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Another year of growth in revenues, operating margin and net profit
Regulatory News:
Air Liquide (Paris:AI):
2014 Key figures
2014 Highlights
*change 2014/2013 on a comparable basis: adjusted for currency, natural gas and significant scope (Anios) impacts**adjusted for currency and the operating impact of the disposal of Anios
Commenting on the 2014 results, Benoît Potier, Chairman and CEO of Air Liquide, stated:
“In a mixed environment that was also marked by rapid changes in exchange rates and the oil price, the Group achieved a solid 2014 performance, in sales, operating margin and cash flow.
“Revenue growth in 2014 was primarily driven by strong momentum in the Americas, Asia-Pacific and the developing economies, and by robust Electronics activity. In Europe, performance remains contrasted, albeit with a slight improvement in the fourth quarter. Overall, on a comparable basis, all of our Gas & Services and Engineering & Technology businesses reported growth in the fourth quarter, as well as for the year as a whole.
“In 2014, the Group continued to improve its competitiveness, in particular through successful cost adjustments and substantial efficiency gains, which contributed to our increased operating margin.
“The strength of the balance sheet, the investment backlog at € 2.8 billion, and the new contracts signed will contribute to growth in the next few years, as will the initiatives underway designed to accelerate innovation.
“Assuming a comparable economic environment, Air Liquide is confident in its ability to deliver another year of net profit growth in 2015.”
2014 consolidated revenue reached € 15,358 million, an increase of +4.5% over 2013 on a comparable basis. On a reported basis, the increase was +0.9 %, reflecting an unfavorable currency impact over the first three quarters of 2014. Gas & Services revenue, which reached € 13,867 million, was up +4.1% on a comparable basis. This performance reflects the combined impact of organic business growth throughout the year and the contribution of start-ups, of new production unit ramp-ups, and of acquisitions.
On a comparable basis, all Gas & Services business lines saw revenue growth in 2014:
- Large Industries, up +3.6%, benefited from sustained demand for air gases and hydrogen in Asia, particularly in China, from higher sales of air gases in the United States and in Latin America and from higher volumes of hydrogen for the Northern Europe refining sector.
- The good performance of Industrial Merchant, which was up +3.0%, is reflected in particular in high volumes in all product segments in China and by solid sales in North America, particularly in Canada. In Europe, where the situation is contrasted between the West and the East, a slight improvement was observed in the fourth quarter. Sales growth was robust in all developing economies (+9.0%).
- In Healthcare, up +3.7%, revenue grew in all geographic zones, posting double-digit growth in South America and in the developing economies of Asia. Growth was once again driven by sustained demand for home healthcare (+5.5%), despite significant tariff pressure in Europe, and by strong hygiene sales (+6.1%).
- Electronics showed robust growth of +12.0%. This performance was driven by higher carrier gases sales, especially in China and in the United States, as well as specialty gas and advanced precursor (the ALOHA™ range) activity in the United States, in Japan and in Taiwan. The American company Voltaix, acquired in 2013, also contributed to the performance of this business line in 2014.
Engineering & Technology revenue rose +15.6%, on a comparable basis, reflecting third-party customer project progress, while the order intake (€ 1.4 billion) is at a good level.
The Group’s operating margin rose to 17.1%, up +20 basis points, boosted by efficiency gains of € 321 million, well in excess of the annual target. This improvement was even more pronounced for Gas & Services (+40 basis points). Net profit (Group share) is € 1,665 million, up +3.8 % when adjusted for the currency and significant scope impacts and of +1.5% as reported. The effective tax rate rose from 26.6% in 2013 to 28.3% in 2014.
The Group’s cash flow model once again demonstrated its solidity, with net debt at € 6,306 million, virtually unchanged excluding the currency impact, and a slightly improved debt to equity ratio of 53%. The return on capital employed after tax is 11.1% excluding currency impact (10.8% as reported) and will improve with the ramp-up of growth projects currently under development.
________
Air Liquide’s Board of Directors, which met on February 16, 2015, approved the audited financial statements for fiscal year 2014. The Group’s Statutory Auditors are in the process of issuing an unqualified opinion on the financial statements.
At the next Annual General Meeting of Shareholders, the Board of Directors will propose the payment of a dividend of 2.55 euros per share, an increase of +10.3%, taking into account the attribution in 2014 of 1 free share for 10 existing. The ex-dividend date has been set for May 18, 2015 and the payment date for May 20, 2015.
The Board also approved the draft resolutions that will be submitted to the Annual General Meeting on May 6, 2015, in particular calling for the renewal for a period of four years of the term of office of Mrs. Siân Herbert-Jones, a member of the Company’s Board of Directors since 2011, as well as the appointment, for a four-year term, of Mrs. Geneviève Berger.
The Board of Directors duly noted that the terms of office of board members Mr. Gérard de la Martinière and Mr. Cornelis Van Lede will expire at the close of the next Annual General Meeting and thanked them sincerely for their significant contribution to the work of the Board and the Board’s committees.
Following the Annual General Meeting, the Board of Directors would consist of 12 members including, since last year, a board member who is an employee of the Company, appointed by the Works Council for France on June 18, 2014. Nine of the eleven members elected by the Annual General Meeting would be independent as defined in the internal regulations. The Board would include five women and six members whose nationality is other than French.
In addition, the Board set executive compensation for 2014 and 2015, details of which will be published on the Air Liquide corporate website. The components of executive compensation for 2014 will be submitted to the shareholders for their opinion, as was the case last year, under two specific “Say on Pay” resolutions.
Lastly, concerning the double-voting rights introduced by the French Law of March 29, 2014, known as the “Florange law”, the Board of Directors has decided to propose an amendment to the Company’s articles of association at the shareholders meeting to return to the principle of "one share, one voice", in practice for the last twenty years at Air Liquide. This principle of shareholder equality is consistent with the logic of preserving interests of shareholders, whose loyalty has been rewarded in the form of bonus dividends.
________
Benoît Potier also comments on the Group’s 2014 results in a video interview available in French and in English at www.airliquide.com.
