The
ramp-up of the hydrogen liquefier in the United States contributed
to the very strong growth of hydrogen mobility.
Order intake for Group projects and third-party customers
reached 496 million euros. This notably included
Turbo-Brayton LNG reliquefaction units, biogas processing equipment
in the United States, hydrogen refueling stations, and equipment
for the electronics industry.
Global Markets &
Technologies
- Air Liquide and Groupe ADP
announced the creation and start of activities of Hydrogen
Airport, the first engineering and consulting joint venture
specializing in helping airports integrate hydrogen projects
within their infrastructures.
- Air Liquide and TotalEnergies
announced their decision to create an equally owned joint
venture to develop a network of hydrogen stations,
geared towards heavy duty vehicles on major European
road corridors. This initiative will help
facilitate access to hydrogen, enabling the development of
its use for goods transportation and further strengthening the
hydrogen sector.
- With the opening of Air Liquide’s
high-pressure hydrogen refueling station in Fos-sur-Mer
(Marseille) and the will of Iveco Group to deliver hydrogen
trucks from the end of 2023, the two companies are paving the
way for hydrogen long-haulage mobility in Europe.
- In May 2023, Future Proof Shipping
(FPS) launched the world's first hydrogen-powered container
barge. "H2 Barge 1" transports goods between the port of
Rotterdam (Netherlands) and the region of Antwerp (Belgium) on
behalf of the sports equipment manufacturer Nike. Air Liquide
actively contributed to this project with the supply of hydrogen
and the development of a specific storage system.
OPERATING INCOME RECURRING
Operating income recurring before depreciation and
amortization totaled 3,710 million euros, an
increase of +6.8% and +9.3% excluding the currency impact
compared with the 1st half of 2022.
Purchases were down significantly by -10.3%
excluding currency impacts, due to the decrease in energy costs.
Other purchasing items were up slightly in an inflationary
environment. Personnel costs increased by +8.3%
excluding currency impacts in a context of sustained inflation.
Other operating income and expenses increased by
+12.2% excluding currency impacts and notably included an
increase in maintenance costs and to a lesser extent travel costs,
the level of which nevertheless remained lower than in 2019.
Depreciation and amortization amounted to 1,229
million euros, an increase of +4.5% excluding the
currency impact, reflecting the impact of the start-up of new
units.
The Group's operating income recurring (OIR) reached
2,481 million euros in the 1st half of 2023. It was up by
+8.5% and +13.0% on a comparable basis, which is
significantly higher than the comparable growth in sales of +4.9%.
The operating margin (OIR to revenue) stood at 17.7%,
a strong improvement of +80 basis points excluding the energy
impact. The increase was +160 basis points as published thanks
to the accretive effect linked to the decrease in energy costs
contractually passed through to Large Industries customers.
Efficiencies(4) contributed to this improvement in
margin. They amounted to 206 million euros, up sharply by
+23.6% compared to the 1st half of 2022 and in line with the
annual target of more than 400 million euros. These efficiencies
represent a saving of 1.9% of the cost base. Industrial
efficiencies increased and accounted for more than 50% of the
total. They included energy efficiency and production optimization
projects in Large Industries and supply chain improvements in
Industrial Merchant. The Group's digital transformation
continued: in Large Industries with the connection of new units to
remote operation centers (Smart Innovative Operations, SIO), in
Industrial Merchant with the implementation of tools to optimize
delivery routes for bulk and, increasingly, cylinders, and in
Healthcare with the deployment of remote patient support platforms.
The continued implementation of shared service centers also
contributes to efficiencies as well as the global continuous
improvement program which is supported by a digital platform
facilitating the replication of best initiatives.
Pricing and portfolio management also supported margin
improvement.
Gas & Services
H1 2023 Gas & Services Operating Income Recurring
Gas & Services operating income recurring
totaled 2,587 million euros, up +7.6% as published
compared with the 1st half of 2022, and up +11.8% on a
comparable basis. The operating margin as published stood at
18.4%, a significant improvement of +70 basis points
excluding the energy impact compared with the 1st half of
2022.
Industrial Merchant prices were up +10.7% in the
1st half, demonstrating the Group’s ability to pass through cost
increases. Prices were also up in Large Industries, Electronics and
Healthcare, in all regions.
Gas & Services Operating
margin(a)
H1 2022
H1 2023
2023/2022 excluding
energy impact
Americas
19.3%
19.9%
+10 bps
Europe
14.2%
17.0%
+100 bps
Asia-Pacific
20.7%
22.1%
+170 bps
Middle East & Africa
23.3%
20.0%
-320 bps
TOTAL
17.7%
19.3%
+70 bps
(a) Operating income recurring / revenue
as published
Operating income recurring in the Americas reached
1,029 million euros over the 1st half of 2023, an increase
of +6.2% as published. Excluding the energy impact,
the operating margin increased by +10 basis points compared
with the 1st half of 2022. This improvement was supported by the
increase in the Industrial Merchant business margin, which
benefited from higher prices and volumes and the high level of
efficiencies. In the Electronics business, the significant decline
in sales of advanced materials with high added value, and in Large
Industries, the costs resulting from customer shutdowns, had an
unfavorable impact on the margin, which partially offset the
positive contribution of Industrial Merchant.
Operating income recurring in Europe amounted to 846
million euros, an increase as published of +9.7%
compared with the 1st half of 2022. Excluding the energy
impact, the operating margin improved very significantly by
+100 basis points compared with the 1st half of 2022. The
contribution of the Industrial Merchant business was significant,
with higher prices and efficiencies supporting the increase in the
operating margin. The efficiencies generated in the Healthcare
activity also contributed to the improvement in the margin.
