AIR LIQUIDE Geographic and segment information
H1 2019 H1 2020
Operating Operating
(in millions of income OIR income OIR
euros and %) Revenue recurring margin Revenue recurring margin
Americas 4,217 730 17.3% 3,975 744 18.7%
Europe 3,611 688 19.0% 3,440 680 19.8%
Asia-Pacific 2,405 473 19.7% 2,236 484 21.7%
Middle East and
Africa 303 47 15.7% 269 39 14.3%
Gas & Services 10,536 1,938 18.4% 9,920 1,947 19.6%
Engineering and
Construction 176 0 0.1% 104 (21) -20.5%
Global Markets &
Technologies 240 24 9.9% 249 24 9.8%
Reconciliation - (149) - - (137) -
TOTAL GROUP 10,952 1,814 16.6% 10,273 1,813 17.6%
Consolidated income statement
1(st) half 2019
(in millions of euros) 1(st) half 2019 restated 1(st) half 2020
Revenue 10,952.1 10,952.1 10,272.8
Other income 78.1 78.1 53.3
Purchases (4,230.3) (4,230.3) (3,631.3)
Personnel expenses (2,183.5) (2,183.5) (2,183.1)
Other expenses (1,738.6) (1,738.6) (1,614.3)
Operating income recurring
before depreciation and
amortization 2,877.6 2,877.6 2,897.4
Depreciation and
amortization expenses (1,063.7) (1,063.7) (1,084.3)
Operating income recurring 1,813.9 1,813.9 1,813.1
Other non-recurring
operating income 0.1 0.1 9.3
Other non-recurring
operating expenses (85.7) (85.7) (101.5)
Operating income 1,728.3 1,728.3 1,720.9
Net finance costs (a) (205.7) (185.1) (170.5)
Other financial income 3.8 3.8 9.6
Other financial expenses
(a) (36.6) (57.2) (55.1)
Income taxes (385.4) (385.4) (380.8)
Share of profit of
associates 2.8 2.8 0.5
PROFIT FOR THE PERIOD 1,107.2 1,107.2 1,124.6
- Minority interests 48.0 48.0 46.2
- Net profit (Group share) 1,059.2 1,059.2 1,078.4
Basic earnings per share
(in euros) 2.25 2.25 2.29
(a) Restated 1(st) half 2019 following changes in 2019 annual financial statements: financial costs before taxes linked to IFRS 16 are reclassified in other financial expenses whereas they were included in net finance costs on 30 june 2019.
Consolidated balance sheet
ASSETS (in millions of euros) December 31, 2019 June 30, 2020 Goodwill 13,943.0 13,914.6 Other intangible assets 1,555.0 1,511.5 Property, plant and equipment 21,117.8 20,921.7 Non-current assets 36,615.8 36,347.8 Non-current financial assets 646.0 618.6 Investments in associates 154.4 163.9 Deferred tax assets 256.6 252.5 Fair value of non-current derivatives (assets) 26.3 76.7 Other non-current assets 1,083.3 1,111.7 TOTAL NON-CURRENT ASSETS 37,699.1 37,459.5 Inventories and work-in-progress 1,531.5 1,579.1 Trade receivables 2,477.9 2,247.3 Other current assets 803.0 804.8 Current tax assets 98.0 8.0 Fair value of current derivatives (assets) 31.3 35.3 Cash and cash equivalents 1,025.7 1,474.2 TOTAL CURRENT ASSETS 5,967.4 6,148.7 ASSETS HELD FOR SALE(a) - 305.2 TOTAL ASSETS 43,666.5 43,913.4 EQUITY AND LIABILITIES (in millions of euros) December 31, 2019 June 30, 2020 Share capital 2,602.1 2,604.0 Additional paid-in capital 2,572.9 2,594.4 Retained earnings 11,582.7 12,202.5 Treasury shares (128.8) (177.4) Net profit (Group share) 2,241.5 1,078.4 Shareholders' equity 18,870.4 18,301.9 Minority interests 454.0 454.4 TOTAL EQUITY 