UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) 23 April 2001
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Air Products and Chemicals, Inc.
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(Exact name of registrant as specified in charter)
Delaware 1-4534 23-1274455
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(State of other jurisdiction of incorporation) (Commission file number) (IRS Identification number)
7201 Hamilton Boulevard, Allentown, Pennsylvania 18195-1501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 481-4911
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Item 5. Other Items
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AIR PRODUCTS REPORTS NET INCOME FROM OPERATIONS OF 54 CENTS
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LEHIGH VALLEY, Pa. (April 23, 2001) - Air Products and Chemicals, Inc.
(NYSE:APD) today reported net income from operations of $118 million, or diluted
operating earnings per share of 54 cents for the March quarter. Excluding
disclosed special items in both years, diluted operating earnings per share
declined 13 percent compared with prior year earnings of 62 cents per share. Net
income from operations declined 11 percent compared with prior year earnings of
$133 million, primarily due to higher natural gas prices and lower volumes in
the chemicals business.
As reported net income for the March 2001 quarter was $95 million, or 43 cents
on a diluted earnings per share basis. Prior year net income as reported was
$48 million, or 22 cents per share. The following discussion excludes special
items.
Revenues of $1.5 billion increased 11 percent compared with prior year
revenues. Industrial gas sales were particularly strong in global markets
such as electronics and the chemicals and processing industries (CPI) and
in Asia.
Commenting on the quarter, Air Products Chairman and Chief Executive Officer
John P. Jones said, "As expected, this quarter's earnings were affected by the
weaker economy and higher energy and raw material prices, which hit our
chemicals business particularly hard. In the face of these short-term
challenges, our strategies continue to generate growth, and our long-term
fundamentals remain positive. The entire Air Products team remains focused on
execution. We continue to develop ways to better serve our customers and manage
costs in all areas."
Industrial gas sales increased 24 percent and operating income increased 11
percent compared with the prior year. Excluding natural gas and currency
effects, industrial gas sales were up 14 percent. Sales to the electronics
market, including premier specialty gases and high purity specialty
chemicals, grew by more than 50 percent, significantly driving
profitability. CPI continued to
2
perform well despite higher natural gas costs early in the quarter, which
impacted demand. In Asia, strength in electronics and better plant loading
increased profitability. Adjusted for currency effects, sales of bulk and
packaged gases, particularly to the medical gases market, led to solid European
results. Exceptionally high energy and raw material costs and a slower economic
environment led to lower operating results for North American gases.
The worldwide gases operating margin of 17.6 percent was affected by higher
natural gas prices. Adjusted for the pass-through effects of natural gas on
revenues, the margin was approximately 19.6 percent-equal to last year's
margin.
Chemicals' sales declined three percent compared with last year, excluding the
polyvinyl alcohol business divestiture. The chemicals business was severely
affected by lower volumes, higher natural gas costs and lower margins as price
increases continued to lag raw material cost increases. As a result, operating
income fell by more than 50 percent.
Commenting on the outlook for Air Products' chemicals business, Mr. Jones noted
the company anticipates lower raw material costs in the second half of its
fiscal year. "We also expect volumes to recover on normal seasonality. While the
economy may temper the pace of recovery, we don't expect the combination of
factors that drove Chemicals' disappointing results this quarter to continue."
Regarding the company's gases and equipment businesses, Mr. Jones said, "Thanks
to our leadership positions in the higher growth electronics and CPI markets,
and our #2 position in the European healthcare market, weaker economic
conditions had less impact on our gases business. Additionally, in many cases we
can recover increased natural gas and power costs. These strengths more than
offset weaker demand in our North American merchant and packaged gases
businesses. Based on continued strength in our key markets and regions, we
expect gases will continue to perform. We are also experiencing accelerated
activity in our natural gas liquefaction or LNG equipment business, which will
contribute to this year's bottom line results."
Mr. Jones concluded, "Together, these factors lead us to anticipate our earnings
per share from operations for fiscal 2001 will be in the range of $2.40 to
$2.45."
