In the year following the acquisition of our British competitor BOC, we have transformed The Linde Group into a world-leading international gases and plant construction group. In a short period of time, we have established a highly competitive global organisation, while at the same time strengthening our operating business.

On a comparable basis, Group sales increased by 13.9 percent, while operating profit rose 18.1 percent. We have therefore achieved double-digit growth and our profitability has increased at an even faster rate than sales.

Other key financial figures confirm the positive trends we have seen in the past year. Return on capital employed (ROCE), which was adjusted to reflect the new Group structure, was 10.3 percent in the 2007 financial year, which means that we achieved our double-digit target a year earlier than expected. The adjusted figure for earnings per share, which is EUR 5.02, is already higher than the prior year figure of EUR 4.66 (for the calculation, see Note [43] in the Notes to the Group financial statements). In the first year of our reorganisation, we have therefore not experienced a dilution in earnings per share and have increased the value of the Group.

The Linde Group has also made better progress with the repayment of its financial debt than originally forecast. We had budgeted for net debt of EUR 7.2 to EUR 7.5bn at 31 December 2007, whereas actual debt at the year-end was EUR 6.4bn.

Overall, we have exceeded expectations for the 2007 financial year.