DGAP-News

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 - Seite 3

(2013: EUR 5.38). Earnings per share before non-recurring items stood at
EUR 5.31 (2013: EUR 5.38).

January to September - Gases Division
As a result of unfavourable exchange rate fluctuations, Linde's revenue in
the Gases Division in the first nine months of 2014 of EUR 10.398 bn was
somewhat lower than the figure of EUR 10.510 bn achieved in the prior-year
period. If an adjustment were to be made for these exchange rate effects,
Linde would have achieved a 3.3 percent increase in revenue. On a
comparable basis (after adjusting in addition for fluctuations in the price
of natural gas), Linde would have achieved a 3.1 percent increase in
revenue in its gases business.

In the first nine months of 2014, operating profit in the Gases Division
fell by 2.6 percent to EUR 2.837 bn (2013: EUR 2.913 bn). Exchange rate
fluctuations also had a significant influence here. If these exchange rate
movements had not occurred, Linde would have achieved a 1.1 percent
increase in operating profit. The operating margin in the gases business in
the nine months to 30 September 2014 was 27.3 percent (2013: 27.7 percent).

Business trends in the individual segments of the Gases Division varied in
each case, depending on prevailing economic conditions.

In the EMEA segment, (Europe, Middle East, Africa), revenue in the first
nine months of 2014 was EUR 4.497 bn, just below the figure for the
prior-year period of EUR 4.569 bn. On a comparable basis, revenue rose
slightly, by 0.8 percent. Operating profit increased by 2.3 percent to EUR
1.344 bn (2013: EUR 1.314 bn). The operating margin in the EMEA segment
rose to 29.9 percent (2013: 28.8 percent). Proceeds on the sale of
non-current assets also contributed to this increase.

Within the EMEA region, Linde achieved double-digit growth rates in its
on-site business in the UK and in the Middle East. In Continental Europe,
on the other hand, business performance in this product area in the first
nine months of 2014 was temporarily affected by the stoppage for repairs of
a hydrogen plant in Italy. Against the prevailing background of modest
economic growth in the eurozone, revenue in the liquefied gases and
cylinder gas business in the EMEA region was only slightly above the figure
achieved in the first nine months of 2013. In the Healthcare product area,
a number of supply contracts relating to homecare operations acquired by
Linde from Air Products in April 2012 were put out again to tender. As
expected, due to the reorganisation of supply areas associated with this