Follow the announcement of 2014 results live on Twitter (hashtag #ALresults)All year long, follow the latest Air Liquide news on https://twitter.com/airliquidegroup
UPCOMING EVENTS
2015 1st quarter revenueFriday, April 24, 2015
Annual General MeetingWednesday, May 6, 2015
2015 First half resultsThursday, July 30, 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 € 15.4 billion in 2014, 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.
2014 Performance
Management report
2014 PERFORMANCE
2
2014 Key figures
2
2014 Highlights
3
2014 Income statement
5
2014 Cash flow and balance sheet
12
INVESTMENT CYCLE AND FINANCING STRATEGY
15
Investments
15
Financing strategy
16
OUTLOOK
19
APPENDICES
20
4th quarter 2014 revenue
20
Segment information
21
Consolidated income statement
22
Consolidated balance sheet
23
Consolidated cash flow statement
24
2014 PERFORMANCE
The solid performance in 2014, in an unsettled environment, resulted once again in the Group achieving its objective of net profit growth. Group revenue reached 15,358 million euros, up +4.5% versus 2013 on a comparable basis. On a reported basis, growth reached +0.9% penalized, in particular, by a strong currency impact at the beginning of the year. The Gas & Services activity has continued to make progress in all business lines, especially in the Americas and Asia. Developing economies continued to show sustained momentum, up +14% on a like-for-like basis. The increase in advanced economies was more modest at +1%, affected by the economic slowdown in Western Europe.
Greater efforts on costs and efficiency, generating a high level of savings at 321 million euros, contributed to increasing the operating margin by nearly +20 basis points to 17.1%. Net profit (Group share) rose to 1,665 million euros, up +1.5% as published. As an indication only, net profit (Group share) would have been up +3.8% excluding the currency impact and the operating impact of the disposal of Anios at end-2013.
Investment decisions totaled 2.1 billion euros, reflecting greater selectivity in the Group's investment process. Net cash from operating activities was up +1.0%, as an indication +2.3% excluding currency, financing investments while strengthening the Group’s financial structure.
The Board of Directors proposes a nominal dividend to be submitted to the Shareholders’ Meeting of May 6, 2015 at 2.55 euros per share. This represents an increase of +10.3% for the shareholder taking into account the free share attribution on June 2, 2014. The pay-out ratio is estimated at 54.0%.
2014 key figures
(in millions of euros) 2013 2014 2014/2013published change2014/2013comparablechange (a)
Group revenue 15,225 15,358 +0.9% +4.5% of which Gas & Services 13,837 13,867 +0.2% +4.1% Operating income recurring 2,581 2,634 +2.1% - Operating income recurring (as % of revenue) 16.9% 17.1% +20bps - Net profit (Group share) 1,640 1,665 +1.5% - Adjusted earnings per share (in euros) (b) 4.79 4.85 +1.3% - Adjusted dividend per share (in euros) (b) 2.31 2.55 (c) +10.3% - Net cash flows from operating activities (d) 2,803 2,830 +1.0% - Net capital expenditure (e) 2,240 1,931 - Net debt 6,062 6,306 - Debt-to-equity ratio 55.7% 53.3% - Return On Capital Employed – ROCE after tax(f) 11.1% 10.8% - -(a) Excluding natural gas, currency and significant scope 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 proportionately, according to the price indexation clauses.(b) Adjusted for the free share attribution of June 2, 2014(c) Subject to the approval of the May 6, 2015 Shareholders’ Meeting.(d) Cash flow from operating activities after change in working capital requirement and other elements.(e) Including transactions with minority shareholders.(f) Return On Capital Employed — ROCE after tax: (net profit after tax before deduction of minority interests - net cost of debt after taxes)/(shareholders’ equity + minority interests + net indebtedness) average over the fiscal year).
2014 highlights
During 2014, Air Liquide continued to expand in growth markets and major industrial basins, in both developing and advanced economies. This year was also synonymous for the Group with major developments in innovation, particularly in hydrogen mobility.
DEVELOPMENT OF INDUSTRIAL ACTIVITY
In 2014, thanks to its industrial competitiveness and its technological differentiation, Air Liquide strengthened its positions in the major industrial basins on the Gulf Coast and in the Rhine-Ruhr area.
In China, Air Liquide saw major developments during 2014. The Group strengthened its position in the growing Electronics sector.
FURTHER ADDITIONAL ACQUISITIONS IN HEALTHCARE
An ageing population and the rise in the number of patients affected by chronic diseases are major public health issues. Air Liquide continued with its strategy of patients densification in the Group's geographies through additional acquisitions in home healthcare.
CONTINUED INVESTMENT IN INNOVATION
MAJOR DEVELOPMENTS IN HYDROGEN MOBILITY
The year 2014 was marked by major advances in the global deployment of hydrogen energy:
Air Liquide also announced the acquisition of FordonsGas, a company that distributes Bio- and Natural Gas for Vehicles (Bio-NGVs) for the Swedish transportation market. Air Liquide will benefit from FordonsGas' experience in the distribution of an alternative fuel, useful experience in terms of its infrastructure deployment strategy in hydrogen mobility.
REFINANCING AT ATTRACTIVE RATES
To refinance debt reaching maturity and continue to fund its development while benefiting from very attractive market conditions, in 2014, Air Liquide issued bonds for a total amount of 858 million euros with maturities of between eight and 15 years. The main transaction was carried out as part of the EMTN program for a total of 500 million euros over 10 years and with a record low coupon of 1.875% per year.
2014 Income Statement
REVENUE
Revenue(in millions of euros)
2013 2014 2014/2013 change 2014/2013 comparable change (a) Gas & Services 13,837 13,867 +0.2% +4.1% Engineering & Technology 803 912 +13.6% +15.6% Other activities 585 579 -1.1% -1.0% TOTAL REVENUE 15,225 15,358 +0.9% +4.5%(a) Excluding currency, natural gas and significant scope impacts.
Group
The Group’s 2014 revenue reached 15,358 million euros, a reported increase of +0.9% compared to 2013, penalized by a negative currency impact of -1.9% which was particularly strong at the beginning of the year, and a natural gas impact of -0.6%. On a comparable basis (excluding currency and natural gas impacts and revised for the impact of the disposal of Anios at end-2013), revenue for the year increased by +4.5%.
