空气化工 2024年度报告

Our Businesses Air Products (NYSE:APD) is a world-leadingindustrial gases company in operation forover 85 years focused on serving energy,environmental, and emerging markets andgenerating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozensof industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leadingglobal supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world's largestclean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-dutytransportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membranesystems and cryogenic containers globally. Air Products reported fiscal year 2025 results under five segments: • Americas;• Asia;• Europe;• Middle East and India; and• Corporate and other. Theregional industrial gasessegments produce and sell atmospheric gases such as oxygen, nitrogen, and argon; processgases such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas (a mixture of hydrogen and carbonmonoxide); and specialty gases. The on-site business serves large-volume customers with relatively consistent demandby constructing or acquiring a plant on or near the customer’s facility or delivering product from one of its pipelines. Themerchant business delivers liquid or gaseous bulk supply either by tanker or tube trailer and, for smaller customers, deliverspackaged gases in either cylinders or dewars. TheCorporate and othersegment includes sales of cryogenic and gas processing equipment for air separation soldworldwide to customers in a variety of industries, including chemical and petrochemical manufacturing, oil and gasrecovery and processing, and steel and primary metals processing. The Corporate and other segment also includes theresults of the turbomachinery and distribution sale of equipment businesses. Additionally, Corporate and other reflectscosts for corporate support functions and global management activities that benefit all segments, as well as other income andexpenses not directly associated with the regional segments, such as foreign exchange gains and losses. In fiscal year 2024,this segment also included the liquefied natural gas (“LNG”) process technology and equipment business, which was sold toHoneywell International Inc. on 30 September 2024. Financial Highlights APD Global PresenceFY25 Sales = $12.0 billion Reconciliations of Non-GAAP Financial Measures (Millions of U.S. Dollars unless otherwise indicated, except for per share data) Adjusted operating income is an important measure to evaluate our business performance following the appointment of our new ChiefExecutive Officer in February 2025. The table below provides a reconciliation of GAAP operating income (loss) to adjusted operatingincome, as well as GAAP operating margin to adjusted operating margin, to illustrate the impact of non-GAAP adjustments on reportedmargins. Margins are calculated independently for each period by dividing each line item by consolidated sales for the respective period.As a result, individual components may not sum to totals due to rounding. Adjusted Earnings Per Share (“EPS”) Adjusted EPS is calculated as net income (loss) from continuing operations attributable to Air Products, excluding the impact of certaindisclosed items that we believe are not representative of underlying business performance, divided by the weighted average commonshares reflecting the potential dilution that could occur if stock options or other share-based awards were exercised or convertedinto common stock. We view adjusted EPS as a key performance metric, which is used to assess performance under our incentivecompensation program, among other uses. The per share impact of each non-GAAP adjustment was calculated independently and may not sum to totals due to rounding. Becausewe reported a loss from operations for fiscal 2025, GAAP loss per share is calculated using the basic weighted average share count of 222.7million, which does not consider outstanding share-based awards due to their anti-dilutive effect. Both adjusted earnings per share andthe individual adjustments used in its calculation are based on a diluted weighted average share count of 222.9 million. Adjusted Return on Capital NGHC Adjustments Adjusted ROC excludes outstanding borrowings under project financing available to the NEOM Green Hydrogen Company joint venture("NGHC"), which is consolidated within our Middle East and India segment, but is non-recourse to Air Products, and also the equityattributable to our NGHC joint venture partners. These items are summarized in the table below. Because NGHC's indebtedness andthe contributions of our joint venture partners are consolidated in our financial statements, we make this adjustment to providemanagement and our i