2012 H1 Performance 2012 H1 Performance l Benot Potier l Chairman - - PowerPoint PPT Presentation
2012 H1 Performance 2012 H1 Performance l Benot Potier l Chairman and CEO Paris, July 30, 2012 l Fabienne Lecorvaisier l Chief Financial Officer 2012 H1 Performance Paris, July 30, 2012 Soft growth in Q2 Performance preserved Strong cash
Paris, July 30, 2012
l Benoît Potier l Chairman and CEO l Fabienne Lecorvaisier l Chief Financial Officer
Paris, July 30, 2012
Air Liquide, world leader in gases for industry, health and the environment 2 July 30, 2012 H1 2012 Results
Sales in €m H1 2011
revised(1)
H1 2012 H1 12/11
as published
H1 12/11
comparable(2)
Sales in €m
revised(1) as published comparable(2)
Gas & Services 6,475 6,837 +5.6% +2.4% Engineering & Construction 290 365 +26.0% +23.9% Other Activities 350 331
Group Total 7,115 7,533 +5.9% +2.8%
Air Liquide, world leader in gases for industry, health and the environment 3 July 30, 2012 H1 2012 Results
Group Total 7,115 7,533 +5.9% +2.8%
(1) 2011 figures are revised for the transfer of Seppic from Other activities to the Healthcare segment within Gas and Services. (2) excluding forex, natural gas and significant scope impacts
+30.4%
30%
+5.0% +5.9% +7.5% +18.6% +25.7% +8.3% +11.0% +10.0%
10% 15% 20% 25% 30%
Air Liquide, world leader in gases for industry, health and the environment 4 July 30, 2012 H1 2012 Results
+2.3%
+5.0%
0% 5%
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
(1) excluding forex, natural gas and significant scope impacts
5.0 5.7 6.4 6.8
6 In €bn
G&S sales
270 280 335
300 In €M
Group Efficiencies
+ 5.6% (1)
Annual objective 2012 > 200 M€
2 In €bn 2 4
H1 09 H1 10 H1 11 H1 12 100 200 2009 2010 2011 2012
Net Capex(2)
1.4 1.3
2 In €bn
Operating Cash flow(3)
> 200 M€ 1.4 1.7 1.7
+6.0% +25.6% 126
Air Liquide, world leader in gases for industry, health and the environment 5 July 30, 2012 H1 2012 Results 0,5 1 1,5
2009 2010 2011 2012
1.4 1.3 1.3 1.1
1 1 2 H1 09 H1 10 H1 11 H1 12
(1) Published growth. (2) Industrial and financial investments, including transactions with minorities, net of divestitures. (3) from operations, before WCR.
H1 H1 H1 H1
1.4 1.0
Paris, July 30, 2012
l Fabienne Lecorvaisier l Chief Financial Officer Activity Performance Investments
Air Liquide, world leader in gases for industry, health and the environment 6 July 30, 2012 H1 2012 Results
base 100, average 2008
2009 2011 2010
2012 100 105 110 115
Air Liquide, world leader in gases for industry, health and the environment 7 July 30, 2012 H1 2012 Results
90 95
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
(1) comparable revenue (excluding forex, natural gas and significant scope impacts), adjusted for the number of days per month
9.7% 11.4% 11.3% 10.7% 11.0% 12%
2009 2010 2011
2012 0.9% 4.0% 1.9% 7.7% 9.7% 8.3%
0% 2% 4% 6% 8% 10%
Air Liquide, world leader in gases for industry, health and the environment 8 July 30, 2012 H1 2012 Results
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
(1) excluding forex, natural gas and significant scope impacts. 2009, 2010 and 2011 growth rates are not restated for the integration of Seppic into the G&S activity.
+31%
15% 16% 19% 21% 22%
+ 6%
+31% +20% +13% +4%*
Air Liquide, world leader in gases for industry, health and the environment 9 July 30, 2012 H1 2012 Results
Advanced economies Developing economies
2008 2009 2010 2011 H1 2012
(1) excluding forex, natural gas and significant scope impacts.
