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Regulatory News:
Air Liquide (Paris:AI):
Key Figures (in millions of euros)
H1 2024
2024/2023 as published
2024/2023 comparable(a)
Group Revenue
13,379
-4.3%
+2.6%
of which Gas & Services
12,796
-4.5%
+2.6%
Operating Income Recurring (OIR)
2,601
+4.9%
+10.6%
Group OIR Margin
19.4%
+170 bps
Variation excluding energy(b)
+100 bps
Gas & Services OIR Margin
21.2%
+190 bps
Variation excluding energy(b)
+110 bps
Net Profit (Group Share)
1,681
-2.4%
Net Profit Recurring (Group Share)(c)
1,681
+3.3%
Earnings per Share (in euros)
2.92
-2.3%
Cash flow from operating activities before changes in working capital
3,155
-1.7%
Net Debt
€10.2 bn
Return on Capital Employed after tax - ROCE
9.8%
-20 bps
Recurring ROCE(d)
10.7%
+50 bps
(a) Change excluding the currency, energy and significant scope impacts, see reconciliation and impact of Argentina in appendix.
(b) See reconciliation in appendix.
(c) Excluding exceptional and significant transactions that have no impact on the operating income recurring, see reconciliation in appendix.
(d) Based on the recurring net profit, see reconciliation in appendix.
Commenting on the results in the first half of 2024, François Jackow, Chief Executive Officer of the Air Liquide Group, stated:
“Air Liquide once again delivered a very solid financial performance in the first half of 2024 with a significant increase in its operating margin, supported by the acceleration of structural efficiencies. In a persistently subdued market environment, our Group recorded growth in sales on a comparable basis, reflecting the solidity of our business model. We are successfully continuing the rollout of our ADVANCE strategic plan, for which we raised the margin ambition at the beginning of the year. At a time when our Group has never had so many opportunities related to the energy transition and the growth of digital and artificial intelligence, we are also preparing for the future, simplifying our organization to improve our performance and developing major projects that will strengthen our long-term growth momentum.”
In the first half of 2024, Group sales were up by +2.6% on a comparable basis(1), with a sequential improvement between the first and second quarters. On a published basis, sales were at -4.3%, due to negative currency impacts and lower energy prices - for which variations are contractually passed through to Large Industries customers. Gas & Services, which represent more than 95% of Group revenue, saw an increase of +2.6%(1) on a comparable basis in the first half of 2024, supported in particular by the dynamism of the Healthcare business and the Americas.
In line with its ADVANCE plan and raised performance ambition, Air Liquide achieved in the first half of 2024 a significant improvement of +100 basis points in its operating margin excluding the energy impact. Efficiencies have now reached 233 million euros, thanks to approximately 1,000 operational efficiency projects, to business portfolio management and to price adjustments in Industrial Merchant, based on the ability of the teams to create added value for our customers.
The Group’s net profit recurring(2) excluding currency impact rose by +16%, and +5% excluding the contribution of Argentina in the first half of 2024. Our cash flow(3) remained very strong with a ratio to sales of 24%, enabling financing of the investments needed for future growth. At 10.7% at the end of June, recurring ROCE(4) has continued to improve, exceeding 10% in line with the ADVANCE objectives.
The investment backlog remains at a very high level of 4.1 billion euros, and is well diversified in terms of geographies. The portfolio of 12-month investment opportunities increased to 4 billion euros, mainly in the Americas and Europe. More than 40% of these are related to the energy transition. The Group is thus successfully pursuing the development of large-scale projects, in particular in the fields of decarbonization and semiconductors.
In 2024, Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates(5).
Highlights
Group revenue totaled 13,379 million euros in the 1st half of 2024, posting a growth of +2.6% on a comparable basis. The contribution of Argentina(6) to the comparable growth is of +2.1%. The Group’s published sales were down -4.3% in the 1st half of 2024, affected by unfavorable energy (-3.5%) and currency (-3.4%) impacts. There was no significant scope impact.
Gas & Services revenue reached 12,796 million euros in the 1st half, up by +2.6% on a comparable basis (including a contribution of Argentina of +2.2%). As published revenue for Gas & Services were down -4.5% in the 1st half of 2024, penalized by unfavorable energy (-3.7%) and currency (-3.4%) impacts. There was no significant scope impact in the 1st half.
Growth(7) in the Industrial Merchant business (+2.0%) continued in the 1st half of 2024 with a price effect of +4.2% in addition to the sharp increase (+10.7%) in the 1st half of 2023, and gas volumes down slightly. Revenue from Large Industries (+1.1%) benefited from the start-up of two large units in the 1st quarter and stronger demand from Chemicals customers in Europe and the United States in the 2nd quarter, but was impacted by the sale of a cogeneration unit in Europe and by customer turnarounds. The Healthcare business was the growth driver in the 1st half-year, with an increase in sales of +9.1%, supported by the growth of all therapies in Home Healthcare and an increase in the price of medical gases in an inflationary environment. Finally, in Electronics (+0.3%), sales returned to growth in the 2nd quarter and offset the decline observed in the 1st quarter reflecting the high basis of comparison at the beginning of 2023.
Sales in the Global Markets & Technologies business amounted to 386 million euros in the 1st half of 2024, a decrease of -2.0% due in particular to the divestiture of the technological activities for the Aeronautics sector. Order intake amounted to 416 million euros.
Consolidated revenue from Engineering & Construction totaled 197 million euros in the 1st half of 2024, up +9.9% compared to the 1st half of 2023. Order intake for the Group and third-party customers amounted to 557 million euros in the 1st half.
The Group's operating income recurring (OIR) reached 2,601 million euros in the 1st half of 2024. It increased by +4.9% and by +10.6% on a comparable basis(8), which is significantly higher than the comparable sales growth of +2.6%.
The operating margin (OIR to revenue) stood at 19.4%, a strong improvement of +100 basis points excluding the energy impact (no impact from Argentina).
Efficiencies(9) contributed to this margin improvement and amounted to 233 million euros, up sharply by +13.1% compared to the 1st half of 2023. Management of prices and of the portfolio of activities also contributed to the margin improvement.
Net profit (Group share) amounted to 1,681 million euros in the 1st half of 2024, down -2.4% as published. In the absence of significant non-recurring items(9) in the 1st half of 2024, net profit recurring (Group share)(9) was also 1,681 million euros, up +3.3% on a reported basis. Excluding currency impact, net profit recurring (Group share)(9) was up by +16.0% and increased by +5.0% when excluding the contribution of Argentina. Net earnings per share amounted to 2.92 euros per share, a decline of -2.3% compared with the 1st half of 2023, in line with the change in net profit (Group share) as published. Recurring net earnings per share were up +3.2%.
Cash flows from operating activities before changes in working capital amounted to 3,155 million euros during the 1st half of 2024, down by -1.7%. This amounted to a high level of 23.6% of sales. Calculated from a net profit showing a change of -2.4% as published, the -1.7% decrease of the cash flows from activities before changes in working capital is mainly explained by higher current taxes in the 1st half of 2024 compared with those of 2023 which benefited from favorable exceptional items.
Net debt at June 30, 2024 reached 10,156 million euros, a decrease of 394 million euros compared with June 30, 2023 and an increase of 935 million euros compared with December 31, 2023, following the payment of more than 1.7 billion euros in dividends in May. The net debt-to-equity ratio, adjusted for the seasonal effect of the dividend payment, reached 35.2%.
