rd Quarter Resilient activity. François Darchis l Senior Vice-President

Transcription

1 rd Quarter Resilient activity Paris, Fabienne Lecorvaisier l Chief Financial Officer François Darchis l Senior Vice-President

2 rd Quarter Paris, Resilience in a contrasted environment Solid investment dynamics Innovation: a continued commitment 2

3 rd Quarter Paris, Fabienne Lecorvaisier l Chief Financial Officer 3

4 Key figures Sales in m Q3 11 revised Q3 12 Q3 12/11 as published Q3 12/11 YTD 12/11 comparable (1) comparable (1) Gas & Services 3,276 3, % +1.6% +2.2% Engineering & Construction % +2.5% +16.4% Other Activities % -12.5% -8.9% Group Total 3,597 3, % +1.0% +2.2% (1) excluding forex, natural gas and significant scope impacts 4

5 Robust activity level Quarterly G&S activity indicator (1) base 100, average Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (1) Revenue (excluding forex and natural gas), adjusted for the number of days per month 5

6 Four quarters of slower growth G&S comparable growth (1) 12% 10% 8% % 11.0% 11.3%11.4% 10.7% 9.7% 7.7% % 4% 2% 1.9% 4.0% 0.9% 1.6% 0% -2% -4% -6% -4.2% -5.1% -4.6% -5.2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (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. 6

7 Developing economies up +10% Comparable G&S sales growth (1) (YTD 2012/YTD 2011) G&S sales share in developing economies + 4% +0% +28% +5%* -5% 15% 16% 19% 21% 23% +18% +12% Advanced economies Developing economies + 0% + 10% YTD 2012 (1) excluding forex, natural gas and significant scope impacts. *Developing Asia: +9% excluding Electronics 7

8 Resilience in all zones G&S sales growth (1) Total G&S 3,490m +1.6% +2.2% Economic context Business Europe 1,728m +1.0% Further decline in the South Weak base business Price pressure Strong Eastern Europe +0.6% Americas 793m +3.4% +5.7% Low natural gas price Hurricane Isaac Solid growth in Canada and Latin America Asia Pacific 873m ME & Africa 96m -0.1% +0.8% +14.2% +17.8% Declining Industrial Production in Japan Strikes in South Africa Strong LI in Dev. Asia and solid IM in China Low electronics outside China Dynamic Industrial Merchant in Middle-East Q YTD 2012 (1) Comparable growth, excluding forex, natural gas and significant scope impacts. LI : Large Industries, IM : Industrial Merchant 8

9 Gas & Services impacted by the Electronics cycle Industrial Merchant +3% YTD Large Industries +5% YTD 10% 20% +17% +17% 8% 5% 3% +4% +2% +3% +2% +4% +2% +1% 15% 10% 5% +11% +2% +7% +3% +4% 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q % 20% 10% 0% +28% +19% +13% 38% Q3 36% 2012 Electronics -11% YTD Healthcare +4% YTD 8% - 4% excl. E&I -10% +2% -8% 2% -11% -12% -12% -20% 0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Comparable growth: excluding forex, natural gas and significant scope impacts, relative to the same period in preceding year. 10% 18% 8% 6% 4% +8% +8% +7% +7% +6% +5% 9

10 Engineering & Construction order intake remains strong E&C order intake Third party E&C sales In m 1,300 In m YTD +16% YTD +84% YTD YTD YTD YTD Q Q Q Q Q Q Q Comparable growths 10

11 Development initiatives delivering G&S quarterly growth analysis 7,0% 5,0% 3,0% 1,0% Base business Start-ups, Ramp-ups, Site takeovers, Small acquisitions Significant perimeter -1,0% -3,0% Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q

12 Performance preserved Gas & Services sales In bn Efficiencies In M Annual objective 2012 > 200 M In bn 1,25 YTD 10 YTD 11 YTD In bn YTD Net Capex (2) Operating Cash flow (3) % (1) Industrial Financial (2) ,75 +80% 1,5 1 +6% 0,25 0,5 YTD 10 YTD 11 YTD ,25 YTD 10 YTD 11 YTD 12 (1) Published growth. (2) Financial investments, including transactions with minorities, net of divestitures. (3) from operations, before WCR. 12

13 High investment decisions in Q3 12-month portfolio Investment of opportunities decisions (1) Net capex (1) Start-ups (2) In bn In bn 2.4 In bn YTD Dec- 11 Mar- 12 Jun- 12 Sept- 12 YTD 09 YTD 10 YTD 11 YTD 12 YTD 09 YTD 10 YTD 11 YTD e 60 % 47 % 27% 36% (2012e) Developing Economies Advanced Economies Acquisitions (1) Industrial and financial investments, including transaction with minority shareholders, net of divestitures (2) Industrial projects > 10m 13

