Summary of Tier 1 Gas Company Quarterly Performance

Tier 1 majors with quarterly sales of over $15Bn in Q1 were down YoY in reported terms driven by lower energy cost pass-through and currency impact - but still marginally positive on underlying basis

Profitability indicators show contrasting trends with OROS remaining at over 20% but OROCE down over recent years to around 10% - AP remains highest margin business while TNS lowest

Capex at under $2.3Bn in Q1 but equivalent to over 14% of sales – higher rate in Asia Pacific region reflecting project activity in region – AP highest capex/sales ratio



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Key Industry Performance Parameters

Index Q1 2005 = 100, Constant exchange rates
  • Revenue
  • EBIT
  • Capital Employed
,Revenue,EBIT,Capital Employed 2005 Q1,100.0,100.0,100.0 2005 Q2,103.2,103.3,101.1 2005 Q3,104.3,100.8,101.6 2005 Q4,110.2,111.3,105.1 2006 Q1,113.7,114.0,108.0 2006 Q2,113.1,119.3,106.0 2006 Q3,117.5,128.7,108.0 2006 Q4,120.2,113.1,114.3 2007 Q1,120.0,114.3,113.4 2007 Q2,122.9,122.6,116.9 2007 Q3,125.5,127.7,138.9 2007 Q4,130.0,135.6,140.4 2008 Q1,134.3,137.0,139.7 2008 Q2,139.1,143.2,141.8 2008 Q3,140.4,145.1,141.6 2008 Q4,131.0,132.2,141.0 2009 Q1,117.7,115.8,142.3 2009 Q2,113.6,118.8,147.1 2009 Q3,118.9,134.0,152.3 2009 Q4,122.4,135.5,155.6 2010 Q1,126.5,138.1,158.6 2010 Q2,132.7,151.3,164.5 2010 Q3,136.2,152.9,166.0 2010 Q4,138.1,155.0,167.8 2011 Q1,142.3,159.5,167.8 2011 Q2,145.9,161.5,167.8 2011 Q3,148.3,169.5,168.6 2011 Q4,145.2,163.4,176.9 2012 Q1,150.2,169.2,179.0 2012 Q2,149.3,171.0,180.3 2012 Q3,157.3,174.8,195.4 2012 Q4,159.2,178.5,199.5 2013 Q1,156.8,174.7,203.4 2013 Q2,161.9,181.4,202.6 2013 Q3,161.1,190.3,201.9 2013 Q4,160.9,183.8,202.9 2014 Q1,160.4,178.8,206.5 2014 Q2,162.2,184.0,208.1 2014 Q3,165.7,192.3,209.4 2014 Q4,165.0,187.3,209.6 2015 Q1,163.2,184.6,214.4 2015 Q2,166.2,195.5,214.5 2015 Q3,166.1,195.0,209.7 2015 Q4,163.8,196.4,213.2 2016 Q1,158.1,182.4,211.8 2016 Q2,160.6,194.4,211.8 2016 Q3,162.2,191.8,233.7 2016 Q4,166.1,197.3,241.1 2017 Q1,169.8,192.5,248.0 2017 Q2,169.7,197.8,238.3 2017 Q3,169.0,206.7,239.7 2017 Q4,173.2,206.7,236.7 2018 Q1,170.7,206.2,235.7 2018 Q2,174.0,215.3,234.2 2018 Q3,177.4,215.7,234.7 2018 Q4,182.3,218.7,239.7 2019 Q1,171.4,214.8,315.7 2019 Q2,172.5,224.7,306.8 2019 Q3,171.6,232.1,303.3 2019 Q4,170.5,233.6,306.1 2020 Q1,168.3,230.3,297.3
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Total reported gas revenue of the four leading industrial gas companies remained below $16Bn in Q1 following the downward adjustment around late 2018 due to divestments – this represents a decline of nearly -6% vs late 2018

EBIT at over $3.1Bn in Q1 slipped back from its new record in the previous quarter – driven by volume growth leverage, efficiency programmes and price gains continuing to offset cost pressures

Capital employed increased sharply in 2018/9 and now stands at around $130Bn - reflecting increased goodwill from acquisitions and substantial cash accumulated by business disposals. These compounded the long term trend increase in capital intensity across the industry due to the relative growth of the onsites business



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Quarterly Gases Revenues

$M
  • Air Liquide
  • Praxair
  • Air Products
  • Linde
  • TNSC
  • Airgas
,Air Liquide,Praxair,Air Products,Linde,TNSC,Airgas 2010 Q1,3043.0,2292.0,1723.5,2579.9,946.8,980.4 2010 Q2,3237.0,2386.0,1689.2,2856.7,916.5,1052.7 2010 Q3,3355.0,2397.0,1752.0,2931.6,961.6,1061.7 2010 Q4,3470.8,2473.0,1806.4,2908.5,936.0,1034.5 2011 Q1,3572.2,2545.0,1869.5,2935.0,994.5,1102.7 2011 Q2,3566.7,2690.0,1956.1,3059.5,906.4,1164.3 2011 Q3,3611.9,2733.0,1986.9,3111.4,935.7,1187.1 2011 Q4,3652.7,2636.0,1852.6,3089.3,891.8,1153.8 2012 Q1,3796.0,2671.0,1723.8,3312.0,994.1,1241.1 2012 Q2,3742.0,2643.0,1701.9,3447.6,860.6,1257.3 2012 Q3,3847.9,2617.0,1924.7,3846.7,923.6,1229.6 2012 Q4,3952.6,2637.0,1915.4,3962.5,885.5,1207.7 2013 Q1,3755.2,2725.0,1841.9,3801.5,950.7,1262.9 2013 Q2,3835.7,2849.0,1906.4,3939.4,992.8,1279.9 2013 Q3,3797.1,2853.0,1919.1,3846.7,1039.7,1282.0 2013 Q4,3867.7,2846.0,1889.1,3815.9,1051.5,1242.8 2014 Q1,3766.3,2857.0,1941.3,3712.2,1129.0,1267.8 2014 Q2,3738.7,2939.0,1967.6,3812.6,1066.0,1313.6 2014 Q3,3799.3,2973.0,1958.2,3939.4,1128.8,1357.8 2014 Q4,3960.3,2825.0,1902.5,3951.5,1118.0,1331.8 2015 Q1,3984.6,2597.0,1732.2,4048.5,1258.6,1301.7 2015 Q2,4066.2,2588.0,1771.0,4280.0,1141.3,1349.7 2015 Q3,4059.5,2539.0,1790.6,4226.0,1201.8,1374.6 2015 Q4,4165.4,2443.0,1690.5,4168.7,1222.0,1295.4 2016 Q1,3911.8,2360.0,1627.8,3992.3,1270.2,1294.1 2016 Q2,4487.3,2517.0,1707.2,4086.0,1156.2,736.0 2016 Q3,5273.4,2566.0,1740.6,4067.3,1186.2,null 2016 Q4,5435.5,2495.0,1701.9,4273.4,1284.2,null 2017 Q1,5563.4,2578.0,1740.2,4188.5,1459.6,null 2017 Q2,5437.7,2683.0,1920.1,4159.9,1324.0,null 2017 Q3,5277.8,2765.0,2019.9,4048.5,1349.4,null 2017 Q4,5377.1,2794.0,2069.3,4127.9,1471.6,null 2018 Q1,5326.4,2832.0,2032.4,3872.1,1551.0,null 2018 Q2,5444.3,2889.0,2133.6,4046.3,1397.5,null 2018 Q3,5585.4,2854.0,2174.8,4108.0,1500.3,null 2018 Q4,5812.6,2770.0,2140.2,4294.4,1656.5,null 2019 Q1,5774.0,null,2111.5,5811.0,1982.8,null 2019 Q2,5842.3,null,2129.3,5940.0,1869.2,null 2019 Q3,5779.5,null,2158.6,5866.0,1890.8,null 2019 Q4,5801.5,null,2127.7,5794.0,1869.1,null 2020 Q1,5723.3,null,2083.2,5646.0,1940.9,null
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All 4 majors show similar trend of flat/declining gases revenues in recent quarters with Linde plc showing the weakest sequential performance recently

AL and Linde have become clearly established as industry leaders in revenue terms significantly driven by the 2014 acquisition of Airgas by AL and the Linde/Praxair merger in 2019. AP and TNS are significantly smaller Tier 1 companies.

Further details of the respective dimensions of Tier 1 and Tier 2 companies are shown in the Appendix



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Revenue Trends

% change YoY
  • Total
  • Underlying
,Total,Underlying 2013 Q1,4.4%,0.9% 2013 Q2,8.1%,2.7% 2013 Q3,2.3%,3.3% 2013 Q4,0.6%,3.0% 2014 Q1,1.8%,3.8% 2014 Q2,0.2%,3.0% 2014 Q3,2.7%,3.8% 2014 Q4,2.8%,3.0% 2015 Q1,2.0%,2.2% 2015 Q2,2.7%,1.8% 2015 Q3,0.3%,1.7% 2015 Q4,-0.6%,1.4% 2016 Q1,-3.1%,1.5% 2016 Q2,-3.8%,0.9% 2016 Q3,-2.1%,0.0% 2016 Q4,1.0%,1.5% 2017 Q1,6.7%,2.8% 2017 Q2,5.6%,3.2% 2017 Q3,4.3%,4.5% 2017 Q4,4.0%,5.3% 2018 Q1,1.2%,5.3% 2018 Q2,3.3%,5.9% 2018 Q3,5.5%,6.3% 2018 Q4,6.0%,4.7% 2019 Q1,1.1%,5.1% 2019 Q2,-0.3%,4.5% 2019 Q3,-2.7%,3.6% 2019 Q4,-5.8%,2.1% 2020 Q1,-1.2%,1.9%
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Reported gases revenue for the four major gas companies were down YoY by -1% in Q1

Underlying revenue growth slowed further to be under +2% YoY in the latest quarter – this represents the sixth successive quarter of slowing growth

Tier 2 companies have shown reported growth above that of the majors in recent quarters boosted by acquisitions from the restructuring of the new Linde/Praxair combination combined with positive impact of business mix in some cases 



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Other Revenue Drivers

% change YoY
  • Natural Gas
  • Currency
  • Acq/Div
,Natural Gas,Currency,Acq/Div 2013 Q1,0.2%,-1.1%,4.3% 2013 Q2,1.2%,-1.0%,5.1% 2013 Q3,0.1%,-3.2%,2.1% 2013 Q4,-0.2%,-2.9%,0.7% 2014 Q1,1.2%,-3.2%,0.1% 2014 Q2,-0.2%,-2.7%,0.1% 2014 Q3,-0.3%,-0.7%,0.0% 2014 Q4,-0.3%,0.2%,0.0% 2015 Q1,-2.8%,2.2%,0.4% 2015 Q2,-2.2%,2.6%,0.4% 2015 Q3,-1.8%,-0.1%,0.5% 2015 Q4,-2.3%,-0.6%,0.9% 2016 Q1,-2.0%,-3.1%,0.5% 2016 Q2,-1.8%,-3.6%,0.7% 2016 Q3,-0.8%,-1.7%,0.4% 2016 Q4,0.5%,-1.1%,0.1% 2017 Q1,2.2%,1.7%,0.1% 2017 Q2,2.0%,0.6%,-0.2% 2017 Q3,0.8%,-1.8%,0.8% 2017 Q4,0.3%,-2.4%,0.0% 2018 Q1,-0.1%,-3.9%,-0.2% 2018 Q2,0.2%,-2.6%,-0.2% 2018 Q3,1.3%,-1.9%,-0.2% 2018 Q4,1.9%,-0.7%,0.1% 2019 Q1,0.8%,-1.7%,-3.1% 2019 Q2,-0.4%,-1.7%,-2.8% 2019 Q3,-2.0%,-0.9%,-3.4% 2019 Q4,-2.4%,-0.5%,-5.0% 2020 Q1,-2.1%,-1.1%,0.1%
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Net revenue impact of acquisitions and divestments on reported revenues of Tier 1 majors was flat YoY in Q1 after completion of the major parts of the required Linde/Praxair divestments in Americas, Europe, India and Korea (sales to TNS remain within the Tier 1 gas company total)

Energy cost pass-through also continued to have a negative impact on gases revenues in Q1 at –2% reflecting further weakness in global energy prices 

Currency also had a smaller overall negative impact (around –1%) but mixed across all majors depending on reporting currency and geographic profile



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Underlying Revenue Drivers

% change YoY
  • Volume
  • Price
,Volume,Price 2013 Q1,-0.6%,1.6% 2013 Q2,1.4%,1.3% 2013 Q3,2.1%,1.2% 2013 Q4,2.0%,1.1% 2014 Q1,2.7%,1.0% 2014 Q2,2.1%,0.9% 2014 Q3,2.4%,1.4% 2014 Q4,2.1%,0.8% 2015 Q1,1.8%,0.3% 2015 Q2,1.3%,0.6% 2015 Q3,1.2%,0.5% 2015 Q4,0.9%,0.5% 2016 Q1,1.2%,0.3% 2016 Q2,0.9%,0.0% 2016 Q3,0.0%,0.0% 2016 Q4,1.4%,0.1% 2017 Q1,2.8%,0.0% 2017 Q2,3.3%,-0.1% 2017 Q3,4.3%,0.2% 2017 Q4,4.9%,0.4% 2018 Q1,4.4%,0.9% 2018 Q2,4.7%,1.2% 2018 Q3,4.9%,1.4% 2018 Q4,3.4%,1.3% 2019 Q1,3.4%,1.7% 2019 Q2,2.2%,2.3% 2019 Q3,1.6%,2.0% 2019 Q4,0.3%,1.8% 2020 Q1,0.2%,1.7%
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The slowdown in underlying revenue growth to its lowest rate since mid-2016 has been principally driven by weakening contribution from volumes which were only marginally up YoY in Q1. 

