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%
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Total reported group sales in CY2020 Q1 at ¥217Bn ($1.99Bn) were up  +3% sequentially but fell into negative territory YoY at -2½% as growth impact of the Praxair Europe and Linde US HyCO acquisition disappear 

Industrial gases sales (according to Spiritus definition) at nearly ¥212Bn ($1.94Bn) 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 risen substantially due to the acquisitions to over ¥1350Bn ($12.4Bn)

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%
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Total Operating Income slipped significantly to just over ¥22Bn ($203m) and was marginally up YoY by around +½%. 

As a result underlying Corporate Operating Margin slipped to less than 10% in Q1 but continued to trend upwards in recent years

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



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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%
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Gases sales at ¥212Bn ($1.94Bn) in Q1 were down -2% YoY in reported terms. This reported growth saw little impact from acquisitions as the growth contribution from Praxair assets in Europe and Linde assets in US virtually worked through

Small negative YoY impact from currency (-1½%) and energy cost pass-through (-½%) 



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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%
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Underlying gases growth weakened further in Q1 towards -1% YoY, excluding acquisitions and other factors, its weakest performance since early 2016. 

This was again a balance split between a further decline in volume (-1½%) and modest positive contribution from pricing (over +½%)



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Sales Growth by Business ex Europe

% change YoY
  • Bulk & Onsites
  • Packaged
  • Total Electronics Related
,Bulk & Onsites,Packaged,Total Electronics Related 2014 Q1,13.1%,23.2%,-6.6% 2014 Q2,8.7%,11.1%,3.7% 2014 Q3,14.7%,4.2%,1.4% 2014 Q4,10.3%,9.3%,1.7% 2015 Q1,7.3%,17.0%,14.2% 2015 Q2,7.5%,15.6%,4.1% 2015 Q3,2.1%,8.6%,16.5% 2015 Q4,9.6%,10.6%,19.8% 2016 Q1,2.3%,-15.4%,14.9% 2016 Q2,-0.8%,-12.7%,-5.2% 2016 Q3,-7.3%,-13.1%,-1.1% 2016 Q4,8.8%,-8.7%,-1.8% 2017 Q1,15.4%,-11.0%,5.2% 2017 Q2,25.7%,4.2%,15.0% 2017 Q3,28.9%,2.1%,9.3% 2017 Q4,16.0%,12.7%,11.2% 2018 Q1,11.4%,9.1%,-7.5% 2018 Q2,14.6%,3.3%,-5.5% 2018 Q3,17.4%,8.4%,-2.9% 2018 Q4,5.2%,5.1%,-0.7% 2019 Q1,2.5%,3.8%,2.2% 2019 Q2,5.0%,5.5%,0.0% 2019 Q3,2.0%,-2.4%,-6.3% 2019 Q4,-1.8%,-4.6%,1.7% 2020 Q1,3.8%,-10.3%,1.5%
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TNS changed the business format of its sales reporting from Q2 – 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 but YoY growth rates are lowered with the exclusion of the European business from most recent quarters

Growth in Bulk and Onsites sales bounced back in Q1 at -3½% YoY – bulk was up +1½% while onsites was up +8% including impact of acquisition of Linde US H2 assets

Packaged gases weakened further to -10%, its weakest growth since early 2017, with gases at -11% alongside welding equipment at -11½% YoY

Electronics related sales remained close to +1% YoY with equipment up +1% and specialty gases at +2%  

Plant & Equipment sales slipped to be down -3% YoY 

LPG sales were again down -6% YoY



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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%
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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 in Japan in Q3 improved but remained negative at -3%

N.America reported sales growth again slowed to over +3% YOY in Q1 including a final YoY boost from acquisition of Linde HyCO business in early 2019

Other Asia/Pacific weakened to -7% YoY, similar to its weakest performance in early 2014 and 2017 – includes Covid impact 

Europe YoY growth on a pro forma constant currency basis (vs under Praxair ownership) turned negative for the first time at -1% in Q1



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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%
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Q1 gases sales in Japan were reported at ¥96Bn (nearly $880m).

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 remained in negative territory at -3½% in Q1 – with bulk and onsites revenues down -3% and -4% respectively

Packaged gases sales also remain significantly negative at -8% YoY in Q1 – with gases flat but a further steep fall in the hardgoods business (-12½% YoY)

Electronics related business bounced back to show growth of nearly +8% in Q1 with specialty gases and equipment sales up +11% and +5% respectively



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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%
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Q1 gas sales in N.America were up +3% YoY at nearly $460m (¥46Bn)

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. 

YoY growth in Bulk and Onsites accelerated to +22% YoY with Bulk up +13% including growth in helium and CO2 (new plant start-up) while onsites were again significantly up due to acquisition of Linde’s H2 assets (Feb 2019) offsetting a fall in air gases

Packaged Gases were sharply down YoY with  a decline of -14% in gases combined with a -12% decline in welding equipment in Q1

The small Electronics business was marginally negative YoY with a sharp decline in spec gas sales (over -20%) largely offset by significantly higher electronics equipment sales in Q1



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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%
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Q1 gas sales in Other Asia/Pacific (ie excluding Japan) were over ¥25Bn ($235m)

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 -13½% in Q1, with most of the decline in China, only partly offset by +11% growth in the small  Onsites business

Packaged Gases saw continued double digit decline (-20%) in Q1 sales in cylinder gases offset by strong YoY recovery (+26%) in welding equipment

Electronics Related sales were down -6% despite flat specialty gases sales YoY offset by significantly lower electronic equipment sales (-27%)

Plant sales were down YoY in Q1 while LPG sales were flat



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Europe Sales by Business

Q1 2020, % change YoY
  • Total
  • Onsites
  • Merchant
  • Liquid Bulk
  • Packaged
,Total,Onsites,Merchant,Liquid Bulk,Packaged ,-5.6%,-5.6%,-5.6%,-3.7%,-10.2%
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Q1 gas sales in Europe were over ¥40Bn (nearly $370m) were down 

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

For the first time YoY comparisons are available for TNS’ European business

Total Gas and Equipment sales were down -5% in Q1 with both Onsites and total Merchant down by similar rates – however Liquid Bulk (-3½% YoY) significantly outperformed Packaged Gases (-10%)



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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%
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Gases EBIT is estimated to have remained under ¥21Bn ($192m) in Q1

Operating margin slipped back to 10% in Q1, although still close to the new record for TNS – substantially due to the acquisition of relatively higher margin business in Europe – but overall this remains significantly below the performance of Tier 1 peer companies

EBITDA margin also slipped below 20%

Capital Employed is estimated to have increased significantly YoY to ¥1350Bn ($12.6Bn) in Q1 reflecting the impact of recent major acquisitions on the balance sheet. Therefore ROCE appears to have remained close to 6% in Q1, 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%
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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 now comes from non-gas businesses

Margin performance remains mixed in Q1 – however the higher performance of the new European region compared to more established regions within TNS’ portfolio is clear

Japan moved slightly above its recent trend rate at around 9%

N.America gas businesses margin improved again towards 11% and continuing the underlying improving trend of recent years

Other Asia/Pacific margins at over 12% was up sequentially, partly due to an improving trend with LPG margins up in Australia



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Capital Expenditure

$M
  • Capex Spend
,Capex Spend 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
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Capex reported to have risen significantly in Q1 to over $200m, close to its recent peak

Capex as a % of sales rose significantly to around 10½% close to or above the trend of recent years and narrowing the differential vs the average for gas majors



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