Air Products & Chemicals Inc. (NYSE:APD)

The data indicates several key trends in the performance of the Industrial Gases segment in the Americas over the six-year period ending in September 2020.

Operating Income (Loss)

Operating income generally exhibits an upward trajectory, increasing from approximately 808.4 million USD in 2015 to 1.0124 billion USD in 2020. Despite a slight dip in 2018 compared to 2017, the overall trend suggests consistent growth in profitability within the segment.

Sales to External Customers

Sales figures show some volatility, initially declining from about 3.69 billion USD in 2015 to a low of 3.34 billion USD in 2016, then rising again to peak at approximately 3.87 billion USD in 2019. However, in 2020 sales declined notably to around 3.63 billion USD. This downward movement in 2020 may reflect market or operational challenges during that year.

Segment Profit Margin

Profit margins demonstrated an overall improving trend, rising from 21.88% in 2015 to 27.88% in 2020, with some fluctuations. The margin peaked in 2016 at 26.77%, dipped slightly in the subsequent two years, and then increased steadily again through 2020. This improvement in margin suggests enhanced efficiency or favorable pricing, contributing to stronger profitability despite fluctuation in sales volume.

In summary, the segment shows solid operating income growth and increasing profit margins, indicating improved operational performance. However, sales to external customers have varied, with a significant decrease in the latest year covered, highlighting a potential area for further investigation or management focus.

The financial performance of the Industrial Gases segment in the EMEA region exhibits several notable trends over the six-year period ending September 30, 2020.

Operating Income (US$ in thousands)

Operating income increased steadily from 2015 through 2019, rising from 330,700 thousand USD to 472,400 thousand USD, representing consistent growth and enhanced profitability. The value in 2020 remained relatively flat compared to 2019 at 473,300 thousand USD, indicating a stabilization in operating income after several years of growth.

Sales to External Customers (US$ in thousands)

Sales revenue experienced fluctuations during the observed timeframe. After starting at 1,864,900 thousand USD in 2015, sales decreased notably in 2016 to 1,700,300 thousand USD, recovered moderately in 2017, and then peaked in 2018 at 2,193,300 thousand USD. Subsequently, sales declined for two consecutive years, falling to 1,925,300 thousand USD in 2020. This volatility may suggest changing market conditions or varying demand levels in the EMEA region.

Segment Profit Margin (%)

The profit margin demonstrated an overall upward trajectory, beginning at 17.73% in 2015 and reaching 24.57% by 2020. Margins rose sharply in 2016 to 22.51%, followed by a slight decline in 2018 to 20.33%, then increased again, peaking at 24.57% in 2020. This improvement indicates enhanced operational efficiency or better cost management, even in periods when sales figures declined.

In summary, the segment showed solid growth in operating income through 2019, with a plateau in 2020 despite lower sales. Sales exhibited considerable volatility, with notable decreases in 2016 and post-2018. Profit margin trends suggest continual improvement in profitability and operational leverage, mitigating some of the adverse effects of declining sales in later years.

Operating Income (Loss)

The operating income for the segment shows a consistent upward trend over the six-year period. Beginning at $380.5 million in 2015, it increased each year to reach $870.3 million by 2020. This represents more than a doubling of operating income from the start to the end of the period, indicating improving profitability and operational efficiency within the segment.

Sales to External Customers

Sales to external customers have exhibited steady growth throughout the timeframe. Starting at approximately $1.64 billion in 2015, sales rose each year to approximately $2.72 billion in 2020. This gradual increase demonstrates an expanding market presence or higher demand for products in the Asia industrial gases segment over the years analyzed.

Segment Profit Margin

The segment profit margin has improved progressively, rising from 23.24% in 2015 to a peak of 32.44% in 2019 before slightly declining to 32.04% in 2020. This increase suggests that profitability per dollar of sales has increased substantially, reflecting enhanced operational leverage or improved cost management practices within the segment. Despite the minor decline in 2020, the margin remains significantly higher than at the beginning of the period.

Overall Observations

The data reflects robust growth in both revenue and operating income, accompanied by improving profit margins, indicative of strong performance in the industrial gases segment in Asia. The consistent increase in sales and operating income suggests successful expansion and/or increased efficiency. The slight dip in profit margin in 2020, despite higher operating income, could warrant further investigation to understand underlying factors affecting profitability that year.

The financial data for the Industrial Gases segment reveals notable volatility over the observed periods.

Operating Income (Loss)

The operating income shows considerable fluctuation, initially recording a significant loss of $51.6 million in 2015, which narrows to a loss of $21.3 million in 2016. A marked recovery occurred in 2017 with a positive income of $71.3 million, followed by a decline to $53.9 million in 2018. The segment then reverted to losses in 2019 and 2020, posting negative results of $11.7 million and $40 million respectively. This pattern indicates cyclic profitability challenges and periods of recovery interrupted by renewed operational weaknesses.

