{"id":1170,"date":"2009-02-16T11:02:12","date_gmt":"2009-02-16T11:02:12","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2009\/02\/16\/sur-fond-de-cro\/"},"modified":"2012-07-12T11:22:44","modified_gmt":"2012-07-12T11:22:44","slug":"sur-fond-de-cro","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2009\/02\/16\/sur-fond-de-cro\/","title":{"rendered":"Sur fond de croissance du chiffre d&rsquo;affaire, Air Liquide aborde la crise affaibli par la dette"},"content":{"rendered":"<p><a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/air_liquide_21.png\"><img loading=\"lazy\" decoding=\"async\" height=\"81\" alt=\"Air_liquide_2\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/air_liquide_2.png\" width=\"250\"  \/><\/a>&nbsp;  <a href=\"http:\/\/clabedan.typepad.com\/photos\/uncategorized\/2009\/02\/16\/air_liquide.png\"><\/a>&nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; <strong><span style=\"font-size: 1.4em\">A<\/span><\/strong>ir Liquide pr\u00e9sente des r\u00e9sultats avec une croissance du chiffre d&rsquo;affaire 2008 de 11% et surtout de 7,9% au quatri\u00e8me trimestre. Ce dernier score suffit \u00e0 montrer la solidit\u00e9 du business de cette Compagnie. Cependant une analyse de l&rsquo;endettement net de l&rsquo;entreprise montre qu&rsquo;elle a d\u00e9pens\u00e9 en deux ans deux milliards d&rsquo;euros de plus qu&rsquo;elle n&rsquo;en a collect\u00e9. L&rsquo;endettement net qui \u00e9tait de 3,45 milliards d&rsquo;euros en fin 2006 est port\u00e9 \u00e0 <u>5,48 milliards \u00e0 fin 2008<\/u>, ce qui repr\u00e9sente un ratio de 78% sur capitaux propres. En des p\u00e9riodes de croissance de l&rsquo;\u00e9conomie un tel ratio serait ais\u00e9ment supportable par Air Liquide, mais dans le contexte actuel, cet endettement va constituer un handicap certain et va obliger Beno\u00eet Potier, son Pr\u00e9sident, \u00e0 limiter fortement ses investissements.<\/p>\n<p>Mais comment Air Liquide a-t-elle r\u00e9ussi \u00e0 s&rsquo;endetter de la sorte?<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Une analyse du tableau de flux de tr\u00e9sorerie montre que sur les deux ans 2007 et 2008 les chiffres suivants:<\/p>\n<ul>\n<li>Flux net g\u00e9n\u00e9r\u00e9 par les op\u00e9rations et cessions diverses: 4.65 mrds <\/li>\n<li>Investissements et Acquisitions : 4.82 mrds<\/li>\n<li>dividendes : 1.12 mrds<\/li>\n<li>rachats d&rsquo;actions : 0.70 mrds<\/li>\n<li>pertes de change et p\u00e9rim\u00e8tre : 0.19 mrds<\/li>\n<\/ul>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Il appara\u00eet donc que le Groupe a fortement investi durant la p\u00e9riode mais que sur les deux milliards d&rsquo;euros d&rsquo;endettement suppl\u00e9mentaire, <u>700 millions sont dus \u00e0 de stupides rachats d&rsquo;actions<\/u>, r\u00e9alis\u00e9s alors que les cours \u00e9taient au plus haut (\u00e0 76 euros en 2008). Ces acquisitions inutiles, financ\u00e9es par la dette, ont \u00e9t\u00e9 arr\u00eat\u00e9es d\u00e8s le mois de Septembre. La dette d&rsquo;Air Liquide s&rsquo;est \u00e9galement aggrav\u00e9e avec la hausse du Yen en 2008.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Il est donc probable, si Air Liquide ne veut pas accentuer son endettement en 2009, que les d\u00e9penses d&rsquo;investissements ou d&rsquo;acquisitions sur l&rsquo;exercice devront \u00eatre sensiblement divis\u00e9es par deux par rapport \u00e0 la moyenne des deux exercices pr\u00e9c\u00e9dents. Une fourchette entre 1 et 1.2 mrds d&rsquo;euros en fonction des effets de la crise semble la plus raisonnable pour une saine gestion de la tr\u00e9sorerie de l&rsquo;entreprise. Air Liquide disposait en d\u00e9but d&rsquo;exercice 2009 d&rsquo;une tr\u00e9sorerie de 1,14 mrds d&rsquo;euros.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; En particulier, il ne faudra pas qu&rsquo;elle compte beaucoup sur la croissance du photovolta\u00efque qui va se trouver en arr\u00eat complet d&rsquo;investissements en 2009 et s\u00fbrement en 2010, sinon au Japon.<\/p>\n<p>Le 16 F\u00e9vrier 2009.<\/p>\n<p>&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Air Liquide pr\u00e9sente des r\u00e9sultats avec une croissance du chiffre d&rsquo;affaire 2008 de 11% et surtout de 7,9% au quatri\u00e8me trimestre. Ce dernier score suffit \u00e0 montrer la solidit\u00e9 du business de cette Compagnie. Cependant une analyse de l&rsquo;endettement net de l&rsquo;entreprise montre qu&rsquo;elle a d\u00e9pens\u00e9 en [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":11855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sur fond de croissance du chiffre d&#039;affaire, Air Liquide aborde la crise affaibli par la dette - leblogenergie.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2009\/02\/16\/sur-fond-de-cro\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Sur fond de croissance du chiffre d&#039;affaire, Air Liquide aborde la crise affaibli par la dette - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Air Liquide pr\u00e9sente des r\u00e9sultats avec une croissance du chiffre d&rsquo;affaire 2008 de 11% et surtout de 7,9% au quatri\u00e8me trimestre. 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