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
- Corporate
- Governance changes within the Executive Committee
- Adam Peters, Chief Executive Officer of Air Liquide in
North America, appointed member of the Group Executive
Committee.
- As part of the simplification of the Group organization
to meet growing needs of the market and increase its
performance, an adjusted governance was announced
with changes effective September 1, 2024.
- The divestiture of Air Liquide’s activities in 12
countries in Africa was finalized on July 22, 2024, in line
with the agreement announced in March 2024, illustrating the
Group’s strategy of regular review of its business portfolio.
- Industry and Decarbonization
- Air Liquide was selected for investment of up to 850 million
US dollars in the largest low-carbon oxygen production in
the Americas, as part of a long-term agreement with
ExxonMobil for its low-carbon hydrogen project in Baytown,
Texas.
- Support from the European Union for D'Artagnan through a
grant of more than 160 million euros to enable Air
Liquide and Dunkerque LNG to decarbonize the Dunkirk basin
through a CO2 infrastructure project.
- Air Liquide's innovative CO2 liquefaction
technology, Cryocap™ LQ, was selected by Stockholm Exergi, an
energy supplier in Sweden, to contribute to its bioenergy
project.
- As part of the renewal of a long-term agreement with
Dow, Air Liquide will invest nearly 40 million euros to
increase the efficiency and reduce the CO2 emissions of its
industrial gas production site in Stade, Germany.
- Electronics
- In the framework of a long-term contract, Air Liquide will
invest more than 250 million US dollars to build a production
unit in Idaho in the United States, which will supply Micron
Technology, Inc with high purity industrial gases for
the manufacture of memory chips, driven by the growth of
Artificial Intelligence.
- Investment of more than 50 million euros to build an
innovative nitrogen production unit in Singapore while transforming
existing facilities in the United States to drive greater energy
efficiency in the supply of ultra-pure gases to
GlobalFoundries.
- Sustainable development
- 500 million euro green bond issue to finance projects in
the energy transition, in line with Air Liquide’s ambition
to combine growth and sustainable development.
- Announcement by Air Liquide and Sasol of
long-term contracts (PPA) with Enel Green Power RSA for a total
capacity of 110 MW of renewable electricity for the
Sasol site in Secunda, South Africa.
- Continued expansion of Air Liquide’s biomethane production
capacities in the United States, with the construction of two
production units based on a circular economy approach.
- Announcement by Air Liquide and TotalEnergies of their
TEAL Mobility joint venture to create the leader in hydrogen
distribution with a network of 100 truck stations in Europe.
- Paris 2024 Olympic and Paralympic
Games
- Announcement by Air Liquide, Official Hydrogen Supporter of
Paris 2024, of the reopening of the hydrogen refueling
station on Place de l’Alma in the heart of Paris, a showcase
for a network of stations that will supply a fleet of 500 hydrogen
vehicles.
- Group support for six athletes - three women and three
men, representing five Olympic and Paralympic disciplines on three
continents.
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.
- 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.
- 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.
- 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.
- 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.
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.
- Large Industries saw revenue growth of +8.1% in
the 1st half-year 2024. In the United States, air gas volumes
benefited from the start-up of a major new unit in the 1st quarter.
In the 2nd quarter, demand for hydrogen strengthened in the
Chemicals sector and there were fewer customer maintenance
turnarounds than at the beginning of the year. In Latin America,
hydrogen volumes were down due to the nationalization of a
production unit in Mexico at the end of 2023.
- Sales in the Industrial Merchant business posted an
increase of +5.5%. The price effect (+7.3%)
increased over the half-year, from +6.5% in the 1st quarter to
+8.1% in the 2nd quarter. It benefited from proactive price
campaigns, particularly in the United States (50% of the +8.1%
increase in the 2nd quarter) and in Argentina to counter
hyperinflation (40% of the +8.1% increase). Gas volumes (excluding
hardgoods) remained resilient. In the United States, the trend is
improving in most industrial markets, which remain price-driven.
Gas volumes were up mainly in the Aeronautics and Research
sectors.