3
***NOTE: The forward-looking statements contained in this release are based on
current expectations regarding important risk factors. Actual results may differ
materially from those expressed. Factors that might cause forward-looking
statements to differ materially from actual results include, among other things,
overall economic and business conditions; demand and timing of the placing of
orders for the goods and services of Air Products; competitive factors in the
industries in which it competes; whether prices of natural gas and other raw
materials fall in the second half of fiscal 2001; the ability to recover
increased energy and raw material costs from customers; the availability of
utilities, particularly in California, to provide electrical power; changes in
government regulation; success of implementing cost reduction programs; the
timing, impact and other uncertainties of future acquisitions or divestitures;
fluctuations in interest rates and foreign currencies; the impact of tax and
other legislation and regulations in the jurisdictions in which Air Products and
its affiliates operate; and the timing and rate at which tax credits can be
utilized.
Financial tables follow:
4
AIR PRODUCTS AND CHEMICALS, INC.
SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
(Millions of dollars, except per share)
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Three Months Ended Six Months Ended
31 March 31 March
2001 2000 2001 2000
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Sales $1,498.3 $1,347.2 $2,939.6 $2,611.6
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Net Income:
As reported $ 94.6 $ 47.6 $230.2 $ 98.2
Exclusive of special items $118.3(a) $133.2(b) $253.9(a) $254.4(c)
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Basic Earnings Per Share:
As reported $.44 $.22 $1.07 $ .46
Exclusive of special items $.55 $.62 $1.18 $1.19
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Diluted Earnings Per Share:
As reported $.43 $.22 $1.05 $ .46
Exclusive of special items $.54(a) $.62(b) $1.16(a) $1.18(c)
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Operating Return on Net Assets 11.3% 10.1%
Capital Expenditures $329.3 $604.0
Depreciation $143.3 $144.6 $291.7 $276.3
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(a) Excludes an after-tax charge of $20.0 million, or $.09 per share, for a
global cost reduction plan and an after-tax charge of $3.7 million, or
$.02 per share, for costs related to a litigation settlement.
(b) Excludes an after-tax charge of $84.1 million, or $.39 per share, for costs
related to the BOC transaction, an after-tax charge of $5.5 million, or
$.03 per share, for a global cost reduction plan, and an after-tax gain of
$4.0 million, or $.02 per share, on the sale of packaged gas facilities.
(c) Excludes an after-tax charge of $154.7 million, or $.72 per share, for
costs related to the BOC transaction, an after-tax charge of $5.5 million,
or $.03 per share, for a global cost reduction plan, and an after-tax gain
of $4.0 million, or $.02 per share, on the sale of packaged gas facilities.
The costs related to the BOC transaction consist primarily of charges
recorded on purchased option and forward exchange contracts entered into to
hedge the currency exposure of the transaction.
5
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONSOLIDATED INCOME
(Unaudited)
(Millions of dollars, except per share)
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Three Months Ended Six Months Ended
31 March 31 March
2001 2000 2001 2000
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SALES AND OTHER INCOME
Sales $1,498.3 $1,347.2 $2,939.6 $2,611.6
Other income (expense), net (9.0) 7.1 4.3 13.9
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1,489.3 1,354.3 2,943.9 2,625.5
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COSTS AND EXPENSES
Cost of sales 1,104.8 925.6 2,129.9 1,802.7
Selling and administrative 189.5 179.9 363.0 347.7
Research and development 30.8 29.9 59.3 60.0
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OPERATING INCOME 164.2 218.9 391.7 415.1
Income from equity affiliates, net 16.9 21.3 37.8 41.6
of related expenses
Loss on currency hedges related to -- 134.7 -- 247.9
BOC transaction and expenses
Interest expense 50.3 46.8 98.7 88.1
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INCOME BEFORE TAXES AND 130.8 58.7 330.8 120.7
MINORITY INTEREST
Income taxes 36.6 8.3 98.3 17.4
Minority interest (a) (.4) 2.8 2.3 5.1
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NET INCOME $94.6 $47.6 $230.2 $98.2
==================================================================================================================
BASIC EARNINGS PER COMMON SHARE $.44 $.22 $1.07 $.46
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DILUTED EARNINGS PER COMMON SHARE $.43 $.22 $1.05 $.46
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WEIGHTED AVERAGE NUMBER OF COMMON 214.5 213.3 214.4 213.2
SHARES (in millions)
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WEIGHTED AVERAGE NUMBER OF COMMON AND 218.9 215.4 218.4 215.5
COMMON EQUIVALENT SHARES (in
millions) (b)
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DIVIDENDS DECLARED PER $.19 $.18 $.38 $.36
COMMON SHARE - Cash
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(a) Minority interest primarily includes before-tax amounts.