In Asia Pacific, operating income recurring stood at
611 million euros, an increase as published of +7.7%.
Excluding the energy impact, the operating margin improved
by +170 basis points compared with the 1st half of 2022.
This improvement was supported by the increase in the Industrial
Merchant business margin, which benefited from higher prices and
the high level of efficiencies, and by an increase in prices in
Electronics, particularly helium and rare gases. The payment of an
indemnity by a Large Industries customer also contributed to this
improvement.
Operating income recurring for the Middle East and
Africa region amounted to 101 million euros,
representing an increase of +5.2% as published compared with
the 1st half of 2022. Excluding the energy impact,
the operating margin was down by -320 basis points compared
with the 1st half of 2022. The introduction of re-invoicing to the
customer for the costs of the energy consumed by the 17 units at
the Secunda site in South Africa had a highly dilutive effect on
the margin(5).
Engineering & Construction
Operating income recurring for Engineering &
Construction amounted to 18 million euros in the 1st
half of 2023, or 10.0% of sales, in line with medium-term business
objectives.
Global Markets & Technologies
Operating income recurring for Global Markets &
Technologies stood at 64 million euros, an
increase of +29.3% as published compared with the 1st half
of 2022. The operating margin reached 16.2%, a very sharp
increase of +330 basis points compared with the 1st half of
2022. This performance was supported by high efficiencies and the
accretive effect on the margin of the recent activities
divestitures.
Research & Development and Corporate costs
Research & Development expenses and Corporate costs totaled
188 million euros, stable compared with the 1st half of 2022.
NET PROFIT
Other operating income and expenses showed a positive net
balance of 33 million euros. Other operating expenses
amounted to -172 million euros and included in particular the
impairment of an intangible asset and of assets held for sale
(these two items having no cash impact) and, to a lesser extent,
restructuring costs. Other operating income amounted to 205 million
euros and mainly included the sale of the Group’s stake in
Hydrogenics.
The financial result totaled -211 million euros
compared to -180 million euros in the 1st half of 2022. This
includes net finance costs of -118 million euros, down -22.5%
excluding currency impact due to the decrease in average
outstanding debt and to the proceeds generated by the early
redemption of bonds in US dollars. The average net finance
cost of 3.3% was higher than in the 1st half of 2022
(3.0%). The average net finance cost does not include the
exceptional income related to the early redemption of bonds
denominated in US dollars. Other financial income and expenses
stood at -93 million euros compared with -36 million euros in the
1st half of 2022. This sharp increase is due to a provision for
interest on arrears and the impact of the increase in interest
rates on pension obligations.
The tax expense was 539 million euros, an
effective tax rate of 23.4%, lower than in the 1st half of
2022 (25.0%), mainly due to a reduced tax rate on the capital gain
on the divestiture of the Group’s stake in Hydrogenics.
The share of profit of associates amounted to 2
million euros. The share of minority interests in net
profit totaled 44 million euros, down -39.6%,
mainly due to the impairment of an intangible asset.
Net profit (Group share) amounted to 1,722 million
euros in the 1st half of 2023, with an increase as published of
+31.9% and +39.5% excluding the currency impact.
Excluding the proceeds from the sale of the stake in Hydrogenics,
the impairment of an intangible asset and of assets held for sale,
net profit recurring (Group share)(6) amounted to 1,627
million euros. This was up by +4.9% and +11.3% excluding
currency impact, compared to net profit recurring (Group share)
in the 1st half of 2022, a significant increase over comparable
sales growth of +4.9%.
Net earnings per share rose by +32.0% compared
with the 1st half of 2022, in line with the increase in net profit
(Group share). These stood at 3.30 euros per share compared
with 2.50 euros per share in the 1st half of 2022. The average
number of outstanding shares used for the calculation of net
earnings per share as of June 30, 2023 was 521,952,149.
Finance
- Air Liquide has sold its 19% stake
in the fuel cell and hydrogen production technologies provider
Hydrogenics Corporation to Cummins, who owns the remaining
81% of the company. With a large portfolio of technologies, Air
Liquide is more than ever committed to the development of hydrogen
and the Group is a leader in developing and operating large scale
electrolyzers.
- Air Liquide announced in March 2023 the
early redemption of bonds, for a total of 382 million US
dollars, following a Tender Offer relating to two series of
bonds in US dollars maturing in 2026 for the first and in 2046 for
the second.
- Within the context of its project to
build two low-carbon hydrogen production units in the Shanghai
Chemical Industrial Park (SCIP), Shanghai Chemical Industry Park
Industrial Gases Co., Ltd (SCIPIG), a subsidiary of Air Liquide,
signed a bilateral Green Loan of 500 million RMB (around 67
million euros) with BNP Paribas. This green credit is in line
with the principles common to the green taxonomies of China and
the European Union, which define strict criteria for the
production of hydrogen with an emission threshold for low-carbon
hydrogen.
- Scope Ratings, the leading
European credit rating agency, issued an “A” corporate issuer
rating to Air Liquide, as well as an “A” senior unsecured
debt rating and a “S-1” short-term rating to all debt
instruments issued by Air Liquide SA and Air Liquide Finance.
The outlook associated with the issuer rating is positive.
Change in the number of shares
H1 2022
H1 2023
Average number of outstanding shares
522,144,843
521,952,149
Change in Net debt
Cash flow from operating activities before changes in
working capital amounted to 3,211 million euros during
the 1st half of 2023, representing a sharp increase of +10.4% and
+13.2% excluding the currency impact. This amounted to a
high level of 23.0% of sales.
The increase in the working capital requirement (WCR)
compared to December 31, 2022 is limited to 298 million
euros. Net cash flow from operating activities after changes
in working capital requirement amounted to 2,960 million
euros, a sharp increase of +32.1% compared with the 1st
half of 2022.
