Air Liquide Detailed Consensus >> 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.

KPI[EUR m]FY 2019FY 2020 EFY 2021 E
Group salesConsensus21,920.121,207.022,529.0
Group salesNumber of Estimates1919
Published growth (%), groupConsensus4.3%-3.3%6.2%
Published growth (%), groupNumber of Estimates1818
Significant perimeter impact (%), groupConsensus0.4%0%0.3%
Significant perimeter impact (%), groupNumber of Estimates33
Currency impact (%), groupConsensus2.1%0.5%0%
Currency impact (%), groupNumber of Estimates33
Energy impact (%), groupConsensus-1.4%-1.1%0%
Energy impact (%), groupNumber of Estimates33
Comparable growth (%), groupConsensus3.2%-1.5%5.4%
Comparable growth (%), groupNumber of Estimates55
Gas & Services salesConsensus21,040.020,598.521,619.3
Gas & Services salesNumber of Estimates1010
Published growth (%), G&SConsensus4.6%-2.1%5.0%
Published growth (%), G&SNumber of Estimates1010
Significant perimeter impact (%), G&SConsensus0.5%-0.1%0%
Significant perimeter impact (%), G&SNumber of Estimates55
Currency impact (%), G&SConsensus2.1%0.5%0%
Currency impact (%), G&SNumber of Estimates55
Energy impact (%), G&SConsensus-1.5%-1.1%0%
Energy impact (%), G&SNumber of Estimates55
Comparable growth (%), G&SConsensus3.5%-1.7%5.0%
Comparable growth (%), G&SNumber of Estimates88
Engineering & Construction salesConsensus328.0279.0318.3
Engineering & Construction salesNumber of Estimates98
Published growth (%), E&CConsensus-23.7%-14.9%14.1%
Published growth (%), E&CNumber of Estimates98
Global Markets & Technologies salesConsensus552.0607.0671.0
Global Markets & Technologies salesNumber of Estimates98
Published growth (%), GM&TConsensus16.5%10.0%10.5%
Published growth (%), GM&TNumber of Estimates98
Group sales (P&L)Consensus21,920.121,207.022,529.0
Group sales (P&L)Number of Estimates1919
Published growth (%) (P&L)Consensus4.3%-3.3%6.2%
Published growth (%) (P&L)Number of Estimates1919
EBITDAConsensus5,9325,9266,260
EBITDANumber of Estimates1818
D&AConsensus-2,138-2,155-2,196
D&ANumber of Estimates1818
Operating Income Recurring (OIR)Consensus3,7943,7944,104
Operating Income Recurring (OIR)Number of Estimates1919
OIR margin (%)Consensus17.3%17.8%18.2%
OIR margin (%)Number of Estimates1919
OIR G&SConsensus4,0284,0164,217
OIR G&SNumber of Estimates66
OIR margin G&S (%)Consensus19.1%19.3%19.7%
OIR margin G&S (%)Number of Estimates66
ExceptionalsConsensus-188-540
ExceptionalsNumber of Estimates1515
Group operating incomeConsensus3,6063,7704,003
Group operating incomeNumber of Estimates1515
Net financial costs & expensesConsensus-468-419-396
Net financial costs & expensesNumber of Estimates1818
Income taxesConsensus-802-869-947
Income taxesNumber of Estimates1717
Tax rate (%)Consensus25.5%26.0%26.0%
Tax rate (%)Number of Estimates1515
Share of profit of associatesConsensus111
Share of profit of associatesNumber of Estimates1515
Net income from continuing operationsConsensus2,3382,4352,652
Net income from continuing operationsNumber of Estimates1515
Profit for the periodConsensus2,3382,4352,652
Profit for the periodNumber of Estimates1515
Minority interestsConsensus-96-98-106
Minority interestsNumber of Estimates1515
Net profit (Group share)Consensus2,241.52,366.02,610.0
Net profit (Group share)Number of Estimates1919
Net profit growth (%)Consensus6.1%5.6%10.3%
Net profit growth (%)Number of Estimates1919
Weighted average number of shares (m)Consensus471.2473.0473.0
Weighted average number of shares (m)Number of Estimates1919
As published earnings per share (EPS in EUR)Consensus4.765.005.52
As published earnings per share (EPS in EUR)Number of Estimates1919
As published EPS growth (%)Consensus5.9%5.0%10.4%
As published EPS growth (%)Number of Estimates1919
Dividend per share (DPS in EUR)Consensus2.702.803.00
Dividend per share (DPS in EUR)Number of Estimates1717
DPS growth (%)Consensus12.4%3.7%7.1%
DPS growth (%)Number of Estimates1717
Net cash flows from operating activitiesConsensus4,7124,6824,939
Net cash flows from operating activitiesNumber of Estimates1111
Purchase of property, plant and equipment and intangible assetsConsensus-2,636-2,463-2,592
Purchase of property, plant and equipment and intangible assetsNumber of Estimates1616
Acquisition of subsidiaries and financial assetsConsensus-53700
Acquisition of subsidiaries and financial assetsNumber of Estimates1515
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliatesConsensus58900
Proceeds from sale of property, plant and equipment and intangible assets and proceeds from sale of financial assets and dividend received from equity affiliatesNumber of Estimates1515
Net cash flows from investing activitiesConsensus-2,585-2,439-2,612
Net cash flows from investing activitiesNumber of Estimates1616
PPE / Sales (%)Consensus12.0%11.5%11.6%
PPE / Sales (%)Number of Estimates1616
Net Industrial and Financial CAPEX / Sales (%)Consensus11.8%11.5%11.7%
Net Industrial and Financial CAPEX / Sales (%)Number of Estimates1616
Free cash flow (net cash flows from operating and investing activities)Consensus2,1271,9822,250
Free cash flow (net cash flows from operating and investing activities)Number of Estimates1111
Dividends paidConsensus-1,237-1,324-1,406
Dividends paidNumber of Estimates1313
Net debt at the end of the period (excl. IFRS 16)Consensus-12,373-11,916-11,158
Net debt at the end of the period (excl. IFRS 16)Number of Estimates1515
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.