Solid activity levels Robust business development model

Transcription

1 3 rd quarter Solid activity levels Robust business development model Paris, October 26, Pierre Dufour, Senior Executive Vice-President Jean-Pierre Duprieu, Executive Vice-President Fabienne Lecorvaisier, Chief Financial Officer

2 3 rd quarter Solid activity levels Robust business development model Balanced mix of activities Geographical and applications diversity Continued investment dynamic Net debt under control Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 2

3 3 rd quarter Solid activity levels

4 Key figures In m Sales 11/10 11/10 YTD 11/10 11 as published comparable* comparable* Gas & Services 3, % +7.7% +9.5% Engineering and Construction % -14.4% -21.9% Other Activities % +8.9% +8.9% Group Total 3, % +6.6% +7.7% * comparable: excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 4

5 Solid activity levels Quarterly G&S activity indicator* base 100, average Q Q * comparable revenue (excluding forex, natural gas and significant perimeter impacts), adjusted for the number of days per month Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 5

6 Continued growth in Gas & Services G&S comparable growth* % 10% 8% +7.9% +11.0% +10.7% +8.3% +11.3% +11.4% +9.7% +7.7% 6% 4% 2% 0% -2% -4% -6% Q % % -5.2% % Q Q4 * comparable: excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 6

7 and in all geographies G&S Sales Europe 1,621m Americas 728m Asia Pacific 791m Comparable Growth* + 4.3% + 6.2% % % % % /10 YTD /10 Slight downturn in Metal market in Western Europe High comparable base (Oxea in Germany) Southern Europe trends improving Solid chemicals and refining Dynamic IM growth in South America and Canada Healthcare and Electronics growing Ramp-ups in China and Singapore First signs of recovery in IM in Japan End of the E&I cycle in Electronics ME & Africa 83m + 5.1% + 8.9% Arab Spring impact in North Africa Total G&S 3,223m +7.7% +9.5% 0% 5% 10% 15% 20% 25% Asia-Pacific Americas 3% 24% 50% 23% Europe * comparable: excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 7

8 Dynamism of developing economies G&S comparable* sales growth (YTD / YTD ) +9% +6% +21% +2% +32% +9% +16% Advanced Economies Developing Economies +6% +24% * comparable: excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 8

9 Gas & Services growth*: +7.7% in Industrial Merchant: +3.2% YTD Large Industries: +15.2% YTD 8% 3% -2% -7% -12% -9% % Q % +8% +5% +5% +4% +2% +3% Q4 20% 15% 10% 5% 0% -5% -3% -4% Q % +13% +21% +22% Q4 +17% +17% +11% 30% 15% -15% -30% Electronics: +19.4% YTD 0% -19% % Q % +25% +21% +26% Q4 +28% +19% +13% 38% 10% 36% 16% 12% 10% 8% 6% 4% 2% 0% Healthcare: +7.6% YTD +9% +9% 2009 Q % +5% +3% +1% Q4 +8% +8% +7% * comparable growth: excluding forex, natural gas and significant perimeter impacts, relative to the same period in preceding year Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 9

10 Good order intake in Engineering & Construction Third party E&C sales E&C order intake 300 In m In m YTD Year Q Stabilization of third party sales Good level of order intake Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 10

11 E&C strategy evolution Lurgi refocused on Internal sales Total E&C sales Less construction scope for third parties Third-party E&C sales Internal sales Third-party sales EPC* EP* 44 % % Internal sales 52 % Third-party sales YTD EPC* 21 % EP* * Engineering, Procurement and Construction Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 11

12 Recent trends in our end markets Large Industries - Steel - - Chemicals - - Refining - Industrial Merchant - Auto & Fab - - Food & Pharmacy - - Craftsmen & Distributors - Electronics - Integrated circuits - - Flat screens TFT/LCD - - Photovoltaic - Healthcare - Home healthcare - - Medical gases - - Hygiene - Engineering & Construction - Requests for quotation - Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 12

13 Other activities contribution Continued recovery in Welding Steady Specialty Chemicals and Diving 20% 10% 0% -10% +10% +7% +3% -6% -8% -2% +12% +13% +10% +8% +6% 20% 10% 0% -10% -1% +4% +3% +9% -7% -8% +1% -1% +19% +15% +11% +12% +8% +4% +5% -20% -20% -30% -40% Q % -29% -34% -35% Q Q % -40% Q Q Q Sales +11% in YTD * Sales +7% in YTD * * comparable growth, excluding forex Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 13