(b) The dilution of earnings per common share is due mainly to the impact of
unexercised stock options.
6
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
Millions of dollars)
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31 March
ASSETS 2001 2000
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CURRENT ASSETS
Cash and cash items $100.6 $ 92.7
Trade receivables, less allowances for 1,049.8 923.1
doubtful accounts
Inventories and contracts in progress 514.2 497.7
Other current assets 240.3 381.2
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TOTAL CURRENT ASSETS 1,904.9 1,894.7
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INVESTMENTS IN NET ASSETS OF AND ADVANCES TO 493.8 505.9
EQUITY AFFILIATES
PLANT AND EQUIPMENT, at cost 10,451.6 10,491.3
Less - Accumulated depreciation 5,274.9 5,120.7
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PLANT AND EQUIPMENT, net 5,176.7 5,370.6
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GOODWILL AND OTHER NONCURRENT ASSETS 709.1 799.1
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TOTAL ASSETS $8,284.5 $8,570.3
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LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES
Payables, trade and other $577.0 $538.3
Accrued liabilities 336.6 377.4
Unrealized loss on forward contracts related to BOC transaction -- 188.7
Accrued income taxes 17.1 49.3
Short-term borrowings 209.1 440.6
Current portion of long-term debt 302.0 115.3
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TOTAL CURRENT LIABILITIES 1,441.8 1,709.6
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LONG-TERM DEBT 2,515.6 2,506.9
DEFERRED INCOME & OTHER NONCURRENT LIABILITIES 534.3 566.8
DEFERRED INCOME TAXES 785.6 744.2
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TOTAL LIABILITIES 5,277.3 5,527.5
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MINORITY INTERESTS IN SUBSIDIARY COMPANIES 117.4 119.5
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TOTAL SHAREHOLDERS' EQUITY 2,889.8 2,923.3
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $8,284.5 $8,570.3
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7
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
CONDENSED CONSOLIDATED CASH FLOWS
(Unaudited)
(Millions of dollars)
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Six Months Ended 31 March
2001 2000
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OPERATING ACTIVITIES
Net Income $230.2 $98.2
Adjustments to reconcile income to cash provided by operating activities:
Depreciation 291.7 276.3
Impairment of long-lived assets 6.4 --
Deferred income taxes 7.1 12.9
Loss on BOC transaction -- 201.3
Undistributed earnings of unconsolidated affiliates (19.9) (25.5)
Gain on sale of assets and investments (.6) (10.9)
Other (14.6) 35.9
Working capital changes that provided (used) cash, net of effects of
acquisitions
Trade receivables (82.2) (41.5)
Inventories and contracts in progress (37.9) 6.8
Payables, trade and other 1.6 30.7
Other (1.9) (82.6)
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CASH PROVIDED BY OPERATING ACTIVITIES 379.9 501.6
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INVESTING ACTIVITIES
Additions to plant and equipment (a) (302.3) (378.6)
Acquisitions, less cash acquired (b) -- (168.7)
Investment in and advances to unconsolidated affiliates (26.5) (16.5)
Proceeds from sale of assets and investments 32.2 30.0
Other 23.0 (15.3)
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CASH USED FOR INVESTING ACTIVITIES (273.6) (549.1)
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FINANCING ACTIVITIES
Long-term debt proceeds 54.4 507.5
Payments on long-term debt (21.4) (369.6)
Net (decrease) increase in commercial paper and short-term borrowings (25.7) 10.5
Purchase of treasury stock (50.0) --
Dividends paid to shareholders (81.5) (76.8)
Other 27.0 1.8
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CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (97.2) 73.4
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Effect of Exchange Rate Changes on Cash (2.6) 5.2
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Increase in Cash and Cash Items 6.5 31.1
Cash and Cash Items - Beginning of Year 94.1 61.6
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Cash and Cash Items - End of Period $100.6 $92.7
==========================================================================================================================
(a) Excludes capital lease additions of $.5 million and $16.0 million in fiscal
2001 and 2000, respectively.
