Corporate Performance

% change YoY
  • Total Corporate Sales
  • Total Operating Income
,Total Corporate Sales,Total Operating Income 2014 Q1,13.9%,58.7% 2014 Q2,7.5%,15.1% 2014 Q3,8.0%,13.3% 2014 Q4,5.3%,22.3% 2015 Q1,7.3%,0.1% 2015 Q2,7.7%,16.6% 2015 Q3,4.8%,14.1% 2015 Q4,6.3%,25.6% 2016 Q1,3.5%,1.9% 2016 Q2,-5.2%,-7.0% 2016 Q3,-5.8%,22.0% 2016 Q4,-0.5%,6.5% 2017 Q1,3.0%,19.6% 2017 Q2,13.1%,15.8% 2017 Q3,14.5%,10.5% 2017 Q4,12.7%,8.9% 2018 Q1,5.4%,4.3% 2018 Q2,5.2%,-0.7% 2018 Q3,10.3%,-6.9% 2018 Q4,13.8%,-4.1% 2019 Q1,27.2%,53.2% 2019 Q2,32.6%,55.9% 2019 Q3,24.5%,67.2% 2019 Q4,11.6%,44.8% 2020 Q1,-2.5%,0.6% 2020 Q2,-12.3%,-35.2%
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Total reported group sales in CY2020 Q2 at ¥185Bn ($1.72Bn) were down -15% sequentially and -13% YoY following the impact of the Praxair Europe and Linde US HyCO acquisition having worked through 

Industrial gases sales (according to Spiritus definition) at nearly ¥180Bn ($1.67Bn) account for over 95% of sales

TNS displays greater volatility in YoY growth performance by business and country than other majors

Total Capital Employed has remained at over ¥1400Bn ($13Bn) substantially due to acquisitions in recent years

Announced transition to a new corporate structure from October under new tradename of Nippon Sanso Holdings. Moves away from traditional domestic based structure to reflect increased global nature of the TNS business



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Corporate Operating Margin

%
  • Total Operating Margin
  • Operating Margin (IFRS basis)
,Total Operating Margin,Operating Margin (IFRS basis) 2014 Q1,6.5%,null 2014 Q2,6.4%,null 2014 Q3,5.8%,null 2014 Q4,7.0%,null 2015 Q1,6.0%,null 2015 Q2,6.9%,9.3% 2015 Q3,6.3%,7.9% 2015 Q4,8.3%,9.6% 2016 Q1,6.0%,7.1% 2016 Q2,null,9.1% 2016 Q3,null,10.2% 2016 Q4,null,10.2% 2017 Q1,null,8.3% 2017 Q2,null,9.3% 2017 Q3,null,9.9% 2017 Q4,null,9.9% 2018 Q1,null,8.2% 2018 Q2,null,8.8% 2018 Q3,null,8.3% 2018 Q4,null,8.3% 2019 Q1,null,9.9% 2019 Q2,null,10.3% 2019 Q3,null,11.2% 2019 Q4,null,10.8% 2020 Q1,null,9.9% 2020 Q2,null,6.7%
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Total Operating Income slipped significantly to just over ¥14n ($131m) and was substantially down YoY by around -35%. As a result underlying Corporate Operating Margin slipped sharply to less than 7% in Q2

The Japanese, N.American and acquired businesses in Europe each account for over 25% of operating income for the group

Forecast group performance for FY2021 ending March 2021 shows full year revenues down over -2% and operating income down -9%. Japan gases sales are expected to be flat with Other Asia at -1½%, US -3½% and Europe –7½%. Operating Income in Japan and Other Asia is expected to improve but other regions are likely to be lower



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Gases Revenue Growth Drivers