The first quarter benefited from a favorable comparable basis and sales continued to increase like-for-like during the following three quarters.
Revenue by quarter (in millions of euros) Q1 2014 Q2 2014 Q3 2014 Q4 2014 Gas & Services 3,416 3,391 3,446 3,614 Engineering & Technology 175 230 213 294 Other activities 143 151 142 143 TOTAL REVENUE 3,734 3,772 3,801 4,051 2014/2013 published change +1.0% -2.4% +1.0% +3.9% 2014/2013 comparable change (a) +6.2% +3.6% +4.3% +3.9%(a) Excluding currency, natural gas and significant scope impacts.
Currency, natural gas and significant scope impacts
In addition to the comparison of published figures, financial information is given excluding currency, natural gas price fluctuation 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 euro zone. Fluctuations in natural gas prices are generally passed on to customers through price indexation clauses.
(in millions of euros) Group Gas & Services 2014 revenue 15,358 13,867 2014/2013 published change (in %) +0.9% +0.2% Currency impact -294 -278 Natural gas impact -87 -87 Significant scope impact -168 -168 2014/2013 comparable change (a) (in %) +4.5% +4.1% (a) Excluding currency, natural gas and significant scope impacts.Gas & Services
Unless otherwise stated, all the changes in revenue outlined below are on a comparable basis (excluding currency, natural gas and significant scope impacts).Gas & Services revenue reached 13,867 million euros, showing comparable growth of +4.1%, with all business lines posting growth. Revenue was up +0.2% in published data, penalized by a negative currency impact of -1.9% and a natural gas impact of -0.6%.
Revenue(in millions of euros)
2013 2014 2014/2013 change 2014/2013 comparablechange (a) Europe 7,058 6,640 -5.9% -1.1% Americas 3,225 3,416 +5.9% +7.9% Asia-Pacific 3,184 3,444 +8.2% +11.6% Middle-East and Africa 370 367 -0.8% +4.6% GAS & SERVICES 13,837 13,867 +0.2% +4.1% Industrial Merchant 5,081 5,083 +0.0% +3.0% Large Industries 4,940 4,980 +0.8% +3.6% Healthcare 2,689 2,570 -4.4% +3.7% Electronics 1,127 1,234 +9.5% +12.0%(a) Excluding currency, natural gas, and significant scope impacts
Gas & Services sales share in developing economies
Due to a higher growth rate, the share of developing economies in the Gas & Services revenue continued to progress and reached 26% in 2014. This contribution was even higher for industrial activities at 29.5%.
Europe
Revenue in Europe totaled 6,640 million euros, down -1.1%. Sales increased slightly, excluding the disposal of the cogeneration activities at end-2013 and the impact of the drop in electricity costs. Oxygen levels were stable, whereas demand for hydrogen increased significantly, a sign of resilience in the North European industrial basins. The region continued to benefit from momentum in the developing economies, which increased by +5.4% in a complex geopolitical context. Sales were down slightly in Western Europe, with the 4th quarter posting a slight improvement compared with the previous two quarters.
Americas
Gas & Services revenue in the Americas totaled 3,416 million euros, up +7.9%. Industrial activity remained sustained in North America, with an increase in oxygen and hydrogen volumes, a solid improvement in bulk sales and positive elasticity in Industrial Merchant prices. Growth was regular over the year in South America, in particular in Large Industries and Healthcare, and reached close to +15% despite a slowdown in Brazil at the end of the year.
Asia-Pacific
Revenue in the Asia-Pacific region increased by +11.6% to 3,444 million euros. Sales growth continued in the region's main countries with strong momentum in all business lines. China continued to benefit from start-ups in December 2013 and January 2014. Japan saw growth in all four quarters, thanks to the cycle peak in Electronics.
Middle-East and Africa
Middle-East and Africa revenue totaled 367 million euros, up +4.6%. Large Industries improved mainly in South Africa thanks to the ramp-up of a new unit for the metals market. Industrial Merchant activity also grew in South Africa, benefiting from an improvement in the supply of argon during the year. The situation was more contrasted in the Middle-East where geopolitical tensions weighed on activities. In Saudi Arabia, the initial start-up phases of our hydrogen units and those of our customers on the Yanbu site began, with commissioning scheduled for the first half of 2015.
Engineering & Technology
Engineering & Technology revenue totaled 912 million euros, up +15.6% compared to 2013, reflecting third-party customer project progress.
In 2014, total order intake reached 1.4 billion euros, down from the record level of 2013. The vast majority of projects concerned air gas production units. The level of order intake was well balanced between Group projects and third-party customer projects and reflects greater selectivity of both Group investments and third party client projects during the year.
Orders in hand reached 5.3 billion euros as at December 31, 2014, and reflects a good level of order intake in 2013 and 2014.
Other activities
Revenue(in millions of euros)
2013 20142014/2013change
2014/2013comparable change (a)
Welding 404 392 -3.0% -3.0% Diving 181 187 +3.3% +3.5% TOTAL 585 579 -1.1% -1.0%(a) Excluding currency, natural gas, and significant scope impacts.
The -1.0% decline in revenue for Other activities in 2014 is linked to the weakness of the Welding activity, down -3.0% over the year. The Welding activity nonetheless improved during the second half, thanks to a slight recovery in the European metals, automotive and construction sectors.
Diving (Aqua Lung) was slightly up +3.5% for 2014. The year was marked by a drop in activity in the military industry as well as the disposal of non-strategic activities.
OPERATING INCOME RECURRING
Operating income recurring before depreciation and amortization totaled 3,873 million euros, up +1.5% in reported figures. The pricing effect was positive on the whole over the period at +0.4%, partially offsetting cost inflation on constant volume of +2.0%, and efficiencies were at a very high level.
For the full year, efficiencies amounted to 321 million euros, exceeding the annual target of more than 250 million euros. These efficiencies represent a 2.9% cost saving. Of this amount, 69 million euros stem from the realignment plans undertaken in 2013 in structures where activity had suffered from falling demand. In the industrial domain, other projects designed to reduce energy consumption, optimize the logistics chain and roll out global or regional purchasing platforms were continued.
