Air Liquide : Outstanding Performance From the -11-

Non-current lease liabilities         1,087.8            969.4 
Other non-current liabilities         261.6              206.5 
Fair value of non-current 
 derivatives (liabilities)            45.8               11.5 
TOTAL NON-CURRENT LIABILITIES         17,535.5           15,697.4 
Provisions, pensions and other 
 employee benefits                    268.4              316.1 
Trade payables                        2,566.6            2,437.9 
Other current liabilities             1,629.0            1,809.2 
Current tax payables                  200.1              215.2 
Current borrowings                    1,831.8            2,180.5 
Current lease liabilities             243.6              218.2 
Fair value of current derivatives 
 (liabilities)                        67.1               59.0 
TOTAL CURRENT LIABILITIES             6,806.6            7,236.1 
LIABILITIES HELD FOR SALE             -                  39.0 
TOTAL EQUITY AND LIABILITIES          43,666.5           41,977.1 
 

Consolidated cash flow statement

 
(in millions of euros)                  31 December 2019  31 December 2020 
Operating activities 
Net profit (Group share)                2,241.5           2,435.1 
Minority interests                      96.1              92.9 
Adjustments: 
-- Depreciation and amortization        2,137.7           2,137.9 
-- Changes in deferred taxes            67.9              (68.4) 
-- Changes in provisions                (106.0)           411.8 
-- Share of profit of associates        (0.7)             4.0 
-- Profit/loss on disposal of assets    35.1              (454.7) 
-- Net finance costs                    249.2             249.0 
-- Other non cash items                 138.6             124.8 
Cash flow from operating activities 
 before changes in net working 
 capital                                4,859.4           4,932.4 
Changes in working capital              (36.7)            364.3 
Other cash items                        (110.5)           (91.0) 
Net cash flows from operating 
 activities                             4,712.2           5,205.7 
Investing activities 
Purchase of property, plant and 
 equipment and intangible assets        (2,636.4)         (2,630.2) 
Acquisition of consolidated companies 
 and financial assets                   (536.9)           (129.1) 
Proceeds from sale of property, plant 
 and equipment and intangible assets 
 (a)                                    584.0             81.3 
Proceeds from the sale of 
 subsidiaries, net of net debt sold 
 and from the sale of financial assets 
 (a)                                    0.4               718.8 
Dividends received from equity 
 affiliates                             4.1               4.6 
Net cash flows used in investing 
 activities                             (2,584.8)         (1,954.6) 
Financing activities 
Dividends paid 
-- L'Air Liquide S.A.                   (1,163.0)         (1,307.9) 
-- Minority interests                   (73.7)            (78.6) 
Proceeds from issues of share capital   39.2              43.7 
Purchase of treasury shares             (148.1)           (49.9) 
Net financial interests paid            (225.4)           (255.1) 
Increase (decrease) in borrowings       (891.0)           (482.0) 
Lease liabilities repayments                              (245.2) 
Net interests paid on lease 
 liabilities                                              (36.6) 
Transactions with minority 
 shareholders                           (31.3)            (16.0) 
Net cash flows from (used in) 
 financing activities                   (2,780.2)         (2,427.6) 
Effect of exchange rate changes and 
 change in scope of consolidation       0.7               (1.4) 
Net increase (decrease) in net cash 
 and cash equivalents                   (652.1)           822.1 
NET CASH AND CASH EQUIVALENTS AT THE 
 BEGINNING OF THE PERIOD                1,548.6           896.5 
NET CASH AND CASH EQUIVALENTS AT THE 
 END OF THE PERIOD                      896.5             1,718.6 
(a) Since December 31, 2020, proceeds from the sale of subsidiaries are 
reported in the line "Proceeds from the sale of subsidiaries, net of net 
debt sold and from the sale of financial assets" whereas they used to be 
included in "Proceeds from sale of property, plant and equipment and 
intangible assets" in 2019. If this presentation had been in use as of 
December 31, 2019, these two lines would have shown 46.8 million euros and 
537.6 million euros respectively. 
 

The analysis of net cash and cash equivalents at the end of the period is as follows:

 
(in millions of euros)                December 31, 2019  December 31, 2020 
Cash and cash equivalents             1,025.7            1,791.4 
Bank overdrafts (included in current 
 borrowings)                          (129.2)            (72.8) 
NET CASH AND CASH EQUIVALENTS         896.5              1,718.6 
 

Net debt calculation

 
(in millions of euros)                December 31, 2019  December 31, 2020 
Non-current borrowings                (11,567.2)         (10,220.2) 
Current borrowings                    (1,831.8)          (2,180.5) 
TOTAL GROSS DEBT                      (13,399.0)         (12,400.7) 
Cash and cash equivalents             1,025.7            1,791.4 
TOTAL NET DEBT AT THE END OF THE 
 PERIOD                               (12,373.3)         (10,609.3) 
 

Statement of changes in net debt

 
(in millions of euros)                              Year 2019   Year 2020 
Net debt at the beginning of the period             (12,534.9)  (12,373.3) 
Net cash flows from operating activities            4,712.2     5,205.7 
Net cash flows used in investing activities         (2,584.8)   (1,954.6) 
Net cash flows used in financing activities 
 excluding changes in borrowings                    (1,663.8)   (1,690.5) 
Total net cash flows                                463.6       1,560.6 
Effect of exchange rate changes, opening net debt 
 of newly acquired companies and others             (62.4)      443.1 
Adjustment of net finance costs                     (239.6)     (239.7) 
Change in net debt                                  161.6       1,764.0 
NET DEBT AT THE END OF THE PERIOD                   (12,373.3)  (10,609.3) 
 

Benoît Potier also comments the Group's 2020 results in a video interview, available in French and English at www.airliquide.com.

The slideshow that accompanies this release is available as of 9:00 am (Paris time) at www.airliquide.com.

Throughout the year, follow Air Liquide on Twitter: @AirLiquideGroup.

 
UPCOMING EVENTS 
 
Sustainability day 
March 23, 2021 
 
2021 1(st) Quarter Revenue 
April 23, 2021 
 
 
A world leader in gases, technologies and services for Industry and Health, 
Air Liquide is present in 78 countries with approximately 64,500 employees and 
serves more than 3.8 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. Air Liquide's ambition is to 
be a leader in its industry, deliver long term performance and contribute to 
sustainability - with a strong commitment to climate change and energy 
transition at the heart of its strategy. The company's customer-centric 
transformation strategy aims at profitable, regular and responsible growth 
over the long term. It relies on operational excellence, selective 
investments, open innovation and a network organization implemented by the 
Group worldwide. Through the commitment and inventiveness of its people, Air 
Liquide leverages energy and environment transition, changes in healthcare and 
digitization, and delivers greater value to all its stakeholders. Air 
Liquide's revenue amounted to more than 20 billion euros in 2020. Air Liquide 
is listed on the Euronext Paris stock exchange (compartment A) and belongs to 
the CAC 40, EURO STOXX 50 and FTSE4Good indexes. 
 
 

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    SOURCE: Air Liquide 
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02-10-21 0135ET