2009 financial year: The Linde Group proves largely resistant to the crisis

 The Linde Group presented the financial statements for Linde AG and the Group for the 2009 financial year and recommended their approval by the Supervisory Board. The Supervisory Board meeting will take place on 16 March 2010. The most important performance indicators for the 2009 financial year, based on audited figures, demonstrate that Linde has been comparatively successful at cushioning the impact of the global financial and economic crisis. Group sales were EUR 11.211 bn, 11.5 percent down on the prior-year figure of EUR 12.663 bn. Group operating profit*, however, declined at a slower rate. Linde achieved Group operating profit of EUR 2.385 bn, only 6.7 percent below the prior-year figure. The Group operating margin rose as a result to 21.3 percent (2008: 20.2 percent). Earnings before tax (EBT) were EUR 838 m, EUR 168 m below the prior-year figure of EUR 1.006 bn. After adjusting for restructuring costs of EUR 83 m and the profit on disposal of businesses of EUR 59 m achieved in 2008, the decline was only EUR 26 m or 2.7 percent. Earnings after tax were EUR 653 m (2008: EUR 776 m). The amount attributable to Linde AG shareholders was EUR 591 m (2008: EUR 717 m). This corresponds to earnings per share of EUR 3.51 (2008: EUR 4.27). After adjusting for the effects of the purchase price allocation in the course of the BOC acquisition and the profits on disposal achieved in 2008, earnings per share stood at EUR 4.58 (2008: EUR 5.46). The restructuring costs recognised in 2009 have not been adjusted for here. Operating cash flow continued the positive trends seen in the previous quarters. It increased significantly by 14.2 percent to EUR 2.142 bn (2008: EUR 1.876 bn). At the same time, Linde succeeded in reducing its net financial debt by over EUR 300 m to EUR 6.119 bn (2008: EUR 6.423 bn). In the Gases Division, sales in the 2009 financial year fell by 6.1 percent to EUR 8.932 bn. On a comparable basis, i.e. after adjusting for exchange rate effects, changes in the price of natural gas and changes to Group structure, the decline in sales was 5.1 percent. The division achieved an operating profit of EUR 2.378 bn, only 1.6 percent below the prior-year figure of EUR 2.417 bn. As a result, the operating margin in the Gases Division improved significantly by 120 basis points to 26.6 percent (2008: 25.4 percent).

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