Sales to External Customers

Sales revenue experienced a strong increase from $286.8 million in 2015 to a peak of $722.9 million in 2017. After this peak, revenues decreased sharply to $436.1 million in 2018 and further declined to a low of $261 million in 2019. In 2020, sales partially rebounded to $364.9 million. Overall, sales figures exhibit a substantial rise during the early period, followed by a steep fall and a modest recovery toward the end of the dataset.

Segment Profit Margin

The segment's profit margin correlates with the operating income trends, starting with a negative margin of -18.0% in 2015 that improves noticeably to -4.3% in 2016. A positive margin emerges in 2017 at 9.9%, increasing further to 12.4% in 2018. This is followed by a drop back into negative territory in 2019 (-4.5%) and a deeper negative margin of -11.0% in 2020. The margin changes reflect the segment's operational volatility and the impact of fluctuating sales and income levels on profitability.

In summary, the segment shows a cyclical pattern characterized by significant variations in sales and operating results. The improvement in 2017 and 2018 suggests successful operational or market conditions during these years, but the subsequent downturn highlights ongoing challenges impacting profitability and revenue stability.

The analysis of the available data for the Materials Technologies segment over the fiscal years ending September 30, 2015, and September 30, 2016, reveals several notable trends and insights.

Operating Income (Loss)

Operating income increased from approximately $476.7 million in 2015 to $530.2 million in 2016. This represents a growth of about 11.2%, which indicates an improvement in profitability within the segment during this period.

Sales to External Customers

Sales revenue slightly declined from around $2.087 billion in 2015 to $2.020 billion in 2016, marking a reduction of approximately 3.2%. Despite this decrease in sales, the segment was able to increase its operating income, suggesting enhanced operational efficiency or cost management.

Segment Profit Margin

The profit margin for the segment improved significantly from 22.84% in 2015 to 26.25% in 2016. This increase of 3.41 percentage points aligns with the rise in operating income and the decrease in sales, further implying better cost control or higher value product mix.

It is important to note that data for subsequent years beyond 2016 is missing, which limits trend analysis over a longer period. However, the available information indicates a positive shift in profitability performance for the period analyzed, despite a slight downturn in sales volume. These observations suggest strategic improvements in managing the segment’s operational activities during the timeframe.

The “Energy-from-Waste” reportable segment data shows very limited information over the observed period ending in 2020. The only data point available is the operating income (loss) for the year ending September 30, 2015.

In 2015, the segment reported an operating loss of 10,100 thousand US dollars. No further data is provided for operating income or losses in subsequent periods, and as a result, it is not possible to analyze trends in profitability or operational performance beyond this single instance.

Data for sales to external customers and segment profit margin are completely absent throughout the observed time frame, preventing any assessment of revenue generation and efficiency or profitability ratios of the segment.

Due to the lack of multiple data points, no patterns, changes, or meaningful insights can be drawn regarding the segment’s performance over the years. The absence of sales and profit margin data notably limits the ability to evaluate the segment's market activity or profitability trends.

Summary

- Operating loss recorded in 2015, with no further income or loss data afterwards.

- No sales or profit margin data available for any period.

- Insufficient data to perform trend analysis or derive substantive conclusions about segment performance.

Operating Income (Loss)

The operating loss within the segment exhibits a fluctuating pattern over the observed periods. Initially, the loss decreases from $-50,600 thousand in 2015 to $-37,500 thousand in 2016, indicating some improvement. However, a significant deterioration occurs in 2017 and 2018, where losses deepen markedly to $-170,600 thousand and $-176,000 thousand respectively. Subsequently, there is a gradual recovery trend, with losses reducing to $-152,800 thousand in 2019 and further to $-112,200 thousand in 2020, suggesting a potential stabilization or partial turnaround.

Sales to External Customers

Sales volumes reveal considerable volatility across the years. Starting at $324,700 thousand in 2015, sales drop sharply to $246,100 thousand in 2016. The segment then experiences a pronounced decline in 2017 and 2018 with values of $82,600 thousand and $84,000 thousand respectively, representing a substantial contraction. Sales show signs of recovery in the following years, increasing to $118,300 thousand in 2019 and nearly doubling to $217,900 thousand in 2020. Despite this improvement, sales remain significantly below early period levels.

Segment Profit Margin

The segment profit margin is consistently negative throughout all reported periods, indicating ongoing losses relative to sales. Margins start at -15.58% in 2015 and slightly improve to -15.24% in 2016, but this is followed by a drastic deterioration to -206.54% in 2017 and -209.52% in 2018. Though still deeply negative, margins improve to -129.16% in 2019 and continue to recover to -51.49% in 2020. This pattern suggests that although losses relative to sales remain substantial, the degree of unprofitability has lessened in the most recent years.

Overall Observations

The segment demonstrates a challenging performance trajectory characterized by deep operating losses and unstable sales volumes. The sharp declines seen around 2017 and 2018 could indicate significant operational or market difficulties during that timeframe. Encouragingly, the reduction in losses and recovery in sales from 2019 onward suggest corrective measures may be producing positive effects. Nevertheless, persistent negative profit margins highlight continuing issues impacting profitability within the segment.

