Air Products and Chemicals Inc (APD) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Air Products Third Quarter Earnings Release Conference Call. Today's call is being recorded and at the request of Air Products. Please note that this presentation and the comments made on behalf of Air Products are subject to copyright by Air Products and all rights are reserved.

早上好，歡迎參加空氣產品公司第三季度收益發布電話會議。應 Air Products 的要求，今天的電話正在錄音中。請注意，本演示文稿和代表 Air Products 發表的評論受 Air Products 的版權保護，並保留所有權利。

Beginning today's call is Mr. Simon Moore.

開始今天的電話的是西蒙·摩爾先生。

Thank you, Cecilia. Good morning, everyone. Welcome to Air Products' Third Quarter 2022 Earnings Results Teleconference. This is Simon Moore, Vice President of Investor Relations, Corporate Relations and Sustainability.

謝謝你，塞西莉亞。大家，早安。歡迎來到空氣產品公司 2022 年第三季度收益結果電話會議。我是投資者關係、企業關係和可持續發展部副總裁 Simon Moore。

I'm pleased to be joined today by Seifi Ghasemi, our Chairman, President and CEO; Dr. Samir Serhan, our Chief Operating Officer; Melissa Schaeffer, our Senior Vice President and Chief Financial Officer; and Sean Major, our Executive Vice President, General Counsel and Secretary.

我很高興今天有我們的董事長、總裁兼首席執行官 Seifi Ghasemi 加入；我們的首席運營官 Samir Serhan 博士； Melissa Schaeffer，我們的高級副總裁兼首席財務官；以及我們的執行副總裁、總法律顧問兼秘書 Sean Major。

After our comments, we will be pleased to take your questions. Our earnings release and the slides for this call are available on our website at airproducts.com.

在我們發表評論後，我們將很高興回答您的問題。我們的收益發布和此次電話會議的幻燈片可在我們的網站 airproducts.com 上找到。

This discussion contains forward-looking statements. Please refer to the forward-looking statement disclosure that can be found in our earnings release and on Slide #2. In addition, throughout today's discussion, we will refer to various financial measures.

本討論包含前瞻性陳述。請參閱我們的收益發布和幻燈片#2中的前瞻性聲明披露。此外，在今天的討論中，我們將提到各種財務措施。

Unless we specifically state otherwise, when we refer to earnings per share, EBITDA, EBITDA margin, the effective tax rate and ROCE, both on a total company and segment basis, we are referring to our adjusted non-GAAP financial measures adjusted earnings per share, adjusted EBITDA, adjusted EBITDA margin, adjusted effective tax rate and adjusted return on capital employed.

除非我們另有明確說明，否則當我們提及以公司總數和部門為基礎的每股收益、EBITDA、EBITDA 利潤率、有效稅率和 ROCE 時，我們指的是調整後的非公認會計準則財務指標調整後的每股收益、調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的有效稅率和調整後的資本回報率。

Reconciliations of these measures to our most directly comparable GAAP financial measures can be found on our website in the relevant earnings release section.

這些措施與我們最直接可比的 GAAP 財務措施的對賬可以在我們網站的相關收益發布部分找到。

Now, I'm pleased to turn the call over to Seifi.

現在，我很高興將電話轉給 Seifi。

Thank you, Simon, and good day to everyone. Thank you for taking time from your very busy schedule to be on our call today.

謝謝你，西蒙，祝大家有美好的一天。感謝您在百忙之中抽出時間來接聽我們今天的電話。

Our fiscal year 2022 third quarter results are the latest demonstration of the strength and resilience of our business portfolio, despite all the well-known and visible headwinds on the global stage, such as rampant inflation, supply chain constraints, currency headwinds, COVID-related shutdowns in China, the war in Ukraine and the significant rise in energy prices in Europe.

我們的 2022 財年第三季度業績是我們業務組合的實力和彈性的最新證明，儘管全球舞台上存在所有眾所周知和明顯的不利因素，例如猖獗的通貨膨脹、供應鏈限制、貨幣逆風、與 COVID 相關的中國的停工、烏克蘭的戰爭以及歐洲能源價格的大幅上漲。

The people of Air Products delivered excellent results, with earnings per share up 13% versus last year. In addition, as you can see, we delivered very strong cash flow that will support our energy transition growth projects. I do want to thank all of the people at Air Products for the total commitment to excellence and service to our customers.

空氣產品公司的員工取得了出色的業績，每股收益比去年增長了 13%。此外，如您所見，我們提供了非常強勁的現金流，將支持我們的能源轉型增長項目。我要感謝空氣產品公司的所有員工，他們全心全意地為我們的客戶提供卓越和服務。

Now please turn to Slide #3, our safety performance. Our highest priority at Air Products is the safety and well-being of our employees. We have made significant progress to improve our safety performance in the last few years. But we are working even harder to achieve our ultimate goal of zero incidents and accidents.

現在請轉到幻燈片#3，我們的安全性能。空氣產品公司的首要任務是員工的安全和福祉。在過去幾年中，我們在提高安全績效方面取得了重大進展。但我們正在更加努力地實現零事故和事故的最終目標。

Now please turn to Slide #4. This is our historical performance over the last 8 years and the best indication of our commitment and the resilience of our business portfolio.

現在請轉到幻燈片#4。這是我們過去 8 年的歷史表現，也是我們承諾和業務組合彈性的最佳體現。

We have increased our earnings per share by an average of 11% per year over the last 8 years, despite all of the ups and downs in the world economy, geopolitical tensions and COVID. This performance is better than what we promised investors 8 years ago.

在過去 8 年中，儘管世界經濟、地緣政治緊張局勢和新冠肺炎疫情起伏不定，但我們的每股收益平均每年增長 11%。這一表現比我們8年前向投資者承諾的要好。

Now please to Slide #5, which clearly indicates that we have shared the success with our investors by increasing our dividend per share by an average of 10% per year also.

現在請看幻燈片#5，它清楚地表明我們通過將每股股息平均每年增加 10% 與我們的投資者分享了成功。

Now please go to Slide #6. My favorite slide that shows our EBITDA margins. You'll note the significant improvement over the years, and please also note that about 3/4 of the recent decline is due to higher pass-through energy costs that increase our sales but not our profits.

現在請轉到幻燈片#6。我最喜歡的幻燈片顯示了我們的 EBITDA 利潤率。您會注意到這些年來的顯著改善，還請注意，最近大約 3/4 的下降是由於更高的傳遞能源成本增加了我們的銷售額而不是我們的利潤。

I have, as usual, included Slides #7, 8, 9 and 10 to emphasize our continued commitment to the basic management principles that have guided our performance up to now and will continue to be the key principles that we will follow in the future.

像往常一樣，我在幻燈片 #7、8、9 和 10 中加入了幻燈片，以強調我們對基本管理原則的持續承諾，這些原則迄今為止指導了我們的績效，並將繼續成為我們未來將遵循的關鍵原則。

Slide #11, 12 and 13 represent our new sustainability commitments that we shared on Monday, July 25 at a conference call. The transcript of that call explains all of these slides in detail. So I do not plan to go through that again today.

幻燈片 #11、12 和 13 代表了我們在 7 月 25 日星期一的電話會議上分享的新的可持續發展承諾。該電話的記錄詳細解釋了所有這些幻燈片。所以我今天不打算再經歷一次。

But I do want to reiterate that sustainability is our growth strategy at Air Products, and we are committed to improving our performance and enabling our customers to do the same. We are proud to have set additional ESG goals and increased our total capital expenditure for projects driving the energy transition to $15 billion or more.

但我確實想重申，可持續發展是我們在空氣產品公司的增長戰略，我們致力於提高我們的績效，讓我們的客戶也能做到這一點。我們很自豪能夠設定額外的 ESG 目標，並將推動能源轉型的項目的總資本支出增加到 150 億美元或更多。

Now, it's my pleasure to turn the call over to Melissa Schaeffer, our Chief Financial Officer, to go through the details of the fiscal year third quarter results. Melissa.

現在，我很高興將電話轉給我們的首席財務官 Melissa Schaeffer，以了解本財年第三季度業績的詳細信息。梅麗莎。

Thank you, Seifi. As mentioned earlier, the resilience of our business is once again demonstrated on results this quarter. Our on-site business, which generates approximately half of our total company sales, is stable and has contractual protection to pass through higher energy costs. Our merchant business also performed very well.

謝謝你，賽菲。如前所述，本季度業績再次證明了我們業務的彈性。我們的現場業務（約占公司總銷售額的一半）穩定並具有合同保護，可以通過更高的能源成本轉嫁。我們的商戶業務也表現出色。

Price stayed ahead of variable cost increases for the second consecutive quarter and how -- has now more than offset the higher variable costs for the year-to-date.

價格連續第二個季度領先於可變成本增長，現在已經遠遠超過了今年迄今為止較高的可變成本。

I'm also pleased to announce that we received a cash distribution of approximately $100 million from the Jazan joint venture in June. Another example of this project meeting our commitments.

我也很高興地宣布，我們在 6 月份從 Jazan 合資企業收到了大約 1 億美元的現金分配。該項目履行我們承諾的另一個例子。

I also would like to echo Seifi's comments and thank all of our people at Air Products for their outstanding effort to overcome the significant energy cost challenges and achieve key project milestones.

我還想回應 Seifi 的評論，並感謝 Air Products 的所有員工為克服重大能源成本挑戰和實現關鍵項目里程碑所做的傑出努力。

Now please turn to Slide 14 for our third quarter results. Underlying sales were strong. Price and volume, combined, were up 12%. So energy costs have fallen slightly in recent weeks, they remain significantly higher than in prior quarters, and our team stepped up our pricing efforts across the region in response to the escalating energy costs.