Gross capital expenditure totaled 1,746 million
euros. Industrial capital expenditure amounted to
1,714 million euros, an increase of +8.9% compared
with the 1st half of 2022, and +12.4% excluding the currency
impact, reflecting dynamic project development activity.
Financial investments totaled 32 million euros
compared with 54 million euros in the 1st half of 2022. Proceeds
from the sale of fixed assets and businesses totaled 252
million euros, including the sale of the Group’s stake in
Hydrogenics and the divestiture of the Large Industries business in
Trinidad and Tobago. This reflects the Group’s active business
portfolio management. Net capital expenditure(7)
totaled 1,457 million euros.
Net debt at June 30, 2023 reached 10,550 million
euros, a sharp decrease compared with 12,010 million euros at
June 30, 2022 and an increase of 289 million euros compared with
December 31, 2022, following the payment of more than 1.6 billion
euros in dividends in May. The net debt-to-equity ratio,
adjusted for the seasonal effect of the dividend payment, reached
39.2%.
The return on capital employed after tax (ROCE) was 10.0%
for the 1st half of 2023. At 10.2%, recurring ROCE(8)
remained above the target of 10.0% in the Advance strategic plan,
and was up sharply by +50 basis points compared to the 1st
half of 2022.
Extra-financial performance
In order to accelerate the decarbonization of its production
units, Air Liquide announced in the 1st half of 2023 the
signing of long-term renewable energy supply contracts (PPAs) for
more than 1,000 GWh per year. This will equate to a reduction of
its annual CO2 emissions by approximately -970,000 tonnes. The
Group has also decided to build a pilot industrial-scale ammonia
cracking unit to enrich its portfolio of low-carbon hydrogen
production solutions.
The European Commission granted subsidies to 2 new carbon
capture projects in Germany and Belgium. They will enable Group
customers in the cement and lime sectors to reduce their
emissions by 2.6 million tonnes of CO2 per year.
Air Liquide has partnered with Lotte Chemical in South Korea and
TotalEnergies in Europe to create joint ventures that will invest
primarily in hydrogen filling centers and refueling stations for
heavy vehicles. The Group has also signed a partnership with Iveco
to develop hydrogen mobility in Europe, with a first refueling
station having been inaugurated in the south of France. Air Liquide
is thus very actively involved in the decarbonization of
mobility.
Importantly, an additional “scope 3” objective and new
biodiversity commitments were also announced in the first half
of 2023.
Sustainable development
- Aware of the importance of contributing
to the achievement of carbon neutrality throughout its value chain
and the importance of its customer relationships, the Group made a
pledge that 75% of its 50 largest customers will have a stated
carbon neutrality commitment by 2025 and 100% by 2035.
- New biodiversity objectives:
- Air Liquide committed to submit a set of engagements towards
biodiversity conservation to Act4nature International.
- Air Liquide committed to develop and implement an aggregated
biodiversity KPI by 2025, allowing the Group to monitor and
communicate on its biodiversity performance. This will be defined
in 2023 and be deployed thereafter.
- Air Liquide committed to reinforce its biodiversity
assessment criteria into the investment process for all new
projects by 2024.
INVESTMENT CYCLE
INVESTMENT DECISIONS AND INVESTMENT BACKLOG
In the 1st half of 2023, industrial and financial investment
decisions amounted to 1,798 million euros. They were
stable compared to the very high level of the 1st half of 2022.
Industrial investment decisions reached 1,771 million
euros in the 1st half of 2023, an increase over the 1,738
million euros in investments decided in the 1st half of 2022. The
Electronics business continued to grow, notably with the
signature of long-term contracts for new carrier gas production
units in the United States and Asia, and the investment in a new
production site for advanced materials in Asia. In Industrial
Merchant, 2nd quarter decisions include in particular three
nitrogen generators for a customer manufacturing batteries in the
United States, in addition to the five nitrogen generators decided
in the 1st quarter in China. Within the Global Markets &
Technologies business, the development of hydrogen mobility
continues in China and Korea with investment decisions in hydrogen
filling centers and their logistics chain.
Financial investment decisions totaled 27 million
euros in the 1st half of 2023. They include seven
acquisitions in Industrial Merchant in China, the United
States, Italy and India to intensify the density of our local
presence and thus profitability of the businesses. They also
include the acquisition of a Home Healthcare company in
Sweden and a company that designs and manufactures innovative
equipment for Hydrogen mobility.
At 3.5 billion euros, the investment backlog
remained at a very high level for three quarters and posted a
strong increase compared to the 3.0 billion euros in the 1st half
of 2022. The breakdown of the investment backlog is balanced
between Large Industries and Electronics. These investments should
lead to a future contribution to annual sales of approximately
1.2 billion euros per year after full ramp-up of the
units.
START-UPS
In the 1st quarter, three large Air Separation Units (ASUs) for
Large Industries customers started up in Europe and the
United States. In the 2nd quarter, three carrier gas units also
started up for Electronics customers in China and Japan, as
well as a unit for the assembly of integrated circuits in secondary
electronics in the Industrial Merchant business in
Vietnam.
The additional contribution to sales of unit start-ups
and ramp-ups totaled 139 million euros over the 1st half of
2023. Over full-year 2023, it is expected to be at the low end of
the range of 300 to 330 million euros previously communicated.