The data from the Industrial Gases, Americas segment indicates several notable trends over the six-year period ending September 30, 2020.

Operating Income

Operating income demonstrated a generally upward trajectory from 2015 to 2020. It increased from approximately $808.4 million in 2015 to about $1.012 billion in 2020. The growth, however, was not strictly linear, as the income peaked in 2019 at nearly $997.7 million before experiencing a more accelerated rise in 2020. Overall, this reflects consistent operational profitability improvement over the period.

Total Assets

Total assets exhibited some fluctuation during the period. From 2015 to 2016, assets increased slightly, moving from about $5.77 billion to $5.89 billion. Following this, there was a marginal decline in 2017 and 2019. The most significant increase occurred in 2020, with total assets rising to approximately $6.61 billion, marking a substantial increase relative to prior years. This suggests possible investment or acquisition activity in the final year reported.

Segment Return on Assets (ROA)

Segment ROA showed a moderate improvement from 14% in 2015 to a peak of around 17.11% in 2019. This indicates enhanced efficiency in generating operating income from the asset base during this time. However, in 2020, the ROA declined to 15.32%, despite the increase in operating income and total assets. This dip may reflect either a disproportionate increase in assets relative to income or other operational factors affecting asset utilization.

In summary, the segment demonstrated solid income growth and asset management improvements over the period. The spike in total assets in the final year alongside a decline in ROA suggests a shift in asset deployment strategy or changes in operational dynamics warranting further investigation.

The analysis of the "Industrial Gases, EMEA" segment over the six-year period ending September 30, 2020 reveals several notable financial trends.

Operating Income

The segment's operating income demonstrated consistent growth from 2015 through 2020. Beginning at approximately $330.7 million in 2015, operating income increased steadily every year, reaching a peak of about $473.3 million in 2020. This represents a cumulative increase of approximately 43% over the period, indicating improved profitability within the segment.

Total Assets

Total assets related to the segment exhibited relative stability between 2015 and 2019, fluctuating modestly within the range of approximately $3.25 billion to $3.29 billion. However, in 2020, total assets increased significantly to about $3.92 billion, representing over a 20% increase compared to the prior year. This substantial rise in assets may suggest expansion investments, acquisitions, or changes in asset valuation during this final year.

Segment Return on Assets (ROA)

The segment ROA shows a general upward trend from 2015 to 2019, rising from 9.95% to a peak of 14.53%. This improvement indicates enhanced efficiency and profitability relative to the segment's asset base during this period. However, in 2020, the ROA declined to 12.08%, which, despite being lower, remains above the 2015 starting point. This decline in 2020's ROA, concurrent with the marked increase in total assets, suggests that the growth in assets outpaced gains in operating income, leading to somewhat diminished asset utilization efficiency.

Overall, the segment demonstrated strong operating income growth and improved profitability efficiency until 2019, with a notable increase in total assets and a slight decline in ROA in 2020. These patterns may reflect strategic growth initiatives accompanied by short-term reductions in asset efficiency during the most recent year analyzed.

Operating Income (Loss)

The operating income exhibited a consistent upward trajectory over the six-year period. Starting from $380,500 thousand in 2015, it increased steadily each year, reaching $870,300 thousand in 2020. This represents a significant overall growth, with the most substantial single-year increase occurring between 2017 and 2018.

Total Assets

Total assets showed a positive growth trend, increasing from $4,154,000 thousand in 2015 to $6,842,900 thousand in 2020. The asset base experienced steady expansion year-over-year, with a particularly notable acceleration between 2017 and 2018, which continued through 2020.

Segment Return on Assets (ROA)

Segment ROA reflected a generally positive trend but with some fluctuations. It rose from 9.16% in 2015 to a peak of 13.85% in 2019, indicating improved efficiency in asset utilization during this time. However, a slight decline occurred in 2020, bringing ROA down to 12.72%, which may suggest marginally reduced asset productivity or increased asset base relative to income.

Overall Analysis

The segment demonstrated robust growth across key financial metrics. Operating income more than doubled during the period, supported by a growing asset base. The rise in assets was matched by relatively stable and improving returns, although the slight dip in ROA in the final year could warrant closer observation. The data reflects sustained operational expansion with efficient use of resources, contributing to enhanced profitability over time.

Operating Income (Loss)

The operating income exhibited significant fluctuations over the six-year period. It started with a substantial loss of $51,600 thousand in 2015, improving notably in 2016 with a reduced loss of $21,300 thousand. In 2017, the segment achieved a positive operating income of $71,300 thousand, representing a considerable turnaround. This positive trend continued into 2018, though with a reduced operating income of $53,900 thousand. However, the segment reverted to losses in the subsequent years, with a loss of $11,700 thousand in 2019, which further deteriorated to a loss of $40,000 thousand in 2020. This indicates unstable profitability with peaks in 2017 and 2018 but overall negative returns in the early and later years of the period analyzed.