* +8% excluding Electronics
H1 12 G&S Sales
Comparable growth(1)
+0.4%
Very strong Eastern Europe
Europe
Low Steel demand
Weak IM
Asia Pacific Americas
€3,471m €1,518m €1,675m
+1.2% +6.9% +0.4%
Canada and Latam strong IM Fewer start-ups Solid growth in China Electronics investment cycle Electronics Healthcare tender cycles Small industry decline in Southern Europe Solid Healthcare Low natural gas price
Air Liquide, world leader in gases for industry, health and the environment 10 July 30, 2012 H1 2012 Results
ME & Africa
€1,675m €173m
+19.9%
Solid growth in China Development efforts Electronics restructuring in Japan
(1) Comparable growth, H1 2012/H1 2011, excluding forex, natural gas and significant scope impacts
Post Arab spring rebound
+4% +3% +4% 5% 8% 10%
+17% +17% +11% +7% 10% 15% 20%
Industrial Merchant + 3.2%
YTD
Large Industries +5.1%
YTD
+28% +19% 30%
+2% +3% +2% +2% 0% 3% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
+2% +7% +3% 0% 5% 10%
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
+8% +8% 10%
Electronics -11.1%
YTD
Healthcare +3.7%
YTD H1 2012 9% 37% 36% 18%
Air Liquide, world leader in gases for industry, health and the environment 11 July 30, 2012 H1 2012 Results
+19% +13%
0% 10% 20% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
+7% +2% +6% +7% +8% +8% 0% 2% 4% 6% 8% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
+2%
Comparable growth: excluding forex, natural gas and significant scope impacts, relative to the same period in preceding year.
8%
Base business Start-ups, Ramp-ups, Site takeovers, Small acquisitions
0% 2% 4% 6%
Small acquisitions
Air Liquide, world leader in gases for industry, health and the environment 12 July 30, 2012 H1 2012 Results
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
Paris, July 30, 2012
l Fabienne Lecorvaisier l Chief Financial Officer Activity Performance Investments
Air Liquide, world leader in gases for industry, health and the environment 13 July 30, 2012 H1 2012 Results
In €m H1 2011 H1 2012 Change 12 vs 11 Revenue Purchases 7,115 (2,794) 7,533 (3,010) +5.9% +7.7%
Purchases Personnel expenses Other net income and expenses (2,794) (1,245) (1,313) (3,010) (1,341) (1,336) +7.7% Operating profit before depreciation 1,763 1,845 +4.6% Depreciation and amortization Operating Income Recurring (OIR) (572) 1,191 (601) 1,244 +5.0% +4.4% +4.7%
Air Liquide, world leader in gases for industry, health and the environment 14 July 30, 2012 H1 2012 Results
OIR margin OIR margin
16.7%
16.5%
16.6%
1 300 in €m
1,277 +120 +22 +11
18.7% (1) 19.0%
1 100 1 150 1 200 1 250
+12 <141> +120 +22
G&S G&S
1,233 +32
Air Liquide, world leader in gases for industry, health and the environment 15 July 30, 2012 H1 2012 Results
1 000 1 050
OIR = Operating Income Recurring
OIR H1 2012 OIR H1 2011
Volume mix Energy effect Cost increase Price excl. energy Efficiencies Forex and Others
(1) Excl. Natural Gas, 18.7% as published
in €m
120
H1 H2 H1 H2 H1 H1 H2 H1 H2 H1
2010 2011 2012 2010 2011 2012 2010 2011 2012
40 80
H1 H2 H1 H2 H1
Air Liquide, world leader in gases for industry, health and the environment 16 July 30, 2012 H1 2012 Results
In €m H1 2011 H1 2012 Change 12 vs 11 Revenue Operating Income Recurring
Other non-recurring operating income & expenses
7,115 1,191 7,533 1,244 10 +5.9%(1) +4.4%
Other non-recurring operating income & expenses
10 Operating Income 1,191 1,254 +5.2%
Net financial costs and other net financial expenses (148) (153) Income taxes (274) (292) Tax rate 26.3% 26.5% Share of profit of associates 13 14
Air Liquide, world leader in gases for industry, health and the environment 17 July 30, 2012 H1 2012 Results
Net profit (Group share) 750 790
+5.3%
Earnings per share (in €) 2.41 (2) 2.54
+5.4%
Share of profit of associates 13 14 Minority interests (32) (33)
(1) + 5.6% excluding natural gas impact (2) adjusted for the free share attribution in May 2012.
