AIR PRODUCTS & CHEMICALS, INC.

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Air Products and Chemicals : Segment Reorganization and Unaudited Historical Financial Information - Form 8-K

12/09/2021 | 08:42am EDT

AIR PRODUCTS AND CHEMICALS, INC.
SEGMENT REORGANIZATION EFFECTIVE 1 OCTOBER 2021
UNAUDITED HISTORICAL FINANCIAL INFORMATION
TABLE OF CONTENTS




Page 2 of 12
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
New Reporting Segments (Effective 1 October 2021)

Sales ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $933.0 $1,056.1 $1,063.3 $1,115.2 $4,167.6
Industrial Gases - Asia 717.5 697.5 751.8 754.0 2,920.8
Industrial Gases - Europe 543.5 558.4 599.4 644.3 2,345.6
Industrial Gases - Middle East 19.5 26.2 23.9 29.7 99.3
Corporate and other 161.7 163.8 166.3 297.9 789.7
Total $2,375.2 $2,502.0 $2,604.7 $2,841.1 $10,323.0

Operating Income (Loss) ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $225.8 $263.4 $286.0 $290.3 $1,065.5
Industrial Gases - Asia 214.8 198.5 219.1 205.9 838.3
Industrial Gases - Europe 137.5 132.9 134.0 125.0 529.4
Industrial Gases - Middle East 4.0 6.7 6.1 11.2 28.0
Corporate and other (43.0) (66.6) (68.1) (15.7) (193.4)
Total(A)
$539.1 $534.9 $577.1 $616.7 $2,267.8
(A)
Refer to the Reconciliation of Segment Results to Consolidated Results section on page 8 below.

Operating Margin Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas 24.2 % 24.9 % 26.9 % 26.0 % 25.6 %
Industrial Gases - Asia 29.9 % 28.5 % 29.1 % 27.3 % 28.7 %
Industrial Gases - Europe 25.3 % 23.8 % 22.4 % 19.4 % 22.6 %
Industrial Gases - Middle East 20.5 % 25.6 % 25.5 % 37.7 % 28.2 %
Corporate and other N/M N/M N/M N/M N/M
N/M Not meaningful

Equity Affiliates' Income ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $22.3 $32.3 $24.6 $33.3 $112.5
Industrial Gases - Asia 8.8 7.1 8.3 11.7 35.9
Industrial Gases - Europe 14.9 12.6 11.6 23.7 62.8
Industrial Gases - Middle East 21.2 16.1 17.1 22.0 76.4
Corporate and other 2.1 1.7 1.6 1.1 6.5
Total $69.3 $69.8 $63.2 $91.8 $294.1



Page 3 of 12
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
New Reporting Segments (Effective 1 October 2021)
Continued

Depreciation and Amortization ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $151.8 $153.3 $154.2 $152.6 $611.9
Industrial Gases - Asia 107.9 109.7 113.8 113.0 444.4
Industrial Gases - Europe 49.3 51.0 52.5 51.7 204.5
Industrial Gases - Middle East 6.1 6.6 6.2 6.4 25.3
Corporate and other 8.6 8.7 9.0 8.9 35.2
Total $323.7 $329.3 $335.7 $332.6 $1,321.3

Adjusted EBITDA(A)($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $399.9 $449.0 $464.8 $476.2 $1,789.9
Industrial Gases - Asia 331.5 315.3 341.2 330.6 1,318.6
Industrial Gases - Europe 201.7 196.5 198.1 200.4 796.7
Industrial Gases - Middle East 31.3 29.4 29.4 39.6 129.7
Corporate and other (32.3) (56.2) (57.5) (5.7) (151.7)
(A)
Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below.

Adjusted EBITDA Margin(A)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas 42.9 % 42.5 % 43.7 % 42.7 % 42.9 %
Industrial Gases - Asia 46.2 % 45.2 % 45.4 % 43.8 % 45.1 %
Industrial Gases - Europe 37.1 % 35.2 % 33.0 % 31.1 % 34.0 %
Industrial Gases - Middle East N/M N/M N/M N/M N/M
Corporate and other N/M N/M N/M N/M N/M
(A)
Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below.
N/M Not meaningful



Page 4 of 12
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
As Previously Reported