Total Assets

Total assets showed a downward trend between 2015 and 2018, decreasing steadily from $370,500 thousand in 2015 to $240,100 thousand in 2018. This decline suggests divestment or depreciation impacting asset base during this timeframe. From 2018 onwards, assets increased again, reaching $325,700 thousand in 2019 and further up to $397,800 thousand in 2020. The recovery and growth in asset base during the latter years may indicate reinvestment or asset acquisition strategies being implemented after the period of asset contraction.

Segment Return on Assets (ROA)

Segment ROA followed a similar pattern to operating income, starting the period with negative returns of -13.93% in 2015 and improving to -5.79% in 2016. A pronounced positive peak occurred in 2017 with ROA reaching 25.5%, which remained high at 22.45% in 2018. After 2018, ROA declined sharply, falling to -3.59% in 2019 and further decreasing to -10.06% in 2020. This reflects a performance cycle with strong profitability and asset utilization in the middle years, followed by significant deterioration in the final years, mirroring the trend in operating income.

Operating Income

The operating income for the segment increased from $476.7 million in 2015 to $530.2 million in 2016, indicating a positive growth trend during this period. Data for subsequent years is unavailable, preventing further analysis of the trend beyond 2016.

Total Assets

Total assets of the segment rose slightly from $1.7419 billion in 2015 to $1.787 billion in 2016. This modest increase in assets accompanies the increase in operating income, suggesting potential asset growth supporting improved operational performance. Asset data for years after 2016 is missing, limiting further assessment.

Segment Return on Assets (ROA)

Segment ROA increased from 27.37% in 2015 to 29.67% in 2016. This improvement indicates enhanced efficiency in generating operating income from the segment’s asset base during this timeframe. No information is available to determine whether this trend continued in later years.

The available financial data for the Energy-from-Waste segment indicates a limited scope of information across the analyzed periods from 2015 to 2020. The only fully reported period is as of September 30, 2015, with no subsequent data entries recorded for later years.

Operating Income (Loss)

The segment reported an operating loss of 10,100 thousand US dollars in 2015. There is no available data to assess whether this loss improved, worsened, or remained stable in the years following 2015.

Total Assets

The total assets for the segment were valued at 894,400 thousand US dollars in 2015. Again, the absence of later data restricts any analysis of asset growth, liquidation, or revaluation trends over time.

Segment Return on Assets (ROA)

The return on assets for the segment was negative 1.13% in 2015, indicating an unprofitable use of assets during that period. Missing subsequent data prevents analysis of potential improvement or deterioration in asset profitability.

In conclusion, the segment exhibited a loss-making position and a negative return on assets in 2015, with a substantial asset base. The lack of data for ensuing years hinders the ability to evaluate any financial progress, operational improvements, or strategic shifts within the Energy-from-Waste segment over the later periods.

Operating Income (Loss)

The operating income (loss) exhibited a consistently negative trend throughout the analyzed period from 2015 to 2020. Starting at a loss of $50.6 million in 2015, the loss worsened significantly in 2017, reaching a peak loss of $176 million in 2018. Subsequently, the operating loss slightly improved but remained substantial, at $112.2 million by 2020. This persistent negative performance indicates ongoing challenges in generating positive operating profits within the segment.

Total Assets

Total assets demonstrated considerable volatility and overall growth during the observed years. Beginning with $1.178 billion in 2015, assets more than doubled to $2.58 billion in 2016, then surged to $4.648 billion in 2017. After a decline in 2018 and 2019 to $3.854 billion and $3.293 billion respectively, total assets sharply increased to $7.4 billion by 2020. This fluctuation suggests significant asset acquisitions or revaluations, potentially reflecting strategic investments or restructurings within the segment.

Segment Return on Assets (ROA)

The segment ROA was negative across all years, indicating that the segment did not generate positive returns on its asset base during this period. The ROA improved from -4.29% in 2015 to a low of -1.45% in 2016, but deteriorated again to around -4.5% from 2017 through 2019. In 2020, the ROA showed marked improvement, reaching -1.52%, the best performance within the timeframe, however still negative. This pattern reveals ongoing profitability weaknesses relative to asset utilization, with some signs of modest recovery in the latter year.

Summary

Overall, the segment experienced consistent operating losses and negative returns on assets throughout the six-year period, despite fluctuating and ultimately increasing asset levels by 2020. The data suggest persistent operational difficulties in achieving profitability, coupled with aggressive asset growth or restructuring activities. While some improvement in profitability ratios is observable in 2020, the segment remains challenged in converting assets into positive operating income.

Sales to external customers

Sales exhibited fluctuations over the six-year period, initially declining from approximately $3.69 billion in 2015 to $3.34 billion in 2016. This was followed by a recovery phase, with sales increasing to $3.64 billion in 2017 and reaching a peak of $3.87 billion in 2019. However, in 2020 there was a notable decrease to $3.63 billion, representing a contraction relative to the previous year.