New project start-ups and ramp-ups continue to contribute positively to volume growth while existing base business growth appears to show minimal or negative growth 

Healthcare continues to be an important underlying growth driver across the business although its importance varies between companies

Pricing continued to have a significant impact on underlying global revenue growth (over +1½%) 



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Underlying growth drivers by Major

Q1 2020
  • Air Products
  • Air Liquide
  • Linde plc
  • TNSC
  • Peer Total
,Air Products,Air Liquide,Linde plc,TNSC,Peer Total Underlying,5.7%,1.3%,2.1%,-0.9%,1.9% Volume,3.0%,0.3%,-0.4%,-1.6%,0.2% Price,2.7%,1.0%,2.4%,0.7%,1.7%
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AP continues to indicate the highest growth contribution from volumes with all three others majors appearing to see marginal or negative impact from this driver with TNS’s performance appearing to reflect specific weakness in Asia Pacific

Narrower range in contribution to revenue growth from pricing with TNS and AL appearing lowest and AP and Linde highest



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Industrial Gases performance vs Economy

% YoY Growth
  • Gases Volume
  • Gases Prices
  • Global real output growth
  • Global inflation (CPI)
,Gases Volume,Gases Prices,Global real output growth,Global inflation (CPI) 2011 Q1,8.1%,1.1%,6.7%,3.4% 2011 Q2,6.2%,1.7%,4.6%,4.0% 2011 Q3,5.6%,1.7%,4.7%,4.2% 2011 Q4,2.1%,1.7%,4.0%,3.7% 2012 Q1,2.7%,1.6%,3.4%,3.2% 2012 Q2,0.5%,1.2%,3.2%,2.7% 2012 Q3,0.2%,1.0%,1.8%,2.5% 2012 Q4,1.4%,1.1%,1.2%,2.6% 2013 Q1,-0.6%,1.6%,1.3%,2.5% 2013 Q2,1.4%,1.3%,1.9%,2.4% 2013 Q3,2.1%,1.2%,2.8%,2.5% 2013 Q4,2.0%,1.1%,3.8%,2.4% 2014 Q1,2.7%,1.0%,4.2%,2.2% 2014 Q2,2.1%,0.9%,3.6%,2.6% 2014 Q3,2.4%,1.4%,3.1%,2.4% 2014 Q4,2.1%,0.8%,2.6%,2.1% 2015 Q1,1.8%,0.3%,1.7%,1.8% 2015 Q2,1.3%,0.6%,1.3%,1.9% 2015 Q3,1.2%,0.5%,1.4%,1.9% 2015 Q4,0.9%,0.5%,0.8%,2.0% 2016 Q1,1.2%,0.3%,1.0%,2.1% 2016 Q2,0.9%,0.0%,1.1%,1.9% 2016 Q3,0.0%,0.0%,1.0%,1.9% 2016 Q4,1.4%,0.1%,2.3%,2.1% 2017 Q1,2.8%,0.0%,2.7%,2.4% 2017 Q2,3.3%,-0.1%,3.6%,2.1% 2017 Q3,4.3%,0.2%,4.0%,2.2% 2017 Q4,4.9%,0.4%,4.3%,2.3% 2018 Q1,4.4%,0.9%,3.9%,2.3% 2018 Q2,4.7%,1.2%,3.5%,2.5% 2018 Q3,4.9%,1.4%,3.1%,2.9% 2018 Q4,3.4%,1.3%,2.0%,2.8% 2019 Q1,3.4%,1.7%,1.6%,2.4% 2019 Q2,2.2%,2.3%,1.1%,2.7% 2019 Q3,1.6%,2.0%,0.5%,2.4% 2019 Q4,0.3%,1.8%,0.3%,2.7% 2020 Q1,0.2%,1.7%,-3.6%,2.9%
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Global economic performance can be compared to combined performance of the major industrial gas companies

The cyclical pattern and rate of gases volume growth has broadly followed that of global industrial output growth in recent years (both averaging +2½% 2011-19) with gases’ marginal under-performance in the last 2 years being reversed as the Q1 decline was greater in the overall economy due to early impacts of Covid  and the dampening impact of onsite take or pay contracts combined with the positive impact of new gases projects coming onstream

Historically industrial gases prices have risen less than global inflation as represented by increase in the Consumer Price Index – the latter is clearly a broad measure of inflation with many factors impacting it, while industrial gas price inflation is significantly impacted by energy cost inflation and the solid productivity gains achieved in the gases sector. The margin between gas price inflation and overall global inflation (CPI) widened again to around 100bp in Q1



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Underlying Growth by Geography

% change YoY
  • Americas
  • Europe
  • Asia Pacific
,Americas,Europe,Asia Pacific 2014 Q1,5.2%,0.2%,8.8% 2014 Q2,5.0%,-0.8%,7.1% 2014 Q3,5.0%,0.2%,7.5% 2014 Q4,5.2%,-0.9%,4.3% 2015 Q1,2.6%,0.0%,3.9% 2015 Q2,2.5%,1.0%,3.3% 2015 Q3,1.6%,1.9%,3.9% 2015 Q4,0.2%,1.9%,5.9% 2016 Q1,-0.7%,0.9%,7.2% 2016 Q2,0.3%,0.9%,3.4% 2016 Q3,-0.5%,-1.0%,1.9% 2016 Q4,0.4%,2.5%,2.4% 2017 Q1,1.9%,3.4%,2.7% 2017 Q2,0.3%,2.3%,8.0% 2017 Q3,2.6%,3.7%,10.0% 2017 Q4,3.9%,1.7%,9.9% 2018 Q1,4.3%,4.0%,8.1% 2018 Q2,5.4%,3.8%,8.1% 2018 Q3,6.1%,3.2%,9.1% 2018 Q4,3.8%,1.5%,9.1% 2019 Q1,2.4%,2.1%,8.9% 2019 Q2,3.4%,4.1%,7.2% 2019 Q3,2.8%,3.7%,4.7% 2019 Q4,1.8%,2.5%,1.8% 2020 Q1,2.8%,2.4%,-0.6%
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The range of growth performance across the major global regions for gas majors widened again in Q1, primarily due to the sharp slowdown in the Asia Pacific region as the early impacts of Covid on the wider economy were seen to combine with previous slowing trend in the gases sector 

All four majors saw slowing or negative growth in Asia in Q1 -  growth was again highest for AP although even here it slipped to its lowest rate in two years while AL saw negative growth in the region for the first time in recent years

Majors all performed within a relatively narrow range in the Americas which again showed the highest growth of the three global regions – and all majors showed positive growth in Q1

Wide range in Tier 1 growth in Europe with AP showing the highest growth while TNS indicated negative growth in Q1



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Americas Underlying Sales Growth

% change YoY, Q1 2019-Q1 2020
  • Total
  • AL
  • Linde
  • AP
  • TNS
,Total,AL,Linde,AP,TNS ,2.6%,2.4%,5.0%,8.0%,7.3% ,3.6%,2.4%,4.0%,4.0%,6.4% ,3.0%,2.0%,5.0%,1.0%,0.4% ,1.9%,-0.6%,3.0%,4.0%,4.3% ,3.0%,1.3%,4.0%,5.0%,1.9%
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All four majors maintained the solid growth in the Americas seen in recent quarters

AP was the highest growth performer in Q1 while AL recovered from its negative performance in the previous quarter

TNS appears to be on the steepest slowdown trend in growth across the four companies



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Europe Underlying Sales Growth

% change YoY, Q1 2019-Q1 2020
  • Total
  • AL
  • Linde
  • AP
  • TNS
,Total,AL,Linde,AP,TNS ,2.1%,2.8%,1.0%,3.0%,null ,4.1%,5.7%,1.0%,6.0%,3.5% ,3.7%,3.3%,2.0%,9.0%,2.3% ,2.5%,2.1%,1.0%,9.0%,-0.1% ,2.4%,2.7%,1.0%,7.0%,-1.6%
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Wide range in underlying YoY growth performance across the four majors in Europe

AL appears to be performing close to the trend for the region while Linde is showing slower growth. AP continues to significantly outperform its peers (recently boosted by bolt-on acquisition) while TNS appears to be a slowing path and most recently has been negative YoY in Europe (with the former Praxair business) 

Amongst the Tier 2 companies in Europe Sol also show modest traditional gases growth but group performance was boosted to above the Tier 1 average by double digit growth in healthcare (mirroring the relative impact of AL’s gases and healthcare businesses in Europe)  



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Asia Pacific Underlying Sales Growth

% change YoY, Q1 2019-Q1 2020
  • Total
  • AL
  • Linde
  • AP
  • TNS
,Total,AL,Linde,AP,TNS ,8.9%,13.2%,7.0%,17.0%,1.2% ,7.2%,9.2%,5.0%,15.0%,2.3% ,4.7%,7.2%,0.0%,19.0%,-1.8% ,1.8%,1.9%,0.0%,13.0%,-3.4% ,-0.6%,-0.9%,-3.0%,8.0%,-2.4%
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Sales in three of the Tier 1 majors have shown an underlying decline in sales in Asia Pacific in Q1 2020.

AP has continued to show the highest growth amongst the majors in this region but like all its peers has seen a significant weakening trend in recent quarters

China now firmly established as largest and most critical Asia Pacific market for all majors except TNS where Japanese domestic business remains largest



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Reported sales growth by business

% change YoY, Q1 2020, Tier 1 Majors ex AP
  • Regional Growth
  • Merchant
  • Onsites
,Regional Growth,Merchant,Onsites Global gases,-1.7%,-0.6%,-8.4% Americas,0.7%,1.8%,-3.7% Europe,-2.8%,-2.1%,-11.7% Asia Pacific,-5.1%,-6.4%,-6.8%
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Negative reported gases growth globally in Q1 was particularly driven by onsites which were down -8½% YoY while merchant was only marginally down (-½%)

Fall in onsites was significantly impacted by negative energy cost pass-through 

Americas showed onsites down nearly -4% while merchant was up nearly +2%

Negative regional growth YoY in Europe in Q1 was driven by a fall in onsites by nearly -12% while merchant was only down -2%

Merchant and onsites growth in Asia were both down around -6½% driven by the economic downturn (region total also includes significant electronics business)



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Comparable growth by business

% change YoY, Q1 2020 - AL + Linde plc
  • Merchant
  • Onsites
,Merchant,Onsites Total,0.6%,0.1% Americas,1.9%,3.0% Europe,0.2%,-1.1% Asia Pacific,-4.6%,-1.3%
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AL and Linde broadly show combined reported performance similar to the overall profile shown above but also allow identification of comparable growth rates (ex energy cost pass-through, currency)

Overall underlying merchant growth appears to be outperforming onsites growth which has been broadly flat – however this contrasts with significant weakening of underlying welding sales in Q1. It appears that cylinder gases have performed weaker than liquid bulk across regions

Americas growth in merchant and onsites were both strong in Q1 reflecting this being the highest growth economic region

European merchant again showed positive growth, albeit marginal, whereas onsites was negative YoY

Merchant business in Asia Pacific was significantly negative in line with the downturn in the economy while onsites sales were less negative due to its take-or-pay character and the positive impact of new project start-ups 



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Price Impact by Geography

% change YoY
  • Americas
  • Europe
  • Asia Pacific
,Americas,Europe,Asia Pacific 2014 Q1,2.8%,-0.1%,1.0% 2014 Q2,2.7%,0.7%,-0.1% 2014 Q3,3.3%,0.6%,-0.2% 2014 Q4,3.1%,-0.2%,-0.1% 2015 Q1,2.4%,0.5%,-1.5% 2015 Q2,2.3%,0.3%,-1.0% 2015 Q3,2.2%,0.2%,-1.2% 2015 Q4,1.5%,0.5%,-1.4% 2016 Q1,1.3%,0.5%,-0.9% 2016 Q2,1.8%,0.4%,-1.3% 2016 Q3,1.2%,-0.3%,-0.5% 2016 Q4,1.3%,-0.2%,-0.4% 2017 Q1,1.3%,0.0%,-0.3% 2017 Q2,1.1%,0.0%,1.3% 2017 Q3,0.7%,0.4%,3.3% 2017 Q4,1.0%,0.1%,4.3% 2018 Q1,1.5%,0.9%,2.5% 2018 Q2,1.1%,2.4%,3.0% 2018 Q3,2.2%,1.8%,2.4% 2018 Q4,2.5%,1.9%,0.7% 2019 Q1,2.6%,2.4%,1.5% 2019 Q2,3.6%,3.3%,2.8% 2019 Q3,3.9%,3.1%,2.1% 2019 Q4,3.0%,2.8%,2.1% 2020 Q1,3.0%,2.3%,2.3%
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Gases pricing gains YoY remained in +2% to +3% range across the 3 major regions in Q1 but below recent highs

Americas again showed the highest impact amongst major regions at +3% in Q1

Europe appeared to slip further below its recent peak impact with an easing towards +2% but still significantly above its performance in recent years

Asia Pacific continues to show a significant impact in 2019 at over +2% in Q1 although still below the peak impact during 2017 (when it was boosted by pricing recovery in China)

Globally pricing trends also include easing of downward pressure on healthcare costs in several regions



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Key Industry Profitability Trends

  • OROS
  • ROCE
,OROS,ROCE 2005 Q1,14.8%,12.8% 2005 Q2,14.8%,13.1% 2005 Q3,14.3%,12.6% 2005 Q4,14.9%,13.7% 2006 Q1,14.8%,13.6% 2006 Q2,15.6%,14.2% 2006 Q3,16.2%,15.3% 2006 Q4,13.9%,12.9% 2007 Q1,14.1%,12.8% 2007 Q2,14.7%,13.5% 2007 Q3,15.0%,12.7% 2007 Q4,15.4%,12.3% 2008 Q1,15.1%,12.4% 2008 Q2,15.2%,12.9% 2008 Q3,15.3%,13.0% 2008 Q4,14.9%,11.9% 2009 Q1,14.5%,10.4% 2009 Q2,15.4%,10.4% 2009 Q3,16.6%,11.4% 2009 Q4,16.3%,11.2% 2010 Q1,16.1%,11.2% 2010 Q2,16.8%,11.9% 2010 Q3,16.6%,11.8% 2010 Q4,16.6%,11.8% 2011 Q1,16.6%,12.1% 2011 Q2,16.3%,12.2% 2011 Q3,16.9%,12.8% 2011 Q4,16.6%,12.0% 2012 Q1,16.6%,12.1% 2012 Q2,16.9%,12.1% 2012 Q3,16.4%,11.8% 2012 Q4,16.6%,11.5% 2013 Q1,16.5%,11.0% 2013 Q2,16.6%,11.4% 2013 Q3,17.4%,12.0% 2013 Q4,16.9%,11.5% 2014 Q1,16.5%,11.1% 2014 Q2,16.8%,11.3% 2014 Q3,17.1%,11.7% 2014 Q4,16.8%,11.4% 2015 Q1,16.7%,11.1% 2015 Q2,17.4%,11.6% 2015 Q3,17.3%,11.7% 2015 Q4,17.7%,11.8% 2016 Q1,17.0%,10.9% 2016 Q2,17.9%,11.7% 2016 Q3,17.5%,10.9% 2016 Q4,17.5%,10.6% 2017 Q1,16.7%,10.0% 2017 Q2,17.2%,10.3% 2017 Q3,18.1%,11.0% 2017 Q4,17.6%,11.0% 2018 Q1,17.8%,11.1% 2018 Q2,18.3%,11.7% 2018 Q3,18.0%,11.7% 2018 Q4,17.7%,11.7% 2019 Q1,18.5%,9.8% 2019 Q2,19.2%,9.2% 2019 Q3,20.0%,9.7% 2019 Q4,20.2%,9.7% 2020 Q1,20.2%,9.7%
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Record EBIT in Q1 remained close to its recent record peak and generated operating margins continuing to average slightly over 20% across the majors, again a record and continuing the historic upward trend and remains significantly above pre-recession levels

Recent margin performance partly reflects top line impact of negative energy cost pass-through which has no effect on reported profit

Average ROCE has recovered from its early 2019 low point back to over 9½% but the trend of recent years has been downwards driven by the rising capital intensity of the business

AP was the highest performing major in terms of operating margin at over 25% in Q1 with Linde slightly below this level and AL below 20% while TNS was again lowest at under 10%

This relative performance by company was also seen in OROCE although AL over took Linde as second highest performer after AP



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EBIT Margin Trends by Company (% of sales)