14 Steady operating performance Gas & Services sales Efficiencies In bn % (1) In m Annual Objective: > 200m YTD 08 YTD 09 YTD 10 YTD GOAL GOAL GOAL YTD M YTD In bn 1,5 1 0,5 0-0,5 Net Capex (2) YTD 08 YTD 09 YTD 10 YTD 11 Industrial Financial investments, net of divestitures In bn Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, ,5 1 0,5 0 Operating Cash flow (3) YTD 08 YTD 09 YTD 10 YTD 11 (1) comparable growth YTD vs YTD (2) including transactions with minority shareholders (3) before change in working capital 2.0

15 3 rd quarter Robust business development model Balanced mix of activities Geographical and applications diversity Continued investment dynamic Net debt under control

16 Robust business models and balanced mix of activities Industrial Merchant Diversified customers / applications 1 to 5-year contracts, fixed part ~ 20% Large Industries Contracts >15 years, take-or-pay ~70 % Cost indexation G&S Sales YTD Electronics 38% 36% Healthcare Carrier gases: 10-year contracts Consistent demand growth 10% 16% Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 16

17 Geographic expansion Global presence Acceleration in developing countries YTD G&S sales 10 historic countries France Germany Spain 30% Italy Belgium 70% Netherlands United-States Canada Japan Australia 70 other countries 15% 16% 19% 22% 22% YTD G&S sales growth 10 historic countries 45% 55% 70 other countries Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 17

18 Diverse and dynamic applications portfolio 5 business lines, more than 1,000 applications Syngas purification Welding Engineering & Construction Others Food & Pharmaceuticals Refrigerated Transport Materials & Energy H 2 energy New pathologies Home healthcare Hospitals Automotive & Fabrication Offshore Photovoltaic Electronics Others Metals Technology & Research Artisans & Distributors LED Energy Chemicals Heavy crude refining CO 2 capture O 2 Gasification Breakdown of sales Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 18

19 Continued investment momentum 12-month portfolio of opportunities Investment decisions Net capex* Start-ups** In bn 3.9 0, , ,9 In bn In bn ,0 2,9 3,0 12 YTD YTD YTD YTD YTD YTD Dec-10 June-11 Sept e 2012e 77 % 61 % 49% 58 % Developing Economies Advanced Economies * Industrial and financial investments, including transaction with minority shareholders, net of divestitures ** Industrial projects > 10m Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 19

20 New project signing Investment decisions Turkey Site takeover and new capacity China, Singapore, Taiwan New O 2 contracts Qatar Helium Canada Services to oil & gas exploration and production Industrial Merchant Acquisitions in developing economies Electronics Photovoltaic * Industrial and financial investments, including minorities In bn 1.9 Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, YTD 08 YTD 09 YTD 10 YTD 11 Investment decisions* Industrial Merchant Other Electronics Large Industries Healthcare

21 Sustained long-term investment returns Operating income vs. capital employed* Base Operating income recurring Capital employed June 11 ** * Shareholders equity + minority interests + net debt, end of the period ** June : H1 operating income recurring x 2 Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 21

22 Strong balance sheet Available liquidity, September : 3.8bn Group debt maturity profile next 3 years: 2.1bn In bn 2,0 In bn 2,0 1,6 1,6 1, ,2 0, , ,4 0,0 0,4 0, Cash and cash equivalents Bonds and private placements Confirmed credit lines Commercial paper Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 22

23 Access to new financing markets Issuance in RMB in September 200m, 5 years Coupon: 3.00% + 100m, 7 years Coupon: 3.95% Europe Investors by geography (for the 5-year tranche) Others 12% 33% 3% 52% Hong Kong Singapore Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 23

24 Net debt under control Net debt to equity ratio vs. sales Group sales Base Gearing In % 105% % % % 75 45% 50 30% 25 15% June 11* 0% * June figures: Indebtedness corrected for seasonality and dividend; H1 sales x 2 Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 24

25 Outlook * Activity globally in line Steady operating performance Robust business development model objective confirmed Continued steady growth of net profit in * in a normal environment Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 25

26 3 rd quarter Appendices

27 YTD Revenue breakdown by region Europe 22% Americas Gas & Services Revenue YTD : 9.6bn 52% 24% 2% Asia Middle-East and Africa Europe: 4.9bn Americas: 2.1bn Asia: 2.3bn 33% 39% 47% 35% 37% 32% 4% 24% 8% 10% 27% 4% Industrial Merchant Large Industries Healthcare Electronics Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 27

