Earnings before tax from continuing operations

1,375

363

Adjustments to earnings before tax to calculate cash flow from operating activities:

Earnings after tax from discontinued operations

17

1,637

Amortisation of intangible assets/depreciation of tangible assets

1,279

783

Write-down of financial assets

–

11

Profit/loss on disposal of non-current assets

–664

–1,945

Net interest

376

219

Finance income arising from finance leases in accordance with IFRIC 4/IAS 17

56

57

Income from associates and joint ventures

–73

–31

Distributions/dividends received from operating associates and joint ventures

33

35

Income taxes paid

–336

–144

Changes in assets and liabilities,
adjusted for the effects of changes in Group structure:

Change in inventories

–178

–222

Change in trade accounts receivable

–74

–108

Change in provisions

–138

241

Change in trade payables

113

505

Change in other assets and liabilities

–44

–174

Cash flow from operating activities

1,742

1,227

of which from discontinued operations

–25

379

Payments for tangible and intangible assets and plants
held under leases in accordance with IFRIC 4

–1,049

–1,033

Payments for investments in consolidated companies

–537

–11,866

Payments for investments in financial assets

–39

–31

Payments for investments in securities held as current assets

–7

–18

Proceeds on disposal of tangible and intangible assets and amortisation of receivables from financial services in accordance with IFRIC 4

185

172

Proceeds on disposal of consolidated companies

446

2,376

Proceeds on disposal of non-current assets held for sale and disposal groups

2,688

–

Proceeds on disposal of financial assets

399

122

Cash flow from investing activities

2,086

–10,278

of which from discontinued operations

–15

–174

Dividend payments to Linde AG shareholders and minority shareholders

–281

–168

Increase in share capital

–

1,816

Interest received

131

79

Interest paid

–535

–245

Proceeds of benchmark bond and other loans

4,499

10,724

Proceeds from issue of employee shares

50

30

Cash outflows for the repayment of loans and bonds

–7,444

–3,475

Change in liabilities from financial services

–12

11

Cash flow from financing activities

–3,592

8,772

Net cash inflow/outflow

236

–279

Opening balance of cash and cash equivalents

621

906

Effects of currency translation and changes in Group structure

7

–4

Cash and cash equivalents disclosed as non-current assets held for sale and disposal groups

–6

–2

Closing balance of cash and cash equivalents

858

621