INVESTMENT OPPORTUNITIES
At 3.4 billion euros, the 12-month portfolio of
investment opportunities remained very high at the end of June
2023. This reflects the dynamism of project developments,
particularly in the energy transition, representing more
than 40% of the portfolio, as well as in the Electronics
business. The distribution of opportunities is well-balanced
between Americas, supported by the Inflation Reduction Act and the
Chips Act, Europe, where large electrolyzer and carbon capture
projects are in the advanced development phase, Asia, with projects
in Large Industries and Electronics, and lastly, the Middle East.
The portfolio beyond 12 months includes other significant projects
related to the Inflation Reduction Act and the Chips Act in the
United States and the energy transition in Europe and Canada.
RISK FACTORS
There was no change in risk factors during the first half. Risk
factors are described in the 2022 Universal Registration Document
on pages 76 to 94.
OUTLOOK
In a complex and changing macroeconomic and geopolitical
environment, Air Liquide delivered, in the first half of the year,
a very solid performance characterized by sales growth on
a comparable basis and a new increase in its operating
margin excluding the energy impact. This performance highlights
the resilience and quality of its business model and is in
line with the trajectory of the ADVANCE strategic plan.
Revenue reached 13.98 billion euros, an increase of +4.9% on
a comparable basis in the 1st semester. On an as published
basis, the year-over-year comparison was -1.6%, due to the drop in
energy prices - whose variations are passed on to Large Industries
customers - as well as negative currency impacts. The Gas &
Services activity, which represented 96% of the Group’s
revenue, was up +5.3% on a comparable basis. Within this
activity, all regions saw growth, in particular the Americas
and Europe, driven notably by Industrial Merchant and
Healthcare.
In line with its ADVANCE strategic plan, Air Liquide
continued the steady improvement of its operational performance.
The Group generated significant efficiencies of 206
million euros, up +24% despite an inflationary context
unfavorable to savings on purchases, and continued the dynamic
management of its business portfolio. Its ability to create value
allowed it to adjust its prices in Industrial Merchant while
preserving sales volumes. As a result, the operating margin
increased further, by +80 basis points excluding the energy
impact.
Net profit (Group share) amounted to 1.72 billion euros, up +32%
as published. Recurring net profit(9) increased by +11.3%
excluding currency impact. Cash flow(10) grew by +13% excluding
currency impact. The balance sheet is strong with a net debt to
equity ratio of 39.2%(11). Recurring ROCE (12), which amounted to
10.2% at end-June, remains above 10%, in line with ADVANCE’s
objectives.
In terms of outlook, the Group's investment momentum
remained strong, reflecting its commitment to climate and paving
the way for future growth. The project backlog, at 3.5 billion
euros, remained high. Investment decisions reached 1.8 billion
euros this semester. With more than 40% of projects linked to
the energy transition, 12-month investment opportunities are
numerous and total 3.4 billion euros.
In 2023, Air Liquide is confident in its ability to further
increase its operating margin and to deliver recurring net profit
growth, at constant exchange rates(13).
APPENDICES
Performance indicators
Performance indicators used by the Group that are not directly
defined in the financial statements have been prepared in
accordance with the AMF position 2015-12 about alternative
performance measures.
The performance indicators are the following:
- Currency, energy and significant scope impacts
- Comparable sales change and comparable operating income
recurring change
- Operating margin and operating margin excluding energy
impact
- Recurring net profit Group share
- Recurring net profit excluding currency impact
- Net Profit Excluding IFRS16
- Net Profit Recurring Excluding IFRS16
- Efficiencies
- Return on Capital Employed (ROCE)
- Recurring ROCE
Definition of Currency, energy and significant scope
impacts
Since industrial and medical gases are rarely exported, the
impact of currency fluctuations on activity levels and results is
limited to euro translation impacts with respect to the financial
statements of subsidiaries located outside the eurozone. The
currency impact is calculated based on the aggregates for the
period converted at the exchange rate for the previous period.
In addition, the Group passes on variations in the cost of
energy (electricity and natural gas) to its customers via indexed
invoicing integrated into their medium and long-term contracts.
This indexing can lead to significant variations in sales (mainly
in the Large Industries Business Line) from one period to another
depending on fluctuations in prices on the energy market.
An energy impact is calculated based on the sales of each
of the main subsidiaries in Large Industries. Their consolidation
allows the determination of the energy impact for the Group as a
whole. The foreign exchange rate used is the average annual
exchange rate for the year N-1. Thus, at the subsidiary level, the
following formula provides the energy impact, calculated for
natural gas and electricity respectively:
Energy impact = Share of sales indexed to energy year (N-1) x
(Average energy price in year (N) - Average energy price in year
(N-1))
This indexation effect of electricity and natural gas does not
impact the operating income recurring.
The significant scope impact corresponds to the impact on
sales of all acquisitions or disposals of a significant size for
the Group. These changes in scope of consolidation are
determined:
- for acquisitions during the period, by deducting from the
aggregates for the period the contribution of the acquisition,
- for acquisitions during the previous period, by deducting from
the aggregates for the period the contribution of the acquisition
between January 1 of the current period and the anniversary date of
the acquisition,
- for disposals during the period, by deducting from the
aggregates for the previous period the contribution of the disposed
entity as of the anniversary date of the disposal,
- for disposals during the previous period, by deducting from the
aggregates for the previous period the contribution of the disposed
entity.
Note: exceptionally, the acquisition of Sasol air separation
units in 2021 had an impact in 2 steps on Group sales. After the
acquisition of the assets in June 2021 (1st step), devices were
installed on the units in 2022 in order to measure the energy
consumed which, from October 2022 (2nd step), could be re-invoiced
to the customer according to the standard Large Industries
contractual frame. For the sake of transparency in financial
communication, sales related to energy consumed and contractually
re-invoiced to the customer are identified within the significant
scope and are therefore excluded from the comparable growth. This
element will thus be accounted for in the significant scope during
12 months from October 2022.
