Air Liquide Sa · EURONEXT:AI
Air Liquide Sa — FY2011 Earnings Presentation
69 slides from Air Liquide Sa's earnings presentation, Feb 17, 2012
Slide 1: 2011 Results
2011 Results Solid full year performance ALMA perspective Paris, February 17, 2012 l Benoît Potier, Chairman and CEO
Slide 2: Full year 2011: Solid full year performance
Full year 2011 Solid full year performance Q4 marked by customer cautiousness Strong Full year sales Further margin improvement Net profit in line with guidance Confirmed investment momentum ALMA perspective Robustness of the development model 2 February 17, 2012 2011 Results Air Liquide
Slide 3: Two years of strong growth
Two years of strong growth Group sales 2009-2011 CAGR In €bn +9.9% 15,0 14.5 Gas & Services +12.2% 13.5 12,5 12.0 Engineering -15.8% & Construction 10,0 Other activities +7.5% 7,5 5,0 2009 2010 2011 Growth figures are compound annual published growth. 3 February 17, 2012 2011 Results Air Liqui
Slide 4: Solid operating performance…
Solid operating performance… Gas & Services sales Efficiencies 2011 Annual In €bn In €m Objective: > 14 400 €200m 12.8 335 11.9 12 10.2 300 280 270 270 10 +7.5% (1) 200 8 100 6 4 0 2009 2010 2011 2009 2010 2011 Net Capex (2) Operating Cash Flow (3) In €bn In €bn 1.4 1.7 1.8 2,0 3,0 2.7 2.7 2,5 2.3 1
Slide 5: … generating regular growth in net profit
… generating regular growth in net profit Net profit (Group Share): +9.4% In €m 1,535 +11.7% CAGR over 2 years 1500 Strong positive leverage 1250 1000 750 500 2009 2010 2011 Dividend: +6.4% In € 2.50 (1) +8.9% CAGR over 2 years(2) 2,5 Pay-out ratio 47.5% 2 1,5 1 0,5 0 2009 2010 2011 (1) Subj
Slide 6: Full year 2011 Solid performance
Full year 2011 Solid performance Paris, February 17, 2012 l Fabienne Lecorvaisier, Chief Financial Officer Activity Performance Investments and net debt 6 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 7: Robust 2011 results
Robust 2011 results 11/10 11/10 comparable In €m 2011 change change change(1) Group revenue 14,457 +7.2% +6.8% Gas & Service revenue 12,839 +8.0% +7.5% Operating Income 2,409 +7.0% recurring Net profit 1,535 +9.4% (Group share) Dividend per share (2) (in €) 2.50 +6.4% Excl. Forex & Scope Net Debt at
Slide 8: Continued sequential growth
Continued sequential growth Sales in €m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 11/10 as published Gas & Services 3,148 3,185 3,171 3,223 3,260 +3.5% Engineering & 177 134 156 158 258 +45.8% Construction Other Activities 218 224 246 216 227 +4.3% Group Total 3,543 3,543 3,573 3,597 3,745 +5.7% 8 February 1
Slide 9: Lower Q4 year on year progression
Lower Q4 year on year progression G&S comparable growth(1) 2008 2009 2010 2011 +11.3%+11.4% 12 +10.7%+11.0% +9.7% 10 +7.9% +8.3% +7.7% 8 6 4 +1.9% 2 0 -2 -4 -4.2% -4.6% -6 -5.1% -5.2% Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 (1) excluding forex, natural gas and s
Slide 10: Most geographies impacted in Q4
Most geographies impacted in Q4 Q4 11 G&S Sales Economic context Business Comparable growth(1) Europe Low Steel demand Better IM pricing Healthcare +0.0% €1,667m Dynamic eastern Europe Client maintenance IM growth in Canada Americas outages and Latin America +5.3% €722m E&I sharp decrease Asia Pacif
Slide 11: …and notably in Large Industries and Electronics
…and notably in Large Industries and Electronics Industrial Merchant Large industries 10% +21% +22% +8% 20% +17% +17% 8% +5% +5% +14% +13% 15% +11% 5% +4% +3% +2% +2% 10% +2% 3% 5% +2% 0% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10 10 10 10 11 11 11 11 10 10 10 10 11 11 11 11 39% Q4 35% 20
Slide 12: Strong activity level throughout the year