  • Reported Growth
  • Natural Gas
  • Currency
  • Acquisition/Divest
  • Underlying Growth
,Reported Growth,Natural Gas,Currency,Acquisition/Divest,Underlying Growth 2014 Q1,11.4%,0.0%,6.6%,0.5%,4.2% 2014 Q2,6.9%,0.0%,1.2%,2.7%,3.0% 2014 Q3,8.2%,0.0%,1.6%,2.6%,4.0% 2014 Q4,6.3%,-0.2%,3.7%,2.4%,0.4% 2015 Q1,10.9%,0.0%,4.1%,2.6%,4.1% 2015 Q2,9.4%,-0.3%,5.0%,1.6%,3.0% 2015 Q3,6.0%,-0.5%,4.0%,1.0%,1.5% 2015 Q4,12.0%,-0.5%,2.9%,2.2%,7.3% 2016 Q1,0.9%,-0.6%,-0.5%,1.5%,0.6% 2016 Q2,-4.6%,0.0%,-5.1%,2.0%,-1.5% 2016 Q3,-5.2%,0.0%,-7.5%,1.8%,0.5% 2016 Q4,0.7%,-0.5%,-4.1%,5.8%,-0.6% 2017 Q1,7.5%,0.2%,-1.4%,5.7%,2.9% 2017 Q2,13.9%,0.5%,1.0%,7.0%,5.3% 2017 Q3,14.4%,0.6%,2.8%,7.3%,3.7% 2017 Q4,11.4%,0.4%,1.9%,1.9%,7.2% 2018 Q1,5.3%,0.2%,-0.8%,0.8%,5.1% 2018 Q2,5.8%,0.1%,-0.5%,0.0%,6.2% 2018 Q3,10.8%,0.2%,-0.3%,0.0%,10.7% 2018 Q4,14.7%,0.0%,-0.7%,8.3%,7.0% 2019 Q1,28.6%,0.0%,-0.3%,25.2%,3.7% 2019 Q2,33.1%,0.0%,-0.4%,30.0%,3.5% 2019 Q3,26.0%,0.0%,-1.8%,27.5%,0.3% 2019 Q4,13.1%,-0.2%,-1.5%,15.0%,-0.2% 2020 Q1,-2.1%,-0.4%,-1.4%,0.6%,-0.9% 2020 Q2,-11.0%,-0.4%,-1.7%,0.0%,-8.8%
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Gases sales at ¥180Bn ($1.67Bn) in Q2 were down -11% YoY in reported terms. This reported growth saw no impact YoY from acquisitions as the growth contribution from Praxair assets in Europe and Linde assets in US worked through

Small negative YoY impact from currency (-1½%) and minimal impact from energy cost pass-through 



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Gases Underlying Growth Drivers

  • Total Underling Growth
  • Volume
  • Price
,Total Underling Growth,Volume,Price 2014 Q1,4.2%,3.0%,1.2% 2014 Q2,3.0%,0.5%,2.5% 2014 Q3,4.0%,1.1%,2.9% 2014 Q4,0.4%,0.9%,-0.5% 2015 Q1,4.1%,3.6%,0.5% 2015 Q2,3.0%,2.0%,1.0% 2015 Q3,1.5%,1.1%,0.4% 2015 Q4,7.3%,5.0%,2.2% 2016 Q1,0.6%,0.6%,0.0% 2016 Q2,-1.5%,-1.5%,0.0% 2016 Q3,0.5%,0.8%,-0.2% 2016 Q4,-0.6%,-0.2%,-0.4% 2017 Q1,2.9%,2.8%,0.1% 2017 Q2,5.3%,4.8%,0.5% 2017 Q3,3.7%,3.3%,0.4% 2017 Q4,7.2%,6.2%,1.0% 2018 Q1,5.1%,4.2%,0.9% 2018 Q2,6.2%,5.2%,1.0% 2018 Q3,10.7%,9.2%,1.5% 2018 Q4,7.0%,6.0%,1.0% 2019 Q1,3.7%,2.7%,1.1% 2019 Q2,3.5%,2.0%,1.5% 2019 Q3,0.3%,-0.7%,1.0% 2019 Q4,-0.2%,-1.0%,0.8% 2020 Q1,-0.9%,-1.6%,0.7% 2020 Q2,-8.8%,-9.3%,0.5%
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Underlying gases growth weakened further in Q2 to be down nearly -9% YoY, excluding acquisitions and other factors, its weakest performance in recent years 