Depreciation and amortization amounted to 1,239 million euros, slightly up by +0.2%, with the impact of unit start-ups and acquisitions partly offset by more efficient asset management and better control over investments.
The Group’s operating income recurring (OIR) reached 2,634 million euros in 2014, an increase of +2.1% over 2013 or +5.1% on a comparable basis. The operating margin (OIR to revenue) was up +20 basis points at 17.1%.
Gas & Services
Gas & Services operating income recurring totaled 2,738 million euros, up +3.1%. The OIR margin amounted to 19.7%, compared to 19.2% in 2013. Excluding the natural gas impact, the operating margin was again up +40 basis points.
Cost inflation, excluding the impact of energy indexation, remained relatively stable during the year at +2.5% for the full year. Prices rose by +0.5% due to continuing efforts in Industrial Merchant (+1.2%) and despite ongoing pricing pressure in Healthcare. Efficiencies totaled 298 million euros. A portion of these efficiencies was absorbed to offset the difference between cost inflation and rising prices. The remaining efficiencies, i.e. retention, helped improve the margin. The retention rate was 36% in 2014.
Gas & Services 2014 Operating income recurring
Gas & Services Operating margin (a) 2012 2013 2014 Europe 18.3% 19.1% 20.3% Americas 24.0% 23.6% 22.7% Asia-Pacific 15.1% 15.1% 16.0% Middle-East and Africa 21.2% 17.9% 17.6% TOTAL 18.8% 19.2% 19.7% (a) Operating income recurring/revenue, as published.Operating income recurring in Europe totaled 1,346 million euros, stable compared to 2013. Excluding the natural gas impact, the operating margin was significantly higher, up +70 basis points at 19.8%. The operating margin benefited in particular from efficiencies generated by the realignment plans initiated in 2013, as well as a reduction in charges relating to changes in pension plans in France and the Netherlands. The Large Industries margin was strengthened by industrial efficiencies while the Healthcare margin, benefiting from the economies of scale of volume growth, was resilient despite the pressure on tariffs.
Operating income recurring in the Americas amounted to 776 million euros, up +2.0%. Excluding the natural gas effect, the operating margin was down -40 basis points but nonetheless remained at a high level of 23.2%. The operating margin was penalized by an increase in transport costs which was partly due to weather conditions at the beginning of the year and partly offset by industrial efficiencies in Industrial Merchant and Large Industries.
In Asia-Pacific, operating income recurring amounted to 552 million euros, a marked increase of +14.5%. The operating margin, excluding natural gas, was up +90 basis points, thanks to efficiency plans launched in 2013 in Japan, plant start-ups and the growth of Industrial Merchant in China as well as industrial efficiencies in Large Industries and Electronics.
Operating income recurring for Middle East and Africa amounted to 65 million euros, a decline of -2.7%. The operating margin was down -30 basis points, impacted by the geopolitical situation in the Middle East and by argon supply difficulties in South Africa early in the year.
Engineering & Technology
Operating income recurring for Engineering & Technology amounted to 76 million euros. Operating income recurring as a percentage of revenue at 8.3% remained in line with the Group's target range of between 5% and 10%.
Other activities
The Group’s Other Activities reported operating income recurring of 36 million euros, up +10.9%, while the operating margin as a percentage of revenue totaled 6.1%, an increase of +60 basis points. This improvement was the result of efficiencies, in particular related to the realignment plans initiated in 2013 in Welding.
Research & Development and corporate costs
Research & Development and Corporate Costs include intersector consolidation adjustments and amounted to 215 million euros, up +11.4%, particularly reflecting the Group’s efforts to strengthen its innovation structures.
NET PROFIT
Other operating income and expenses showed a positive balance of 16 million euros compared to a positive balance of 26 million euros in 2013. They included 37 million euros of expenses incurred principally for further realignment programs in various countries, provisions for litigation-related risks, and certain one-off costs, offset by 63 million euros of capital gains on disposals, in particular relating to the sale of a polymer engineering and construction activity.
The net financial expense of -251 million euros was -17.7% lower than the -305 million euros in 2013.
The net finance costs, up slightly +4.1%, reflects a stable average cost of net indebtedness at 4.0% coupled with a slight increase in average net debt over the year, in particular in developing economies.
Other financial income and expenses decreased significantly to -21.7 million euros compared with -84.7 million euros in 2013 due to a gain on the partial disposal of a financial stake in a start up as well as a reduction in financial expenses relating to revisions in certain pension plans.
Taxes totaled 678 million euros, up +10.9%. The effective tax rate was 28.3% compared to 26.6% in 2013. This increased rate is the result of the fact that the 2013 rate benefited from the impact of the reduced rate on the capital gains from the disposal of Anios stake.
The share of profit of associates was 4 million euros down from 14.5 million in 2013 following the disposal of a stake in a Korean joint venture. Minority interests fell by -6.9%, amounting to 59.8 million euros.
Overall, net profit (Group share) amounted to 1,665 million euros in 2014, up +1.5% in reported terms.
Net earnings per share were 4.85 euros, up +1.3% compared to 4.79 euros (adjusted for the 2014 free share attribution) in 2013. The average number of outstanding shares used for the calculation of net earnings per share as of December 31, 2014 was 343,214,086.
Change in the number of shares
2013 2014 Average number of outstanding shares (a) 342,664,899 343,214,086(a) Used to calculate earnings per share, 2013 adjusted for free share attribution on June 2, 2014.
Number of shares as of December 31, 2013 312,831,676 Options exercised during the year, prior to the free share attribution 511,594 Cancellation of treasury shares (1,000,000) Free shares issued 32,095,812 Options exercised during the year, after the free share attribution 433,801 NUMBER OF SHARES AS OF DECEMBER 31, 2013 344,872,883DIVIDEND
At the Shareholders’ Meeting on May 6, 2015, the payment of a dividend of 2.55 euros per share will be proposed to shareholders for fiscal year 2014, up +10.3% taking into account the free share attribution on June 2, 2014. Total estimated pay-out taking into account share buybacks and cancellation will amount to 899 million euros, up +10.3%, representing a pay-out ratio of 54.0%
The ex-dividend date has been set for May 18, 2015 and the dividend will be paid from May 20, 2015.
