News dal cuore del portafoglio

Ecco i dati 2013 di Air Liquide e Coca Cola… due titoli molto importanti che equivalgono a circa il 15% del mio portafoglio.

Air Liquide Creative Oxygen

2013 performance
Another year of growth
Increase in operating margin and net profit


Key figures
■ Group revenue:
€ 15,225 million
+3.7%*
■ Operating margin on the rise: 16.9%
■ Net profit:
€ 1,640 million
+5.5%*
■ Proposed 2013 dividend of € 2.55per share, up +2.0%

2013 Highlights
■ Sustained investments in growth markets: large industrial basins (Antwerp, Rotterdam, Bayport), gasification in China
 
■ Further acquisitions: in Healthcare in France, Poland, Scandinavia and Australia; and in Electronics in the United States
 
■ Innovation and technology: start-up of the world’s largest helium production unit, in Qatar; new steps taken in hydrogen energy; rollout of new innovation structures

Commenting on the 2013 results, Benoît Potier, Chairman and CEO of the Air Liquide Group, stated:
“The progress the Group made during 2013 reflects the return to a more supportive economic climate during the year and an increase in the pace of growth in the United States and China.
We delivered another improvement in our operating income through a combination of our global presence, initiatives in growth markets and reinforced efficiency programs. This performance demonstrates that the Group is aligned with its goals of regular improvement in its margin and of net profit growth.
Throughout 2013, the Group continued to adapt its structures to the dynamics of its markets, to ensure that it has the best possible positioning for ensuring both its competitiveness and long-term development.
In addition, investment decisions totaling € 2.7 billion, the conclusion of new contracts, and the commissioning of 23 production units will contribute to our growth in the years to come, as will the innovations and technologies being developed.
In this context, and barring a degradation of the environment, Air Liquide is confident in its ability to deliver another year of net profit growth in 2014.”
2013 consolidated revenue reached € 15,225 million, an increase of +3.7% adjusted for currency and natural gas impacts, and slightly down (-0.7%) on a reported basis. Gas & Services revenue rose by +4.0% adjusted for currency and natural gas impacts, reflecting the improvement in business over the course of the year.
All Gas & Services business lines reported growth. Large Industries benefited from higher demand for hydrogen for the refinery and petrochemical industries in the United States and for oxygen in Eastern Europe. Healthcare grew across all geographic zones and was driven by acquisitions in Europe. The improvement in Industrial Merchant was illustrated by the resilience of both volumes and prices in North America and higher sales of helium and specialty gases in Asia. The pick-up inElectronics began to materialize in the third quarter of 2013 thanks to sales of equipment and installations in the United States and in China, and the acquisition of Voltaix.
Similarly, the high level of order intake for Engineering & Technology (€ 1.9 billion) confirms our customers’ confidence over the medium term.
The operating margin, which was positively impacted by the high level of efficiency gains amounting to € 303 million, reached 16.9% (+20 basis points). Net profit (Group share) is € 1,640 million, an increase of +5.5% adjusted for currency impact and +3.1% as published. Cash flow (after change in Working Capital Requirements) for the year rose by +3.5%Net debt, which stands at € 6,062 million, is in slight decrease and represents 56% of shareholders’ equity. The Return on capital employed, at11.1%, is in line with the target range of between 11% and 13%.

Air Liquide’s Board of Directors, which met on February 17, 2014, approved the audited financial statements for fiscal year 2013. The Group’s Statutory Auditors are in the process of issuing an unqualified opinion on the financial statements for 2013.
At the next Annual General Meeting of Shareholders, the Board of Directors will propose the payment of a dividend of € 2.55 per share, an increase of +2.0%. The ex-dividend date has been set for May 16, 2014 and the payment date for May 21, 2014. Furthermore, the Board of Directors has decided to award one free share for 10 existing shares as of June 2, 2014, subject to the necessary approvals at the next Annual General Meeting of Shareholders.

<span class="" data-override-size="" data-title="{"desktop":"Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”tablet”:”Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”mobile”:”Coke Reports Global Volume Growth in 2013 “}” itemprop=”name” style=”outline: none; quotes: “, ”;”>COCA-COLA REPORTS 2% GLOBAL VOLUME GROWTH FOR THE FULL YEAR 2013 AND 1% FOR THE FOURTH QUARTER

<span class="" data-override-size="" data-title="{"desktop":"Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”tablet”:”Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”mobile”:”Coke Reports Global Volume Growth in 2013 “}” itemprop=”name” style=”outline: none; quotes: “, ”;”>
<span class="" data-override-size="" data-title="{"desktop":"Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”tablet”:”Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”mobile”:”Coke Reports Global Volume Growth in 2013 “}” itemprop=”name” style=”outline: none; quotes: “, ”;”>

<span class="" data-override-size="" data-title="{"desktop":"Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”tablet”:”Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”mobile”:”Coke Reports Global Volume Growth in 2013 “}” itemprop=”name” style=”outline: none; quotes: “, ”;”>Today Coca-Cola (NYSE: KO) reported worldwide volume growth of 2% for the full year and 1% in the fourth quarter 2013. The company also reported global value share gains in nonalcoholic ready-to-drink beverages with volume and value share gains in core sparkling and still beverages for the full year.

<span class="" data-override-size="" data-title="{"desktop":"Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”tablet”:”Coca-Cola Reports 2% Global Volume Growth for the Full Year 2013 and 1% for the Fourth Quarter”,”mobile”:”Coke Reports Global Volume Growth in 2013 “}” itemprop=”name” style=”outline: none; quotes: “, ”;”>

Chairman and CEO Muhtar Kent said, “2013 was marked by ongoing global macroeconomic challenges in many markets around the world. And while our business was not immune to these pressures leading to moderated global volume growth, we delivered sound financial results in line with our long-term profit targets and gained global value share in total nonalcoholic ready-to-drink beverages as well as global volume and value share in core sparkling and still beverages for the year.”
The Company reported solid volume growth for the full year in certain developed markets, including Germany (+2%), the Northwest Europe and Nordics business unit (+1%) and Japan (+1%). 
Worldwide sparkling beverage volume was up 1% for the year, led by brand Coca-Cola, and was even for the fourth quarter. Growth for the year was broad based across our sparkling portfolio, including Fanta and Sprite, enabling us to capture global core sparkling volume share for the 8th consecutive year. 
I dati di Air Liquide e sopratutto Coca Cola non sono di certo esaltanti ma rimango fiducioso sull’andamento di questi due colossi nel medio e lungo termine,
Nel frattempo ho incassato il primo dividendo Vodafone ..una delle poche che non aveva ancora riportato a casa Black Dog qualche euro.
Avanti così..aspettando tempi migliori per mettere a lavorare un po’ di liquidità.

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