Cash flow Air Liquide

Equities

AI

FR0000120073

Commodity Chemicals

Market Closed - Euronext Paris Other stock markets 11:35:21 2025-01-24 am EST			5-day change	1st Jan Change
163.76 ^EUR	+1.26%		+3.46%	+4.36%

Jan. 24	Redburn Atlantic Upgrades Air Liquide to Buy, Boosts PT	MT
Jan. 20	Paris: still in green, Trump back in the White House	CF

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Published financial data: AIR LIQUIDE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	21.92B	20.49B	23.33B	29.93B	27.61B
Other Revenues, Total	-	-	-	-	-
Total Revenues	21.92B	20.49B	23.33B	29.93B	27.61B
Cost of Goods Sold, Total	8.15B	7.2B	9.39B	13.81B	11.15B
Gross Profit	13.77B	13.29B	13.95B	16.12B	16.46B
Selling General & Admin Expenses, Total	4.43B	4.25B	4.37B	4.97B	5.13B
Stock-Based Compensation (IS)	-	-	-	-	-
Depreciation & Amortization - (IS)	2.14B	2.14B	2.17B	2.47B	2.48B
Other Operating Expenses	3.62B	3.34B	3.48B	4.07B	4.05B
Other Operating Expenses, Total	10.19B	9.73B	10.02B	11.51B	11.66B
Operating Income	3.57B	3.56B	3.93B	4.61B	4.8B
Interest Expense, Total	-421M	-369M	-320M	-357M	-373M
Interest And Investment Income	17.3M	15.8M	12.2M	33M	69.4M
Net Interest Expenses	-403M	-353M	-308M	-324M	-304M
Income (Loss) On Equity Invest.	700K	-4M	5.4M	1.1M	4.9M
Other Non Operating Income (Expenses)	157M	181M	168M	61.6M	29.4M
EBT, Excl. Unusual Items	3.33B	3.39B	3.79B	4.35B	4.53B
Restructuring Charges	-94.8M	-112M	-62.2M	-71.8M	-153M
Merger & Related Restructuring Charges	-48.5M	-36.5M	-8.6M	-7.9M	-11M
Impairment of Goodwill	-	-	-1.5M	-	-
Gain (Loss) On Sale Of Assets	-	-	-27.5M	130M	127M
Asset Writedown	-	-319M	-9.2M	-396M	-392M
Other Unusual Items	-44.2M	288M	-76.5M	-94.9M	59.8M
EBT, Incl. Unusual Items	3.14B	3.21B	3.61B	3.91B	4.16B
Income Tax Expense	802M	678M	915M	1B	972M
Earnings From Continuing Operations	2.34B	2.53B	2.69B	2.9B	3.19B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	2.34B	2.53B	2.69B	2.9B	3.19B
Minority Interest	-96.1M	-92.9M	-120M	-145M	-110M
Net Income - (IS)	2.24B	2.44B	2.57B	2.76B	3.08B
Net Income to Common Incl Extra Items	2.24B	2.44B	2.57B	2.76B	3.08B
Net Income to Common Excl. Extra Items	2.24B	2.44B	2.57B	2.76B	3.08B
Per Share Items
Net EPS - Basic	3.93	4.27	4.5	4.8	5.36
Basic EPS - Continuing Operations	3.93	4.27	4.5	4.8	5.36
Basic Weighted Average Shares Outstanding	570M	571M	571M	574M	574M
Net EPS - Diluted	3.91	4.25	4.48	4.79	5.34
Diluted EPS - Continuing Operations	3.91	4.25	4.48	4.79	5.34
Diluted Weighted Average Shares Outstanding	573M	574M	574M	576M	576M
Normalized Basic EPS	3.48	3.55	3.94	4.48	4.74
Normalized Diluted EPS	3.46	3.53	3.92	4.46	4.72
Dividend Per Share	2.23	2.27	2.4	2.68	2.91
Payout Ratio	51.88	53.71	51.89	51.13	51.37
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	5.42B	5.41B	5.82B	6.78B	7.28B
