Linde AG - Annual Report 2004 - Segment information

Enlarge table

	Gas and Engineering		Material Handling		Refrigeration		Corporate		Group
in € million	2004	2003	2004	2003	2004	2003	2004	2003	2004	2003
Fixed assets	6,209	6,155	1,325	1,302	–	156	141	89	7,675	7,702
of which investments in associates accounted for under the equity method (Glossary)	36	32	95	105	–	–	8	7	139	144
Inventories	371	457	546	513	–	118	25	19	942	1,107
Trade receivables	810	714	629	610	–	242	15	4	1,454	1,570
Other segment assets (excluding tax claims)	160	155	85	112	–	15	404	382	649	664
Securities, cash and cash equivalents	–	–	–	–	–	–	567	561	567	561
Segment assets	7,550	7,481	2,585	2,537	–	531	1,152	1,055	11,287	11,604

Provisions (Glossary) (excluding pension and tax provisions)	600	533	274	244	–	79	237	296	1,111	1,152
Trade payables	904	824	298	266	–	72	–2	2	1,200	1,164
Other segment liabilities	184	186	269	269	–	30	186	211	639	696
Segment liabilities	1,688	1,543	841	779	–	181	421	509	2,950	3,012

Income tax liabilities offset against income tax claims	–	–	–	–	–	–	358	221	358	221

Capital employed including pension provisions	5,494	5,603	1,729	1,728	–	348	756	692	7,979	8,371
of which pension provisions	497	488	314	303	–	158	29	34	840	983

Sales to third parties	5,395	5,017	3,368	3,059	577	865	81	51	9,421	8,992
Sales to other segments	11	14	4	4	1	1	–16	–19	–	–
Segment sales	5,406	5,031	3,372	3,063	578	866	65	32	9,421	8,992

EBITDA (2003 before special items)	1,107	1,064	487	464	24	38	–77	–110⁴⁾	1,541	1,456
Amortization of intangible assets (excluding goodwill (Glossary) amortization), depreciation of tangible assets and leased assets	–423	–430	–296	–308	–15	–24	–22	–11	–756	–773
EBITA (Glossary) (2003 before special items)	684	634	191	156	9	14	–99	–121	785	683
Special items (net)	–	–10	–	–60	–	–	–	–57	–	–127
EBITA	684	624	191	96	9	14	–99	–178	785	556
Financial result	–99	–106	–30	–28	–2	–1	5	4	–126	–131
of which profit/loss from associates	–3	3	3	1	–	–	3	2	3	6
EBTA	585	518	161	68	7	13	-94	–174	659	425
Amortization of goodwill	–111	–105	–27	–23	–3	–10	–	–	–141	–138
Earnings before taxes on income	474	413	134	45	4	3	–94	–174	518	287

Return on capital employed (ROCE (Glossary)) (2003 before special items) in %¹⁾	12.8	11.3	12.0	9.7	–	6.1	–	–	9.5	7.7
EBITA return on sales (2003 before special items) in %	12.7	12.6	5.7	5.1	–	1.6	–	–	8.3	7.6
Cash flow (Glossary) from operating activities²⁾	990	957	268	321	–6	36	–3	–33	1,249	1,281
Cash flow from investing activities²⁾	–581	–418	–164	–227	–13	–26	14	16	–744	–655
Capital expenditure (excluding financial assets)	511	406	428	411	17	29	31	10	987	856
Number of employees at December 31³⁾	21,787	21,292	18,878	17,932	–	6,448	718	492	41,383	46,164

1)	In the business segments and divisions, calculated as EBITA after adding back financial costs for pensions in relation to average capital employed; for the Group, earnings before taxes on income after adding back both financial costs for pensions and interest expenses in relation to average capital employed.
2)	In the Group and in the Material Handling business segment, the change in leased assets is included in cash flow from operating activities.
3)	The figure comprises active employees and trainees. Part-time employees are included pro-rata.
4)	Prior year figures restated.

Segment information by activity