At 10.7%, recurring ROCE(9) remained above the target of more than 10% in the Advance strategic plan, and was up sharply by +50 basis points compared to the 1st half of 2023.
In the 1st half-year, the Group continued to decarbonize its assets. In particular, Air Liquide announced long-term power purchase agreements (PPAs) for the supply of 500 GWh of renewable electricity per year and has decided on the electrification of a third Air Separation Unit in China. A CryocapTM carbon capture unit is under construction to decarbonize the Group’s largest hydrogen production unit in Europe. Furthermore, in the 1st half-year, Air Liquide continued to develop projects that will significantly reduce the carbon footprint of its customers.
In the 1st half of 2024, industrial and financial investment decisions amounted to 1,630 million euros.
The investment backlog maintained a very high level of 4.1 billion euros in the 1st half of 2024, up compared to 3.5 billion euros in the 1st half of 2023.
The additional contribution to sales of unit start-ups and ramp-ups totaled 108 million euros in the 1st half of 2024.
The portfolio of 12-month investment opportunities reached a record level of 4.0 billion euros at the end of June 2024. This reflects the dynamism of project development, particularly in the energy transition which represents more than 40% of the portfolio, and in the Electronics activity.
The Air Liquide Board of Directors met on July 25, 2024. During this meeting, the Board reviewed the consolidated financial statements ending June 30, 2024. Limited review procedures were completed with respect to the consolidated interim financial statements, and an unqualified review report is in the process of being issued by the statutory auditors.
Table of Contents of the activity report
H1 2024 PERFORMANCE 7
Key Figures 7 Income Statement 8 Change in Net debt 18 Extra-financial performance 19
INVESTMENT CYCLE 20
RISK FACTORS 22
OUTLOOK 22
APPENDICES 23
Performance indicators 23 Calculation of performance indicators (Semester) 24 Calculation of performance indicators (Quarter) 27 2nd quarter 2024 revenue 27 Geographic and segment information 28 Consolidated income statement 29 Consolidated balance sheet 30 Consolidated cash flow statement 31 Sales, Operating Income Recurring and investments key figures synthesis 33
H1 2024 PERFORMANCE
Unless otherwise stated, all variations in revenue outlined below are on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts.
Key Figures
(in millions of euros)
H1 2023
H1 2024
2024/2023 published change
2024/2023 comparable change(a)
Total Revenue
13,980
13,379
-4.3%
+2.6%
Of which Gas & Services
13,405
12,796
-4.5%
+2.6%
Operating Income Recurring (OIR)
2,481
2,601
+4.9%
+10.6%
Group OIR Margin
17.7%
19.4%
+170 bps
Variation excluding energy(b)
+100 bps
Other Non-Recurring Operating Income and Expenses
33
(87)
Net Profit (Group Share)
1,722
1,681
-2.4%
Net Profit Recurring (Group share)(c)
1,627
1,681
+3.3%
Net earnings per share (in euros)(d)
2.99
2.92
-2.3%
Cash flow from operating activities before changes in working capital
3,211
3,155
-1.7%
Net Capital Expenditure(e)
1,466
1,570
Net Debt
€10.6 bn
€10.2 bn
Net Debt to Equity ratio(f)
39.2%
35.2%
Return on Capital Employed after tax - ROCE
10.0%
9.8%
-20 bps
Recurring ROCE(g)
10.2%
10.7%
+50 bps
(a) Change excluding the currency, energy and significant scope impacts, see reconciliation and impact of Argentina in appendix.
(b) See reconciliation in appendix.
(c) Excluding exceptional and significant transactions that have no impact on the operating income recurring, see reconciliation in appendix.
(d) Adjusted following the free share attribution in June 2024.
(e) Including transactions with minority shareholders.
(f) Adjusted to spread the dividend payment in the 1st half out over the full year.
(g) Based on the recurring net profit, see reconciliation in appendix.
Income Statement
REVENUE
Revenue
(in millions of euros)
H1 2023
H1 2024
2024/2023 published change
2024/2023 comparable change
Gas & Services
13,405
12,796
-4.5%
+2.6%
Engineering & Construction
180
197
+9.3%
+9.9%
Global Markets & Technologies
395
386
-2.3%
-2.0%
TOTAL REVENUE
13,980
13,379
-4.3%
+2.6%
Revenue by quarter
(in millions of euros)
Q1 2024
Q2 2024
Gas & Services
6,358
6,438
Engineering & Construction
92
105
Global Markets & Technologies
200
186
TOTAL REVENUE
6,650
6,729
2024/2023 Group published change
-7.3%
-1.2%
2024/2023 Group comparable change
+2.1%
+3.1%
2024/2023 Gas & Services comparable change
+2.0%
+3.4%
Group
Group revenue totaled 13,379 million euros in the 1st half of 2024, posting a growth of +2.6% on a comparable basis. The contribution of Argentina(10) to the comparable growth is of +2.1%. Global Markets & Technologies sales were down by -2.0% due in particular to the divestiture of the technological activities for the Aeronautics sector. Engineering & Construction revenue from third party customers increased by +9.9%.
The Group’s published sales were down -4.3% in the 1st half of 2024, affected by unfavorable energy (-3.5%) and currency (-3.4%) impacts. There was no significant scope impact.
Gas & Services
Gas & Services revenue reached 12,796 million euros in the 1st half, up by +2.6% on a comparable basis (including a contribution of Argentina of +2.2%).
Growth in the Industrial Merchant business (+2.0%) continued in the 1st half of 2024 with a price effect of +4.2% in addition to the sharp increase (+10.7%) in the 1st half of 2023, and gas volumes down slightly. Revenue from Large Industries (+1.1%) benefited from the start-up of two large units in the 1st quarter and stronger demand from Chemicals customers in Europe and the United States in the 2nd quarter, but was impacted by the sale of a cogeneration unit in Europe and by customer turnarounds. The Healthcare business was the growth driver in the 1st half-year, with an increase in sales of +9.1%, supported by the growth of all therapies in Home Healthcare and an increase in the price of medical gases in an inflationary environment. Finally, in Electronics (+0.3%), sales returned to growth in the 2nd quarter and offset the decline observed in the 1st quarter reflecting the high basis of comparison at the beginning of 2023.
As published revenue for Gas & Services were down -4.5% in the 1st half of 2024, penalized by unfavorable energy (-3.7%) and currency (-3.4%) impacts. There was no significant scope impact in the 1st half.
Revenue by geography and business line
(in millions of euros)
H1 2023
H1 2024
2024/2023 published change
2024/2023 comparable change
Americas
5,159
5,175
+0.3%
+7.9%
Europe
4,975
4,475
-10.1%
-1.3%
Asia Pacific
2,763
2,593
-6.1%
-0.8%
Middle East & Africa
508
553
+8.8%
+7.1%
GAS & SERVICES REVENUE
13,405
12,796
-4.5%
+2.6%
Large Industries
4,060
3,457
-14.9%
+1.1%
Industrial Merchant
6,050
5,999
-0.8%
+2.0%
Healthcare
2,034
2,121
+4.3%
+9.1%
Electronics
1,261
1,219
-3.4%
+0.3%
Americas
Gas & Services revenue in the Americas reached 5,175 million euros in the 1st half of 2024 and increased by +7.9% (including the contribution of Argentina for +5.7%). All businesses grew in the region. Large Industries (+8.1%) benefited from the start-up of a production unit and demand that firmed up in the 2nd quarter. In Industrial Merchant, revenue increased by +5.5%, supported by a price effect (+7.3%) that strengthened in the 2nd quarter. The growth was very strong in Healthcare (+23.3%). In the Electronics business (+9.2%), sales of Carrier Gases and of Equipment & Installations posted double-digit growth.