Sales ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $933.0 $1,056.1 $1,063.3 $1,115.2 $4,167.6
Industrial Gases - Asia 717.5 697.5 751.8 754.0 2,920.8
Industrial Gases - EMEA 563.0 584.6 623.3 674.0 2,444.9
Industrial Gases - Global 104.5 97.9 99.1 209.5 511.0
Corporate and other 57.2 65.9 67.2 88.4 278.7
Total $2,375.2 $2,502.0 $2,604.7 $2,841.1 $10,323.0

Operating Income (Loss) ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $225.8 $263.4 $286.0 $290.3 $1,065.5
Industrial Gases - Asia 214.8 198.5 219.1 205.9 838.3
Industrial Gases - EMEA 141.5 139.6 140.1 136.2 557.4
Industrial Gases - Global (4.6) (26.1) (33.6) 3.7 (60.6)
Corporate and other (38.4) (40.5) (34.5) (19.4) (132.8)
Total(A)
$539.1 $534.9 $577.1 $616.7 $2,267.8
(A)
Refer to the Reconciliation of Segment Results to Consolidated Results section on page 8 below.

Operating Margin Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas 24.2 % 24.9 % 26.9 % 26.0 % 25.6 %
Industrial Gases - Asia 29.9 % 28.5 % 29.1 % 27.3 % 28.7 %
Industrial Gases - EMEA 25.1 % 23.9 % 22.5 % 20.2 % 22.8 %
Industrial Gases - Global N/M N/M N/M N/M N/M
Corporate and other N/M N/M N/M N/M N/M
N/M Not meaningful

Equity Affiliates' Income ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $22.3 $32.3 $24.6 $33.3 $112.5
Industrial Gases - Asia 19.9 15.5 23.5 22.5 81.4
Industrial Gases - EMEA 25.0 20.3 13.5 34.9 93.7
Industrial Gases - Global 2.1 1.7 1.6 1.1 6.5
Corporate and other - - - - -
Total $69.3 $69.8 $63.2 $91.8 $294.1



Page 5 of 12
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
As Previously Reported
Continued

Depreciation and Amortization ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $151.8 $153.3 $154.2 $152.6 $611.9
Industrial Gases - Asia 107.9 109.7 113.8 113.0 444.4
Industrial Gases - EMEA 55.4 57.6 58.7 58.1 229.8
Industrial Gases - Global 2.6 2.6 2.9 2.8 10.9
Corporate and other 6.0 6.1 6.1 6.1 24.3
Total $323.7 $329.3 $335.7 $332.6 $1,321.3

Adjusted EBITDA(A)($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $399.9 $449.0 $464.8 $476.2 $1,789.9
Industrial Gases - Asia 342.6 323.7 356.4 341.4 1,364.1
Industrial Gases - EMEA 221.9 217.5 212.3 229.2 880.9
Industrial Gases - Global 0.1 (21.8) (29.1) 7.6 (43.2)
Corporate and other (32.4) (34.4) (28.4) (13.3) (108.5)
(A)
Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below.

Adjusted EBITDA Margin(A)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas 42.9 % 42.5 % 43.7 % 42.7 % 42.9 %
Industrial Gases - Asia 47.7 % 46.4 % 47.4 % 45.3 % 46.7 %
Industrial Gases - EMEA 39.4 % 37.2 % 34.1 % 34.0 % 36.0 %
Industrial Gases - Global N/M N/M N/M N/M N/M
Corporate and other N/M N/M N/M N/M N/M
(A)
Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below.
N/M Not meaningful



Page 6 of 12
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
Changes Due To Segment Reorganization

Sales ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $- $- $- $- $-
Industrial Gases - Asia - - - - -
Industrial Gases - Europe (formerly "EMEA") (19.5) (26.2) (23.9) (29.7) (99.3)
Industrial Gases - Middle East 19.5 26.2 23.9 29.7 99.3
Industrial Gases - Global (104.5) (97.9) (99.1) (209.5) (511.0)
Corporate and other 104.5 97.9 99.1 209.5 511.0
Total $- $- $- $- $-

Operating Income/Loss ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $- $- $- $- $-
Industrial Gases - Asia - - - - -
Industrial Gases - Europe (formerly "EMEA") (4.0) (6.7) (6.1) (11.2) (28.0)
Industrial Gases - Middle East 4.0 6.7 6.1 11.2 28.0
Industrial Gases - Global 4.6 26.1 33.6 (3.7) 60.6
Corporate and other (4.6) (26.1) (33.6) 3.7 (60.6)
Total(A)
$- $- $- $- $-
(A)
Refer to the Reconciliation of Segment Results to Consolidated Results section on page 8 below.