現在請轉到幻燈片 14 了解我們的第三季度業績。基礎銷售強勁。價格和數量合計上漲了 12%。因此，最近幾週能源成本略有下降，仍顯著高於前幾個季度，我們的團隊加強了整個地區的定價工作，以應對不斷上漲的能源成本。

Our third quarter merchant price was 17% higher than last year, which resulted in a 7% gain for the total [company]. Merchant price has improved double digits for 3 consecutive quarters and increased sequentially each quarter.

我們第三季度的商家價格比去年高出 17%，這導致整個 [公司] 增長了 7%。商戶價格連續3個季度兩位數提升，每季度環比上漲。

Volumes were up 5% overall and better in most segments. New assets, recovery in hydrogen in the Americas, better merchant demand and increased sale of equipment activities more than offset the negative COVID impacts in Asia and lower hydrogen volumes in Europe.

銷量總體增長了 5%，並且在大多數細分市場中表現更好。新資產、美洲氫氣的複蘇、更好的商業需求和設備銷售的增加，足以抵消亞洲 COVID 的負面影響和歐洲氫氣產量的下降。

Currency translation from a strengthening U.S. dollar was a significant headwind this quarter, reducing sales and EBITDA by 5%. Despite this headwind, EBITDA increased 11% as favorable volume, prices and equity affiliate income more than offset higher costs.

美元走強導致的貨幣換算是本季度的一大不利因素，導致銷售額和 EBITDA 下降了 5%。儘管存在這種不利因素，但由於有利的數量、價格和股權關聯公司收入抵消了較高的成本，EBITDA 增長了 11%。

EBITDA margin of 33.9% decreased 360 basis points compared to the prior year as positive contributions from price, equity affiliate income was more than offset by higher energy pass-through, which lowered EBITDA margin by 500 basis points.

與上年相比，EBITDA 利潤率為 33.9%，下降 360 個基點，原因是價格、股權附屬公司收入的積極貢獻被更高的能源傳遞抵消了，這使 EBITDA 利潤率下降了 500 個基點。

Sequentially, volumes were up 4%, supported by Lunar New Year recovery in Asia and higher hydrogen volumes in the Americas, were partially offset by lower merchant demand due to the COVID restrictions in China.

隨後，在亞洲農曆新年復蘇和美洲氫氣銷量增加的支持下，銷量增長了 4%，但部分被中國 COVID 限制導致的商業需求下降所抵消。

[EBITDA] was up 6% sequentially, absorbing 2% of currency headwinds as favorable price and volume more than offset higher costs.

[EBITDA] 環比增長 6%，吸收了 2% 的貨幣逆風，因為有利的價格和數量足以抵消更高的成本。

ROCE has climbed steadily the last 4 quarters to reach 10.8%. We anticipate ROCE to further improve as we bring new projects onstream and continue to put the abundant cash on our balance sheet to work. Adjusting for this cash, our ROCE would have been 13.5% this quarter.

ROCE 在過去 4 個季度穩步攀升，達到 10.8%。我們預計 ROCE 將隨著我們將新項目投產並繼續將充裕的現金投入資產負債表中而進一步提高。調整這筆現金後，本季度我們的 ROCE 為 13.5%。

Now please turn to Slide 15. Our third quarter adjusted EPS of $2.62 increased $0.31 or 13% from the prior year, representing our fifth consecutive quarter of double-digit year-over-year earnings growth.

現在請轉到幻燈片 15。我們第三季度調整後的每股收益為 2.62 美元，比去年同期增長 0.31 美元或 13%，這是我們連續第五個季度實現兩位數的同比收益增長。

Price, volume and costs together contributed $0.27. Volume was favorable at $0.11 and price net of variable cost was favorable at $0.32. Asia, Europe and Americas all showed positive price results. Our costs were higher primarily due to inflation, supply chain-related issues and higher planned maintenance.

價格、數量和成本共同貢獻了 0.27 美元。成交量為 0.11 美元，扣除可變成本後的價格為 0.32 美元。亞洲、歐洲和美洲均顯示出積極的價格結果。我們的成本較高主要是由於通貨膨脹、供應鏈相關問題和更高的計劃維護。

We also remain steadfast in our support for the long-term growth of our company, hiring the necessary people to bring projects onstream and investing in facilities, including our new helium storage cavern, which will generate significant value in the future.

我們還堅定不移地支持公司的長期發展，聘請必要的人員將項目投產並投資設施，包括我們新的氦氣儲存室，這將在未來產生重大價值。

We keep a close eye on all of our costs and continue to focus on productivity actions across all of our businesses. Weaker foreign currency versus U.S. dollar lowered our EPS $0.08. The euro, British pound, Korean won and RMB were the biggest contributors. This was about $0.05 worse than we expected for the quarter.

我們密切關注我們的所有成本，並繼續關注我們所有業務的生產力行動。外幣兌美元走弱使我們的每股收益降低了 0.08 美元。歐元、英鎊、韓元和人民幣是最大的貢獻者。這比我們本季度的預期差了大約 0.05 美元。

The Jazan joint venture continues to deliver as expected and drove the improved equity affiliate income versus prior year. Noncontrolling interest was unfavorable as higher earnings from consolidated joint ventures is attributed to our partners. Nonoperating income was $0.04 lower, driven by higher pension expense.

Jazan 合資企業繼續按預期交付，並推動股權附屬公司收入與去年相比有所提高。非控股權益是不利的，因為來自合併合資企業的較高收益歸因於我們的合作夥伴。由於養老金支出增加，營業外收入減少了 0.04 美元。

Our third quarter effective tax rate of 18.6% was slightly higher than last year as the favorable impact of Jazan in the current year was offset by prior-year impact of favorable one-time items. We expect our tax rate to be approximately 19% next quarter.

我們第三季度 18.6% 的有效稅率略高於去年，因為今年吉讚的有利影響被一次性項目的有利影響抵消了。我們預計下個季度我們的稅率約為 19%。

Now please turn to Slide 16. The stability of our business allows us to generate strong cash flow despite the challenging geopolitical energy environment.

現在請轉到幻燈片 16。儘管地緣政治能源環境充滿挑戰，但我們業務的穩定性使我們能夠產生強勁的現金流。

Over the last 12 months, we generated more than $2.9 billion of distributable cash flow over $13 per share. From our EBITDA of over $4 billion, we paid interest, taxes and maintenance capital.

在過去 12 個月中，我們產生了超過 29 億美元的可分配現金流，每股超過 13 美元。從我們超過 40 億美元的 EBITDA 中，我們支付了利息、稅款和維護資本。

From the distributable cash flow, we paid over 45% or roughly $1.4 billion as dividends to our shareholders and still have over $1.5 billion available for high-return projects.

從可分配的現金流中，我們向股東支付了超過 45% 或大約 14 億美元的股息，並且仍有超過 15 億美元可用於高回報項目。

This strong cash flow, even in uncertain times, enable us to continue to create shareholder value through increasing dividends and capital deployment for our high-return projects.

即使在不確定的時期，這種強勁的現金流也使我們能夠通過為我們的高回報項目增加股息和資本配置來繼續創造股東價值。

Slide 17 provides an update to our capital deployment. As you can see, our capital deployment potential is $35 billion through fiscal 2027. The $35 billion includes about $8 billion of cash and additional debt capacity available today, almost $17 billion, we expect to be available by 2027 and more than $10 billion already spent.

幻燈片 17 提供了我們資本部署的更新。如您所見，到 2027 財年，我們的資本部署潛力為 350 億美元。這 350 億美元包括約 80 億美元的現金和今天可用的額外債務能力，近 170 億美元，我們預計到 2027 年將可用，並且已經花費了超過 100 億美元.

We still believe this capacity is conservative given the potential for additional EBITDA growth, which would generate additional cash flow and additional borrowing capacity.

考慮到 EBITDA 增長的潛力，我們仍然認為這種能力是保守的，這將產生額外的現金流和額外的借貸能力。

As always, we continue to focus on managing our debt balance to maintain our current and targeted A/A2 rating. So you can see, we have already spent 30% and have already committed 73% of the updated capacity we show here. We've made great progress and still have substantial investment capacity remaining to invest in high-return projects.

與往常一樣，我們將繼續專注於管理我們的債務餘額，以維持我們當前的目標 A/A2 評級。所以你可以看到，我們已經花費了 30% 並且已經承諾了我們在此處顯示的更新容量的 73%。我們已經取得了長足的進步，並且仍有相當大的投資能力可以投資於高回報項目。

As Seifi mentioned, we have committed an additional $4 billion to the future energy transition projects or about half of the remaining $9.5 billion to be committed. We are developing a significant number of exciting projects. As a result, I think we have a good chance to exceed this target.

正如 Seifi 所提到的，我們已承諾為未來的能源轉型項目額外投入 40 億美元，約佔剩餘 95 億美元承諾的一半。我們正在開發大量令人興奮的項目。因此，我認為我們很有可能超過這個目標。

We continually evaluate our capital deployment options and determine the best way to use the available cash entrusted to us by our shareholders. We believe that investing in these high-return projects is the best way to create shareholder value for the long run.

我們不斷評估我們的資本配置方案，並確定使用股東委託給我們的可用現金的最佳方式。我們認為，投資這些高回報項目是長期創造股東價值的最佳方式。

Now to begin the review of our segment results, I'll turn the call back over to Seifi.

現在開始審查我們的細分結果，我將把電話轉回 Seifi。

Thank you, Melissa. Now please turn to Slide #18 for our Asia results. As I mentioned earlier, currency was a major hurdle for Asia this quarter. Sales were flat as positive volume and price that offset by weaker currency.