Strong activity level throughout the year Quarterly G&S activity indicator(1) base 100, average 2008 2011 2009 2010 115 110 105 100 95 90 85 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 (1) comparable revenue (excluding forex, natural gas and significant perimeter impacts)
Slide 13: Overall robust growth in 2011
Overall robust growth in 2011 G&S growth by geography G&S growth by business line Comparable growth(1) Comparable growth(1) Europe +4.5% Industrial +2.9% €6,585m Merchant Americas +9.0% Large +11.7% €2,859m Industries Asia Pacific +12.5% Healthcare +7.4% €3,083m ME & Africa +10.9% Electronics +11.9%
Slide 14: … driven by developing economies
… driven by developing economies Comparable G&S sales growth(1) G&S sales share in (2011/2010) developing economies + 8% + 4% + 24% 21% 19% + 24% + 1% 16% 15% + 11% + 15% Advanced economies Developing economies 2008 2009 2010 2011 + 5% + 20% (1) Comparable growth: excluding forex, natural gas and si
Slide 15: Engineering & Construction picking up
Engineering & Construction picking up Third party E&C sales E&C order intake In €m 751 705 In €m 300 1500 258 250 1250 203 1,010 200 185 186 177 1000 156 158 Q4 150 134 750 100 500 50 250 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 10 10 10 10 11 11 11 11 Sales increase in Q4 due to project €
Slide 16: No rupture in current trends
No rupture in current trends Large Industries Steel Chemicals Refining Industrial Merchant Auto & Fab Food Craftsmen & & Pharmacy Distributors Electronics Integrated Flat screens Photovoltaic E&I circuits TFT/LCD Healthcare Home Medical Hygiene healthcare gases Engineering Negotiations & Constructio
Slide 17: Full year 2011 Solid performance
Full year 2011 Solid performance Paris, February 17, 2012 l Fabienne Lecorvaisier, Chief Financial Officer Activity Performance Investments and net debt 17 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 18: Further improvement in Group operating margin
Further improvement in Group operating margin Change In €m 2009 2010 2011 11 vs 10 Revenue 11,976 13,488 14,457 +7.2% Purchases 4,563 5,240 5,762 +10.0% Personnel expenses 2,237 2,378 2,481 +5.3% Other net income and expenses 2,207 2,495 2,650 Operating profit before depreciation 2,969 3,374 3,564 +
Slide 19: G&S margin helped by efficiencies
G&S margin helped by efficiencies G&S OIR margin 19.2% 19.1% (1) in €m +253 2,421 2 400 +104 0 +37 <1> 2,281 2 200 +68 G&S G&S <284> 2 000 1 800 0 OIR Volume Energy Cost Price Efficiencies Forex OIR mix effect increase excl. and 2010 energy Others 2011 OIR = Operating Income Recurring (1) Excl. Natu
Slide 20: Strong net profit growth
Strong net profit growth Change In €m 2010 2011 11 vs 10 Revenue 13,488 14,457 +7.2% Operating Income Recurring 2,252 2,409 +7.0% Other non-recurring operating income & expenses 2 28 Operating Income 2,254 2,437 +8.1% Net financial costs and other net financial expenses (311) (298) Income taxes (513
Slide 21: Full year 2011 Solid performance
Full year 2011 Solid performance Paris, February 17, 2012 l Fabienne Lecorvaisier, Chief Financial Officer Activity Performance Investments and net debt 21 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 22: Confirmed Investment momentum
Confirmed Investment momentum 12-month portfolio Investment of opportunities decisions Net capex(1) Start-ups(2) In €bn In €bn In €bn 29 2.2 4.2 2.0 1.7 1.7 24 3.9 3.7 1.4 0.9 1.5 0.8 15 16 1.1 3.0 2.9 2.7 Dec-10 June-11 Dec-11 2009 2010 2011 2009 2010 2011 2009 2010 2011 2012e 65 % 61 % 49% 56 % De
Slide 23: Net debt stable excluding Forex and Scope
Net debt stable excluding Forex and Scope Net debt In €m <196> <5,248> <5,039> + 2,728 <763> +209 <1,676> Gearing ratio Gearing ratio 55% 53% <302> Net Debt Cash flow WCR Net Dividends Forex(2) Net Debt, Dec 31, 2010 + others Investments(1) net of capital + scope Dec 31, 2011 increases + IFRS (1) In
