Air Products and Chemicals, Inc., 2008 Annual Report

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At a Glance


	(Millions of dollars, except per share)

	FOR THE YEAR	2008	2007	Change

	Sales	$10,415	$9,148	14%
	Operating income	1,496	1,376	9%
	Income from continuing operations	1,091	1,020	7%
	Net income	910	1,036	(12)%
	Capital expenditures on a non-GAAP basis^(A)	1,355	1,635	(17)%
	Return on capital employed on a non-GAAP basis^(B)	13.0%	12.5%
	Return on average shareholders' equity^(C)	20.1%	19.5%
	Operating margin	14.4%	15.0%

	PER SHARE DOLLARS

	Basic earnings	$4.29	$4.79	(10)%
	Diluted earnings	4.15	4.64	(11)%
	Dividends	1.70	1.48	15%
	Book value	24.03	25.52	(6)%

	AT YEAR END

	Shareholders' equity	$5,031	$5,496
	Shares outstanding (in millions)	209	215
	Shareholders	8,900	9,300
	Employees^(D)	21,100	22,100
(A) Includes additions to plant and equipment, investments in and advances to unconsolidated affiliates, acquisitions, capital lease additions, and capital lease expenditures under EITF No. 01-08. Click here for reconciliation to GAAP results. (B) Calculated as earnings after tax divided by five-quarter average total capital. Click here for reconciliation to GAAP results. (C) Calculated using income and equity from continuing operations. (D) Includes full- and part-time employees from continuing and discontinued operations.


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