Half Year 2024 L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA Earnings Call Transcript
Key Points
- Air Liquide SA (AIQUF) demonstrated resilience and strong performance in soft markets, with a solid comparable sales growth of 3%.
- The company achieved a significant OIR margin improvement of 100 basis points, and 110 basis points for Gas & Services, excluding energy pass-through.
- Recurring return on capital employed (ROCE) improved to 10.7%, despite higher investments under construction.
- Investment backlog exceeded EUR 4 billion, with more than 40% linked to energy transition projects.
- Major projects like the ExxonMobil hydrogen production and Micron electronics projects are set to drive future growth, with significant investments and long-term contracts.
- Sales growth was negatively impacted by Argentina's devaluation, affecting overall performance.
- The large industry segment in Asia faced a margin decline due to one-off effects and customer turnarounds, particularly in China.
- The energy pass-through effect led to a 3.5% decrease in published sales, reflecting the continued energy price decrease.
- Non-recurring operating expenses increased to EUR 87 million, mainly due to restructuring costs.
- The start-up contribution for 2024 is expected to be lower than initially anticipated, with some projects delayed to 2025.
Good morning, ladies and gentlemen, and welcome to the Air Liquide first half 2024 Results Conference Call. (Operator instructions)
I would now like to hand over to the Air Liquide team. Please begin your meeting and I'll be standing by
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Good morning, everyone, this is Aude Rodriguez, Head of Investor Relations. Thank you very much for attending the call today. Francois Jackow and Jerome Pelletan will present the first half 2024 performance. For the Q&A session, they will be joined by Pascal Vinet, Executive Vice President overseeing the Europe Industry and the African and Middle East hub, the industrial Merchant Activity and growth safety. Adam Peters, Group VP, Chief Executive Officer of LET North America is on the phone from the US.
In the agenda, our next announcement is on October 23 for our third quarter revenue.
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