Slide 24: Prudent liquidity management
Prudent liquidity management Available liquidity, Group debt maturity profile 31 December, 2011 next 3 years In €bn €3.9bn In €bn €4.0bn Confirmed 1,6 0,4 0.4 credit lines Cash and cash equivalents 2.1 1,2 1.8 0.6 0.5 0.6 0,8 0,4 0.7 0.6 0.6 0,0 2012 2013 2014 Bonds and private placements Bank debt
Slide 25: Full year 2011 ALMA Perspective
Full year 2011 ALMA Perspective Robustness of the development model Paris, February 17, 2012 l Benoît Potier, Chairman and CEO Growth and efficiencies ROCE Long term trends Corporate Responsibility commitment 25 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry,
Slide 26: 2015 objectives
2015 objectives Sales growth Efficiency +8 to +10% € 200m +8> to +10% In a normal environment Per year on average ROCE Engagement in Responsibility 12 – 13% objectives Range in the period 26 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 27: Growth
Growth Group Sales and CAGR In €bn + 10% 15,0 14.5 + 8% 13.5 13.1 12,5 11.8 12.0 10.9 10.4 10,0 7,5 5,0 0 2005 2006 2007 2008 2009 2010 2011 27 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 28: Growth: fueled by investments
Growth: fueled by investments G&S Cumulated 2010 and 2011 capex Europe € 1,435m Americas Asia-Pacific € 845m Middle-East € 1,055 m and Africa € 230m Cumulated 2010 and 2011 capex: €3.6 bn Additional expected sales: €2.0 bn 28 February 17, 2012 2011 Results Air Liquide, world leader in gases for indu
Slide 29: Extend our markets: site take overs
Extend our markets: site take overs Air gases Hyco, Syngas Steam and others Site takeovers achieved: 6 Opportunities in the portfolio: 10 Additional yearly sales: €200m 29 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 30: Extend our markets: further initiatives
Extend our markets: further initiatives New applications Gasification Gas purification New pathologies New molecules 30 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 31: Long term trends re-confirmed
Long term trends re-confirmed Energy + Environment Developing Economies “ $38 trillion of High Tech Health investment to “ Non-OECD meet projected countries “ Chronic “ Spending on energy demand.” account for 90% diseases consumer of population become the technology growth...” devices will dominant
Slide 32: Efficiencies: €270m in 2011
Efficiencies: €270m in 2011 Group efficiencies In €m 335 Focus 3C* 300 270 280 230 Annual 200 180 Objective: > € 200m €1.3bn in 5 years 100 0 2007 2008 2009 2010 2011 *3C: plan « Cash Cost Capex » 32 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the envir
Slide 33: Efficiencies: visible cost decrease
Efficiencies: visible cost decrease Ex: G&S non operating costs Ex: Healthcare transport Costs in % of sales 9,5% costs (Iberia) 9,0% Costs in % of sales 8% 8,5% Efficiency 8,0% 7% breakdown 7,5% 7,0% 6% '07 '08 '09 '10 '11 Ex: Electronics molecules 5% '07 '08 '09 '10 '11 procurement /gas sales Cost
Slide 34: Efficiency: an on-going process
Efficiency: an on-going process Efficiency in the DNA Costs + Assets Maturity Global initiatives Awareness Costs + Assets Total cost of ownership WBL initiatives Costs Best practices transfer Category management Local initiatives Internal recognition Continuous process Procurement improvement Common
Slide 35: Sustained long-term return on investments
Sustained long-term return on investments Operating income vs. capital employed(1) Base 100 220 Operating Profitable growth income 200 recurring 180 Capital Regaining momentum employed 160 140 120 100 80 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (1) Shareholders equity + minority intere