Total assets

Total assets showed a generally stable trend from 2015 to 2019, fluctuating slightly within a range of approximately $5.77 billion to $5.90 billion. In 2020, assets increased significantly, reaching about $6.61 billion, which marks a substantial growth compared to prior years.

Segment asset turnover

The segment asset turnover ratio started at 0.64 in 2015, declining to a low of 0.57 in 2016. It then experienced a gradual improvement over the next several years, peaking at 0.66 in 2019. The ratio declined again in 2020, falling to 0.55, the lowest in the observed timeframe. This reflects a reduction in the efficiency of asset utilization to generate sales during the last year analyzed.

Overall insights

There is a discernible pattern of recovery and growth from 2016 through 2019 in sales and asset turnover, implying improving business conditions and possibly enhanced operational efficiency. The asset base remained relatively constant until 2019, but the pronounced increase in 2020 coupled with decreased sales and asset turnover suggests potential challenges in asset utilization during that year. This may indicate the need for strategic review of asset deployment or market conditions influencing sales performance.

The reported data for the Industrial Gases segment in the EMEA region reveals several notable trends over the six-year period ending in September 2020.

Sales to External Customers

Sales exhibited fluctuations throughout the period. The segment experienced a decline from approximately $1.86 billion in 2015 to $1.70 billion in 2016. Sales subsequently increased to $1.78 billion in 2017 and showed a significant rise to $2.19 billion in 2018, marking the highest point in the period. However, sales declined again after 2018, falling to $2.00 billion in 2019 and further to $1.93 billion in 2020. Overall, sales peaked in 2018 and the segment faced a decreasing sales trend in the last two years observed.

Total Assets

Total assets displayed a relatively stable pattern from 2015 through 2019, maintaining a range between $3.17 billion and $3.32 billion. A noteworthy shift occurred in 2020, when total assets increased markedly to $3.92 billion, an approximate 20% increase from the prior year. This jump suggests significant asset growth or investment during the final year of the data.

Segment Asset Turnover

The asset turnover ratio, which measures sales generated per dollar of assets, generally corresponded with changes seen in sales and assets. It declined from 0.56 in 2015 to 0.53 in 2016, then slightly increased to 0.54 in 2017. A substantial improvement occurred in 2018, reaching 0.67, indicating more efficient asset utilization in that year. The ratio declined in 2019 to 0.62 and dropped sharply to 0.49 in 2020, reflecting reduced efficiency despite the increased asset base.

In summary, the segment experienced peak sales and operational efficiency in 2018, followed by a downward trend in sales and asset turnover in subsequent years. The considerable asset growth in 2020, coupled with declining asset turnover, suggests increased capital deployment that has yet to translate into higher sales efficiency or revenue growth within that period.

Sales to external customers

Sales demonstrated a consistent upward trend over the six-year period, increasing from 1,637,500 thousand USD in 2015 to 2,716,500 thousand USD in 2020. This represents a total growth of approximately 66% across the timeframe, with particularly notable growth occurring between 2017 and 2019. The growth rate somewhat decelerated in 2020, with sales rising by a smaller margin compared to prior years.

Total assets

Total assets also increased steadily throughout the period, starting at 4,154,000 thousand USD in 2015 and rising to 6,842,900 thousand USD by 2020. The most significant asset growth occurred between 2017 and 2019, coinciding with notable sales growth. The asset base expanded by approximately 65% overall, indicating investment in the segment’s capacity or resources.

Segment asset turnover

The segment asset turnover ratio exhibited moderate fluctuations over the years. It increased from 0.39 in 2015 to a peak of 0.45 in 2017, indicating improved efficiency in generating sales from assets during that period. However, the ratio declined afterward, reaching 0.40 by 2020. This suggests a reduction in asset utilization efficiency despite continued growth in sales and assets, possibly due to increased asset intensity or underutilization of new assets added.

The analysis of the annual financial data for the Industrial Gases segment reveals notable fluctuations and trends across the six-year period ending September 30, 2020. Several key observations can be made regarding sales, assets, and asset turnover ratios.

Sales to External Customers

Sales demonstrated significant variability. Starting at 286.8 million USD in 2015, sales nearly doubled in 2016 to 498.8 million USD and peaked at 722.9 million USD in 2017. After this peak, a steep decline occurred with sales dropping to 436.1 million USD in 2018 and further down to 261.0 million USD by 2019. However, in 2020, sales partially recovered to 364.9 million USD. This pattern indicates volatility in revenue generation within the segment, possibly reflective of market conditions or operational changes.

Total Assets

The asset base showed a general downward trend from 2015 through 2018, decreasing from 370.5 million USD to a low of 240.1 million USD. This decline was reversed in subsequent years, with assets rising to 325.7 million USD in 2019 and further increasing to 397.8 million USD in 2020, surpassing the initial 2015 value. This recovery and increase in total assets towards the end of the period suggest reinvestment or acquisition efforts aimed at strengthening the asset base.