謝謝你，梅麗莎。現在請轉到第 18 張幻燈片查看我們的亞洲結果。正如我之前提到的，貨幣是本季度亞洲的主要障礙。由於貨幣疲軟抵消了正的數量和價格，銷售額持平。

Volume was up 2% as we continue to successfully bring on -- being onstream a small- to medium-sized traditional industrial gas plants in our on-site business across the region, which more than offset the reduced merchant volumes caused by COVID restrictions in certain parts of China in the last quarter.

隨著我們繼續成功引進，銷量增長了 2%——在我們整個地區的現場業務中啟用了中小型傳統工業氣體工廠，這遠遠抵消了由於 COVID 限制導致的商戶數量減少上一季度中國部分地區。

Our merchant price was up 5% compared to last year, which resulted in the 2% overall price improvement for the region.

與去年相比，我們的商家價格上漲了 5%，這導致該地區的整體價格提高了 2%。

Costs were unfavorable, primarily due to higher planned maintenance, inflation and supply chain inefficiencies caused by COVID restrictions. EBITDA was 5% lower, mostly due to currency, and EBITDA margin decreased 230 basis points as better price and volume only partially offset the higher costs.

成本不利，主要是由於 COVID 限制導致更高的計劃維護、通貨膨脹和供應鏈效率低下。 EBITDA 下降了 5%，主要是由於貨幣，而 EBITDA 利潤率下降了 230 個基點，因為更好的價格和數量只能部分抵消較高的成本。

Now, I would like to turn the call over to Simon to talk about our Europe results. Simon?

現在，我想把電話轉給西蒙來談談我們在歐洲的結果。西蒙？

Thank you, Seifi. Now please turn to Slide 19. Energy costs in Europe remained very high but had no profit impact on our on-site business since we are contractually able to pass the cost on to our customers. Since almost all of our natural gas usage is for on-site hydrogen production, we have very little cost exposure to natural gas and no cost exposure to the power used for our on-site ASUs.

謝謝你，賽菲。現在請轉到幻燈片 19。歐洲的能源成本仍然很高，但對我們的現場業務沒有利潤影響，因為我們可以通過合同將成本轉嫁給我們的客戶。由於我們幾乎所有的天然氣使用都用於現場製氫，因此我們對天然氣的成本敞口非常小，而且我們的現場 ASU 使用的電力也沒有成本敞口。

In our merchant business, our team continues to implement price increases to compensate for higher power costs, highlighting the strength of our business model. You can see the power costs for Europe this quarter were still 3x the level at the beginning of 2021.

在我們的商戶業務中，我們的團隊繼續實施提價以彌補更高的電力成本，彰顯了我們商業模式的優勢。您可以看到本季度歐洲的電力成本仍然是 2021 年初水平的 3 倍。

Although we have now fully recovered the higher power costs for the year-to-date, we remain mindful of the dynamic nature of the situation, and we are continuing to work hard on pricing.

儘管我們現在已經完全收回了年初至今較高的電力成本，但我們仍然注意形勢的動態性，我們將繼續努力定價。

Now please turn to Slide 20 for a review of our Europe results. Negative currency had a significant impact on Europe. All major local currencies were weaker versus the dollar by double digits. Compared to prior year, underlying sales were stable, supported by a sizable step-up in merchant pricing.

現在請轉到幻燈片 20，查看我們的歐洲結果。負貨幣對歐洲產生了重大影響。所有主要當地貨幣兌美元均下跌兩位數。與去年相比，在商家定價大幅上漲的支持下，基礎銷售額保持穩定。

Price increased 17% over last year for the region, which translates to a 25% gain for the merchant business. Prices were higher across all major product lines and subregions, and this is the fourth consecutive quarter of sequential price increases. Volume was 3% weaker.

該地區的價格比去年上漲了 17%，這意味著商戶業務增長了 25%。所有主要產品線和次區域的價格均上漲，這是連續第四個季度價格連續上漲。成交量下跌 3%。

Merchant volume was up, but hydrogen volume was negatively impacted by a planned customer turnaround and another customer reducing volume from us due to high natural gas costs.

商戶數量增加，但氫氣數量受到計劃中的客戶周轉和另一位客戶因天然氣成本高而減少我們的數量的負面影響。

EBITDA improved 4% due to strong price net of variable costs and better equity affiliate income, which were partially offset by unfavorable currency and weaker volume.

由於扣除可變成本後的強勁價格和更好的股權關聯公司收入，EBITDA 增長了 4%，這部分被不利的貨幣和疲軟的交易量所抵消。

EBITDA margin decreased 500 basis points compared to prior year as better pricing net of variable costs only partially offset higher energy cost pass-through, which lowered margin more than 700 basis points.

與去年相比，EBITDA 利潤率下降了 500 個基點，因為扣除可變成本後更好的定價僅部分抵消了較高的能源成本傳遞，這使利潤率降低了 700 個以上。

Compared to the prior quarter, merchant volume improved and price continued to gain strength across all key product lines and subregions.

與上一季度相比，所有主要產品線和次區域的商戶數量都有所改善，價格繼續走強。

EBITDA was up 9% as better price net of variable costs more than offset weaker currency. EBITDA margin improved 230 basis points primarily due to the strong price.

EBITDA 增長 9%，因為扣除可變成本後的價格上漲超過了貨幣疲軟的影響。主要由於價格強勁，EBITDA 利潤率提高了 230 個基點。

Compared to Q1 of this year, Europe's operating income has improved $40 million or 40% and EBITDA margin has increased by over 600 basis points, owing much to our team's successful pricing effort.

與今年第一季度相比，歐洲的營業收入增加了 4000 萬美元或 40%，EBITDA 利潤率增加了 600 多個基點，這在很大程度上要歸功於我們團隊成功的定價努力。

Now, I would like to turn the call over to Dr. Serhan for a discussion of our other segments.

現在，我想將電話轉給 Serhan 博士，以討論我們的其他部分。

Thank you, Simon. Now please turn to Slide 21 for a review of our Americas results. Energy cost pass-through was a significant factor this quarter, accounting for 2/3 of the 33% sales increase over last year but contributing no profit. However, it does negatively impact our margins.

謝謝你，西蒙。現在請轉到幻燈片 21，查看我們在美洲的結果。能源成本轉嫁是本季度的一個重要因素，佔銷售額比去年增長 33% 的 2/3，但沒有貢獻利潤。但是，它確實對我們的利潤率產生了負面影響。

Underlying sales were strong. Volume and price together were up 12%, similar to the last 2 quarters. Volume grew 4%, primarily due to recovery in hydrogen despite the planned outages in this quarter as well as a new on-sites coming online. We expect hydrogen to continue its path to recovery as we move into 2023.

基礎銷售強勁。銷量和價格一起上漲了 12%，與過去兩個季度相似。銷量增長 4%，主要是由於氫氣的回收，儘管本季度計劃停電以及新的現場上線。隨著我們進入 2023 年，我們預計氫氣將繼續其複甦之路。

Our third quarter volume growth was partially offset by continued weakness in our South America merchant business due to lower demand for medical oxygen as well as the favorable impact from our one-time items in the previous year.

我們第三季度的銷量增長被我們的南美商業業務持續疲軟所部分抵消，原因是對醫用氧氣的需求下降以及我們上一年一次性項目的有利影響。

As mentioned, the positive price momentum continued. Our team in the Americas did an excellent job again, by raising the prices to more than cover the higher energy costs. Prices improved in all key product lines over last year and were also up sequentially. The 8% gain for the region compared to last year is equivalent to an 18% increase in our merchant business.

如前所述，積極的價格勢頭仍在繼續。我們在美洲的團隊再次出色地完成了工作，將價格提高到超過了更高的能源成本。與去年相比，所有主要產品線的價格均有所改善，並且環比上漲。與去年相比，該地區增長了 8%，相當於我們的商戶業務增長了 18%。

As we indicated previously, a planned maintenance was still elevated in the third quarter, but it's expected to decrease in this fourth quarter. Costs were also unfavorable primarily due to inflation and supply chain-related challenges, including driver shortages that continued to impact the industry.

正如我們之前所指出的，第三季度的計劃維護仍有所增加，但預計第四季度將減少。成本也不利，主要是由於通貨膨脹和供應鏈相關挑戰，包括繼續影響該行業的司機短缺。

EBITDA grew 3%, driven by higher price and volume, partially offset by higher costs. EBITDA margin declined 980 basis points from the previous year due to higher energy cost pass-through, which accounted for around 800 basis points, with most of the rest driven by one-time gains in the previous year.

EBITDA 增長 3%，主要受價格和銷量上漲的推動，但部分被成本上漲所抵消。 EBITDA 利潤率較上年下降 980 個基點，原因是能源成本轉嫁增加，約佔 800 個基點，其餘大部分是由上一年的一次性收益推動的。

Sequentially, our hydrogen volume and continued price gains helped to drive EBITDA higher, despite higher supply chain-related costs. EBITDA margin was lower, primarily due to higher energy cost pass-through.

因此，儘管與供應鏈相關的成本較高，但我們的氫氣產量和持續的價格上漲有助於推動 EBITDA 更高。 EBITDA 利潤率較低，主要是由於較高的能源成本轉嫁。

Now please turn to Slide 22 for a review of our Middle East and India segment. Sales and operating income in this segment are modest, since our Middle East and India wholly-owned operations are smaller in size.

現在請轉到幻燈片 22，查看我們的中東和印度部分。由於我們在中東和印度的全資業務規模較小，因此該部門的銷售和營業收入不高。

However, the segment's EBITDA is significant since it includes the equity affiliate income related to the Jazan joint venture and our India joint venture, INOX AP.

