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Group Financial Statements

Group Statement of profit or loss

 
 
in € million Note 2012 2011
Revenue
[8] 15,280 13,787
Cost of sales   9,755 8,766
GROSS PROFIT
  5,525 5,021
Marketing and selling expenses   2,303 2,031
Research and development costs   101 98
Administration expenses   1,354 1,163
Other operating income [9] 288 285
Other operating expenses [9] 155 180
Share of profit or loss from associates and joint ventures (at equity)   92 76
Financial income [11] 354 359
Financial expenses [11] 659 650
PROFIT BEFORE TAX   1,687 1,619
Income tax expense [12] 363 375
PROFIT FOR THE YEAR
  1,324 1,244
attributable to non-controlling interests   74 70
attributable to Linde AG shareholders
  1,250 1,174
Earnings per share in € – undiluted
[13] 7.03 6.88
Earnings per share in € – diluted [13] 6.97 6.82
 
 
 

Group Financial Statements

Group Statement of comprehensive income

 
 
in € million NOTE [22] 2012 2011
PROFIT FOR THE YEAR 1,324 1,244
Other comprehensive income (net of tax) –317 –117
Unrealised gains/losses on available-for-sale financial assets –4 5
Unrealised gains/losses on derivative financial instruments 82 –107
Currency translation differences –202 138
Actuarial gains/losses on pension provisions –219 –151
Change in effect of the limit on a defined benefit asset (asset ceiling under IAS 19.58) 26 –2
TOTAL COMPREHENSIVE INCOME 1,007 1,127
attributable to Linde AG shareholders
953 1,074
attributable to non-controlling interests 54 53
 
 
 

Group Financial Statements

GROUP STATEMENT OF FINANCIAL POSITION
Assets Equity and liabilities

Select assets or equity and liabilities
 
 
in € million Note 31.12.2012 31.12.2011
Goodwill
[14] 10,620 7,868
Other intangible assets [14] 3,580 3,300
Tangible assets [15] 10,188 9,030
Investments in associates and joint ventures (at equity) [16] 816 754
Other financial assets [16] 282 918
Receivables from finance leases [18] 244 302
Other receivables and other assets [18] 592 526
Income tax receivables [18] 4 5
Deferred tax assets [12] 469 368
NON-CURRENT ASSETS
  26,795 23,071
Inventories
[17] 1,098 1,036
Receivables from finance leases [18] 47 50
Trade receivables [18] 2,599 2,030
Other receivables and other assets [18] 709 558
Income tax receivables [18] 181 97
Securities [19] 823 1,073
Cash and cash equivalents [20] 1,218 1,000
Non-current assets classified as held for sale and disposal groups [21] 7 -
CURRENT ASSETS
  6,682 5,844
TOTAL ASSETS   33,477 28,915
in € million Note 31.12.2012 31.12.2011
Capital subscribed   474 438
Conditionally authorised capital € 104 million (2011: € 97 million)  
Capital reserve   6,698 5,264
Revenue reserves   5,889 5,752
Cumulative changes in equity not recognised through the statement of profit or loss   33 150
TOTAL EQUITY ATTRIBUTABLE TO LINDE AG SHAREHOLDERS [22] 13,094 11,604
Non-controlling interests [22] 564 540
TOTAL EQUITY   13,658 12,144
Provisions for pensions and similar obligations
[23] 1,105 938
Other non-current provisions [24] 471 445
Deferred tax liabilities [12] 2,186 2,012
Financial debt [25] 8,862 6,491
Liabilities from finance leases [26] 56 33
Trade payables [27] 6 6
Other non-current liabilities [27] 237 194
Liabilities from income taxes [27] 85 96
NON-CURRENT LIABILITIES
  13,008 10,215
Current provisions
[24] 1,565 1,455
Financial debt [25] 1,262 1,277
Liabilities from finance leases [26] 24 13
Trade payables [27] 2,790 2,712
Other current liabilities [27] 1,003 996
Liabilities from income taxes [27] 167 103
CURRENT LIABILITIES
  6,811 6,556
TOTAL EQUITY AND LIABILITIES   33,477 28,915
 
 
 

