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

AIR LIQUIDE

(AI)
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Delayed Quote. Delayed Euronext Paris - 10/23 11:35:18 am
133.35 EUR   +2.38%
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Air Liquide: H1 2020 Results -9-

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07/30/2020 | 02:35am EDT

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


Stocks mentioned in the article
ChangeLast1st jan.
AIR LIQUIDE 2.38% 133.35 Real-time Quote.5.67%
DOW JONES AFRICA TITANS 50 INDEX 0.01% 482.99 Delayed Quote.-9.41%
S&P AFRICA 40 INDEX -0.01% 160.69 Delayed Quote.-6.80%
TOTAL SE 1.67% 28.08 Real-time Quote.-42.93%
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Financials
Sales 2020 20 677 M 24 468 M 24 468 M
Net income 2020 2 343 M 2 772 M 2 772 M
Net Debt 2020 12 412 M 14 688 M 14 688 M
P/E ratio 2020 26,6x
Yield 2020 2,06%
Capitalization 62 895 M 74 450 M 74 427 M
EV / Sales 2020 3,64x
EV / Sales 2021 3,41x
Nbr of Employees 67 000
Free-Float 97,1%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 148,81 €
Last Close Price 133,35 €
Spread / Highest target 40,2%
Spread / Average Target 11,6%
Spread / Lowest Target -10,0%
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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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