This was again a balance split between a further decline in volume (-9½%) and modest positive contribution from pricing (around +½% despite a sharp fall in LPG pricing)



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Sales Growth by Business ex Europe

% change YoY
  • Bulk & Onsites
  • Packaged
  • Total Electronics Related
  • Plant & Equipment
,Bulk & Onsites,Packaged,Total Electronics Related,Plant & Equipment 2014 Q1,13.1%,23.2%,-6.6%,21.8% 2014 Q2,8.7%,11.1%,3.7%,-7.0% 2014 Q3,14.7%,4.2%,1.4%,6.4% 2014 Q4,10.3%,9.3%,1.7%,-6.0% 2015 Q1,7.3%,17.0%,14.2%,11.9% 2015 Q2,7.5%,15.6%,4.1%,15.7% 2015 Q3,2.1%,8.6%,16.5%,-5.7% 2015 Q4,9.6%,10.6%,19.8%,12.0% 2016 Q1,2.3%,-15.4%,14.9%,16.2% 2016 Q2,-0.8%,-12.7%,-5.2%,5.4% 2016 Q3,-7.3%,-13.1%,-1.1%,13.1% 2016 Q4,8.8%,-8.7%,-1.8%,0.0% 2017 Q1,15.4%,-11.0%,5.2%,-17.8% 2017 Q2,25.7%,4.2%,15.0%,0.9% 2017 Q3,28.9%,2.1%,9.3%,11.6% 2017 Q4,16.0%,12.7%,11.2%,5.7% 2018 Q1,11.4%,9.1%,-7.5%,8.8% 2018 Q2,14.6%,3.3%,-5.5%,-0.8% 2018 Q3,17.4%,8.4%,-2.9%,12.6% 2018 Q4,5.2%,5.1%,-0.7%,13.8% 2019 Q1,2.5%,3.8%,2.2%,3.2% 2019 Q2,5.0%,5.5%,0.0%,11.8% 2019 Q3,2.0%,-2.4%,-6.3%,22.4% 2019 Q4,-1.8%,-4.6%,1.7%,0.4% 2020 Q1,3.8%,-10.3%,1.5%,-2.9% 2020 Q2,-10.0%,-16.5%,3.9%,-3.5%
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TNS changed the business format of its sales reporting from Q2 2019 – historic analysis has been adjusted by Gasworld to reflect these changes. Industrial gases account for over 95% of group sales. Bulk and Onsites now account for over half of gas sales (bulk 34%, onsites 16%) , Packaged Gases over 20% (gases 12%, welding equipment 8%), Electronics related 11% (specialty gases 8%, equipment 3%) with gas production plant around 11%

Business portfolios are broadly similar with and without acquired European businesses

Growth in Bulk and Onsites sales turned negative again in Q2 at -10% YoY – with both bulk and onsites showing similar falls although in the former there was a significant increase in helium sales

Packaged gases weakened further to -16½%, weaker than its performance in 2016, with gases at -11% alongside welding equipment at -21½% YoY

Electronics related sales returned to solid growth of nearly +4% with equipment down by -1½% more than offset by specialty gases up +6%  

