$294.2 M

AI.PA Mkt cap, 10-Sep-2018

€21 B

Air Liquide Revenue FY, 2018
Air Liquide Revenue growth (FY, 2017 - FY, 2018), %3%
Air Liquide Gross profit (FY, 2018)12.7 B
Air Liquide Gross profit margin (FY, 2018), %60.6%
Air Liquide Net income (FY, 2018)2.2 B
Air Liquide EBITDA (FY, 2018)5.2 B
Air Liquide EBIT (FY, 2018)3.3 B
Air Liquide Cash, 31-Dec-20181.7 B
Air Liquide EV12.8 B

Air Liquide Revenue

Air Liquide revenue was €21.01 b in FY, 2018 which is a 3.3% year over year increase from the previous period.

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Air Liquide Revenue Breakdown

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Air Liquide revenue breakdown by business segment: 95.7% from Gas & Services and 4.3% from Other

Air Liquide revenue breakdown by geographic segment: 32.9% from United States, 23.6% from Europe excl. France, 12.9% from France, 5.8% from Americas excl. United States, 21.6% from Asia Pacific and 3.1% from Other

Air Liquide Income Statement

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Revenue

15.4b16.4b18.1b20.3b21.0b

Revenue growth, %

7%11%12%3%

Cost of goods sold

6.0b6.2b6.7b7.7b8.3b

Gross profit

9.4b10.2b11.4b12.6b12.7b

Gross profit Margin, %

61%62%63%62%61%

Operating expense total

5.7b6.1b7.0b7.7b7.7b

Depreciation and amortization

1.2b1.4b1.6b1.8b1.8b

EBITDA

3.9b4.3b4.6b5.1b5.2b

EBITDA margin, %

25%26%25%25%25%

EBIT

2.6b2.8b3.1b3.0b3.3b

EBIT margin, %

17%17%17%15%16%

Interest expense

228.9m227.1m389.1m421.9m303.4m

Income tax expense

678.4m666.4m747.4m747.4m730.7m

Net Income

1.7b1.8b1.9b2.3b2.2b

Half Year

EURH1, 2015H1, 2016H1, 2017H1, 2018

Revenue

8.1b8.0b10.3b10.2b

Cost of goods sold

3.0b2.9b3.9b3.9b

Gross profit

5.1b5.1b6.4b6.2b

Gross profit Margin, %

63%64%62%61%

Operating expense total

3.1b3.1b3.9b3.8b

Depreciation and amortization

693.6m718.0m900.4m878.6m

EBITDA

2.1b2.1b2.6b2.5b

EBITDA margin, %

26%26%25%24%

EBIT

1.4b1.3b1.7b1.6b

EBIT margin, %

17%16%16%16%

Interest expense

121.7m151.7m229.9m122.2m

Income tax expense

362.8m268.2m388.8m359.6m

Net Income

888.6m853.0m976.5m1.0b

Air Liquide Balance Sheet

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

910.1m965.5m1.5b1.7b1.7b

Accounts Receivable

2.9b3.0b3.1b2.9b2.5b

Inventories

876.2m980.6m1.3b1.3b1.5b

Current Assets

5.3b5.7b7.0b7.0b6.8b

PP&E

14.6b15.7b20.1b18.5b19.2b

Goodwill

5.3b5.7b13.9b12.8b13.3b

Total Assets

26.7b28.9b44.1b41.0b42.0b

Accounts Payable

2.2b2.3b2.5b2.4b2.7b

Short-term debt

1.2b1.9b2.0b2.5b2.6b

Current Liabilities

4.9b6.0b6.4b7.1b7.4b

Long-term debt

5.8b6.3b14.9b12.5b11.7b

Non-Current Liabilities

9.3b10.2b20.4b17.2b16.3b

Total Debt

7.0b8.2b16.9b15.0b14.3b

Common Stock

1.7b1.9b2.1b2.4b2.4b

Additional Paid-in Capital

81.2m15.6m3.1b2.8b2.9b

Retained Earnings

7.3b8.9b9.8b9.1b10.5b

Total Equity

10.6b12.4b16.7b16.3b18.2b

Debt to Equity Ratio

0.7 x0.7 x1 x0.9 x0.8 x

Debt to Assets Ratio

0.3 x0.3 x0.4 x0.4 x0.3 x

Financial Leverage

2.5 x2.3 x2.6 x2.5 x2.3 x

Half Year

EURH1, 2015H1, 2016H1, 2017H1, 2018

Cash