Group Financial Statements

GROUP CASH FLOW STATEMENT

 
 
in € million Note [30] 2012 2011
Profit before tax
1,687 1,619
Adjustments to earnings before tax to calculate cash flow from operating activities    
Amortisation of intangible assets/depreciation of tangible assets 1,538 1,300
Impairments of financial assets - 2
Profit/loss on disposal of non-current assets -25 –45
Net interest 353 285
Finance income arising from finance leases in accordance with IFRIC 4/IAS 17 21 24
Income from associates and joint ventures (at equity) –92 -76
Distributions/dividends received from associates and joint ventures 52 44
Income taxes paid -462 -361
Changes in assets and liabilities    
Change in inventories -37 -79
Change in trade receivables –160 –179
Change in provisions –27 –191
Change in trade payables –101 183
Change in other assets and liabilities –225 –100
CASH FLOW FROM OPERATING ACTIVITIES
2,522 2,426
Payments for tangible and intangible assets and
plants held under finance leases in accordance with IFRIC 4/ IAS 17
–1,788 –1,3761
Payments for investments in consolidated companies –2,997 –28
Payments for investments in financial assets –32 –50
Payments for investments in securities –3 –1,655
Proceeds on disposal of securities 853 –3
Proceeds on disposal of tangible and intangible assets and
amortisation of receivables from finance leases in accordance with IFRIC 4/IAS 17
109 115
Proceeds on disposal of non-current assets held for sale and disposal groups - 12
Proceeds on disposal of financial assets 45 42
CASH FLOW FROM INVESTING ACTIVITIES
–3,813 –2,937
Dividend payments to Linde AG shareholders and non-controlling interests
–476 –419
Cash inflows from capital increase 1,391 -
Cash inflows/outflows due to changes of non-controlling interests –501 –11
Proceeds from issue of employee shares 58 30
Cash outflows for the purchase of own shares –5 -
Interest received 190 182
Interest paid –567 –4891
Proceeds of loans and capital market debt 6,381 2,030
Cash outflows for the repayment of loans and capital market debt –4,942 –951
Change in liabilities from finance leases –13 –5
CASH FLOW FROM FINANCING ACTIVITIES
1,516 367
NET CASH INFLOW/OUTFLOW 225 –144
OPENING BALANCE OF CASH AND CASH EQUIVALENTS 1,000 1,159
Effects of currency translation –7 –15
CLOSING BALANCE OF CASH AND CASH EQUIVALENTS 1,218 1,000

1 Adjusted for capitalised borrowing costs; Note [30]

 
 
 

Group Financial Statements

STATEMENT OF CHANGES IN GROUP EQUITY

Here you can switch between table entries.
 
 
 
Revenue reserves
Cumulative changes in equity not recognised through the statement of profit or loss
in € million Note [22] Capital subscribed Capital reserve Currency translation differences Available-for-sale financial assets Derivative financial instruments Total equity attributable to Linde AG shareholders Non-
controlling interests
Total equity
At 1 Jan. 2011 436 5,205 121 –1 –21 10,848 514 11,362
Profit for the year - - - - - 1,174 70 1,244
Other comprehensive income (net of tax) - - 154 5 –108 –100 –17 –117
TOTAL COMPREHENSIVE INCOME - - 154 5 –108 1,074 53 1,127
Dividend payments - - - - - –375 –44 –419
Changes as a result of share option schemes 2 59 - - - 61 - 61
TOTAL CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS OF THE COMPANY 2 59 - - - –314 –44 –358
Addition of non-controlling interests - - - - - -4 –8 –12
Acquisition of non-controlling interests - - - - - - 25 25
CHANGES IN OWNERSHIP INTESTS IN SUBSIDIARIES - - - - - -4 17 13
At 31 Dec. 2011 / 1 Jan. 2012 438 5,264 275 4 –129 11,604 540 12,144
Profit for the year - - - - - 1,250 74 1,324
Other comprehensive income (net of tax) - - –195 –4 82 –297 –20 –317
TOTAL COMPREHENSIVE INCOME - - –195 –4 82 953 54 1,007
Dividend payments - - - - - –428 –48 –476
Changes as a result of share option schemes 3 76 79 79
Repurchase of own shares –5 –5
Capital increase 33 1,358 1,391 1,391
TOTAL CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS OF THE COMPANY 36 1,434 - - - 1,037 –48 989
Addition of non-controlling interests - - - - - -10 –8 –18
Acquisition of non-controlling interests - - - - - –490 26 –464
CHANGES IN OWNERSHIP INTESTS IN SUBSIDIARIES - - - - - –500 18 –482
At 31. 12. 2011 474 6,698 80 - -47 13,094 564 13,658
 