Segment Asset Turnover Ratio

The asset turnover ratio, which indicates the efficiency of asset utilization to generate sales, followed a dynamic pattern. It increased markedly from 0.77 in 2015 to a high of 2.59 in 2017, reflecting improved efficiency or possibly the impact of the peak sales figure in that year. However, after 2017, the ratio declined significantly to 1.82 in 2018 and 0.8 in 2019, indicating a reduction in the efficiency of assets to produce sales. A modest rebound to 0.92 occurred in 2020, but the ratio remained below its earlier peak. This fluctuation aligns with the sales volatility and changes in asset levels observed.

In summary, the Industrial Gases segment displayed considerable variability in financial performance metrics over the examined period. The peak in sales and asset turnover in 2017 was followed by a downturn, with some recovery in asset levels and sales occurring by 2020. This pattern may highlight the effects of external market factors or strategic operational adjustments impacting the segment's efficiency and asset management.

The data for the Materials Technologies segment indicates a decrease in sales to external customers from 2015 to 2016. Specifically, sales declined from approximately $2.087 billion in 2015 to about $2.020 billion in 2016, representing a downward trend in revenue generation over this period.

Total assets within the segment increased slightly from 2015 to 2016. The reported total assets rose from approximately $1.742 billion to $1.787 billion, indicating a moderate growth in asset base during this timeframe.

The segment asset turnover ratio, which measures the efficiency of asset use to generate sales, also decreased from 1.2 in 2015 to 1.13 in 2016. This suggests a decline in operational efficiency in converting assets into revenues during this period.

No data is available for subsequent years beyond 2016, limiting the analysis to these two years. However, the observed trends highlight a small contraction in sales alongside an increase in assets and a slight decline in asset turnover efficiency over the year analyzed.

Sales to external customers

Decreased from US$2.087 billion in 2015 to US$2.020 billion in 2016.

Total assets

Increased from US$1.742 billion in 2015 to US$1.787 billion in 2016.

Segment asset turnover

Declined from 1.2 in 2015 to 1.13 in 2016, indicating reduced asset efficiency.

The available data for the "Energy-from-Waste" segment reveals limited information due to a lack of values across most periods. The only recorded figure is the total assets as of September 30, 2015, which stands at 894,400 thousand US dollars. No information is provided for sales to external customers or segment asset turnover for any year, nor are there asset figures for subsequent years.

Given the absence of further data points over the reported years from 2015 through 2020, it is not possible to identify any trends, changes, or operational insights for this segment. The single asset value from 2015 does not allow for any analysis related to asset growth, utilization, or efficiency metrics such as asset turnover.

In summary, the data set is insufficient to perform a meaningful analysis of the financial performance or asset management trends within the Energy-from-Waste segment over the reported period.

Sales to external customers

Sales exhibited a declining trend from 324,700 thousand USD in 2015 to a low of 82,600 thousand USD in 2017. Following this, there was a moderate recovery with sales gradually increasing to 217,900 thousand USD by 2020. Despite this rebound, the 2020 sales figure remained significantly below the initial 2015 level, indicating volatility and inconsistency in external customer sales over the period analyzed.

Total assets

Total assets showed a general upward trajectory, increasing markedly from 1,178,500 thousand USD in 2015 to a peak of 4,648,400 thousand USD in 2017. After this peak, assets declined to 3,293,500 thousand USD in 2019 but then rose sharply again to 7,400,700 thousand USD by 2020. This pattern suggests significant fluctuations in asset base, with a substantial growth particularly evident in the most recent year.

Segment asset turnover

Segment asset turnover experienced a significant decline from 0.28 in 2015 to consistently low levels of 0.02 to 0.04 from 2017 onward. This ratio demonstrates a marked reduction in the efficiency with which assets are utilized to generate sales within this segment. The modest increase from 0.02 in 2018 to 0.04 in 2019 did not sustain, falling back to 0.03 in 2020, indicating persistent challenges in asset productivity relative to sales.

Expenditures for Long-Lived Assets

The expenditures for long-lived assets exhibit a generally increasing trend over the six-year period. Starting at $414.5 million in 2015, values remained relatively stable through 2016 and 2017, fluctuating modestly around the $406.6 million to $427.2 million range. A notable increase occurred in 2018 and 2019, reaching approximately $546 million in both years. The most significant surge is observed in 2020, where expenditures nearly doubled to $1.265 billion. This substantial rise indicates a marked increase in investment in long-lived assets during the most recent year.

Depreciation and Amortization

Depreciation and amortization costs steadily increased each year from $416.9 million in 2015 to $559.5 million in 2020. The growth is consistent and gradual, with yearly increments averaging approximately $20 million to $30 million, indicating ongoing asset base growth and related amortization charges. No abrupt changes or declines are observed, suggesting stable asset utilization and capital intensity within the segment.