EBITA	3.69B	3.68B	4.05B	4.76B	4.8B
EBIT	3.57B	3.56B	3.93B	4.61B	4.8B
Effective Tax Rate - (Ratio)	25.54	21.15	25.36	25.66	23.36
Total Current Taxes	722M	737M	801M	900M	1.02B
Total Deferred Taxes	79.6M	-59.2M	113M	102M	-50.4M
Normalized Net Income	1.98B	2.02B	2.25B	2.57B	2.72B
Interest Capitalized	45.7M	35.1M	36.4M	49.4M	48.7M
Interest on Long-Term Debt	87.4M	75.8M	71.9M	85M	86.7M
Non-Cash Pension Expense	18M	5.7M	5M	4.7M	29.1M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	317M	303M	304M	308M	309M
Stock-Based Comp., SG&A Exp. (Total)	40.2M	38.5M	40.5M	36.9M	39.6M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	40.2M	38.5M	40.5M	36.9M	39.6M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.03B	1.79B	2.25B	1.91B	1.62B
Trading Asset Securities, Total	-100K	-500K	900K	500K	-200K
Total Cash And Short Term Investments	1.03B	1.79B	2.25B	1.91B	1.62B
Accounts Receivable, Total	2.48B	2.21B	2.69B	3.03B	2.99B
Other Receivables	98M	90.4M	106M	196M	42.9M
Total Receivables	2.58B	2.3B	2.8B	3.23B	3.04B
Inventory	1.53B	1.41B	1.59B	1.96B	2.03B
Prepaid Expenses	132M	113M	134M	156M	166M
Other Current Assets, Total	702M	760M	823M	978M	768M
Total Current Assets	5.97B	6.37B	7.59B	8.24B	7.62B
Gross Property Plant And Equipment	43.76B	43.13B	47.84B	50.45B	51.69B
Accumulated Depreciation	-22.64B	-23.13B	-25.31B	-26.81B	-28.04B
Net Property Plant And Equipment	21.12B	20B	22.53B	23.65B	23.65B
Long-term Investments	395M	392M	551M	603M	514M
Goodwill	13.94B	13.09B	13.99B	14.59B	14.19B
Other Intangibles, Total	1.56B	1.4B	1.45B	1.81B	1.63B
Loans Receivable Long-Term	56.7M	53.6M	34.4M	75M	44.7M
Deferred Tax Assets Long-Term	257M	268M	239M	232M	225M
Other Long-Term Assets, Total	375M	409M	392M	324M	448M
Total Assets	43.67B	41.98B	46.78B	49.52B	48.33B
Liabilities
Accounts Payable, Total	2.23B	2.08B	2.93B	3.33B	2.81B
Accrued Expenses, Total	184M	179M	223M	276M	284M
Short-term Borrowings	129M	72.8M	108M	150M	221M
Current Portion of Long-Term Debt	1.73B	2.12B	2.08B	1.85B	2.06B
Current Portion of Leases	244M	218M	228M	228M	220M
Current Income Taxes Payable	200M	215M	278M	260M	236M
Unearned Revenue Current, Total	76.7M	107M	144M	151M	189M
Other Current Liabilities	2.01B	2.28B	2.45B	2.65B	2.82B
Total Current Liabilities	6.81B	7.28B	8.44B	8.9B	8.85B
Long-Term Debt	11.58B	10.23B	10.51B	10.2B	8.58B
Long-Term Leases	1.09B	969M	1.03B	1.05B	1.05B
Unearned Revenue Non Current	60.3M	79.3M	89.7M	106M	187M
Deferred Tax Liability Non Current	2.05B	1.87B	2.13B	2.47B	2.33B
Other Non Current Liabilities	2.76B	2.55B	2.58B	2.23B	2.3B
Total Liabilities	24.34B	22.97B	24.78B	24.95B	23.29B
Common Stock, Total	2.6B	2.61B	2.61B	2.88B	2.88B
Additional Paid In Capital	2.57B	2.61B	2.75B	2.35B	2.45B
Retained Earnings	14.53B	15.64B	17.13B	18.86B	20.5B
Treasury Stock	-129M	-140M	-118M	-118M	-153M
