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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Air Liquide    AI   FR0000120073

AIR LIQUIDE

(AI)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 10/27 02:32:01 am
130.775 EUR   -0.44%
10/26AIR LIQUIDE(L) : UBS gives a Buy rating
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10/26AIR LIQUIDE(L) : Bernstein reiterates its Buy rating
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Air Liquide: H1 2020 Results -8-

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07/30/2020 | 02:35am EDT

For the 1(st) half 2020, the calculations are the following:

 
                          H1                                                       H1 
                          2020/2019             Natural               Significant  2020/2019 
(in millions of   H1      Published   Currency  gas      Electricity  scope        Comparable 
euros)            2020    Growth       impact   impact    impact      impact       Growth 
Revenue 
Group             10,273  -6.2%       11        (239)    (62)         (45)         -3.2% 
Impacts in %                          +0.1%     -2.2%    -0.5%        -0.4% 
Gas & Services    9,920   -5.8%       10        (239)    (62)         (45)         -2.7% 
Impacts in %                          +0.1%     -2.2%    -0.6%        -0.4% 
Operating Income 
Recurring 
Group             1,813   0.0%        0         -        -            (4)          +0.2% 
Impacts in %                          +0.0%     -        -            -0.2% 
Gas & Services    1,947   +0.4%       0         -        -            (4)          +0.7% 
Impacts in %                          +0.0%     -        -            -0.3% 
 

OPERATING MARGIN AND OPERATING MARGIN EXCLUDING ENERGY

 

The operating margin is the ratio of the operating income recurring divided by revenue. The operating margin excluding energy corresponds to the operating income recurring, not affected by the indexation effect of electricity and natural gas, divided by revenue excluding the energy impact. Natural Gas and Electricity impacts used for this calculation include currency impact on their respective amounts.

 
                                                                 H1 2020, 
                                                                 excluding 
                                       Natural gas  Electricity  energy 
                              H1 2020   impact       impact      impact 
Revenue        Group          10,273   (240)        (63)         10,576 
 Gas & Services               9,920    (240)        (63)         10,223 
Operating 
 Income 
 Recurring     Group          1,813    -            -            1,813 
 Gas & Services               1,947    -            -            1,947 
Operating 
 Margin        Group          17.6%                              17.1% 
 Gas & Services               19.6%                              19.0% 
 

RECURRING NET PROFIT GROUP SHARE

 

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.

 

The recurring net profit Group share in 1(st) half 2020 excluded the exceptional expenses (after-tax) linked to the management of the COVID-19 pandemic during the period. It reached 1,113.1 million euros.

 

The recurring net profit Group share in 1(st) half 2019 excluded the provision for the after-tax loss on the Fujian Shenyuan divestment. It reached 1,126.0 million euros.

 
                                                            H1 2020/2019 
                                          H1 2019  H1 2020   Growth 
(A) Net Profit (Group Share) - As 
 Published                                1,059.0  1,078.4  + 1.8 % 
(B) Exceptional and significant 
transactions after-tax with no impact 
on OIR 
- Provision on after-tax loss on the 
 Fujian Shenyuan divestment               (66.8) 
- Exceptional expenses linked to the 
 management of the COVID-19 pandemic               (34.7) 
(A) - (B) = Net Profit Recurring (Group 
 Share)                                   1,125.8  1,113.1  - 1.1 % 
 

NET PROFIT EXCLUDING IFRS16 AND NET PROFIT RECURRING EXCLUDING IFRS16

 
                                           H1 2019  2019     H1 2020 
(A) Net Profit as Published                1,107.2  2,337.6  1,124.6 
(B) = IFRS16 Impact(a)                     (7.6)    (14.4)   (6.8) 
(A) - (B) = Net Profit excluding IFRS16    1,114.8  2,352.0  1,131.4 
 

(a) The IFRS16 impact includes the reintegration of leasing expenses less depreciation and other financial expenses booked in relation to IFRS16.

 
                                             H1 2019  2019       H1 2020 
(A) Net Profit as Published                  1,107.2  2,337.6    1,124.6 
(B) Exceptional and significant 
 transactions after-tax with no impact on 
 OIR                                         (66.8)   (65.9)(b)  (34.7) 
(A) - (B) = Net Profit Recurring             1,174.0  2,403.5    1,159.3 
(C) IFRS16 Impact(a)                         (7.6)    (14.4)     (6.8) 
(A) - (B) - (C) = Net Profit Recurring 
 excluding IFRS16                            1,181.6  2,417.9    1,166.1 
 

(a) The IFRS16 impact includes the reintegration of leasing expenses less depreciation and other financial expenses booked in relation to IFRS16.

 

(b) Actual after-tax loss on the Fujian Shenyuan divestiture.

 

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 considered.

 

For the denominator: the average of (total shareholders' equity excluding IFRS16 + net debt) at the end of the past three half-years.

