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Linde AG: January to June 2014: Linde proves its stability despite unfavourable exchange rate effects - Seite 2

EUR 894 m (2013: EUR 911 m). Profit for the period was EUR 680 m (2013: EUR
715 m). Profit for the period attributable to Linde AG shareholders was EUR
624 m (2013: EUR 660 m). This gives earnings per share of EUR 3.36 (2013:
EUR 3.56).

Gases Division
As a result of unfavourable exchange rate fluctuations, Linde achieved
revenue in the Gases Division in the first half of 2014 of EUR 6.825 bn,
which was below the figure of EUR 7.021 bn achieved in the first half of
2013. If an adjustment were to be made for these exchange rate effects,
Linde would have achieved a 3.2 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 2.7 percent increase in
revenue in its gases business. Revenue trends have also, as expected, been
adversely affected by price adjustments and by supply contracts in the
Healthcare product area being put out again to tender. Revenue in the Gases
Division would have increased by 3.7 percent if an adjustment were also
made for these factors.

In the first half of 2014, operating profit in Linde's Gases Division fell
by 2.7 percent to EUR 1.863 bn (2013: EUR 1.915 bn). Exchange rate
fluctuations also had a significant influence here. If these exchange rate
movements had not occurred, Linde would have achieved a 2.5 percent
increase in operating profit. The operating margin in the gases business
remained stable during the reporting period at a high level of 27.3
percent, the same figure as in the first half of 2013.

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 six
months of 2014 of EUR 2.978 bn was slightly below the figure for the
prior-year period of EUR 3.046 bn. On a comparable basis, revenue rose
slightly, by 0.5 percent. Operating profit increased to EUR 889 m (2013:
EUR 876 m). 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.

There were positive trends in the on-site business in almost all areas of
the EMEA region. Linde achieved above-average growth rates in this
business, especially in the UK and in the Middle East. In Continental
Europe, on the other hand, business performance in the first half 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