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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| C3 AI Inc | NYSE:AI | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.6038 | -1.97% | 29.9762 | 31.5142 | 29.74 | 30.83 | 3,055,393 | 19:02:51 |
From Jul 2019 to Jul 2024
2014 objective maintained
Regulatory News:
Air Liquide (Paris:AI):
Q3 2014 key figures
Q3 2014 highlights
• Group revenue:
+4.3%*• New contracts in growing markets: Air gases for Brazil’s top pulp and paper producer and ultra-high purity nitrogen for China’s number one manufacturer of flat panel displays.
• Additional new unit start-ups: a total of 16 year to date, including 11 in developing economies.
• Innovation and technologies: Investment in a new research and technologies center in China, new developments in hydrogen energy for mobility in the Netherlands and Japan.
3,801 million euros• of which Gas & Services:
+3.6%*
3,446 million euros
* Q3 2014/Q3 2013 change on a comparable basis: excluding currency, natural gas and significant M&A impacts
Commenting on the 3rd quarter 2014, Benoît Potier, Chairman and CEO of the Air Liquide Group, stated:
“In a more contrasted economic environment, the 3rd quarter was marked by good momentum in the Americas and Asia-Pacific, by vigorous revenue growth in developing economies of more than +15% on a comparable basis, and by another slowdown in Western European manufacturing. Overall, the Group grew faster than its market, assessed on the basis of the weighted industrial production index.
The Group’s operating performance remains solid. Ahead of its annual efficiency objective, the Group continues to adapt to market conditions to strengthen its competitiveness. At the same time, it continues to invest and take growth initiatives, particularly in promising markets and in developing economies. Accordingly, the proportion of Gas & Services revenue for industry that is generated in developing economies today exceeds 30%.
In this context and barring a degradation of the environment, Air Liquide is confident in its ability to deliver another year of net profit growth in 2014.”
Q3 2014 Group revenue reached € 3,801 million, up +4.3% on a comparable basis compared with Q3 2013, and up +1.0% on a reported basis. The unfavorable currency translation effect observed in the 1st half slowed this quarter (-1.1% at the Group level). Gas & Services sales, up +3.6% on a comparable basis, in line with the 2nd quarter trend, were stable (+0.1%) as published.
On a comparable basis, all Gas & Services business lines grew in Q3 2014:
- Large Industries, up +3.6%, benefited from start-ups and ramp-ups of new units and sustained demand for air gases and hydrogen in the developing economies of Asia-Pacific, China in particular.
- For Industrial Merchant, up +1.8%, the performance was contrasted depending on the region. Demand remains robust in North America, with in particular sales to oil services in Canada up this quarter. The Industrial Merchant business continues to grow at a rapid pace in the developing economies of Asia-Pacific. In Europe, sales showed improvement in Spain and in the United Kingdom, while other Western European countries were impacted by the slowdown in industrial production. In Eastern Europe, sales continue to grow.
- Electronics growth was a robust +11.7%, driven by higher sales of specialty gases in the United States and in Asia, as well as by the success of the ALOHA™ advanced precursor range in Taiwan, Japan, and the United States.
- Healthcare revenue, up +3.5%, progressed across all regions, boosted by increased need for home healthcare services, as well as by the development of the Group’s Healthcare activities in developing economies and higher hygiene sales.
Engineering and Technology revenue rose by +18.0% on a comparable basis, reflecting progress made on projects underway for third-party customers.
Efficiency gains, which on September 30, 2014 stood at € 233 million, contributed to the Group’s operating performance for the period.
UPCOMING EVENTS
Actionaria exhibition, Paris, FranceNovember 21 and 22, 2014
Full year 2014 resultsFebruary 17, 2015
1st quarter 2015 RevenueApril 24, 2015
World leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with more than 50,000 employees and serves more than 2 million customers and patients. Oxygen, nitrogen and hydrogen have been at the core of the company’s activities since its creation in 1902. Air Liquide’s ambition is to be the leader in its industry, delivering long-term performance and acting responsibly.