然而，該部門的 EBITDA 很重要，因為它包括與 Jazan 合資企業和我們的印度合資企業 INOX AP 相關的股權附屬收入。

For the quarter, sales were higher versus the previous year and previous quarter due to acquisitions. The $50 million increase in equity affiliate income included our share of the Jazan joint venture net profit.

由於收購，本季度的銷售額高於去年和上一季度。 5000 萬美元的股權附屬收入增加包括我們在 Jazan 合資企業淨利潤中的份額。

As Melissa indicated earlier, we received a distribution of about $100 million from the joint venture during the third quarter. And I'm also happy to report that the planned commissioning activities continue to make good progress.

正如梅麗莎早些時候所說，我們在第三季度從合資企業獲得了約 1 億美元的分配。我也很高興地報告，計劃中的調試活動繼續取得良好進展。

Please turn to Slide 23 for our Corporate segment. This segment includes our sale of equipment businesses as well as our centrally managed functions and corporate costs. Over the past few years, our non-LNG sale of equipment businesses have grown considerably and have become major contributors for this segment.

請轉到幻燈片 23 了解我們的企業部分。該部分包括我們的設備業務銷售以及我們的集中管理職能和公司成本。在過去幾年中，我們的非液化天然氣設備銷售業務大幅增長，並已成為該領域的主要貢獻者。

For this quarter, sales and profit increased, driven by strong activities in non-LNG projects and also supported by favorable profit recognition upon the recent completion of an LNG sale of equipment project.

本季度，非液化天然氣項目的強勁活動推動了銷售額和利潤的增長，同時也得益於最近完成的液化天然氣設備銷售項目的有利利潤確認。

As expected, inquiries for potential LNG projects have increased significantly, but these projects take time to develop, we're working hard to sign in new projects in order to maintain our momentum.

正如預期的那樣，對潛在液化天然氣項目的詢價顯著增加，但這些項目需要時間來開發，我們正在努力簽署新項目以保持我們的勢頭。

At this point, I would like to return the call back over to Seifi to provide his closing comments.

在這一點上，我想將電話回電給 Seifi，以提供他的結束意見。

Thank you, Dr. Serhan. As I have mentioned previously, our strategy for the company is fundamentally based on doing two things at the same time, 2 pillars.

謝謝你，Serhan 博士。正如我之前提到的，我們公司的戰略基本上是基於同時做兩件事，兩個支柱。

Number one, is to operate our base industrial gas business in the most efficient way and continue to invest and grow that business, something that we have been doing, and we will continue to do.

第一，是以最有效的方式運營我們的基礎工業氣體業務，並繼續投資和發展該業務，這是我們一直在做的事情，我們將繼續這樣做。

The second pillar of our strategy is to focus on zero and low-carbon hydrogen projects that produce the hydrogen energy of the future. Air Products today is the leader in the production of gray hydrogen worldwide.

我們戰略的第二個支柱是專注於生產未來氫能的零碳和低碳氫項目。今天的空氣產品公司是全球灰氫生產的領導者。

Our strategy is to have a natural extension of that leadership position and to be the leader in the production of green hydrogen, based on renewable resources, and blue hydrogen, which is the production of hydrogen from hydrocarbons combined with CO2 capture.

我們的戰略是自然擴展這一領先地位，並成為基於可再生資源的綠色氫和藍氫生產的領導者，藍氫是從碳氫化合物生產氫並結合二氧化碳捕獲。

That is our growth strategy for the future. We are very much committed to this strategy. These 2 pillars are part of the same thing. They fit together. They align with our core competencies as a company and they give us the potential to grow significantly.

這是我們未來的增長戰略。我們非常致力於這一戰略。這兩個支柱是同一事物的一部分。他們合而為一。它們與我們作為一家公司的核心競爭力相一致，它們為我們提供了顯著增長的潛力。

As the world's largest hydrogen supplier, with over 60 years of experience with hydrogen, we are uniquely positioned to be successful in implementing this strategy.

作為世界上最大的氫氣供應商，我們擁有 60 多年的氫氣經驗，我們具有獨特的優勢，可以成功實施這一戰略。

We have the know-how to carry out our mega projects and implement them successfully, as demonstrated by the successful completion of several major projects recently, including a more than $2 billion air separation project, the largest in the world, which was completed on time and in their budgets, recently.

我們擁有執行和成功實施大型項目的專業知識，最近成功完成了幾個重大項目，其中包括一個超過 20 億美元的世界最大空分項目，該項目按時完成最近在他們的預算中。

We can also leverage our existing assets as many of our energy transition projects are connected to our own pipelines, which can readily supply the low-carbon hydrogen to our existing customers.

我們還可以利用我們現有的資產，因為我們的許多能源轉型項目都連接到我們自己的管道，這些管道可以很容易地為我們現有的客戶提供低碳氫。

Now please turn to Slide #24. Like everyone else, we see significant economic challenges as we go forward. COVID restrictions in China remain uncertain, and we expect inflation, currency and supply chain constraints to continue to be headwinds.

現在請轉到幻燈片#24。與其他所有人一樣，我們在前進的過程中看到了重大的經濟挑戰。中國的新冠疫情限制仍不確定，我們預計通脹、貨幣和供應鏈限制將繼續成為不利因素。

Although we have only a very small business in Germany, the fear of energy supply disruptions is weighing on all of Europe. Despite all of these headwinds, I remain confident in the strength and stability of Air Products business.

儘管我們在德國祇有一家很小的企業，但對能源供應中斷的恐懼正在給整個歐洲帶來壓力。儘管存在所有這些不利因素，我仍然對空氣產品公司業務的實力和穩定性充滿信心。

We will push for price increases to compensate for additional costs, pursue additional volume opportunity and pay very close attention to our costs.

我們將推動價格上漲以彌補額外成本，尋求額外的銷量機會，並密切關注我們的成本。

As a result, for the fiscal year '22, we have kept our guidance unchanged despite not only all of these headwinds, but also the more than $0.10 of negative currency impact that we see, which is different -- which is higher than when we gave you the guidance last quarter.

因此，對於 '22 財年，我們保持我們的指導不變，儘管不僅存在所有這些不利因素，而且我們看到的負面貨幣影響超過 0.10 美元，這是不同的——這高於我們上個季度給了你指導。

Our range of $10.20 to $10.40 represents a 14% increase at midpoint over last year. We expect to see our CapEx in 2022 to be slightly above $4.5 billion, including the approximately $1.5 billion previously invested for Phase 1 of the Jazan project.

我們從 10.20 美元到 10.40 美元的區間比去年的中點增長了 14%。我們預計 2022 年的資本支出將略高於 45 億美元，其中包括先前為 Jazan 項目第一階段投資的約 15 億美元。

Now please turn to Slide #25. To make this energy transition a reality, we need people who share the same vision for this important undertaking.

現在請轉到幻燈片#25。為了使這種能源轉型成為現實，我們需要對這項重要事業有相同願景的人。

Recently, I've been hosting strategy discussions with our employees around the world. These are extensive thoughtful dialogues with small groups of people at a time that allow me to share our strategy with our people and as always, to answer their questions and get input from them.

最近，我一直在與我們在世界各地的員工進行戰略討論。這些是一次與一小群人進行廣泛深思熟慮的對話，讓我能夠與我們的員工分享我們的戰略，並一如既往地回答他們的問題並從他們那裡獲得意見。

I have already met with approximately 2,000 of our employees in the last 2 months, and our plan is to talk to all of our 20,000 employees in small groups in the next year or so. I'm happy to say that our employees are excited, motivated and confident to take on the bold challenges ahead of us.

在過去的兩個月裡，我已經會見了大約 2,000 名員工，我們的計劃是在明年左右以小組的形式與我們所有的 20,000 名員工交談。我很高興地說，我們的員工對迎接我們面前的大膽挑戰感到興奮、積極和自信。

Their commitment and motivation is our long-term competitive advantage, which is going to make us successful in implementing our strategy. I am, have been and continue to be very excited about the future of Air Products.

他們的承諾和動力是我們的長期競爭優勢，這將使我們成功實施我們的戰略。我對 Air Products 的未來感到非常興奮，並且一直非常興奮。

Now before we answer your questions, I do have an announcement to make. As all of you on this call know -- all of you on this call know my friend and colleague, Mr. Simon Moore very well. He has been responsible for Investor Relations for the last 12 years. He has been a significant contributor to the success of Air Products over the last 33 years.

現在，在我們回答您的問題之前，我確實有一個公告要發布。正如本次電話會議中的所有人都知道的那樣，本次電話會議中的所有人都非常了解我的朋友和同事西蒙·摩爾先生。在過去的 12 年裡，他一直負責投資者關係。在過去的 33 年中，他為 Air Products 的成功做出了重要貢獻。

Recently, Simon informed me that he plans to spend more time with his family and therefore, he wishes to retire from Air Products at the end of March 2023. We have decided to announce this decision early so that we can go about finding a successor in an open and public manner and also to give his successor plenty of time for the transition.

最近，Simon 告訴我，他計劃花更多時間與家人在一起，因此，他希望在 2023 年 3 月從 Air Products 退休。我們決定提前宣布這一決定，以便我們可以著手尋找繼任者。公開和公開的態度，也給他的繼任者充足的過渡時間。

I do want to publicly acknowledge and thank Simon for the outstanding and valuable contribution he has made to Air Products and also acknowledge the key role he has played in developing our sustainability program.

我確實要公開承認並感謝 Simon 為 Air Products 做出的傑出而寶貴的貢獻，並感謝他在製定我們的可持續發展計劃中發揮的關鍵作用。

All of us at Air Products wish Simon the best in his retirement and look forward to working with him over the next 8 months to identify and transition to a strong successor. Simon, thank you again for all we have done for Air Products, and I invite you to make any comments you would like to make at this time.

