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Financial Statements

Air Products and Chemicals Inc.

Air Products and Chemicals Inc. (APD)

Basic Materials

Income Statement

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Year 2009201020112012201320142015201620172018
Revenue 8,256.208,616.109,673.709,611.7010,180.4010,439.007,824.307,503.708,187.608,930.20
Cost of Revenue 6,042.106,288.907,098.307,051.907,472.107,629.905,598.205,177.305,751.506,189.50
Gross Profit 2,214.102,327.202,575.402,559.802,708.302,809.102,226.102,326.402,436.102,740.70
R&D Expenses 116.30114.70118.80126.40133.70139.8076.4071.8057.6064.50
Sales, General and Administrative Expense 943.40886.60941.70946.801,066.301,054.70773.00683.80713.50760.80
Operating Expenses 1,390.801,006.401,018.801,277.401,383.901,470.00992.90791.30996.10775.10
Operating Income 823.301,320.801,556.601,282.401,324.401,339.101,233.201,535.101,440.001,965.60
Interest Expense 121.90121.90115.50123.70141.80125.10102.80115.20120.60130.50
Earnings before Tax 816.601,334.801,599.501,454.601,302.101,361.101,578.101,063.703,261.302,022.10
Income Tax Expense 185.30305.70375.30287.30307.90369.40300.20432.60260.90524.30
Net Income 631.301,029.101,224.201,167.30994.20991.701,277.90631.103,000.401,497.80
Net Income - Non-Controlling int 11.4025.4037.3026.0038.301.4039.7030.4020.8035.10
Net Income - Discounted ops ----------
Net Income Com 631.301,029.101,224.201,167.30994.20991.701,277.90631.103,000.401,497.80
Preferred Dividends ----------
Earnings Per Share Basic 3.014.855.755.534.744.665.952.9213.766.83
Earnings Per Share Diluted 2.964.745.635.444.684.615.882.8913.656.78
Weighted Average Shares Outstanding 209.90212.20213.00211.20209.70212.70214.90216.40218.00219.30
Weighted Average Shares Outstanding (Diluted) 213.50217.10217.60214.70212.30215.20217.30218.30219.80220.80
Dividend per Share 0.000.000.000.000.000.000.000.000.000.00
Gross Margin 0.270.270.270.270.270.270.280.310.300.31
EBITDA Margin 0.210.270.260.250.230.230.330.270.520.35
EBIT Margin 0.110.170.180.160.140.140.210.160.410.24
Profit Margin 0.080.120.130.120.100.100.160.080.370.17
Free Cash Flow margin 0.000.000.000.000.000.000.000.000.000.00
EBITDA 1,778.802,283.502,549.302,419.102,350.902,443.102,539.402,033.504,247.703,123.30
EBIT 938.501,456.701,715.001,578.301,443.901,486.201,680.901,178.903,381.902,152.60
Consolidated Income 642.701,054.501,261.501,193.301,032.50993.101,317.60661.503,021.201,532.90
Earnings Before Tax Margin 0.100.150.170.150.130.130.200.140.400.23
Net Profit Margin 0.080.120.130.120.100.100.160.080.370.17

Balance Sheet Statement

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Year 2009201020112012201320142015201620172018
Cash and cash equivalents 488.20374.30421.40454.40450.40336.60206.401,293.203,273.602,791.30
Short-term investments --------404.00184.70
Cash and short-term investments 488.20374.30421.40454.40450.40336.60206.401,293.203,677.602,976.00
Receivables 1,900.302,017.601,777.502,077.502,159.002,164.401,860.501,749.001,662.101,580.50
Inventories 509.60571.60670.20786.60706.10706.00657.80255.00335.40396.10
Property, Plant & Equipment Net 6,859.607,051.307,222.708,240.608,974.009,532.108,745.108,259.708,440.209,923.70
Goodwill and Intangible Assets 1,178.601,200.301,056.702,360.002,371.101,853.101,639.601,233.001,089.801,227.40
Long-term investments 1,555.101,683.202,054.402,504.602,672.402,672.802,615.902,505.302,418.702,290.50
Tax assets ----------
Total non-current assets 5,595.505,564.206,010.007,236.107,047.807,007.506,309.007,532.105,792.705,663.70
Total current assets 10,031.3010,472.1011,100.9013,526.0014,411.0014,484.3014,541.0013,711.3012,590.5014,096.10
Total assets 13,029.1013,505.9014,290.7016,941.8017,850.1017,779.1017,334.5018,028.6018,467.2019,178.30
Payables 1,674.801,702.001,599.701,927.701,944.901,591.001,641.701,652.201,814.301,817.80
Short-term debt 785.90468.50634.00707.701,217.301,294.001,929.901,301.20560.40460.90
Total current liabilities 2,503.602,244.102,342.002,689.903,227.602,963.003,644.403,283.102,489.002,338.30
Long-term debt 3,715.603,659.803,927.504,584.205,056.304,824.503,949.103,909.703,402.403,351.70
Total debt 4,501.504,128.304,561.505,291.906,273.606,118.505,879.005,210.903,962.803,812.60
Deferred revenue ----------
Tax Liabilities 400.80408.70623.20719.30890.201,073.50859.20828.30877.00834.70
Deposit Liabilities ----------
Total non-current liabilities 5,595.505,564.206,010.007,236.107,047.807,007.506,309.007,532.105,792.705,663.70
Total liabilities 8,099.107,808.308,352.009,926.0010,275.409,970.509,953.4010,815.208,281.708,002.00
Other comprehensive income -1,161.80-1,159.40-1,253.40-1,348.80-1,020.60-1,241.90-2,125.90-2,388.30-1,847.40-1,741.90
Retained earnings (deficit) 7,234.607,852.208,599.509,234.509,646.409,993.2010,580.4010,475.5012,846.6013,409.90
Total shareholders equity 4,791.905,546.905,795.806,477.207,042.107,365.807,249.007,079.6010,086.2010,857.50
Investments 1,555.101,683.202,054.402,504.602,672.402,672.802,615.902,505.302,822.702,475.20
Net Debt 4,013.303,754.004,140.104,837.505,823.205,781.905,672.603,917.70285.20836.60
Other Assets 99.7070.30320.7097.30123.6087.8068.801,020.10201.60129.60
Other Liabilities 42.9073.60108.3054.5065.4078.0072.80329.70114.3059.60