Air Liquide ideas create value over the long term. At the core of the company’s development are the commitment and constant inventiveness of its people.
Air Liquide anticipates the challenges of its markets, invests locally and globally, and delivers high-quality solutions to its customers and patients, and the scientific community.
The company relies on competitiveness in its operations, targeted investments in growing markets and innovation to deliver profitable growth over the long-term.
Air Liquide’s revenues amounted to € 15.2 billion in 2013, and its solutions that protect life and the environment represented around 40% of sales. Air Liquide is listed on the Paris Euronext stock exchange (compartment A) and is a member of the CAC 40 and Dow Jones Euro Stoxx 50 indexes.
www.airliquide.comFollow us on Twitter @AirLiquideGroup
2014 third quarter revenue
Q3 revenue growth reached +4.3% on a comparable basis. The combined currency, natural gas and consolidation scope impact remained negative resulting in published sales growth of +1%.
Gas and Services comparable growth was +3.6% in a more contrasted environment. While Industrial Production is slowing down in Western Europe, growth remained solid in the Americas and Asia, and Electronics sales were at a high level, resulting in growth in excess of worldwide industrial production of +2.8% (weighted by Air Liquide Industrial Merchant footprint). Gas and Services for Industry sales in Developing economies were up +15% in the quarter, bringing its share to over 30%. Healthcare benefitted from ongoing growth in demand, particularly in Home Healthcare; somewhat offset by ongoing pressure on tariffs.
Operating margins are under control thanks to ongoing efficiency, the results of the progressive execution of the realignment programs and a reduced gap between cost inflation and pricing. Operating cashflow was solid, up +6.5% excluding currency impact, after financing of the realignment programs. Capital expenditure was in line with the guidance of 2 billion euros for the full year. The balance sheet remains solid.
Investment decisions at 589 million euros for the quarter were slightly higher than in the past quarters but continue to reflect a selective approach to investment.
Revenue(in millions of euros)
Q3 2013
Q3 2014Q3 2014/2013change
Q3 2014/2013Comparable*
YTD 2014/2013Comparable*
Gas and Services 3,444 3,446 +0.1 % +3.6 % +4.3 % Engineering and Technology 184 213+15.6
%
+18.0 % +15.1 % Other activities 137 142 +3.8 % +3.5 % -0.8 % TOTAL REVENUE 3,765 3,801 +1.0 % +4.3 % +4.7 %* comparable growth excluding natural gas, currency and significant M&A impacts. Natural gas is an essential raw material for the production of hydrogen and the operation of cogeneration units. All Large Industries hydrogen and cogeneration contracts have clauses indexing sales to the price of natural gas. Hence, when the natural gas price varies, the price of hydrogen or steam for the customer is automatically adjusted proportionally, according to the indexation.
Revenue analysis
Unless otherwise stated, all the changes in revenue described below are based on comparable data, excluding currency, natural gas and M&A impacts.
Group
Group revenue was 3,801 million euros in Q3 2014, up +1.0% as published. Adjusted for a currency impact of -1.1%, the effect of declining natural gas prices for -1.1%, and the sale of Anios in Q4 2013 -1.2%, Group revenue was up +4.3% on a comparable basis.
Gas and Services
In Q3 2014, Gas and Services revenue totaled 3,446 million euros, up +0.1% as published. The translation impact of currencies against the euro has subsided significantly with the recent euro weakness to only -1.1%. Conversely, natural gas pass-through has fallen more this quarter, with an impact of -1.2%. The adjustment for the disposal of Anios amounted to -1.3%. On a comparable basis, Gas and Services sales rose +3.6% compared to the same period in 2013, in line with Q2. Sustained contribution of start-ups since the beginning of the year and bolt-on acquisitions of +3.0%, compensated for lower base business growth of +0.6%, impacted by low electricity prices and a soft summer for Western European industry.
