DGAP-News

Linde AG: Positive exchange rate effects have a beneficial impact on Linde's revenue and earnings in the first half of 2015 - Seite 2

costs of EUR 138 m (a non-recurring item) was EUR 3.65 (2014: EUR 3.36).
Earnings per share was EUR 3.12 (2014: EUR 3.36).

The very positive trend in operating cash flow continued. It rose by 54.9
percent to EUR 1.583 bn when compared with the figure for the prior-year
period of EUR 1.022 bn. The main factors contributing to this significant
increase were the good operating profit generated by the Group and more
efficient working capital management.

Gases Division: Growth improves in the second quarter
During the reporting period, Linde continued to achieve growth in revenue
in the Gases Division. Whereas revenue growth in the first quarter of 2015
was just 1.0 percent on a comparable basis (after adjusting for exchange
rate effects and changes in the price of natural gas), Linde was able to
achieve revenue growth of 1.9 percent in the first half of 2015. One of the
reasons for this increase was the contribution to revenue of EUR 36 m made
by an LPG business in Australia acquired by Linde in February 2015. On the
basis of reported figures, revenue in the first half of 2015 rose by 10.7
percent to EUR 7.554 bn (2014: EUR 6.825 bn). Revenue was adversely
affected not only by the relatively weak macro-economic environment, but
also by current low energy costs and the expiry of on-site contracts.
Operating profit rose by 12.2 percent to EUR 2.091 bn (2014: EUR 1.863 bn).
The operating margin in the first six months of 2015 rose to 27.7 percent
(2014: 27.3 percent).

In the Americas segment, Linde was able to achieve a significant increase
in revenue in the first half of 2015 of 21.8 percent to EUR 2.552 bn (2014:
EUR 2.095 bn). On a comparable basis, revenue rose by 7.0 percent. When
compared with the prior-year period, operating profit increased by 28.1
percent to EUR 638 m (2014: EUR 498 m). The operating margin rose to 25.0
percent (2014: 23.8 percent).

In the Asia/Pacific segment, Linde generated revenue in the six months to
30 June 2015 of EUR 2.086 bn. This was 14.9 percent more than the figure
for the first half of 2014 of EUR 1.816 bn. On a comparable basis, revenue
rose by 1.4 percent. This growth was mainly underpinned by the acquisition
of an LPG business in Australia. Operating profit rose by 13.0 percent to
EUR 538 m (2014: EUR 476 m), giving an operating margin of 25.8 percent
(2014: 26.2 percent). Macroeconomic trends in China remain solid, but the
situation in Australia has continued to deteriorate.

In the EMEA segment (Europe, Middle East, Africa), Linde generated revenue
of EUR 3.005 bn in the first six months of 2015, which was slightly higher