English Français Investors Credit investor Credit investor presentation Credit investor presentation A diverse and well-balanced funding strategy FINANCING PRINCIPLES FUNDING SOURCES AND MATURITIES DEBT BY CURRENCY FINANCING STRUCTURE DEBT STRUCTURE Air Liquide reviews the Group’s financing strategy on a regular basis to provide support to its growth objectives and take into account changes in financial market conditions, all while respecting a credit profile in line with a minimum long term rating of “A” range from Standard & Poor’s and Moody’s. Since the Airgas acquisition in May 2016, Air Liquide’s credit rating by Moody's is affirmed at "A3" with a recently revised outlook to positive. S&P has recently revised upwards its credit rating of the Group to "A" with a stable outlook. Air Liquide’s financing principles Our financing strategy consists in the following principles: Diversification of funding sources and debt maturities to minimize refinancing risk Backing of commercial paper issues with solid lines of credit Hedging of interest rate risks to ensure visibility of funding costs in line with long-term investment decisions Funding investments in the currency of operating cash flows to ensure a natural foreign exchange hedge Centralizing excess cash through Air Liquide Finance, a wholly owned entity of Air Liquide S.A. €10,609 M Net debt 2020 €12,400 M Gross debt 2020 55.8% Gearing ratio 93% Financial market debt H1 2021 Credit Investors Presentation PDF - 7.48 MB Download A well balanced mix of funding sources and maturities Air Liquide diversifies its financing sources by accessing various debt markets. In the long run, the Group funds itself with bond issues, usually through its Euro Medium-Term Notes programme (EMTN), targeting European, American, as well as Chinese markets. Over the short term, Air Liquide has recourse to Negotiable European Commercial Paper (NEU CP) and US Commercial Paper. The Group has also access to a Syndicated Credit Facility and several bilateral credit facilities with the Group’s core banking partners for general corporate purposes. A broad range of financing tools at our disposal In certain special circumstances, (for instance: regulatory constraints, high country risk or partnership), the Group reduces its exposure by setting up a specific funding for its subsidiaries with local bank market. Air Liquide diversifies its funding sources and spreads maturities over several years to minimize refinancing risks related to debt repayment schedules. Additionally, the Group’s operations generate a regular cash flow that helps to reduce these risks. At the end of 2020, the average maturity of the Group's debt was 5.8 years, slightly below 2019 level. Debt by currency USD EUR JPY Others Financing structure Bonds Private placements Commercial papers Bank debt Others Debt structure Fixed Variable CREDIT INVESTOR Air Liquide Finance A dedicated entity for financing activities Financing tools Access to different debt markets A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 78 countries with approximately 64,500 employees and serves more than 3.8 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902. AIR LIQUIDE WORLDWIDE Please select Angola Antilles Argentina Australia Austria Bahrain Belgium Benin Botswana Brazil Brunei Bulgaria Burkina Faso Cameroon Canada Chile Colombia Congo Denmark Dominican Republic Egypt Eswatini Finland France French Guiana Gabon Germany Ghana India Indonesia Ireland Italy Ivory Coast Japan Kazakhstan Korea Kuwait Luxembourg Madagascar Mainland China Malaysia Mali Mexico Morocco Mozambique Namibia Netherlands New Zealand Nigeria Norway Oman Paraguay Philippines Poland Portugal Qatar Romania Russia Saudi Arabia Senegal Singapore South Africa Spain Sweden Switzerland Taïwan Thailand Togo Trinidad and Tobago Tunisia Turkey Ukraine United Arab Emirates United Kingdom United States of America Uruguay Vietnam Gas encyclopedia Safety data sheets (SDS) Air Liquide Foundation Contact us CONNECT WITH US © Air Liquide 2021 Legal noticeCookie policyCreditsAccessibilitySitemap Manage cookies