 
                                                                 ROCE 
                                   H1 2019   2019      H1 2020   Calculation 
(in millions of 
euros)                             (a)       (b)       (c) 
                  Net Profit 
Numerator          Excluding 
 (b) - (a) + (c)   IFRS16          1,114.8   2,352.0   1,131.4   2,368.6 
 Net Finance 
  costs                            (185.1)   (361.6)   (170.5)   (347.0) 
 Effective Tax 
  Rate (1)                         25.4%     25.0%     25.2% 
 Net Finance 
  costs after 
  tax                              (138.1)   (271.2)   (127.5)   (260.6) 
 Net Profit - 
  Net financial 
  costs after 
  tax                              1,252.9   2,623.2   1,258.9   2,629.2 
                  Total Equity 
Denominator        Excluding 
 ((a)+(b)+(c))/3   IFRS16          17,966.0  19,338.8  18,777.5  18,694.1 
 Net Debt                          13,698.8  12,373.3  13,175.7  13,082.6 
 Average of 
  (total equity 
  + net debt)                      31,664.8  31,712.1  31,953.2  31,776.7 
ROCE                                                             8.3% 
 

(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 IFRS16 for the numerator.

 
                                                                 ROCE 
                                   H1 2019   2019      H1 2020   Calculation 
(in millions of 
euros)                             (a)       (b)       (c) 
                  Net Profit 
                   Recurring 
Numerator          Excluding 
 (b) - (a) + (c)   IFRS16          1,181.6   2,417.9   1,166.1   2,402.4 
 Net Finance 
  costs                            (185.1)   (361.6)   (170.5)   (347.0) 
 Effective Tax 
  Rate (1)                         25.4%     25.0%     25.2% 
 Net Finance 
  costs after 
  tax                              (138.1)   (271.2)   (127.5)   (260.6) 
 Recurring Net 
  Profit - Net 
  financial 
  costs after 
  tax                              1,319.7   2,689.1   1,293.6   2,663.0 
                  Total Equity 
Denominator        Excluding 
 ((a)+(b)+(c))/3   IFRS16          17,966.0  19,338.8  18,777.5  18,694.1 
 Net Debt                          13,698.8  12,373.3  13,175.7  13,082.6 
 Average of 
  (total equity 
  + net debt)                      31,664.8  31,712.1  31,953.2  31,776.7 
Recurring ROCE                                                   8.4% 
 

(1) excluding non-recurring tax impact

 

Calculation of performance indicators (Quarter)

 
                  Q2                                                          Q2 
                  2020/2019             Natural                 Significant   2020/2019 
           Q2     Published   Currency  gas       Electricity   scope         Comparable 
           2020   Growth       impact   impact     impact       impact        Growth 
Revenue 
Group      4,903  -11.0%      (31)      (135)     (31)          (32)          -6.9% 
Impacts 
 in %                         -0.5%     -2.5%     -0.5%         -0.6% 
Gas & 
 Services  4,729  -10.7%      (30)      (135)     (31)          (32)          -6.5% 
Impacts 
 in %                         -0.5%     -2.6%     -0.6%         -0.5% 
 

2(nd) quarter 2020 revenue

 

BY GEOGRAPHY

 
Revenue 
 (in millions of euros)  Q2 2019  Q2 2020  Published change  Comparable change 
Americas                 2,148    1,853    -13.7%            -11.4% 
Europe                   1,782    1,649    -7.4%             -2.5% 
Asia-Pacific             1,211    1,097    -9.4%             -3.3% 
Middle East & Africa     158      130      -17.6%            -8.6% 
Gas & Services Revenue   5,299    4,729    -10.7%            -6.5% 
Engineering & 
 Construction            83       52       -38.5%            -38.4% 
Global Markets & 
 Technologies            129      122      -5.8%             -5.7% 
GROUP REVENUE            5,511    4,903    -11.0%            -6.9% 
 

BY WORLD BUSINESS LINE

 
Revenue 
 (in millions of euros)  Q2 2019  Q2 2020  Published change  Comparable change 
Large industries         1,414    1,136    -19.7%            -4.2% 
Industrial Merchant      2,462    2,107    -14.4%            -14.4% 
Healthcare               924      977      +5.8%             +7.6% 
Electronics              499      509      +2.1%             +0.5% 
GAS & SERVICES REVENUE   5,299    4,729    -10.7%            -6.5% 
 

(MORE TO FOLLOW) Dow Jones Newswires

07-30-20 0135ET


Stocks mentioned in the article
ChangeLast1st jan.
AIR LIQUIDE -1.50% 131.35 Real-time Quote.4.08%
DOW JONES AFRICA TITANS 50 INDEX -0.61% 480.01 Delayed Quote.-10.78%
REVENUE GROUP -1.75% 1.12 End-of-day quote.-19.42%
S&P AFRICA 40 INDEX 0.04% 158.61 Delayed Quote.-6.98%
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Financials
Sales 2020 20 634 M 24 391 M 24 391 M
Net income 2020 2 333 M 2 758 M 2 758 M
Net Debt 2020 12 411 M 14 671 M 14 671 M
P/E ratio 2020 26,2x
Yield 2020 2,10%
Capitalization 61 952 M 73 212 M 73 232 M
EV / Sales 2020 3,60x
EV / Sales 2021 3,38x
Nbr of Employees 67 000
Free-Float 97,1%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 148,27 €
Last Close Price 131,35 €
Spread / Highest target 42,4%
Spread / Average Target 12,9%
Spread / Lowest Target -8,64%
EPS Revisions
Managers
NameTitle
Benoît Potier Chairman & Chief Executive Officer
Fabienne Lecorvaisier Chief Financial Officer & Executive Vice President
Thierry Peugeot Director
Jean-Paul Agon Lead Independent Director
Siân Herbert-Jones Independent Director
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