Sales

As a result of the improved economic situation in many of Linde’s important markets, we achieved a 4.8 percent increase in sales during the year to €9.421 billion (2003: €8.992 billion). Adjusted for currency effects, the increase was 6.3 percent. While sales in Germany fell by 2.4 percent to €2.012 billion (2003: €2.061 billion), sales outside Germany grew 6.9 percent to €7.409 billion (2003: €6.931 billion). Incoming orders amounted to €9.637 billion, an increase of 6.1 percent over the prior year figure (2003: €9.079 billion). Adjusted for exchange rate effects, this represented an increase of 7.7 percent.

Excluding the figures for the Refrigeration business segment, which was sold at the end of the third quarter of 2004 to the Carrier Corporation, the figure for sales would be €8.856 billion (2003: €8.165 billion). This represents sales growth of 8.5 percent (10.1 percent after adjusting for currency effects). Incoming orders excluding Refrigeration increased by 8.4 percent from €8.228 billion to €8.917 billion. Adjusted for currency effects, this would have been an increase of 10.1 percent.

Sales: Analysis by region