2014 cash flow and balance sheet
(in millions of euros) 2013 2014 Cash flow from operating activities before change in working capital 2,949 2,943 Change in working capital requirement (19) 74 Other items (127) (187) Net cash flow from operating activities 2,803 2,830 Dividends (877) (885) Purchases of property, plant and equipment and intangible assets, net of disposals (b) (2,240) (1,931) Increase in share capital 126 60 Purchase of treasury shares (115) (116) Other 344 (202) Change in net indebtedness 41 (244) Net indebtedness as of December 31 (6,062) (6,306) Debt-to-equity ratio as of December 31 56% 53%NET CASH FLOW FROM OPERATING ACTIVITIES
Cash flow from operating activities before changes in working capital amounted to 2,943 million euros, down -0.2% compared to 2013. Net cash from operating activities after changes in working capital requirement amounted to 2,830 million euros, up +1.0% compared to 2,803 million euros in 2013, or as an indication +2.3% excluding currency impact. This performance was in particular impacted by the expensing of the realignment plans, provisioned in 2013.
CHANGE IN WORKING CAPITAL REQUIREMENT
The working capital requirement fell slightly (-74 million euros) in 2014. Excluding taxes, it was quasi stable, in particular as a result of better recovery of trade receivables, and stood at 6.8% of revenue, compared to 6.6% in 2013.
The increase in other items reflects, in particular, adjustments to certain pension plans in Europe.
CAPITAL EXPENDITURE
In 2014, gross capital expenditure totaled 2,175 million euros, including transactions with minority shareholders. Gross industrial capital expenditure reached 1,902 million euros in 2014, a decrease of -11.8% compared to 2013. The Gross financial capital expenditure, including transactions with minority shareholders, amounted to 273 million d'euros. Gross capital expenditure in the Gas & Services activity, including transactions with minority shareholders, represented 14.4% of sales, compared to 17.6%% in 2013.
Group gross capital expenditure(in millions of euros)
Industrial investments Financial investments (a) Total capex 2009 1,411 109 1,520 2010 1,450 332 1,782 2011 1,755 103 1,858 2012 2,008 890 2,898 2013 2,156 401 2,557 2014 1,902 273 2,175 (a) Including transactions with minority shareholders.The assets disposals, for a total amount of 244 million euros, included non-strategic activities, in particular the disposal of a stake in a Korean joint venture and that of a polymers engineering and construction activity. Including minority interest buyouts, total net capital expenditure amounted to 1,931 million euros.
Industrial investments
Industrial investments amounted to 1.9 billion euros in 2014, down -11.8% compared to 2013. This trend reflects more selectivity in projects, strict control of capital expenditure and efforts to better load existing capacity and in particular, the recently started-up units.
Gas & Services investment by region was as follows:
Gross Industrial investments by geographical region (in millions of euros) Gas & Services Europe Americas Asia-Pacific Middle-East and Africa Total 2013 771 610 512 171 2,064 2014 718 613 379 83 1,793Financial investments
Financial investments amounted to 179 million euros, 273 million euros including transactions with minority shareholders. These included the acquisition of Arair and Seprodom in Home Healthcare, FordonsGas in Biogas, and numerous small acquisitions of distributors in Industrial Merchant in particular in developing countries. Disposals of financial investments totaled 15.8 million euros.
NET INDEBTEDNESS
Net indebtedness at December 31, 2014 at 6,306 million euros, was up 244 million euros compared to the end of 2013, almost entirely due to a negative currency impact of 222 million euros. Excluding the currency effect, the stability of the debt level reflects solid cash flow and the efforts to contain the working capital and capital expenditure. The debt-to-equity ratio was 53%, a slight decrease compared to December 31, 2013 and confirms a further improvement in the Group’s financial structure.
ROCE
The return on capital employed after tax was 10.8% versus 11.1% at the end of 2013, reflecting the adverse effect of currency fluctuations on results and capital employed. At constant exchange rates, return on capital employed was stable at 11.1%. Assets under construction, which will contribute to growth in the medium term, remain high and should gradually decrease with the start-up of major projects in 2015 and 2016.
In addition, value creation, reflected by the difference between return on capital employed and the average cost of capital, continued to increase and reached 570 basis points at the end of 2014.
INVESTMENT CYCLE AND FINANCING STRATEGY
The Group’s steady long-term growth is largely due to its ability to invest in new projects each year. Industrial gas investment projects are widespread throughout the world, highly capital intensive and supported by long-term contracts, particularly for Large Industries. Air Liquide has thus tailored its financing strategy to the nature of its projects, based on the diversification of funding sources, the prudent management of the balance sheet and innovative financing sourcing. This financing strategy is fundamental for the Group’s continued development.
Investments
INVESTMENT OPPORTUNITIES
As at December 31, 2014, the 12-month portfolio of opportunities totaled 3.2 billion euros, down 400 million euros compared to end-2013. This change is due to a higher level of investment decisions during the fourth quarter; the level of abandoned or delayed projects, exiting the portfolio at the end of the year was in line with the usual changes observed.
As at December 31, 2014, 64% of projects in the portfolio were located in developing economies and well spread over the Group's four geographic regions. Compared to end-December 2013, the share of European projects decreased to about 20%, as the Group’s development resources were realigned with the geopolitical context. The share of projects in China and North America increased slightly, reflecting renewed investment momentum in 2014 in these two regions. The share of the rest of Asia declined slightly. The investment opportunities include nine site takeovers that are currently operated by the customers themselves, reflecting the continuing trend towards outsourcing of industrial gas production.
The majority of the opportunities are in the Large Industries business line. The share of Large Industries projects relating to metals has decreased, relating to the chemicals sector remains stable, whereas the share relating to energy has increased.
INVESTMENT DECISIONS AND INVESTMENT BACKLOG
Investment decisions
(in billions of euros) Industrial investment decisions Financial investment decisions (acquisitions) Total investment decisions 2010 1.8 0.4 2.2 2011 1.9 0.1 2.0 2012 2.0 0.9 2.9 2013 2.2 0.5 2.7 2014 1.9 0.2 2.1In 2014, industrial and financial investment decisions, representing Group commitments to invest, reached 2.1 billion euros. Three quarters of these decisions relate to growth projects. Despite a significant drop in the amount of these decisions compared with the particularly high level seen in 2013 and 2012, the pace of signatures accelerated throughout the year.
