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    Andreas Heine

    Research Analyst at Stifel

    Andreas Heine's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership

    Andreas Heine's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q2 2022

    Question

    Andreas Heine of Stifel asked for a breakdown of the strong growth in Electronics between energy pass-through effects and underlying volumes, and also requested details on the differing trends in Healthcare between home care and medical gases.

    Answer

    Mike Graff, Executive VP, clarified that in Electronics, customers supply the energy for most carrier gas business, meaning the strong growth is driven by new volumes from start-ups, not energy price escalation. Francois Jackow, Executive VP, explained that in Healthcare, medical gas volumes are normalizing post-COVID but are seeing positive pricing for the first time in years. Meanwhile, Home Care continues to show very strong momentum from both organic growth and acquisitions, driven by value-based care models.

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    Andreas Heine's questions to L AIR LIQUIDE SA /FI (AIQUY) leadership • Q3 2021

    Question

    Andreas Heine asked about the security of Air Liquide's energy supply in Europe, its exposure to spot markets, and the risk of production curtailments similar to those in China. He also questioned if there is an upper limit on annual CapEx given the increasing number of energy transition opportunities.

    Answer

    Executive VP Francois Jackow assured that the company's energy sourcing is hedged and not exposed to the spot market, though he noted some customers in energy-intensive industries could face curtailments. CFO Jérôme Pelletan stated that while CapEx has risen, the company will remain selective with projects to protect its ROCE target of over 10%, with further details on capital allocation to be provided at the March 2022 Capital Markets Day.

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