<6,011>
<855> <55>
In €m
+763
+23% <5,248>
+ 1,422 <991> Gearing ratio 55% (3) Gearing ratio 53% <284> +763
Air Liquide, world leader in gases for industry, health and the environment 18 July 30, 2012 H1 2012 Results
Net Debt, June 30, 2012 Cash flow Net Investments(1) Dividends net
increases (2) Forex Net Debt Dec 31, 2011 WCR + others
(1) Including transactions with minority shareholders, net of divestitures (2) incl. share purchases €113m (3) Adjusted for the seasonal dividend effect.
Paris, July 30, 2012
l Fabienne Lecorvaisier l Chief Financial Officer Activity Performance Investments
Air Liquide, world leader in gases for industry, health and the environment 19 July 30, 2012 H1 2012 Results
In €bn
Investment decisions 12-month portfolio
Start-ups(2) Net capex(1)
In €bn In €bn 2.7 3.0 2.7 2.5 1.4 1.5 1.5 0.9
4.0 4.2 1.7 1.4 24 15
24
2.0 1.1
In €bn
3.9
1.0
16 2.2
H1 H1 H1 H1 H1 H1 H1 H1
1.7
7 4.1 1.2
Air Liquide, world leader in gases for industry, health and the environment 20 July 30, 2012 H1 2012 Results
2009 2010 2011 2012
2009 2010 2011 2012e 2009 2010 2011 2012 Dec- 10 Dec- 11 Mar- 12 juin-12
(1) Industrial and financial investments, including transaction with minority shareholders, net of divestitures (2) Industrial projects > €10m
Developing Economies Advanced Economies
H1 H1 H1 H1 62 % 65 % 58 %
(2012e)
54%
In €bn
Respiratory Therapy Energas & Engweld
UK
LVL Médical
France
Payments on Acquisitions
0.1
Industrial investment Announced Acquisitions 0.8
Healthcare SK Chemicals
South Korea
Respiratory Therapy Specialists Inc.
Canada
Jacoby Biogas site
USA
Gasmedi
Spain France
Georgia Gulf
Site takeover USA
Air Liquide, world leader in gases for industry, health and the environment 21 July 30, 2012 H1 2012 Results
H1 2012
Industrial investment decisions 1.1
3 distributors
Brazil
Industrial Merchant Home Healthcare Large Industries
500 750 1000 1250
1,079
In €m
x2
37%
Air Liquide, world leader in gases for industry, health and the environment 22 July 30, 2012 H1 2012 Results
250
2009 2010 2011 2012
H1 H1 H1 H1
63% 37%
Energy + Coal conversion Others
Paris, July 30, 2012 l Benoît Potier l Chairman and CEO
Air Liquide, world leader in gases for industry, health and the environment 23 July 30, 2012 H1 2012 Results
Energy Environment
High Technologies Developing Economies
Air Liquide, world leader in gases for industry, health and the environment 24 July 30, 2012 H1 2012 Results 24
Developing Economies Health
World primary energy demand
Nuclear
Mtoe
Energy trend
Coal Gas Renew. Nuclear
Air Liquide, world leader in gases for industry, health and the environment 25 July 30, 2012 H1 2012 Results
Source IEA, World Energy outlook 2011. Mtoe: million tons oil equivalent.
