Air Liquide Revenue growth (FY, 2016 - FY, 2017), %12%

Air Liquide Net income (FY, 2017)2.3 B

Air Liquide EBITDA (FY, 2017)5.1 B

Air Liquide EBIT (FY, 2017)3 B

Air Liquide Cash, 31-Dec-20171.7 B

Air Liquide EV13.7 B

Air Liquide revenue breakdown by business segment: 96.5% from Gas & Services and 3.5% from Other

EUR | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Revenue | 15.4 b | 16.4 b | 18.1 b | 20.3 b |

| 7% | 11% | 12% | |

## EBITDA | 3.9 b | 4.3 b | 4.6 b | 5.1 b |

| 25% | 26% | 25% | 25% |

## EBIT | 2.6 b | 2.8 b | 3.1 b | 3 b |

| 17% | 17% | 17% | 15% |

## Income tax expense | 678.4 m | 666.4 m | 747.4 m | 747.4 m |

## Net Income | 1.7 b | 1.8 b | 1.9 b | 2.3 b |

- Source: Company Filings

EUR | H1, 2015 | H1, 2016 | H1, 2017 |
---|---|---|---|

## Revenue | 8.1 b | 8 b | 10.3 b |

## EBITDA | 2.1 b | 2.1 b | 2.6 b |

| 26% | 26% | 25% |

## EBIT | 1.4 b | 1.3 b | 1.7 b |

| 17% | 16% | 16% |

## Income tax expense | 362.8 m | 268.2 m | 388.8 m |

## Net Income | 888.6 m | 853 m | 976.5 m |

- Source: Company Filings

EUR | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Cash | 910.1 m | 965.5 m | 1.5 b | 1.7 b |

## Accounts Receivable | 2.9 b | 3 b | 3.1 b | 2.9 b |

## Inventories | 876.2 m | 980.6 m | 1.3 b | 1.3 b |

## Current Assets | 5.3 b | 5.7 b | 7 b | 7 b |

## PP&E | 14.6 b | 15.7 b | 20.1 b | 18.5 b |

## Goodwill | 5.3 b | 5.7 b | 13.9 b | 12.8 b |

## Total Assets | 26.7 b | 28.9 b | 44.1 b | 41 b |

## Accounts Payable | 2.2 b | 2.3 b | 2.5 b | 2.4 b |

## Short-term debt | 1.2 b | 1.9 b | 2 b | 2.5 b |

## Current Liabilities | 4.9 b | 6 b | 6.4 b | 7.1 b |

## Long-term debt | 5.8 b | 6.3 b | 14.9 b | 12.5 b |

## Non-Current Liabilities | 9.3 b | 10.2 b | 20.4 b | 17.2 b |

## Total Debt | 7 b | 8.2 b | 16.9 b | 15 b |

## Common Stock | 1.7 b | 1.9 b | 2.1 b | 2.4 b |

## Additional Paid-in Capital | 81.2 m | 15.6 m | 3.1 b | 2.8 b |

## Retained Earnings | 7.3 b | 8.9 b | 9.8 b | 9.1 b |

## Total Equity | 10.6 b | 12.4 b | 16.7 b | 16.3 b |

## Debt to Equity Ratio | 0.7 x | 0.7 x | 1 x | 0.9 x |

## Debt to Assets Ratio | 0.3 x | 0.3 x | 0.4 x | 0.4 x |

## Financial Leverage | 2.5 x | 2.3 x | 2.6 x | 2.5 x |

EUR | H1, 2015 | H1, 2016 | H1, 2017 |
---|---|---|---|

## Cash | 693.5 m | 1.3 b | 895 m |

## Accounts Receivable | 3.1 b | 3.4 b | 3.1 b |

## Inventories | 978.5 m | 1.4 b | 1.4 b |

## Current Assets | 5.5 b | 7.3 b | 6.3 b |

## PP&E | 15.6 b | 19.5 b | 19.2 b |

## Goodwill | 5.6 b | 13.5 b | 13.3 b |

## Total Assets | 28.5 b | 43.5 b | 41.8 b |

## Accounts Payable | 2.1 b | 2.3 b | 2.3 b |

## Short-term debt | 1.9 b | 10.1 b | 2.6 b |

## Current Liabilities | 5.7 b | 14.5 b | 6.7 b |

## Long-term debt | 6.7 b | 11.1 b | 13.9 b |

## Non-Current Liabilities | 10.6 b | 16.6 b | 18.9 b |

## Total Debt | 8.6 b | 21.2 b | 16.5 b |

## Common Stock | 1.9 b | 1.9 b | 2.1 b |

## Additional Paid-in Capital | 7.2 m | 110 m | 3 b |

## Retained Earnings | 9.2 b | 9.3 b | 9.7 b |

## Total Equity | 12.2 b | 12.3 b | 16 b |

## Debt to Equity Ratio | 0.7 x | 1.7 x | 1 x |

## Debt to Assets Ratio | 0.3 x | 0.5 x | 0.4 x |

## Financial Leverage | 2.3 x | 3.5 x | 2.6 x |

EUR | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Net Income | 1.7 b | 1.8 b | 1.8 b | 2.2 b |

## Depreciation and Amortization | 1.2 b | 1.4 b | 1.6 b | 1.8 b |

## Cash From Operating Activities | 2.8 b | 2.8 b | 3.7 b | 4.3 b |

## Purchases of PP&E | (1.9 b) | (2 b) | (2.3 b) | (2.2 b) |

## Cash From Investing Activities | (1.8 b) | (2.3 b) | (13.6 b) | (1.8 b) |

## Cash From Financing Activities | (959.8 m) | (427.3 m) | 10.5 b | (2.3 b) |

## Net Change in Cash | 1.9 m | 20.5 m | 555.1 m | 85.2 b |

EUR | H1, 2015 | H1, 2016 | H1, 2017 |
---|---|---|---|

## Net Income | 849.4 m | 810.6 m | 927.8 m |

## Depreciation and Amortization | 693.6 m | 724.5 m | 903.9 m |

## Cash From Operating Activities | 965 m | 1.2 b | 1.6 b |

## Purchases of PP&E | (1 b) | (1.1 b) | (1.1 b) |

## Cash From Investing Activities | (1.2 b) | (13.1 b) | (1.2 b) |

## Cash From Financing Activities | 18.6 m | 12.2 b | (1.1 b) |

## Net Change in Cash | (260 m) | 327.6 m | (687.6 m) |

EUR | Y, 2017 |
---|---|

## EV/EBITDA | 2.7 x |

## EV/EBIT | 4.5 x |

## EV/CFO | 3.2 x |

## Revenue/Employee | 303.7 k |

## Debt/Equity | 0.9 x |

## Debt/Assets | 0.4 x |

## Financial Leverage | 2.5 x |

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Air Liquide's Patients was reported to be 1.5 m in FY, 2017. Air Liquide's Customers was reported to be 2 m in FY, 2017.

- Source: Company Filings

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