Business Intelligence Financial – Air Liquide – Q3 2015


gasworld’s Business Intelligence provides you with the latest analysis of Air Liquide’s Q3 2015 earnings report.

  • Corporate sales up +8% YoY in Q3 2015 to €4.1bn – slower growth than recent peak in previous quarter.
  • Gases and Services account for over 90% of corporate sales, with engineering & technology accounting for 6% and other businesses (including welding) 4%.
  • Corporate operating income estimated to have risen by over 5%, helped by significant currency impact – again slower than previous quarter.

  • On this basis, Operating Margin estimated to be trending flat at around 17.5%, but down on prior year.
  • Cost savings and efficiency measures again accelerated to over €70m in Q3 – again slightly down YoY, but in line with run rate for annual target. Principally in operational areas after major actions on administration costs in Europe and Japan in 2013.
  • Significant increase in depreciation charge due to start-ups.
  • Strong sales growth YoY on engineering & technology (+25%), but essentially due to conversion of delayed onsite project to Sale of Equipment – slower order intake and high completion costs on major project.
  • Difficult environment in welding business (included in Other Businesses), with sales down 14% in Q3.

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