空氣產品公司的所有人都希望西蒙在退休後一切順利，並期待在接下來的 8 個月內與他合作，確定並過渡到一位強有力的繼任者。西蒙，再次感謝您為 Air Products 所做的一切，我邀請您在此時發表任何您想發表的評論。

Thank you, Seifi. I have been honored to enjoy the challenges, the opportunities, the people and the teamwork at Air Products over the last 30-plus years. As they say, no one joins the company planning to stay for 30 years, but I have been lucky to be challenged with a wide variety of opportunities that always made Air Products a great place to be.

謝謝你，賽菲。在過去的 30 多年裡，我很榮幸能夠享受空氣產品公司的挑戰、機遇、員工和團隊合作。正如他們所說，沒有人打算在加入公司工作 30 年，但我很幸運能夠接受各種各樣的機會挑戰，這些機會總是讓 Air Products 成為一個很棒的地方。

Seifi, as we discussed when I first shared my decision with you, I remain fully supportive of Air Products' growth strategy, continuing to focus on our very strong base business, while we further advanced our unique first-mover advantages, driving the sustainability-focused energy transition for the world, will no doubt create significant value for our investors, employees, customers and other stakeholders.

Seifi，正如我第一次與您分享我的決定時所討論的那樣，我仍然完全支持 Air Products 的增長戰略，繼續專注於我們非常強大的基礎業務，同時我們進一步提升我們獨特的先發優勢，推動可持續發展-專注於全球能源轉型，無疑將為我們的投資者、員工、客戶和其他利益相關者創造重大價值。

And Seifi, I want to specifically thank you for leading the team to transform Air Products into this great company with an incredible future. I'm looking forward to continuing to drive our critical work, support the search for an outstanding successor and ensure a smooth transition. Thanks again, Seifi.

Seifi，我要特別感謝您帶領團隊將 Air Products 轉變為這家擁有令人難以置信的未來的偉大公司。我期待繼續推動我們的關鍵工作，支持尋找傑出的繼任者並確保順利過渡。再次感謝，賽菲。

Thank you very much, Simon, for your kind remarks. I do appreciate that.

非常感謝西蒙，您的客氣話。我很感激。

Now, we are pleased to answer your questions.

現在，我們很高興回答您的問題。

(Operator Instructions) We will now take our first question from Christopher Parkinson from Mizuho.

（操作員說明）我們現在將向瑞穗的克里斯托弗·帕金森提出第一個問題。

Your team has done a very good job over the last several quarters, obviously, from a pretty tough place last October to getting ahead on price cost in both Europe and also the U.S. per your PowerPoint slides.

您的團隊在過去幾個季度中做得非常好，顯然，從去年 10 月的一個相當艱難的地方到根據您的 PowerPoint 幻燈片在歐洲和美國的價格成本方面取得領先。

Can you just discuss those efforts in the context of the current macroeconomic environment? Obviously, there's some potential tracks in Europe and some other places. So just how are those discussions going on now?

您能否在當前宏觀經濟環境的背景下討論這些努力？顯然，在歐洲和其他一些地方有一些潛在的軌道。那麼這些討論現在進行得如何呢？

How should we think about your ability to hold price into the next fiscal year? Just any additional color on the -- your updated thought process.

我們應該如何考慮您將價格保持到下一個財政年度的能力？只是您更新的思維過程上的任何其他顏色。

Thank you, Chris. Chris, thanks for your comments. I appreciate that. We are very confident that we will be able to continue doing what we have been doing in the last 3 quarters in order to deal with all of the headwinds that we are dealing with. We have significant headwinds in currency, COVID, energy costs and all of that.

謝謝你，克里斯。克里斯，謝謝你的評論。我很感激。我們非常有信心，我們將能夠繼續做過去三個季度一直在做的事情，以應對我們正在應對的所有不利因素。我們在貨幣、新冠病毒、能源成本等方面面臨重大不利因素。

We believe that we have the capacity, the resilience, the strength and the market position to continue to increase prices to compensate for energy costs and other inflationary factors. So we are not going to fall behind on that as we have demonstrated in the last 3 quarters, and I expect those efforts to continue.

我們相信我們有能力、韌性、實力和市場地位繼續提高價格以彌補能源成本和其他通脹因素。因此，我們不會像過去三個季度所證明的那樣落後，我希望這些努力會繼續下去。

The second thing is that our people are phenomenally focused on our costs, making sure that we have every -- really count for every penny, and Melissa, in her role as CFO, is playing a leading role in interacting with our businesses around the world to make sure they understand their cost.

第二件事是，我們的員工非常關注我們的成本，確保我們擁有每一分錢——真正物有所值，而梅麗莎作為首席財務官，在與我們在世界各地的業務互動方面發揮著主導作用以確保他們了解他們的成本。

And we keep our eyes on the ball in making sure that we are not spending on any money that we don't have to spend on.

我們密切關注球，以確保我們不會花費任何我們不必花費的錢。

So putting all of these together, that is why we have had, quite honestly, the courage, considering everything that is going to be thrown at us in the next quarter, not to change our forecast for the year and stick with the $10.20 to $10.40, which means at midpoint $10.30 and knowing full well that we are going to be hit with at least $0.10 of currency headwind.

因此，將所有這些放在一起，這就是為什麼我們有勇氣，老實說，考慮到下一季度將發生的一切，不要改變我們對今年的預測並堅持 10.20 美元至 10.40 美元，這意味著在中點 10.30 美元，並且完全清楚我們將受到至少 0.10 美元的貨幣逆風的打擊。

So we are going to keep doing what we have been doing, and I'm very confident that we should be successful, Chris.

所以我們將繼續做我們一直在做的事情，我非常有信心我們應該會成功，克里斯。

That's very helpful. And just a quick follow-up. In your last slide presentation for the last quarter, you had Slide 11, just kind of the update of the fiscal year '23 major project considerations. I mean, [Juda], Jazan, Debang GCA, so on and so forth.

這很有幫助。只是一個快速的跟進。在上個季度的最後一張幻燈片演示中，您有幻燈片 11，這只是 23 財年主要項目考慮的更新。我的意思是，[Juda]、Jazan、Debang GCA 等等。

Can you just give us a quick update on any incremental thoughts you have on those kind of that second stage of getting Lu'An back to prior levels? Just any color you could offer would be greatly appreciated.

您能否簡單介紹一下您對讓潞安恢復到之前水平的第二階段的任何增量想法？您可以提供的任何顏色都將不勝感激。

Sure. We fully expect Lu'An to go back to the original contract, starting October 1. And all of those other projects that you mentioned, we expect them to come on a screen in 2023 and contribute to our increased EPS versus this year. So we look forward to having a good year in 2023.

當然。我們完全預計潞安將從 10 月 1 日開始恢復原合同。您提到的所有其他項目，我們預計它們將在 2023 年上映，並為我們的每股收益比今年增加做出貢獻。因此，我們期待在 2023 年度過美好的一年。

We will now take our next question from Vincent Andrews from Morgan Stanley.

我們現在將向摩根士丹利的文森特安德魯斯提出我們的下一個問題。

Congratulations in advance, Simon. Seifi, can you talk about -- you mentioned you had $0.10 incremental FX headwinds versus, I guess, the middle of your fiscal year. Obviously, the raw material environment, the macro environment hasn't gotten any easier either.

提前祝賀你，西蒙。 Seifi，你能談談 - 你提到你有 0.10 美元的外匯逆風，我猜，你的財政年度中期。顯然，原材料環境、宏觀環境也沒有好轉。

So what is it that's happening in the business that's better than what you expected, that's allowing you to maintain the guidance?

那麼，業務中發生的哪些事情比您預期的要好，這使您能夠保持指導？

Vince, I see two things, number one, our ability to make sure that we increase prices to keep up with inflation; and the second thing is that there are pockets of our business which are doing better than we expected, to be very specific, the hydrogen pipeline in the Gulf Coast because of what you know very well about increased activity for refineries. So that is helping us.

文斯，我看到兩件事，第一，我們確保提高價格以跟上通貨膨脹的能力；第二件事是我們的一些業務做得比我們預期的要好，特別是墨西哥灣沿岸的氫氣管道，因為你非常了解煉油廠的活動增加。所以這對我們有幫助。

And...

和...

Yes, sure, go ahead.

是的，當然，繼續。

No, no, go ahead, Seifi.

不，不，繼續，賽菲。

No, I was done. Thank you, Vincent.

不，我已經完成了。謝謝你，文森特。

Okay. And then just a follow-up. I was just wondering, as we think about the potential for energy or electricity issues, possibly in the fourth quarter, maybe the first calendar quarter of this year, depending on what happens, what are your mitigation plans in terms of -- do you have the capability to shift volume to certain plants to serve the merchant market, if you have to reduce production?

好的。然後只是跟進。我只是想知道，當我們考慮能源或電力問題的可能性時，可能在第四季度，也可能是今年的第一季度，這取決於發生的情況，你的緩解計劃是什麼——你有如果您必須減少產量，是否有能力將產量轉移到某些工廠以服務於商業市場？

Or are customers proactively, maybe global customers proactively maybe shifting some volume to other geographies? Or -- what are your contingency plans?

還是客戶主動，也許全球客戶主動將一些數量轉移到其他地區？或者——你的應急計劃是什麼？

But we have a lot of flexibility to deal with that if that is what the customers want to do because they have many, many operations that can be -- we do that all the time in order to manage our electricity costs because when electricity costs go up significantly during the night or during the day, depending on where you are, we shut down some -- slow down some facilities and ramp it later.