(b) Excludes $24.2 million of long-term debt assumed in acquisitions in fiscal
2000.
8
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The results for the three and six months ended 31 March 2001 include a charge of
$30.9 million ($20.0 million after-tax, or $.09 per share) for a global cost
reduction plan. The plan includes 311 position eliminations, resulting in a
charge of $22.4 million for severence and termination benefits. A charge of
$8.5 million was recognized for asset impairments and other related
restructuring costs. The restructuring charges included in cost of sales,
selling and administrative, and other expense were $14.4 million, $9.4 million,
and $7.1 million, respectively. The results for the three and six months ended
31 March 2001 also include a charge of $6.0 million ($3.7 million after-tax,
or $.02 per share) related to a litigation settlement.
Income from equity affiliates, net of related expenses, contributed $.07 and
$.09 per share to diluted earnings per share for the three months ended 31 March
2001 and 31 March 2000, respectively. Income from equity affiliates, net of
related expenses, contributed $.16 and $.18 per share to diluted earnings per
share for the six months ended 31 March 2001 and 31 March 2000, respectively.
The company, The BOC Group plc (BOC) and L'Air Liquide S.A. (Air Liquide) of
France announced in July 1999 that they had agreed to the terms of a recommended
offer for the share capital of BOC. In May 2000, the company and Air Liquide
announced the Federal Trade Commission had indicated it would not approve the
offer by 12 May 2000, the date on which the period for satisfying the
preconditions to the offer would expire, and the offer was not extended beyond
12 May 2000. As a result, certain costs and financing fees that had been
deferred were expensed in the third quarter of fiscal 2000.
The results for the three and six months ended 31 March 2000 include a charge of
$134.7 million ($84.1 million after-tax, or $.39 per share) and $247.9 million
($154.7 million after-tax, or $.72 per share), respectively, for costs related
to the BOC transaction. These costs consist primarily of charges recorded on
purchased option and forward exchange contracts entered into to hedge the
currency exposure of the BOC transaction.
The results for the three and six months ended 31 March 2000 include a charge of
$8.7 million ($5.5 million after-tax, or $.03 per share) for the global cost
reduction plan and a gain of $6.3 million ($4.0 million after-tax, or $.02 per
share) related to the sale of packaged gas facilities. The restructuring charges
included in cost of sales, selling and administrative, and research and
development were $3.3 million, $4.4 million, and $1.0 million, respectively.