Revenue(In millions of euros)
Q3 2013 Q3 2014Q3 2014/2013change
Q3 2014/2013Comparable*
Europe 1,745 1,601 -8.3% -2.4% Americas 813 864 +6.3% +7.3% Asia-Pacific 796 890 +11.7% +12.5% Middle East and Africa 90 91+2.0%
+6.6% Gas and Services 3,444 3,446 +0.1% +3.6% Large Industries 1,218 1,217 -0.1% +3.6% Industrial Merchant1,274
1,276 +0.2% +1.8% Healthcare 667 638 -4.3% +3.5% Electronics 285 315 +10.6% +11.7%* comparable growth excluding natural gas, currency and significant M&A impacts
Europe
Q3 2014 European revenue totaled 1,601 million euros, down -2.4% on a comparable basis. While Healthcare remained positive during the period, Industrial Merchant and Large Industries business lines saw a decline in activity, impacted by weak summer demand in Western Europe. While UK and Spain are better, most other countries in Western Europe were down slightly. The conflict in Ukraine has temporarily interrupted production in that country, but activity in Russia is still solid.
• Large Industries was down -5.2% impacted by the disposal of some cogen activities in Spain and France and declining electricity prices, particularly in Italy. Hydrogen demand for the refining sector remained strong throughout the period, while oxygen volumes were slightly down. Ramp-up of a unit in Turkey compensated for the temporary interruption of a unit in Ukraine.
• Industrial Merchant sales were down -2.2%. While pricing has stable due to much lower cost inflation, and falling energy prices, demand was weak in Germany and Eastern Europe, but was up in Spain for the first time since 2010. Focus on growing segments continues with for example very strong growth in sales to the offshore oil industry and in rare gases.
• Healthcare grew +1.0%. Home Healthcare was up +1.7% thanks to continued growth in the number of Home Healthcare patients and some contract renewals, particularly in France and Spain. Medical gas volume growth has been affected by lower hospital demand. Tariff pressure has stabilized in France and softened in Spain. Hygiene activity continues to grow strongly at +5.1% while Specialty Ingredients have been affected by weakness in the cosmetics markets in Europe.
Americas
Gas and Services Q3 revenue in the Americas totaled 864 million euros, up +7.3%. This performance reflects solid demand in all business segments in North America, despite some hydrogen and cogeneration plant turnarounds in the US, as well as continued growth in South America, particularly in Healthcare and in Argentina.
• Large Industries reported +2.7% growth, slightly below recent trends due to some temporary turnarounds on the US Gulf Coast. However, demand from the petro-chemicals sector in the region remained strong. Demand in South America was sustained in all countries.
• Industrial Merchant growth remained solid at +5.8%. Volume growth was good in both the North, boosted in particular by oil well services in Canada, and the South, with a ramp-up in Mexico and strong demand in Argentina. Brazil was quasi flat. Pricing remained strong at +5.1% in the region.
• Healthcare revenue grew +12.8%, driven by high double digit growth in Home Healthcare in Latin America, and in particular in Brazil.
• Electronics revenue increased by +32.2%, benefitting from the effect of the acquisition of Voltaix, but also from strong momentum in specialty gases and advanced materials sales, as well as strong equipment sales and higher fab loadings as the sector approaches the top of the cycle.
Asia-Pacific
Asia-Pacific revenue was up +12.5%, at 890 million euros. Growth in demand and Large Industries and ramp-ups in China are contributing strongly. The high level of the Electronics cycle is confirmed and the trend remains positive in Japan. Healthcare is growing rapidly, from a low base across the region.
Middle-East and Africa
Middle East and Africa revenue amounted to 91 million euros, up +6.6%, showing a better trend than in the first half. Demand improved in Egypt and Saudi Arabia. In South Africa, sales were boosted by the Argon shortage being resolved and the ramp-up of the new air separation unit for the metals sector. The Yanbu hydrogen units and the customer plant are initiating commissioning for start-up in the first half of 2015.