但是，如果這是客戶想要做的事情，我們有很大的靈活性來處理這個問題，因為他們有很多很多可以做的操作——我們一直這樣做是為了管理我們的電費，因為當電費下降時在夜間或白天顯著增加，具體取決於您所在的位置，我們關閉了一些 - 減慢一些設施並稍後將其加速。

So we have a lot of flexibility to deal with that. You must be referring specifically to any possible electricity shortages in Europe as a result of the cutoff of the natural gas to that region. But if that happens, then we just -- we'll adjust our operations to what the customers wishes.

所以我們有很大的靈活性來處理這個問題。您必須特別提到由於該地區的天然氣切斷而導致歐洲任何可能的電力短缺。但如果發生這種情況，那麼我們將根據客戶的意願調整我們的運營。

We will now take our next question from David Begleiter from Deutsche Bank.

我們現在將向德意志銀行的 David Begleiter 提出我們的下一個問題。

On the Jazan dividend, will this be an ongoing quarterly dividend or semiannual? Or how should we think about the dividend, going forward?

關於 Jazan 股息，這將是持續的季度股息還是半年股息？或者我們應該如何看待股息，未來？

Well, obviously, the dividend is at the discretion of the Board of Directors of the company, but we expect to be getting a regular dividend. That's the expectation. And we got the dividend this quarter, and I expect -- I don't want to say this every single quarter.

好吧，顯然，股息由公司董事會酌情決定，但我們希望獲得定期股息。這就是期望。我們本季度獲得了股息，我預計 - 我不想每個季度都這麼說。

But in general, over the course of the year, we expect to get the dividend that is necessary or expected as per the -- our investment agreement.

但總的來說，在這一年中，我們希望根據我們的投資協議獲得必要或預期的股息。

As the company -- the good news, as Dr. Serhan mentioned, is that the plant is operating, the commissioning is going well. And we have an outstanding customer in Saudi Aramco, which happens to be generating a lot of cash themselves. So...

作為公司——正如 Serhan 博士所說，好消息是工廠正在運營，調試進展順利。我們在沙特阿美有一個傑出的客戶，它自己也能產生大量現金。所以...

Very good. And now that we're almost through this current year, any early thoughts on fiscal '23 earnings?

很好。現在我們已經快到今年了，對 23 財年的收益有什麼早期的想法嗎？

David, I'm -- I would not want to venture into that. You have to give me until beginning of November to give you a guidance for that. So I don't really want to comment too much on that, but I am optimistic because we do have significant plans coming on the stream and therefore, I'm expecting good 2023.

大衛，我——我不想冒險。你必須在 11 月初之前給我一個指導。所以我真的不想對此發表太多評論，但我很樂觀，因為我們確實有重要的計劃即將推出，因此，我期待 2023 年的好日子。

But in terms of exactly where we will be, it depends on the world economy and all of that, but we will obviously give you a forecast for that in -- when we announce our results at the end of October or early November.

但就我們的確切位置而言，這取決於世界經濟和所有這些，但我們顯然會在 10 月底或 11 月初宣布我們的結果時給你一個預測。

We will now take our next question from John Roberts from Credit Suisse.

我們現在將向瑞士信貸的約翰·羅伯茨提出下一個問題。

Best wishes, Simon. And I'm going to ask just one question. Seifi, the press release mentions the potential green hydrogen project in Oman, which you've talked about before.

最好的祝愿，西蒙。我只想問一個問題。 Seifi，新聞稿提到了阿曼潛在的綠色氫項目，你之前已經談到過。

But it also mentions the Netherlands and the U.K. for green hydrogen. I don't think you've talked about that before. Could you give us a little bit more information there?

但它也提到了荷蘭和英國的綠色氫。我想你以前沒有談過這個。你能給我們更多的信息嗎？

John, you're asking a very good question. Give us a really bit of time to sort out the details of that before we make any public comments.

約翰，你問了一個很好的問題。在我們發表任何公開評論之前，請給我們一點時間來整理其中的細節。

Yes, we are looking at possibility of a green hydrogen project in the Netherlands, using the wind energy that they have. But we haven't finalized everything. We just wanted to let people know that we are working on those. But once we have finalized the details, we will make an appropriate announcement.

是的，我們正在研究利用他們擁有的風能在荷蘭開展綠色氫項目的可能性。但我們還沒有最終確定一切。我們只是想讓人們知道我們正在努力解決這些問題。但是，一旦我們敲定了細節，我們將發布適當的公告。

We will now take our next question from Kevin McCarthy from Vertical Research Partners.

現在，我們將向 Vertical Research Partners 的 Kevin McCarthy 提出我們的下一個問題。

Seifi, as you look a few years into the future, do you think that demand for clean hydrogen projects around the world will begin to exceed the industrial gas, industry's practical ability to fund them?

Seifi，展望未來幾年，您認為世界各地對清潔氫項目的需求是否會開始超過工業氣體、工業界的實際融資能力？

In other words, I look at Slide 12, you have a yellow box there. Obviously, you've inked a lot of projects already. You have perhaps Oman and the other ones that John just asked about.

換句話說，我看幻燈片 12，那裡有一個黃色框。顯然，你已經簽署了很多項目。你可能有阿曼和約翰剛剛問到的其他人。

The $4 billion number toward the right of the slide is not especially large, relative to your balance sheet or relative to the market opportunity for clean hydrogen.

相對於您的資產負債表或相對於清潔氫的市場機會，幻燈片右側的 40 億美元數字並不是特別大。

So what happens as the demand for these projects continues to rise and the capital is [extended]? Do you think that will exert upward tension on future returns? Or how might the industry respond?

那麼，隨著對這些項目的需求持續上升和資本[擴展]，會發生什麼？您認為這會對未來的回報造成上行壓力嗎？或者業界會如何應對？

Kevin, you're asking a very excellent question. I think as the demand goes up, the ability to finance these projects become easier. And I think, in time, we will obviously tell you, for example, how we are going to do the project in NEOM and so on in detail.

凱文，你問了一個非常好的問題。我認為隨著需求的增加，為這些項目融資的能力變得更加容易。我想，到時候，我們顯然會告訴你，例如，我們將如何在 NEOM 中做這個項目等等。

But I think as the Board and the -- all of the infrastructure funds and everybody sees that the demand is real, and it is going, then you'd be able to finance these projects -- project finance these projects.

但我認為，隨著董事會和所有基礎設施基金和每個人都看到需求是真實的，並且正在持續，那麼你就可以為這些項目融資——項目為這些項目融資。

And therefore, I think we will -- we certainly at Air Products are confident that we will be able to keep up in terms of the capital with the demand. we don't think we will be capital constrained.

因此，我認為我們會 - 我們空氣產品公司當然相信我們將能夠在資本方面跟上需求。我們認為我們不會受到資金限制。

And I think the rest of the industry, those who wish to play on this thing will participate. I think there is a lot of cash, as you know better than I do, a significant amount of cash available around the world, who is looking for investing in green projects.

我認為其他行業的人，那些希望在這件事上發揮作用的人都會參與進來。我認為有很多現金，正如你比我更了解的那樣，全世界有大量可用現金，他們正在尋找投資綠色項目。

The issue is lack of projects or lack of credible projects. And that is why I think, in time, you will see that the sum of our projects been -- we want to finance them. There will be a lot of demand for people to project finance them.

問題是缺乏項目或缺乏可信的項目。這就是為什麼我認為，隨著時間的推移，你會看到我們項目的總和——我們想要為它們提供資金。人們對項目融資的需求將很大。

So I don't expect -- at least speaking for Air Products, I cannot speak for the industry. But [speaking] for Air Products, I don't think we will have the problem of lack of cash.

所以我不指望——至少對於空氣產品公司來說，我不能為這個行業說話。但是 [speaking] 對於 Air Products，我認為我們不會遇到現金短缺的問題。

And congratulations to you, Simon. It's been a pleasure.

祝賀你，西蒙。這是我的榮幸。

We will now take our next question from Jeff Zekauskas from JPMorgan.

我們現在將向摩根大通的 Jeff Zekauskas 提出下一個問題。

There's an inflation reduction bill before the Congress. And previously, there was a Q45 tax credit, which I think was really $50 a ton for sequestering carbon dioxide. And they're proposing in the current draft that it's $85 a ton. So maybe up $35 a ton.

國會面前有一項降低通脹的法案。以前，有一個 Q45 稅收抵免，我認為每噸 50 美元用於封存二氧化碳。他們在目前的草案中提議每噸 85 美元。所以可能每噸上漲 35 美元。

So by my calculation, maybe that would increase your tax credit by $175 million. That is -- would take it from about $250 million a year to $425 million that you would receive over -- annually over a 10-year period. Does that math make sense to you?

所以根據我的計算，也許這會讓你的稅收抵免增加 1.75 億美元。也就是說，在 10 年的時間裡，每年的收入將從每年約 2.5 億美元增加到 4.25 億美元。這個數學對你有意義嗎？

Jeff, overall, that math makes sense. And actually, that math, if you take the $25 and the $35, that applies to significantly more than the $5.5 million that you're talking about for the [Valero] project because we also have a lot of CO2 in other places.

傑夫，總的來說，這個數學是有道理的。實際上，如果您計算 25 美元和 35 美元，那麼這遠遠超過您所說的 [Valero] 項目的 550 萬美元，因為我們在其他地方也有很多二氧化碳。

The bill that is in front of Congress is about 750 pages. I do not want to claim that I know that everything that is in all the 750 pages, but we have been involved significantly in the details of that bill.