Americas
Europe
In Europe, sales were down slightly by -1.3% in the 1st half of 2024 and reached 4,475 million euros. In Large Industries (-1.7%), excluding the sale of a cogeneration unit in the first quarter, revenue was up. In Industrial Merchant (-5.2%), volumes contracted but the price effect improved in the 2nd quarter. The Healthcare business posted solid sales growth (+4.4%), supported by the development of Home Healthcare and Medical Gases.
Europe
Asia Pacific
Revenue in the Asia Pacific region was nearly stable (-0.8%) in the 1st half of 2024 and amounted to 2,593 million euros. In Large Industries (-0.9%), the start-up of a new unit in March partially offset customer turnarounds. Industrial Merchant’s sales (-0.6%) were impacted by the marked decline in helium sales, which was largely offset by the increase in volumes of other gases. Electronics revenue was also flattish (-0.6%), with growth in Carrier Gases and Advanced Materials sales offsetting the decline in Equipment & Installation sales.
Middle East and Africa
Revenue in the Middle East & Africa region increased sharply by +7.1% to 553 million euros in the 1st half of 2024. All business lines grew. In Large Industries, hydrogen volumes in Saudi Arabia and air gas volumes in Egypt were both high. The sharp growth in Industrial Merchant sales was supported by a strong price effect. In Healthcare, the rise in medical gas volumes in South Africa and the development of diabetes treatment in Saudi Arabia were the main contributors to revenue growth.
Middle East and Africa
Global Markets & Technologies
Sales in the Global Markets & Technologies business amounted to 386 million euros in the 1st half of 2024, a decrease of -2.0% on a comparable basis. The increase in sales of technological equipment (Turbo-Braytons, biogas equipment, hydrogen refueling stations, etc.) and the increase in hydrogen volumes for mobility in the United States partially offset the impact of the divestiture of the technological activities for the Aeronautical sector at the end of February and the decrease in biogas prices.
Order intake for Group projects and third-party customers amounted to 416 million euros. This includes more than 40 Turbo-Brayton LNG reliquefaction units, special systems for the Electronics and Space industries, and equipment for the transportation and distribution of hydrogen and air gases.
Engineering & Construction
Consolidated revenue from Engineering & Construction totaled 197 million euros in the 1st half of 2024, up +9.9% compared to the 1st half of 2023.
Order intake for the Group and third-party customers amounted to 557 million euros in the 1st half. The first phase of the Group’s major project with ExxonMobil in Baytown, Texas (United States), which involves the construction of four large modular Air Separation Units, contributes to this amount. Order intake also includes installations for the hydrogen supply chain. Group orders represent a large majority of new projects.
OPERATING INCOME RECURRING
Operating income recurring before depreciation and amortization totaled 3,828 million euros, an increase of +3.2% as published compared with the 1st half of 2023. Purchases were down significantly by -13.3%, due to the decrease in energy costs. Purchases of materials and equipment were stable and the increase in personnel costs was limited to +2.1% in an inflationary context. The net balance of other operating income and expenses improved by +0.6%.
Depreciation and amortization amounted to 1,227 million euros and were stable (-0.2%) compared with the 1st half of 2023, with the impact of contract renewals and the end of depreciation and amortization offsetting the start-up of new units.
The Group's operating income recurring (OIR) reached 2,601 million euros in the 1st half of 2024. It increased by +4.9% and by +10.6% on a comparable basis(11), which is significantly higher than the comparable sales growth of +2.6%. The operating margin (OIR to revenue) stood at 19.4%, a strong improvement of +100 basis points excluding the energy impact (no impact from Argentina). The increase was +170 basis points as published due in particular to the accretive effect linked to the decrease in energy costs contractually passed through to Large Industries customers.
Efficiencies(12) contributed to this margin improvement and amounted to 233 million euros, up sharply by +13.1% compared to the 1st half of 2023. The Group's transformation programs accounted for a quarter of the efficiencies and included in particular the rollout of digital resources to support operations and the optimization of the supply chain, the implementation of shared service centers and the reorganization of the Home Healthcare businesses in France. The rollout of a single ERP for the Europe region and a new simplified Group organization will contribute to future efficiencies. Efficiencies related to purchases, which account for more than a quarter of the total, were high despite an inflationary context. In addition, the cross-functional program of continuous improvement actively supported the achievement of more than a third of efficiencies. It includes numerous industrial efficiency projects, deployed thanks to a digital platform to help replicate initiatives and a network of committed experts.
Management of prices and of the portfolio of activities also contributed to the margin improvement.
Efficiencies
Gas & Services
Operating income recurring for the Gas & Services businesses amounted to 2,719 million euros, an increase as published of +5.1% compared with the 1st half of 2023. The operating margin as published stood at 21.2%, a significant improvement of +110 basis points excluding the energy impact compared with the 1st half of 2023.
Prices in the Industrial Merchant business were up +4.2% in the 1st half, demonstrating the Group’s ability to pass through cost increases. Prices were also up in Large Industries and Healthcare.
Gas & Services Operating margin(a)
H1 2023
H1 2024
2024/2023 excluding energy impact
Americas
19.9%
21.5%
+120 bps
Europe
17.0%
20.6%
+170 bps
Asia Pacific
22.1%
21.7%
-50 bps
Middle East & Africa
20.0%
21.9%
+320 bps
TOTAL
19.3%
21.2%
+110 bps
(a) Operating income recurring / revenue as published
Operating income recurring in the Americas reached 1,112 million euros over the 1st half of 2024, an increase of +8.1% as published. Excluding the energy passthrough impact, the operating margin increased by +120 basis points compared with the 1st half of 2023. The Industrial Merchant business and, to a lesser extent, Healthcare made the strongest contribution, notably through significant efficiencies and price increases.
Operating income recurring in Europe amounted to 922 million euros, an increase as published of +8.9% compared with the 1st half of 2023. Excluding the energy passthrough impact, the operating margin improved very significantly by +170 basis points compared with the 1st half of 2023. In Industrial Merchant, significant efficiencies and accretive price management supported margin growth. The efficiencies generated in Healthcare and the payment of an indemnity by a Large Industries customer also contributed to this.
In Asia Pacific, operating income recurring stood at 564 million euros, a decrease as published of -7.7%. Excluding the energy passthrough impact, the operating margin decreased by -50 basis points. In the 1st half of 2023, the payment of an indemnity by a Large Industries customer contributed significantly to the improvement in the margin. Excluding this exceptional effect in 2023, the operating margin increased in the 1st half of 2024, driven by efficiencies generated in the Industrial Merchant, Electronics and Large Industries businesses, despite the dilutive effect of lower helium volumes and prices.
Operating income recurring in the Middle East and Africa region amounted to 121 million euros, representing an increase of +19.6% as published compared with the 1st half of 2023. Excluding the energy passthrough impact, the operating margin grew by +320 basis points. Efficiencies and higher volumes across all businesses contributed to this improvement. The increase in prices, particularly in Industrial Merchant, also contributed to the margin improvement.
Engineering & Construction
Operating income recurring for Engineering & Construction amounted to 19 million euros in the 1st half of 2024, or 9.9% of sales, in line with medium-term business objectives.