Slide 36: ROCE stable
ROCE stable Group ROCE (1) Levers 13,0% New project returns 12,5% 12,0% Time to production 11,5% 12.1% 12.1% 11,0% Reduced capital Intensity 10,5% 10,0% Asset mutualization 9,5% WCR optimization 9,0% 8,5% Global Cash management 8,0% 0% '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 (1)
Slide 37: Standard plant program deployment
Standard plant program deployment 90 Air gas standard plants since 2006 Savings confirmation O2 production -35% capex N2 production Liquid production -10% opex -40% time to market 37 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 38: From Sustainable development to Corporate Social Responsibility
From Sustainable development to Corporate Social Responsibility Steps of progress Corporate Social Responsibility objectives Responsibility commitment, 4 stakeholders part of + 3 fields Initial 8 objectives of action Sustainable for 2005-2009 development period 2015 approach 4 domains 2003 2005 Dece
Slide 39: Corporate Social Responsibility towards…
Corporate Social Responsibility towards… Stakeholders Fields of action Shareholders Improve the Environmental footprint Customers & Patients Enhance business practices and governance Employees Innovate relentlessly Communities 39 February 17, 2012 2011 Results Air Liquide, world leader in gases for
Slide 40: Our commitment to Shareholders
Our commitment to Shareholders Deliver long term performance thanks to a steady increase of investment value, ensure respect and consideration in the relationship with shareholders Total Shareholder Return (1) Air Liquide (2) and CAC40 Index (3) Air Liquide vs CAC 40 +7.6% 5 years + 14.7% -7.1% 10
Slide 41: Our commitment to Employees
Our commitment to Employees Be a great place to develop one’s potential, providing employees with a safe, performing and respectful work environment Lost time accident frequency (1) 250 5,0 Number Frequency 4,5 200 4,0 150 3,5 3,0 100 2,5 2,0 50 1,5 0 1,0 95 96 97 98 99 2000 01 02 03 04 05 06 07 0
Slide 42: Our commitment to improve the Environmental footprint
Our commitment to improve the Environmental footprint Contribute to continuously improve the environmental footprint of Group operations, products, customers, suppliers and communities Energy intensity indicators Air gases production (1) Base 100 in 2003 HyCO production (1) Bulk deliveries (2) 104
Slide 43: Our commitment to Innovate relentlessly
Our commitment to Innovate relentlessly Innovate relentlessly in order to bring sustainable and cost effective solutions to society, leveraging partnerships with customers, suppliers, academics and communities 43 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, healt
Slide 44: 2012 Outlook
2012 Outlook Paris, February 17, 2012 l Benoît Potier, Chairman and CEO 44 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 45: Global economic growth estimates for 2012
Global economic growth estimates for 2012 Industrial production growth estimates for 2012 in Air Liquide countries < +2% > +6% +2 to +6% Growth estimates excluding inflation. Sources: Rexecode and Air Liquide estimates at December 31, 2011. 45 February 17, 2012 2011 Results Air Liquide, world leader
Slide 46: 2012 Outlook
2012 Outlook FY 2011 Solid full year performance Alignment with ALMA 2015 objectives Maintained investment momentum 2012 objective Barring a major economic downturn, Air Liquide continues to aim for growth in net profit in 2012. 46 February 17, 2012 2011 Results Air Liquide, world leader in ga
Slide 47: Appendix
Full year 2011 Appendix 47 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 48: Impact of currency and natural gas on G&S revenue