The amount of industrial decisions in 2014 was down by around 0.3 billion euros, reflecting increased selectivity in terms of investments. Large Industries represented around half of investment decisions, with Industrial Merchant accounting for a quarter. The other quarter included Health, Electronics and Other activities.
In geographical terms, industrial decisions were spread across all regions. Asia and the Americas represented the Group's two main investment regions, with numerous projects in energy, valorization of shale gas in the United States and coal conversion in China. Europe's share represented around a quarter of investment decisions.
Financial investment decisions reached some 200 million euros in 2014. In Home Healthcare, these included the acquisition of Arair in France and Seprodom in French overseas regions, and local players in Brazil, Canada and Korea. They also included the acquisition of FordonsGas in biogas and the acquisition of local Industrial Merchant players in China, Brazil, Canada, Mexico and the United Kingdom.
The total investment backlog amounted to 2.8 billion euros, leading to a future contribution to revenue of approximately 1.2 billion euros after full ramp-up.
START-UPS
In 2014, 20 units were commissioned, a similar level to that seen in 2013. Some start-ups, initially planned for 2014, will be completed in 2015.
Start-ups were mainly located in developing economies in 2014. In China, many of the start-ups were air gas production units for the chemicals and energy conversion markets. In Asia, the start-ups were mainly units for the Electronics sector.
The number of start-ups in 2015 should be slightly higher.
Financing strategy
The Group’s financing strategy is regularly reviewed to provide support to the Group’s development and take into account changes in financial market conditions, while respecting a credit profile in line with Standard & Poor’s long term minimum “A” rating. This credit profile depends on key ratios such as net debt to equity and cash flow from operations before change in working capital to net debt. Air Liquide's "A+" rating was confirmed by Standard & Poor's on November 27, 2014.
In 2014, the existing principles of prudence were maintained:
DIVERSIFYING FUNDING SOURCES
Air Liquide diversifies its financing sources by accessing various debt markets: commercial paper, bonds and banks.
Air Liquide uses the short-term commercial paper market, in France, through two French Commercial Paper programs of up to an outstanding maximum of 3 billion euros, and in the United States through a US Commercial Paper program (USCP) of up to an outstanding maximum of 1.5 billion US dollars.
Air Liquide also has a Euro Medium Term Note (EMTN) program to issue long-term bonds of up to an outstanding maximum amount of 9 billion euros. At the end of 2014, outstanding bonds issued under this program amounted to 4.5 billion euros (nominal amount). The Group’s EMTN program allows, in particular, for bonds to be issued in the main currencies (euro, US dollar, Japanese yen) as well as in other currencies (Chinese renminbi, Swiss franc, pound sterling and rouble).
In 2014, the Group conducted four bond issues under its EMTN program - one public issue for a total amount of 500 million euros and three through private placements for a total, at December 31, 2014, of 358 million euros, in order to finance its investments.
As of December 31, 2014, funding through capital markets accounts for more than 80% of the Group’s total gross debt, for an amount of bonds outstanding of 5.5 billion euros, across all programs, and 375.1 million euros of commercial paper.
The Group also raises funds through bank debt (loans and credit facilities).
To avoid liquidity risk relating to the renewal of funding at maturity, and in accordance with the Group’s internal policy, the Group aims to limit its short-term debt maturities to 2.6 billion euros, an amount which is covered by committed credit facilities. At December 31, 2014, the amount of debt maturing in 2015 was equal to 1.3 billion euros.
In addition, the Group has a 1.3 billion euros syndicated credit facility reaching maturity in November 2019 after the exercise of the first one-year extension option in 2014. At December 31, 2014, the contract has a second one-year extension option, if it would be exercised, would lengthen the maturity to November 2020.
At December 31, 2014 the total amount of undrawn committed syndicated and bilateral credit facilities was 2.57 billion euros.
Net indebtedness by currency
2013 2014 Euro 31% 25% US dollar 32% 40% Japanese yen 13% 11% Chinese renminbi 14% 14% Other 10% 10% TOTAL 100% 100%Investments are essentially funded in the currency in which the cash flows are generated, creating a natural currency hedge. Air Liquide’s debt is thus mainly in euro, US dollar, Japanese yen and Chinese renminbi, which reflects the significant weight of these currencies in the Group’s investments and cash flow.
The share of the Group net indebtedness denominated in euros decreased mainly because of the rise in the financing of industrial investments in the United States (in US dollars). The share of net indebtedness denominated in Japanese yen also decreased, due to cash raised by the disposal of a stake in a Korean company partly owned by AL Japan.
CENTRALIZATION OF FUNDING AND EXCESS CASH
To benefit from economies of scale and facilitate capital markets financing (bonds and commercial paper), the Group uses a dedicated subsidiary, Air Liquide Finance. At December 31, 2014, this subsidiary centralized the vast majority of the Group’s financing transactions. This centralization continued in 2014, in particular for the financing of investments in developing economies in Asia and the Americas. It also hedges currency, interest rate and energy risk for the Group’s subsidiaries in those countries where it is permitted by law.
In the countries where it is permitted by law, Air Liquide Finance also centralizes cash flow balances through direct or indirect daily cashpooling of these outstandings or through term loans. When this is not possible, there are nonetheless domestic cashpoolings, allowing periodic intercompany loans to Air Liquide Finance.
As of December 31, 2014, Air Liquide Finance had granted, directly or indirectly, the equivalent of 8.0 billion euros in loans and received 3.7 billion euros in excess cash as deposits. These transactions were denominated in 24 currencies (primarily the euro, US dollar, Japanese yen, Chinese renminbi, pound sterling, Swiss franc, Singaporean dollar and Brazilian real) and extended to approximately 230 subsidiaries.
The matching by currency within Air Liquide Finance, resulting from the currency hedging of intra-group loans and borrowings, enables to avoid generating foreign exchange risk for the Group.