Global Markets & Technologies
Operating income recurring for Global Markets & Technologies stood at 63 million euros, a slight decrease of -1.4% compared with the 1st half of 2023. The operating margin reached 16.4%, an increase of +20 basis points compared with the 1st half of 2023.
Research & Development and Corporate costs
Research & Development expenses and Corporate costs totaled 201 million euros, a rise of +6.4% compared with the 1st half of 2023.
NET PROFIT
Other operating income and expenses showed a net balance of -87 million euros in the 1st half of 2024. Other operating expenses amounted to -125 million euros and notably included restructuring costs. Other operating income amounted to 38 million euros and mainly reflected capital gains on the divestiture of businesses. As a reminder, in the 1st half of 2023, other operating income and expenses showed a positive net balance of 33 million euros which benefited from the sales of the Group’s stake in Hydrogenics.
Financial income and expenses amounted to -216 million euros, stable compared with -211 million euros in the 1st half of 2023. It included net finance costs of -129 million euros, up +9.3% compared to the 1st half of 2023, which benefited from the proceeds generated by the early redemption of bonds in US dollars. When excluding this exceptional proceeds from the 2023 comparison basis, net finance costs decrease by -7.8%. The average cost of net debt of 3.4% was only slightly higher than in the 1st half of 2023 (3,3%(13)), despite the increase in interest rates, 81%(14) of the Group’s gross debt being at fixed rates at the end of June 2024. Other financial income and expenses amounted to -87 million euros, compared to -93 million euros in the 1st half of 2023.
The tax expense was 543 million euros, corresponding to an effective tax rate of 23.6%, slightly up compared to the 1st half of 2023 (23.4%). These relatively low effective rates are explained by non-recurring items in the 1st half of 2024 and a reduced tax rate on the capital gain on the divestiture of the Group’s stake in Hydrogenics in the 1st half of 2023.
The share of profit of associates amounted to -5 million euros.
The share of minority interests in net profit totaled 69 million euros, up from 44 million euros in the 1st half of 2023, amount impacted by the impairment of an intangible asset in a company not 100% owned by the Group.
Net profit (Group share) amounted to 1,681 million euros in the 1st half of 2024, down -2.4% as published. In the absence of significant non-recurring items(15) in the 1st half of 2024, net profit recurring (Group share)(16) was also 1,681 million euros, up +3.3% on a reported basis. Excluding currency impact, net profit recurring (Group share)(16) was up by +16.0% and increased by +5.0% when excluding the contribution of Argentina.
Net earnings per share amounted to 2.92 euros per share, a decline of -2.3% compared with the 1st half of 2023, in line with the change in net profit (Group share) as published. Recurring net earnings per share were up +3.2%. The average number of outstanding shares used for the calculation of net earnings per share as of June 30, 2024 was 576,342,279.
Change in the number of shares
H1 2023
H1 2024
Average number of outstanding shares
575,808,001(a)
576,342,279
(a) Adjusted following the free share attribution in June 2024.
Change in Net debt
Cash flows from operating activities before changes in working capital amounted to 3,155 million euros during the 1st half of 2024, down by -1.7%. This amounted to a high level of 23.6% of sales. Calculated from a net profit showing a change of -2.4% as published, the -1.7% decrease of the cash flows from activities before changes in working capital is mainly explained by higher current taxes in the 1st half of 2024 compared with those of 2023 which benefited from favorable exceptional items.
The limited increase of 282 million euros in the working capital requirement (WCR) compared to December 31, 2023 reflects in particular the increase in helium reserves stored in the Group’s cavern in Germany, a decrease in trade payables due to the lower energy prices in the period and a slight increase in trade receivables. Net cash flows from operating activities after changes in working capital amounted to 2,845 million euros, a decrease of -3.9% compared with the 1st half of 2023.
Gross capital expenditure totaled 1,699 million euros. It includes payments on industrial investments in the amount of 1,656 million euros and financial investments in the amount of 43 million euros. The proceeds from sale of assets amounted to 97 million euros and notably include the divestiture of technological activities for the Aeronautics sector (Global Markets and Technologies). They compare with 252 million euros in the 1st half of 2023, which included the sale of the Group’s stake in Hydrogenics and of the Large Industries business in Trinidad and Tobago. Net capital expenditure(17) totaled 1,570 million euros.
Net debt at June 30, 2024 reached 10,156 million euros, a decrease of 394 million euros compared with June 30, 2023 and an increase of 935 million euros compared with December 31, 2023, following the payment of more than 1.7 billion euros in dividends in May. The net debt-to-equity ratio, adjusted for the seasonal effect of the dividend payment, reached 35.2%.
The return on capital employed after tax (ROCE) was 9.8% for the 1st half of 2024. At 10.7%, recurring ROCE(18) remained above the target of more than 10% in the Advance strategic plan, and was up sharply by +50 basis points compared to the 1st half of 2023.
Green Bond emission
Extra-financial performance
In the 1st half-year, the Group continued to decarbonize its assets by rolling out actions aligned with the three levers: low-carbon energy supply, asset management and CO2 capture.
In order to reduce its Scope 2 emissions, in the 1st half-year Air Liquide announced long-term power purchase agreements (PPAs) for the supply of 500 GWh of renewable electricity per year for its units in South Africa, Brazil and Germany.
The Group also decided on the electrification of a third Air Separation Unit in China, which will reduce its Scope 2 emissions by around 340,000 metric tons of CO2 per year. Air Liquide announced the construction of more energy efficient carrier gas units for an Electronics customer in Singapore and the United States.
In addition, the Group uses high-performance solutions to reduce its direct CO2 emissions (Scope 1). Thus, a CryocapTM carbon capture unit is under construction to decarbonize the Group’s largest hydrogen production unit in Europe.
Furthermore, in the 1st half-year, Air Liquide continued to develop projects that will significantly reduce the carbon footprint of its customers. In the United States, this includes the first phase of investment in a site for the production of large quantities of low-carbon air gases, allowing the customer to produce hydrogen with a low carbon footprint by capturing and sequestering 7 million metric tons of CO2 per year. In Europe, Air Liquide received support from the European Commission via a 160 million euro grant for the D'Artagnan project, the central link in the CO2 capture and sequestration chain, which aims to reduce emissions from the Dunkirk industrial basin (France) by 1.5 million metric tons per year.
Finally, in order to actively contribute to the decarbonization of mobility, the Group decided to invest in the logistics chain downstream of the Normand’Hy electrolyzer in France and created the TEAL joint venture with TotalEnergies, which aims to roll out more than 100 hydrogen refueling stations for trucks in Europe in the next 10 years.
Sustainable development
INVESTMENT CYCLE
INVESTMENT DECISIONS AND INVESTMENT BACKLOG
In the 1st half of 2024, industrial and financial investment decisions amounted to 1,630 million euros, compared with 1,798 million euros in the 1st half of 2023.
The industrial investment decisions for the 1st half of 2024 reached 1,587 million euros. In Large Industries, they concern in particular the first investment phase for 120 million euros (out of a total of 850 million US dollars) for the major project announced with ExxonMobil in Baytown, Texas (United States). This involves building four large modular Air Separation Units (LMAs) as part of a long-term contract to supply low-carbon oxygen and nitrogen allowing the customer to produce, in particular, low-carbon hydrogen for the synthesis of ammonia and the decarbonization of existing facilities. These decisions also include the electrification of an existing Air Separation Unit (ASU) in China, which currently consumes steam produced by the customer from coal. It is the third ASU of this type to be electrified in China and will contribute to the reduction of CO2 emissions accounted for under Scope 2. In the Industrial Merchant business line, the decisions include on-site gas generation units, in particular two units to supply oxygen to a customer in the Pharmaceuticals sector in Europe, as well as investments in the production and distribution of argon in Europe and the United States. The development of the Electronics business continues, notably with the extension of advanced materials production units in the United States and Japan. Lastly, in the Global Markets and Technologies business, decisions mainly concern the logistics chain for hydrogen mobility, downstream of the Normand’Hy electrolyzer in France.