Calculation of performance indicators (Semester)
COMPARABLE SALES CHANGE AND COMPARABLE OPERATING INCOME
RECURRING CHANGE
Comparable changes for sales and operating income recurring
exclude the currency, energy and significant scope impacts
described above.
(in millions of euros)
H1
2023
H1 2023/2022
Published
Growth
Currency
impact
Natural gas
impact
Electricity
impact
Significant
scope
impact
H1 2023/2022
Comparable
Growth
Revenue
Group
13,980
-1.6%
(302)
(559)
(110)
48
+4.9%
Impacts in %
-2.1%
-4.0%
-0.7%
+0.3%
Gas & Services
13,405
-1.4%
(294)
(559)
(110)
48
+5.3%
Impacts in %
-2.1%
-4.1%
-0.8%
+0.3%
Operating Income Recurring
Group
2,481
+8.5%
(77)
-
-
(21)
+13.0%
Impacts in %
-3.4%
-
-
-1.1%
Gas & Services
2,587
+7.6%
(75)
-
-
(21)
+11.8%
Impacts in %
-3.2%
-
-
-1.0%
OPERATING MARGIN AND OPERATING MARGIN EXCLUDING ENERGY
IMPACT
The operating margin is the ratio of the operating income
recurring divided by revenue. The operating margin excluding energy
impact corresponds to the operating income recurring (not affected
in absolute value by the cost of energy contractually re-invoiced
to Large Industries customers) divided by revenue excluding the
energy impact to which is attached the corresponding currency
impact. The ratio of operating income recurring divided by the
revenue (whether restated or not from the energy impact) is
calculated with rounding to one decimal place. The variation
between 2 periods is calculated as the difference between these
rounded ratios, which can result in positive or negative
differences compared to a more precise calculation, due to
rounding.
H1 2023
Natural gas
impact(a)
Electricity
impact(a)
H1 2023,
excluding energy
impact
Revenue
Group
13,980
(565)
(118)
14,663
Gas & Services
13,405
(565)
(118)
14,088
Operating Income Recurring
Group
2,481
2,481
Gas & Services
2,587
2,587
Operating Margin
Group
17.7%
16.9%
Gas & Services
19.3%
18.4%
(a) Including the currency impact attached
to the considered energy impact.
RECURRING NET PROFIT GROUP SHARE AND RECURRING NET PROFIT
GROUP SHARE EXCLUDING CURRENCY IMPACT
The recurring net profit Group share corresponds to the net
profit Group share excluding exceptional and significant
transactions that have no impact on the operating income
recurring.
H1 2022
H1 2023
2023/2022
variation
(A) Net Profit (Group Share) - As
Published
1,304.8
1,721.6
+31.9%
(B) Exceptional and significant
transactions after-tax with no impact on OIR
- Exceptional provisions on industrial
assets in Russia and other related costs
(419.0)
- Exceptional income related to
joint-venture take-over in Asia-Pacific
205.5
- Provision for risks in Engineering &
Construction
(32.3)
- Sale of Group stake in Hydrogenics
156.5
- Impairment of an intangible asset and of
assets held for sale
(61.6)
(A) - (B) = Net Profit Recurring (Group
Share)
1,550.6
1,626.7
+4.9%
(C) Currency impact
(99.5)
(A) - (B) - (C) = Net Profit Recurring
(Group Share) excluding currency impact
1,726.2
+11.3%
NET PROFIT EXCLUDING IFRS16 AND NET PROFIT RECURRING
EXCLUDING IFRS16
Net Profit excluding IFRS16:
H1 2022
FY 2022
H1 2023
(A) Net Profit as Published
1,377.6
2,903.9
1,765.6
(B) = IFRS16 Impact(1)
(7.2)
(15.6)
(7.1)
(A) - (B) = Net Profit excluding
IFRS16
1,384.8
2,919.5
1,772.7
(1) The IFRS16 impact includes the
reintegration of leasing expenses less depreciation and other
financial expenses booked in relation to IFRS16
Net Profit Recurring excluding IFRS16:
H1 2022
FY 2022
H1 2023
(A) Net Profit as Published
1,377.6
2,903.9
1,765.6
(B) Exceptional and significant
transactions after-tax with no impact on OIR
(245.8)
(402.9)
70.2
(A) - (B) = Net Profit
recurring
1,623.4
3,306.8
1,695.4
(C) IFRS16 Impact(1)
(7.2)
(15.6)
(7.1)
(A) - (B) - (C) = Net Profit recurring
excluding IFRS16
1,630.6
3,322.4
1,702.5
(1) The IFRS16 impact includes the
reintegration of leasing expenses less depreciation and other
financial expenses booked in relation to IFRS16
Nota: the fact that the impaired intangible asset is on the
balance sheet of a company with minority interests explains the
difference between the amount of significant and non-recurring
items after tax taken into account in the calculation of recurring
net profit Group share and the amount
considered in the calculation of non-recurring ROCE (based on 100%
recurring net income excluding IFRS 16).
EFFICIENCIES
Efficiencies represent a sustainable cost reduction resulting
from an action plan on a specific project. Efficiencies are
identified and managed on a per project basis. Each project is
followed by a team composed in alignment with the nature of the
project (purchasing, operations, human resources...).
RETURN ON CAPITAL EMPLOYED - ROCE
Return on capital employed after tax is calculated based on the
Group’s consolidated financial statements, by applying the
following ratio for the period in question.
For the numerator: net profit excluding IFRS16 - net finance
costs after taxes for the period in question.
For the denominator: the average of (total shareholders' equity
excluding IFRS16 + net debt) at the end of the past three
half-years.