Comprehensive Income and Other	-711M	-2.18B	-911M	-231M	-1.35B
Total Common Equity	18.87B	18.54B	21.46B	23.74B	24.32B
Minority Interest	454M	462M	536M	836M	722M
Total Equity	19.32B	19B	22B	24.57B	25.04B
Total Liabilities And Equity	43.67B	41.98B	46.78B	49.52B	48.33B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	571M	571M	574M	574M	575M
ECS Total Common Shares Outstanding	571M	571M	574M	574M	575M
Book Value / Share	33.08	32.46	37.42	41.32	42.26
Tangible Book Value	3.37B	4.06B	6.02B	7.34B	8.5B
Tangible Book Value Per Share	5.91	7.1	10.49	12.77	14.76
Total Debt	14.77B	13.61B	13.96B	13.48B	12.13B
Net Debt	13.74B	11.82B	11.72B	11.57B	10.5B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.69B	1.56B	1.34B	956M	1.03B
Minority Interest, Total (Incl. Fin. Div)	454M	462M	536M	836M	722M
Equity Method Investments, Total	154M	161M	158M	186M	180M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	386M	363M	446M	567M	614M
Inventories - Work In Process, Total	102M	82.8M	110M	142M	170M
Inventories - Finished Goods, Total	1.04B	960M	1.03B	1.25B	1.24B
Land - (BS)	444M	432M	472M	474M	463M
Buildings, Total	2.17B	2.13B	2.29B	2.49B	2.69B
Machinery, Total	37.07B	36.11B	40.11B	42.14B	42.67B
Full Time Employees	67.2K	64.44K	66.4K	67.11K	67.78K
Accumulated Allowance for Doubtful Accounts (Supple)	184M	204M	198M	224M	232M
Order Backlog	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.24B	2.44B	2.57B	2.76B	3.08B
Depreciation & Amortization - CF	1.97B	1.96B	2B	2.26B	2.48B
Amortization of Goodwill and Intangible Assets - (CF)	122M	123M	123M	150M	-
Depreciation & Amortization, Total	2.09B	2.09B	2.12B	2.41B	2.48B
Amortization of Deferred Charges, Total - (CF)	50.1M	50.5M	50M	53.3M	-
Minority Interest in Earnings - (CF)	96.1M	92.9M	120M	145M	110M
(Gain) Loss From Sale Of Asset	35.1M	-455M	27.5M	-130M	-127M
(Income) Loss On Equity Investments - (CF)	-700K	4M	-5.4M	-1.1M	-4.9M
Other Operating Activities, Total	239M	626M	307M	968M	879M
Change In Income Taxes	-	-	-	-	-
Change in Other Net Operating Assets	-36.7M	364M	377M	-397M	-154M
Cash from Operations	4.71B	5.21B	5.57B	5.81B	6.26B
Capital Expenditure	-2.64B	-2.63B	-2.92B	-3.27B	-3.39B
Sale of Property, Plant, and Equipment	584M	81.3M	88.7M	92M	63.2M
Cash Acquisitions	-537M	-129M	-660M	-136M	-103M
Divestitures	-	719M	131M	61.1M	340M
Investment in Marketable and Equity Securities, Total	400K	-	-	-	-
Other Investing Activities, Total	4.1M	4.6M	5.5M	13.8M	14.5M
Cash from Investing	-2.58B	-1.95B	-3.35B	-3.24B	-3.08B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-1.14B	-727M	-259M	-867M	-1.46B
Total Debt Repaid	-1.14B	-727M	-259M	-867M	-1.46B
Issuance of Common Stock	37.4M	38.3M	172M	23.5M	123M
Repurchase of Common Stock	-148M	-49.9M	-40.1M	-192M	-81.9M
Common Dividends Paid	-1.16B	-1.31B	-1.33B	-1.41B	-1.58B