1000 2000 3000 4000 5000
Oil
2010 Additional to 2035
Coal- Cleaner
New Ongoing
Natural gas golden age Further investment in refining Coal- based expansion Cleaner energies Solar reaching grid parity Further investment in refining
Air Liquide, world leader in gases for industry, health and the environment 26 July 30, 2012 H1 2012 Results
in refining
Natural gas golden age
Global E&C solutions
N2 , CO2 , H2 , O2
age Cleaner energies
Conversion to lighter fuels
Global E&C solutions
H2 , O2
Air Liquide, world leader in gases for industry, health and the environment 27 July 30, 2012 H1 2012 Results
Solar reaching grid parity
Carrier gases ESG(2) H2
(1) Carbon Capture and Storage (2) Electronics Specialty Gases
Customers needs
Air Liquide response Current
Outsourcing
Current trend New trend Technologies
Air Liquide, world leader in gases for industry, health and the environment 28 July 30, 2012 H1 2012 Results
Design to TCO trend
Investment decisions 12-month portfolio
June 2012 Start-ups(2) Net capex(1) June 2012
€ 700m 9
energy projects energy decisions since 2010 energy start ups since 2010
€ 1.7bn
energy
+ € 600m
annual
€ 510m
corresponding capex spent
Air Liquide, world leader in gases for industry, health and the environment 29 July 30, 2012 H1 2012 Results
annual consolidated sales forecast
vs Dec 2010
(1) Industrial and financial investments, including transaction with minority shareholders, net of divestitures (2) Industrial projects > €10m
Paris, July 30, 2012 l Benoît Potier l Chairman and CEO
Air Liquide, world leader in gases for industry, health and the environment 30 July 30, 2012 H1 2012 Results
Air Liquide, world leader in gases for industry, health and the environment 31 July 30, 2012 H1 2012 Results
Air Liquide, world leader in gases for industry, health and the environment 32 July 30, 2012 H1 2012 Results
In €m Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
€/USD €/CAD (59) (10) (43) (4) +5 (0) +18 +4 54 11
Average currency rate Q2 11 Q3 11 Q4 11 Q1 12 Q2 12
€/USD €/CAD 1.44 1.39 1.41 1.38 1.35 1.38 1.31 1.31 1.28 1.29 €/CAD €/JP¥ Others (10) (3) (22) (4) +3 (13) (0) +21 +0 +4 +21 +27 11 37 48 Total currency impact (94) (57) +26 +70 150
Air Liquide, world leader in gases for industry, health and the environment 33 July 30, 2012 H1 2012 Results
Natural Gas Impact +47 +30 +46 +22
In €m
€/CAD €/JP¥ 1.39 117.5 1.38 109.7 1.38 104.2 1.31 104.0 1.29 102.6
In €m H1 2011 H1 2012 Revenue 7,115 7,533 Cost of goods (5,352) (5,688) Operating income recurring before depreciation 1,763 1,845 Depreciation and amortization expense (572) (601) Depreciation and amortization expense (572) (601) Operating income Recurring 1,191 1,244 Net non-recurring operating income 10 Operating income 1,191 1,254 Net finance costs & other net financial expenses (148) (153) Income taxes (274) (292) Share of profit of associates 13 14
Air Liquide, world leader in gases for industry, health and the environment 34 July 30, 2012 H1 2012 Results
Profit for the period 782 823
32 33
750 790 Basic earnings per share (in €) 2.41(1) 2.54
(1) adjusted for the 1 for 10 free share attribution in May 2012.