19,324.4 18,756.3 Provisions, pensions and other employee benefits 2,521.2 2,381.9 Deferred tax liabilities 2,051.9 2,048.4 Non-current borrowings 11,567.2 12,487.9 Non-current lease liabilities 1,087.8 1,069.9 Other non-current liabilities 261.6 185.8 Fair value of non-current derivatives (liabilities) 45.8 38.9 TOTAL NON-CURRENT LIABILITIES 17,535.5 18,212.8 Provisions, pensions and other employee benefits 268.4 259.6 Trade payables 2,566.6 2,199.3 Other current liabilities 1,629.0 1,688.3 Current tax payables 200.1 201.2 Current borrowings 1,831.8 2,162.0 Current lease liabilities 243.6 232.5 Fair value of current derivatives (liabilities) 67.1 24.6 TOTAL CURRENT LIABILITIES 6,806.6 6,767.5 LIABILITIES HELD FOR SALE(a) - 176.8 TOTAL EQUITY AND LIABILITIES 43,666.5 43,913.4
(a) On April 7, 2020, Air Liquide announced that it has entered into exclusive negotiation with EQT, a global investment organization, for the sale of its subsidiary Schülke & Mayr GmbH.
Consolidated cash flow statement
1(st) half 2019
(in millions of euros) 1(st) half 2019 restated(a) 1(st) half 2020
Operating activities
Net profit (Group share) 1,059.2 1,059.2 1,078.4
Minority interests 48.0 48.0 46.2
Adjustments:
-- Depreciation and
amortization 1,063.7 1,063.7 1,084.3
-- Changes in deferred
taxes (0.8) (0.8) 1.8
-- Changes in provisions 36.6 36.6 (12.9)
-- Share of profit of
associates (2.8) (2.8) (0.4)
-- Profit/loss on disposal
of assets (54.9) (54.9) (7.2)
-- Net finance costs(a) 147.9 127.3 119.7
-- Other non cash items(a) 71.1 60.8
Cash flows from operating
activities before changes
in working capital 2,296.9 2,347.5 2,370.7
Changes in working capital (330.7) (330.7) (157.0)
Other cash items(a) (8.1) (58.6) (60.9)
Net cash flows from
operating activities 1,958.1 1,958.1 2,152.8
Investing activities
Purchase of property, plant
and equipment and
intangible assets (1,201.3) (1,201.3) (1,319.9)
Acquisition of consolidated
companies and financial
assets (446.4) (446.4) (63.9)
Proceeds from sale of
property, plant and
equipment and intangible
assets 110.8 110.8 68.7
Proceeds from sale of
financial assets 0.1 0.1 13.8
Dividends received from
equity affiliates 1.3 1.3 2.0
Net cash flows used in
investing activities (1,535.5) (1,535.5) (1,299.3)
Financing activities
Dividends paid
-- L'Air Liquide S.A. (1,161.9) (1,161.9) (1,306.7)
-- Minority interests (36.2) (36.2) (42.8)
Proceeds from issues of
share capital 23.4 23.4 26.7
Purchase of treasury shares (148.8) (148.8) (50.4)
Net financial interests
paid (187.5) (187.5) (166.9)
Increase (decrease) in
borrowings 399.5 399.5 1,319.6
Lease liabilities
repayments(b) (121.4)
Net interests paid on lease
liabilities(b) (20.3)
Transactions with minority
shareholders (1.5) (1.5) (9.7)
Net cash flows from (used
in) financing activities (1,113.0) (1,113.0) (371.9)
Effect of exchange rate
changes and change in
scope of consolidation 24.7 24.7 11.7
Net increase (decrease) in
net cash and cash
equivalents (665.7) (665.7) 493.3
NET CASH AND CASH
EQUIVALENTS AT THE (MORE TO FOLLOW) Dow Jones Newswires
07-30-20 0135ET
