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Linde AG: January to September 2014: Linde generates a slight increase in revenue despite unfavourable exchange rate effects - Growth targets adjusted to reflect the weakening in the economic outlook

DGAP-News: Linde AG / Key word(s): 9-month figures
Linde AG: January to September 2014: Linde generates a slight increase
in revenue despite unfavourable exchange rate effects - Growth targets
adjusted to reflect the weakening in the economic outlook

30.10.2014 / 07:03

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Press Release

January to September 2014: Linde generates a slight increase in revenue
despite unfavourable exchange rate effects - Growth targets adjusted to
reflect the weakening in the economic outlook

- Group revenue up 0.9 percent to EUR 12.584 bn (2013: EUR 12.468 bn);
up 4.8 percent after adjusting for exchange rate effects.

- Group operating profit : EUR 2.898 bn (2013: EUR 2.996 bn);
up 0.4 percent after adjusting for exchange rate effects.

- 2014 Group outlook:

- Revenue: Solid growth after adjusting for exchange rate effects.

- Operating profit: Similar level to 2013 after adjusting for
exchange rate effects and non-recurring items.

- Group medium-term targets for 2017:

- Operating profit: EUR 4.5 bn to EUR 4.7 bn.

- ROCE : 11 percent to 12 percent.

Munich, 30 October 2014 - In the nine months to 30 September 2014, the
technology company Linde achieved a slight increase in Group revenue
despite unfavourable exchange rate effects. Group operating profit, on the
other hand, was not as high as the figure achieved in the first nine months
of 2013. "Although global economic growth slowed down in the course of the
year, we held our own pretty well," said Dr Wolfgang Büchele, Chief
Executive Officer of Linde AG. "At the same time, we have recognised some
impairment losses, which were required due to changed conditions in some
regions in the Gases Division."

Given these impairment losses, Linde will no longer be able to achieve the
target it had set itself for the 2014 financial year of around 10 percent
for return on capital employed (reported ROCE). The Group now expects to
achieve a similar level of Group operating profit (EBIT before
non-recurring items adjusted for the amortisation of intangible assets and
the depreciation of tangible assets) in the 2014 financial year as in 2013,
after adjusting for exchange rate effects. Until now, Linde had anticipated
that it would achieve a moderate improvement in Group operating profit. The
Group continues to expect to achieve solid growth in revenue in 2014 after
adjusting for exchange rate effects.

As regards the Group's medium-term targets, CEO Büchele explained: "We will
continue to implement our strategy which is geared towards profitability