Plant & Equipment sales slipped further to be down -10% YoY 

LPG sales were again down -21% YoY partly due to lower prices



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Sales Growth by Geography

% change YoY
  • Japan
  • N.America
  • Other Asia/Pacific
  • Europe
,Japan,N.America,Other Asia/Pacific,Europe 2014 Q1,13.7%,29.4%,-10.4%,null 2014 Q2,2.6%,17.7%,14.4%,null 2014 Q3,3.3%,17.4%,19.4%,null 2014 Q4,-0.5%,24.4%,-1.0%,null 2015 Q1,-1.6%,27.6%,23.8%,null 2015 Q2,-3.2%,25.7%,20.9%,null 2015 Q3,-6.0%,22.1%,19.3%,null 2015 Q4,-2.7%,18.1%,62.5%,null 2016 Q1,-2.6%,-5.5%,21.1%,null 2016 Q2,-3.3%,-14.9%,5.5%,null 2016 Q3,-0.8%,-16.3%,-5.3%,null 2016 Q4,-4.1%,11.4%,-6.2%,null 2017 Q1,0.0%,15.6%,-7.2%,null 2017 Q2,6.1%,28.5%,23.2%,null 2017 Q3,0.7%,30.6%,39.7%,null 2017 Q4,15.9%,8.9%,20.9%,null 2018 Q1,6.8%,6.3%,4.5%,null 2018 Q2,5.1%,6.5%,5.3%,null 2018 Q3,13.3%,10.3%,6.1%,null 2018 Q4,3.4%,7.2%,4.7%,null 2019 Q1,1.4%,9.9%,-3.6%,null 2019 Q2,1.4%,11.6%,4.1%,3.5% 2019 Q3,1.0%,4.9%,-6.7%,2.3% 2019 Q4,-8.3%,5.3%,4.1%,0.5% 2020 Q1,-2.1%,3.2%,-7.0%,-0.7% 2020 Q2,-9.2%,-9.7%,-10.4%,-20.3%
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Japan gases as reported by TNS represent over 40% of gases sales following the European acquisition. N.America and Europe gases now each represent over 20% with Other Asia/Pacific (inc Australia) gases over 10%

YoY growth weakened in all regions  with Europe reported to be down -20% in Q2 while the other three regions were all down by around -10%

Currency had a negative effect on reported YoY growth in all non-domestic regions with N.America impacted by -2%, Europe by -3% and Other Asia Pacific by -3 ½ %, primarily due to the Australian Dollar



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Japan Gases Growth by Segment

% change YoY
  • Bulk & Onsites
  • Packaged Gases
  • Total Electronics Related
,Bulk & Onsites,Packaged Gases,Total Electronics Related 2014 Q2,4.2%,6.5%,-3.8% 2014 Q3,3.2%,9.4%,-5.8% 2014 Q4,1.8%,7.8%,-2.3% 2015 Q1,-1.3%,-2.2%,12.3% 2015 Q2,-5.5%,9.5%,-5.2% 2015 Q3,-2.3%,-0.1%,0.7% 2015 Q4,-7.0%,6.1%,1.4% 2016 Q1,-6.5%,0.2%,-0.4% 2016 Q2,-5.1%,-4.9%,1.3% 2016 Q3,-5.1%,-5.6%,9.9% 2016 Q4,-1.9%,-2.0%,-0.6% 2017 Q1,-0.7%,-2.1%,8.2% 2017 Q2,4.3%,10.4%,7.6% 2017 Q3,5.1%,-7.1%,1.1% 2017 Q4,19.7%,-1.0%,12.0% 2018 Q1,17.2%,0.0%,-1.4% 2018 Q2,16.6%,-1.2%,-1.8% 2018 Q3,18.4%,16.7%,-0.6% 2018 Q4,2.7%,11.6%,-3.8% 2019 Q1,0.8%,9.8%,-2.4% 2019 Q2,-1.0%,1.1%,-3.2% 2019 Q3,-4.7%,4.0%,-7.8% 2019 Q4,-7.6%,-15.4%,-2.7% 2020 Q1,-3.4%,-8.0%,7.9% 2020 Q2,-11.6%,-10.6%,1.1%
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Q2 gases sales in Japan were reported at ¥76Bn (nearly $708m)

Around half of gas sales in Japan are accounted for by Bulk & Onsites (split equally between bulk and onsites) with just over 10% in Packaged gases (split equally between gases and welding equipment) and just over 10% (2/3 in specialty gases, 1/3 in equipment). Third party sales of Plant and Equipment account for around 20% of gas and equipment sales in Q4 with strong YoY growth at over +20%

Bulk & Onsites growth worsened in negative territory at -11½% in Q2 – with bulk and onsites revenues down -10% (despite helium +20%) and -13% respectively