- In the Healthcare business, sales rose sharply by
+23.3% in the 1st half-year 2024, driven by the strong
increase in prices in the United-States (+5.8%) in Proximity care
and in Argentina in a context of hyperinflation. In the 1st
semester, medical gas volumes were slightly up in the United-States
and the number of new Home Healthcare patients increased in Canada
and in Latin America.
- Electronics posted a sharp increase in revenue of
+9.2% in the 1st half-year. Carrier gas sales saw a
double-digit increase, supported by the ramp-up of new units and
the increase in helium volumes. Sales of Equipment &
Installations reached a historically high level in the 1st
half-year 2024, while sales of materials remained down.
Americas
- Air Liquide plans to invest up to 850
million dollars to build, own and operate four Large Modular
Air separation units as well as related infrastructure in the
framework of a long-term binding agreement with ExxonMobil
for its planned low-carbon hydrogen project in Baytown, TX.
This will enable Air Liquide to increase its oxygen production
capacity by 50% in Texas. Pending final investment decision,
this major project would mark the largest industrial investment
in the history of the Air Liquide Group. This new Air Liquide
Baytown low-carbon platform would deliver primarily vast amounts
of low-carbon oxygen and nitrogen to ExxonMobil, and also
significant volumes of argon, krypton and xenon to other Air
Liquide’s customers, notably in Industrial Merchant. This
agreement also leverages existing Air Liquide’s pipelines
infrastructure to support low-carbon hydrogen development.
Thanks to low-carbon electricity supply and Air Liquide’s
innovative solution, the CO2 footprint of oxygen production
will be reduced by two-thirds. This major investment would
represent the largest low-carbon oxygen production platform in
the Americas.
- Air Liquide will build a new
industrial gas production facility in the United States to
supply a new fab of one of the world’s leading semiconductor
manufacturers. In the framework of a long-term contract, the plant
will provide large volumes of high purity industrial gases for
the production of memory chips. Air Liquide will invest over
250 million dollars in this state-of-the art production
unit.
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.
- In the 1st half of 2024, revenue from Large Industries
was down by -1.7%. Volumes increased in Chemicals compared
to a low level in the 1st half of 2023. They remained stable
overall in Steel and Refining. The comparable growth would be
positive by excluding the divestiture of a cogeneration unit in the
1st quarter (approximately -4% impact in the 1st half).
- Sales in the Industrial Merchant business declined by
-5.2% following growth of +18.1% in the 1st half of 2023.
The price effect (-1.2%) improved in the 2nd quarter (-0.5%)
compared to -1.9% in the 1st quarter. The decrease in the price of
bulk (indexed to energy prices) was largely offset by the proactive
increase in the price of packaged gases, with a specific focus on
the creation of value through innovation and on the quality of
service to customers. Volumes were down with the exception of
liquefied CO2. They increased in the Manufacturing, Automotive and
Aeronautics sectors but declined in the Food and Glass industry
markets.
- In the Healthcare business, sales increased by
+4.4% in the 1st half-year. Home Healthcare continued its
dynamic growth, with a sharp increase in the number of patients
cared for, particularly for sleep apnea and diabetes. Growth in
sales of medical gases remained solid, supported by a balanced
contribution from volumes and prices in an inflationary
context.
Europe
- The CO₂ infrastructure D'Artagnan
project of Air Liquide and Dunkerque LNG reached a major
milestone and received the support of the European
Union. This CO2 transportation and exportation infrastructure
is part of the “Cap Décarbonation” initiative, which aims to
reduce CO₂ emissions by 1.5⠀million tonnes each year in the
industrial basin of Dunkirk (France). The D’Artagnan project
will include an Air Liquide pipeline to transport CO2 from
the sites of capture as well as a terminal located in the
port of Dunkirk to liquefy and load CO2 on ships. The first CO2
infrastructure project in France to receive support from the
European Union, D’Artagnan would benefit from a grant of more
than 160 million euros as part of the CEF-E (Connecting Europe
Facility for Energy) funding program if the project is
implemented.
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.
- Large Industries revenue was down slightly by
-0.9% in the 1st half of 2024. In China, several customer
turnarounds were offset by the contribution of the start-up of a
large hydrogen production unit in March. In the rest of Asia,
demand was relatively stable.