Financial investment decisions totaled 43 million euros in the 1st half of 2024. They included in particular several small acquisitions in Industrial Merchant in China, the United States, Canada and Italy. They also included a small acquisition in Europe in Home Healthcare and a capital contribution to the joint venture created with TotalEnergies, which will deploy a network of refueling stations for the hydrogen mobility of trucks in Europe.
The investment backlog maintained a very high level of 4.1 billion euros in the 1st half of 2024, compared to 3.5 billion euros in the 1st half of 2023. They consisted of more than 80 projects with a balanced geographical distribution. Large Industries accounted for nearly half of these investments and Electronics more than one third.
Investments
START-UPS
The main start-ups in the 1st half of 2024 included: - to supply customers in Large Industries and Industrial Merchant: a major hydrogen and CO production unit integrating a CO2 capture and recycling system for Chemicals customers in China, a large air separation unit in the United States, and medium-sized units in Egypt, India and China; - in the Electronics business, in particular, a large ultra-pure carrier gas plant in Japan and medium scale units in Taiwan and the United States.
The additional contribution to sales of unit start-ups and ramp-ups totaled 108 million euros in the 1st half of 2024. Over the year, it is expected to be between 230 and 250 million euros, a contribution slightly lower than that initially planned, volumes being lower in a context of soft demand and a limited number of start-ups of new units having been postponed for a few months. In 2025, the additional contribution to sales from unit ramp-ups and start-ups should be more than 250 million euros.
INVESTMENT OPPORTUNITIES
The portfolio of 12-month investment opportunities reached a record level of 4.0 billion euros at the end of June 2024. Projects at the heart of the energy transition represent more than 40% of the portfolio and are located mainly in the Americas, with notably the major project with ExxonMobil in Baytown, Texas (United States), and in Europe, where large electrolyzer and carbon capture projects are in an advanced development phase. Opportunities in Electronics are now spread across Asia, Europe and the United States. The portfolio of opportunities at more than 12 months is growing and has reached a very high level. It includes in particular significant projects in the energy transition and the Electronics sector.
RISK FACTORS
There was no change in risk factors during the first half. Risk factors are described in the 2023 Universal Registration Document on pages 72 to 89.
OUTLOOK
Air Liquide once again delivered a very solid financial performance in the first half of 2024 with a significant increase in its operating margin, supported by the acceleration of structural efficiencies. In a persistently subdued market environment, the Group recorded growth in sales on a comparable basis, reflecting the solidity of its business model. Air Liquide successfully continued the rollout of its ADVANCE strategic plan, for which the margin ambition was raised at the beginning of the year. At a time when the Group has never had so many opportunities related to the energy transition and to the growth of digital and artificial intelligence, it is also preparing for the future, simplifying its organization to improve its performance and developing major projects that will strengthen its long-term growth momentum.
In the first half of 2024, Group sales were up by +2.6% on a comparable basis(19), with a sequential improvement between the first and second quarters. On a published basis, sales were at -4.3%, due to negative currency impacts and lower energy prices - for which variations are contractually passed through to Large Industries customers. Gas & Services, which represent more than 95% of Group revenue, saw an increase of +2.6%(19) on a comparable basis in the first half of 2024, supported in particular by the dynamism of the Healthcare business and the Americas.
In line with its ADVANCE plan and raised performance ambition, Air Liquide achieved in the first half of 2024 a significant improvement of +100 basis points in its operating margin excluding the energy impact. Efficiencies have now reached 233 million euros, thanks to approximately 1,000 operational efficiency projects, to business portfolio management and to price adjustments in Industrial Merchant, based on the ability of the teams to create added value for its customers.
The Group’s net profit recurring(20) excluding currency impact rose by +16%, and +5% excluding the contribution of Argentina in the first half of 2024. The cash flows from operating activities before changes in working capital remained very strong with a ratio to sales of 24%, enabling financing of the investments needed for future growth. At 10.7% at the end of June, recurring ROCE(21) has continued to improve, exceeding 10% in line with the ADVANCE objectives.
The investment backlog remains at a very high level of 4.1 billion euros, and is well diversified in terms of geographies. The portfolio of 12-month investment opportunities increased to 4 billion euros, mainly in the Americas and Europe. More than 40% of these are related to the energy transition. The Group is thus successfully pursuing the development of large-scale projects, in particular in the fields of decarbonization and semiconductors.
In 2024, Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit growth, at constant exchange rates(22).
APPENDICES
Performance indicators
Performance indicators used by the Group that are not directly defined in the financial statements have been prepared in accordance with the AMF position 2015-12 about alternative performance measures.
The performance indicators are the following:
Definition of Currency, energy and significant scope impacts
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 eurozone. The currency impact is calculated based on the aggregates for the period converted at the exchange rate for the previous period.
In addition, the Group passes on variations in the cost of energy (electricity and natural gas) to its customers via indexed invoicing integrated into their medium and long-term contracts. This indexing can lead to significant variations in sales (mainly in the Large Industries Business Line) from one period to another depending on fluctuations in prices on the energy market.
An energy impact is calculated based on the sales of each of the main subsidiaries in Large Industries. Their consolidation allows the determination of the energy impact for the Group as a whole. The foreign exchange rate used is the average annual exchange rate for the year N-1. Thus, at the subsidiary level, the following formula provides the energy impact, calculated for natural gas and electricity respectively:
Energy impact = Share of sales indexed to energy year (N-1) x (Average energy price in year (N) - Average energy price in year (N-1))
This indexation effect of electricity and natural gas does not impact the operating income recurring.
The significant scope impact corresponds to the impact on sales of all acquisitions or disposals of a significant size for the Group. These changes in scope of consolidation are determined:
Calculation of performance indicators (Semester)
COMPARABLE SALES CHANGE AND COMPARABLE OPERATING INCOME RECURRING CHANGE
Comparable changes for sales and operating income recurring exclude the currency, energy and significant scope impacts described above.
(in millions of euros)
H1 2024
H1 2024/2023 Published Growth
Currency impact
Natural gas impact
Electricity impact
Significant scope impact
H1 2024/2023 Comparable Growth
Revenue
Group
13,379
-4.3%
(471)
(363)
(133)
0
+2.6%
Impacts in %
-3.4%
-2.6%
-0.9%
+0.0%
Gas & Services
12,796
-4.5%
(468)
(363)
(133)
0
+2.6%
Impacts in %
-3.4%
-2.8%
-0.9%
+0.0%
Operating Income Recurring
Group
2,601
+4.9%
(142)
-
-
0
+10.6%
Impacts in %
-5.7%
-
-
+0.0%
Gas & Services
2,719
+5.1%
(141)
-
-
0
+10.5%
Impacts in %
-5.4%
-
-
+0.0%
Contribution of Argentina is of +2.1% to the Group’s sales comparable growth and of +4.4% to the operating income recurring comparable growth. For the Gas & Services activity, the contributions are respectively +2.2% and +4.2%.