693.5m1.3b895.0m1.2b

Accounts Receivable

3.1b3.4b3.1b3.1b

Inventories

978.5m1.4b1.4b1.5b

Current Assets

5.5b7.3b6.3b6.6b

PP&E

15.6b19.5b19.2b18.8b

Goodwill

5.6b13.5b13.3b13.1b

Total Assets

28.5b43.5b41.8b41.3b

Accounts Payable

2.1b2.3b2.3b2.4b

Short-term debt

1.9b10.1b2.6b2.9b

Current Liabilities

5.7b14.5b6.7b7.3b

Long-term debt

6.7b11.1b13.9b12.5b

Non-Current Liabilities

10.6b16.6b18.9b17.2b

Total Debt

8.6b21.2b16.5b15.4b

Common Stock

1.9b1.9b2.1b2.4b

Additional Paid-in Capital

7.2m110.0m3.0b2.8b

Retained Earnings

9.2b9.3b9.7b10.3b

Total Equity

12.2b12.3b16.0b1.7b

Debt to Equity Ratio

0.7 x1.7 x1 x9.2 x

Debt to Assets Ratio

0.3 x0.5 x0.4 x0.4 x

Financial Leverage

2.3 x3.5 x2.6 x24.6 x

Air Liquide Cash Flow

Annual

EURFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Net Income

1.7b1.8b1.8b2.2b2.2b

Depreciation and Amortization

1.2b1.4b1.6b1.8b1.8b

Cash From Operating Activities

2.8b2.8b3.7b4.3b4.7b

Purchases of PP&E

(1.9b)(2.0b)(2.3b)(2.2b)(2.2b)

Cash From Investing Activities

(1.8b)(2.3b)(13.6b)(1.8b)(2.3b)

Long-term Borrowings

(1.1b)

Dividends Paid

(1.2b)

Cash From Financing Activities

(959.8m)(427.3m)10.5b(2.3b)(2.5b)

Net Change in Cash

1.9m20.5m555.1m85.2b32.9m

Half Year

EURH1, 2015H1, 2016H1, 2017H1, 2018

Net Income

849.4m810.6m927.8m1.0b

Depreciation and Amortization

693.6m724.5m903.9m878.6m

Cash From Operating Activities

965.0m1.2b1.6b1.8b

Purchases of PP&E

(1.0b)(1.1b)(1.1b)(1.1b)

Cash From Investing Activities

(1.2b)(13.1b)(1.2b)(1.1b)

Cash From Financing Activities

18.6m12.2b(1.1b)(1.1b)

Net Change in Cash

(260.0m)327.6m(687.6m)(431.6m)

Air Liquide Ratios

EURY, 2018

EV/EBITDA

2.5 x

EV/EBIT

3.9 x

EV/CFO

2.7 x

Revenue/Employee

323.2k

Debt/Equity

0.8 x

Debt/Assets

0.3 x

Financial Leverage

2.3 x
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Air Liquide Operating Metrics

Air Liquide's Patients was reported to be 1.6 m in FY, 2018.
H1, 2015FY, 2015FY, 2016H1, 2017FY, 2017H1, 2018FY, 2018

Customers (Industrial Merchant)

1 m2 m2 m2 m2 m

Patients

1.30 m1.40 m1.50 m1.50 m1.60 m

Hospitals

7.50 m15 k15 k15 k

Inventions

3.20 k3.36 k3.34 k3.40 k

Patent Applications

271 296 318 309

Production Units

541 535 533 565

Large Air Separation Units

324 330 333 332

Hydrogen and Carbon Monoxide Units

46 45 45 46

Cogeneration Units

17 18 18 19

Acetylene Units

54 52 55 60

Nitrous Oxide Units

7 7 7 7

Carbon Dioxide Liquefaction and Purification Units

68 66 64 72

Units for the Hygiene and Specialty Ingredients Business

5 5 6 8

Engineering and Construction Units

5 5 5 6

Biogas Units

15

Pipelines Network, miles

5.70 k5.80 k5.80 k5.80 k

Countries

80 80 80 80 80 80 80
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Air Liquide Human Capital

FY, 2017FY, 2016FY, 2015
Male, percent71 %72 %72 %
Female, percent29 %28 %28 %
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Air Liquide Employee Rating

3.4888 votes
Culture & Values
3.5
Work/Life Balance
3.4
Senior Management
3.1
Salary & Benefits
3.2
Career Opportunities
3.2
Source