ASSETS 31/12/11 30/06/12
Goodwill Fixed assets Other non-current assets* 4,559 12,735 963 4,612 13,236 1,020
EQUITY AND LIABILITIES 31/12/11 30/06/12
Shareholders’ equity Minority interests 9,759 237 9,733 235
In €m
Total non-current assets 18,257 18,868 Inventories & work in-progress Trade receivables & other current assets Cash and cash equivalents* 784 3,276 1,806 813 3,374 1,146 Total current assets 5,866 5,333 Total equity 9,996 9,968 Provisions & deferred tax liabilities Non-current borrowings Other non-current liabilities* Total equity and non current liabilities 3,102 5,663 316 19,077 3,206 5,352 329 18,855 Provisions 191 201
Air Liquide, world leader in gases for industry, health and the environment 35 July 30, 2012 H1 2012 Results
Total current assets 5,866 5,333 Total assets 24,123 24,201 Trade payables & other current liabilities Current borrowings* 3,398 1,457 3,261 1,884 Total equity and liabilities 24,123 24,201
* including fair value of derivatives
31/12/11 30/06/12
Net debt 5,248 6,011 Net debt ratio 52.5% 60.3%
In €m H1 2011 H1 2012
Funds provided by operations 1,341 1,422 Changes in Working Capital Other items (424) 6 (270) (14)
Other items 6 (14) Net cash from operating activities 923 1,138 Purchase of PPE* and intangible assets Purchase of financial assets Proceeds from sale of PPE*, intangible and financial assets (810) (60) 81 (957) (59) 31 Net cash in investing activities (789) (985) Distribution (712) (760)
Air Liquide, world leader in gases for industry, health and the environment 36 July 30, 2012 H1 2012 Results
Increase in capital stock Purchase of treasury shares Transactions with minority shareholders Exchange rate and consolidation scope effect 43 (97) (1) 92 17 (112) (6) (55) Change in net indebtedness (541) (763)
* property, plant and equipments
Sales in €m (1) Q2 11
revised
Q3 11
revised
Q4 11
revised
Q1 12 Q2 12
Q2 12/11 Q2 12/11
comparable(2)
Europe 1,715 1,674 1,720 1,747 1,724 + 0.5%
Americas 699 728 722 772 746 + 6.7% +3.7% Asia-Pacific 746 791 787 840 835 + 11.8%
Middle-East & Africa 75 83 84 84 89 +20.4% +18.5% Gas & Services 3,235 3,276 3,313 3,443 3,394 + 4.9% +0.9% Engineering & 156 158 258 178 188 + 20.3% +17.0%
Air Liquide, world leader in gases for industry, health and the environment 37 July 30, 2012 H1 2012 Results
Engineering & Construction 156 158 258 178 188 + 20.3% +17.0% Other Activities 182 163 174 158 172
Group Total 3,573 3,597 3,745 3,779 3754 +5.1% +1.2%
(1) 2011 figures are restated for the transfer of Seppic from Other activities to the Healthcare segment. (2) Excluding forex, natural gas and significant scope impacts
Sales in €m (1) Q2 11
revised
Q3 11
revised
Q4 11
revised
Q1 12 Q2 12
Q2 12/11 Q2 12/11
comparable(2)
Industrial Merchant 1,199 1,238 1,256 1,281 1,283 +7.0% +1.9% Large Industries 1,121 1,157 1,174 1,262 1,204 +7.4 % +2.9% Electronics 336 317 291 302 308
Healthcare 579 564 592 598 599 +3.2% +1.9% Gas & Services 3,235 3,276 3,313 3,443 3,394 +4.9% +0.9%
Air Liquide, world leader in gases for industry, health and the environment 38 July 30, 2012 H1 2012 Results
Engineering & Construction 156 158 258 178 188 +20.3% +17.0% Other Activities 182 163 174 158 172
Group Total 3,573 3,597 3,745 3,779 3754 +5.1% +1.2%
(1) 2011 figures are restated for the transfer of Seppic from Other activities to the Healthcare segment. (2) Excluding forex, natural gas and significant scope impacts
Growth as published Natural Gas Currency Significant scope Comparable growth(1) Q1 2011
+15.4% +0.5% +3.5%
Q2 2011
+8.1% +1.6%
Q3 2011
+5.9% +1.0%
+7.7%
Q4 2011
+3.5% +1.5% +0.8%
+1.9%
Air Liquide, world leader in gases for industry, health and the environment 39 July 30, 2012 H1 2012 Results
Q1 2012
+6.3% +0.7% +2.2%
+4.0%
Q2 2012
+4.9% +0.0% +4.6%
+0.9%