H1 2022
FY 2022
H1 2023
ROCE
Calculation
(in millions of euros)
(a)
(b)
(c)
Numerator
(b)-(a)+(c)
Net Profit Excluding IFRS16
1,384.8
2,919.5
1,772.7
3,307.4
Net Finance costs
(144.7)
(288.4)
(118.4)
(262.1)
Effective Tax Rate (1)
24.2%
25.0%
23.9%
Net Finance costs after tax
(109.7)
(216.4)
(90.1)
(196.8)
Net Profit - Net financial costs after
tax
1,494.5
3,135.9
1,862.8
3,504.2
Denominator
((a)+(b)+(c))/3
Total Equity Excluding IFRS16
23,942.0
24,628.5
24,110.1
24,226.9
Net Debt
12,009.9
10,261.3
10,550.4
10,940.5
Average of (total equity + net
debt)
35,951.9
34,889.8
34,660.5
35,167.4
ROCE
10.0%
(1) excluding non-recurring tax impact
RECURRING ROCE
The recurring ROCE is calculated in the same manner as the ROCE
using the recurring net profit excluding IFR16 for the
numerator.
H1 2022
FY 2022
H1 2023
Recurring ROCE
Calculation
(in millions of euros)
(a)
(b)
(c)
Numerator
(b)-(a)+(c)
Net Profit Recurring Excluding
IFRS16
1,630.6
3,322.4
1,702.5
3,394.3
Net Finance costs
(144.7)
(288.4)
(118.4)
(262.1)
Effective Tax Rate(1)
24.2%
25.0%
23.9%
Net Finance costs after tax
(109.7)
(216.4)
(90.1)
(196.8)
Recurring Net Profit Excluding
IFRS16
- Net financial costs after
tax
1,740.3
3,538.8
1,792.6
3,591.1
Denominator
((a)+(b)+(c))/3
Total Equity Excluding IFRS16
23,942.0
24,628.5
24,110.1
24,226.9
Net Debt
12,009.9
10,261.3
10,550.4
10,940.5
Average of (total equity + net
debt)
35,951.9
34,889.8
34,660.5
35,167.4
Recurring ROCE
10.2%
(1) excluding non-recurring tax impact
Calculation of performance indicators (Quarter)
Q2 2023
Q2 2023/2022
Published
Growth
Currency
impact
Natural gas
impact
Electricity
impact
Significant
scope impact
Q2 2023/2022
Comparable
Growth
Revenue
Group
6,806
-7.0%
(291)
(436)
(96)
35
+3.8%
Impacts in %
-4.0%
-5.9%
-1.3%
+0.4%
Gas & Services
6,512
-7.1%
(284)
(436)
(96)
35
+4.1%
Impacts in %
-4.0%
-6.3%
-1.3%
+0.4%
2nd quarter 2023 revenue
BY GEOGRAPHY
Revenue
(in millions of euros)
Q2 2022
Q2 2023
Published change
Comparable change
Americas
2,686
2,530
-5.8%
+4.6%
Europe
2,706
2,336
-13.7%
+4.0%
Asia-Pacific
1,406
1,378
-2.0%
+2.8%
Middle East & Africa
212
268
+26.3%
+7.0%
Gas & Services Revenue
7,010
6,512
-7.1%
+4.1%
Engineering & Construction
113
93
-17.9%
-16.0%
Global Markets & Technologies
197
201
+2.7%
+5.1%
GROUP REVENUE
7,320
6,806
-7.0%
+3.8%
BY WORLD BUSINESS LINE
Revenue
(in millions of euros)
Q2 2022
Q2 2023
Published change
Comparable change
Large industries
2,527
1,858
-26.4%
-3.7%
Industrial Merchant
2,872
3,012
+4.8%
+9.6%
Healthcare
970
1,018
+4.8%
+8.7%
Electronics
641
624
-2.6%
+2.6%
GAS & SERVICES REVENUE
7,010
6,512
-7.1%
+4.1%
Geographic and segment information
H1 2022
H1 2023
(in millions of euros and %)
Revenue
Operating
income
recurring
OIR margin
Revenue
Operating
income
recurring
OIR margin
Americas
5,017
969
19.3%
5,159
1,029
19.9%
Europe
5,424
771
14.2%
4,975
846
17.0%
Asia-Pacific
2,746
567
20.7%
2,763
611
22.1%
Middle East and Africa
413
97
23.3%
508
101
20.0%
Gas & Services
13,600
2,404
17.7%
13,405
2,587
19.3%
Engineering and Construction
221
22
10.1%
180
18
9.9%
Global Markets & Technologies
386
50
12.9%
395
64
16.2%
Reconciliation
-
(190)
-
-
(189)
-
TOTAL GROUP
14,207
2,286
16.1%
13,980
2,481
17.7%
Consolidated income statement
(in millions of euros)
1st half 2022
1st half 2023
Revenue
14,206.6
13,980.3
Other income
103.3
115.3
Purchases
(6,515.7)
(5,736.8)
Personnel expenses
(2,380.0)
(2,545.8)
Other expenses
(1,939.6)
(2,103.1)
Operating income recurring before
depreciation and amortization
3,474.6
3,709.9
Depreciation and amortization expenses
(1,188.6)
(1,229.2)
Operating income recurring
2,286.0
2,480.7
Other non-recurring operating income
205.5
205.3
Other non-recurring operating expenses
(475.3)
(172.3)
Operating income
2,016.2
2,513.7
Net finance costs
(144.7)
(118.4)
Other financial income
29.0
9.8
Other financial expenses
(64.6)
(102.8)
Income taxes
(459.3)
(538.6)
Share of profit of associates
1.0
1.9
PROFIT FOR THE PERIOD
1,377.6
1,765.6
- Minority interests
72.8
44.0
- Net profit (Group share)
1,304.8
1,721.6
Basic earnings per share (in
euros)
2.50
3.30
Consolidated balance sheet
ASSETS (in millions of euros)
December 31, 2022
June 30, 2023
Goodwill
14,587.2
14,300.4
Other intangible assets
1,811.4
1,664.7
Property, plant and equipment
23,646.9
23,658.3
Non-current assets
40,045.5
39,623.4
Non-current financial assets
775.5
752.3
Investments in equity affiliates
185.7
180.8
Deferred tax assets
232.3
191.6
Fair value of non-current derivatives
(assets)
40.8
25.0
Other non-current assets
1,234.3
1,149.7
TOTAL NON-CURRENT ASSETS
41,279.8
40,773.1
Inventories and work-in-progress
1,961.0
2,022.6
Trade receivables
3,034.8
2,971.9
Other current assets
985.4
844.0
Current tax assets
196.3
70.2
Fair value of current derivatives
(assets)
107.6
74.8
Cash and cash equivalents
1,911.4
1,712.2
TOTAL CURRENT ASSETS