Furthermore, in certain specific cases (e.g. regulatory constraints, high country risk, joint-ventures, etc.), the Group limits its risk by setting up specific finance in the local banking market, and by using credit-risk insurance.
DEBT MATURITY AND SCHEDULE
To minimize the refinancing risk related to debt maturity schedules, the Group diversifies financing sources and spreads maturities over several years. This refinancing risk is also reduced by the regularity of the cash flow generated from Group activities.
The average of the Group's debt maturity is 5.4 years, at December 31, 2014.
The following chart represents the Group's debt maturity schedule. The single largest annual maturity represents approximately 18 % of gross debt.
CHANGE IN NET INDEBTEDNESS
Net indebtedness stood at 6,306 million euros as of December 31, 2014, compared to 6,062 million euros as of December 31, 2013, an increase of 244 million euros.
This increase is due, in particular, to a negative currency impact, as the euro depreciated against several other currencies at the end of 2014.
Cash flow generated by the operational activities funds almost all investments and dividends.
The net debt to equity ratio stood at 53% at the end of 2014 (compared to 56% at the end of 2013). This reduction is due to greater selectivity in Group's Investment process. The equivalent ratio calculated using the US method of net indebtedness/(net indebtedness + shareholder’s equity) reached 35% at the end of 2014, compared to 36% at the end of 2013. The financial expenses coverage ratio (operating income + share of profit of associates/net finance costs) stood at 11.6 in 2014 compared to 11.9 in 2013.
The average cost of gross indebtedness increased slightly in 2014 due to the increase in the share of funding in developing economies where benchmark rates are higher, and the Group's decision to issue longer-term maturities to benefit from the fall in interest rates in the main currencies.
The average cost of net indebtedness was 4.0% in 2014, stable compared to 2013 (4.0%). Cost of net indebtedness is calculated by dividing net finance costs for the fiscal year (268.8 million euros in 2014, excluding capitalized interest) by the year’s average outstanding net indebtedness.
This stability is due to the increase in the average cost of indebtedness in developing economies, which is offset by the decrease in financial expenses on long-term bond issues and increasingly centralized cash management.
BANK GUARANTEES
In connection with its Engineering & Construction activity, the subsidiaries of the Group sometimes grant bank guarantees to customers, during the tender period (bid bond), and after contract award, during contract execution until the end of the warranty period (advance payment bond, retention bond, performance bond, and warranty bond).
The most common bank guarantees extended to customers to secure the contractual performance are advance payment guarantees and performance guarantees.
The projects, for which these guarantees are granted, are regularly reviewed by the Management and, accordingly, when guarantee payment calls become probable, the necessary provisions are recorded in the Consolidated financial statements.
OUTLOOK
In a mixed environment that was also marked by rapid changes in exchange rates and the oil price, the Group achieved a solid 2014 performance, in sales, operating margin and cash flow.
Revenue growth in 2014 was primarily driven by strong momentum in the Americas, Asia-Pacific and the developing economies, and by robust Electronics activity. In Europe, performance remains contrasted, albeit with a slight improvement in the fourth quarter. Overall, on a comparable basis, all of our Gas & Services and Engineering & Technology businesses reported growth in the fourth quarter, as well as for the year as a whole.
In 2014, the Group continued to improve its competitiveness, in particular through successful cost adjustments and substantial efficiency gains, which contributed to our increased operating margin.
The strength of the balance sheet, the investment backlog at € 2.8 billion, and the new contracts signed will contribute to growth in the next few years, as will the initiatives underway designed to accelerate innovation.
Assuming a comparable economic environment, Air Liquide is confident in its ability to deliver another year of net profit growth in 2015.
Appendices
4nd quarter 2014 revenue
By geography
RevenuesIn millions of euros
Q4 2013 Q4 2014 Published ChangeComparablechange (a)
Europe 1,766 1,693 -4.2% -0.1% Americas 822 905 +10.1% +4.5% Asia-Pacific 826 917 +11.2% +9.3% Middle-East and Africa 94 99 +5.6% +3.7% Gas and Services Revenues 3,508 3,614 +3.0% +3.3% Engineering & Technology 247 294 +19.0% +16.6% Other Activities 144 143 -0.1% -1.8% Group revenue 3,899 4,051 +3.9% +3.9%By World business line
RevenuesIn millions of euros
Q4 2013 Q4 2014 Published ChangeComparablechange (a)
Large industries 1,261 1,270 +0.8% +1.2% Industrial Merchant 1,269 1,327 +4.5% +3.1% Electronics 300 348 +15.8% +12.9% Healthcare 678 669 -1.4% +3.3% Gas and Services Revenues 3,508 3,614 +3.0% +3.3%(a) Excluding currency, natural gas and significant scope impacts.