Equity Affiliates' Income ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $- $- $- $- $-
Industrial Gases - Asia (11.1) (8.4) (15.2) (10.8) (45.5)
Industrial Gases - Europe (formerly "EMEA") (10.1) (7.7) (1.9) (11.2) (30.9)
Industrial Gases - Middle East 21.2 16.1 17.1 22.0 76.4
Industrial Gases - Global (2.1) (1.7) (1.6) (1.1) (6.5)
Corporate and other 2.1 1.7 1.6 1.1 6.5
Total $- $- $- $- $-



Page 7 of 12
Air Products and Chemicals, Inc.
Unaudited Historical Financial Information
Changes Due To Segment Reorganization
Continued

Depreciation and Amortization ($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $- $- $- $- $-
Industrial Gases - Asia - - - - -
Industrial Gases - Europe (formerly "EMEA") (6.1) (6.6) (6.2) (6.4) (25.3)
Industrial Gases - Middle East 6.1 6.6 6.2 6.4 25.3
Industrial Gases - Global (2.6) (2.6) (2.9) (2.8) (10.9)
Corporate and other 2.6 2.6 2.9 2.8 10.9
Total $- $- $- $- $-

Adjusted EBITDA(A)($ millions)
Fiscal Year 2021
Q1 Q2 Q3 Q4 Total
Industrial Gases - Americas $- $- $- $- $-
Industrial Gases - Asia (11.1) (8.4) (15.2) (10.8) (45.5)
Industrial Gases - Europe (formerly "EMEA") (20.2) (21.0) (14.2) (28.8) (84.2)
Industrial Gases - Middle East 31.3 29.4 29.4 39.6 129.7
Industrial Gases - Global (0.1) 21.8 29.1 (7.6) 43.2
Corporate and other 0.1 (21.8) (29.1) 7.6 (43.2)
(A)
Non-GAAP financial measure. Refer to the Reconciliations of Non-GAAP Financial Measures section beginning on page 8 below.



Page 8 of 12
RECONCILIATION OF SEGMENT RESULTS TO CONSOLIDATED RESULTS
The table below reconciles total operating income disclosed in the tables above to consolidated operating income as reflected on our consolidated income statements:
Fiscal Year 2021
$ millions Q1 Q2 Q3 Q4 Total
Total $539.1 $534.9 $577.1 $616.7 $2,267.8
Facility closure - (23.2) - - (23.2)
Gain on exchange with joint venture partner - 36.8 - - 36.8
Consolidated Operating Income $539.1 $548.5 $577.1 $616.7 $2,281.4

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
We present certain financial measures, other than in accordance with U.S. generally accepted accounting principles ("GAAP"), on an "adjusted" or "non-GAAP" basis. On a segment basis, these measures include adjusted EBITDA and adjusted EBITDA margin. We define adjusted EBITDA by segment as segment operating income plus equity affiliates' income, before depreciation and amortization expense. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by segment sales for each period. Adjusted EBITDA and adjusted EBITDA margin provide useful metrics for management to assess operating performance.
Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the most directly comparable measure calculated in accordance with GAAP. We believe these non-GAAP financial measures provide investors, potential investors, securities analysts, and others with useful information to evaluate the performance of our business because such measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance and projected future results.
In many cases, non-GAAP financial measures are determined by adjusting the most directly comparable GAAP measure to exclude non-GAAP adjustments that we believe are not representative of our underlying business performance. For example, we previously excluded certain expenses associated with cost reduction actions, impairment charges, and gains on disclosed transactions. The reader should be aware that we may recognize similar losses or gains in the future. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.


Page 9 of 12
Reconciliations of Non-GAAP Financial Measures
New Reporting Segments (Effective 1 October 2021)
The tables below present sales and a reconciliation of operating income and operating margin by segment to adjusted EBITDA and adjusted EBITDA margin by segment. Amounts are provided in millions of dollars, unless otherwise indicated.
Fiscal Year 2021
Industrial Gases - Americas Q1 Q2 Q3 Q4 Total
Sales $933.0 $1,056.1 $1,063.3 $1,115.2 $4,167.6
Operating income $225.8 $263.4 $286.0 $290.3 $1,065.5
Operating margin 24.2 % 24.9 % 26.9 % 26.0 % 25.6 %
Reconciliation of GAAP to Non-GAAP:
Operating income $225.8 $263.4 $286.0 $290.3 $1,065.5
Add: Depreciation and amortization 151.8 153.3 154.2 152.6 611.9
Add: Equity affiliates' income 22.3 32.3 24.6 33.3 112.5
Adjusted EBITDA $399.9 $449.0 $464.8 $476.2 $1,789.9
Adjusted EBITDA margin 42.9 % 42.5 % 43.7 % 42.7 % 42.9 %