(1) excluding forex, natural gas and significant scope impacts
in €m
+22 <38> 6,475 +158 6,837
comparable (1)
+220
5000 5500 6000 6500
<38>
+5.6% published growth
6,475
Air Liquide, world leader in gases for industry, health and the environment 40 July 30, 2012 H1 2012 Results
4000 4500 H1 2011 Comparable growth (1) Natural gas Currency Scope H1 2012
(1) excluding forex, natural gas and significant scope impacts
Americas Europe Asia
24% 22% 52%
Americas: €1.5bn Asia: €1.7bn Europe: €3.5bn Middle-East and Africa
39% 31% 49% 32% 37% 34%
2%
Air Liquide, world leader in gases for industry, health and the environment 41 July 30, 2012 H1 2012 Results
Large Industries Electronics Healthcare Industrial Merchant
27% 3% 11% 8% 49% 5% 24%
Q2 Gas & Services sales: € 1,724m
31% 27% 39% 3%
Significant decline in Southern Europe Strong growth in developing Europe
Industrial Merchant Large Healthcare Electronics Industrial Merchant Large Industries
Q2 12/11 Comparable change (1): - 0.5 %
+2.3%
39%
Strong growth in developing Europe Pursued pricing actions
Steel still low Refining and Chemicals holding up Site takeover in Turkey
Temporary effect of UK contract
Large Industries Healthcare
Air Liquide, world leader in gases for industry, health and the environment 42 July 30, 2012 H1 2012 Results
2%
(1) excluding impact of currency, natural gas and significant scope
Temporary effect of UK contract
reallocation
Home Healthcare demand growth Tariff reductions
In €m
H1 2012
Publ. growth Comp. growth(1)
Sales 3,471 +1.6% +0.4% OIR 621
OIR/Sales 17.9%
8% 11% 49% 32%
Sustained activity in Canada Lower E&I sales in the US
Industrial Merchant Healthcare Electronics +6.1% +2.2% +12.9% Industrial Merchant Large Industries
Q2 12/11 Comparable change (1): +3.7%
Lower E&I sales in the US Double digit growth in Latam
Air gases and HyCO momentum Lower cogen sales due to
decline in electricity tariffs
Healthcare Large Industries +2.5%
Air Liquide, world leader in gases for industry, health and the environment 43 July 30, 2012 H1 2012 Results
1% 6% 11%
Ongoing sustained Healthcare
growth
High E&I comparison base
(1) excluding impact of currency, natural gas and significant scope
In €m
H1 2012
Publ. growth Comp. growth(1)
Sales 1,518 +7.8% +6.9% OIR 355 +22.1% OIR/Sales 23.4% +270bps +170bps
37% 24% 5% 34%
Still weak in Japan High single digit growth in Developing
Industrial Merchant Healthcare Electronics Industrial Merchant Large Industries Electronics +2.4% +3.0%
Q2 12/11 Comparable change (1): -0.3%
34%
High single digit growth in Developing
Asia
Soft growth in China in Bulk
Strong growth in China Maintenance outages in Japan Fewer start-ups
+1.1%
Large Industries
Air Liquide, world leader in gases for industry, health and the environment 44 July 30, 2012 H1 2012 Results
2%
Japanese industry under restructuring Positive gas momentum elsewhere
excluding E&I
(1) excluding impact of currency, natural gas and significant scope
In €m
H1 2012
Publ. growth Comp. growth(1)
Sales 1,675 +11.2% +1.2% OIR 265 +6.3% OIR/Sales 15.8%
+ 1.0%
+1.0%
Europe
H1 2012 Q1 2012
+ 8.6% + 0.4% + 4.3% + 1.0%
+6.8% +0.4% +3.6%
Americas Asia-Pacific Middle-East and Africa
Air Liquide, world leader in gases for industry, health and the environment 45 July 30, 2012 H1 2012 Results
+ 2.1% + 8.6%
+1.8%
Total Industrial Merchant
In €m H1 2011 H1 2012 Consolidated revenues 290 365 OIR(1) margin 9.9% 9.1%
13% 1% 6%
ASU HyCO Traditional energy
at June 30, 2012 Total order intake 513 1,079 Total orders-in-hand 4,100 4,152
Air Liquide, world leader in gases for industry, health and the environment 46 July 30, 2012 H1 2012 Results
26% 54%
Traditional energy Alternative energy Renewable energy
at June 30, 2012
(1) includes financial income generated by customers advances.
