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Last update 17/07/2018 (Consensus = Median)
Important Note:
1) Airgas refrigerants activity divestiture in October 2017 will generate a significant perimeter impact in 2018
 
Financial Figures in EURmQ2 2017H1 2017FY 2017Q2 2018 EH1 2018 EFY 2018 E
Sales
Group sales 5,117 10,293 20,349 5,123 10,133 20,740 
Published growth (%) 0.1% -1.6% 1.9% 
Significant perimeter impact (%) -0.7% -0.7% -0.5% 
Currency impact (%) -5.0% -6.5% -3.7% 
Energy impact (%) 0.7% 0.2% 0.1% 
Comparable growth (%) 5.3% 5.6% 5.7% 
Gas & Services sales 4,932 9,978 19,642 4,914 9,745 19,947 
Published growth (%), G&S -0.4% -2.3% 1.6% 
Significant perimeter impact (%), G&S -0.7% -0.7% -0.4% 
Currency impact (%), G&S -5.0% -6.6% -3.7% 
Energy impact (%), G&S 0.7% 0.2% 0.2% 
Comparable growth (%), G&S 4.9% 5.0% 5.0% 
Engineering & Construction sales 93 146 335 95 185 412 
Published growth (%), E&C 2.4% 26.9% 22.8% 
Global Markets & Technologies sales 92 169 372 99 194 409 
Published growth (%), GM&T 8.1% 15.1% 9.9% 
P&L
Group sales (P&L) 5,117 10,293 20,349 5,123 10,133 20,740 
Published growth (%) (P&L) 0.1% -1.6% 1.9% 
EBITDA 2,557 5,142 2,570 5,333 
D&A -900 -1,778 -884 -1,787 
Operating Income Recurring (OIR) 1,656 3,364 1,679 3,548 
OIR margin (%) 16.1% 16.5% 16.6% 17.1% 
          OIR G&S 1,761 3,587 1,778 3,743 
          OIR margin G&S (%) 17.6% 18.3% 18.2% 18.8% 
Exceptionals -2 -344 
Group operating income 1,654 3,020 1,678 3,548 
Net financial costs & expenses -259 -489 -224 -446 
Income taxes -389 -207 -389 -842 
Tax rate (%) 27.9% 8.2% 26.8% 27.0% 
Share of profit of associates 
Net income from continuing operations 1,007 2,329 1,071 2,277 
Net income from discontinued operations -30 -37 
Profit for the period 947 2,292 1,071 2,277 
Minority interests -49 -92 -48 -95 
Net profit (Group share) excluding impact of 2017 non-cash
non-recurring items and taxes 
928 2,029 
Net profit (Group share) excluding impact of 2017
non-cash non-recurring items and taxes growth (%) 
15% 10% 
Net profit (Group share) 928 2,200 1,025 2,185 
Net profit growth (%) 14.5% 19.3% 10.5% -0.7% 
Weighted average number of shares (m) 427 426 428 428 
As published earnings per share (EPS in EUR) 2.18 5.16 2.40 5.10 
EPS growth (%) 4.3% 11.3% 9.9% -1.2% 
Dividend per share (DPS in EUR) 2.65 2.75 
DPS growth (%) 12.4% 3.8% 
DPS / EPS (%) 51.4% 54.0% 
Cash Flow
Net cash flows from operating activities 1,594 4,254 4,085 
Purchase of property, plant and
equipment and intangible assets 
-1,108 -2,183 -2,388 
Acquisition of subsidiaries and
financial assets 
-86 -140 
Proceeds from sale of property, plant and
equipment and intangible assets and
proceeds from sale of financial assets 
36 477 
Net cash flows from investing activities -1,158 -1,846 -2,469 
Free cash flow 436 2,408 1,551 
Dividends paid -1,103 -1,099 -1,228 
Proceeds from issues of share capital 27 70 
Purchase of treasury shares -158 -158 
Transactions with minority shareholders -4 -4 
Net cash flows used in financing activities
excluding increase (decrease) in
borrowings 
-1,239 -1,192 -1,217 
Total net cash flow -803 1,217 429 
Effect of exchange rate changes, opening net
indebtness of newly acquired companies
and others 
561 781 
Change in net indebtness at the end of
the period 
-242 1,997 380 
Net Debt
Net indebtness at the end of the period -15,610 -13,371 -12,991 
Last update on 17/07/2018
Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.