Key Figures - Page 6 | Air Liquide - Invitation to our General Meeting 2020

Highlights and performance of the group in 2019

Key Figures

(in millions of euros)	FY 2018	FY 2019	2019/2018 published change	2019/2018 comparable change^(a)
Total Revenue	Total RevenueFY 201821 011	Total RevenueFY 201921 920	Total Revenue2019/2018 published change+&4.3%	Total Revenue2019/2018 comparable change^(a)+3.2%
Of which Gas & Services	Of which Gas & ServicesFY 201820,107	Of which Gas & ServicesFY 201921,040	Of which Gas & Services2019/2018 published change+4.6%	Of which Gas & Services2019/2018 comparable change^(a)+3.5%
Operating Income Recurring	Operating Income Recurring FY 2018 3,449	Operating Income Recurring FY 2019 3,794	Operating Income Recurring 2019/2018 published change +10.0%	Operating Income Recurring 2019/2018 comparable change^(a) +7.5%
Operating Income Recurring (as % of Revenue)	Operating Income Recurring (as % of Revenue) FY 2018 16.4%	Operating Income Recurring (as % of Revenue) FY 2019 17.3%	Operating Income Recurring (as % of Revenue) 2019/2018 published change +90 bps
Variation excluding energy		Variation excluding energyFY 2019+70 bps
Other Non-Recurring Operating Income and Expenses	Other Non-Recurring Operating Income and Expenses FY 2018 (162)	Other Non-Recurring Operating Income and Expenses FY 2019 (188)
Net Profit (Group Share)	Net Profit (Group Share) FY 2018 2,113	Net Profit (Group Share) FY 2019 2,242	Net Profit (Group Share) 2019/2018 published change +6.1%
Recurring Net Profit (Group Share)^(b)	Recurring Net Profit (Group Share) ^(b)FY 2018 2,113	Recurring Net Profit (Group Share) ^(b)FY 2019 2,307	Recurring Net Profit (Group Share) ^(b)2019/2018 published change +9.2%	Recurring Net Profit (Group Share) ^(b)2019/2018 comparable change^(a) +11.1%
Adjusted Earnings per Share (in euros)	Adjusted Earnings per Share (in euros)FY 20184.49	Adjusted Earnings per Share (in euros)FY 20194.76	Adjusted Earnings per Share (in euros)2019/2018 published change+5,9%
*Adjusted Net Dividend per Share (in euros)^(c)*	*Adjusted Net Dividend per Share (in euros)^(c)FY 20182.40*	*Adjusted Net Dividend per Share (in euros)^(c)FY 20192.70*	*Adjusted Net Dividend per Share (in euros)^(c)2019/2018 published change+12,4%*
Cash Flow before change in working capital requirements^(d)	Cash Flow before change in working capital requirements ^(d)FY 2018 4,242	Cash Flow before change in working capital requirements ^(d)FY 2019 4,859	Cash Flow before change in working capital requirements ^(d)2019/2018 published change +14.5%
Net Capital Expenditure^(e)	Net Capital Expenditure ^(e)FY 2018 2,272	Net Capital Expenditure ^(e)FY 2019 2,616
Net Debt	Net Debt FY 2018 12,535	Net Debt FY 2019 12,373
Net Debt to Equity ratio	Net Debt to Equity ratio FY 2018 68.8%	Net Debt to Equity ratio FY 2019 64.0%
Recurring ROCE^(f)	Recurring ROCE^(f)FY 20188.0%	Recurring ROCE^(f)FY 20198.6%	Recurring ROCE^(f)2019/2018 published change+60 bps

(a) Change excluding the currency, energy (natural gas and electricity) and significant scope impacts.

(b) Excluding exceptional and significant transactions that have no impact on the operating income recurring.

(d) Data from 2018 restated. Excluding IFRS16, the change would be +8.3%.

(e) Including transactions with minority shareholders.

(f) Return on capital employed, based on the recurring net profit.

Performance

Group revenue for 2019 totaled 21,920 million euros, up +3.2% on a comparable basis. Gas & Services enjoyed robust comparable sales growth of +3.5% despite the slowing economic environment in the 4^th quarter of 2019. In Engineering & Construction, sales to third-party customers were down compared with 2018, with resources mainly allocated to internal projects. Global Markets & Technologies continued its dynamic development with growth of +14.9%. The currency impact was positive at +2.1%, whereas the energy impact was unfavorable (-1.4%). The acquisition of Tech Air in the United States at the end of the 1^st quarter of 2019 and the disposal of Fujian Shenyuan in September generated a significant scope impact of +0.4% over the year. The Group’s published revenue growth was therefore up +4.3% for 2019.

Gas & Services revenue reached 21,040 million euros in 2019, up +3.5% on a comparable basis. As published sales were up +4.6% in 2019, with the unfavorable energy impact (-1.5%) more than offset by the favorable currency (+2.1%) and significant scope (+0.5%) impacts.

Revenue in the Americas totaled 8,460 million euros in 2019, an increase of +1.5% in comparable growth. Large Industries sales were stable in 2019, due to several customer maintenance turnarounds in the United States during the 2^nd half of the year. Industrial Merchant revenue growth was resilient at +0.7%, driven mainly by higher prices. Electronics growth stood at +2.1% and Healthcare continued to improve strongly (+9.7%), in particular in Medical Gases in the United States and Latin America.
Revenue in Europe reached 7,172 million euros over 2019, up +3.4% on a comparable basis driven mainly by good Healthcare sales momentum (+5.2%) and a solid growth in Industrial Merchant (+3.4%), notably thanks to high price impacts and robust volumes. Large Industries sales (+1.7%) were driven by higher hydrogen volumes for refineries in Benelux, whereas demand remained weaker in the Steel and Chemical sectors.
Revenue in the Asia Pacific zone totaled 4,794 million euros in 2019, up +7.7% on a comparable basis. Large Industries sales grew strongly (+9.7%) thanks to the ramp-up of several units in China. Industrial Merchant growth was solid (+3.7%), in particular in China and South-East Asia. Electronics revenue maintained its very dynamic growth momentum in 2019 (+10.4%) despite a major decline in Equipment & Installations sales in the 4^th quarter compared with record high sales in 2018.
Revenue in the Middle East and Africa zone amounted to 614 million euros, up +1.5% over 2019 on a comparable basis. Industrial Merchant remained very dynamic in the Middle East, Egypt and India, with strong helium sales in particular. Activity was up slightly in Large Industries, with the major units in the region, located in Saudi Arabia and South Africa, now operating at full capacity. The Healthcare business continued to grow in Egypt and Saudi Arabia.