Segment Capital Expenditures to Depreciation Ratio

The ratio of segment capital expenditures to depreciation fluctuates moderately between 0.92 and 1.13 from 2015 to 2019, reflecting capital spending that roughly matches or slightly exceeds depreciation each year. In 2015 and 2016, the ratio is below 1.0, suggesting replacement-level investment. From 2018 to 2019, the ratio rises to just above 1.0, indicating slightly higher investment relative to asset depreciation. The year 2020 shows a dramatic increase in this ratio to 2.26, highlighting a substantial escalation in capital expenditures relative to depreciation. This implies a strategic expansion or renewal of asset base beyond normal replacement rates during 2020.

Summary of Insights

Over the examined period, capital investment increased steadily with a pronounced spike in 2020. Depreciation and amortization costs followed a stable upward trajectory consistent with asset growth. The notable jump in the capital expenditures to depreciation ratio in 2020 underscores a significant shift in investment policy or operational scale, potentially linked to expansion initiatives or major capital projects within the segment.

Expenditures for Long-Lived Assets

The expenditures for long-lived assets showed a fluctuating trend over the observed periods. Starting at 215.6 million USD in 2015, the expenditures decreased significantly to 143.2 million USD by 2017. Subsequently, there was an upward reversal with expenditures increasing to 216.3 million USD in 2019 and then reaching a peak at 327.6 million USD in 2020, indicating a substantial investment surge in the most recent year.

Depreciation and Amortization

Depreciation and amortization expenses slightly declined from 194.3 million USD in 2015 to 177.1 million USD in 2017, suggesting some reduction in asset base or adjustments in depreciation methods. However, expenses rose again to 198.6 million USD in 2018 before tapering off slightly in the following years to 195.9 million USD by 2020. Overall, the depreciation figures remain relatively stable across the years with minor fluctuations.

Segment Capital Expenditures to Depreciation Ratio

The ratio of capital expenditures to depreciation exhibits noticeable variability. It started at 1.11 in 2015, decreased to a low of 0.81 in 2017, signaling that capital investments were less than depreciation charges during that period. From 2018 onwards, the ratio increased, surpassing one in 2019 (1.14), and reaching a high of 1.67 in 2020. This upward trend implies that capital investments increasingly outpaced asset depreciation, indicating expansion or modernization efforts within the segment.

Overall Insights

Over the six-year period, the segment displayed patterns consistent with cyclical investment activity. After a phase of reduced capital expenditures ending in 2017, a significant ramp-up occurred from 2018 through 2020, culminating in the highest investment level in 2020. Despite these increases, depreciation and amortization remained fairly steady, reflecting steady asset utilization and aging. The growing capital expenditure to depreciation ratio further confirms the trend toward asset base renewal or growth in the recent years, suggesting a strategic emphasis on enhancing industrial gas operations within the EMEA region.

Expenditures for long-lived assets

The expenditures for long-lived assets exhibited a fluctuating trend over the six-year period. Starting at 402.5 million USD in 2015, these expenditures decreased to 313.3 million USD in 2016, representing a significant decline. The figure slightly increased in 2017 to 337.8 million USD, followed by a notable surge in 2018, reaching 791.9 million USD. This upward momentum continued in 2019, peaking at 1.1055 billion USD before declining substantially to 690.3 million USD in 2020.

Depreciation and amortization

Depreciation and amortization displayed a generally rising trajectory throughout the observed timeframe. Starting at 202.9 million USD in 2015, the value experienced a slight decrease to 197.1 million USD in 2016. Subsequently, it increased incrementally each year, reaching 203.2 million USD in 2017, 265.8 million USD in 2018, 361.5 million USD in 2019, and finally 399.4 million USD in 2020. This steady growth reflects a consistent increase in asset base or amortizable value.

Segment capital expenditures to depreciation ratio

The ratio of segment capital expenditures to depreciation showed evident variability across the years. It started at 1.98 in 2015 and declined to 1.59 in 2016, followed by a minor increase to 1.66 in 2017. A sharp increase occurred in 2018 and 2019, with ratios of 2.98 and 3.06 respectively, indicating that capital expenditures significantly outpaced depreciation during these years. However, the ratio fell back to 1.73 in 2020, suggesting a reduction in capital investment relative to depreciation compared to the previous two years.

Expenditures for Long-Lived Assets

Over the six-year period, expenditures for long-lived assets exhibit significant volatility. The highest expenditure occurred in 2015, reaching 94,800 thousand US dollars, which sharply declined to 6,000 thousand US dollars in 2016. Following this drop, expenditures increased moderately from 2017 to 2020, with values ranging from 17,300 to 35,300 thousand US dollars. Despite this recovery, the capital investment levels after 2015 remained substantially below the initial peak.