Actuarial gains/ losses
Retained earnings
–200 5,308
- 1,174
–151
–151 1,174
- –375
- -375
- –4
- –4
–351 6,103
- 1,250
–180 -
–180 1,250
- –428
- -
- -5
- -
- –433
- –10
- –490
- –500
–531 6,420
 
 
 
 

Group Financial Statements

SEGMENT INFORMATION

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in € million Note [31]
Revenue from third parties
Revenue from other segments
TOTAL REVENUE FROM THE REPORTABLE SEGMENTS
OPERATING PROFIT
of which share of profit
or loss from associates/joint
ventures (at equity)
Amortisation of intangible assets and depreciation of tangible assets
of which amortisation of fair
value adjustments identified in the course
of the BOC purchase price allocation
of which impairments
EBIT (Earnings before
interest and tax )
Capital expenditure (excluding financial assets)
 
Reportable segments
Total Gases Division
EMEA Asia/Pacific Americas Total Gases Division Engineering Division Other Activities Reconciliation Total Group
2012 2011 The reportable segments were adjusted during the year under review and the prior-year figures updated accordingly. 2012 2011The reportable segments were adjusted during the year under review and the prior-year figures updated accordingly. 2012 2011The reportable segments were adjusted during the year under review and the prior-year figures updated accordingly. 2012 2011The reportable segments were adjusted during the year under review and the prior-year figures updated accordingly. 2012 2011 The reportable segments were adjusted during the year under review and the prior-year figures updated accordingly. 2012 2011The reportable segments were adjusted during the year under review and the prior-year figures updated accordingly. 2012 2011The reportable segments were adjusted during the year under review and the prior-year figures updated accordingly. 2012 2011The reportable segments were adjusted during the year under review and the prior-year figures updated accordingly.
5,978 5,663 3,488 3,066 3,117 2,323 12,583 11,052 2,101 2,151 596 584 15,280 13,787
20 9 10 10 83 61 8 9 460 380 - - -468 –389 - -
5,998 5,672 3,498 3,076 3,200 2,384 12,591 11,061 2,561 2,531 596 584 –468 –389 15,280 13,787
1,700 1,634 935 872 768 535 3,403 3,041 312 304 65 64 –250 –199 3,530 3,210
31 12 45 50 25 27 101 89 – 9 –13 92 76
642 588 459 389 388 270 1,489 1,247 36 37 35 33 -22 -17 1,538 1,300
56 62 114 104 46 54 216 220 8 8 14 14 - - 238 242
43 21 2 - 1 5 46 26 - - - - - - 46 26
1,058 1,046 476 483 380 265 1,914 1,794 276 267 30 31 –228 –182 1,992 1,910
778 627 687 587 436 225 1,901 1,439 30 26 18 17 3 –115 1,952 1,367
 
 
 
 
 

Group Financial Statements

Revenue by location of customer

 
 
in € million 2012 2011
Europe 6,405 5,987
Germany 1,298 1,245
Great Britain 1,519 1,396
Asia/Pacific 4,665 4,379
China 706 482
Australia 1,391 1,229
North America 2,619 1,890
USA 2,288 1,568
South America 864 746
Africa 727 785
GROUP REVENUE 15,280 13,787
 
 
 

Group Financial Statements

Non-current segment assets by location of company

 
 
in Mio. € 2012 2011
Europe 9,937 9,444
Germany 1,207 1,147
Great Britain 1,552 1,550
Asia/Pacific 6,961 6,466
China 921 689
Australia 1,651 1,565
North America 5,758 2,563
USA 2,160 1,424
South America 886 856
Africa 846 869
NON-CURRENT SEGMENT ASSETS 24,388 20,198

Note: The information disclosed by country excludes goodwill.