Packaged gases sales remained significantly negative at -10½% YoY  – with gases down -12½% and the recent steep fall in the hardgoods slowing to -9%

Electronics related business remained positive at +1% with specialty gases flat but equipment sales up +2%



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N.America Gases Growth by Segment

% change YoY
  • Bulk & Onsites
  • Packaged Gases
  • Total Electronics Related
,Bulk & Onsites,Packaged Gases,Total Electronics Related 2014 Q2,36.1%,11.8%,13.7% 2014 Q3,72.3%,1.1%,-16.7% 2014 Q4,73.5%,9.2%,-9.5% 2015 Q1,44.1%,24.4%,-3.4% 2015 Q2,44.1%,18.9%,15.9% 2015 Q3,5.3%,16.2%,187.5% 2015 Q4,18.9%,11.3%,96.3% 2016 Q1,19.3%,-21.6%,93.1% 2016 Q2,-5.8%,-15.6%,-20.7% 2016 Q3,-18.3%,-16.1%,-6.5% 2016 Q4,49.2%,-6.7%,-20.0% 2017 Q1,62.7%,-5.8%,-12.1% 2017 Q2,73.7%,3.3%,17.4% 2017 Q3,73.3%,7.1%,3.4% 2017 Q4,0.0%,17.0%,12.5% 2018 Q1,-1.0%,14.8%,-10.3% 2018 Q2,6.1%,6.3%,14.8% 2018 Q3,17.4%,4.6%,0.0% 2018 Q4,8.5%,5.7%,7.4% 2019 Q1,16.3%,4.0%,11.5% 2019 Q2,19.0%,8.1%,-9.7% 2019 Q3,15.9%,-4.3%,-10.0% 2019 Q4,12.3%,0.5%,0.0% 2020 Q1,22.6%,-13.1%,-3.4% 2020 Q2,-4.8%,-18.8%,14.3%
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Q2 gas sales in N.America were down nearly -8% YoY in Dollar terms at $417m (under ¥45Bn)

Half of gas sales in N.America are now accounted for by Bulk & Onsites (40% in bulk) - with nearly half in Packaged Gases (split equally between gases and hardware) and around 5% in Electronics related. 

Reported YoY growth in Bulk and Onsites slipped significantly to be down -5% YoY with Bulk and Onsites each down by similar rates. Helium was up +20%

Packaged Gases were sharply down YoY with  a decline of -19% with gases down nearly -11% combined with a -29% decline in welding equipment in Q2

The small Electronics business recovered to show strong growth of +14% with growth of over +5% YoY in spec gas sales combined with an increase in electronics equipment sales by over +23% in Q2



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Other Asia/Pacific Gases Growth

% change YoY
  • Bulk & Onsites
  • Packaged Gases
  • Total Electronics Related
,Bulk & Onsites,Packaged Gases,Total Electronics Related 2014 Q2,0.1%,18.2%,31.1% 2014 Q3,19.7%,10.3%,36.4% 2014 Q4,-24.2%,14.4%,21.0% 2015 Q1,13.8%,30.4%,26.5% 2015 Q2,16.2%,7.4%,28.5% 2015 Q3,50.0%,-13.1%,29.3% 2015 Q4,156.9%,19.0%,56.0% 2016 Q1,27.0%,-14.3%,43.9% 2016 Q2,45.2%,-12.9%,-12.0% 2016 Q3,7.0%,-13.8%,-18.7% 2016 Q4,-12.7%,-36.8%,2.4% 2017 Q1,8.2%,-46.3%,5.0% 2017 Q2,41.0%,-7.4%,30.1% 2017 Q3,67.2%,-4.0%,31.1% 2017 Q4,43.5%,33.3%,9.3% 2018 Q1,17.1%,0.0%,-18.9% 2018 Q2,26.7%,-4.0%,-17.9% 2018 Q3,13.7%,12.5%,-8.2% 2018 Q4,8.1%,-18.8%,3.2% 2019 Q1,-13.8%,-17.2%,10.5% 2019 Q2,-1.3%,0.0%,7.8% 2019 Q3,1.3%,-12.5%,-2.6% 2019 Q4,-9.0%,4.5%,7.7% 2020 Q1,-11.0%,4.5%,-6.6% 2020 Q2,-18.4%,-20.0%,3.6%
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Q2 gas sales in Other Asia/Pacific (ie excluding Japan) were over ¥26Bn ($245m)

