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Financial Report 2017 FINANCIAL REPORT 2017 Compelling Perspectives Linde financial highlights Corporate profile About this report (Part of the combined management report) Group Governance 2 Letter to the shareholders 4 The Executive Board 6 The Supervisory Board 8 Report of the Supervisory Board Group Financial Corporate Governance Statements 15 Corporate Governance Declaration and Corporate governance report 100 Group statement of profit or loss 24 Remuneration report 101 Group statement of comprehensive income (Part of the combined management report) 102 Group statement of financial position 104 Group statement of cash flows 40 Linde in the capital market 106 Statement of changes in Group equity 108 Segment information (Part of the Notes to the Group financial statements) Combined Notes to the Group Financial Statements Management Report 110 General principles 124 Notes to the Group statement of profit or loss Fundamental information 129 Notes to the Group statement of financial position about the Group 150 Other information 44 Business model of The Linde Group 45 Value-based management of The Linde Group 189 Independent auditor’s report 46 Targets and strategy of The Linde Group Report on the economic position of the Group Further Information 47 Macroeconomic environment 197 Responsibility statement 50 Sector-specific background 198 Management organisation 52 Business review of The Linde Group 200 Tables and charts 54 Gases Division 204 Financial calendar 58 Engineering Division 205 Forward-looking Statements 61 Net assets and financial position 207 Five-year summary of The Linde Group 64 Group statement of cash flows Combined non-financial report 65 Capital expenditure of The Linde Group 66 Executive Board summary of the 2017 Imprint financial year for The Linde Group 67 Net assets, financial position and results of operations of Linde AG 70 Research and development 73 Sustainability Management 75 Opportunity and risk report 90 Outlook 94 Declaration on Corporate Governance in accordance with § 289f and § 315d of the German Commercial Code (HGB) 95 Takeover-related disclosures LINDE FINANCIAL HIGHLIGHTS Linde financial highlights 2016 2017 Change Share1 Closing price EUR 156.10 194.65 24.7 % Year high EUR 163.55 197.00 20.5 % Year low EUR 115.85 155.50 34.2 % Market capitalisation (at year-end closing price) EUR m 28,978 36,134 24.7 % Earnings per share from continuing operations – undiluted EUR 6.50 7.56 16.3 % Earnings per share from discontinued operations – undiluted (before special items) EUR 7.00 9.04 29.1 % Number of shares outstanding as at 31.12. thou. units 185,638 185,638 0.0 % Group (continuing operations) Revenue EUR m 16,948 17,113 1.0 % Operating profit2 EUR m 4,098 4,213 2.8 % Operating margin % 24.2 24.6 +40 bp3 EBIT (earnings before interest and tax) EUR m 2,075 1,944 – 6.3 % EBIT (before special items) EUR m 2,201 2,317 5.3 % Profit for the year EUR m 1,327 1,536 15.7 % Return on capital employed (before special items) % 9.4 10.2 +80 bp3 Number of employees as at 31.12. 59,715 57,605 –3.5 % Gases Division Revenue EUR m 14,892 14,988 0.6 % Operating profit2 EUR m 4,210 4,268 1.4 % Operating margin % 28.3 28.5 +20 bp3 Engineering Division Revenue EUR m 2,351 2,388 1.6 % Operating profit2 EUR m 196 220 12.2 % Operating margin % 8.3 9.2 +90 bp 1 The share price-related information for the 2017 financial year is based on the shares in Linde that were submitted for exchange (ISIN DE000A2E4L75), which have been listed since 15 August 2017. 2 EBIT (before special items) adjusted for amortisation of intangible assets and depreciation of tangible assets. 3 Basis points. CORPORATE PROFILE THE LINDE GROUP In the 2017 financial year, The Linde Group generated revenue of EUR 17.113 bn, making it one of the leading gases and engineering companies in the world, with approximately 58,000 employees working in more than 100 countries world- wide. The strategy of The Linde Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment in every one of its business areas, regions and locations across the globe. The company is committed to technologies and products that unite the goals of customer value and sustainable development. ORGANISATION The Group comprises two divisions: Gases and Engineering. The larger division, Gases, has three operating segments: EMEA (­­Europe, Middle East and Africa), Asia/Pacific and the Americas. These segments are further subdivided into nine Regional Business Units (RBUs). In addition, Linde has established a Centre of Excellence (CoE) for the Gases Division which is centrally managed and operates across the regions. The Group has also set up the Group-wide function Opportunity & Project