Depreciation and Amortization

Depreciation and amortization expenses demonstrate a comparatively stable trend with modest fluctuations. Initial depreciation in 2015 was 16,500 thousand US dollars and fell to about half in 2016 at 7,900 thousand US dollars. From 2017 onwards, these expenses fluctuated slightly between 8,100 and 9,600 thousand US dollars, showing no significant upward or downward trend.

Segment Capital Expenditures to Depreciation Ratio

The ratio of capital expenditures to depreciation reveals pronounced variability. In 2015, the ratio was exceptionally high at 5.75, indicating a large capital investment relative to depreciation. This ratio dropped sharply to 0.76 in 2016, reflecting a substantial decrease in capital expenditures or an increase in depreciation relative to capital spending. From 2017 through 2020, the ratio gradually increased, settling between approximately 2.1 and 3.9, maintaining a level above 2 in most years. This suggests a moderate reinvestment rate relative to depreciation, yet still below the record high of 2015.

Overall Insights

The data signals a considerable reduction in capital asset investments after 2015, followed by a partial rebound starting in 2017. Depreciation remained fairly consistent after an initial drop, indicating a steady consumption of asset value. The capital expenditures to depreciation ratio corroborates this trend, pointing to a period of restrained investment post-2015, with a gradual increase implying renewed but cautious capital deployment in subsequent years. This pattern may reflect strategic shifts in asset management, investment cycles, or market conditions influencing industrial gas operations.

The data reveals a partial financial trend for the Materials Technologies segment across the 2015 and 2016 fiscal years, with no available data for subsequent years.

Expenditures for long-lived assets

These expenditures increased significantly from US$102.5 million in 2015 to US$147.9 million in 2016, reflecting an approximately 44% rise year-over-year. This suggests an increased investment in long-term assets during 2016.

Depreciation and amortization

The depreciation and amortization expenses decreased from US$92.8 million in 2015 to US$77.4 million in 2016, indicating a decline of about 17% over the period. This may reflect changes in asset composition or amortization schedules.

Segment capital expenditures to depreciation ratio

The ratio increased notably from 1.1 in 2015 to 1.91 in 2016. This upward shift highlights that capital expenditures substantially outpaced depreciation in 2016, suggesting accumulation or enhancement of assets beyond normal wear and tear.

The absence of data for the years following 2016 limits the ability to assess whether these patterns continued. However, the available information shows a clear increase in investment intensity in long-lived assets concurrent with a reduction in depreciation expenses during the reported period.

The available data for the "Energy-from-Waste" reportable segment shows a single financial item recorded for the fiscal year ending September 30, 2015. Specifically, the expenditures for long-lived assets are reported as $349,200 thousand US dollars. For all subsequent years listed—2016 through 2020—there are no recorded values for expenditures for long-lived assets or other financial metrics such as depreciation and amortization or the ratio of segment capital expenditures to depreciation.

This absence of data beyond 2015 indicates a lack of reported investment activity or at least unreported metrics in this particular segment for the later years. Without depreciation and amortization figures, it is not possible to analyze the ongoing asset usage or expense recognition trends. Similarly, the missing segment capital expenditures to depreciation ratio prevents assessment of capital reinvestment relative to the consumption of capital assets over time.

In summary, the data reveals a significant expenditure on long-lived assets in 2015 but does not provide sufficient information on whether this level of investment was maintained, increased, or decreased in subsequent years. The lack of depreciation and related ratios further limits insight into asset utilization and capital intensity trends within the segment.

Expenditures for long-lived assets

The expenditures for long-lived assets exhibit significant fluctuations over the evaluated periods. Starting at 35,700 thousand US dollars in 2015, the amount decreased to 22,500 thousand in 2016. There was then a sharp increase to 105,900 thousand in 2017, followed by a decline to 49,600 thousand in 2018. The expenditures climbed again to 88,300 thousand in 2019 and reached a peak of 191,100 thousand in 2020. This volatile pattern suggests varying levels of investment in capital assets year-over-year, with a clear upward trend in the latter years.

Depreciation and amortization

Depreciation and amortization expenses generally increased throughout the period, starting at 13,000 thousand US dollars in 2015. After a slight rise to 15,300 thousand in 2016, the expense decreased to 12,200 thousand in 2017. From 2017 onward, there was a consistent increase, reaching 12,900 thousand in 2018, 18,000 thousand in 2019, and finally 20,600 thousand in 2020. This upward trend reflects growing amortization related to prior capital expenditures.

Segment capital expenditures to depreciation ratio

The ratio of capital expenditures to depreciation shows considerable variability, indicating changes in the intensity of investment relative to asset consumption. It fell from 2.75 in 2015 to 1.47 in 2016, reflecting lower capital spending relative to depreciation. In 2017, the ratio surged to 8.68, highlighting a substantial increase in capital expenditures compared to depreciation. The ratio then decreased to 3.84 in 2018 and rose to 4.91 in 2019, followed by a peak of 9.28 in 2020. This pattern aligns with the volatility observed in the capital expenditures and suggests periods of aggressive investment in fixed assets relative to the wear and tear accounted for by depreciation.