  • Air Liquide
  • Airgas
  • Linde plc
  • Praxair
  • Air Products
  • TNSC
,Air Liquide,Airgas,Linde plc,Praxair,Air Products,TNSC 2010 Q1,17.9%,10.7%,14.3%,21.2%,17.2%,6.8% 2010 Q2,17.8%,12.3%,15.6%,22.0%,17.5%,7.9% 2010 Q3,17.9%,12.0%,14.7%,22.0%,17.3%,7.7% 2010 Q4,17.9%,12.2%,14.2%,22.0%,17.5%,8.0% 2011 Q1,17.3%,12.1%,15.6%,22.2%,16.4%,7.6% 2011 Q2,17.2%,12.4%,15.3%,22.3%,15.2%,6.3% 2011 Q3,17.2%,12.2%,16.0%,22.2%,17.3%,7.9% 2011 Q4,17.2%,11.7%,15.7%,22.6%,16.4%,6.7% 2012 Q1,17.5%,12.3%,15.9%,22.5%,16.1%,6.3% 2012 Q2,17.5%,12.5%,15.8%,23.0%,17.6%,5.2% 2012 Q3,18.0%,12.0%,14.8%,22.9%,15.7%,5.7% 2012 Q4,17.7%,12.1%,14.6%,22.3%,18.1%,5.9% 2013 Q1,17.6%,12.2%,14.9%,21.9%,18.5%,4.3% 2013 Q2,17.7%,12.2%,15.1%,22.3%,17.2%,5.8% 2013 Q3,18.2%,13.2%,16.6%,22.9%,18.7%,5.8% 2013 Q4,18.2%,12.5%,14.6%,23.3%,18.0%,6.1% 2014 Q1,17.9%,11.8%,15.1%,22.6%,16.2%,6.4% 2014 Q2,17.9%,11.8%,15.5%,22.6%,17.3%,6.1% 2014 Q3,18.7%,12.9%,14.9%,22.9%,19.1%,6.1% 2014 Q4,17.9%,12.2%,14.8%,22.4%,19.2%,6.8% 2015 Q1,18.3%,11.3%,15.0%,22.9%,19.1%,6.9% 2015 Q2,18.2%,11.3%,15.8%,23.2%,21.6%,7.5% 2015 Q3,18.6%,12.4%,15.1%,23.4%,22.5%,6.2% 2015 Q4,19.3%,11.3%,14.4%,24.4%,24.3%,7.7% 2016 Q1,18.0%,11.4%,15.2%,22.4%,25.0%,5.5% 2016 Q2,17.9%,11.3%,15.9%,22.4%,26.0%,7.3% 2016 Q3,17.0%,null,14.6%,22.3%,24.5%,8.9% 2016 Q4,17.0%,null,15.3%,22.9%,23.7%,8.8% 2017 Q1,16.5%,null,14.9%,21.8%,22.3%,7.3% 2017 Q2,16.5%,null,15.1%,22.1%,22.9%,8.3% 2017 Q3,17.7%,null,15.9%,22.2%,24.1%,8.6% 2017 Q4,17.6%,null,15.7%,21.8%,22.0%,9.1% 2018 Q1,16.6%,null,17.9%,22.7%,21.9%,7.7% 2018 Q2,16.6%,null,17.6%,23.6%,23.4%,8.0% 2018 Q3,17.3%,null,16.4%,23.4%,23.0%,7.0% 2018 Q4,17.4%,null,15.9%,23.8%,22.5%,7.2% 2019 Q1,17.0%,null,20.7%,null,25.1%,9.2% 2019 Q2,17.0%,null,21.6%,null,27.1%,9.7% 2019 Q3,17.7%,null,22.4%,null,27.7%,10.5% 2019 Q4,18.5%,null,22.9%,null,26.3%,10.2% 2020 Q1,18.5%,null,23.0%,null,27.1%,9.9%
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Improving EBIT margins in recent years appears common to all of the gas majors – although it is most pronounced in AP and least in AL

AP shows the highest operating margin, as it has through recent quarters although closely matched by the former Praxair before its merger with Linde. Linde plc margins are still below AP but has moved ahead of AL following the merger with Praxair

Tier 2 companies also appear to be on a modestly improving trend in operating margin although mostly in the range of 6% to 12% which is significantly lower than leading majors



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Operating Margin by Geography

% of Sales
  • EMEA
  • Americas
  • Asia/Pacific
,EMEA,Americas,Asia/Pacific 2014 Q1,18.8%,16.6%,14.1% 2014 Q2,19.2%,17.2%,13.8% 2014 Q3,19.1%,18.7%,13.0% 2014 Q4,18.2%,18.2%,14.7% 2015 Q1,18.7%,16.8%,15.4% 2015 Q2,19.4%,17.7%,15.8% 2015 Q3,18.7%,18.1%,17.0% 2015 Q4,18.9%,18.2%,16.9% 2016 Q1,19.3%,17.0%,15.3% 2016 Q2,20.0%,18.2%,16.5% 2016 Q3,19.9%,17.9%,15.7% 2016 Q4,19.5%,17.8%,18.1% 2017 Q1,20.2%,17.1%,15.9% 2017 Q2,19.2%,17.8%,16.5% 2017 Q3,20.2%,19.4%,16.3% 2017 Q4,20.0%,18.4%,16.6% 2018 Q1,20.1%,19.4%,16.7% 2018 Q2,19.5%,20.1%,17.9% 2018 Q3,19.0%,20.8%,17.0% 2018 Q4,18.5%,20.1%,17.2% 2019 Q1,19.4%,20.8%,18.5% 2019 Q2,19.3%,21.5%,18.6% 2019 Q3,19.9%,22.1%,19.3% 2019 Q4,20.9%,22.9%,19.9% 2020 Q1,21.1%,23.2%,19.5%
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All 3 major regions show improving trend in recent years for combined profitability of gas majors in terms of Operating Margin

Americas has reflected the overall strong rising profitability trend over the last three years and has become the highest profitability region across the Tier 1 majors

Europe margin has shown the smallest gains of all three regions but has risen to a new peak in early 2020

Asia Pacific has also shown a substantial improvement in margins in recent years and is now only marginally below Europe  although Q1 appears to have slipped reflecting the sharp decline in merchant sales

AP appears to show the highest operating margin of the majors in all three regions

Asia Pacific is the highest margin region for AP,  Europe is highest for AL and TNS (where former PX business is significantly more profitable than other TNS regions) while Linde performance is highest in Americas  



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Industry Majors' Capex

Index Q1, 2005 = 100
  • 4 qtr average capex
,4 qtr average capex 2005 Q1,100.0 2005 Q2,106.0 2005 Q3,117.2 2005 Q4,127.5 2006 Q1,137.8 2006 Q2,143.2 2006 Q3,147.5 2006 Q4,150.5 2007 Q1,145.5 2007 Q2,146.0 2007 Q3,149.2 2007 Q4,152.1 2008 Q1,159.6 2008 Q2,168.0 2008 Q3,176.8 2008 Q4,195.9 2009 Q1,199.0 2009 Q2,195.1 2009 Q3,180.7 2009 Q4,162.8 2010 Q1,154.4 2010 Q2,150.8 2010 Q3,153.2 2010 Q4,159.8 2011 Q1,164.7 2011 Q2,176.1 2011 Q3,188.9 2011 Q4,196.5 2012 Q1,206.4 2012 Q2,218.3 2012 Q3,226.6 2012 Q4,234.6 2013 Q1,238.8 2013 Q2,237.6 2013 Q3,241.1 2013 Q4,242.8 2014 Q1,239.5 2014 Q2,233.9 2014 Q3,224.9 2014 Q4,220.9 2015 Q1,219.5 2015 Q2,221.0 2015 Q3,218.8 2015 Q4,220.9 2016 Q1,216.5 2016 Q2,213.2 2016 Q3,210.7 2016 Q4,204.6 2017 Q1,209.8 2017 Q2,207.6 2017 Q3,205.8 2017 Q4,206.0 2018 Q1,207.6 2018 Q2,220.4 2018 Q3,229.8 2018 Q4,237.6 2019 Q1,251.1 2019 Q2,254.9 2019 Q3,263.2 2019 Q4,263.2 2020 Q1,263.7
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Capital expenditure by gas majors remained close to its $2.3bn quarterly peak in Q1 and showed a marginal increase YoY of +1%. Capex/Sales ratio was also maintained at over 14% similar to highest trend levels and significantly above recent troughs of close to 10%

AP continues to show the highest capex/sales ratio at over 20% (following a step change in early 2018) with Linde and AL at around 15% and 12% respectively while TNS was below 10%. 

Linde plc, combining much of the former Linde and Praxair businesses, has now emerged as the highest absolute investor with the equivalent of $3.5Bn annual capex accounting for around 40% of majors’ combined investment compared with 30% in AL

Further divestments in Asia following Linde/Praxair merger completed as required by competition authorities

Continued significant differences are seen in the geographic pattern of capital expenditure between major competitors with Americas and Asia Pacific each nearly 40% of majors’ capex vs around 25% in Europe/M.East/Africa. The capex/sales ratio for Asia Pacific region is significantly higher than for the other two regions while Europe’s ratio is the lowest reflecting relative development opportunities across the regions


Asia Pacific and Americas represent around half of capex for AP and Linde respectively, while AL regional profile indicates Americas and Europe significantly higher than Asia Pacific. Linde are the largest investor in the Americas while Linde and AP are the largest in Asia Pacific while AL accounts for over 40% of European capex by the majors


The high level of capex also appears to have impacted majors’ Sale of Equipment business with third parties since internal sale of gas projects will often take priority in engineering and manufacturing workload. Short term pressures for tightening capex are indicated in support equipment investment as reflected in lower sales by cylinder equipment suppliers


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Industrial Gas Majors' Share Prices