Contribution of Argentina is calculated by the difference between the amounts consolidated at Group level and these same amounts consolidated excluding data from Argentina. The same method applies to the Gas & Services activity.
OPERATING MARGIN AND OPERATING MARGIN EXCLUDING ENERGY IMPACT
The operating margin is the ratio of the operating income recurring divided by revenue. The operating margin excluding energy impact corresponds to the operating income recurring (not affected in absolute value by the cost of energy contractually re-invoiced to Large Industries customers) divided by revenue excluding the energy impact to which is attached the corresponding currency impact. The ratio of operating income recurring divided by the revenue (whether restated or not from the energy impact) is calculated with rounding to one decimal place. The variation between 2 periods is calculated as the difference between these rounded ratios, which can result in positive or negative differences compared to a more precise calculation, due to rounding.
H1 2024
Natural gas impact(a)
Electricity impact(a)
H1 2024 excluding energy impact
Revenue
Group
13,379
(380)
(145)
13,904
Gas & Services
12,796
(380)
(145)
13,321
Operating Income Recurring
Group
2,601
2,601
Gas & Services
2,719
2,719
Operating Margin
Group
19.4%
18.7%
Gas & Services
21.2%
20.4%
(a) Including the currency impact attached to the considered energy impact.
RECURRING NET PROFIT GROUP SHARE AND RECURRING NET PROFIT GROUP SHARE EXCLUDING CURRENCY IMPACT
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.
H1 2023
H1 2024
2024/2023 variation
(A) Net Profit (Group Share) - As Published
1,721.6
1,680.9
-2.4%
(B) Exceptional and significant transactions after-tax with no impact on OIR
- Sales of Group stake in Hydrogenics
156.5
- Impairment of an intangible asset and of assets held for sale
(61.6)
(A) - (B) = Net Profit Recurring (Group Share)
1,626.7
1,680.9
+3.3%
(C) Currency impact
(205.9)
(A) - (B) - (C) = Net Profit Recurring (Group Share) excluding currency impact
1,886.8
+16.0%
The net profit recurring (Group share) excluding currency impact is up +5.0% when excluding the contribution of Argentina. Contribution of Argentina is calculated by the difference between the amounts consolidated at Group level and these same amounts consolidated excluding data from Argentina.
NET PROFIT EXCLUDING IFRS16 AND NET PROFIT RECURRING EXCLUDING IFRS16
Net Profit excluding IFRS16:
H1 2023
FY 2023
H1 2024
(A) Net Profit as Published
1,765.6
3,188.4
1,749.6
(B) = IFRS16 Impact(a)
(7.1)
(17.8)
(15.5)
(A) - (B) = Net Profit excluding IFRS16
1,772.7
3,206.2
1,765.1
(a) The IFRS16 impact includes the reintegration of leasing expenses, less depreciation and other financial expenses booked in relation to IFRS16.
Net Profit Recurring excluding IFRS16:
H1 2023
FY 2023
H1 2024
(A) Net Profit as Published
1,765.6
3,188.4
1,749.6
(B) Exceptional and significant transactions after-tax with no impact on OIR
70.2
(266.1)
0.0
(A) - (B) = Net Profit recurring
1,695.4
3,454.5
1,749.6
(C) IFRS16 Impact(a)
(7.1)
(17.8)
(15.5)
(A) - (B) - (C) = Net Profit recurring excluding IFRS16
1,702.5
3,472.3
1,765.1
(a) The IFRS16 impact includes the reintegration of leasing expenses, less depreciation and other financial expenses booked in relation to IFRS16.
EFFICIENCIES
Efficiencies represent a sustainable cost reduction resulting from an action plan on a specific project. Efficiencies are identified and managed on a per project basis. Each project is followed by a team composed in alignment with the nature of the project (purchasing, operations, human resources...).
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 in question.
For the denominator: the average of (total shareholders' equity excluding IFRS16 + net debt) at the end of the past three half-years.
(in millions of euros)
H1 2023 (a)
FY 2023 (b)
H1 2024 (c)
ROCE Calculation
Numerator
(b)-(a)+(c)
Net Profit Excluding IFRS16
1,772.7
3,206.2
1,765.1
3,198.6
Net Finance costs
(118.4)
(265.5)
(129.5)
(276.6)
Effective Tax Rate(a)
23.9%
23.6%
24.2%
Net Finance costs after tax
(90.1)
(202.9)
(98.1)
(211.0)
Net Profit - Net financial costs after tax
1,862.8
3,409.1
1,863.2
3,409.6
Denominator
((a)+(b)+(c))/3
Total Equity Excluding IFRS16
24,110.1
25,117.5
25,503.1
24,910.2
Net Debt
10,550.4
9,220.9
10,156.2
9,975.8
Average of (total equity + net debt)
34,660.5
34,338.4
35,659.3
34,886.0
ROCE
9.8%
(a) 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 IFR16 for the numerator.
(in millions of euros)
H1 2023 (a)
FY 2023 (b)
H1 2024 (c)
Recurring ROCE Calculation
Numerator
(b)-(a)+(c)
Net Profit Recurring Excluding IFRS16
1,702.5
3,472.3
1,765.1
3,534.9
Net Finance costs
(118.4)
(265.5)
(129.5)
(276.6)
Effective Tax Rate(a)
23.9%
23.6%
24.2%
Net Finance costs after tax
(90.1)
(202.9)
(98.1)
(211.0)
Recurring Net Profit Excluding IFRS16
- Net financial costs after tax
1,792.6
3,675.2
1,863.2
3,745.8
Denominator
((a)+(b)+(c))/3
Total Equity Excluding IFRS16
24,110.1
25,117.5
25,503.1
24,910.2
Net Debt
10,550.4
9,220.9
10,156.2
9,975.8
Average of (total equity + net debt)
34,660.5
34,338.4
35,659.3
34,886.0
Recurring ROCE
10.7%
(a) excluding non-recurring tax impact
Calculation of performance indicators (Quarter)
Q2 2024
Q2 2024/2023 Published Growth
Currency impact
Natural gas impact
Electricity impact
Significant scope impact
Q2 2024/2023 Comparable Growth
Revenue
Group
6,729
-1.2%
(190)
(65)
(37)
-
+3.1%
Impacts in %
-2.8%
-1.0%
-0.5%
-
Gas & Services
6,438
-1.1%
(191)
(65)
(37)
-
+3.4%
Impacts in %
-2.9%
-1.0%
-0.6%
-
2nd quarter 2024 revenue
BY GEOGRAPHY
Revenue
(in millions of euros)
Q2 2023
Q2 2024
Published change
Comparable change
Americas
2,530
2,625
+3.8%
+9.5%
Europe
2,336
2,225
-4.8%
-1.0%
Asia Pacific
1,378
1,302
-5.5%
-0.7%
Middle East & Africa
268
286
+6.6%
+4.0%
Gas & Services Revenue
6,512
6,438
-1.1%
+3.4%
Engineering & Construction
93
105
+13.2%
+13.1%
Global Markets & Technologies
201
186
-8.0%
-8.5%
GROUP REVENUE
6,806
6,729
-1.2%
+3.1%
BY WORLD BUSINESS LINE
Revenue
(in millions of euros)
Q2 2023
Q2 2024
Published change
Comparable change
Large industries
1,858
1,721
-7.4%
+1.2%
Industrial Merchant
3,012
3,024
+0.4%
+2.5%
Healthcare
1,018
1,070
+5.0%
+10.2%
Electronics
624
623
-0.1%
+2.6%
GAS & SERVICES REVENUE
6,512
6,438
-1.1%
+3.4%
Geographic and segment information
H1 2023
H1 2024
(in millions of euros and %)
Revenue
Operating income recurring
OIR margin
Revenue
Operating income recurring
OIR margin
Americas
5,159
1,029
19.9%
5,175
1,112
21.5%
Europe
4,975
846
17.0%
4,475
922
20.6%
Asia Pacific
2,763
611
22.1%
2,593
564
21.7%
Middle East and Africa
508
101
20.0%
553
121
21.9%
Gas & Services
13,405
2,587
19.3%
12,796
2,719
21.2%
Engineering and Construction
180
18
9.9%
197
19
9.9%
Global Markets & Technologies
395
64
16.2%
386
63
16.4%
Reconciliation
-
(188)
-
-
(201)
-
TOTAL GROUP
13,980
2,481
17.7%
13,379
2,601
19.4%
Contribution from Argentina to comparable sales growth (in %)
Large Industries
Industrial Merchant
Healthcare
Electronics
Total G&S
Americas
Q2 2024
+8.1%
+3.9%
+21.7%
-
+6.2%
H1 2024
+7.9%
+3.7%
+18.9%
-
+5.7%
Gas & Services
H1 2024
+1.6%
+2.2%
+4.9%
-
+2.2%
Contribution of Argentina is calculated by the difference between the amounts consolidated at Gas & Services level and these same amounts consolidated excluding data from Argentina.
