Air Liquide Sa · EURONEXT:AI

Air Liquide Sa — FY2011 Earnings Presentation

69 slides from Air Liquide Sa's earnings presentation, Feb 17, 2012

  1. Slide 1: 2011 Results

    2011 Results  Solid full year performance  ALMA perspective Paris, February 17, 2012 l Benoît Potier, Chairman and CEO

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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)

  13. 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%

  14. 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

  15. 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 €

  16. 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

  17. 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

  18. 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 +

  19. 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

  20. 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

  21. 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

  22. 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

  23. 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

  24. 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

  25. 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,

  26. 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

  27. 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

  28. 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

  29. 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

  30. 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

  31. 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

  32. 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

  33. 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

  34. 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

  35. 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

  36. 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)

  37. 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

  38. 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

  39. 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

  40. 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

  41. 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

  42. 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

  43. 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

  44. 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

  45. 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

  46. 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

  47. 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

  48. 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

  49. 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

  50. 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

  51. 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

  52. 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

  53. 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

  54. 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

  55. 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

  56. 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

  57. 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

  58. 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

  59. 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

  60. 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

  61. 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

  62. 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

  63. 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

  64. 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

  65. 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

  66. 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

  67. 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

  68. 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

  69. 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

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