Linde reports full year and Q4 2023 results

Linde reports full year and Q4 2023 results

Linde plc reported 4Q 2023 results. Europe, Middle East & Africa (EMEA) sales of $2100 M were up 4% versus prior year, said the company.

Compared with 4Q 2022, underlying sales grew 2%, driven by 6% higher pricing partially offset by 4% lower volumes.

Operating profit of $615 M was 29.3% of sales, 420 basis points above prior year and 350 basis points higher when excluding the effects of cost pass-through.

We remind, Linde announced it has signed a record number of new small on-site projects during 2023, its fourth consecutive year of growth, said the company. Linde signed 53 new small on-site projects with capex totaling $270 million for the supply of nitrogen and oxygen during 2023. Small on-site projects use Linde’s proprietary ECOVAR technology, which is designed to be highly efficient, flexible and reliable while helping customers minimize their environmental impact.

Berlin considers nationalising Rosneft's German business

With the German government's temporary seizure of Russian oil firm Rosneft's, opens new tab assets in Germany set to expire, Berlin is looking at nationalising them, said Reuters.

Moscow criticised the potential nationalisation and said it would defend its interests. Following Russia's invasion of Ukraine in 2022, the European Union, the United States, Japan and Canada froze some $300 billion of Russian central bank assets, while Moscow moved to seize some Western assets.

Germany's economy ministry told Rosneft on Tuesday that if Russia regained control over the companies, which include Berlin's main PCK Schwedt refinery, the refineries' operations would be jeopardized because contractual partners would refuse to cooperate, law firm Malmendier Legal said in a statement published on LinkedIn.

Reuters reported on Wednesday that Berlin was preparing for a possible nationalisation of Rosneft's German activities, including its 54.17% stake in Schwedt refinery, which the German government put under a trusteeship in September 2022 in the wake of Russia's invasion of Ukraine.

We remind, Rosneft-owned Tuapse oil refinery on the Black Sea will not resume operations this month, at the very least, sources, familiar with the maintenance schedule. Rosneft, Russia's largest oil producer, did not reply to a request for immediate comment. Russia has been beset in the past month by a number of refinery outages triggered by fires or suspected drone attacks, prompting authorities to reduce fuel exports to safeguard the domestic market.

Huhtamaki up on Q4 EBIT beat, forecast for easing 2024 conditions

Huhtamaki up on Q4 EBIT beat, forecast for easing 2024 conditions

Huhtamaki announced its financial results for 4Q 2023 and full year 2023. For full year 2023, its net sales decreased 7% to EUR4169 M (full year 2022: EUR4479 M), said the company.

Adjusted EBIT was EUR 393 M (EUR 395 M); reported EBIT was EUR381 M (EUR405 M). Adjusted earnings per share (EPS) was EUR2.32 (EUR 2.49); reported EPS was EUR1.97 (EUR 2.65).

Comparable net sales growth at Group level was -2% and -4% in emerging markets. The impact of currency movements on the Group's net sales was EUR -153 M and EUR -15 M on EBIT.

Capital expenditure was EUR319 M (EUR318 M). Free cash flow was EUR321 M (EUR11 M). The Board of Directors proposes a dividend of EUR1.05/share (EUR1.00/share).

We remind, Huhtamaki, a leading global provider of sustainable packaging solutions for consumers around the world, is making a significant investment in its Paris, Texas facility in the U.S, said the company. The investment consists of an expansion of its manufacturing capacity as well as a consolidation of an external warehouse. The investment into production assets is approximately USD 30 million, and the warehouse and manufacturing facility will be leased.

Air Products reports 1Q FY 2024

Air Products reports 1Q FY 2024

Air Products has released its first quarter results, reporting sales of USD4bn, down 6% for the prior year, said the company.

The fiscal year of the industrial gases major runs from October to September, so its Q1 figures are for the period to end-December 2023. Seifi Ghasemi, Chairman, President, and CEO, said “significant” geopolitical and economic headwinds had impacted performance.

“Our reported results were lower than our expectations, mainly due to a slowdown in manufacturing in Asia, particularly in China, with lower helium demand, cost headwinds from a sale of equipment project, and currency devaluation in Argentina,” he said.

Read more: Slowing helium demand knocks Air Products quarterly results. Despite the conditions, Air Products’ earnings per share for the quarter were USD2.73, up 6% from the prior year. GAAP net income was also up 6% to reach USD622m.

Adjusted EBITDA of USD1.2bn was up 8% over the prior year, due to higher equity affiliates’ income, higher volumes, and higher pricing, partially offset by higher costs.

Americas sales of USD1.3bn were down 10% versus the prior year, as 3% higher volumes driven by strong hydrogen demand and 2% higher pricing were more than offset by 15% lower energy cost pass-through.

Operating income of USD354m increased 3% and adjusted EBITDA of USD561m increased 9%, in each case primarily due to higher pricing and volumes, partially offset by higher costs.

We remind, on the occasion of Hyvolution 2024, Air Liquide and TotalEnergies announce the creation of TEAL Mobility. Equally owned by the two companies, TEAL Mobility will accelerate the development of hydrogen for heavy duty trucks by offering a network of 100 stations on major European corridors. This approach contributes to reinforce the momentum given to the entire industry, from truck manufacturers to transport operators.

TotalEnergies and ONGC in India join forces to detect and measure methane emissions

TotalEnergies and ONGC in India join forces to detect and measure methane emissions

TotalEnergies and Oil and Natural Gas Corporation (ONGC) have signed a cooperation agreement to carry out methane emissions detection and measurement campaigns using TotalEnergies' pioneer AUSEA (Airborne Ultralight Spectrometer for Environmental Applications) technology, said the company.

ONGC has been inviting international technology partners to help reduce its methane emissions in India by 2030, while TotalEnergies has decided to share its AUSEA technology in an effort to pivot the whole industry towards zero methane emissions by 2030. Both companies are party to the Oil and Gas Decarbonization Charter (OGDC), global industry initiative launched at COP28.

ONGC joins a growing list of national companies who have signed cooperation agreements with TotalEnergies for the use of AUSEA including Petrobras in Brazil, SOCAR in Azerbaijan, Sonangol in Angola and NNPCL in Nigeria. Mounted on a drone, the AUSEA gas analyzer, developed by TotalEnergies and its R&D partners, consists of a dual sensor capable of detecting methane and carbon dioxide emissions, while at the same time identifying their source. This technology marks a step change in methane emissions detection and measurement compared to traditional techniques.

By allowing access to hard-to-reach emission points, on all types of industrial facilities, both offshore and offshore, AUSEA is reputed as one of the most accurate technologies in the industry. After halving its methane emissions from its operated sites between 2010 and 2020, TotalEnergies set ambitious targets to step up its efforts and reduce methane emissions by a further 50% by 2025 - with the ambition to reach this target a year early, in 2024 - and by 80% in 2030, compared to 2020.

TotalEnergies is also committed to promoting the United Nations Oil and Gas Methane Partnership (OGMP 2.0) framework with other national and international oil companies. The company has now held the OGMP Gold standard status for the three years in a row.

We remind, TotalEnergies has not sent ships through the southern strait leading to the Red Sea and the Suez Canal for several weeks, extending its ships' travel time to Europe. The Bab-el-Mandeb strait at the southern end of the Red Sea has been disrupted by Houthi attacks on commercial vessels, driving up freight costs and restricting traffic.