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Last update 18/07/2017 (Consensus = Median)
Important Notes:
1) 2017 "Published" growths are based on 2016 sales, as if Aqua Lung and AL Welding had been deconsolidated as of January 1, 2016.
2) Growth based on 2016 adjusted sales, i.e. as if Airgas had been consolidated with divestments fully completed and Aqua Lung and AL Welding deconsolidated as of January 1, 2016. Therefore exceptionally in 2017, the addition of significant perimeter, currency and energy impacts as well as comparable growth does not match published growth.
 
Financial Figures in EURmQ2 2016H1 2016FY 2016Q2 2017 EH1 2017 EFY 2017 EFY 2018 EFY 2019 EFY 2020 E
Sales
Group sales 4,281 8,018 18,135 5,147 10,335 20,863 
Published growth (%) 1) 20.2% 28.9% 15.0% 
Significant perimeter impact (%) 2) 0.0% 0.0% 0.0% 
Currency impact (%) 2) 0.8% 1.6% 0.0% 
Energy impact (%) 2) 1.9% 2.3% 1.3% 
Comparable growth (%) 2) 1.9% 1.8% 3.3% 
Gas & Services sales 4,070 7,618 17,331 4,969 10,026 20,160 
Published growth (%), G&S 1) 22.1% 31.6% 16.3% 
Significant perimeter impact (%), G&S 2) 0.0% 0.0% 0.0% 
Currency impact (%), G&S 2) 0.8% 1.7% 0.4% 
Energy impact (%), G&S 2) 2.0% 2.4% 1.4% 
Comparable growth (%), G&S 2) 2.9% 2.8% 3.6% 
Engineering & Construction sales 131 254 474 72 125 332 
Published growth (%), E&C -44.9% -50.8% -29.9% 
Global Markets & Technologies sales 81 146 330 90 167 363 
Published growth (%), GM&T 11.7% 14.6% 10.0% 
P&L
Group sales (P&L) 4,281 8,018 18,135 5,147 10,335 20,863 
Published growth (%) (P&L) 1) 20.2% 28.9% 15.0% 
EBITDA 2,085 4,611 2,565 5,254 
D&A -718 -1,587 -888 -1,775 
Operating Income Recurring (OIR) 1,367 3,024 1,672 3,488 
OIR margin (%) 17.0% 16.7% 16.2% 16.6% 
          OIR G&S 1,459 3,239 1,787 3,700 
          OIR margin G&S (%) 19.2% 18.7% 17.8% 18.3% 
Exceptionals -84 36 
Group operating income 1,283 3,060 1,672 3,481 
Net financial costs & expenses -171 -403 -241 -474 
Income taxes -264 -747 -436 -906 
Tax rate (%) 23.8% 28.2% 30.5% 30.3% 
Share of profit of associates 
Net income from continuing operations 851 1,916 1,004 2,108 
Net income from discontinued operations 11 
Profit for the period 853 1,927 1,004 2,119 
Minority interests -42 -83 -42 -85 
Net profit (Group share) 811 1,844 955 2,041 
Net profit growth (%) 5.0% 17.8% 10.7% 
Weighted average number of shares (m) 353 361 389 389 
As published earnings per share (EPS in EUR) 2.30 5.11 2.47 5.24 
EPS growth (%) 2.4% 7.4% 2.5% 
Dividend per share (DPS in EUR) 2.60 2.75 
DPS growth (%) 2.8% 5.8% 
DPS / EPS (%) 50.9% 52.7% 
Cash Flow
Net cash flows from operating activities 1,193 3,697 3,748 
Purchase of property, plant and
equipment and intangible assets 
-1,055 -2,259 -2,270 
Acquisition of subsidiaries and
financial assets 
-12,100 -12,165 
Proceeds from sale of property, plant and
equipment and intangible assets and
proceeds from sale of financial assets 
50 830 
Net cash flows from investing activities -13,105 -13,594 -2,237 
Free cash flow -11,912 -9,898 1,535 
Dividends paid -995 -1,019 -1,068 
Proceeds from issues of share capital 103 3,361 
Purchase of treasury shares -0 
Transactions with minority shareholders -1 -14 
Net cash flows used in financing activities
excluding increase (decrease) in
borrowings 
-893 2,332 -1,068 
Total net cash flow -12,805 -7,566 551 
Effect of exchange rate changes, opening net
indebtness of newly acquired companies
and others 
184 -563 
Change in net indebtness at the end of
the period 
-12,621 -8,129 556 
Net Debt
Net indebtness at the end of the period -19,860 -15,368 -14,812 
Last update on 18/07/2017
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.