- In Industrial Merchant, revenue was nearly stable
(-0.6%) with a neutral price effect (+0.1%) in the 1st
half-year. It turned negative in the 2nd quarter (-1.1%), impacted
by the decrease in helium prices. In China, the Automotive,
Manufacturing and Secondary Electronics sectors notably drove
volume growth excluding helium; in particular, the volumes of
packaged gases increased sharply (+12%). In the rest of Asia, the
increase in sales benefited from a positive price effect and an
increase in volumes, particularly of bulk.
- Sales in Electronics were flattish (-0.6%) in the
1st half: down by -1.7% in the 1st quarter compared to a high basis
of comparison in 2023, they increased by +0.6% in the 2nd quarter.
The increase in Carrier Gases sales, with the start-up of three new
units in the 1st half of 2024, and advanced materials, almost
completely offset the low sales of Equipment &
Installations.
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
- Air Liquide has finalized the sale
to Adenia Partners Ltd of its activities in the following
twelve countries in Africa: Benin, Burkina Faso, Cameroon,
Congo, Côte d'Ivoire, Gabon, Ghana, Madagascar, Mali, Democratic
Republic of Congo, Senegal and Togo. These activities represent a
total annual sales of about 60 million euros (less than 10%
of the Group’s sales in Africa).
- Air Liquide and Sasol have announced new
renewable Power Purchase Agreements (PPAs) with Enel
Green Power RSA for the long term supply of an
additional capacity of 110 MW to Sasol’s Secunda site
in South Africa. This is the fourth set of PPAs signed by
Air Liquide and Sasol after those announced in 2023. Together,
these PPAs represent a total renewable power capacity of around
690 MW. For Air Liquide, these contracts will enable an
annual reduction of approximately 1.2 million tonnes in its CO2
emissions and will largely contribute to the objective to
reduce the local emissions of its air separation units by 30% to
40% by 2031.
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
- Capitalizing on its ADVANCE strategic
plan for 2025, on an enhanced performance ambition and on a
record-high number of investment opportunities, Air Liquide has
launched a new Group transformation program to foster
agility and improve efficiency. To support this
program, the Group announced several organizational and
governance changes, to be effective September 1, 2024.
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
- Air Liquide has successfully issued a
new 500 million euros green bond, in line with its ambition
to combine growth and sustainable development. The Group intends to
use the proceeds from the issuance to finance or refinance flagship
energy transition and sustainable projects, in
particular in low-carbon hydrogen, carbon capture and low-carbon
air gases. This new issuance confirms Air Liquide as a regular
ESG issuer, after its inaugural 2021 green bond issue.
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
- Air Liquide is taking a proactive
approach in sustainable biomethane production with the
adoption of an internal charter, defined in collaboration
with various field experts and WWF France. With the release of this
charter going beyond current regulations, the Group is committed to
measure and track progress towards more sustainable
production, while contributing to the development of a
worldwide production framework.
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
- Air Liquide announced an investment of over 50 million
euros to build a new innovative plant in Singapore and
revamp its existing facilities in Malta (New York,
U.S.), supplying high purity nitrogen to
GlobalFoundries (GF). These Air Liquide projects will enable
GlobalFoundries to benefit from higher energy efficiencies.
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:
- Currency, energy and significant scope impacts
- Comparable sales change and comparable operating income
recurring change
- Operating margin and operating margin excluding energy
impact
- Recurring net profit Group share
- Recurring net profit excluding currency impact
- Net Profit Excluding IFRS16
- Net Profit Recurring Excluding IFRS16
- Efficiencies
- Return on Capital Employed (ROCE)
- Recurring ROCE
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:
- for acquisitions during the period, by deducting from the
aggregates for the period the contribution of the acquisition,
- for acquisitions during the previous period, by deducting from
the aggregates for the period the contribution of the acquisition
between January 1 of the current period and the anniversary date of
the acquisition,
- for disposals during the period, by deducting from the
aggregates for the previous period the contribution of the disposed
entity as of the anniversary date of the disposal,
- for disposals during the previous period, by deducting from the
aggregates for the previous period the contribution of the disposed
entity.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240725996139/en/
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C3 AI (NYSE:AI)
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