DGAP-News

Linde AG: Linde achieves double-digit growth and sets new medium-term targets - Seite 2

the increase was 6.4 percent. The newly-acquired Lincare business
contributed EUR 630 m to Group revenue. Linde achieved an increase in Group
operating profit (EBITDA) of 10.0 percent to EUR 3.530 bn (2011: EUR 3.210
bn). The Group operating margin in the 2012 financial year was 23.1
percent, almost as high as the level achieved in 2011 of 23.3 percent.

Earnings before taxes on income (EBT) rose by 4.2 percent to EUR 1.687 bn
(2011: EUR 1.619 bn). Earnings after tax of EUR 1.324 bn were 6.4 percent
above the figure for 2011 of EUR 1.244 bn. The amount attributable to Linde
AG shareholders was EUR 1.250 bn (2011: EUR 1.174 bn), giving earnings per
share of EUR 7.03 (2011: EUR 6.88).

Return on capital employed was 11.5 percent (2011: 13.0 percent) . When
comparing the figures for 2012 and 2011, it is important to note that
earnings were adversely affected by impairment losses and the amortisation
of fair value adjustments identified in the course of purchase price
allocations relating to the acquisitions made by the Group during the 2012
financial year. Another factor to be considered is that many large-scale
projects in the on-site business are still in the construction phase and
were therefore not yet able to contribute to earnings.

The Executive Board and Supervisory Board of Linde AG will propose a
resolution at the Annual General Meeting to be held on 29 May 2013 that a
dividend of EUR 2.70 per share be paid. This is an increase of 8.0 percent
compared with the prior-year dividend of EUR 2.50.

Gases Division
Linde achieved revenue growth in the Gases Division in 2012 of 13.8 percent
to EUR 12.591 bn (2011: EUR 11.061 bn). When considering this increase, the
acquisition of Lincare, a transaction completed by Linde in August 2012,
should be taken into account. During the reporting period, Lincare
contributed EUR 630 m to the total revenue of the Gases Division. On a
comparable basis, i.e. after adjusting for exchange rate effects, changes
in the price of natural gas and Lincare´s post-acquisition revenue, the
increase in revenue was 3.8 percent.

The improvement in operating profit in Linde´s Gases Division was 11.9
percent. Operating profit rose to EUR 3.403 bn (2011: EUR 3.041 bn),
resulting in an operating margin of 27.0 percent (2011: 27.5 percent). When
comparing the operating margin with that for the previous year, it should
be noted that during the financial year Linde recognised one-off costs
resulting from capacity adjustments in the solar industry. In addition, the
up-front investment required to expand the business and employ new staff in
the growth market of Asia had an adverse impact on earnings and the