Index 2015, Average = 100
  • AL (EUR)
  • APD ($)
  • Linde ($)
  • TNS (Y)
,AL (EUR),APD ($),Linde ($),TNS (Y) 2015-01-02,89.2,102.0,111.6,92.9 2015-01-05,86.5,98.8,108.6,92.9 2015-01-06,85.7,98.7,107.2,89.6 2015-01-07,86.1,99.8,108.4,90.1 2015-01-08,89.7,102.1,110.2,90.5 2015-01-09,87.7,100.6,108.7,87.0 2015-01-12,89.3,99.9,108.5,87.0 2015-01-13,90.1,99.4,107.8,87.9 2015-01-14,89.0,98.2,107.0,87.7 2015-01-15,90.9,97.8,106.9,91.5 2015-01-16,91.6,98.0,106.1,91.3 2015-01-19,92.3,98.0,106.1,94.3 2015-01-20,93.3,99.2,107.3,96.6 2015-01-21,93.5,100.4,107.9,95.2 2015-01-22,95.1,101.3,109.4,94.0 2015-01-23,96.7,100.7,108.5,95.4 2015-01-26,98.4,100.4,106.9,96.2 2015-01-27,97.7,99.5,105.8,99.1 2015-01-28,97.3,97.4,105.3,101.3 2015-01-29,98.8,103.1,104.3,100.0 2015-01-30,98.5,102.2,103.5,100.4 2015-02-02,99.5,103.6,104.9,101.5 2015-02-03,99.5,104.1,106.0,100.2 2015-02-04,100.2,104.1,105.4,104.8 2015-02-05,100.3,106.3,107.0,102.9 2015-02-06,98.7,105.5,107.5,101.5 2015-02-09,98.8,105.1,107.4,101.9 2015-02-10,100.0,105.4,107.3,102.0 2015-02-11,99.9,105.2,106.8,102.0 2015-02-12,101.9,106.8,107.6,103.3 2015-02-13,102.0,107.2,109.0,103.3 2015-02-16,101.1,107.2,109.0,103.2 2015-02-17,100.4,107.7,109.4,103.4 2015-02-18,101.1,108.0,109.6,107.3 2015-02-19,101.6,109.5,110.6,116.4 2015-02-20,101.9,110.6,111.0,127.6 2015-02-23,102.0,109.5,110.2,124.3 2015-02-24,102.6,110.1,110.2,123.3 2015-02-25,102.7,110.2,110.4,123.1 2015-02-26,103.4,109.9,109.8,124.1 2015-02-27,103.9,109.5,109.8,130.6 2015-03-02,103.6,110.9,111.9,136.7 2015-03-03,102.7,109.5,110.8,134.1 2015-03-04,103.7,108.6,109.7,130.0 2015-03-05,104.6,108.7,109.7,126.2 2015-03-06,104.4,107.1,108.4,126.3 2015-03-09,104.5,108.0,108.4,126.0 2015-03-10,103.4,106.7,106.8,124.5 2015-03-11,106.6,106.2,106.7,123.6 2015-03-12,106.2,107.5,107.9,124.7 2015-03-13,106.2,106.6,106.3,124.1 2015-03-16,107.7,107.1,106.7,120.7 2015-03-17,107.6,107.1,105.5,126.7 2015-03-18,107.7,108.5,107.2,127.5 2015-03-19,106.9,106.8,104.8,122.8 2015-03-20,107.2,107.1,104.7,121.3 2015-03-23,106.3,106.6,104.7,121.9 2015-03-24,107.2,106.8,104.4,121.2 2015-03-25,105.9,105.7,103.3,119.5 2015-03-26,105.4,106.1,103.5,115.7 2015-03-27,105.7,107.2,103.2,113.9 2015-03-30,106.8,107.9,104.3,114.3 2015-03-31,105.4,106.1,103.7,116.1 2015-04-01,105.8,105.3,103.9,112.4 2015-04-02,105.4,106.0,105.0,113.9 2015-04-03,105.4,106.0,105.0,115.3 2015-04-06,105.4,106.7,105.0,115.0 2015-04-07,106.7,106.1,105.4,117.8 2015-04-08,105.9,105.9,105.1,117.8 2015-04-09,107.7,106.7,105.2,117.5 2015-04-10,107.9,106.6,105.1,116.1 2015-04-13,107.6,105.6,104.1,114.7 2015-04-14,107.3,106.5,103.9,116.1 2015-04-15,107.8,106.9,104.3,114.5 2015-04-16,106.9,106.4,104.1,114.3 2015-04-17,105.5,105.1,103.4,109.8 2015-04-20,106.5,106.2,104.8,110.5 2015-04-21,108.4,106.6,104.1,113.8 2015-04-22,108.1,106.3,104.1,113.4 2015-04-23,106.6,105.7,104.6,113.0 2015-04-24,105.0,105.3,105.1,112.0 2015-04-27,106.8,106.0,106.1,110.7 2015-04-28,105.0,107.3,105.4,113.9 2015-04-29,102.1,106.6,107.1,113.9 2015-04-30,102.8,100.6,104.7,109.8 2015-05-01,102.8,102.9,105.4,107.1 2015-05-04,104.4,103.5,105.0,107.1 2015-05-05,102.1,102.0,103.8,107.1 2015-05-06,102.7,102.1,102.9,107.1 2015-05-07,102.3,102.6,103.7,107.0 2015-05-08,106.1,103.8,103.9,107.6 2015-05-11,104.6,102.4,102.3,101.2 2015-05-12,103.1,101.4,101.2,102.3 2015-05-13,102.6,101.7,101.2,103.1 2015-05-14,104.1,103.6,103.6,102.0 2015-05-15,103.2,104.2,105.1,105.4 2015-05-18,102.1,103.8,104.6,105.1 2015-05-19,104.3,103.5,104.2,105.5 2015-05-20,104.2,103.2,104.3,106.6 2015-05-21,104.4,103.8,104.6,107.1 2015-05-22,104.3,103.0,104.8,105.9 2015-05-25,104.1,103.0,104.8,105.9 2015-05-26,103.1,102.5,104.5,106.1 2015-05-27,105.7,103.5,104.3,105.7 2015-05-28,105.6,104.0,105.4,106.4 2015-05-29,103.2,103.0,105.5,108.4 2015-06-01,103.3,103.5,105.1,106.4 2015-06-02,102.1,103.9,105.2,105.1 2015-06-03,103.1,104.1,105.5,103.0 2015-06-04,102.0,102.4,104.2,104.9 2015-06-05,100.3,102.1,104.2,103.8 2015-06-08,99.3,101.4,104.6,102.8 2015-06-09,99.6,101.3,104.7,100.5 2015-06-10,101.8,102.4,105.6,101.3 2015-06-11,103.1,102.6,105.8,103.9 2015-06-12,101.1,101.7,105.8,103.9 2015-06-15,99.2,101.1,104.1,104.1 2015-06-16,99.7,102.2,104.5,103.9 2015-06-17,99.4,102.6,105.3,103.4 2015-06-18,100.1,103.1,106.3,102.2 2015-06-19,99.6,101.9,105.6,102.5 2015-06-22,104.4,102.3,105.9,104.1 2015-06-23,105.3,101.6,106.0,108.3 2015-06-24,104.9,100.8,105.2,109.2 2015-06-25,105.2,100.2,104.9,107.8 2015-06-26,105.5,99.7,104.4,109.6 2015-06-29,101.8,96.2,102.4,105.2 2015-06-30,99.8,96.0,102.6,104.9 2015-07-01,101.8,97.2,102.4,104.8 2015-07-02,100.6,96.4,102.1,106.7 2015-07-03,100.4,96.4,102.1,103.0 2015-07-06,98.6,95.5,101.2,102.2 2015-07-07,96.0,96.1,101.7,103.0 2015-07-08,96.6,93.3,99.7,99.9 2015-07-09,99.6,92.8,99.6,101.1 2015-07-10,102.6,95.4,100.8,96.9 2015-07-13,104.5,95.8,101.7,97.6 2015-07-14,104.6,96.3,102.4,98.2 2015-07-15,105.3,96.5,101.9,99.5 2015-07-16,106.1,96.2,101.5,103.0 2015-07-17,106.2,95.6,100.5,107.1 2015-07-20,106.5,94.9,100.2,107.1 2015-07-21,105.8,93.6,99.1,109.8 2015-07-22,104.7,93.2,98.9,106.3 2015-07-23,104.2,93.1,98.9,105.6 2015-07-24,103.4,91.3,97.0,105.1 2015-07-27,101.1,90.4,96.0,100.6 2015-07-28,102.3,93.2,99.1,99.6 2015-07-29,101.6,94.1,99.5,100.6 2015-07-30,103.0,99.9,98.1,102.5 2015-07-31,104.3,100.0,98.0,103.2 2015-08-03,105.4,102.4,97.6,103.6 2015-08-04,105.9,102.5,97.4,104.7 2015-08-05,107.3,103.5,97.4,119.8 2015-08-06,107.0,103.2,97.3,120.5 2015-08-07,106.1,102.6,97.2,120.8 2015-08-10,107.2,104.1,99.1,124.3 2015-08-11,104.2,102.9,97.9,123.2 2015-08-12,100.9,102.0,97.4,121.7 2015-08-13,101.9,102.3,97.6,120.7 2015-08-14,101.7,103.0,97.9,116.9 2015-08-17,101.5,103.0,97.9,117.7 2015-08-18,101.2,102.5,97.5,117.3 2015-08-19,98.9,101.5,96.5,110.3 2015-08-20,96.9,98.5,95.9,110.8 2015-08-21,94.1,96.5,93.3,106.5 2015-08-24,89.5,92.8,90.5,101.8 2015-08-25,93.7,94.6,88.4,96.0 2015-08-26,90.9,96.7,89.3,100.7 2015-08-27,94.0,98.7,90.3,100.8 2015-08-28,94.7,98.7,91.2,106.1 2015-08-31,94.0,97.9,90.8,105.2 2015-09-01,92.7,95.4,87.9,98.0 2015-09-02,93.3,97.5,88.4,95.9 2015-09-03,95.2,97.9,88.4,94.7 2015-09-04,92.2,95.3,87.1,91.5 2015-09-07,93.3,95.3,87.1,88.8 2015-09-08,93.8,97.7,89.5,86.1 2015-09-09,94.9,96.3,89.6,90.1 2015-09-10,93.1,95.8,90.3,90.3 2015-09-11,92.3,95.7,90.0,89.2 2015-09-14,92.0,95.1,89.7,88.0 2015-09-15,92.7,95.2,90.8,86.3 2015-09-16,93.3,97.3,92.3,85.7 2015-09-17,92.9,97.5,91.9,86.6 2015-09-18,90.9,94.4,90.3,84.1 2015-09-21,92.7,94.6,90.4,84.1 2015-09-22,89.8,93.0,88.8,84.1 2015-09-23,89.8,91.5,86.4,84.1 2015-09-24,88.5,90.8,86.7,78.7 2015-09-25,91.5,89.5,86.7,80.4 2015-09-28,89.4,87.9,85.2,81.3 2015-09-29,90.6,88.3,86.3,77.8 2015-09-30,93.0,89.5,87.5,80.2 2015-10-01,91.9,90.7,87.1,83.2 2015-10-02,93.0,91.6,88.6,80.4 2015-10-05,95.6,93.3,91.3,83.7 2015-10-06,96.3,93.2,91.0,83.8 2015-10-07,96.1,94.1,92.1,85.0 2015-10-08,96.3,96.8,93.2,83.7 2015-10-09,97.2,98.2,93.3,85.7 2015-10-12,96.9,97.4,93.2,85.7 2015-10-13,95.7,97.0,93.1,88.4 2015-10-14,94.4,97.2,93.6,85.0 2015-10-15,96.7,98.1,94.0,85.3 2015-10-16,97.1,97.4,94.0,86.2 2015-10-19,97.2,96.8,93.7,83.3 2015-10-20,95.9,96.4,93.9,85.6 2015-10-21,96.5,95.1,92.6,88.0 2015-10-22,99.7,96.7,94.7,89.1 2015-10-23,102.0,98.2,96.0,89.9 2015-10-26,102.4,98.1,94.6,92.0 2015-10-27,103.2,97.7,93.8,86.7 2015-10-28,104.3,99.7,94.4,85.7 2015-10-29,104.1,96.4,96.8,87.0 2015-10-30,103.7,97.5,95.4,89.0 2015-11-02,105.1,97.2,96.5,88.0 2015-11-03,106.2,97.3,97.5,88.0 2015-11-04,106.4,97.0,97.0,87.7 2015-11-05,107.0,96.3,97.4,84.4 2015-11-06,108.0,97.3,97.5,85.5 2015-11-09,106.8,95.7,96.6,87.0 2015-11-10,106.6,95.9,95.8,86.3 2015-11-11,108.2,96.0,95.3,87.3 2015-11-12,106.6,94.9,94.6,86.3 2015-11-13,105.3,96.4,97.5,84.6 2015-11-16,106.1,98.5,99.6,82.6 2015-11-17,108.8,97.9,97.4,82.7 2015-11-18,100.7,97.8,99.2,84.7 2015-11-19,101.1,98.2,99.2,85.6 2015-11-20,102.3,97.7,98.8,86.4 2015-11-23,102.2,98.4,98.4,86.4 2015-11-24,100.4,97.9,97.9,85.5 2015-11-25,102.3,97.1,97.2,84.5 2015-11-26,102.7,97.1,97.2,84.2 2015-11-27,102.1,96.8,97.8,83.1 2015-11-30,101.6,96.0,96.9,83.3 2015-12-01,96.6,96.8,96.2,83.7 2015-12-02,95.0,97.2,94.8,81.8 2015-12-03,92.9,95.3,93.6,81.8 2015-12-04,92.8,97.1,94.7,79.9 2015-12-07,94.4,96.0,94.1,79.7 2015-12-08,93.1,93.3,91.6,78.2 2015-12-09,92.2,93.9,91.9,77.2 2015-12-10,91.9,93.0,91.6,76.2 2015-12-11,90.6,91.5,90.4,77.2 2015-12-14,89.8,90.5,89.9,75.1 2015-12-15,92.1,92.3,90.9,74.0 2015-12-16,92.0,92.8,91.0,76.4 2015-12-17,93.2,91.5,88.4,76.6 2015-12-18,92.2,89.7,87.2,75.5 2015-12-21,89.5,91.2,87.7,74.0 2015-12-22,89.7,92.3,88.3,74.2 2015-12-23,91.8,93.4,89.9,74.2 2015-12-24,91.5,93.4,89.7,77.0 2015-12-25,91.5,93.4,89.7,77.0 2015-12-28,91.3,93.0,89.1,78.3 2015-12-29,92.9,93.5,89.6,79.2 2015-12-30,92.4,92.8,88.6,78.0 2015-12-31,92.4,91.3,87.9,78.0 2016-01-04,88.7,90.6,87.3,76.5 2016-01-05,88.2,89.0,87.0,76.1 2016-01-06,87.0,86.9,86.1,74.6 2016-01-07,85.0,83.9,84.0,72.7 2016-01-08,83.7,83.5,84.0,71.8 2016-01-11,82.7,83.8,84.5,71.8 2016-01-12,85.0,85.0,85.8,71.3 2016-01-13,85.4,83.2,84.2,73.4 2016-01-14,84.4,83.1,85.7,70.9 2016-01-15,83.0,82.7,83.6,71.6 2016-01-18,82.3,82.7,83.6,70.9 2016-01-19,82.4,83.9,84.3,71.2 2016-01-20,81.4,82.5,84.0,68.4 2016-01-21,82.6,82.2,84.1,66.4 2016-01-22,84.8,83.5,84.2,70.9 2016-01-25,84.1,81.6,82.5,73.1 2016-01-26,84.2,83.1,84.3,70.2 2016-01-27,83.7,82.8,84.2,73.3 2016-01-28,83.3,83.5,84.3,72.6 2016-01-29,83.8,88.9,85.9,76.2 2016-02-01,83.5,92.1,86.3,77.1 2016-02-02,82.7,91.8,84.3,74.5 2016-02-03,83.2,93.6,88.7,72.4 2016-02-04,83.9,95.5,90.6,83.3 2016-02-05,83.9,95.1,90.2,80.8 2016-02-08,81.3,91.7,87.5,82.7 2016-02-09,82.0,92.9,89.1,77.2 2016-02-10,83.3,91.5,88.8,74.0 2016-02-11,81.4,89.3,87.6,74.0 2016-02-12,82.6,91.5,89.2,68.0 2016-02-15,84.9,91.5,89.2,75.2 2016-02-16,80.8,92.2,89.3,75.0 2016-02-17,82.4,93.0,89.7,72.4 2016-02-18,82.9,92.0,89.7,73.0 2016-02-19,83.7,92.3,88.7,71.4 2016-02-22,85.1,93.3,89.5,71.2 2016-02-23,83.1,92.1,87.8,72.0 2016-02-24,81.7,92.3,87.5,70.9 2016-02-25,82.7,93.3,88.1,73.1 2016-02-26,84.4,93.8,88.6,73.6 2016-02-29,84.6,92.9,87.4,72.6 2016-03-01,85.6,94.3,90.4,73.2 2016-03-02,85.2,94.2,89.4,75.8 2016-03-03,85.3,94.6,90.9,76.9 2016-03-04,85.9,94.6,93.4,78.5 2016-03-07,86.8,94.7,93.2,79.9 2016-03-08,86.8,94.2,92.9,78.5 2016-03-09,87.6,94.5,93.6,77.1 2016-03-10,85.6,94.4,95.0,77.2 2016-03-11,87.4,95.7,95.4,79.6 2016-03-14,87.5,95.6,94.4,79.4 2016-03-15,86.5,94.1,94.0,78.2 2016-03-16,86.4,95.5,94.6,75.5 2016-03-17,85.6,98.9,97.1,74.7 2016-03-18,86.2,99.3,96.9,75.2 2016-03-21,86.6,98.7,97.0,75.2 2016-03-22,87.1,100.4,96.7,77.2 2016-03-23,87.9,101.0,96.9,76.1 2016-03-24,86.3,99.5,95.9,75.1 2016-03-25,86.3,99.5,95.9,75.7 2016-03-28,86.3,100.4,96.6,77.4 2016-03-29,86.9,101.8,96.6,77.0 2016-03-30,88.8,101.9,98.7,77.2 2016-03-31,87.0,101.1,98.3,75.6 2016-04-01,85.3,102.0,98.9,72.7 2016-04-04,85.4,100.1,98.5,72.7 2016-04-05,83.0,100.1,97.0,69.6 2016-04-06,83.7,100.8,97.3,68.2 2016-04-07,82.2,99.5,95.9,68.2 2016-04-08,83.0,100.0,96.4,69.2 2016-04-11,83.9,100.6,96.8,68.3 2016-04-12,86.1,101.2,97.9,68.9 2016-04-13,89.0,101.3,99.2,72.2 2016-04-14,89.1,101.8,99.2,76.0 2016-04-15,89.4,101.8,99.9,74.9 2016-04-18,90.2,102.8,99.7,72.9 2016-04-19,92.4,104.7,102.0,76.1 2016-04-20,93.4,104.4,102.4,76.0 2016-04-21,93.3,104.1,102.0,77.0 2016-04-22,92.3,103.9,102.7,77.1 2016-04-25,93.0,103.8,102.3,76.6 2016-04-26,88.6,103.5,102.5,76.9 2016-04-27,87.9,104.1,101.7,76.9 2016-04-28,88.3,104.2,101.5,72.7 2016-04-29,87.1,102.4,100.9,72.7 2016-05-02,87.4,102.3,100.8,69.3 2016-05-03,85.8,100.4,98.8,69.3 2016-05-04,83.8,100.2,97.8,69.3 2016-05-05,83.8,100.5,97.4,69.3 2016-05-06,84.0,101.4,98.1,68.9 2016-05-09,83.8,100.1,97.1,69.0 2016-05-10,84.2,101.3,97.9,71.5 2016-05-11,83.9,99.9,97.4,71.0 2016-05-12,83.4,100.6,97.5,77.2 2016-05-13,84.7,99.5,96.1,75.8 2016-05-16,84.5,100.7,97.0,75.9 2016-05-17,84.5,100.2,96.4,77.5 2016-05-18,84.9,99.4,95.1,76.9 2016-05-19,84.2,99.4,94.5,74.2 2016-05-20,85.5,99.2,94.5,74.4 2016-05-23,82.8,99.4,94.9,71.2 2016-05-24,84.9,100.5,95.1,69.6 2016-05-25,85.5,100.8,95.8,71.0 