2009 financial year: The Linde Group proves largely resistant to the crisis
(Thomson Reuters ONE) -
Linde AG / 2009 financial year: The Linde Group proves largely resistant to the crisis processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
* Group operating profit* of EUR 2.385 bn 6.7 percent below prior-year figure
* Improvement in Group operating margin to 21.3 percent (2008: 20.2 percent)
* Group sales down 11.5 percent to EUR 11.211 bn
* Operating cash flow up 14.2 percent to EUR 2.142 bn
* Net financial debt reduced by over EUR 300 m to EUR 6.119 bn
* Operating profit in the Gases Division of EUR 2.378 bn 1.6 percent below
prior-year figure
* Proposed dividend of EUR 1.80 per share unchanged from prior year
Munich, 4 March 2010 - The Executive Board of the technology group The Linde
Group today 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.
"We have fared reasonably well in a difficult economic environment," said
Professor Dr Wolfgang Reitzle, Chief Executive Officer of Linde AG. "We were
able to limit the decline in our sales and earnings while at the same time
continuing to improve our productivity. Our gases business in particular proved
very stable."
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).
In the Engineering Division, Linde achieved sales of EUR 2.311 bn, 23.4 percent
below the prior-year figure of EUR 3.016 bn. Operating profit of EUR 210 m was
21.3 percent lower than the figure for 2008 of EUR 267 m. The operating margin
was 9.1 percent, significantly exceeding Linde's target margin of 8 percent.
The Executive Board of Linde AG recommends to the Supervisory Board that it
proposes a resolution at the Annual General Meeting to be held on 4 May 2010 to
pay a dividend of EUR 1.80 per share, the same as in the prior year.
Detailed information about the 2009 financial year, the performance of the
individual divisions and the short-term and medium-term prospects of the Group
will be presented by Linde at its press conference on the annual results on 17
March 2010 in Munich.
The Linde Group is a world leading gases and engineering company with almost
48,000 employees working in more than 100 countries worldwide. In the 2009
financial year it achieved sales of EUR 11.2 bn. The strategy of The Linde Group
is geared towards sustainable earnings-based growth and focuses on the expansion
of its international business with forward-looking products and services. Linde
acts responsibly towards its shareholders, business partners, employees, society
and the environment - in every one of its business areas, regions and locations
across the globe. Linde is committed to technologies and products that unite the
goals of customer value and sustainable development.
For more information, see The Linde Group online at http://www.linde.com
Further information:
Press Investor Relations
Uwe Wolfinger Thomas Eisenlohr
Telephone: +49.89.35757-1320 Telephone: +49.89.35757-1330
* Operating profit: EBITDA before non-recurring items, including the share of
profit from associates and joint ventures.
[HUG#1390917]
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Linde AG
Klosterhofstrasse 1 Munich Germany
WKN: 648300;ISIN: DE0006483001;Index:Prime All Share,CDAX,HDAX,DAX;
Listed: Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse,
Regulierter Markt in Börse Stuttgart,
Regulierter Markt in Bayerische Börse München,
Regulierter Markt in Börse Berlin,
Regulierter Markt in Hanseatische Wertpapierbörse zu Hamburg,
Regulierter Markt in Börse Düsseldorf;
Press Release as PDF: http://hugin.info/125064/R/1390917/348878.pdf
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Datum: 04.03.2010 - 07:03 Uhr
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