Around 30% of gas sales in Other Asia/Pacific are now accounted for by each of Bulk & Onsites (virtually all in bulk) and Electronics Related. LPG accounts for 15% of region sales, similar to sales of Plants & Equipment 

YoY growth in Bulk slipped further to be down over -20% in Q2, with particular decline in Philippines, combined with a decline of -7% in the region’s small Onsites business

Packaged Gases also saw continued decline  at -20% in Q2 sales in cylinder gases combined with renewed sharp fall in welding equipment by -21%

Electronics Related sales were marginally higher at +3½% due to a +13% increase in specialty gases in E.Asia, particularly China, while electronic equipment sales were again significantly lower (-28%)

Plant sales were down YoY -18% in Q2 while LPG sales were down       -10%



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Europe Sales by business

% change YoY
  • Total
  • Onsites
  • Merchant
  • Liquid Bulk
  • Packaged
,Total,Onsites,Merchant,Liquid Bulk,Packaged ,-21.0%,-21.5%,-21.1%,-18.8%,-25.0%
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Q2 gas sales in Europe were over ¥35Bn (nearly $330m or nearly €300m) were down more significantly than in Q1 by -21% 

Around 40% of gas sales in Europe are in Bulk gases 34% in Packaged gases and 16% in Onsites serving a mixed end market profile

Geographically nearly 30% of sales are in Spain/Portugal, 24% in Italy and 22% in Germany with over 10% in Benelux and Scandinavia respectively

Both Onsites and total Merchant were down by similar rates – however Liquid Bulk (-19% YoY) outperformed Packaged Gases          (-25%) in Q2. All major bulk gases were down by similar rates while cylinder gases and welding equipment were both similar to overall packaged gas performance



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Gases Profitability

%
  • OROS
  • EBITDA Margin
  • OROCE
,OROS,EBITDA Margin,OROCE 2014 Q1,6.4%,12.9%,6.0% 2014 Q2,6.1%,13.5%,5.7% 2014 Q3,6.1%,13.2%,5.8% 2014 Q4,6.8%,13.9%,6.0% 2015 Q1,6.9%,13.1%,6.5% 2015 Q2,7.5%,15.0%,6.3% 2015 Q3,6.2%,13.4%,5.5% 2015 Q4,7.7%,15.0%,6.9% 2016 Q1,5.5%,12.6%,5.8% 2016 Q2,7.3%,14.2%,7.0% 2016 Q3,8.9%,15.8%,8.5% 2016 Q4,8.8%,16.4%,7.8% 2017 Q1,7.3%,13.9%,7.4% 2017 Q2,8.3%,15.6%,7.6% 2017 Q3,8.6%,15.6%,7.9% 2017 Q4,9.1%,15.7%,8.9% 2018 Q1,7.7%,14.0%,8.2% 2018 Q2,8.0%,15.2%,7.6% 2018 Q3,7.0%,13.9%,6.9% 2018 Q4,7.2%,14.7%,5.9% 2019 Q1,9.2%,17.9%,5.8% 2019 Q2,9.7%,19.5%,5.7% 2019 Q3,10.5%,20.3%,6.4% 2019 Q4,10.2%,20.5%,6.0% 2020 Q1,9.9%,19.4%,6.2% 2020 Q2,7.5%,19.1%,4.0%
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Gases EBIT is estimated to have fallen sharply sequentially to under  ¥14Bn ($123m) in Q2

Operating margin slipped back to under 8% in Q2, significantly down on the previous three quarters and back close to the average of previous years. Overall this remains significantly below the performance of Tier 1 peer companies