9
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
SUMMARY BY BUSINESS SEGMENTS
(Unaudited)
Business segment information is shown below:
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(Millions of dollars) Three Months Ended Six Months Ended
31 March 31 March
2001 2000 2001 2000
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Revenues from external customers
Gases $1043.2 $842.1 $2035.4 $1,622.7
Equipment 64.8 53.8 120.6 104.4
Chemicals 390.3 451.3 783.6 884.5
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Segment Totals 1,498.3 1,347.2 2,939.6 2,611.6
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Consolidated Totals $1,498.3 $1,347.2 $2,939.6 $2,611.6
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Operating income
Gases $156.8 $171.0 $348.2 $324.3
Equipment 3.5 5.6 4.6 6.8
Chemicals 18.5 50.0 55.5 101.6
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Segment Totals 178.8 226.6 408.3 432.7
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Corporate research and development (14.6) (7.7) (16.6) (17.6)
and other income/(expense)
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Consolidated Totals $164.2 $218.9 $391.7 $415.1
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Operating income (excluding special items)
Gases $183.1(a) $164.7(c) $374.5(a) $318.0(c)
Equipment 3.5 5.6 4.6 6.8
Chemicals 23.1(b) 58.7(d) 60.1(b) 110.3(d)
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Segment Totals 209.7 229.0 439.2 435.1
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Corporate research and development (8.6)(e) (7.7) (10.6)(e) (17.6)
and other income/(expense)
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Consolidated Totals $201.1 $221.3 $428.6 $417.5
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Equity affiliates' income
Gases 16.6 $17.8 $35.3 $34.2
Equipment .2 .5 .9 .8
Chemicals -- 3.1 1.5 6.7
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Segment Totals 16.8 21.4 37.7 41.7
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Other .1 (.1) .1 (.1)
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Consolidated Totals $16.9 $21.3 $37.8 $41.6
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10
(Millions of dollars)
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31 March
2001 2000
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Total assets
Gases $6,368.7 $6,243.1
Equipment 232.8 217.2
Chemicals 1,510.8 1,712.7
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Segment Totals 8,112.3 8,173.0
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Corporate assets 172.2 397.3
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Consolidated Totals $8,284.5 $8,570.3
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Twelve Months Ended
31 March
2001 2000
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ORONA (f)
Gases 12.9% 10.8%
Equipment 6.3% 4.7%
Chemicals 9.6% 12.8%
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Segment Totals 12.0% 11.0%
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Consolidated Totals 11.3% 10.1%
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(a) The results for the three and six months ended 31 March 2001 exclude a cost
reduction charge of $26.3 million.
(b) The results for the three and six months ended 31 March 2001 exclude a cost
reduction charge of $4.6 million.
(c) The results for three and six months ended 31 March 2000 exclude a gain on
the sale of packaged gas facilities of $6.3 million.
(d) The results for three and six months ended 31 March 2000 exclude a cost
reduction charge of $8.7 million.
(e) The results for the three and six months ended 31 March 2001 exclude a
litigation settlement charge of $6.0 million.
(f) Operating return on net assets (ORONA) is calculated as the rolling four
quarter sum of operating income divided by the rolling five quarter average
of total assets less investments in equity affiliates. The ORONA
calculation excludes all special items impacting operating income.
11
AIR PRODUCTS AND CHEMICALS, INC. and Subsidiaries
SUMMARY BY GEOGRAPHIC REGIONS
(Unaudited)
(Millions of dollars)
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Three Months Ended Six Months Ended
31 March 31 March
2001 2000 2001 2000
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Revenues from external customers
United States $1,018.8 $879.3 $1,988.6 $1,718.5
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United Kingdom 116.1 124.4 218.9 245.5
Spain 78.0 78.9 147.8 155.7
Other Europe 152.8 149.1 294.0 289.9
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Total Europe 346.9 352.4 660.7 691.1
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Canada/Latin America 56.4 55.0 122.3 113.4
Asia 76.2 60.4 167.9 88.4
All Other -- .1 .1 .2
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Total $1,498.3 $1,347.2 $2,939.6 $2,611.6
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Note: Geographic information is based on country of origin. The other Europe
segment operates principally in France, Germany, Netherlands, and Belgium.
Media Inquiries:
Lisa Walsh, tel: (610) 481-5784; e-mail: walshla@apci.com.
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Investor Inquiries:
Alexander W. Masetti, tel: (610) 481-7461; e-mail: masettaw@apci.com.
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Item 9. Regulation FD Disclosure
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The Q2 earnings teleconference following the earnings release which started at
11:15 a.m. EDST on April 23 could be accessed by listening on the Company's
web site at http://www.airproducts.com/fin/quarterly.htm. Recordings of the
earnings teleconference and copies of the slides used will continue to be
available at the above web address until midnight on May 1, 2001.
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Air Products and Chemicals, Inc.
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(Registrant)
Dated: 23 April 2001 By: /s/ Leo J. Daley
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Leo J. Daley
Vice President - Finance and Controller
(Chief Financial Officer)
13