Fiscal Year 2021
Industrial Gases - Asia Q1 Q2 Q3 Q4 Total
Sales $717.5 $697.5 $751.8 $754.0 $2,920.8
Operating income $214.8 $198.5 $219.1 $205.9 $838.3
Operating margin 29.9 % 28.5 % 29.1 % 27.3 % 28.7 %
Reconciliation of GAAP to Non-GAAP:
Operating income $214.8 $198.5 $219.1 $205.9 $838.3
Add: Depreciation and amortization 107.9 109.7 113.8 113.0 444.4
Add: Equity affiliates' income 8.8 7.1 8.3 11.7 35.9
Adjusted EBITDA $331.5 $315.3 $341.2 $330.6 $1,318.6
Adjusted EBITDA margin 46.2 % 45.2 % 45.4 % 43.8 % 45.1 %



Page 10 of 12
Reconciliations of Non-GAAP Financial Measures
New Reporting Segments (Effective 1 October 2021)
Continued
Fiscal Year 2021
Industrial Gases - Europe Q1 Q2 Q3 Q4 Total
Sales $543.5 $558.4 $599.4 $644.3 $2,345.6
Operating income $137.5 $132.9 $134.0 $125.0 $529.4
Operating margin 25.3 % 23.8 % 22.4 % 19.4 % 22.6 %
Reconciliation of GAAP to Non-GAAP:
Operating income $137.5 $132.9 $134.0 $125.0 $529.4
Add: Depreciation and amortization 49.3 51.0 52.5 51.7 204.5
Add: Equity affiliates' income 14.9 12.6 11.6 23.7 62.8
Adjusted EBITDA $201.7 $196.5 $198.1 $200.4 $796.7
Adjusted EBITDA margin 37.1 % 35.2 % 33.0 % 31.1 % 34.0 %

Fiscal Year 2021
Industrial Gases - Middle East Q1 Q2 Q3 Q4 Total
Sales $19.5 $26.2 $23.9 $29.7 $99.3
Operating income $4.0 $6.7 $6.1 $11.2 $28.0
Reconciliation of GAAP to Non-GAAP:
Operating income $4.0 $6.7 $6.1 $11.2 $28.0
Add: Depreciation and amortization 6.1 6.6 6.2 6.4 25.3
Add: Equity affiliates' income 21.2 16.1 17.1 22.0 76.4
Adjusted EBITDA $31.3 $29.4 $29.4 $39.6 $129.7

Fiscal Year 2021
Corporate and other Q1 Q2 Q3 Q4 Total
Sales $161.7 $163.8 $166.3 $297.9 $789.7
Operating loss ($43.0) ($66.6) ($68.1) ($15.7) ($193.4)
Reconciliation of GAAP to Non-GAAP:
Operating loss ($43.0) ($66.6) ($68.1) ($15.7) ($193.4)
Add: Depreciation and amortization 8.6 8.7 9.0 8.9 35.2
Add: Equity affiliates' income 2.1 1.7 1.6 1.1 6.5
Adjusted EBITDA ($32.3) ($56.2) ($57.5) ($5.7) ($151.7)


Page 11 of 12
Reconciliations of Non-GAAP Financial Measures
As Previously Reported
The tables below present sales and a reconciliation of operating income and operating margin by segment to adjusted EBITDA and adjusted EBITDA margin by segment. Amounts are provided in millions of dollars, unless otherwise indicated.
Fiscal Year 2021
Industrial Gases - Americas Q1 Q2 Q3 Q4 Total
Sales $933.0 $1,056.1 $1,063.3 $1,115.2 $4,167.6
Operating income $225.8 $263.4 $286.0 $290.3 $1,065.5
Operating margin 24.2 % 24.9 % 26.9 % 26.0 % 25.6 %
Reconciliation of GAAP to Non-GAAP:
Operating income $225.8 $263.4 $286.0 $290.3 $1,065.5
Add: Depreciation and amortization 151.8 153.3 154.2 152.6 611.9
Add: Equity affiliates' income 22.3 32.3 24.6 33.3 112.5
Adjusted EBITDA $399.9 $449.0 $464.8 $476.2 $1,789.9
Adjusted EBITDA margin 42.9 % 42.5 % 43.7 % 42.7 % 42.9 %