Development in order to take better advantage of business opportunities. GASES DIVISION The Linde Group is a world leader in the international gases market. The company offers a wide range of compressed and liquefied gases as well as chemicals, and is the partner of choice across a huge variety of industries. Linde gases are used, for example, in the energy sector, steel production, chemical processing, environmental protection and welding, as well as in food processing, glass production and electronics. The Group furthermore includes the Health care business (medical gases and services), and is a leading global player in the development of environmentally friendly hydrogen technologies. ENGINEERING DIVISION Linde’s Engineering Division is successful throughout the world, with its focus on promising market segments such as olefin, natural gas, air separation, hydrogen and synthesis gas plants. In contrast to virtually all competitors, the company can rely on its own extensive process engineering know-how in the planning, project development and construction of turnkey industrial plants and associated services. Linde plants are used in a wide variety of fields: in the petrochemical and chemical industries, in refineries and fertiliser plants, to recover air gases, to produce hydrogen and synthesis gases, to treat natural gas and to produce noble gases. THE LINDE WORLD With its gases and engineering operations, Linde is represented in more than 100 countries around the world. The Gases Division has three segments: EMEA (­­Europe, Middle East and Africa), Asia/Pacific and the Americas. These segments are further subdivided into nine Regional Business Units (RBUs). This structure means that Linde is in the best position to respond to local and regional market conditions in the gases business and to meet its gases customers requirements as effectively as possible. Active the world over, the Engineering Division specialises in olefin plants, natural gas plants, air separation plants and hydrogen and synthesis gas plants. SEGMENTS WITHIN THE GASES DIVISION AMERICAS EMEA ASIA/PACIFIC REGIONS WITHOUT LINDE GASES BUSINESS CUSTOMER SEGMENTATION WITHIN THE GASES DIVISION FOOD CHEMISTRY METALLURGY MANUFAC- ELECTRONICS HEALTHCARE OTHERS & BEVERAGES & ENERGY & GLASS TURING INDUSTRY Aquaculture Energy Glass & fibre Aerospace Semi- Hospital Education & & water optics conductor care research Fine & petro- Automotive treatment chemistry Heat Solar Homecare Retail Heavy Beverages treatment Pharma construction Screen manu- Gas Distributors Food Non-ferrous & machinery facturing therapies Other chemistry Steel Light metal LED manu- Care fab. & prod. facturing concepts Other metallurgy Other manu- & glass facturing OUR VISION We will be the leading global gases and engineering company, admired for our people, who provide innovative solutions that make a difference to the world. OUR COMPANY VALUES PASSION TO EXCEL. INNOVATING FOR CUSTOMERS. EMPOWERING PEOPLE. THRIVING THROUGH DIVERSITY. ABOUT THIS REPORT [PART OF THE COMBINED MANAGEMENT REPORT] PREPARATION OF THE MANAGEMENT REPORT This management report has been prepared in accordance with the rules set out in German Accounting Standards DRS 20 and DRS 17. DRS 20 governs the preparation of management reports for German capital market based holding companies which are required by § 315e of the German Commercial Code (HGB) to prepare a Group management report in accordance with § 315 HGB. DRS 17 governs the reporting of the remuneration of the members of executive bodies of groups. Linde also follows the German Corporate Governance Code presented by the “Government Commission on the German Corporate Governance Code” and as amended from time to time. Linde’s Group management report has been combined with the management report of Linde AG in accordance with § 315 (5) HGB in conjunction with § 298 (2) HGB. The management report is therefore referred to as the combined management report. The annual financial statements of Linde AG, which are prepared in accordance with the provisions of the German Commercial Code (HGB), and the combined management report will be published simultaneously in the electronic German Federal Gazette (Bundesanzeiger). The information provided applies to both The Linde Group and Linde AG unless otherwise indicated. Sections containing information which relates only to Linde AG are clearly designated as such. NON-FINANCIAL REPORT This financial report contains a combined non-financial report on ⧩ PAGES 208 TO 218 containing key non-financial indicators and qualitative information on sustainability. This report does not form part of the combined management report. The report has been
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