2016-05-26,86.4,100.4,94.9,71.4 2016-05-27,86.0,100.4,95.1,70.5 2016-05-30,86.8,100.4,95.1,70.9 2016-05-31,84.9,100.1,94.3,70.6 2016-06-01,85.2,101.0,95.2,71.4 2016-06-02,85.4,100.7,94.9,68.7 2016-06-03,83.8,100.5,94.7,67.7 2016-06-06,83.6,102.1,95.9,68.2 2016-06-07,83.8,101.9,96.0,69.5 2016-06-08,83.4,103.1,97.6,69.9 2016-06-09,82.8,102.9,97.4,68.5 2016-06-10,82.0,102.7,97.7,67.2 2016-06-13,81.0,101.1,96.9,64.6 2016-06-14,79.4,101.0,96.6,64.2 2016-06-15,80.3,100.8,96.2,64.4 2016-06-16,80.1,101.3,96.3,61.7 2016-06-17,80.3,100.5,96.3,61.7 2016-06-20,82.3,101.1,96.7,63.1 2016-06-21,82.9,100.4,96.0,63.2 2016-06-22,83.3,100.7,96.9,62.0 2016-06-23,84.6,102.4,98.9,63.0 2016-06-24,80.0,98.3,94.7,56.4 2016-06-27,78.1,94.6,91.9,63.3 2016-06-28,79.3,95.9,93.1,67.6 2016-06-29,81.9,97.7,95.0,64.5 2016-06-30,82.8,99.7,96.5,66.1 2016-07-01,83.3,98.9,97.4,66.6 2016-07-04,83.1,98.9,97.4,67.1 2016-07-05,82.3,97.2,95.7,65.6 2016-07-06,78.8,97.8,96.0,64.4 2016-07-07,79.2,98.0,96.0,62.7 2016-07-08,79.1,101.3,98.5,61.1 2016-07-11,81.1,101.6,98.2,61.1 2016-07-12,82.2,103.6,100.5,66.2 2016-07-13,82.4,103.8,100.9,67.5 2016-07-14,83.4,104.5,101.6,69.9 2016-07-15,84.4,104.8,102.2,69.2 2016-07-18,84.4,104.7,101.9,69.2 2016-07-19,83.7,104.8,101.5,69.8 2016-07-20,83.7,104.8,101.6,67.5 2016-07-21,83.7,104.0,101.0,69.0 2016-07-22,84.2,104.3,101.1,68.5 2016-07-25,84.2,104.2,101.1,70.9 2016-07-26,84.6,105.1,101.7,69.2 2016-07-27,85.2,104.5,101.6,70.7 2016-07-28,83.8,104.5,100.6,70.7 2016-07-29,83.9,104.8,100.1,70.6 2016-08-01,81.9,104.6,99.5,69.0 2016-08-02,80.7,104.0,99.6,67.3 2016-08-03,81.0,104.0,100.1,65.4 2016-08-04,80.6,104.5,100.2,67.5 2016-08-05,82.0,104.7,100.2,63.2 2016-08-08,82.3,104.4,100.3,66.3 2016-08-09,84.3,104.6,100.4,65.9 2016-08-10,84.5,104.6,100.0,65.4 2016-08-11,85.5,104.6,100.4,65.4 2016-08-12,85.4,105.1,100.3,66.0 2016-08-15,85.3,106.3,101.3,64.9 2016-08-16,87.3,107.2,104.1,64.2 2016-08-17,86.6,107.9,103.4,67.8 2016-08-18,86.9,108.7,104.7,67.0 2016-08-19,86.5,109.2,105.2,68.1 2016-08-22,85.7,109.1,105.1,70.5 2016-08-23,86.1,109.1,105.1,67.8 2016-08-24,86.2,108.9,104.8,67.9 2016-08-25,85.4,109.3,105.6,66.6 2016-08-26,87.1,108.2,104.6,67.3 2016-08-29,86.6,109.4,105.0,70.8 2016-08-30,86.8,109.9,105.2,73.0 2016-08-31,86.5,109.2,104.8,74.3 2016-09-01,86.0,109.7,105.5,73.0 2016-09-02,87.1,110.2,106.0,73.0 2016-09-05,86.8,110.2,106.0,73.3 2016-09-06,86.8,110.4,104.9,73.5 2016-09-07,86.9,110.4,105.0,73.0 2016-09-08,85.5,109.4,103.5,73.1 2016-09-09,84.1,106.3,100.8,74.5 2016-09-12,83.3,105.6,101.8,73.6 2016-09-13,87.3,103.6,101.3,74.4 2016-09-14,88.4,103.0,100.3,74.1 2016-09-15,87.6,102.8,101.5,73.1 2016-09-16,87.0,102.3,101.0,74.3 2016-09-19,87.6,103.0,101.2,74.3 2016-09-20,86.8,103.2,101.0,73.5 2016-09-21,86.4,104.4,101.3,76.1 2016-09-22,88.0,103.9,101.6,76.1 2016-09-23,87.1,103.5,100.3,76.0 2016-09-26,85.3,104.1,100.0,74.5 2016-09-27,85.2,104.4,100.5,76.2 2016-09-28,86.5,105.1,101.6,75.3 2016-09-29,86.1,105.6,102.1,76.0 2016-09-30,86.2,105.5,103.7,74.1 2016-10-03,87.3,106.6,104.1,75.0 2016-10-04,87.7,104.1,103.3,75.8 2016-10-05,86.9,103.9,103.3,76.3 2016-10-06,85.1,103.9,103.8,76.0 2016-10-07,84.0,102.4,102.0,74.8 2016-10-10,84.4,102.7,102.0,74.8 2016-10-11,83.9,100.6,100.6,75.7 2016-10-12,83.6,100.7,100.7,74.3 2016-10-13,83.4,100.3,100.5,74.7 2016-10-14,84.2,100.6,100.6,75.6 2016-10-17,83.2,100.3,100.5,76.7 2016-10-18,84.1,101.5,101.7,76.8 2016-10-19,83.9,101.6,102.9,76.6 2016-10-20,84.1,101.9,102.8,76.9 2016-10-21,84.3,102.0,102.9,77.2 2016-10-24,83.9,102.2,102.7,77.4 2016-10-25,84.9,101.3,101.8,77.1 2016-10-26,83.1,100.9,101.8,77.5 2016-10-27,83.6,101.2,100.1,78.3 2016-10-28,84.5,101.5,100.8,78.7 2016-10-31,83.7,101.2,100.5,78.2 2016-11-01,83.1,100.3,99.6,77.9 2016-11-02,82.7,101.3,98.7,74.8 2016-11-03,81.9,100.9,98.6,74.8 2016-11-04,82.1,101.2,98.3,73.3 2016-11-07,83.6,104.0,100.9,73.0 2016-11-08,83.9,103.9,101.2,73.9 2016-11-09,84.4,104.1,101.9,70.3 2016-11-10,86.1,106.2,103.2,79.2 2016-11-11,85.8,105.1,101.2,80.6 2016-11-14,86.3,104.6,100.3,83.5 2016-11-15,84.9,104.8,100.5,80.5 2016-11-16,84.4,105.2,100.6,79.9 2016-11-17,85.6,104.7,99.9,81.3 2016-11-18,84.8,104.6,99.4,82.1 2016-11-21,85.0,106.0,100.2,82.6 2016-11-22,85.3,106.0,100.3,83.4 2016-11-23,84.9,106.8,101.9,83.4 2016-11-24,85.4,106.8,101.9,85.4 2016-11-25,85.6,107.3,102.2,85.7 2016-11-28,84.8,107.5,101.9,86.5 2016-11-29,85.7,108.8,104.9,87.2 2016-11-30,86.8,109.6,103.3,88.6 2016-12-01,86.7,109.3,102.8,88.9 2016-12-02,86.1,109.6,102.7,87.4 2016-12-05,87.0,111.7,102.8,91.5 2016-12-06,88.7,111.2,102.2,94.1 2016-12-07,91.2,112.7,105.0,95.7 2016-12-08,92.8,113.1,105.6,97.9 2016-12-09,94.0,113.4,106.4,98.9 2016-12-12,93.7,113.5,106.0,97.1 2016-12-13,94.0,113.1,106.2,96.8 2016-12-14,93.8,112.4,105.3,96.6 2016-12-15,95.2,113.1,106.0,96.3 2016-12-16,95.8,111.8,105.2,99.5 2016-12-19,95.8,112.0,105.6,98.5 2016-12-20,94.9,111.9,101.7,98.5 2016-12-21,95.1,111.8,101.8,97.5 2016-12-22,94.9,110.8,100.6,96.9 2016-12-23,95.0,111.1,101.0,96.9 2016-12-26,95.0,111.1,101.0,99.1 2016-12-27,95.2,111.8,101.8,98.6 2016-12-28,95.3,110.1,100.9,98.6 2016-12-29,95.3,109.5,100.8,96.3 2016-12-30,95.4,109.1,100.6,95.9 2017-01-02,95.2,109.1,100.6,95.9 2017-01-03,95.4,108.8,100.4,95.9 2017-01-04,95.4,109.7,100.3,99.2 2017-01-05,95.4,108.6,99.3,99.7 2017-01-06,95.8,109.5,99.8,98.3 2017-01-09,94.6,111.0,100.1,98.3 2017-01-10,94.4,110.2,99.5,95.5 2017-01-11,95.3,110.7,100.4,96.2 2017-01-12,94.1,110.6,100.7,97.6 2017-01-13,94.8,110.2,100.5,97.2 2017-01-16,93.0,110.2,100.5,97.1 2017-01-17,92.6,110.2,100.4,95.4 2017-01-18,92.5,111.0,100.1,93.7 2017-01-19,93.3,110.3,99.7,95.4 2017-01-20,93.1,111.2,100.8,96.2 2017-01-23,92.7,110.8,100.2,95.7 2017-01-24,92.8,111.6,101.1,94.9 2017-01-25,93.6,112.7,102.7,97.5 2017-01-26,93.5,112.9,102.6,99.3 2017-01-27,92.4,107.7,103.2,98.7 2017-01-30,91.5,106.9,102.4,97.1 2017-01-31,90.3,106.0,101.7,94.6 2017-02-01,90.6,105.2,101.3,95.3 2017-02-02,90.7,105.6,100.1,91.6 2017-02-03,91.2,106.3,100.9,92.1 2017-02-06,89.8,105.5,100.0,92.1 2017-02-07,90.5,105.3,99.9,92.1 2017-02-08,90.5,105.1,99.9,100.8 2017-02-09,91.6,105.1,99.4,97.1 2017-02-10,91.8,106.3,99.8,99.8 2017-02-13,93.3,106.6,100.8,101.6 2017-02-14,92.7,107.8,100.7,101.4 2017-02-15,95.6,108.0,101.0,101.9 2017-02-16,94.8,107.6,100.9,102.9 2017-02-17,94.7,107.3,100.8,101.5 2017-02-20,94.8,107.3,100.8,101.0 2017-02-21,94.4,107.3,101.6,102.4 2017-02-22,93.2,106.4,101.1,102.5 2017-02-23,92.7,106.5,101.4,101.0 2017-02-24,92.3,106.8,101.4,99.8 2017-02-27,92.6,105.7,101.8,98.1 2017-02-28,92.1,106.5,101.9,98.8 2017-03-01,93.5,109.0,103.3,101.0 2017-03-02,92.8,106.6,102.0,103.0 2017-03-03,92.9,105.8,101.0,103.8 2017-03-06,92.9,105.7,101.1,102.4 2017-03-07,92.2,105.9,102.0,100.5 2017-03-08,92.4,105.8,101.8,99.0 2017-03-09,92.4,105.1,100.5,98.4 2017-03-10,92.4,105.2,100.4,98.8 2017-03-13,93.5,104.5,100.2,97.9 2017-03-14,93.5,103.3,100.2,98.2 2017-03-15,94.0,104.7,101.9,96.5 2017-03-16,94.6,104.6,100.6,96.5 2017-03-17,95.3,105.8,101.6,97.3 2017-03-20,95.4,105.2,101.5,97.3 2017-03-21,95.5,103.5,100.4,95.8 2017-03-22,95.8,103.5,100.5,92.8 2017-03-23,96.3,103.9,101.0,93.1 2017-03-24,95.9,102.3,100.0,94.0 2017-03-27,96.2,103.1,101.2,92.6 2017-03-28,95.9,104.1,102.0,94.0 2017-03-29,96.7,103.7,101.6,94.3 2017-03-30,96.5,102.8,101.8,93.0 2017-03-31,96.8,102.6,101.8,92.2 2017-04-03,96.6,102.4,101.3,94.0 2017-04-04,96.6,102.7,102.4,92.8 2017-04-05,96.8,102.6,101.4,92.6 2017-04-06,97.5,102.5,102.5,90.3 2017-04-07,98.7,102.4,102.0,91.1 2017-04-10,97.9,103.0,102.7,92.2 2017-04-11,96.7,103.5,102.3,91.4 2017-04-12,97.1,102.8,101.5,89.2 2017-04-13,97.1,101.9,100.9,87.6 2017-04-14,97.1,101.9,100.9,87.2 2017-04-17,97.1,103.0,101.4,86.8 2017-04-18,96.4,102.6,101.6,87.4 2017-04-19,95.8,102.4,101.5,88.1 2017-04-20,96.6,103.8,102.8,87.9 2017-04-21,95.5,104.1,102.7,89.4 2017-04-24,100.0,106.0,105.6,90.6 2017-04-25,100.2,107.5,107.1,91.7 2017-04-26,101.4,107.4,107.4,93.8 2017-04-27,100.3,107.0,107.7,95.0 2017-04-28,99.9,106.6,107.3,94.2 2017-05-01,99.9,107.7,107.3,95.3 2017-05-02,101.5,108.9,107.8,95.8 2017-05-03,102.0,109.1,107.8,95.8 2017-05-04,102.4,109.8,108.5,95.8 2017-05-05,104.0,111.7,111.2,95.8 2017-05-08,102.5,110.9,110.8,98.4 2017-05-09,103.3,110.2,110.4,97.6 2017-05-10,102.9,110.2,110.9,96.3 2017-05-11,102.4,109.1,110.8,90.8 2017-05-12,103.3,109.3,111.4,88.3 2017-05-15,101.1,110.0,111.8,86.2 2017-05-16,100.3,109.5,112.5,85.7 2017-05-17,99.0,108.1,110.6,83.2 2017-05-18,99.0,108.2,110.2,80.3 2017-05-19,100.1,108.5,111.0,81.4 2017-05-22,99.9,108.7,111.5,82.3 2017-05-23,100.6,108.3,111.6,82.5 2017-05-24,99.9,109.3,113.6,83.6 2017-05-25,100.0,109.3,113.3,81.8 2017-05-26,100.2,109.1,113.3,79.9 2017-05-29,100.0,109.1,113.3,79.6 2017-05-30,98.4,109.2,113.0,79.6 2017-05-31,98.0,109.3,113.6,79.6 2017-06-01,99.2,110.0,115.1,81.8 2017-06-02,100.4,111.3,117.3,84.3 2017-06-05,99.8,109.9,114.6,82.4 2017-06-06,98.9,109.3,114.4,82.5 2017-06-07,98.1,108.7,114.3,82.2 2017-06-08,97.9,108.8,114.2,80.9 2017-06-09,99.2,110.6,116.9,81.5 2017-06-12,98.6,109.5,115.9,83.0 2017-06-13,99.5,110.9,117.0,83.5 2017-06-14,98.1,110.4,116.1,84.8 2017-06-15,97.1,110.1,115.8,83.3 2017-06-16,99.2,110.4,116.8,84.4 2017-06-19,101.6,110.8,117.2,84.7 2017-06-20,101.9,109.8,115.7,86.0 2017-06-21,101.7,108.8,114.1,86.0 2017-06-22,101.1,109.4,113.7,87.3 2017-06-23,100.7,109.9,114.0,88.9 2017-06-26,100.7,109.9,114.1,87.8 2017-06-27,100.3,109.1,113.5,87.9 2017-06-28,99.8,109.9,114.7,88.8 2017-06-29,97.8,107.5,113.1,88.8 2017-06-30,97.7,108.5,113.8,89.3 2017-07-03,99.4,109.4,115.2,89.2 2017-07-04,98.6,109.4,115.2,88.6 2017-07-05,98.2,108.2,113.9,89.9 2017-07-06,97.4,107.8,113.7,89.0 2017-07-07,97.0,109.2,114.2,88.1 2017-07-10,97.5,108.8,114.5,88.2 2017-07-11,96.7,108.3,114.2,88.8 2017-07-12,98.6,109.0,114.9,88.2 2017-07-13,98.3,109.5,114.7,88.0 2017-07-14,98.8,110.4,115.3,89.4 2017-07-17,99.0,110.4,115.5,89.4 2017-07-18,98.0,110.2,115.2,89.6 2017-07-19,98.7,110.9,116.4,90.8 2017-07-20,98.0,110.7,116.1,93.2 2017-07-21,95.8,110.5,115.7,94.1 2017-07-24,96.1,109.9,116.1,95.0 2017-07-25,96.2,110.0,116.7,92.9 2017-07-26,96.9,109.1,115.9,93.3 2017-07-27,96.5,108.9,113.9,93.0 2017-07-28,94.9,108.8,113.6,91.6 2017-07-31,93.7,107.8,111.8,90.5 2017-08-01,94.0,112.9,112.2,91.0 2017-08-02,93.7,112.3,112.1,92.3 2017-08-03,94.2,111.4,111.9,92.6 2017-08-04,95.7,111.7,111.8,91.2 2017-08-07,95.2,111.7,111.8,92.5 2017-08-08,95.4,110.6,110.4,92.0 2017-08-09,94.1,110.9,110.6,91.0 2017-08-10,93.2,110.0,109.6,91.9 2017-08-11,92.9,109.7,109.4,91.9 2017-08-14,94.0,111.2,112.5,90.6 2017-08-15,94.2,111.3,112.9,92.0 2017-08-16,94.7,112.3,114.7,91.9 2017-08-17,94.4,110.4,113.2,92.0 2017-08-18,93.1,110.5,113.6,89.4 2017-08-21,92.6,110.1,112.7,91.4 2017-08-22,93.8,110.7,114.0,91.6 2017-08-23,93.7,110.1,113.7,90.6 2017-08-24,93.2,110.1,113.5,90.9 2017-08-25,93.1,110.7,113.7,91.1 2017-08-28,92.6,110.6,113.4,91.9 2017-08-29,92.1,110.3,112.4,91.0 2017-08-30,92.6,110.4,112.2,90.4 2017-08-31,92.6,110.3,112.9,90.8 2017-09-01,93.0,110.5,112.5,90.9 2017-09-04,92.8,110.5,112.5,89.4 2017-09-05,92.5,109.6,111.9,87.7 2017-09-06,93.0,109.6,113.1,87.4 2017-09-07,93.7,109.5,113.5,86.7 2017-09-08,93.3,110.0,113.7,87.1 2017-09-11,95.5,113.1,115.9,87.0 2017-09-12,96.8,113.2,115.8,88.6 2017-09-13,95.5,113.2,115.2,89.4 2017-09-14,96.6,113.8,115.1,89.1 2017-09-15,95.7,113.9,115.2,89.9 2017-09-18,96.1,114.5,115.7,89.9 2017-09-19,97.0,114.1,117.2,90.9 2017-09-20,97.6,114.5,118.5,91.3 2017-09-21,98.7,114.6,119.0,92.0 2017-09-22,99.1,114.0,118.1,91.8 2017-09-25,99.3,114.9,118.2,92.8 2017-09-26,100.7,114.5,118.9,93.3 2017-09-27,100.1,114.8,119.1,93.6 2017-09-28,100.8,114.8,121.1,94.3 2017-09-29,101.9,114.7,120.0,94.3 2017-10-02,93.3,115.4,121.2,93.1 2017-10-03,94.5,116.2,122.3,95.9 2017-10-04,94.8,116.0,122.2,95.8 2017-10-05,94.7,116.3,122.2,95.1 2017-10-06,94.2,116.3,121.9,95.0 2017-10-09,94.5,115.8,121.0,95.0 2017-10-10,94.2,116.2,120.7,96.1 2017-10-11,94.0,116.0,121.2,95.4 2017-10-12,93.9,116.3,121.8,94.5 2017-10-13,94.3,116.4,122.1,94.4 