14 2% acquisition contribution to full year growth Middle-East Americas Europe & Africa Asia-Pacific Georgia Gulf (USA) Jacoby biogas (USA) Gas distributors (Brazil and Canada) Energas & Engweld (UK) Home Healthcare (Poland) Local player (UAE) Home Healthcare (Korea) Home Healthcare (Canada) LVL Médical (France) Gasmedi (Spain) YTD G&S closed acquisitions : 820 M Large Industries Industrial Merchant Healthcare Healthcare 81% 17% 2% Industrial Merchant Large Industries 14

15 Financing tailored to Home Healthcare acquisitions rating SRI Labelled Euro bond : Reaching out to new investors 9 years 500m 2.125% coupon 36% SRI Investors 64% 15

16 rd Quarter Innovation: a continued commitment Paris, July October 30, , 2012 François Darchis l Senior Vice-President 16

17 Driving Innovation at Air Liquide Business model + TRANSFORMATIONAL Developing breakthroughs and creating new markets The Hydrogen example ADJACENT From existing into new business CORE Optimizing existing products + Advanced Technology 17

18 Core brings legitimacy H 2 for refineries and chemical large sites Markets Desulphurization and hydrocracking (refineries) Chemicals specific uses Distribution Pipeline network: 1,850 km 1,500 trailers fleet Production 50 large SMR H 2 production plants 18

19 Core Air Liquide, a worldwide hydrogen partner 2011 H 2 sales: 1.7 bn 950 km 545 km 40 km Assets for H 2 supply Main H 2 network H 2 production units Customer benefit Reliable and competitive H 2 supply 19

20 Adjacent Leveraging core business H 2 for local electricity supply Markets Telecom network availability Electric forklifts and captive fleets Distribution Existing core H 2 distribution system H 2 filling stations for captive fleets 700 bar cylinders Production Existing core H 2 capacities (SMR) Blue hydrogen (CCS (1) and biogas projects) (1) Carbon Capture and Storage 20

21 Adjacent Air Liquide serving captive fleets Air Liquide already serving warehouses in North America and Europe Partnership in Europe for forklift fuel cell design and commercialization Customer benefit 5-minute easy refill Cost competitive offer vs battery solution Guaranteed electric motor performance 21

22 «2015: a new generation for electric vehicles? (1) Mc Kinsey report Air Liquide dans les starting blocks en attendant la voiture à hydrogène (2)» (1) The region is ordering H 2 filling stations. (2) Air Liquide, in the starting blocks, waiting for the H 2 car. Paris Motor Show Oct

23 Transformational Getting ready for clean mobility H2 for electric car mobility Markets FCEV - Fuel Cell Electric Vehicle Distribution Customer friendly H2 refilling station Nationwide logistic infrastructure Production Existing core H2 capacities (SMR) Blue hydrogen (CCS and biogas projects) Smart grid component (biomass, solar, wind ) 23

24 Transformational Contributing to FCEV deployment + Consumer benefit H2 energy market potential Enhanced driving experience 5-minute refill and zero CO2 emission H2 refilling 1% of world car fleet = 15 bn > 500 km autonomy FCEV: Fuel Cell Electric Vehicle 24

25 Conclusion + + Air Liquide leverages its resources (= Core) expands its business reach (= Adjacent) designs the future (= Transformational) generating sustainable innovation 25

26 2012 Outlook Q Resilience in a contrasted environment Solid investment dynamic 2012 objective confirmed Barring a major economic downturn, Air Liquide continues to aim for growth in net profit in

27 rd Quarter Appendix 27

28 Impact of currency and natural gas on G&S revenue Currency In m Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 /USD (43) /CAD (4) (0) /JP Others (13) Total currency impact (57) Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 /USD /CAD /JP (9) Average currency rate Natural Gas In m Natural Gas Impact 28

29 Growth in Q G&S revenue +1.6% comparable (1) in m , , <9> % published growth Q Comparable growth (1) Natural gas Change Scope Q (1) excluding forex, natural gas and significant perimeter impacts 29

30 Revenue analysis by quarter (1) Sales in m (1) Europe Q3 11 Q4 11 Q1 12 revised revised revised Q2 12 Q3 12 Q3 12/11 Q3 12/11 comparable(2) 1,674 1,720 1,747 1,724 1, % +1.0% Americas % +3.4% Asia-Pacific % -0.1% Middle-East & Africa % +14.2% 3,276 3,313 3,443 3,394 3, % +1.6% Engineering & Construction % +2.5% Other Activities % % 3,597 3,745 3,779 3,754 3, % +1.0% Gas & Services Group Total (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 30