Engineering and Technologies
Engineering and Technologies revenue reached 213 million euros, up +18.0% compared to the Q3 2013 bringing the year to date increase to +15.1% reflecting solid sales recognition.
Q3 order intake was 354 million euros resulting in a year to date total of 895 million euros, below the 1,238 million euros for the same period last year, reflecting a more selective approach to both investment decisions and third-party contracts.
Other activities
Revenue(in millions of euros)
Q3 2013 Q3 2014Q3 2014/2013change
Q3 2014/2013 changeexcluding currency
Welding 94 96 +1.9% +1.6% Diving 43 47 +7.7% +7.4% TOTAL 137 142 +3.8% +3.5%Q3 revenue for Other activities increased by +3.5% to reach 142 million euros.
The Welding activity has turned positive for the first time in many years. While activity in Western Europe remains weak, exports to China have been strong. Diving (Acqualung) has maintained its high single digit rate of growth in Q3 reflecting new product development and a bolt-on acquisition.
2014 Q3 Highlights
Industrial developments
New contracts were signed in Large Industries in both developing and advanced economies in the Q3 2014.
In Electronics, Air Liquide signed a major contract with BOE Technology Group to supply its new G8.5 Flat Panel Display Device and System Project located in Chongqing, China. BOE has become the largest supplier of flat panel display technologies, products and solutions in mainland China and one of the world leaders. Air Liquide will invest €30 million in a high efficiency on-site gas supply system that will produce 30,000 Nm3/h of ultra-high purity nitrogen and associated bulk gas infrastructure. With this contract, Air Liquide will supply the majority of BOE’s fabs in China with a total of 100,000 Nm3/h of nitrogen for sites in Beijing, Chengdu, Hefei, Ordos and Chongqing.
New investment in the Research field
In Q3 2014, Air Liquide started the construction of its 12,000 square-meter Shanghai Research & Technology Center (SRTC). This center, which will be operational at the end of 2015, represents a €25 million investment and will cover several different research & development areas, such as energy efficiency, technologies designed to reduce industrial emissions of CO2, water treatment, and processes for preserving and freezing food. It will ultimately house 200 highly skilled employees.
Hydrogen mobility
Several key developments have occurred during Q3 regarding the commercial development of Fuel Cell Electric Vehicles:
2014 Q3 Investment cycle
Investment opportunities
Investment opportunities remained stable at 3.4 billion euros at the end of the quarter, with new projects, mostly on the US Gulf Coast, compensating those that have been awarded or cancelled.
As a result the opportunities are more evenly balanced, with developing regions accounting for 64%, and Asia and Americas accounting for one third each and Chemicals and Energy projects contributing for more than 70% of the total.
Investment decisions and backlog
Investment decisions amounted to 589 million euros in Q3, including one large over-the-fence oxygen contract for an energy project in China, as well as some pipeline extension in Northern Europe. This brings the year to date total to 1.3 billion euros, reflecting a more selective approach to investments.
There were a further five start-ups in Q3 bringing the total to 16 since the beginning of the year, of which six in Asia, four in Europe and 3 each in Americas and Middle-East Africa.
In terms of investment amounts since the beginning of the year, decisions were just higher than start-ups, thus the backlog is up in 2014 to 2.8 billion euros at the end of September. This investment backlog will generate approximately 1.3 billion euros of fully ramped-up sales.
Operating performance
Group efficiency gains reached 81 million euros in Q3, cumulating to 233 million euros for the first nine months of the year, well ahead of the annual target of 250 million euros. Efficiency includes the contribution from the European and Japanese realignment plans which are now implemented. The Group continues to adapt to its operating environment.
The combination of ongoing tight cost management and the launch of several pricing initiatives in a low inflation environment is also helping to preserve the Group’s operating performance.