2017-10-16,94.5,116.2,121.3,94.7 2017-10-17,93.8,116.4,121.4,94.5 2017-10-18,94.0,116.2,120.1,95.3 2017-10-19,93.9,115.9,120.6,95.5 2017-10-20,94.8,117.0,122.9,95.8 2017-10-23,95.4,116.5,122.3,97.4 2017-10-24,94.4,116.7,122.7,96.7 2017-10-25,96.8,117.2,123.3,94.7 2017-10-26,97.7,122.4,128.5,95.4 2017-10-27,98.6,122.0,127.2,95.8 2017-10-30,98.5,121.3,126.6,95.9 2017-10-31,98.7,120.9,125.5,95.8 2017-11-01,99.8,121.3,127.0,95.7 2017-11-02,100.1,120.9,127.0,99.9 2017-11-03,100.7,120.8,126.6,99.9 2017-11-06,100.2,120.4,126.6,101.9 2017-11-07,99.4,121.2,127.9,103.9 2017-11-08,98.5,122.1,128.8,105.1 2017-11-09,96.4,121.8,127.5,105.5 2017-11-10,96.3,121.6,127.3,102.9 2017-11-13,95.4,123.4,127.2,102.0 2017-11-14,95.2,123.0,126.8,102.1 2017-11-15,94.9,122.0,125.5,99.9 2017-11-16,95.2,122.2,128.0,100.4 2017-11-17,94.9,122.5,129.3,100.8 2017-11-20,95.9,122.5,129.5,100.8 2017-11-21,96.8,123.1,130.0,103.5 2017-11-22,95.7,122.6,130.3,103.8 2017-11-23,95.9,122.6,130.3,103.8 2017-11-24,96.0,122.5,131.3,104.3 2017-11-27,95.1,122.1,130.6,106.5 2017-11-28,95.2,123.8,134.3,105.4 2017-11-29,95.2,123.3,133.2,106.8 2017-11-30,95.0,123.7,132.2,109.1 2017-12-01,93.2,122.6,130.4,110.2 2017-12-04,95.6,123.2,131.7,109.5 2017-12-05,96.3,122.9,131.4,110.1 2017-12-06,97.1,121.7,129.1,109.7 2017-12-07,97.0,122.1,129.6,110.5 2017-12-08,97.4,122.0,130.0,111.1 2017-12-11,97.0,123.7,130.7,111.6 2017-12-12,97.7,123.5,129.9,110.7 2017-12-13,97.5,123.2,129.9,110.7 2017-12-14,96.7,121.8,128.1,109.5 2017-12-15,97.9,121.7,128.5,109.7 2017-12-18,98.2,123.0,131.7,111.9 2017-12-19,97.4,123.3,132.4,111.2 2017-12-20,96.6,123.5,132.2,111.8 2017-12-21,96.7,123.7,132.3,111.7 2017-12-22,96.3,123.9,132.1,111.2 2017-12-25,96.3,123.9,132.1,112.7 2017-12-26,96.3,123.6,131.0,112.3 2017-12-27,96.4,124.1,132.4,112.4 2017-12-28,95.6,124.9,133.3,111.9 2017-12-29,94.9,124.4,132.8,111.7 2018-01-01,94.9,124.4,132.8,111.7 2018-01-02,94.4,125.5,134.1,111.7 2018-01-03,95.1,126.2,135.2,111.7 2018-01-04,97.3,126.7,137.4,115.2 2018-01-05,98.1,127.8,138.6,119.1 2018-01-08,99.2,127.9,138.5,119.1 2018-01-09,99.3,128.2,139.9,117.5 2018-01-10,98.1,127.7,139.6,119.0 2018-01-11,96.8,128.9,140.7,119.7 2018-01-12,97.4,129.0,140.9,119.9 2018-01-15,97.7,129.0,140.9,119.2 2018-01-16,97.9,126.5,139.2,119.9 2018-01-17,98.4,127.8,140.4,119.4 2018-01-18,99.2,126.6,138.7,116.2 2018-01-19,98.5,127.3,139.0,119.4 2018-01-22,98.6,127.9,137.9,120.8 2018-01-23,98.1,128.6,136.7,121.2 2018-01-24,97.2,129.5,138.1,124.2 2018-01-25,98.1,132.0,140.3,122.6 2018-01-26,98.3,128.8,142.3,122.4 2018-01-29,98.6,126.4,139.8,124.1 2018-01-30,97.7,127.6,138.0,121.1 2018-01-31,98.1,127.7,138.7,119.5 2018-02-01,96.6,126.5,137.2,122.4 2018-02-02,94.4,123.5,133.1,120.9 2018-02-05,93.2,118.6,129.1,117.4 2018-02-06,91.5,121.5,133.4,113.8 2018-02-07,93.0,120.0,128.8,110.7 2018-02-08,90.2,115.9,123.7,110.9 2018-02-09,88.5,119.9,128.3,107.7 2018-02-12,89.2,121.1,132.0,107.7 2018-02-13,88.5,120.9,132.1,107.2 2018-02-14,89.1,122.3,133.1,105.4 2018-02-15,91.2,124.1,133.8,106.8 2018-02-16,92.1,124.1,131.9,106.9 2018-02-19,92.0,124.1,131.9,111.8 2018-02-20,92.2,123.6,131.9,111.5 2018-02-21,92.1,121.9,131.1,111.7 2018-02-22,93.0,123.3,131.9,110.7 2018-02-23,92.9,124.6,133.6,111.1 2018-02-26,93.3,125.5,133.8,111.1 2018-02-27,93.4,124.1,132.2,111.7 2018-02-28,93.2,121.9,128.6,111.2 2018-03-01,91.8,122.0,127.0,107.4 2018-03-02,90.0,121.2,128.3,104.4 2018-03-05,91.0,123.8,131.1,103.7 2018-03-06,90.6,124.5,131.9,104.9 2018-03-07,91.7,124.8,133.2,103.4 2018-03-08,93.4,126.7,135.6,103.6 2018-03-09,93.3,129.8,137.5,104.4 2018-03-12,92.8,129.6,138.3,106.8 2018-03-13,91.8,129.6,137.7,107.3 2018-03-14,91.2,128.2,135.3,109.5 2018-03-15,91.9,128.2,133.7,110.5 2018-03-16,91.8,128.6,132.5,112.9 2018-03-19,90.6,126.4,128.4,111.2 2018-03-20,91.0,125.6,129.0,111.6 2018-03-21,90.8,126.1,130.3,111.6 2018-03-22,90.0,122.3,125.4,112.6 2018-03-23,89.7,119.9,122.4,108.4 2018-03-26,88.8,122.1,125.5,108.5 2018-03-27,89.9,120.3,123.7,113.3 2018-03-28,90.2,120.0,122.1,112.4 2018-03-29,89.9,120.6,123.9,112.7 2018-03-30,89.9,120.6,123.9,114.1 2018-04-02,89.9,118.7,122.0,114.6 2018-04-03,89.3,120.8,123.3,114.5 2018-04-04,89.0,123.0,124.5,113.9 2018-04-05,92.2,124.5,126.0,113.7 2018-04-06,91.5,121.3,122.9,112.7 2018-04-09,91.7,121.5,123.6,112.4 2018-04-10,91.4,123.8,126.0,114.1 2018-04-11,90.4,122.6,124.2,113.9 2018-04-12,91.2,123.7,126.2,112.9 2018-04-13,91.5,123.6,125.8,117.1 2018-04-16,91.2,125.5,129.8,118.7 2018-04-17,92.8,127.5,133.0,117.5 2018-04-18,93.0,127.7,131.6,120.3 2018-04-19,93.6,126.5,130.1,118.7 2018-04-20,94.6,126.1,129.4,117.9 2018-04-23,94.9,126.0,129.1,117.0 2018-04-24,95.8,124.4,126.0,116.7 2018-04-25,94.9,125.6,128.6,115.8 2018-04-26,95.6,126.1,133.9,115.3 2018-04-27,96.9,125.2,131.6,114.9 2018-04-30,97.6,123.1,131.0,114.9 2018-05-01,97.6,123.2,131.6,114.0 2018-05-02,97.8,122.6,129.9,116.3 2018-05-03,97.5,121.7,131.2,116.3 2018-05-04,98.2,123.4,132.7,116.3 2018-05-07,98.0,124.0,133.3,116.3 2018-05-08,98.0,124.0,132.2,119.0 2018-05-09,97.7,125.1,133.5,119.2 2018-05-10,98.1,125.6,134.8,117.4 2018-05-11,97.7,126.1,135.3,117.1 2018-05-14,97.5,126.5,136.1,116.7 2018-05-15,97.8,126.0,136.2,116.7 2018-05-16,99.6,126.3,136.5,118.0 2018-05-17,101.1,126.5,137.3,122.1 2018-05-18,101.2,127.6,137.0,122.4 2018-05-21,101.9,128.5,137.8,121.9 2018-05-22,101.9,127.2,136.7,121.6 2018-05-23,100.7,126.7,136.2,122.1 2018-05-24,100.3,126.0,135.2,120.6 2018-05-25,100.6,125.1,134.9,119.1 2018-05-28,96.8,125.1,134.9,118.8 2018-05-29,96.1,122.7,131.6,117.0 2018-05-30,96.5,123.6,134.4,113.8 2018-05-31,95.2,122.4,134.2,114.3 2018-06-01,97.5,124.0,135.5,115.3 2018-06-04,97.5,124.0,135.3,118.2 2018-06-05,98.1,125.0,137.0,119.8 2018-06-06,99.1,127.2,139.3,123.5 2018-06-07,98.9,127.2,137.2,125.7 2018-06-08,98.9,127.8,137.2,125.3 2018-06-11,100.1,127.8,137.9,129.4 2018-06-12,99.5,127.4,138.5,125.0 2018-06-13,99.8,126.0,137.8,124.9 2018-06-14,101.3,125.7,138.7,121.4 2018-06-15,100.0,124.5,137.6,119.4 2018-06-18,99.3,123.9,136.1,117.3 2018-06-19,97.7,121.0,133.4,115.6 2018-06-20,97.6,119.5,133.1,117.8 2018-06-21,97.2,118.7,133.8,116.1 2018-06-22,98.3,119.9,135.8,115.5 2018-06-25,96.4,118.1,132.9,112.7 2018-06-26,95.8,118.2,132.4,113.7 2018-06-27,96.3,117.7,133.6,113.6 2018-06-28,95.7,118.3,134.5,113.1 2018-06-29,97.3,118.1,135.8,112.4 2018-07-02,96.6,117.9,135.9,108.1 2018-07-03,97.0,117.6,135.0,107.0 2018-07-04,96.1,117.6,135.0,106.8 2018-07-05,97.7,118.2,139.0,105.8 2018-07-06,98.7,118.8,140.9,118.2 2018-07-09,98.8,119.7,141.5,123.3 2018-07-10,99.9,121.1,142.9,130.2 2018-07-11,98.4,119.4,140.9,129.2 2018-07-12,99.1,119.8,142.4,130.1 2018-07-13,99.0,119.3,143.2,129.3 2018-07-16,98.4,118.0,143.4,129.3 2018-07-17,99.0,118.5,143.3,132.1 2018-07-18,100.1,118.3,141.7,131.3 2018-07-19,99.1,117.1,141.9,129.9 2018-07-20,98.2,117.1,142.2,127.1 2018-07-23,97.6,116.7,139.0,126.3 2018-07-24,98.5,117.8,140.2,129.2 2018-07-25,98.8,119.3,142.4,129.8 2018-07-26,100.0,122.5,142.9,130.8 2018-07-27,100.7,122.3,142.9,130.9 2018-07-30,98.2,122.3,142.0,131.8 2018-07-31,98.9,124.5,143.8,121.1 2018-08-01,99.1,122.9,142.1,120.5 2018-08-02,98.5,121.3,140.7,120.3 2018-08-03,97.7,121.3,141.0,119.6 2018-08-06,97.6,122.1,135.6,116.6 2018-08-07,98.8,122.0,134.8,111.6 2018-08-08,98.1,121.8,134.8,111.0 2018-08-09,97.9,121.7,134.9,109.1 2018-08-10,96.1,119.7,132.9,107.9 2018-08-13,96.4,123.2,132.5,107.4 2018-08-14,96.5,124.6,133.4,108.6 2018-08-15,95.1,124.5,132.8,109.6 2018-08-16,95.9,124.9,132.7,109.0 2018-08-17,95.6,126.4,134.0,109.0 2018-08-20,96.3,126.7,135.9,107.6 2018-08-21,96.8,126.0,135.9,109.8 2018-08-22,97.2,124.7,133.1,115.4 2018-08-23,97.5,124.7,133.0,111.2 2018-08-24,97.2,125.9,134.1,110.9 2018-08-27,98.6,126.9,135.7,114.5 2018-08-28,98.6,126.7,136.0,114.4 2018-08-29,99.1,127.6,137.0,114.6 2018-08-30,99.4,126.5,135.6,117.1 2018-08-31,98.0,126.1,135.8,115.8 2018-09-03,98.4,126.1,135.8,113.8 2018-09-04,96.3,124.6,134.1,114.1 2018-09-05,95.4,125.4,134.1,114.4 2018-09-06,94.9,125.9,134.5,115.7 2018-09-07,95.5,125.0,133.1,116.4 2018-09-10,95.4,125.9,133.8,117.5 2018-09-11,95.4,126.4,134.9,117.5 2018-09-12,95.5,126.1,134.5,115.4 2018-09-13,95.6,127.1,136.7,116.8 2018-09-14,96.3,127.9,134.8,116.2 2018-09-17,96.6,128.0,135.7,116.2 2018-09-18,96.4,127.9,135.8,118.1 2018-09-19,97.5,128.3,141.1,118.2 2018-09-20,98.2,129.3,142.7,119.7 2018-09-21,99.6,129.4,143.0,122.2 2018-09-24,99.5,128.8,140.8,122.2 2018-09-25,99.3,128.1,140.0,121.4 2018-09-26,101.5,127.3,139.6,122.8 2018-09-27,102.5,127.8,139.4,119.1 2018-09-28,102.4,126.7,138.0,120.4 2018-10-01,102.7,128.5,145.0,123.4 2018-10-02,103.2,129.1,145.1,122.8 2018-10-03,104.0,128.7,143.9,123.8 2018-10-04,102.2,128.7,142.4,127.8 2018-10-05,101.0,128.1,141.0,127.9 2018-10-08,100.9,128.4,141.1,127.9 2018-10-09,101.6,124.6,138.4,126.8 2018-10-10,98.4,121.8,135.7,125.7 2018-10-11,96.3,119.1,132.5,119.0 2018-10-12,94.9,120.0,134.2,117.7 2018-10-15,95.1,118.8,134.6,116.1 2018-10-16,97.0,121.1,138.0,120.9 2018-10-17,96.4,121.0,137.2,122.9 2018-10-18,96.0,118.8,138.5,121.6 2018-10-19,95.5,117.9,137.3,123.3 2018-10-22,95.9,116.3,143.3,122.1 2018-10-23,94.8,115.3,141.0,126.0 2018-10-24,95.1,112.9,138.4,124.8 2018-10-25,97.3,114.9,141.7,119.5 2018-10-26,96.3,113.3,141.6,120.7 2018-10-29,95.4,114.5,142.1,122.6 2018-10-30,95.1,116.6,141.2,126.8 2018-10-31,96.7,117.1,142.1,128.7 2018-11-01,95.7,117.8,139.1,132.2 2018-11-02,95.5,118.2,137.2,133.8 2018-11-05,96.3,119.4,139.1,132.8 2018-11-06,95.2,119.9,142.1,135.8 2018-11-07,96.8,122.1,143.3,136.5 2018-11-08,96.8,122.3,141.9,137.0 2018-11-09,96.3,121.3,138.7,138.9 2018-11-12,96.5,119.4,136.7,138.8 2018-11-13,96.8,119.9,134.7,138.6 2018-11-14,95.6,119.2,131.7,134.2 2018-11-15,96.2,121.8,133.2,135.2 2018-11-16,95.3,124.3,135.7,132.1 2018-11-19,94.8,121.3,137.0,133.1 2018-11-20,92.9,119.5,135.6,131.4 2018-11-21,93.6,120.7,136.6,130.7 2018-11-22,92.7,119.4,134.1,131.0 2018-11-23,93.3,119.4,134.1,131.0 2018-11-26,95.3,120.3,135.1,133.8 2018-11-27,94.3,118.5,131.0,135.4 2018-11-28,93.8,120.3,134.2,136.0 2018-11-29,94.1,120.8,136.8,134.7 2018-11-30,96.4,122.0,136.6,135.4 2018-12-03,96.7,126.4,141.1,138.1 2018-12-04,96.8,124.3,138.1,136.8 2018-12-05,95.8,124.3,138.1,135.1 2018-12-06,94.0,122.4,133.9,132.6 2018-12-07,95.3,119.2,131.1,134.4 2018-12-10,95.2,119.1,134.7,132.4 2018-12-11,95.8,118.3,135.2,131.1 2018-12-12,96.9,119.6,137.9,134.6 2018-12-13,97.0,119.3,135.7,135.9 2018-12-14,96.8,117.9,134.7,136.9 2018-12-17,96.1,116.7,135.1,139.4 2018-12-18,95.1,117.4,135.3,137.1 2018-12-19,97.2,116.9,133.8,130.4 2018-12-20,96.5,117.2,132.3,127.5 2018-12-21,97.2,117.7,131.5,127.1 2018-12-24,96.5,113.7,127.2,127.1 2018-12-25,96.5,113.7,127.2,121.4 2018-12-26,96.5,119.0,131.1,122.5 2018-12-27,94.7,121.2,134.3,128.5 2018-12-28,96.0,121.9,134.2,127.2 2018-12-31,98.0,121.4,134.0,127.2 2019-01-02,95.8,121.0,135.0,127.2 2019-01-03,94.1,117.8,130.8,127.2 2019-01-04,96.7,122.6,134.5,126.9 2019-01-07,96.2,121.3,134.4,129.0 2019-01-08,96.3,119.9,135.8,128.1 2019-01-09,95.0,118.9,136.1,129.9 2019-01-10,94.0,119.2,139.0,127.0 2019-01-11,93.3,118.9,137.6,124.6 2019-01-14,92.5,117.6,135.7,124.6 2019-01-15,93.5,117.6,135.0,124.0 2019-01-16,93.9,117.3,135.0,124.7 2019-01-17,93.9,118.3,135.0,125.0 2019-01-18,95.4,120.3,138.1,126.0 2019-01-21,95.0,120.3,138.1,126.7 2019-01-22,94.8,119.6,138.1,125.4 2019-01-23,94.9,118.4,136.5,125.3 2019-01-24,95.1,118.7,135.1,124.1 2019-01-25,95.0,122.0,136.4,122.9 2019-01-28,94.4,121.3,135.8,123.2 2019-01-29,95.1,123.8,138.4,120.6 2019-01-30,95.8,124.4,139.9,119.4 2019-01-31,95.7,124.7,140.0,121.8 2019-02-01,96.2,125.8,142.3,123.1 2019-02-04,95.9,126.6,140.4,123.6 2019-02-05,96.7,127.4,141.7,122.1 2019-02-06,95.6,128.9,140.3,116.3 2019-02-07,94.9,126.1,138.0,112.2 2019-02-08,94.3,125.8,138.4,110.5 2019-02-11,94.9,127.1,138.5,110.5 2019-02-12,95.8,129.9,143.8,111.8 2019-02-13,96.2,130.4,143.7,113.5 2019-02-14,95.8,130.2,143.0,112.2 2019-02-15,96.5,132.0,144.7,111.7 2019-02-18,96.7,132.0,144.7,111.9 2019-02-19,96.5,132.8,144.1,111.4 2019-02-20,97.7,134.7,146.2,111.7 