Impact of currency and natural gas on G&S revenue Currency In €m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 €/USD +35 +7 (59) (43) +5 €/CAD +16 +9 (10) (4) (0) €/JP¥ +44 +31 (3) +3 +21 Others +75 +49 (22) (13) +0 Total currency impact +170 +96 (94) (57) 26 Average currency rate Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 €/US
Slide 49: Revenue analysis by quarter (1)
Revenue analysis by quarter (1) Sales in €m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 11/10 Q4 11/10 as published comparable(1) Europe 1,644 1,647 1,651 1,621 1,667 +1.3% +0.0% Americas 694 709 699 728 722 +4.1 % +5.3% Asia-Pacific 733 759 746 791 787 +7.3% +1.3% Middle-East 77 70 75 83 84 +9.7% +16.5% & Afr
Slide 50: Revenue analysis by quarter (2)
Revenue analysis by quarter (2) Sales in €m Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 11/10 Q4 11/10 as published comparable(1) Industrial Merchant 1,222 1,200 1,199 1,238 1,256 +2.8% +2.0% Large Industries 1,097 1,133 1,121 1,157 1,174 +7.0% +2.2% Electronics 324 343 336 317 291 -10.3% -7.8% Healthcare 505
Slide 51: G&S Revenue growth by quarter (3)
G&S Revenue growth by quarter (3) Growth as Natural Significant Comparable Change published Gas perimeter growth(1) Q3 2010 +21.0% +2.4% +7.6% - +11.0% Q4 2010 +18.5% +0.8% +6.4% - +11.3% Q1 2011 +15.4% +0.5% +3.5% - +11.4% Q2 2011 +8.1% +1.6% -3.2% - +9.7% Q3 2011 +5.9% +1.0% -1.9% -0.9% +7.7% Q4 2
Slide 52: Europe in Q4
Europe in Q4 Industrial Merchant Q4 Gas & Services sales: € 1,667m Dynamic Eastern Europe Electronics Positive pricing 2% Industrial Merchant Strong cost inflation Healthcare 25% 33% Large Industries 40% Site takeover in Turkey Large Industries Weak Metals demand Customer maintenance
Slide 53: Americas in Q4
Americas in Q4 Industrial Merchant Q4 Gas & Services sales: € 722m New capacities in Canada Electronics Dynamic Latin America Healthcare 7% Positive pricing 9% 11% Industrial Merchant 48% Large Industries 34% Strong chemical demand Large Industries Customer maintenance outages Q4 11/10
Slide 54: Asia in Q4
Asia in Q4 Industrial Merchant Q4 Gas & Services sales: € 787m Strong Cylinder growth excl. Japan Electronics Japan recovery still weak 25% 39% Industrial Merchant Healthcare 5% Large Industries 31% Start up postponements Large Industries Client maintenance outages Q4 11/10 Comparable ch
Slide 55: Growth in 2011 G&S revenue
Growth in 2011 G&S revenue +7.5% in €m comparable (1) +136 12,839 13000 +892 <29> <46> 12000 11,886 +8.0% 11000 published growth 10000 9000 0 8000 2010 Comparable Natural gas Change Scope 2011 growth (1) (1) excluding forex, natural gas and significant perimeter impacts 55 February 17, 2012 2011 Res
Slide 56: 2011 Revenue breakdown by region
2011 Revenue breakdown by region Americas Europe 22% Gas & Services 2011 Revenue 52% €12.8bn 24% Asia 2% Middle-East and Africa Europe: €6.6bn Americas: €2.9bn Asia: €3.1bn 33% 31% 35% 38% 39% 47% 4% 5% 10% 24% 8% 26% Industrial Merchant Large Industries Healthcare Electronics 56 February 17, 2012 2
Slide 57: 2011 margin by region
2011 margin by region Publ. Comp. Europe In €m FY 11 growth growth (1) Sales 6,585 +6.2% +4.5% OIR 1,227 +3.7% OIR/Sales 18.6% -50bps -10bps (2) Publ. Comp. Americas In €m FY 11 growth growth (1) Sales 2,859 +4.0% +9.0% OIR 628 +6.4% OIR/Sales 22.0% +50bps +20bps (2) Publ. Comp. Asia-Pacific In €m F
Slide 58: Engineering & Construction
Engineering & Construction In €m 2010 2011 Consolidated revenues 751 705 OIR(1) margin 9.0% 10.6% Total order intake 1,228 1,010 Total orders-in-hand 4,100 3,200 ASU 1% Total Orders-in-hands 10% HyCO breakdown 16% at December 31, 2011 Traditional energy 56% Alternative energy 17% Renewable energy (1