31 Revenue analysis by quarter (2) Sales in m (1) Q3 11 Q4 11 Q1 12 revised revised revised Q2 12 Q3 12 Q3 12/11 Q3 12/11 comparable(2) Industrial Merchant 1,238 1,256 1,281 1,283 1, % +1.4% Large Industries 1,157 1,174 1,262 1,204 1, % +4.2% Electronics % -12.0% Healthcare % +4.6% Gas & Services 3,276 3,313 3,443 3,394 3, % +1.6% Engineering & Construction % +2.5% Other Activities % -12.5% 3,597 3,745 3,779 3,754 3, % +1.0% Group Total (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 31

32 G&S Revenue growth by quarter (3) Growth as published Natural Gas Currency Significant scope Comparable growth(1) Q % +0.5% +3.5% % Q % +1.6% -3.2% % Q % +1.0% -1.9% -0.9% +7.7% Q % +1.5% +0.8% -0.7% +1.9% Q % +0.7% +2.2% -0.6% +4.0% Q % +0.0% +4.6% -0.6% +0.9% Q % -0.3% +4.9% +0.3% +1.6% (1) excluding forex, natural gas and significant scope impacts 32

33 YTD 2012 Revenue breakdown by region Gas & Services YTD 2012 Revenue 10.3bn Americas 22% Europe 50% 25% Asia 3% Middle-East and Africa Europe: 5.2bn Americas: 2.3bn 31% Asia: 2.5bn 33% 39% 34% 37% 48% 3% 27% 24% 8% Industrial Merchant 33 5% 11% Large Industries Healthcare Electronics

34 Europe in Q3 Q3 Gas & Services sales: 1,728m Large Industries 27% Large Industries 3% Stabilized steel demand Solid demand in refining and chemicals Site takeover in Turkey Industrial Merchant Difficult economic conditions weighing on Southern Europe Strong growth in developing Europe Pricing actions continue Healthcare Healthcare 39% Electronics 31% Industrial Merchant Q3 12/11 Comparable change (1): +1.0% -0.2% Industrial Merchant +2.3% Large Industries Healthcare Back to regular growth, post UK contract reallocation First contribution of LVL Médical in Home Healthcare More pressure on tariffs +3.0% -1% In m Revenue 2% YTD ,199 Publ. growth Comp. growth(1) +2.1% +0.6% (1) excluding impact of currency, natural gas and significant scope 34 4%

35 Americas in Q3 Electronics Q3 Gas & Services sales: 793m Healthcare Large Industries 49% Hurricane Isaac disruptions Lower cogen sales due to decline in electricity tariffs Strong growth in South America Q3 12/11 Comparable change (1): +3.4% Sustained activity in Canada and new capacities Cylinders strong in Latam Industrial Merchant +3.9% Large Industries +4.4% -16.6% Healthcare Dynamic Healthcare growth -10% Electronics Industrial Merchant 33% Large Industries Industrial Merchant 7% 11% In m Healthcare -3.7% excl. E&I -5% 0% YTD 2012 Unfavorable E&I comparison base Revenue 2, % Electronics 5% Publ. growth Comp. growth(1) +8.2% +5.7% (1) excluding impact of currency, natural gas and significant scope 35 10% 15%

36 Asia-Pacific in Q3 Electronics Q3 Gas & Services sales: 873m Large Industries 24% Healthcare Start-up delays in the region Growth in China at +20% Japan still weak Slower growth in Developing Asia Sequential growth in Chinese bulk Large Industries Q3 12/11 Comparable change (1): -0.1% -1.0% Industrial Merchant Large Industries +7.8% Electronics -9.1% E&I stabilized at a low level Japanese industry restructuring -5.2% excl. E&I -5% In m Revenue -1% YTD ,547 Electronics 3% 7% Publ. growth Comp. growth(1) +10.9% +0.8% (1) excluding impact of currency, natural gas and significant scope 36 Industrial Merchant 34% Industrial Merchant 37% 5%

37 Industrial Merchant pricing Q Europe +0.8% + 0.9% + 2.0% Americas Asia-Pacific + 3.1% + 0.8% + 0.5% + 6.0% Middle-East and Africa Total Industrial Merchant 37 YTD % + 1.4% + 1.7%

38 For further information, please contact: Investor Relations Communications Virginia Jeanson + 33 (0) Anne Bardot + 33 (0) Corinne Estrade-Bordry + 33 (0) Annie Fournier + 33 (0) Bastien Maurice + 33 (0) Follow us on L Air Liquide S.A. Corporation for the study and application of processes developed by Georges Claude with registered capital of 1,715,511, euros Corporate headquarters: 75, Quai d Orsay Paris Cedex 07 Tel : +33 (0) RCS Paris