Cash Flow Statement

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Year 2009201020112012201320142015201620172018
Depreciation & Amortization 840.30826.80834.30840.80907.00956.90858.50854.60865.80970.70
Stock-based compensation 60.4048.6044.8043.8043.5044.0039.5031.0039.9038.80
Operating Cash Flow 1,329.401,485.001,710.401,765.101,553.102,190.102,047.002,258.802,534.102,554.70
Capital Expenditure -1,179.10-988.70-1,309.30-1,521.00-1,524.20-1,362.70-1,162.40-907.70-1,039.70-1,568.40
Acquisitions and disposals -6.20-111.6038.10-1,038.80-223.602.00-38.80--16.30-345.40
Investment purchases and sales 57.9052.4081.6052.5052.8045.6055.3044.60-359.40266.70
Investing Cash Flow ----------
Insurance (repayment) of debt ----------
Insurance (buybacks) of shares ----------
Dividend payments -373.30-398.70-456.70-514.90-565.60-627.70-677.50-721.20-787.90-897.80
Financing Cash Flow 95.00-579.30-484.60-78.40115.40-504.30-960.40-860.20-2,040.90-1,359.80
Effect of forex changes on cash 0.70-0.10-8.30-18.6011.40-11.30-22.907.5013.40-33.90
Net cash flow / Change in cash 384.70-113.9048.2031.90-4.00-113.80-130.201,294.901,942.80-482.30
Free Cash Flow 150.30496.30401.10244.1028.90827.40884.601,351.101,494.40986.30
Net Cash/Marketcap -0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00

Retained Earning Schedule

Retained Earning Schedule

Year 2009201020112012201320142015201620172018
Retained Earnings (Previous Year) -7,2357,8528,6009,2359,6469,99310,58010,47612,847
Net Income 6311,0291,2241,1679949921,2786313,0001,498
Stock Dividends 6,977-13-20-17-17-17-13-15159-37
Divident Paid -373-399-457-515-566-628-678-721-788-898
Retained Earnings 7,2357,8528,6009,2359,6469,99310,58010,47612,84713,410

PPE Schedule

Year 2009201020112012201320142015201620172018
Gross PPE -6,8607,0517,2238,2418,9749,5328,7458,2608,440
Annual Depreciation 8,0391,1801,4812,5392,2581,9213754221,2203,052
Capital Expenditure -1,179-989-1,309-1,521-1,524-1,363-1,162-908-1,040-1,568
Net PPE 6,8607,0517,2238,2418,9749,5328,7458,2608,4409,924

Intangible and Goodwill Schedule

Intangible and Goodwill Schedule

Year 2009201020112012201320142015201620172018
Intangible and Goodwill (Previous Year) -1,1791,2001,0572,3602,3711,8531,6401,2331,090
New Purchases 5852825353465545-359267
Intangible and Goodwill 1,1791,2001,0572,3602,3711,8531,6401,2331,0901,227

Air Products and Chemicals Inc. income statement is the only one that provides an overview of company sales and net income
The reasoning behind the adjustment, however, is that free cash flow is meant to measure money being spent right now, not transactions that happened in the past. This makes Air Products and Chemicals Inc. FCF a useful instrument for identifying growing companies with high up-front costs, which may eat into earnings now but have the potential to pay off later.