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Credit investor presentation
多元化，均衡的资金策略
Air Liquide’s financing principles
我们的融资策略包括以下原则：
- Diversification资金来源和债务到期，以尽量减少再融资风险
- 后盾商业纸张问题与实体信贷线
- 对冲利率风险，以确保资金成本的可见性符合长期投资决策
- Fundinginvestments in the currency of operating cash flows to ensure a natural foreign exchange hedge
- Centralizingexcess cash through Air Liquide Finance, a wholly owned entity of Air Liquide S.A.
€10,609米
Net debt 2020
€12,400 M
总债务2020.
55.8％
Gearing ratio
93%
Financial market debt
FY 2020 Credit Investors Presentation
PDF - 3.89 MB
一个良好的资金来源和到期组合
液化空气通过进入各种债务市场来实现其融资来源。从长远来看，集团通常通过债券问题，通常通过它Euro Medium-Term Notes programme（EMTN），瞄准欧洲，美国和中国市场。在短期内，空气液化借助欧洲商业纸（Neu CP）和美国商业纸。该集团还在获得一家集团的核心银行合作伙伴的银行银行合作伙伴的一家银行银行合作伙伴。
A broad range of financing tools at our disposal
In certain special circumstances, (for instance: regulatory constraints, high country risk or partnership), the Group reduces its exposure by setting up a specific funding for its subsidiaries with local bank market.
空气液化液体使其资金来源多样化，并在几年内传播了日期，以尽量减少与债务还款时间表相关的融资。
Additionally, the Group’s operations generate a regular cash flow that helps to reduce these risks.
2020年底，本集团债务的平均成熟度为5.8年，略低于2019年。