擺在國會面前的法案大約有 750 頁。我不想聲稱我知道所有 750 頁中的所有內容，但我們已經大量參與了該法案的細節。

But the bill is not passed yet. So it will be premature to comment on it. Once the bill becomes law, I promise you that we will have a conference call and we as Air product will delineate for you all of the aspects of that bill that would affect our business because it's not just only the CO2, there are things in there about hydrogen and other things.

但該法案尚未通過。所以現在評論它還為時過早。一旦該法案成為法律，我向您保證，我們將召開電話會議，作為 Air product，我們將為您描述該法案中會影響我們業務的所有方面，因為它不僅僅是二氧化碳，還有一些東西關於氫和其他東西。

So I'd just like to wait. We know a lot about that bill, but I'd like to wait until the bill becomes law. The President signs it, hopefully, in the next few weeks. And then we will, as I said, (inaudible) will have a detailed conference call, where we will delineate the effect of that across our business.

所以我只想等待。我們對該法案了解很多，但我想等到該法案成為法律。希望總統在接下來的幾週內簽署它。然後，正如我所說，（聽不清）將舉行一次詳細的電話會議，我們將在其中描述這對我們業務的影響。

Well, in terms of the -- in terms of the amount of CO2 you can sequester, so if it's -- if that project is 5 million tons a year for 20 years, that would be 100 million tons.

那麼，就 - 就你可以隔離的二氧化碳量而言，如果是 - 如果該項目是每年 500 萬噸，持續 20 年，那將是 1 億噸。

And then in the answer to my previous question, you said you could put other carbon dioxide down that shaft. How big is the well? Is it 100 million tons, 200 million tons? Can you roughly size how much carbon dioxide you'll be able to sequester or what your design idea is?

然後在回答我之前的問題時，你說你可以把其他二氧化碳放在那個豎井裡。井有多大？是1億噸、2億噸嗎？你能粗略估計你能隔離多少二氧化碳或你的設計理念是什麼？

Well, that is a little bit of a secret that we have. But order of magnitude, let me tell you that the agreement that we have with the State of Louisiana allows us to put in and store significantly higher CO2 than the 100 million that you quoted, significantly high.

嗯，這是我們的一個小秘密。但是數量級，讓我告訴你，我們與路易斯安那州達成的協議允許我們投入和儲存比你引用的 1 億多得多的二氧化碳，非常高。

I don't want to give the exact number because we are under confidentiality, but it is significantly higher than the 100.

我不想給出確切的數字，因為我們處於保密狀態，但它明顯高於 100。

We will now take our next question from Mike Leithead from Barclays.

我們現在將向巴克萊銀行的 Mike Leithead 提出我們的下一個問題。

First question, I was hoping you can provide us just additional thoughts around how you're seeing business trends in China and Europe as we go into the fiscal fourth quarter.

第一個問題，我希望您能就我們進入第四財季時如何看待中國和歐洲的業務趨勢向我們提供更多想法。

Well, in China, I think, as we mentioned before, the impact of the COVID shutdowns, we were able to deal with that and actually, with all of the rest of our business growing, the effect was not that material.

好吧，我認為，正如我們之前提到的，在中國，由於 COVID 關閉的影響，我們能夠應對這一問題，實際上，隨著我們所有其他業務的增長，影響並不是那麼重要。

In terms of what is going to happen in the fourth quarter, it all depends on what would be the Chinese government's reaction to any additional outbreak of COVID and how many massive shutdowns they would implement or they would not implement.

就第四季度將發生什麼而言，這完全取決於中國政府對任何新冠疫情的進一步爆發的反應，以及他們將實施或不實施多少大規模停工。

So I cannot predict that, but we are prepared for that. We understand what that involves. And obviously, we have taken some of that into consideration in terms of our guidance, but that is totally unpredictable in terms of what will happen.

所以我無法預測，但我們已經為此做好了準備。我們了解這涉及到什麼。顯然，我們在指導方面已經考慮了其中的一些因素，但就將發生的情況而言，這是完全不可預測的。

Otherwise, China's -- our business in China has been doing fine, especially the major customers that we have are running very well. Some of the coal gasification projects are running at full capacity because of the price of oil.

否則，中國——我們在中國的業務一直做得很好，尤其是我們擁有的主要客戶運行得很好。由於油價上漲，一些煤氣化項目正在滿負荷運行。

So overall, as I said, except for the unknown in terms of dealing with COVID, otherwise, it seems to be fine in terms of China.

所以總的來說，正如我所說，除了在處理 COVID 方面的未知數之外，就中國而言似乎還不錯。

In terms of Europe, energy costs are obviously showing but much to our surprise, the economy has not suddenly tanked. The economy is still, our volumes have not significantly dropped, which is a little bit of a surprise. It can as we go forward, but we are optimistic that, that will continue to be the case. Is that enough color?

就歐洲而言，能源成本明顯顯現，但令我們驚訝的是，經濟並未突然下滑。經濟仍然存在，我們的交易量並沒有顯著下降，這有點令人意外。隨著我們前進，它可以，但我們樂觀地認為，情況將繼續如此。這顏色夠嗎？

Thant's perfect.

太完美了。

Our next question comes from Steve Byrne from Bank of America.

我們的下一個問題來自美國銀行的史蒂夫·伯恩。

And Simon, we're going to try to disrupt your retirement plans. We're not quite ready for that. But wanted to drill in a little bit about this climate bill that Jeff mentioned. If that bill goes through, do you think that it would encourage you to implement more CO2 capture from all your existing SMRs in your Gulf Coast pipeline?

西蒙，我們將試圖破壞你的退休計劃。我們還沒有完全準備好。但想深入了解傑夫提到的氣候法案。如果該法案獲得通過，您認為它會鼓勵您從墨西哥灣沿岸管道中的所有現有 SMR 中實施更多的二氧化碳捕集嗎？

That is exactly what will happen, yes, if the bill's getting enacted in the form that it is being talked about right now until it becomes off.

這正是將會發生的事情，是的，如果該法案以現在正在討論的形式頒布，直到它被取消。

Okay. Understood. And then just one about Asia. Seifi, you mentioned higher costs in Asia affecting the margin. But essentially, no pass-through -- energy pass-through and that 60% of your Asia business is on-site and pipeline. Is that just reflecting a reliance on coal-based energy? And so you don't -- you haven't seen much of an increase in that -- in your cost?

好的。明白了。然後只是關於亞洲的一篇。 Seifi，您提到亞洲的成本較高會影響利潤率。但從本質上講，沒有傳遞——能源傳遞，並且您 60% 的亞洲業務是現場和管道。這只是反映了對煤炭能源的依賴嗎？所以你沒有 - 你沒有看到你的成本有很大的增加？

In China, electricity cost has not been a major factor. And in China, about 69% of our business is on-site. So up to now, energy cost, electricity cost in China has not been a major factor for us. And obviously, that is regulated by the government. A little bit more control there.

在中國，電費一直不是主要因素。在中國，我們約 69% 的業務是在現場進行的。所以到目前為止，中國的能源成本、電力成本對我們來說還不是主要因素。顯然，這是由政府監管的。那裡有更多的控制。

Our next question is from Josh Spector from UBS.

我們的下一個問題來自瑞銀的 Josh Spector。

First, I guess, just a bit of a nitpick on the guide. You left the range wider than you normally do. Obviously, there's a lot of uncertainty out there.

首先，我想，只是對指南有點挑剔。你離開的範圍比你通常做的要寬。顯然，那裡有很多不確定性。

But just curious, based on current business conditions, are you tracking towards the midpoint of that guide at this point? Or are you assuming some worsening kind of response to your prior comment around Europe and China? Just curious, what gets you to the midpoint versus the higher low end here?

但只是好奇，根據當前的業務狀況，您是否正在跟踪該指南的中點？或者您是否在假設您之前對歐洲和中國的評論會出現某種惡化的反應？只是好奇，是什麼讓你達到中點而不是更高的低端？

Well, we kept -- you are very right. We usually have a tighter range as the there's been to get to this stage, more like $0.10. But we kept it at $0.20 because of the uncertainty that we are facing because we cannot obviously predict the future. But obviously, our goal is to at least get to the midpoint. That is our goal.

好吧，我們一直 - 你是對的。我們通常有一個更窄的範圍，因為已經到了這個階段，更像是 0.10 美元。但我們將其保持在 0.20 美元，因為我們面臨著不確定性，因為我們無法明顯預測未來。但顯然，我們的目標是至少達到中點。這就是我們的目標。

But we just didn't want to pretend as if we know more than we do. And we do have the uncertainty in terms of what is going to happen not only in China but also in Europe, energy costs. What will happen to the supply of natural gas? Is Russia going to squeeze natural gas supply to Europe so that they cannot store it for the winter? I don't know.

但我們只是不想假裝我們知道的比我們知道的多。而且我們確實存在不確定性，不僅在中國而且在歐洲，能源成本將會發生什麼。天然氣供應會怎樣？俄羅斯是否會壓縮對歐洲的天然氣供應，使他們無法儲存過冬？我不知道。

Some of those things are very big unknowns. And also, the U.S. economy, the U.S. economy -- nobody talks about it, but they just increased interest rates, what effect is that going to have on consumer spending? Are we going to see a contraction? We did see the GDP slowdown.

其中一些事情是非常大的未知數。還有，美國經濟，美國經濟——沒有人談論它，但他們只是提高了利率，這會對消費者支出產生什麼影響？我們會看到收縮嗎？我們確實看到了 GDP 放緩。

So all of those are unknowns, and that is why we kept the range. But obviously, our goal is to at least get to the midpoint at this stage. But we just wanted to make sure we are very -- don't pretend as if we know more than we do.