Fiscal Year 2021
Industrial Gases - Asia Q1 Q2 Q3 Q4 Total
Sales $717.5 $697.5 $751.8 $754.0 $2,920.8
Operating income $214.8 $198.5 $219.1 $205.9 $838.3
Operating margin 29.9 % 28.5 % 29.1 % 27.3 % 28.7 %
Reconciliation of GAAP to Non-GAAP:
Operating income $214.8 $198.5 $219.1 $205.9 $838.3
Add: Depreciation and amortization 107.9 109.7 113.8 113.0 444.4
Add: Equity affiliates' income 19.9 15.5 23.5 22.5 81.4
Adjusted EBITDA $342.6 $323.7 $356.4 $341.4 $1,364.1
Adjusted EBITDA margin 47.7 % 46.4 % 47.4 % 45.3 % 46.7 %



Page 12 of 12
Reconciliations of Non-GAAP Financial Measures
As Previously Reported
Continued
Fiscal Year 2021
Industrial Gases - EMEA Q1 Q2 Q3 Q4 Total
Sales $563.0 $584.6 $623.3 $674.0 $2,444.9
Operating income $141.5 $139.6 $140.1 $136.2 $557.4
Operating margin 25.1 % 23.9 % 22.5 % 20.2 % 22.8 %
Reconciliation of GAAP to Non-GAAP:
Operating income $141.5 $139.6 $140.1 $136.2 $557.4
Add: Depreciation and amortization 55.4 57.6 58.7 58.1 229.8
Add: Equity affiliates' income 25.0 20.3 13.5 34.9 93.7
Adjusted EBITDA $221.9 $217.5 $212.3 $229.2 $880.9
Adjusted EBITDA margin 39.4 % 37.2 % 34.1 % 34.0 % 36.0 %

Fiscal Year 2021
Industrial Gases - Global Gases Q1 Q2 Q3 Q4 Total
Sales $104.5 $97.9 $99.1 $209.5 $511.0
Operating income (loss) ($4.6) ($26.1) ($33.6) $3.7 ($60.6)
Reconciliation of GAAP to Non-GAAP:
Operating income (loss) ($4.6) ($26.1) ($33.6) $3.7 ($60.6)
Add: Depreciation and amortization 2.6 2.6 2.9 2.8 10.9
Add: Equity affiliates' income 2.1 1.7 1.6 1.1 6.5
Adjusted EBITDA $0.1 ($21.8) ($29.1) $7.6 ($43.2)

Fiscal Year 2021
Corporate and other Q1 Q2 Q3 Q4 Total
Sales $57.2 $65.9 $67.2 $88.4 $278.7
Operating loss ($38.4) ($40.5) ($34.5) ($19.4) ($132.8)
Reconciliation of GAAP to Non-GAAP:
Operating loss ($38.4) ($40.5) ($34.5) ($19.4) ($132.8)
Add: Depreciation and amortization 6.0 6.1 6.1 6.1 24.3
Add: Equity affiliates' income - - - - -
Adjusted EBITDA ($32.4) ($34.4) ($28.4) ($13.3) ($108.5)

Disclaimer

Air Products and Chemicals Inc. published this content on 09 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 December 2021 13:41:02 UTC.


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Sales 2022 12 066 M - -
Net income 2022 2 287 M - -
Net Debt 2022 4 601 M - -
P/E ratio 2022 23,1x
Yield 2022 2,67%
Capitalization 52 691 M 52 691 M -
EV / Sales 2022 4,75x
EV / Sales 2023 4,62x
Nbr of Employees 20 750
Free-Float 88,6%
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Number of Analysts 25
Last Close Price 237,59 $
Average target price 293,14 $
Spread / Average Target 23,4%
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Managers and Directors
Seifollah Ghasemi Chairman, President & Chief Executive Officer
Melissa N. Schaeffer Chief Financial Officer & Senior Vice President
Brian Galovich Chief Information Officer & Senior Vice President
Samir J. Serhan Chief Operating Officer
Hing Yuen Ho Independent Director
Sector and Competitors