Air Liquide Estimates Overview >> Group
Last Update: 14/10/2020 (Consensus = Median)

Please note:

  1. The divestiture of Fujian units early September 2019 is accounted as significant perimeter impact on sales from Q4 19. 
  2. Following the divestiture, Schulke activities are deconsolidated from July 1st 2020.
  3. Deconsolidation of a reseller affiliate in Japan accounted for as a significant perimeter impact on sales from Q3 20.

Consensus estimates, Group [EUR m]Q3 2019FY 2019Q3 2020 EFY 2020 EFY 2021 E
SALES
Group sales5,454.021,920.14,874.020,404.221,800.0
Published growth (%), group3.5%4.3%-10.6%-6.9%6.8%
Significant perimeter impact (%), group0.6%0.4%-2.7%-1.4%-0.9%
Currency impact (%), group2.1%2.1%-3.5%-1.8%-0.5%
Energy impact (%), group-2.7%-1.4%-2.0%-2.3%0%
Comparable growth (%), group3.5%3.2%-2.7%-1.8%6.9%
Gas & Services sales5,242.021,040.04,680.419,630.920,733.8
Published growth (%), G&S3.5%4.6%-10.7%-6.7%5.6%
Significant perimeter impact (%), G&S0.7%0.5%-2.8%-1.4%-1.0%
Currency impact (%), G&S2.2%2.1%-3.5%-1.8%-0.5%
Energy impact (%), G&S-2.9%-1.5%-2.0%-2.4%0%
Comparable growth (%), G&S3.5%3.5%-2.4%-1.8%6.0%
Engineering & Construction sales81.0328.060.0230.0258.5
Published growth (%), E&C-22.9%-23.7%-25.9%-29.9%12.4%
Global Markets & Technologies sales131.0552.0134.9579.6623.3
Published growth (%), GM&T31.4%16.5%3.0%5.0%7.5%
P&L
Group sales (P&L)5,454.021,920.14,874.020,404.221,800.0
Published growth (%) (P&L)3.5%4.3%-10.6%-6.9%6.8%
EBITDA-5,932-5,8176,145
D&A--2,138--2,142-2,195
Operating Income Recurring (OIR)-3,794-3,7003,973
OIR margin (%)-17.3%-18.1%18.5%
        OIR G&S-4,028-3,9454,211
        OIR margin G&S (%)-19.1%-20.1%20.3%
Exceptionals--188--1550
Group operating income-3,606-3,5463,952
Net financial costs & expenses--468--429-402
Income taxes--802--807-921
Tax rate (%)-25.5%-25.8%26.0%
Share of profit of associates-1-11
Net income from continuing operations-2,338-2,3162,663
Profit for the period-2,338-2,3162,663
Minority interests--96--96-101
Net profit (Group share)-2,241.5-2,213.62,493.9
Net profit growth (%)-6.1%--1.2%12.7%
Weighted average number of shares (m)-471.2-471.4471.4
As published earnings per share (EPS in EUR)-4.76-4.695.26
As published EPS growth (%)-5.9%--1.5%12.2%
Dividend per share (DPS in EUR)-2.70-2.733.00
DPS growth (%)-12.4%-1.1%9.9%
CASH FLOW
Net cash flows from operating activities-4,712-4,7014,922
Purchase of property, plant and equipment and intangible assets--2,636--2,576-2,792
Acquisition of subsidiaries and financial assets--537-00
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliates-589-6830
Net cash flows from investing activities--2,585--1,991-2,845
PPE / Sales (%)-12.0%-12.4%12.7%
Net Industrial and Financial CAPEX / Sales (%)-11.8%-9.8%13.0%
Free cash flow (net cash flows from operating and investing activities)-2,127-2,6072,024
Dividends paid--1,237--1,326-1,376
NET DEBT
Net debt at the end of the period (excl. IFRS 16)--12,373--11,700-11,192
Disclaimer

This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.