Air Liquide Gross profit (H1, 2018)6.2 B

Air Liquide Gross profit margin (H1, 2018), %61.1%

Air Liquide Net income (H1, 2018)1 B

Air Liquide EBITDA (H1, 2018)2.5 B

Air Liquide EBIT (H1, 2018)1.6 B

Air Liquide Cash, 30-Jun-20181.2 B

Air Liquide EV14.5 B

Air Liquide revenue was €20.35 b in FY, 2017 which is a 12.2% year over year increase from the previous period.

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 | 15.4b | 16.4b | 18.1b | 20.3b |

| 7% | 11% | 12% | |

## Cost of goods sold | 6.0b | 6.2b | 6.7b | 7.7b |

## Gross profit | 9.4b | 10.2b | 11.4b | 12.6b |

| 61% | 62% | 63% | 62% |

## Operating expense total | 5.7b | 6.1b | 7.0b | 7.7b |

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

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

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

## EBIT | 2.6b | 2.8b | 3.1b | 3.0b |

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

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

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

- Source: Company Filings

EUR | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 |
---|---|---|---|---|

## Revenue | 8.1b | 8.0b | 10.3b | 10.2b |

## Cost of goods sold | 3.0b | 2.9b | 3.9b | 3.9b |

## Gross profit | 5.1b | 5.1b | 6.4b | 6.2b |

| 63% | 64% | 62% | 61% |

## Operating expense total | 3.1b | 3.1b | 3.9b | 3.8b |

## Depreciation and amortization | 718.0m | 900.4m | 878.6m | |

## EBITDA | 2.1b | 2.1b | 2.6b | 2.5b |

| 26% | 26% | 25% | 24% |

## EBIT | 1.4b | 1.3b | 1.7b | 1.6b |

| 17% | 16% | 16% | 16% |

## Income tax expense | 362.8m | 268.2m | 388.8m | 359.6m |

## Net Income | 888.6m | 853.0m | 976.5m | 1.0b |

- Source: Company Filings

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

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

## Accounts Receivable | 2.9b | 3.0b | 3.1b | 2.9b |

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

## Current Assets | 5.3b | 5.7b | 7.0b | 7.0b |

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

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

## Total Assets | 26.7b | 28.9b | 44.1b | 41.0b |

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

## Short-term debt | 1.2b | 1.9b | 2.0b | 2.5b |

## Current Liabilities | 4.9b | 6.0b | 6.4b | 7.1b |

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

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

## Total Debt | 7.0b | 8.2b | 16.9b | 15.0b |

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

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

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

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

## 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 | H1, 2018 |
---|---|---|---|---|

## Cash | 693.5m | 1.3b | 895.0m | 1.2b |

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

## Inventories | 978.5m | 1.4b | 1.4b | 1.5b |

## Current Assets | 5.5b | 7.3b | 6.3b | 6.6b |

## PP&E | 15.6b | 19.5b | 19.2b | 18.8b |

## Goodwill | 5.6b | 13.5b | 13.3b | 13.1b |

## Total Assets | 28.5b | 43.5b | 41.8b | 41.3b |

## Accounts Payable | 2.1b | 2.3b | 2.3b | 2.4b |

## Short-term debt | 1.9b | 10.1b | 2.6b | 2.9b |

## Current Liabilities | 5.7b | 14.5b | 6.7b | 7.3b |

## Long-term debt | 6.7b | 11.1b | 13.9b | 12.5b |

## Non-Current Liabilities | 10.6b | 16.6b | 18.9b | 17.2b |

## Total Debt | 8.6b | 21.2b | 16.5b | 15.4b |

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

## Additional Paid-in Capital | 7.2m | 110.0m | 3.0b | 2.8b |

## Retained Earnings | 9.2b | 9.3b | 9.7b | 10.3b |

## Total Equity | 12.2b | 12.3b | 16.0b | 1.7b |

## 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 | 24.6 x |

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

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

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

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

## Purchases of PP&E | (1.9b) | (2.0b) | (2.3b) | (2.2b) |

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

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

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

EUR | H1, 2015 | H1, 2016 | H1, 2017 | H1, 2018 |
---|---|---|---|---|

## Net Income | 849.4m | 810.6m | 927.8m | 1.0b |

## Depreciation and Amortization | 693.6m | 724.5m | 903.9m | 878.6m |

## Cash From Operating Activities | 965.0m | 1.2b | 1.6b | 1.8b |

## 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 | 18.6m | 12.2b | (1.1b) | (1.1b) |

## Net Change in Cash | (260.0m) | 327.6m | (687.6m) | (431.6m) |

USD | Y, 2018 |
---|---|

## EV/EBITDA | 5.9 x |

## EV/EBIT | 9.1 x |

## EV/CFO | 8.2 x |

## Financial Leverage | 24.6 x |

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Air Liquide's Customers was reported to be 2 m in H1, 2018. Air Liquide's Patients was reported to be 1.5 m in H1, 2018.

- Source: Company Filings

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Air Liquide's employees are reported to be approximately 29% female and 71% male.

FY, 2017 | FY, 2016 | FY, 2015 | |
---|---|---|---|

Male | 71 % | 72 % | 72 % |

Female | 29 % | 28 % | 28 % |

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