H1 2024/2023 Published
Energy impact
Forex impact
H1 2024/2023 comparable
Growth (in %)
Group
Group
Argentina impact
Excl. Argentina
Group
Argentina impact
Excl. Argentina
Group
Argentina impact
Excl. Argentina
Revenue
-4.3%
-3.5%
+0.4%
-3.9%
-3.4%
-2.3%
-1.1%
+2.6%
+2.1%
+0.5%
Operating Income Recurring
+4.9%
-5.7%
-4.3%
-1.4%
+10.6%
+4.4%
+6.2%
Group OIR margin excluding energy impact
+100 bps
No impact
Recurring net profit
+3.3%
+16.0%
+11.0%
+5.0%
Consolidated income statement
(in millions of euros)
H1 2023
H1 2024
Revenue
13,980.3
13,378.6
Other income
115.3
138.4
Purchases
(5,736.8)
(4,975.4)
Personnel expenses
(2,545.8)
(2,598.6)
Other expenses
(2,103.1)
(2,114.9)
Operating income recurring before depreciation and amortization
3,709.9
3,828.1
Depreciation and amortization expenses
(1,229.2)
(1,227.0)
Operating income recurring
2,480.7
2,601.1
Other non-recurring operating income
205.3
37.8
Other non-recurring operating expenses
(172.3)
(125.2)
Operating income
2,513.7
2,513.7
Net finance costs
(118.4)
(129.5)
Other financial income
9.8
3.5
Other financial expenses
(102.8)
(90.4)
Income taxes
(538.6)
(542.6)
Share of profit of associates
1.9
(5.1)
PROFIT FOR THE PERIOD
1,765.6
1,749.6
- Minority interests
44.0
68.7
- Net profit (Group share)
1,721.6
1,680.9
Basic earnings per share (in euros)(a)
2.99
2.92
(a) Adjusted following the free share attribution in June 2024.
Consolidated balance sheet
ASSETS (in millions of euros)
December 31, 2023
June 30, 2024
Goodwill
14,194.2
14,447.1
Other intangible assets
1,631.3
1,648.6
Property, plant and equipment
23,652.2
24,529.9
Non-current assets
39,477.7
40,625.6
Non-current financial assets
696.7
728.8
Investments in equity affiliates
180.1
176.1
Deferred tax assets
225.2
266.6
Fair value of non-current derivatives (assets)
35.1
29.8
Other non-current assets
1,137.1
1,201.3
TOTAL NON-CURRENT ASSETS
40,614.8
41,826.9
Inventories and work-in-progress
2,027.6
2,080.4
Trade receivables
2,993.7
3,075.1
Other current assets
862.7
908.3
Current tax assets
42.9
78.3
Fair value of current derivatives (assets)
70.7
39.5
Cash and cash equivalents
1,624.9
1,785.3
TOTAL CURRENT ASSETS
7,622.5
7,966.9
ASSETS HELD FOR SALE
95.1
97.9
TOTAL ASSETS
48,332.4
49,891.7
EQUITY AND LIABILITIES (in millions of euros)
December 31, 2023
June 30, 2024
Share capital
2,884.8
3,179.7
Additional paid-in capital
2,447.7
2,057.5
Retained earnings
16,063.7
17,987.4
Treasury shares
(152.7)
(208.4)
Net profit (Group share)
3,078.0
1,680.9
Shareholders' equity
24,321.5
24,697.1
Minority interests
721.6
716.2
TOTAL EQUITY
25,043.1
25,413.3
Provisions, pensions and other employee benefits
2,004.8
1,941.6
Deferred tax liabilities
2,329.0
2,447.0
Non-current borrowings
8,560.5
8,120.2
Non-current lease liabilities
1,046.3
1,102.5
Other non-current liabilities
454.7
468.2
Fair value of non-current derivatives (liabilities)
48.0
31.0
TOTAL NON-CURRENT LIABILITIES
14,443.3
14,110.5
Provisions, pensions and other employee benefits
363.8
440.4
Trade payables
3,310.5
3,188.7
Other current liabilities
2,310.1
2,291.1
Current tax payables
236.4
294.6
Current borrowings
2,285.3
3,821.3
Current lease liabilities
219.7
227.4
Fair value of current derivatives (liabilities)
76.2
50.8
TOTAL CURRENT LIABILITIES
8,802.0
10,314.3
LIABILITIES HELD FOR SALE
44.0
53.6
TOTAL EQUITY AND LIABILITIES
48,332.4
49,891.7
Consolidated cash flow statement
(in millions of euros)
1st half 2023
1st half 2024
Operating activities
Net profit (Group share)
1,721.6
1,680.9
Minority interests
44.0
68.7
Adjustments:
• Depreciation and amortization expense
1,229.2
1,227.0
• Changes in deferred taxes
66.3
(25.8)
• Changes in provisions
115.9
(10.3)
• Share of profit of equity affiliates
(1.9)
5.1
• Profit/loss on disposal of assets
(149.4)
33.8
• Net finance costs
90.7
91.7
• Other non cash items
94.4
83.8
Cash flow from operating activities before changes in working capital
3,210.8
3,154.9
Changes in working capital
(298.4)
(282.0)
Other cash items
47.9
(28.1)
Net cash flows from operating activities
2,960.3
2,844.8
Investing activities
Purchase of property, plant and equipment and intangible assets
(1,713.9)
(1,656.3)
Acquisition of consolidated companies and financial assets
(31.7)
(42.7)
Proceeds from sale of property, plant and equipment and intangible assets
34.8
22.7
Proceeds from the sale of subsidiaries, net of net debt sold and from the sale of financial assets
252.2
97.1
Dividends received from equity affiliates
1.2
11.0
Net cash flows used in investing activities
(1,457.4)
(1,568.2)
Financing activities
Dividends paid
• L'Air Liquide S.A.
