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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Air Liquide    AI   FR0000120073

AIR LIQUIDE (AI)
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AIR LIQUIDE : 1st quarter: progressive improvement in activity

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04/25/2012 | 10:19am CEST
Group revenue for the 1st quarter 2012 reached 3,779 million euros, up +6.7% as published
1st quarter 2012 revenue
Variation Q1 12/ Q1 11
In million of euros published comparable*
Group revenue 3,779 M€ +6.7% +4.5%
of which Gas and Services 3,443 M€ +6.3% +4.0%

*on a comparable basis: excluding foreign exchange, natural gas and significant perimeter impacts

Group revenue for the 1st quarter 2012 reached 3,779 million euros, up +6.7% as published. After a fourth quarter 2011 characterized by a slow-down in growth related to the global economic situation, first quarter 2012 reflects progressive growth in the volumes consumed by clients of the Group.

Gas & Services sales reached 3,443 million euros, up +4.0% on a comparable basis. Growth is steady in Developing Economies (+11%), particularly in China, South America, Eastern Europe and the Middle East, and moderate in the Advanced Economies (+2%). The lower level of equipment sales in Electronics, weighing on growth in the Asia zone, is compensated by the strength of the activity in North America.

Large Industries is benefitting from an increase in oxygen and hydrogen volumes, relative to the previous quarter. Industrial Merchant activity is improving, particularly helped by pricing. Healthcare remains solid, driven by hygiene growth. Excluding Equipment and Installation sales, Electronics is stable.

The new efficiency gains amount to 59 M€ and are in line with the objectives of the ALMA 2015 program. Net debt remains stable.

Benoît Potier, Chairman and CEO of the Air Liquide Group, stated:

"This 1st quarter is characterized by a progressive improvement in activity, particularly in the month of March, leading to quarterly revenue growth of nearly 7%.

"The increase of the order intake in Engineering & Construction and the stability at a high level of the Group's 12-month portfolio of opportunities are tangible signs of the continuing strength in our clients' investment projects; they reinforce our confidence in the medium term.

"All of the initiatives taken within the ALMA 2015 program continue to contribute to the improvement of our performance indicators, and allow us to achieve growth while controlling expenses.

"In this context, and barring a major economic downturn, Air Liquide continues to aim for growth in net profit in 2012."

Pierre Dufour, Senior Executive Vice-President, Jean-Pierre Duprieu, Executive Vice-President, and Fabienne Lecorvaisier, Chief Financial Officer, will comment the 2012 1st Quarter Revenue on Wednesday, April 25, 2012 at 10:30 am Paris time (London 9:30 am, New York 4:30 am).

  • A live broadcastingof the conference, only in English, will be available via our website.
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Financials (€)
Sales 2018 20 695 M
EBIT 2018 3 627 M
Net income 2018 2 224 M
Debt 2018 13 363 M
Yield 2018 2,40%
P/E ratio 2018 21,74
P/E ratio 2019 19,78
EV / Sales 2018 2,98x
EV / Sales 2019 2,81x
Capitalization 48 361 M
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Mean consensus HOLD
Number of Analysts 23
Average target price 111 €
Spread / Average Target -1,9%
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Managers
NameTitle
Benoît Potier Chairman & Chief Executive Officer
Fabienne Lecorvaisier Chief Financial Officer & Vice President
Pierre Dufour Director
Karen L. Katen Independent Director
Thierry Peugeot Director
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