EBITDA margin also slipped further below 20%

Capital Employed is estimated to have remained over ¥1350Bn ($12.6Bn) in Q2 reflecting the impact of recent major acquisitions on the balance sheet. As a result, OROCE appears to have slipped to under 5% in Q2, substantially below the average for peer companies



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Operating Margin by Geography

%
  • Japan
  • N.America
  • Other Asia/Pacific
  • Europe
,Japan,N.America,Other Asia/Pacific,Europe 2014 Q1,7.3%,6.9%,0.5%,null 2014 Q2,6.8%,4.4%,5.0%,null 2014 Q3,6.9%,4.2%,4.9%,null 2014 Q4,8.0%,2.7%,5.8%,null 2015 Q1,7.3%,6.3%,0.9%,null 2015 Q2,7.2%,5.4%,5.5%,null 2015 Q3,7.7%,3.4%,4.2%,null 2015 Q4,9.8%,2.8%,5.7%,null 2016 Q1,8.4%,0.3%,3.3%,null 2016 Q2,8.2%,6.3%,6.5%,null 2016 Q3,10.4%,8.3%,7.2%,null 2016 Q4,10.1%,8.3%,7.7%,null 2017 Q1,8.1%,9.4%,5.2%,null 2017 Q2,9.5%,7.5%,8.5%,null 2017 Q3,8.7%,7.7%,11.0%,null 2017 Q4,10.1%,8.2%,9.6%,null 2018 Q1,8.1%,8.0%,6.9%,null 2018 Q2,7.4%,7.0%,13.2%,null 2018 Q3,7.4%,8.0%,11.2%,null 2018 Q4,9.2%,7.7%,8.3%,null 2019 Q1,8.7%,10.5%,6.9%,14.2% 2019 Q2,6.8%,10.6%,9.9%,15.7% 2019 Q3,7.4%,13.1%,10.9%,15.3% 2019 Q4,8.9%,10.1%,10.1%,15.0% 2020 Q1,9.1%,11.0%,12.2%,14.0% 2020 Q2,6.0%,8.0%,9.9%,9.7%
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Europe is now a major profit source for TNS, accounting for 30% of gases profits alongside Japan – N.America now representing around a quarter of gases profits with Other Asia/Pacific at less than 15%. Less than 10% of total group income comes from non-gas businesses

Margin performance weakened significantly in all regions in Q2 – with European margin showing the largest fall after being the highest performing region since it was acquired

Europe and Other Asia Pacific both showed operating margins of under 10% while Japan slipped to 6% (continuing as the lowest performing region) and N.America to 8% 

Deterioration in margins across all regions driven by broad scale of decline in activity in most businesses and products



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Capital Expenditure

$M
  • Capex Spend
,Capex Spend 2010 Q1,127.0 2010 Q2,41.3 2010 Q3,70.3 2010 Q4,109.2 2011 Q1,136.3 2011 Q2,104.9 2011 Q3,104.2 2011 Q4,97.0 2012 Q1,84.1 2012 Q2,98.7 2012 Q3,101.8 2012 Q4,99.0 2013 Q1,84.1 2013 Q2,71.6 2013 Q3,66.5 2013 Q4,80.6 2014 Q1,105.1 2014 Q2,69.4 2014 Q3,75.1 2014 Q4,60.3 2015 Q1,112.7 2015 Q2,105.3 2015 Q3,102.4 2015 Q4,107.2 2016 Q1,140.8 2016 Q2,95.9 2016 Q3,83.6 2016 Q4,93.9 2017 Q1,129.1 2017 Q2,119.7 2017 Q3,125.4 2017 Q4,139.8 2018 Q1,180.1 2018 Q2,163.6 2018 Q3,151.1 2018 Q4,166.6 2019 Q1,209.9 2019 Q2,179.0 2019 Q3,156.9 2019 Q4,164.6 2020 Q1,204.3 2020 Q2,142.0
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Capex reported to have fallen back significantly in Q2 towards $140m, its lowest level since 2017

Capex as a % of sales slipped back towards its average of recent years of around 8½% ratio and below the average for gas majors



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