(1,578.4)
(1,715.1)
• Minority interests
(34.0)
(56.1)
Proceeds from issues of share capital
20.4
22.8
Purchase of treasury shares
(82.6)
(174.3)
Net financial interests paid
(135.4)
(134.2)
Increase (decrease) in borrowings
238.7
1,104.3
Lease liabilities repayments
(116.2)
(116.6)
Net interests paid on lease liabilities
(18.3)
(21.4)
Transactions with minority shareholders
(8.4)
(1.7)
Net cash flows from (used in) financing activities
(1,714.2)
(1,092.3)
Effect of exchange rate changes and change in scope of consolidation
(39.8)
(19.0)
Net increase (decrease) in net cash and cash equivalents
(251.1)
165.3
NET CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
1,760.9
1,403.6
NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
1,509.8
1,568.9
The analysis of net cash and cash equivalents at the end of the period is as follows:
(in millions of euros)
June 30, 2023
December 31, 2023
June 30, 2024
Cash and cash equivalents
1,712.2
1,624.9
1,785.3
Bank overdrafts (included in current borrowings)
(202.4)
(221.3)
(216.4)
NET CASH AND CASH EQUIVALENTS
1,509.8
1,403.6
1,568.9
Net debt calculation
(in millions of euros)
June 30, 2023
December 31, 2023
June 30, 2024
Non-current borrowings
(8,762.1)
(8,560.5)
(8,120.2)
Current borrowings
(3,500.5)
(2,285.3)
(3,821.3)
TOTAL GROSS DEBT
(12,262.6)
(10,845.8)
(11,941.5)
Cash and cash equivalents
1,712.2
1,624.9
1,785.3
TOTAL NET DEBT AT THE END OF THE PERIOD
(10,550.4)
(9,220.9)
(10,156.2)
Statement of changes in net debt
(in millions of euros)
H1 2023
FY 2023
H1 2024
Net debt at the beginning of the period
(10,261.3)
(10,261.3)
(9,220.9)
Net cash flows from operating activities
2,960.3
6,263.0
2,844.8
Net cash flows used in investing activities
(1,457.4)
(3,079.0)
(1,568.2)
Net cash flows used in financing activities excluding changes in borrowings
(1,817.6)
(2,041.6)
(2,062.4)
Total net cash flows
(314.7)
1,142.5
(785.8)
Effect of exchange rate changes, opening net debt of newly acquired companies and others
171.5
150.6
(42.8)
Adjustment of net finance costs
(145.9)
(252.7)
(106.7)
Change in net debt
(289.1)
1,040.4
(935.3)
NET DEBT AT THE END OF THE PERIOD
(10,550.4)
(9,220.9)
(10,156.2)
Sales, Operating Income Recurring and investments key figures synthesis
The following tables gather data already available in this report. They complement the key figures indicated in the table on the first page.
Sales
H1 2024 split of revenue and comparable growth in %
Total
Large Industries
Industrial Merchant
Electronics
Healthcare
Americas
100%
14%
70%
5%
11%
+7.9%
+8.1%
+5.5%
+9.2%
+23.3%
Europe
100%
32%
34%
2%
32%
-1.3%
-1.7%
-5.2%
N.C.
+4.4%
Asia Pacific
100%
35%
28%
33%
4%
-0.8%
-0.9%
-0.6%
-0.6%
N.C.
Middle-East and Africa
100%
N.C.
N.C.
N.C.
N.C.
+7.1%
Gas & Services
100%
27%
47%
9%
17%
+2.6%
+1.1%
+2.0%
+0.3%
+9.1%
Engineering & Construction
+9.9%
Global Markets & Technologies
-2.0%
GROUP TOTAL
+2.6%
N.C.: Not communicated.
Operating Income Recurring
Operating margin in %(a)
Operating Income Recurring in million euros
H1 2023
H1 2024
2024/2023 excluding energy impact
Operating Income Recurring H1 2024
Americas
19.9%
21.5%
+120 bps
1,112
Europe
17.0%
20.6%
+170 bps
922
Asia Pacific
22.1%
21.7%
-50 bps
564
Middle-East and Africa
20.0%
21.9%
+320 bps
121
Gas & Services
19.3%
21.2%
+110 bps
2,719
Engineering & Construction
10.0%
9.9%
-10 bps
19
Global Markets & Technologies
16.2%
16.4%
+20 bps
63
Reconciliation
(201)
GROUP
17.7%
19.4%
+100 bps
2,601
(a) Operating income recurring / revenue as published.
Investments
in billion euros
H1 2024
12-month portfolio of investment opportunities(a)
4.0
Investment decisions(b)
1.6
Investment backlog(a)
4.1
Additional contribution to revenue of unit start-ups and ramp-ups(b) (in million euros)
108
(a) At the end of the reporting period.
(b) Cumulated from the beginning of the calendar year until the end of the reporting period.
The slideshow that accompanies this release is available as of 7:20 am (Paris time) at www.airliquide.com.
Throughout the year, follow Air Liquide on LinkedIn.
UPCOMING EVENTS
2024 3rd Quarter Revenue: October 23, 2024
Air Liquide is a world leader in gases, technologies and services for industry and healthcare. Present in 60 countries with 66,300 employees, the Group serves more than 4 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 Group’s activities since its creation in 1902.
Taking action today while preparing the future is at the heart of Air Liquide’s strategy. With ADVANCE, its strategic plan for 2025, Air Liquide is targeting a global performance, combining financial and extra-financial dimensions. Positioned on new markets, the Group benefits from major assets such as its business model combining resilience and strength, its ability to innovate and its technological expertise. The Group develops solutions contributing to climate and the energy transition—particularly with hydrogen—and takes action to progress in areas of healthcare, digital and high technologies.
Air Liquide’s revenue amounted to more than 27.5 billion euros in 2023. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, CAC 40 ESG, EURO STOXX 50, FTSE4Good and DJSI Europe indexes.
__________________________________ 1 See appendix for impact of Argentina. 2 Excluding exceptional and significant transactions that have no impact on the operating income recurring, see reconciliation in appendix. 3 Cash flows from operating activities before changes in working capital. 4 Based on the recurring net profit, see reconciliation in appendix. 5 Operating margin excluding energy passthrough impact. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring. 6 See impact of Argentina in Appendix. 7 Unless otherwise stated, all variations in revenue outlined below are on a comparable basis, excluding currency, energy (natural gas and electricity) and significant scope impacts. 8 Including a contribution of Argentina for +4.4%. 9 See definition and reconciliation in appendix. 10 See impact of Argentina in Appendix. 11 Including a contribution of Argentina for +4.4%. 12 See definition in appendix. 13 The average cost of net debt in the 1st half of 2023 does not include the exceptional proceeds related to the early redemption of bonds denominated in US dollars. 14 Temporary increase of Commercial papers (variable rate) in a context of potential liquidity tensions. 15 With no impact on operating income recurring. 16 See definition and reconciliation in appendix. 17 Including transactions with minority shareholders and dividends received from equity affiliates. 18 See definition and reconciliation in appendix. 19 See appendix for impact of Argentina. 20 Excluding exceptional and significant transactions that have no impact on the operating income recurring, see reconciliation in appendix. 21 Based on the recurring net profit, see reconciliation in appendix. 22 Operating margin excluding energy passthrough impact. Recurring net profit excluding exceptional and significant transactions that have no impact on the operating income recurring.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725996139/en/
Investor Relations IRTeam@airliquide.com Media Relations media@airliquide.com
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