(in millions of euros) | FY 2019 | FY 2020 | 2020/2019 published change | 2020/2019 comparable(a) change |
|---|---|---|---|---|
Total Revenue | Total Revenue FY 2019 21,920 | Total Revenue FY 2020 20,485 | Total Revenue 2020/2019 published change -6.5% | Total Revenue 2020/2019 comparable (a)change -1.3% |
Of which Gas & Services | Of which Gas & Services FY 2019 21,040 | Of which Gas & Services FY 2020 19,656 | Of which Gas & Services 2020/2019 published change -6.6% | Of which Gas & Services 2020/2019 comparable (a)change -1.2% |
Operating Income Recurring | Operating Income Recurring FY 2019 3,794 | Operating Income Recurring FY 2020 3,790 | Operating Income Recurring 2020/2019 published change -0.1% | Operating Income Recurring 2020/2019 comparable (a)change +3.6% |
Operating Income Recurring (as % of Revenue) | Operating Income Recurring (as % of Revenue) FY 2019 17.3% | Operating Income Recurring (as % of Revenue) FY 2020 18.5% | Operating Income Recurring (as % of Revenue) 2020/2019 published change +120 bps | Operating Income Recurring (as % of Revenue) 2020/2019 comparable (a)change
|
Variation excluding energy | Variation excluding energy FY 2019
| Variation excluding energy FY 2020
| Variation excluding energy 2020/2019 published change +80 bps | Variation excluding energy 2020/2019 comparable (a)change
|
Other Non-Recurring Operating Income and Expenses | Other Non-Recurring Operating Income and Expenses FY 2019 (188) | Other Non-Recurring Operating Income and Expenses FY 2020 (140) | Other Non-Recurring Operating Income and Expenses 2020/2019 published change
| Other Non-Recurring Operating Income and Expenses 2020/2019 comparable (a)change
|
Net Profit (Group Share) | Net Profit (Group Share) FY 2019 2,242 | Net Profit (Group Share) FY 2020 2,435 | Net Profit (Group Share) 2020/2019 published change +8.6% | Net Profit (Group Share) 2020/2019 comparable (a)change
|
Recurring Net Profit (Group Share)(b) | Recurring Net Profit (Group Share)(b) FY 2019 2,307 | Recurring Net Profit (Group Share)(b) FY 2020 2,341 | Recurring Net Profit (Group Share)(b) 2020/2019 published change +1.5% | Recurring Net Profit (Group Share)(b) 2020/2019 comparable (a)change
|
Adjusted Earnings per Share (in euros) | Adjusted Earnings per Share (in euros) FY 2019 4.76 | Adjusted Earnings per Share (in euros) FY 2020 5.16 | Adjusted Earnings per Share (in euros) 2020/2019 published change +8.5% | Adjusted Earnings per Share (in euros) 2020/2019 comparable (a)change
|
Adjusted Net Dividend per Share (en euros)(c) | Adjusted Net Dividend per Share (en euros)(c) FY 2019 2.70 | Adjusted Net Dividend per Share (en euros)(c) FY 2020 2.75 | Adjusted Net Dividend per Share (en euros)(c) 2020/2019 published change +1.9% | Adjusted Net Dividend per Share (en euros)(c) 2020/2019 comparable (a)change
|
Cash Flow before change in working capital requirements | Cash Flow before change in working capital requirements FY 2019 4,859 | Cash Flow before change in working capital requirements FY 2020 4,932 | Cash Flow before change in working capital requirements 2020/2019 published change +1.5% | Cash Flow before change in working capital requirements 2020/2019 comparable (a)change
|
Net Capital Expenditure(d) | Net Capital Expenditure(d) FY 2019 2,616 | Net Capital Expenditure(d) FY 2020 1,971 | Net Capital Expenditure(d) 2020/2019 published change
| Net Capital Expenditure(d) 2020/2019 comparable (a)change
|
Net Debt | Net Debt FY 2019 €12.4 bn
| Net Debt FY 2020 €10.6 bn
| Net Debt 2020/2019 published change
| Net Debt 2020/2019 comparable (a)change
|
Net Debt to Equity ratio | Net Debt to Equity ratio FY 2019 64.0% | Net Debt to Equity ratio FY 2020 55.8% | Net Debt to Equity ratio 2020/2019 published change
| Net Debt to Equity ratio 2020/2019 comparable (a)change
|
Recurring ROCE | Recurring ROCE FY 2019 8.4% | Recurring ROCE FY 2020 9.0% | Recurring ROCE 2020/2019 published change +60 bps | Recurring ROCE 2020/2019 comparable (a)change
|
RECURRING ROCE(e) | RECURRING ROCE(e) FY 2019 8.6% | RECURRING ROCE(e) FY 2020 8.6% | RECURRING ROCE(e) 2020/2019 published change - | RECURRING ROCE(e) 2020/2019 comparable (a)change
|
(a) Change excluding the currency, energy (natural gas and electricity) and significant scope impacts.
(b) Excluding exceptional and significant transactions that have no impact on the operating income recurring.
(c) 2020 proposed dividend.
(d) Including transactions with minority shareholders.
(e) Return on capital employed, based on the recurring net profit.
The Group was fully mobilized to serve its customers and patients in 2020, which was an out of the ordinary year, whilst being resolutely committed to the fight against covid-19.
The Group‘s performance was outstanding in this environment: sales resilience, significant margin improvement, net profit growth and investment decisions continued at a very high level. This performance illustrates the solidity of our business model. It also perfectly positions the Group for future growth and enables it to already benefit from the acceleration seen in healthcare, energy transition, and the increasing presence of technologies, in particular digital, in all sectors.
Over the full year, 2020 sales were practically stable on a comparable basis, with business back to growth in the fourth quarter. The Gas & Services sales, which account for 96% of Group revenue, held up well, as did Global Markets & Technologies which retained their momentum. On a comparable basis, business was supported by strong sales growth in Healthcare and Electronics. Geographically, the situation was extremely varied with Europe faring well, driven by demand in Healthcare, and a solid performance from the developing economies, particularly China, and Eastern European and Latin American countries.
The Group’s operating margin improvement plan, combined with exceptional cost containment measures relating to the situation in 2020, resulted in a marked improvement in the margin of +80 bps excluding energy impact. The structural efficiencies stood at 441 million euros. Operating cash flows were high and the debt-to-equity ratio was reduced significantly. The Group’s balance sheet confirms its strength.
The Group has achieved, as of 2019, the sales and efficiencies objectives of its NEOS 2020 company program. As for the ROCE of 10%+, it is maintained, with achievement by 2023-2024 to take into account the impact of the covid-19 crisis as well as the pro-active investment policy in the current favorable context. In 2020, investment decisions thus stood at the extremely high level of 3.2 billion euros, indicative of future growth.
In an environment marked by global recovery plans and commitment to energy transition, the Group still has numerous investment opportunities of which 44% are projects related to the fight against climate change, including the development of Hydrogen Energy.
In 2021, in a context of limited local lockdowns in the first half of the year and recovery in the second half, Air Liquide is confident in its ability to further increase its operating margin and to deliver recurring net profit (a) growth, at constant exchange rates.
(a) Recurring net profit: Excluding exceptional and significant items that have no impact on the operating income recurring. Excluding the impact of any US tax reform in 2021.