Group, in €m H1 2011 H1 2012
Revenue 7,115 7,533
+22 Operating income recurring 1,191 1,244 Operating income recurring 1,191 1,244 Operating margin 16.7% 16.5% Operating margin excluding natural gas 16.6%
Gas and services, in €m H1 2012
Revenue 6,475 6,837
+22
H1 2011 revised
Air Liquide, world leader in gases for industry, health and the environment 47 July 30, 2012 H1 2012 Results
+22 Operating income recurring 1,233 1,277 Operating margin 19.0% 18.7% Operating margin excluding natural gas 18.7%
2009
Group Gas & Services H2 09
15.0% 18.1%
H1 09
17.6% 21.0% 16.3% 19.6%
2010
Group Gas & Services Group Gas & Services
16.6% 19.2%
H2 10 H1 10
16.7% 19.2% 16.8% 19.2%
2011
16.7% 19.0%
H2 11 H1 11
16.7% 18.9% 16.6% 18.8%
Air Liquide, world leader in gases for industry, health and the environment 48 July 30, 2012 H1 2012 Results
Gas & Services
Group Gas & Services
19.0% 18.9% 18.8% 16.5% 18.7%
as published Excl. Nat gas
16.6% 18.7%
Europe Asia-Pacific Middle East - Africa
40% 23% 29% 8%
Europe Asia-Pacific Middle East - Africa
25% 28% 14% 33%
Air Liquide, world leader in gases for industry, health and the environment 49 July 30, 2012 H1 2012 Results
Americas
(1) Industrial and financial investments, including transactions with minority shareholders
23%
Americas
25%
On May 9, 2012, the Board of directors of Air Liquide decided to allocate:
■ Ordinary shareholders, 1 free share for 10 existing shares at close on May 30, 2012, ■ Registered shareholders (continuously since December 31, 2009),
1.1 free shares for 10 existing shares held at close on May 30, 2012 (i.e. 10% loyalty bonus).
■ On May 30, 2012, out of 283m outstanding shares, 72m are entitled to the 10% loyalty bonus.
Hence actual split will be: [(283 - 72) x 1.10 + (72 x 1.11)] / 283 = 1.1025
Following the free share attribution, remember to adjust all historic data:
Air Liquide, world leader in gases for industry, health and the environment 50 July 30, 2012 H1 2012 Results
Following the free share attribution, remember to adjust all historic data: Number of shares Share price, highs and lows Target price Earnings per share Dividend per share
311,911 29,298
In thousands
283,813 <1,200>
Average number of shares outstanding in H1 2012
311,254,031 shares
Air Liquide, world leader in gases for industry, health and the environment 51 July 30, 2012 H1 2012 Results
Dec 31, 2011 Cancellation of shares purchased by the company Free share attribution + Exercice of share subscription options June 30, 2012
311,254,031 shares
For further information, please contact: Investor Relations
Virginia Jeanson
Annie Fournier
Communications
Anne Lechevranton
Corinne Estrade-Bordry
Bastien Maurice
L’Air Liquide S.A. Corporation for the study and application of processes developed by Georges Claude with registered capital of 1,715,511,270.00 euros
www.airliquide.com
Follow us on Twitter @AirLiquideGroup
Air Liquide, world leader in gases for industry, health and the environment 52 July 30, 2012 H1 2012 Results
Georges Claude with registered capital of 1,715,511,270.00 euros Corporate headquarters: 75, Quai d’Orsay 75321 Paris Cedex 07 Tel : +33 (0)1 40 62 55 55 RCS Paris 552 096 281