2019-02-21,98.3,135.5,147.2,111.7 2019-02-22,98.9,136.6,149.0,112.8 2019-02-25,98.8,137.4,149.9,112.4 2019-02-26,99.9,137.6,149.3,112.4 2019-02-27,98.9,137.7,149.8,113.0 2019-02-28,99.1,137.4,148.7,111.4 2019-03-01,99.8,136.6,144.6,112.2 2019-03-04,99.3,137.0,144.9,114.6 2019-03-05,100.1,135.9,144.6,113.9 2019-03-06,101.0,136.7,145.2,116.1 2019-03-07,100.0,136.3,143.8,113.6 2019-03-08,100.1,137.6,145.5,112.0 2019-03-11,100.7,139.5,147.1,114.6 2019-03-12,100.6,139.6,148.0,116.3 2019-03-13,100.9,140.4,149.7,113.7 2019-03-14,101.6,140.5,149.6,113.5 2019-03-15,102.8,140.2,151.5,114.4 2019-03-18,101.6,140.6,149.9,115.5 2019-03-19,101.0,140.2,149.0,114.4 2019-03-20,101.8,140.0,151.7,115.6 2019-03-21,102.0,142.0,150.3,115.6 2019-03-22,100.0,141.3,145.8,117.5 2019-03-25,101.3,141.0,146.0,113.9 2019-03-26,102.0,141.9,146.8,118.5 2019-03-27,101.8,142.3,145.5,119.6 2019-03-28,102.0,144.2,149.1,119.0 2019-03-29,102.4,144.8,151.1,119.4 2019-04-01,103.0,145.2,151.6,121.4 2019-04-02,103.1,144.5,152.9,121.5 2019-04-03,104.4,145.4,156.9,122.3 2019-04-04,104.5,145.4,157.9,124.5 2019-04-05,105.3,146.5,158.5,126.2 2019-04-08,105.4,146.4,158.7,126.7 2019-04-09,104.7,145.8,157.0,126.2 2019-04-10,105.3,146.4,155.4,127.2 2019-04-11,104.5,146.8,154.4,126.7 2019-04-12,104.5,147.3,154.9,127.0 2019-04-15,104.7,147.1,154.7,130.4 2019-04-16,105.3,149.5,155.1,130.1 2019-04-17,105.8,150.0,154.5,130.4 2019-04-18,106.9,150.2,154.9,126.2 2019-04-19,106.9,150.2,154.9,129.8 2019-04-22,106.9,149.1,153.6,130.9 2019-04-23,106.6,149.2,154.0,131.2 2019-04-24,106.4,151.2,152.5,129.5 2019-04-25,107.5,151.4,151.4,131.2 2019-04-26,107.3,153.6,153.1,130.9 2019-04-29,106.6,154.4,152.1,130.9 2019-04-30,107.1,156.1,154.8,130.9 2019-05-01,107.1,153.3,153.1,130.9 2019-05-02,107.0,157.5,155.0,130.9 2019-05-03,107.1,159.0,155.4,130.9 2019-05-06,106.4,156.2,153.4,130.9 2019-05-07,104.5,152.6,149.9,133.1 2019-05-08,104.2,155.7,151.6,131.7 2019-05-09,102.2,155.1,148.8,128.4 2019-05-10,102.6,158.0,155.9,128.9 2019-05-13,102.4,155.1,155.1,128.0 2019-05-14,104.1,156.1,155.3,143.3 2019-05-15,103.9,155.5,155.3,146.1 2019-05-16,106.8,158.8,161.1,150.1 2019-05-17,106.7,159.2,162.3,152.2 2019-05-20,102.2,155.8,159.1,151.2 2019-05-21,102.4,157.0,160.8,149.5 2019-05-22,103.6,156.4,161.6,150.1 2019-05-23,101.6,154.9,158.9,149.5 2019-05-24,102.7,155.1,161.3,151.5 2019-05-27,103.4,155.1,161.3,152.0 2019-05-28,102.1,153.4,158.3,150.1 2019-05-29,101.1,153.9,157.1,148.7 2019-05-30,102.0,154.9,157.5,147.0 2019-05-31,100.7,154.4,155.0,144.2 2019-06-03,101.9,158.5,160.8,142.3 2019-06-04,103.3,162.0,164.3,143.9 2019-06-05,103.2,164.8,165.5,147.1 2019-06-06,103.2,168.0,169.5,147.6 2019-06-07,105.6,169.2,171.8,150.5 2019-06-10,104.9,167.9,172.1,153.1 2019-06-11,105.9,166.1,172.4,154.1 2019-06-12,106.9,166.8,173.2,156.1 2019-06-13,106.8,167.0,174.1,156.4 2019-06-14,107.3,166.3,174.1,162.1 2019-06-17,106.9,164.5,172.8,162.6 2019-06-18,109.4,166.0,175.2,163.1 2019-06-19,109.1,167.2,172.2,167.0 2019-06-20,109.1,168.4,173.7,165.5 2019-06-21,110.5,168.5,173.6,165.8 2019-06-24,110.2,169.6,174.6,165.1 2019-06-25,110.1,170.4,174.1,166.2 2019-06-26,109.0,169.8,172.2,164.8 2019-06-27,110.0,169.5,171.3,166.5 2019-06-28,111.2,171.7,172.4,162.0 2019-07-01,110.8,173.5,174.3,161.8 2019-07-02,111.1,174.6,174.8,161.9 2019-07-03,111.7,175.5,174.8,160.0 2019-07-04,110.9,174.9,173.8,160.9 2019-07-05,110.7,174.9,173.8,159.7 2019-07-08,110.9,173.2,173.2,157.3 2019-07-09,110.6,171.4,172.6,155.5 2019-07-10,111.2,171.6,173.2,151.5 2019-07-11,110.1,172.7,174.1,152.7 2019-07-12,111.1,172.3,175.1,153.5 2019-07-15,111.3,172.7,175.2,153.5 2019-07-16,111.2,172.2,174.0,155.8 2019-07-17,110.7,171.7,173.3,156.3 2019-07-18,110.5,171.1,174.9,153.9 2019-07-19,110.1,170.3,174.6,155.5 2019-07-22,111.1,171.4,174.8,153.6 2019-07-23,112.4,173.6,177.6,154.1 2019-07-24,112.2,170.5,174.1,151.5 2019-07-25,110.8,172.7,171.6,152.7 2019-07-26,112.0,174.9,172.6,152.8 2019-07-29,112.2,175.3,171.5,154.5 2019-07-30,113.1,175.8,168.7,153.3 2019-07-31,112.9,173.1,164.2,158.7 2019-08-01,114.1,171.7,163.5,153.9 2019-08-02,109.6,169.0,161.2,152.9 2019-08-05,109.1,166.9,163.7,150.8 2019-08-06,108.9,167.9,162.1,152.3 2019-08-07,109.4,169.5,163.8,150.4 2019-08-08,112.4,172.9,165.4,153.1 2019-08-09,110.7,174.3,164.8,155.4 2019-08-12,111.4,172.3,165.0,155.4 2019-08-13,112.9,174.2,165.6,158.3 2019-08-14,109.8,168.8,159.4,161.0 2019-08-15,109.8,171.7,160.3,162.1 2019-08-16,111.3,173.5,162.1,162.3 2019-08-19,111.5,173.4,162.4,162.0 2019-08-20,110.8,171.2,161.2,162.9 2019-08-21,112.9,173.4,162.1,159.0 2019-08-22,112.2,170.9,160.7,159.1 2019-08-23,110.4,167.3,158.2,153.2 2019-08-26,111.7,169.0,158.8,149.9 2019-08-27,111.7,171.1,158.6,147.6 2019-08-28,111.8,171.2,158.8,148.9 2019-08-29,114.0,170.2,161.1,149.0 2019-08-30,114.4,171.3,162.2,149.1 2019-09-02,115.1,171.3,162.2,146.6 2019-09-03,113.2,171.1,160.8,147.3 2019-09-04,113.7,172.5,161.0,147.6 2019-09-05,112.3,170.3,160.7,148.9 2019-09-06,113.2,171.1,162.7,149.1 2019-09-09,111.6,164.1,159.0,147.7 2019-09-10,112.6,162.1,159.5,146.9 2019-09-11,113.5,164.1,161.1,147.8 2019-09-12,115.7,167.4,164.5,148.0 2019-09-13,114.5,168.6,165.0,149.6 2019-09-16,113.9,163.2,161.9,149.6 2019-09-17,115.6,168.0,165.1,148.7 2019-09-18,115.8,168.1,165.4,147.3 2019-09-19,117.4,168.6,166.8,151.5 2019-09-20,118.2,168.0,166.7,154.6 2019-09-23,117.5,167.2,166.2,154.6 2019-09-24,117.5,167.2,164.4,159.5 2019-09-25,116.5,167.3,165.1,158.5 2019-09-26,117.1,169.4,165.1,156.3 2019-09-27,116.9,167.7,164.5,157.3 2019-09-30,118.0,168.3,166.3,154.6 2019-10-01,116.5,164.2,161.9,155.1 2019-10-02,113.0,159.6,158.1,157.7 2019-10-03,113.0,159.9,158.5,150.7 2019-10-04,114.7,162.2,159.9,150.7 2019-10-07,116.3,162.3,161.9,147.3 2019-10-08,114.3,157.6,158.1,150.7 2019-10-09,115.5,160.6,160.9,156.6 2019-10-10,116.8,162.8,164.2,162.6 2019-10-11,118.5,164.8,166.8,168.6 2019-10-14,117.8,162.2,165.3,168.6 2019-10-15,118.0,163.2,167.6,172.1 2019-10-16,117.8,162.5,169.0,174.4 2019-10-17,116.3,162.6,168.8,174.3 2019-10-18,116.8,163.0,168.1,175.4 2019-10-21,115.8,161.9,167.4,176.9 2019-10-22,115.4,157.0,164.4,176.9 2019-10-23,116.3,159.3,166.3,175.9 2019-10-24,115.8,160.4,165.7,175.9 2019-10-25,116.1,161.7,167.4,179.4 2019-10-28,116.6,160.4,169.0,174.3 2019-10-29,116.6,165.2,171.0,181.1 2019-10-30,116.5,164.4,171.0,175.8 2019-10-31,118.4,161.7,170.3,180.7 2019-11-01,117.7,162.0,170.7,175.8 2019-11-04,118.4,162.6,172.4,175.8 2019-11-05,118.7,164.3,172.0,179.5 2019-11-06,119.1,166.0,172.7,182.7 2019-11-07,118.4,172.6,174.0,185.0 2019-11-08,118.8,177.4,174.3,182.6 2019-11-11,118.0,178.3,173.7,183.7 2019-11-12,117.9,179.8,176.7,183.4 2019-11-13,119.0,180.1,178.4,187.4 2019-11-14,118.7,180.6,179.1,184.8 2019-11-15,120.6,182.7,180.1,188.7 2019-11-18,121.4,182.9,179.5,186.8 2019-11-19,120.6,183.0,178.1,184.2 2019-11-20,120.2,180.4,177.0,179.4 2019-11-21,120.0,180.2,177.1,176.1 2019-11-22,121.2,180.2,175.9,175.3 2019-11-25,121.3,178.0,176.8,177.1 2019-11-26,121.2,177.8,176.1,176.7 2019-11-27,121.0,179.0,176.9,176.0 2019-11-28,121.4,179.0,176.9,175.4 2019-11-29,122.3,179.2,177.1,172.6 2019-12-02,118.8,175.2,172.3,173.5 2019-12-03,118.2,174.2,173.5,173.9 2019-12-04,120.0,173.6,174.1,170.6 2019-12-05,120.6,174.8,174.9,173.5 2019-12-06,121.6,176.0,176.5,174.2 2019-12-09,121.9,175.1,176.3,173.9 2019-12-10,121.5,174.1,175.1,174.2 2019-12-11,121.6,174.1,176.6,171.8 2019-12-12,122.1,176.3,180.2,172.9 2019-12-13,123.0,175.0,179.5,174.5 2019-12-16,124.0,177.8,180.3,174.3 2019-12-17,123.6,178.7,180.0,174.2 2019-12-18,123.8,176.8,178.9,173.3 2019-12-19,124.3,176.8,179.8,173.3 2019-12-20,126.1,178.2,182.1,172.5 2019-12-23,125.7,178.3,181.8,172.0 2019-12-24,125.2,178.3,181.7,171.2 2019-12-25,125.2,178.3,181.7,170.9 2019-12-26,125.2,179.1,182.7,173.1 2019-12-27,126.1,178.6,182.3,172.4 2019-12-30,125.2,178.5,181.6,171.9 2019-12-31,125.4,178.2,182.8,171.9 2020-01-02,125.9,175.3,180.9,171.9 2020-01-03,125.5,171.4,176.2,171.9 2020-01-06,124.7,171.3,175.5,169.9 2020-01-07,124.1,172.1,175.9,172.1 2020-01-08,124.2,173.0,178.1,168.8 2020-01-09,124.7,177.1,179.3,170.1 2020-01-10,125.0,176.0,179.5,170.7 2020-01-13,125.5,179.6,181.9,170.7 2020-01-14,126.2,177.9,180.3,175.0 2020-01-15,126.0,178.6,181.5,174.5 2020-01-16,126.5,178.8,182.9,174.6 2020-01-17,128.6,179.7,183.8,173.5 2020-01-20,128.0,179.7,183.8,176.9 2020-01-21,128.9,179.9,181.8,172.8 2020-01-22,128.7,180.5,181.2,176.6 2020-01-23,127.7,180.0,180.0,173.5 2020-01-24,129.8,185.0,180.3,173.8 2020-01-27,126.8,177.1,175.9,170.0 2020-01-28,128.6,179.3,178.5,170.0 2020-01-29,130.2,180.0,178.8,170.4 2020-01-30,130.1,183.1,178.8,165.9 2020-01-31,129.9,181.0,174.4,171.1 2020-02-03,131.1,184.3,179.8,169.1 2020-02-04,132.2,187.4,183.3,172.0 2020-02-05,134.1,189.8,186.1,173.7 2020-02-06,134.4,190.4,186.1,159.7 2020-02-07,134.1,189.5,183.9,161.6 2020-02-10,133.8,190.9,185.0,160.7 2020-02-11,137.0,191.4,185.7,160.7 2020-02-12,137.9,192.7,186.5,162.3 2020-02-13,139.1,193.3,190.0,162.7 2020-02-14,137.9,194.2,191.2,163.8 2020-02-17,138.9,194.2,191.2,158.7 2020-02-18,138.9,194.0,191.9,154.6 2020-02-19,139.4,194.0,191.0,154.1 2020-02-20,137.6,193.7,189.9,155.3 2020-02-21,138.4,193.4,187.5,153.4 2020-02-24,132.9,186.2,180.8,144.7 2020-02-25,130.3,178.6,173.1,144.7 2020-02-26,130.8,178.6,174.7,146.0 2020-02-27,127.0,170.0,167.4,142.9 2020-02-28,122.1,166.6,164.0,136.7 2020-03-02,124.3,174.9,170.1,139.5 2020-03-03,126.1,172.4,167.8,139.3 2020-03-04,128.0,179.9,176.5,138.7 2020-03-05,126.7,177.5,168.7,141.0 2020-03-06,122.5,174.2,162.5,136.6 2020-03-09,113.2,155.6,148.7,127.5 2020-03-10,111.4,162.7,151.3,134.1 2020-03-11,112.2,157.6,149.3,133.8 2020-03-12,99.7,142.4,135.7,127.8 2020-03-13,104.7,156.5,151.5,114.8 2020-03-16,98.6,136.8,136.0,105.2 2020-03-17,105.1,155.6,140.7,100.5 2020-03-18,99.2,152.9,135.2,92.2 2020-03-19,104.3,144.9,132.2,82.6 2020-03-20,104.4,143.5,129.9,82.6 2020-03-23,103.8,134.0,128.8,98.5 2020-03-24,108.1,147.5,141.5,100.2 2020-03-25,107.6,145.0,141.9,109.3 2020-03-26,109.2,152.7,149.6,111.8 2020-03-27,106.2,146.5,143.7,115.7 2020-03-30,111.9,156.6,151.8,117.7 2020-03-31,115.9,151.4,148.5,113.4 2020-04-01,113.3,143.6,138.1,108.3 2020-04-02,112.6,147.5,140.9,105.2 2020-04-03,114.5,141.5,139.2,105.0 2020-04-06,115.8,147.0,151.1,109.3 2020-04-07,119.3,153.2,154.5,110.6 2020-04-08,117.4,163.6,160.5,109.4 2020-04-09,117.7,166.3,162.7,112.2 2020-04-10,117.7,166.3,162.7,115.7 2020-04-13,117.7,164.0,159.8,116.0 2020-04-14,123.9,167.5,163.0,121.2 2020-04-15,119.7,162.2,155.5,122.8 2020-04-16,119.1,161.5,157.2,119.9 2020-04-17,120.0,168.0,161.9,120.7 2020-04-20,120.8,162.6,158.8,118.7 2020-04-21,115.0,157.3,153.6,113.6 2020-04-22,116.7,162.6,155.9,111.4 2020-04-23,116.9,160.2,155.7,114.0 2020-04-24,114.6,164.4,155.8,112.6 2020-04-27,117.0,168.6,158.5,116.6 2020-04-28,118.8,169.6,160.5,115.4 2020-04-29,119.4,174.9,162.0,119.1 2020-04-30,115.4,171.1,158.0,116.1 2020-05-01,115.4,168.6,154.8,116.1 2020-05-04,112.2,169.4,156.8,116.1 2020-05-05,115.9,170.1,156.3,116.1 2020-05-06,115.6,169.4,153.7,116.1 2020-05-07,119.2,172.0,158.7,114.6 2020-05-08,119.1,177.1,161.8,118.0 2020-05-11,116.1,176.5,160.4,117.6 2020-05-12,115.6,174.6,157.2,117.2 2020-05-13,114.0,171.3,153.5,122.2 2020-05-14,111.4,171.1,153.9,126.7 2020-05-15,111.5,173.0,156.8,126.0 2020-05-18,116.6,181.2,165.1,124.9 2020-05-19,115.1,179.0,163.4,129.1 2020-05-20,115.7,181.9,168.3,127.4 2020-05-21,115.3,178.6,166.3,127.2 2020-05-22,116.6,177.7,163.9,125.0 2020-05-25,118.3,177.7,163.9,126.1 2020-05-26,116.1,180.4,165.7,127.0 2020-05-27,115.4,178.4,165.8,128.7 2020-05-28,119.7,182.5,171.8,130.9 2020-05-29,121.3,183.3,173.7,128.3 2020-06-01,121.6,184.0,176.2,127.0 2020-06-02,122.5,186.0,177.1,132.8 2020-06-03,125.2,188.4,182.8,136.1 2020-06-04,124.6,185.0,182.5,138.9 2020-06-05,126.0,188.5,190.0,144.7
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Share prices of all the industrial gas majors have recovered partially from the sharp fall at the beginning of 2020 as fears of the impact of Covid spread across markets