Segment information
2013 2014(in millions of euros and %)
Revenue Operatingincomerecurring OIRmargin Revenue Operatingincomerecurring OIRmargin Europe 7,058.3 1,346.3 19.1 % 6,639.7 1 345.5 20.3 % Americas 3,225.0 760.7 23.6 % 3,415.9 776.0 22.7 % Asia-Pacific 3,184.0 481.8 15.1 % 3,444.6 551.5 16.0 % Middle-East and Africa 369.7 66.3 17.9 % 366.7 64.5 17.6 % Gas and Services 13,837.0 2,655.1 19.2 % 13,866.9 2,737.5 19.7 % Engineering & Technology 802.9 86.5 10.8 % 912.3 75.8 8.3 % Other activities 585.3 32.1 5.5 % 579.1 35.6 6.1 % Reconciliation - (193.1) - - (215.1) - Total Group 15,225.2 2,580.6 16.9 % 15,358.3 2,633.8 17.1 %Consolidated income statement
(in millions of euros) 2013 2014 Change 14/13 Revenue 15,225.2 15,358.3 + 0.9 % Other income 189.3 228.2 Purchases (5,985.1) (6,007.2) Personnel expenses (2,751.1) (2,653.1) - 3.6 % Other expenses (2,861.4) (3,053.3) Operating income recurring before depreciation and amortization 3,816.9 3,872.9 + 1.5 % Depreciation and amortization expense (1,236.3) (1,239.1) + 0.2 % Operating income recurring 2,580.6 2,633.8 + 2.1 % Other non-recurring operating income 235.1 68.9 Other non-recurring operating expenses (209.2) (52.9) Operating income 2,606.5 2,649.8 + 1.7 % Net finance costs (219.9) (228.9) + 4.1 % Other financial income 14.4 32.8 Other financial expenses (99.1) (54.5) Income taxes (611.9) (678.4) Share of profit of associates 14.5 4.0 Profit for the period 1,704.5 1,724.8 + 1.2 % - Minority interests 64.2 59.8 - Net profit (Group share) 1,640.3 1,665.0 + 1.5 % Basic earnings per share (in euros) 4.79 4.85 + 1.3 % Diluted earnings per share (in euros) 4.77 4.83 + 1.3 %Consolidated balance sheet
ASSETS (in millions of euros) December 31, 2013 December 31, 2014 Goodwill 5,089.8 5,258.6 Other intangible assets 713.2 764.5 Property, plant and equipment 13,225.7 14,554.0 Non-current assets 19,028.7 20,577.1 Non-current financial assets 435.5 447.0 Investments in associates 201.7 100.4 Deferred tax assets 301.7 245.5 Fair value of non-current derivatives (assets) 122.4 68.9 Other non-current assets 1,061.3 861.8 TOTAL NON-CURRENT ASSETS 20,090.0 21,438.9 Inventories and work-in-progress 792.3 876.2 Trade receivables 2,691.1 2,879.8 Other current assets 449.8 468.7 Current tax assets 90.7 92.7 Fair value of current derivatives (assets) 40.6 58.5 Cash and cash equivalents 940.1 910.1 TOTAL CURRENT ASSETS 5,004.6 5,286.0 TOTAL ASSETS 25,094.6 26,724.9 EQUITY AND LIABILITIES (in millions of euros) December 31, 2013 December 31, 2014 Share capital 1,720.6 1,896.8 Additional paid-in capital 81.2 25.7 Retained earnings 7,271.2 8,049.7 Treasury shares (88.2) (100.7) Net profit (Group share) 1,640.3 1,665.0 Shareholders' equity 10,625.1 11,536.5 Minority interests 263.0 290.4 TOTAL EQUITY 10,888.1 11,826.9 Provisions, pensions and other employee benefits 2,040.5 2,169.3 Deferred tax liabilities 1,196.3 1,187.7 Non-current borrowings 5,817.5 5,883.8 Other non-current liabilities 191.0 232.2 Fair value of non-current derivatives (liabilities) 29.4 73.0 TOTAL NON-CURRENT LIABILITIES 9,274.7 9,546.0 Provisions, pensions and other employee benefits 246.5 293.6 Trade payables 1,922.6 2,183.7 Other current liabilities 1,407.7 1,223.3 Current tax payables 156.8 221.4 Current borrowings 1,188.8 1,332.6 Fair value of current derivatives (liabilities) 9.4 97.4 TOTAL CURRENT LIABILITIES 4,931.8 5,352.0 TOTAL EQUITY AND LIABILITIES 25,094.6 26,724.9Consolidated cash flows statement
(in millions of euros) 2013 2014 Operating activities Net profit (Group share) 1,640.3 1,665.0 Minority interests 64.2 59.8 Adjustments: • Depreciation and amortization 1,236.3 1,239.1 • Changes in deferred taxes 108.5 84.9 • Increase (decrease) in provisions 152.3 5.7 • Share of profit of associates (less dividends received) 12.3 4.7 • Profit/loss on disposal of assets (265.4) (116.5)Cash flows from operating activities before changes in working capital
2,948.5 2,942.7 Changes in working capital (18.7) 73.5 Other (127.1) (186.6) Net cash flows from operating activities 2,802.7 2,829.6 Investing activitiesPurchase of property. plant and equipment and intangible assets
(2,156.1) (1,901.7) Acquisition of subsidiaries and financial assets (391.9) (179.0)Proceeds from sale of property. plant and equipment and intangible assets
312.9 228.6Proceeds from sale of financial assets
4.2 15.8 Net cash flows used in investing activities (2,230.9) (1,836.3) Financing activities Dividends paid • L'Air Liquide S.A. (820.2) (838.5) • Minority interests (56.4) (46.0) Proceeds from issues of share capital 125.5 59.5 Purchase of treasury shares (114.6) (116.4) Increase (decrease) in borrowings 36.4 76.1 Transactions with minority shareholders (9.1) (94.5) Net cash flows from (used in) financing activities (838.4) (959.8) Effect of exchange rate changes and change in scope of consolidation 33.1 (31.6) Net increase (decrease) in net cash and cash equivalents (233.5) 1.9 NET CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 1,086.5 853.0 NET CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 853.0 854.9The analysis of net cash and cash equivalents at the end of period as follows:
(in millions of euros) 2013 2014 Cash and cash equivalents 940.1 910.1 Bank overdrafts (included in current borrowings) (87.1) (55.2) Net cash and cash equivalents 853.0 854.9Net indebtedness calculation
(in millions of euros) 2013 2014 Non-current borrowings (long-term debt) (5,817.5) (5,883.8) Current borrowings (short-term debt) (1,188.8) (1,332.6) TOTAL GROSS INDEBTEDNESS (7,006.3) (7,216.4) Cash and cash equivalents 940.1 910.1 Derivative instruments (assets) - fair value hedge of borrowings 4.3 TOTAL NET INDEBTEDNESS AT THE END OF THE PERIOD (6,061.9) (6,306.3)Statement of changes in net indebtedness
(in millions of euros) 2013 2014 Net indebtedness at the beginning of the period (6,102.5) (6,061.9) Net cash flows from operating activities 2,802.7 2,829.6 Net cash flows used in investing activities (2,230.9) (1,836.3) Net cash flows used in financing activities excluding increase (decrease) in borrowings (874.8) (1,035.9) Total net cash flows (303.0) (42.6) Effect of exchange rate changes, opening net indebtedness of newly acquired companies and others 343.6 (201.8) Change in net indebtedness 40.6 (244.4) NET INDEBTEDNESS AT THE END OF THE PERIOD (6,061.9) (6,306.3)
Air LiquideCorporate 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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