Cash flow from operating activities in the 2007 financial year was EUR 1.742bn (2006: EUR 1.227bn), which represents an increase of 42.0 percent. However, it is important to note that the prior year figure includes the KION Group, which had already been sold, and just under four months of trading in respect of The BOC Group, which was acquired in September 2006.

The increase in cash flow from operating activities was due not only to the fact that in the 2007 financial year, the cash outflows relating to the transformation process of The Linde Group in 2006 had ceased, but also to positive trends in the Gases Division.

Cash inflow from investing activities in 2007 was EUR 2.086bn (2006: cash outflow of EUR 10.278bn). This increase was due mainly to the successful completion of the sales transactions as a result of the BOC acquisition. In the course of the financial year, we completed the sales process for virtually all business classified as held for sale. In 2007, we achieved total net cash inflows of EUR 3,557m. Capital expenditure for the year was EUR 1.632bn (2006: EUR 12.948bn). Included in the prior year figure is an amount of EUR 12bn which relates to the BOC acquisition. Of the day-to-day capital expenditure of EUR 1.632bn, EUR 576m relates to payments for financial assets and companies included in the consolidation (2006: EUR 11.897bn). The main transactions here were the acquisition of all the shares in Malaysian Oxygen Berhad, Hong Kong Oxygen & Acetylene Co. Limited and Birlesik Oksijen Sanayi A.S. (BOS), Turkey. As a result of the higher cash inflow from operating activities and the cash inflow from sales, the net cash inflow (free cash flow) in the 2007 financial year increased to EUR 3.828bn (2006: net cash outflow of EUR 9.051bn).