Cash from operations has risen by +6.5% excluding the currency impact to 678 million euros, after the financing of the realignment plans. Net industrial capital expenditures were 554 million euros over the same period. As a result, for the first nine months of the year net industrial capex is at 1.3 billion euros, in line with the guidance of 2 billion euros for the full year. The Group’s financial structure remains solid.
Outlook
In a more contrasted economic environment, the 3rd quarter was marked by good momentum in the Americas and Asia-Pacific, by vigorous revenue growth in developing economies of more than +15% on a comparable basis, and by another slowdown in Western European manufacturing. Overall, the Group grew faster than its market, assessed on the basis of the weighted industrial production index.
The Group’s operating performance remains solid. Ahead of its annual efficiency objective, the Group continues to adapt to market conditions to strengthen its competitiveness. At the same time, it continues to invest and take growth initiatives, particularly in promising markets and in developing economies. Accordingly, the proportion of Gas & Services revenue for industry that is generated in developing economies today exceeds 30%.
In this context and barring a degradation of the environment, Air Liquide is confident in its ability to deliver another year of net profit growth in 2014.
Appendices
Currency, natural gas and significant M&A impacts
In addition to the comparison of published figures, financial information is given excluding currency, the impact of natural gas price fluctuations and significant M&A effect.
Since industrial and medical gases are rarely exported, the impact of currency fluctuations on activity levels and results is limited to euro translation impacts with respect to the financial statements of subsidiaries located outside the Euro-zone. Fluctuations in natural gas prices are generally passed on to our customers through indexed pricing clauses.
Consolidated 2014 Q3 revenue includes the following:
In millions of eurosQ3 2014Revenue
Q3 2014/2013change
Currency Natural gasSignificantM&A
Q3 2014/2013changecomparable (a)
Group 3,801 +1.0% (42) (40) (44) +4.3% Gas & Services 3,446 +0.1% (38) (40) (44) +3.6%(a) excluding currency, natural gas and significant M&A impacts.
For the Group,
For Gas and Services,
YTD 2014 revenue
Consolidated year-to-date 2014 revenue includes the following:
In millions of eurosYTD 2014Revenue
YTD2014/2013change
Currency Natural gasSignificantM&A
YTD 2014/2013Changecomparable (a)
Group 11,307 -0.2% (366) (45) (137) +4.7% Gas & Services 10,253 -0.7% (341) (45) (137) +4.3%(a) excluding currency, natural gas and significant M&A impacts.
Revenue per business line
In millions of euros YTD 2013 YTD 2014 YTD 2014/2013 Change published comparable(a) Gas & Services 10,329 10,253 -0.7% +4.3%Large Industries
3,680 3,710 +0.8% +4.4% Industrial Merchant 3,812 3,755 -1.5% +3.0% Healthcare 2,010 1,901 -5.4% +3.8% Electronics 827 886 +7.1% +11.7% Engineering & Technologies 556 618 +11.2% +15.1% Other activities 442 436 -1.4% -0.8% Welding 301 289 -4.3% -4.3% Diving 141 147 +4.9% +6.7% Group revenue 11,327 11,307 -0.2% +4.7%(a)comparable growth excl. currency, natural gas and significant M&A
G&S revenue by geography
In millions of euros YTD 2013 YTD 2014 YTD 2014/2013 change published comparable(a) Europe 5,291 4,947 -6.5% -1.5% Americas 2,404 2,512 +4.5% +9.1% Asia-Pacific 2,358 2,526 +7.1% +12.4% Middle-East and Africa 276 268 -3.0% +4.9% Gas & Services revenue 10,329 10,253 -0.7% +4.3%(a)comparable growth excl. currency, natural gas and significant M&A
Corporate CommunicationsAnnie Fournier, + 33 (0)1 40 62 51 31Caroline Philips, + 33 (0)1 40 62 50 84orInvestor RelationsVirginia Jeanson, +33 (0)1 40 62 57 37Louis Laffont, +33 (0)1 40 62 57 18
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