Common & Preferred Stock Dividends Paid	-1.16B	-1.31B	-1.33B	-1.41B	-1.58B
Other Financing Activities, Total	-368M	-381M	-354M	-336M	-484M
Cash from Financing	-2.78B	-2.43B	-1.82B	-2.78B	-3.48B
Foreign Exchange Rate Adjustments	700K	-1.4M	16.8M	-165M	-61.6M
Net Change in Cash	-652M	822M	420M	-378M	-357M
Supplemental Items
Levered Free Cash Flow	1.43B	2.07B	1.95B	1.54B	1.86B
Unlevered Free Cash Flow	1.69B	2.3B	2.15B	1.76B	2.09B
Change In Net Working Capital	85.9M	-531M	-395M	346M	36.9M
Net Debt Issued / Repaid	-1.14B	-727M	-259M	-867M	-1.46B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.21	5.2	5.53	5.98	6.13
Return on Total Capital	6.71	6.68	7.16	7.78	7.97
Return On Equity %	12.46	13.19	13.13	12.47	12.85
Return on Common Equity	12.23	13.02	12.86	12.21	12.81
Margin Analysis
Gross Profit Margin %	62.8	64.86	59.77	53.86	59.62
SG&A Margin	20.22	20.75	18.72	16.61	18.6
EBITDA Margin %	24.71	26.4	24.94	22.66	26.37
EBITA Margin %	16.85	17.99	17.36	15.9	17.38
EBIT Margin %	16.3	17.39	16.83	15.39	17.38
Income From Continuing Operations Margin %	10.66	12.34	11.54	9.7	11.55
Net Income Margin %	10.23	11.89	11.02	9.22	11.15
Net Avail. For Common Margin %	10.23	11.89	11.02	9.22	11.15
Normalized Net Income Margin	9.05	9.88	9.64	8.59	9.85
Levered Free Cash Flow Margin	6.5	10.12	8.34	5.15	6.73
Unlevered Free Cash Flow Margin	7.7	11.25	9.2	5.89	7.57
Asset Turnover
Asset Turnover	0.51	0.48	0.53	0.62	0.56
Fixed Assets Turnover	1.09	1	1.1	1.3	1.17
Receivables Turnover (Average Receivables)	8.81	8.75	9.52	10.45	9.16
Inventory Turnover (Average Inventory)	5.45	4.9	6.28	7.79	5.59
Short Term Liquidity
Current Ratio	0.88	0.88	0.9	0.93	0.86
Quick Ratio	0.53	0.56	0.6	0.58	0.53
Operating Cash Flow to Current Liabilities	0.69	0.72	0.66	0.65	0.71
Days Sales Outstanding (Average Receivables)	41.45	41.84	38.32	34.93	39.85
Days Outstanding Inventory (Average Inventory)	66.96	74.68	58.14	46.85	65.3
Average Days Payable Outstanding	102.64	111.72	95.72	80.51	99.8
Cash Conversion Cycle (Average Days)	5.77	4.81	0.75	1.26	5.35
Long Term Solvency
Total Debt/Equity	76.43	71.62	63.48	54.86	48.43
Total Debt / Total Capital	43.32	41.73	38.83	35.43	32.63
LT Debt/Equity	65.53	58.93	52.49	45.78	38.43
Long-Term Debt / Total Capital	37.14	34.34	32.11	29.56	25.89
Total Liabilities / Total Assets	55.75	54.73	52.98	50.38	48.19
EBIT / Interest Expense	8.49	9.66	12.26	12.91	12.87
EBITDA / Interest Expense	13.46	15.32	18.88	19.67	19.53
(EBITDA - Capex) / Interest Expense	7.19	8.19	9.78	10.5	10.43
Total Debt / EBITDA	2.61	2.41	2.31	1.92	1.67
Net Debt / EBITDA	2.43	2.09	1.94	1.65	1.44
Total Debt / (EBITDA - Capex)	4.89	4.51	4.46	3.6	3.12
Net Debt / (EBITDA - Capex)	4.55	3.91	3.74	3.09	2.7
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.33	-6.55	13.91	28.28	-7.77
Gross Profit, 1 Yr. Growth %	8.1	-3.48	4.96