8,196.5
7,695.7
ASSETS HELD FOR SALE
41.7
87.4
TOTAL ASSETS
49,518.0
48,556.2
EQUITY AND LIABILITIES (in millions
of euros)
December 31, 2022
June 30, 2023
Share capital
2,879.0
2,880.6
Additional paid-in capital
2,349.0
2,367.8
Retained earnings
15,868.0
16,471.0
Treasury shares
(118.4)
(200.7)
Net profit (Group share)
2,758.8
1,721.6
Shareholders' equity
23,736.4
23,240.3
Minority interests
835.6
806.1
TOTAL EQUITY
24,572.0
24,046.4
Provisions, pensions and other employee
benefits
1,991.1
1,986.9
Deferred tax liabilities
2,465.4
2,434.3
Non-current borrowings
10,168.8
8,762.1
Non-current lease liabilities
1,052.2
1,042.6
Other non-current liabilities
317.8
399.2
Fair value of non-current derivatives
(liabilities)
54.5
46.1
TOTAL NON-CURRENT LIABILITIES
16,049.8
14,671.2
Provisions, pensions and other employee
benefits
282.4
308.9
Trade payables
3,782.6
3,234.0
Other current liabilities
2,215.6
2,161.2
Current tax payables
260.1
311.3
Current borrowings
2,003.9
3,500.5
Current lease liabilities
227.6
222.9
Fair value of current derivatives
(liabilities)
108.6
59.2
TOTAL CURRENT LIABILITIES
8,880.8
9,798.0
LIABILITIES HELD FOR SALE
15.4
40.6
TOTAL EQUITY AND LIABILITIES
49,518.0
48,556.2
Consolidated cash flow statement
(in millions of euros)
1st half 2022
1st half 2023
Operating activities
Net profit (Group share)
1,304.8
1,721.6
Minority interests
72.8
44.0
Adjustments:
• Depreciation and amortization
expense
1,188.6
1,229.2
• Changes in deferred taxes
(24.2)
66.3
• Changes in provisions
357.1
115.9
• Share of profit of equity affiliates
(1.0)
(1.9)
• Profit/loss on disposal of assets
(170.0)
(149.4)
• Net finance costs
108.5
90.7
• Other non cash items
70.7
94.4
Cash flow from operating activities
before changes in working capital
2,907.3
3,210.8
Changes in working capital
(634.5)
(298.4)
Other cash items
(31.9)
47.9
Net cash flows from operating
activities
2,240.9
2,960.3
Investing activities
Purchase of property, plant and equipment
and intangible assets
(1,574.0)
(1,713.9)
Acquisition of consolidated companies and
financial assets
(54.0)
(31.7)
Proceeds from sale of property, plant and
equipment and intangible assets
45.8
34.8
Proceeds from the sale of subsidiaries,
net of net debt sold and from the sale of financial assets
22.5
252.2
Dividends received from equity
affiliates
12.7
1.2
Net cash flows used in investing
activities
(1,547.0)
(1,457.4)
Financing activities
Dividends paid
• L'Air Liquide S.A.
(1,408.1)
(1,578.4)
• Minority interests
(20.1)
(34.0)
Proceeds from issues of share capital
16.8
20.4
Purchase of treasury shares
(192.5)
(82.6)
Net financial interests paid
(145.1)
(135.4)
Increase (decrease) in borrowings
467.0
238.7
Lease liabilities repayments
(125.3)
(116.2)
Net interests paid on lease
liabilities
(14.6)
(18.3)
Transactions with minority
shareholders
-
(8.4)
Net cash flows from (used in) financing
activities
(1,421.9)
(1,714.2)
Effect of exchange rate changes and change
in scope of consolidation
(35.2)
(39.8)
Net increase (decrease) in net cash and
cash equivalents
(763.2)
(251.1)
NET CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE PERIOD
2,138.9
1,760.9
NET CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD
1,375.7
1,509.8
The analysis of net cash and cash equivalents at the end of
the period is as follows:
(in millions of euros)
June 30, 2022
December 31, 2022
June 30, 2023
Cash and cash equivalents
1,519.7
1,911.4
1,712.2
Bank overdrafts (included in current
borrowings)
(144.0)
(150.5)
(202.4)
NET CASH AND CASH EQUIVALENTS
1,375.7
1,760.9
1,509.8
Net debt calculation
(in millions of euros)
June 30, 2022
December 31, 2022
June 30, 2023
Non-current borrowings
(10,690.0)
(10,168.8)
(8,762.1)
Current borrowings
(2,839.6)
(2,003.9)
(3,500.5)
TOTAL GROSS DEBT
(13,529.6)
(12,172.7)
(12,262.6)
Cash and cash equivalents
1,519.7
1,911.4
1,712.2
TOTAL NET DEBT AT THE END OF THE
PERIOD
(12,009.9)
(10,261.3)
(10,550.4)
Statement of changes in net debt
(in millions of euros)
H1 2022
FY 2022
H1 2023
Net debt at the beginning of the
period
(10,448.3)
(10,448.3)
(10,261.3)
Net cash flows from operating
activities
2,240.9
5,810.1
2,960.3
Net cash flows used in investing
activities
(1,547.0)
(3,241.9)
(1,457.4)
Net cash flows used in financing
activities excluding changes in borrowings
(1,743.8)
(1,927.2)
(1,817.6)
Total net cash flows
(1,049.9)
641.0
(314.7)
Effect of exchange rate changes, opening
net debt of newly acquired companies and others
(407.1)
(248.0)
171.5
Adjustment of net finance costs
(104.6)
(206.0)
(145.9)
Change in net debt
(1,561.6)
187.0
(289.1)
NET DEBT AT THE END OF THE
PERIOD
(12,009.9)
(10,261.3)
(10,550.4)
Sales, Operating Income Recurring and investments key figures
synthesis
The following tables gather data already available in
this report. They complement the key figures indicated in
the table on the first page.