APD and Linde plc prices at end May were only -6% and -9% below their peak respectively  similar to the S&P performance while AL and TNS were still -13% and -17% respectively

TNS suffered the sharpest fall in early 2020 as Japanese markets overall fell sharply

Wide range in P/E ratio of the four companies and also as multiple of sales with Linde highest in the former and AP and Linde highest in the latter ratio while TNS is significantly lower in both measures



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Outlook

Outlook for 2020 was already showing signs of slower growth than in 2019 but such macro-economic models have been swept aside by the impact of the global covid-19 pandemic. IMF has significantly downgraded its expectations for 2020 with global real GDP to fall by -3% but then fully recover in 2021 – this 2020 performance is significantly worse than that in the 2008/9 financial crisis. Most national economies are projected to decline by some -5% to -7% in 2020 although some developing countries (eg China, India) are forecast to remain flat or grow marginally on an annual basis. Peak impact is expected to be see in Q2. Alternative risk scenarios show potential for 2020 to see a decline of up to -6% with a risk to any recovery in 2021

Indications from those economies where covid-19 was first seen are for industrial output to fall by over 10% as an immediate consequence – eventual global impact will clearly be driven by the length of time that strict controls are in place for each country. If the global economy is down by 10-15% YoY this would also exceed the impact of the 2008 banking crisis. 

Underlying top line growth in the gases industry mirrored the decline in overall economy in 2008/9 with underlying Merchant revenues down in line with industrial production - this was offset by a solid contribution from new onsites starting up based on pre-crisis project decisions – a similar contribution may be seen in 2020 due to a number of major projects due to come onstream. Clearly due to the nature of the crisis there should be a boost to growth in medical oxygen and related respiratory treatments but this only represents a small share of total sales. 

Another key consideration is the energy context of this crisis compared to that in 2008/9 – in the latter case global energy prices were on a sharply increasing path in the early stages of 2008/9 which meant that reported revenues were boosted by energy cost pass-through but operating margins were adversely impacted. The context for the current crisis has been a scenario of falling global energy prices which results in negative energy pass-through impacting reported top line but helping reported profitability margins

Capacity leverage, pricing impact and benefits of industry wide productivity/efficiency improvements drive industry wide expectations of continued profit margin gains; specific restructuring actions are expected to continue to impact on underperforming or acquired businesses

Capex is expected to continue at or close to recent levels both in absolute terms and relative to sales as customers and majors avoid over-aggressive tonnage expansion and limited standalone merchant investment although this may be impacted by swings associated with large scale environmental/energy related projects

Continued impact of merger and acquisition activity at all size levels and in all business sectors along with pursuit of customer owned large plants for conversion to onsites, further consolidation of associated companies

As previously indicated potential for divestment of non-core businesses by major gas companies are expected to continue with small non-core businesses remaining at Tier 1 gas companies are Praxair Surface Technologies, Linde’s Gist distribution business and TNS Thermos

Downward trend in R&D spend in absolute terms and relative to sales appears to have stabilised. However remains at relatively low intensity vs sales compared with many other industries. Innovation activity across majors primarily in areas of operational improvements, cylinder technology, energy and environmental opportunities and also the opportunities driven by digital technologies

Key opportunity area for new technology is hydrogen fuel – nascent market where gas majors active but also substantial R&D activity from small start-up businesses equivalent to a relatively high proportion of gas majors R&D commitments – remains to be seen if/when any of these start-ups break through to become substantial players and then whether they remain independent or link with gas majors (as occurred historically with non-cryo separations) or energy companies



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Appendices

gasworld analyses the quarterly financial reports published by the industrial gas companies. This report summarises the 1st quarter of CY2020 reported by each company. In the case of AL and Linde plc calendar year is equivalent to their fiscal reporting year. For AP this is equivalent to their ‘2nd quarter’ results for FY2020; for Taiyo Nippon Sanso this represents their ‘4th quarter’ results for FY2020). Similarly for the analysis of Tier 2 companies and those in gas related sectors the 1st quarter of CY2020 reflects different quarters in reporting years.


gasworld analyses the quarterly reported figures and adjust the results to put each company on a level comparison. Only gas business data is analysed although judgements are made and use a consistent allocation when analysing OROCE if only corporate capital employed data is provided. Analysis and commentary on developments are based on information available up to end May


Tier 1 and Tier 2 companies

Global gases
  • AL
  • Linde
  • AP
  • TNS
  • Messer
  • Yingde
  • Air Water
  • Iwatani
  • Sol
,AL,Linde,AP,TNS,Messer,Yingde,Air Water,Iwatani,Sol ,23589,23411,8452,6880,2744,2128,1742,1020,1015
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Americas gases
  • AL
  • Linde
  • AP
  • TNS
  • Messer
  • Yingde
  • Air Water
  • Iwatani
  • Sol
,AL,Linde,AP,TNS,Messer,Yingde,Air Water,Iwatani,Sol ,9484,10989,3735,1810,1391,0,0,0,0
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EMEA gases
  • AL
  • Linde
  • AP
  • TNS
  • Messer
  • Yingde
  • Air Water
  • Iwatani
  • Sol
,AL,Linde,AP,TNS,Messer,Yingde,Air Water,Iwatani,Sol ,8729,6643,2111,1538,740,0,0,0,1015
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Asia Pacific gases
  • AL
  • Linde
  • AP
  • TNS
  • Messer
  • Yingde
  • Air Water
  • Iwatani
  • Sol
,AL,Linde,AP,TNS,Messer,Yingde,Air Water,Iwatani,Sol ,5375,5779,2606,4262,513,2128,1742,1020,0
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