28 Europe in Industrial Merchant Strong growth in Central and Eastern Europe Western Europe stable excluding internal transfers Pricing impact positive Large Industries Small decline in Metals demand Maintenance outages Comparison base including site takeovers in Germany in Healthcare Solid activity despite pressure on rates Home healthcare dynamism and contribution from acquisitions Gas & Services sales: 1,621m -0.9% 11/10 Comparable change: +4.3%* Industrial Merchant 24% +5.5% 40% +6.0% 33% Large Industries Healthcare -2% 0% 2% 4% 6% 8% 10% In m Revenue YTD 4,919 Published growth +7.9% 3% Comparable growth* +6.2% * Excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 28

29 Americas in Industrial Merchant Continued recovery in North America Positive pricing effect Strong growth in Latin America Large Industries Ramp-ups in South America Chemicals and Refining demand solid Maintenance outages in the US Healthcare Strong development in Latin America Electronics New carrier gas contracts Equipment and Installation contract completion Gas & Services sales: 728m 11/10 Comparable change: +10.6%* Industrial Merchant +6.7% 8% 10% 47% 35% +9.5% 0% 4% 8% 12% In m Revenue YTD 2,137 Published growth +4.0% Large Industries +11.2% Healthcare + 38,4 % Electronics Comparable growth* +10.3% * Excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 29

30 Asia-Pacific in Industrial Merchant New liquid capacities in China First signs of recovery in Japan Large Industries Numerous ramp-ups in China H 2 volume increase in Singapore High basis of comparison, integrating the site takeover in South Korea in Electronics New photovoltaic contracts Equipment and Installation sales down sequentially Weak activity level in Japan Gas & Services sales: 791m 11/10 Comparable change: +12.5%* +3.0% Industrial Merchant +7.1% Large Industries +29.7% Electronics 26% 38% 4% 32% 0% 4% 8% 12% In m Revenue YTD 2,296 Published growth +20.2% Comparable growth* +16.8% * Excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 30

31 Revenue analysis by quarter (1) Sales in m 10 Q /10 as published 11/10 comparable* Europe 1,555 1,644 1,647 1,651 1, % +4.3% Americas % +10.6% Asia-Pacific % +12.5% Middle-East & Africa % +5.1% Gas & Services 3,043 3,148 3,185 3,171 3, % +7.7% Engineering & Construction % -14.4% Other Activities % +8.9% Group Total 3,429 3,543 3,543 3,573 3, % +6.6% * Excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 31

32 Revenue analysis by quarter (2) Sales in m 10 Q /10 as published 11/10 comparable* Industrial Merchant 1,217 1,222 1,200 1,199 1, % +3.4% Large Industries 1,036 1,097 1,133 1,121 1, % +11.3% Electronics % +13.2% Healthcare % +7.2% Gas & Services 3,043 3,148 3,185 3,171 3, % +7.7% Engineering & Construction % -14.4% Other Activities % +8.9% Group Total 3,429 3,543 3,543 3,573 3, % +6.6% * Excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 32

33 G&S Revenue growth by quarter (3) Growth as published Natural Gas Change Significant perimeter Comparable growth* +18.6% +1.6% +6.3% % +21.0% +2.4% +7.6% % Q % +0.8% +6.4% % +15.4% +0.5% +3.5% % +8.1% +1.6% -3.2% % +5.9% +1.0% -1.9% -0.9% +7.7% * Excluding forex, natural gas and significant perimeter impacts Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 33

34 Impact of Currency and natural gas on Gas & Services revenue Currency In m 10 Q /USD /CAD /JP Others (59) (10) (3) (22) (43) (4) +3 (13) Total currency impact (94) (57) Average currency rate /USD /CAD /JP 10 Q In m Natural Gas Impact Natural Gas Air Liquide, the world leader in gases for industry, health and the environment Revenue October 26, 34

35 For further information, please contact: Investor Relations Virginia Jeanson + 33 (0) Annie Fournier + 33 (0) Bastien Maurice + 33 (0) Communications Anne Lechevranton + 33 (0) Corinne Estrade-Bordry + 33 (0) L Air Liquide S.A. Corporation for the study and application of processes developed by Georges Claude with registered capital of ,00 euros Corporate headquarters: 75, Quai d Orsay Paris Cedex 07 Tel : +33 (0) RCS Paris