所以所有這些都是未知數，這就是我們保持範圍的原因。但顯然，我們的目標是在這個階段至少達到中點。但我們只是想確保我們非常——不要假裝我們知道的比我們知道的多。

Okay. And if I could just ask a longer-term one, I guess, just on your base project backlog. Curious if you could provide any visibility and if that's higher or lower versus normal. We have a lot of visibility in your megaprojects, but the base, little bit less so. You announced that it what sounds like a larger project in India.

好的。如果我能問一個更長期的問題，我猜，就在你的基礎項目積壓中。好奇您是否可以提供任何可見性，以及與正常情況相比是否更高或更低。我們在您的大型項目中有很多知名度，但基礎卻少了一點。你宣布這聽起來像是印度的一個更大的項目。

So curious, kind of what your outlook is over the next year or 2? Is that above average, below average? Where is that on the scale?

很好奇，你對未來一兩年的展望是什麼？是高於平均水平還是低於平均水平？秤上的那個在哪裡？

On the large projects and so on, we are very optimistic. And I think it will be -- we will be developing and announcing a lot of new projects because we are in a good position. We have technologies that people need, and we are focused on the right sector in terms of green and blue hydrogen. So you -- on gasification. So I think you'll hear a lot from us in the years to come.

對大項目等等，我們都非常看好。我認為這將是 - 我們將開發和宣布許多新項目，因為我們處於有利位置。我們擁有人們需要的技術，我們專注於綠色和藍色氫的正確領域。所以你——關於氣化。所以我想你會在未來幾年聽到我們的很多消息。

We will now take our next question from John McNulty from BMO Capital Markets.

我們現在將回答來自 BMO 資本市場的 John McNulty 的下一個問題。

Congratulations, Simon, well deserved. So Seifi, there's a lot of interest or growing interest on the LNG area, and you have a really strong platform there. I guess, can you help us to understand what the current kind of EBITDA run rate is for that business? And where do you think it could go?

恭喜西蒙，當之無愧。 Seifi，對液化天然氣領域有很多興趣或越來越多的興趣，你在那裡有一個非常強大的平台。我想，您能幫助我們了解該業務目前的 EBITDA 運行率是多少嗎？你認為它可以去哪裡？

Like what's the maximum level, just based on your capacity, your flexibility around your manufacturing process that? How big could that number get if LNG materializes the way some bulls in the energy market are actually thinking it will?

例如，最高水平是多少，僅取決於您的能力，您在製造過程中的靈活性？如果液化天然氣以能源市場上的一些多頭實際認為的方式實現，那麼這個數字會有多大？

John, Dr. Serhan in his comments mentioned that we are seeing a lot of inquiries about our LNG business. What I can tell you is that historically, the peak performance of that business was approximately $200 million a year of contribution in EBITDA.

John, Serhan 博士在他的評論中提到，我們看到很多關於我們液化天然氣業務的詢問。我可以告訴你的是，從歷史上看，該業務的最高業績是每年對 EBITDA 的貢獻約為 2 億美元。

Today, it is -- I don't want to quote the exact number, but it is obviously not there. So -- and it is a lot lower than that. So we expect that business to do better.

今天，它是——我不想引用確切的數字，但它顯然不存在。所以 - 它比這低得多。因此，我們預計該業務會做得更好。

We -- but it is in the context of the $4 billion of -- or $4.5 billion of Air Products EBITDA, it's not going to double our EBITDA, but it is a good business. It is an excellent business, and it could significantly increase its EBITDA contribution as we go forward. We are looking forward to that.

我們——但在 40 億美元或 45 億美元的 Air Products EBITDA 的背景下，它不會使我們的 EBITDA 翻一番，但這是一項很好的業務。這是一項出色的業務，隨著我們的發展，它可以顯著增加其 EBITDA 貢獻。我們對此充滿期待。

There is, as you said, there is a lot of interest, and we are in a very, very good position. We have a very good management team there. And we have very good [solar] technology, which is sought after by everybody.

正如你所說，有很多興趣，我們處於非常非常好的位置。我們在那裡有一個非常好的管理團隊。而且我們有非常好的[太陽能]技術，受到大家的追捧。

Something like, I think 85% of all of the major LNG facilities around the world use our technology. So that's -- on a day-to-day basis, Dr. Serhan runs that business. Samir, do you want to make any additional comments?

比如，我認為全球 85% 的主要液化天然氣設施都使用我們的技術。所以這就是——在日常基礎上，Serhan 博士經營著這項業務。薩米爾，你想發表任何其他意見嗎？

I think, Seifi, you've covered it. I mean, solid projects, we are executing now with [60] projects, I mean, in our manufacturing facility. Again, a significant amount of opportunities now we're developing with our customers.

我想，Seifi，你已經涵蓋了它。我的意思是，可靠的項目，我們現在正在執行 [60] 個項目，我的意思是，在我們的製造工廠中。同樣，現在我們正在與客戶一起開發大量機會。

Again, the high natural gas pricing is driving this. The energy challenges in Europe is also driving this. Again, we have added last year 60% capacity to our manufacturing in Florida . So we are very well positioned to really capture that business and build up on the momentum.

同樣，高昂的天然氣價格推動了這一趨勢。歐洲的能源挑戰也在推動這一點。同樣，去年我們在佛羅里達州的製造中增加了 60% 的產能。因此，我們處於非常有利的位置，可以真正抓住該業務並建立勢頭。

Got it. Appreciate it. And then Seifi, you have a really big project backlog at this point. There's been a lot of inflationary pressures, whether it's labor or different commodities, and some are starting to come off, some are continuing to push higher.

知道了。欣賞它。然後 Seifi，此時您有一個非常大的項目積壓。有很多通脹壓力，無論是勞動力還是其他商品，有些開始下降，有些繼續推高。

Can you help us to understand the inflationary impact on the capital that you're putting to work on the projects in the backlog and how we should be thinking about that?

您能否幫助我們了解通貨膨脹對您在積壓項目中投入的資金的影響以及我們應該如何考慮這一點？

John, there is obviously no question that there is inflation, and that inflation will impact the capital cost of some of the projects that we are doing.

約翰，毫無疑問，存在通貨膨脹，通貨膨脹會影響我們正在做的一些項目的資本成本。

The point that we are making is that with a significant amount of the capital that we are putting in the ground, we have not committed to the price of product out of those facilities, especially our blue hydrogen and green hydrogen projects.

我們要說明的一點是，由於我們投入了大量資金，我們並沒有承諾這些設施的產品價格，尤其是我們的藍氫和綠氫項目。

Therefore, in case inflation drives up the capital, that automatically means that product out of those plants will be more expensive than we sell it. And therefore, it -- so I'm not worried about losing the margins that we expected on those projects, which is most of our investments.

因此，如果通貨膨脹推高了資本，這自動意味著這些工廠的產品將比我們出售的產品更貴。因此，它 - 所以我不擔心失去我們對這些項目的預期利潤，這是我們的大部分投資。

Then there is a significant amount of our projects that are almost at the end. I mean, Jazan Phase 2 is fixed price because we are purchasing something we are not building. That is a significant amount of money that we are going to deploy. And then projects like Gulf Coast Ammonia and some of the other projects are almost done.

然後，我們的大量項目幾乎接近尾聲。我的意思是，Jazan Phase 2 是固定價格，因為我們正在購買我們沒有建造的東西。這是我們將要部署的大量資金。然後像墨西哥灣沿岸氨和其他一些項目幾乎完成了。

So what we are left is -- we have quoted a number publicly, I think that approximately $3 billion of our projects are projects that we already have a fixed-price contract with our customers.

所以我們剩下的就是——我們已經公開引用了一個數字，我認為我們大約 30 億美元的項目是我們已經與客戶簽訂了固定價格合同的項目。

So if you take that $3 billion and you say that, well, inflation is going to cost you 10%, yes, we might have to spend $300 million more on those projects. And going by the rule of [ton], that would be an effect on our bottom line of about $30 million in terms of operating income. So that can happen.

所以如果你拿了 30 億美元，然後你說，好吧，通貨膨脹會讓你損失 10%，是的，我們可能不得不在這些項目上多花 3 億美元。按照 [噸] 的規則，這將影響我們在營業收入方面約 3000 萬美元的底線。所以這可能發生。

Obviously, the team at Air Products is very, very focused to minimize the effect of inflation and also to go back to some of those customers and try to increase the price to get any compensation for that. But that is order of magnitude, the extent of our exposure, John.

顯然，Air Products 的團隊非常非常專注於將通貨膨脹的影響降到最低，並回到其中一些客戶那裡並試圖提高價格以獲得任何補償。但這是一個數量級，我們暴露的程度，約翰。

As there are no further questions in the queue, I would like to turn the call back to Seifi for any additional or closing remarks.

由於隊列中沒有其他問題，我想將電話轉回 Seifi，以獲取任何補充或結束語。

Well, thank you very much. I would like to thank every one of you for listening to our presentation. And also, thank you very much for your good questions. I would like to once again thank Simon for his outstanding contribution and wish him -- well, he is obviously going to be with us for a few more calls as we go forward.

好的，謝謝。我要感謝大家聆聽我們的演講。另外，非常感謝您提出的好問題。我想再次感謝西蒙的傑出貢獻，並祝愿他——好吧，在我們前進的過程中，他顯然會和我們一起打幾個電話。

And we look forward to talking to you sometime at the end of October or early November when we announce our results. And in the meantime, have a safe, healthy and enjoyable summer. Thank you.

我們期待在 10 月底或 11 月初的某個時候與您交談，屆時我們將宣布我們的結果。同時，度過一個安全、健康、愉快的夏天。謝謝你。

That will conclude today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.

這將結束今天的電話會議。感謝您的參與。女士們，先生們，你們現在可以斷開連接了。