Sales
H1 2023 split of revenue and comparable
growth in %
Total
Large Industries
Industrial
Merchant
Electronics
Healthcare
Americas
100%
16%
69%
5%
10%
+6.7%
-3.9%
+10.0%
-5.8%
+13.5%
Europe
100%
38%
32%
2%
28%
+4.8%
-3.6%
+18.1%
N.C.
+5.8%
Asia-Pacific
100%
35%
28%
33%
4%
+3.8%
-5.9%
+12.1%
+7.3%
N.C.
Middle-East and Africa
100%
N.C.
N.C.
N.C.
N.C.
+5.8%
Gas & Services
100%
31%
45%
9%
15%
+5.3%
-3.6%
+12.1%
+6.3%
+8.2%
Engineering & Construction
-17.3%
Global Markets & Technologies
+3.9%
GROUP TOTAL
+4.9%
N.C.: Not communicated.
Operating Income Recurring
Operating margin in %(a)
Operating Income Recurring in million
euros
H1 2022
H1 2023
H1 2023,
excluding energy
impact
2023/2022
excluding energy
impact
Operating
Income
Recurring H1
2023
Americas
19.3%
19.9%
19.4%
+10 bps
1,029
Europe
14.2%
17.0%
15.2%
+100 bps
846
Asia-Pacific
20.7%
22.1%
22.4%
+170 bps
611
Middle-East and Africa
23.3%
20.0%
20.1%
-320 bps
101
Gas & Services
17.7%
19.3%
18.4%
+70 bps
2,587
Engineering & Construction
10.1%
9.9%
9.9%
-20 bps
18
Global Markets & Technologies
12.9%
16.2%
16.2%
+330 bps
64
(a) Operating income recurring /
revenue as published.
Investments
in billion euros
H1 2023
12-month portfolio of investment
opportunities(a)
3.4
Investment decisions(b)
1.8
Investment backlog(a)
3.5
Additional contribution to revenue of unit
start-ups and ramp-ups(b) (in million euros)
139
(a) At the end of the reporting
period.
(b) Cumulated from the beginning of the
calendar year until the end of the reporting period.
The slideshow that accompanies this release is available as
of 7:20 am (Paris time) at
www.airliquide.com.
Throughout the year, follow Air Liquide on
Twitter: @AirLiquideGroup.
UPCOMING EVENTS
2023 3rd Quarter Revenue:
October 25, 2023
A world leader in gases, technologies and
services for Industry and Health, Air Liquide is present in 73
countries with approximately 67,100 employees and serves more than
3.9 million customers and patients. Oxygen, nitrogen and hydrogen
are essential small molecules for life, matter and energy. They
embody Air Liquide’s scientific territory and have been at the core
of the company’s activities since its creation in 1902.
Taking action today while preparing the
future is at the heart of Air Liquide’s strategy. With ADVANCE, its
strategic plan for 2025, Air Liquide is targeting a global
performance, combining financial and extra-financial dimensions.
Positioned on new markets, the Group benefits from major assets
such as its business model combining resilience and strength, its
ability to innovate and its technological expertise. The Group
develops solutions contributing to climate and the energy
transition—particularly with hydrogen—and takes action to progress
in areas of healthcare, digital and high technologies.
Air Liquide’s revenue amounted to more
than 29.9 billion euros in 2022. Air Liquide is listed on the
Euronext Paris stock exchange (compartment A) and belongs to the
CAC 40, CAC 40 ESG, EURO STOXX 50, FTSE4Good and DJSI Europe
indexes.
1 See definition in appendix. 2 See definition and
reconciliation in appendix. 3 See definition and reconciliation in
appendix. 4 See definition in appendix. 5 For more information, see
explanation in appendix. 6 See definition and reconciliation in
appendix. 7 Including transactions with minority shareholders and
dividends received from equity affiliates. 8 See definition and
reconciliation in appendix. 9 Net profit recurring excluding
exceptional and significant transactions that have no impact on the
operating income recurring. 10 Cash Flow from operations before
changes in working capital. 11 Adjusted for dividend seasonality.
12 Recurring ROCE based on Recurring Net Profit. 13 Operating
margin excluding energy passthrough impact. Net profit recurring
excluding exceptional and significant transactions that have no
impact on the operating income recurring.
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