Slide 59: Industrial Merchant pricing
Industrial Merchant pricing 2011 Europe + 0.1% Americas + 4.0% Asia-Pacific + 0.9% Middle-East and Africa + 3.3% Total Industrial Merchant + 1.5% 59 February 17, 2012 2011 Results Air Liquide, world leader in gases for industry, health and the environment
Slide 60: Operating margin – natural gas effect
Operating margin – natural gas effect Group, in €m 2010 2011 Revenue 13,488 14,457 Natural gas effect +136 Operating income recurring 2,252 2,409 Operating margin 16.7% 16.7% Operating margin excluding natural gas 16.8% Gas and services, in €m 2010 2011 Revenue 11,886 12,839 Natural gas effect +136
Slide 61: Operating margin (OIR/Revenue)
Operating margin (OIR/Revenue) H1 08 H2 08 2008 2008 Group 14.9% 14.8% 14.9% Gas & Services 17.5% 17.8% 17.7% H1 09 H2 09 2009 2009 Group 15.0% 17.6% 16.3% Gas & Services 18.1% 21.0% 19.6% H1 10 H2 10 2010 2010 Group 16.6% 16.8% 16.7% Gas & Services 19.2% 19.2% 19.2% H1 11 H2 11 2011 2011 Group 16.7
Slide 62: Gas & Services capex by geography
Gas & Services capex by geography G&S 2011 Investments(1) G&S Investments(1) / sales €1.8bn 2010 2011 Middle East - Africa Europe 11.4% 11.0% 8% Europe Americas 15.3% 14.8% Asia-Pacific 40% Asia-Pacific 20.0% 17.1% 29% Middle East and 23% Africa 28.7% 46.2% Total 14.7% 14.2% Americas (1) Industrial
Slide 63: Financing structure
Financing structure At 31 December 2011 Sources Maturity(1) Fixed/variable In €m rates Bonds Fixed rate 8000 7000 57% Private > 2015 placements 6000 76% > 2016 3% 5000 4000 32% 20132013 to to 2015 24% 6% 3000 2016 2% Bank debt 2000 Commercial paper Minorities 1000 Variable rate options 20122012 0 (1
Slide 64: Evolution of number of shares
Evolution of number of shares In thousands of shares 284,095 283,813 918 <1,200> Average number of shares outstanding in 2011 282,615,649 shares Dec 31, 2010 Cancellation of shares Exercice of share Dec 31, 2011 purchased by the subscription option company 64 February 17, 2012 2011 Results Air Liqui
Slide 65: Consolidated P&L
Consolidated P&L In €m 2010 2011 Revenue 13,488 14,457 Cost of goods (10,114) (10,893) Operating income recurring before depreciation 3,374 3,564 Depreciation and amortization expense (1,122) (1,155) Operating income Recurring 2,252 2,409 Net non-recurring operating income 2 28 Operating income 2,25
Slide 66: Consolidated Balance Sheet
Consolidated Balance Sheet In €m ASSETS 31/12/10 31/12/11 EQUITY AND LIABILITIES 31/12/10 31/12/11 Goodwill 4,391 4,559 Shareholders’ equity 8,904 9,759 Fixed assets 11,707 12,735 Minority interests 209 237 Other non-current assets* 973 963 Total equity 9,113 9,996 Total non-current assets 17,071 18
Slide 67: Cash Flow statement
Cash Flow statement In €m 2010 2011 Funds provided by operations 2,661 2,728 Changes in Working Capital (155) (193) Other items (86) (109) Net cash from operating activities 2,420 2,426 Purchase of PPE* and intangible assets (1,450) (1,755) Purchase of financial assets (240) (100) Proceeds from sale
Slide 68: Regular and sustained performance
Regular and sustained performance 14 000 Revenue (in €m) EPS(1) (in €) 5 12 000 +7.0% CAGR over 30 years(3) +8.4% CAGR over 30 years(3) 10 000 4 8 000 3 6 000 2 4 000 1 2 000 0 0 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 1981 1983 1985 1987 1989 1991 1993 1995 1
Slide 69: For further information, please contact
For further information, please contact: Investor Relations Communications Virginia Jeanson + 33 (0)1 40 62 57 37 Anne Lechevranton + 33 (0)1 40 62 50 93 Annie Fournier + 33 (0)1 40 62 57 18 Corinne Estrade-Bordry + 33 (0)1 40 62 51 31 Bastien Maurice + 33 (0)1 40 62 59 38 www.airliquide.c