Air Liquide Estimates Overview >> Group
Last Update: 16/06/2020 (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. Costs related to COVID-19 will be recorded in Exceptionals in 2020.

Consensus estimates, Group [EUR m]FY 2019FY 2020 EFY 2021 E
SALES
Group sales21,920.121,207.022,529.0
Published growth (%), group4.3%-3.3%6.2%
Significant perimeter impact (%), group0.4%0%0.3%
Currency impact (%), group2.1%0.5%0%
Energy impact (%), group-1.4%-1.1%0%
Comparable growth (%), group3.2%-1.5%5.4%
Gas & Services sales21,040.020,598.521,619.3
Published growth (%), G&S4.6%-2.1%5.0%
Significant perimeter impact (%), G&S0.5%-0.1%0%
Currency impact (%), G&S2.1%0.5%0%
Energy impact (%), G&S-1.5%-1.1%0%
Comparable growth (%), G&S3.5%-1.7%5.0%
Engineering & Construction sales328.0279.0318.3
Published growth (%), E&C-23.7%-14.9%14.1%
Global Markets & Technologies sales552.0607.0671.0
Published growth (%), GM&T16.5%10.0%10.5%
P&L
Group sales (P&L)21,920.121,207.022,529.0
Published growth (%) (P&L)4.3%-3.3%6.2%
EBITDA5,9325,9266,260
D&A-2,138-2,155-2,196
Operating Income Recurring (OIR)3,7943,7944,104
OIR margin (%)17.3%17.8%18.2%
        OIR G&S4,0284,0164,217
        OIR margin G&S (%)19.1%19.3%19.7%
Exceptionals-188-540
Group operating income3,6063,7704,003
Net financial costs & expenses-468-419-396
Income taxes-802-869-947
Tax rate (%)25.5%26.0%26.0%
Share of profit of associates111
Net income from continuing operations2,3382,4352,652
Profit for the period2,3382,4352,652
Minority interests-96-98-106
Net profit (Group share)2,241.52,366.02,610.0
Net profit growth (%)6.1%5.6%10.3%
Weighted average number of shares (m)471.2473.0473.0
As published earnings per share (EPS in EUR)4.765.005.52
As published EPS growth (%)5.9%5.0%10.4%
Dividend per share (DPS in EUR)2.702.803.00
DPS growth (%)12.4%3.7%7.1%
CASH FLOW
Net cash flows from operating activities4,7124,6824,939
Purchase of property, plant and equipment and intangible assets-2,636-2,463-2,592
Acquisition of subsidiaries and financial assets-53700
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliates58900
Net cash flows from investing activities-2,585-2,439-2,612
PPE / Sales (%)12.0%11.5%11.6%
Net Industrial and Financial CAPEX / Sales (%)11.8%11.5%11.7%
Free cash flow (net cash flows from operating and investing activities)2,1271,9822,250
Dividends paid-1,237-1,324-1,406
NET DEBT
Net debt at the end of the period (excl. IFRS 16)-12,373-11,916-11,158
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.