This document summarizes Mike Hilton's presentation at the Bank of America 37th Annual Investment Conference on September 18, 2007. The presentation provides an overview of Air Products, including its business segments, value proposition through long-term contracts and consistent cash flows, growth strategies focused on volume increases and productivity gains, and financial performance targets of 10-15% EPS growth through market expansion and margin improvements. Hilton commits to achieving an ORONA of 12.5% for fiscal year 2007 and outlines further growth opportunities in large projects, new markets, and productivity initiatives to drive sustainable double-digit returns.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
1. Bank of America
37th Annual Investment Conference
September 18, 2007
Mike Hilton
VP and GM, Electronics and
Performance Materials
2. Forward-Looking Statements
NOTE: This presentation contains “forward-looking statements” within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on
management’s reasonable expectations and assumptions as of the date of this presentation regarding
important risk factors. Actual performance and financial results may differ materially from projections and
estimates expressed in the forward-looking statements because of many factors, including, without limitation,
overall economic and business conditions different than those currently anticipated; future financial and
operating performance of major customers and industries served by Air Products; the impact of competitive
products and pricing; interruption in ordinary sources of supply of raw materials; the ability to recover
unanticipated increased energy and raw material costs from customers; costs and outcomes of litigation or
regulatory activities; consequences of acts of war or terrorism impacting the United States’ and other markets;
the effects of a pandemic or epidemic or a natural disaster; charges related to portfolio management and cost
reduction actions; the success of implementing cost reduction programs and achieving anticipated acquisition
synergies; the timing, impact and other uncertainties of future acquisitions or divestitures or unanticipated
contract terminations; significant fluctuations in interest rates and foreign currencies from that currently
anticipated; the impact of new or changed tax and other legislation and regulations in jurisdictions in which Air
Products and its affiliates operate; the impact of new or changed financial accounting standards; and the
timing and rate at which tax credits can be utilized. The company disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements contained in this presentation to
reflect any change in the company’s assumptions, beliefs or expectations or any change in events, conditions
or circumstances upon which any such forward-looking statements are based.
2
3. Air Products
At a glance
$9B in sales FY’06
Diverse markets and geographies
Positioned for continued long-term value
creation
FY06 Geographic Sales
FY06 Segment Sales
ROW
Canada/Latin
Tonnage (2%)
Merchant America (4%)
Gases
Gases (25%)
(31%)
Asia United States
(16%) (49%)
Equipment &
Energy
Healthcare (6%)
(6%) Europe
(29%)
Electronics &
Chemicals
Performance
(10%)
Materials
(22%)
3
4. Value Proposition
Profitable Growth
Stability
– Long term contracts
– Consistent and predictable
cash flows
– Strong balance sheet
Earnings growth
– Volume loading
– Pricing/margins
– Productivity
Improving margins
– Strong deal quality
– Good progress to date
– Continued opportunity
4
5. Supply Modes
Durable Business Models
10, 15 and 20-year contracts
Take-or-pay minimum volumes
Contractual energy pass-through Equipment &
Formula escalation Services 19%
Onsite/Pipeline
34%
3-5 year contracts Package Gases &
Liquid/Bulk
Regional business Specialty Materials
21%
Cost pass-through/surcharges 26%
% of consolidated revenues
5
(excludes Chemicals segment)
6. A Healthy Report Card
Three consecutive years
FY04 FY05 FY06
$7.8
$7.0 $8.9
Sales ($B)……………
$3.50
$2.53 $2.93
EPS* ($/share)…….......
9.3% 10.0%
ORONA* (%) ………….. 11.3%
SG&A as % of Sales*.... 12.2%
14.2% 13.5%
Balance Sheet…………. “A” rating
Dividend increase &
Shareholder Value…….
share repurchase
6
* Comparisons are non-GAAP. See appendix slide for GAAP reconciliation.
7. Consolidated ’07 YTD Financials:
Continued Solid Performance
Q3 YTD Q3 YTD
FY06 FY07 Change
Sales ($B) $6.5 $7.5 16%
Diluted EPS ($/share)* $2.56 $3.21 25%
ORONA (%)** 10.9% 12.2% 130bp
SG&A as a % of Sales* 12.4% 11.8% (60bp)
* Continuing Operations
7 ** Comparisons are non-GAAP, see appendix for reconciliation
8. Electronics & Performance Materials:
A natural extension of what
Air Products does best
$2B+ segment under-pinned by technology,
innovation
Franchise positions / global leadership
Strategic positions with leading customers
Operationally excellent global supply chain
Global process engineering capability
Leading edge applied technology
8
9. Electronics
Continued Strong Growth…..
Global Leader
~$1.3 billion bulk gas, specialty material and
equipment business
Driven principally by:
– Semiconductor (~85%)
– LCD (~10%)
Strong Volume Growth:
– 20% CAGR over last 4 years
Business Trends:
– New materials for 45nm
– Asia growth
– Product simplification & controlling the value
chain
9
10. Performance Materials
Growth through Differentiation
A global platform with >$700MM in sales
#1 or #2 positions in targeted markets
– Performance based sale
3 key product lines + new initiatives
platforms
– Epoxy curing Agents
– Specialty Surfactants
– Polyurethane Additives
~50% of sales outside of North America
Formulated products that drive leadership
positions
Global supply chain, R&D, applied
technology infrastructure
10
11. Electronics & Performance Materials
Performance Metrics
$MM $MM
Operating Income & Margin
Sales 250 15.0%
2500
10% CAGR
200 12.0%
2000
150 9.0%
1500
100 6.0%
1000
50 3.0%
500
0 0.0%
0
2004 2005 2006 2007E
2004 2005 2006 2007E
• Strong top line growth over the past 4
Revenue by region ($, FY07F)
years
• Excellent profit and return improvement
Asia
(40%)
• Near term focus on further improvement:
North America
(40%)
Electronics Performance Materials
- continued strong hit rate - mix improvement
Latin America
- portfolio restructuring - growth in adjacent
(2%)
Europe markets
(18%)
11
12. Our FY’07 Commitments
Achieve 12.5% ORONA this year
Add Photo
Capture profitable growth
Improve Healthcare performance
Simplify Electronics
Restructure Chemicals
Drive productivity to the
bottom line
12
13. Beyond 2007
Growth Levers
Large ($25MM+) projects on stream …10 in 2008
– 6 in Tonnage
– 4 in Electronics
Geographical Expansions
– Central and Eastern Europe
– Middle East
– India
– Asia
New applications/products/markets
– Energy
– Performance Materials
Productivity
– Expand gross margins
– Electronics/Healthcare/Europe business
improvement
13
– Leverage SAP
14. Beyond 2007
Sustainable Double-Digit Growth
At Superior Returns
Targeting EPS growth between 10-15%
6-7% Market growth
2-4% New geographies/applications/products
2-4% Productivity/margin expansion
10-15% Total
More Focused, Less Cyclical,
Higher Growth, Higher Returns
14