Air Liquide: Solid progression of Sales and Profits

Air Liquide has announced solid growth in both revenue, up 9.7%, and net profit, up 13.3% versus H1 2009. The company was able to significantly improve its operating margin: up +160 basis points at 16.6% and increase in operating cash flow by 16.7%.

Business in the first half was characterized by a solid progression of both sales and profits, as well as a recovery in growth projects. Group revenue reached €6,516 million at June 30, 2010, representing an increase of 9.7% versus H1 2009 reported sales. In Gas and Services, total sales stood at €5,695 million, up 13.4% on a reported basis, and up +9.5% on a comparable basis. After returning to growth in Q1 2010, all businesses and geographies continued to improve in Q2, with a continuing contrast between emerging economies (up 30% vs. H1 2009) and mature economies where volumes are gradually returning to their pre-crisis levels (up 6% vs. H1 2009).

Operating income recurring increased 22% to €1,084 million. The operating margin reached 16.6%, up +160 basis points vs. H1 2009, due to an increase in customer volume demand and the effectiveness of operational control measures. Net profit (Group share) was €676 million, up 13.3% versus H1 2009.

Operating cash flow was up+16.7% at €1,266 million, and net debt was stable compared to June 30, 2009. The number of investment projects has increased significantly since the beginning of the year. As a result, the portfolio of opportunities reached €4.7 billion in June.