January to March

in € million

2007

2006

Earnings after taxes on income

458

135

Adjustments to earnings after taxes on income to calculate cash flow from operating activities

Amortisation of intangible assets/depreciation of tangible assets

315

143

Depreciation of leased assets

2

49

Write-down of financial assets

2

0

Profit/loss on disposal of non-current assets

-508

-5

Net interest

130

18

Other non-cash items

2

3

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

Change in inventories

-102

-132

Change in trade receivables

12

40

Change in provisions

125

39

Change in trade payables

11

-

Change in other assets and liabilities

-29

-48

Cash flow from operating activities

418

242

thereof discontinued operations

-

-4

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

-251

-168

Payments for investments in financial assets

-67

-2

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

39

20

Proceeds on disposal of consolidated companies

543

10

Proceeds on disposal of non-currents assets held for sale

1,240

-

Proceeds on disposal of financial assets

27

1

Proceeds on sale of securities

-1

-

Cash flow from investing activities

1,530

-139

Dividend payments to Linde AG shareholders and other shareholders

-14

-

Interest received

19

9

Interest paid

-142

-37

Cash outflows for the repayment of loans

-1,551

-102

Change in liabilities from financial services

-1

-7

Cash flow from financing activities

-1,689

-137

Net cash inflow/outflow

259

-34

Opening balance of cash and cash equivalents

621

906

Effects of currency translation and changes in Group structure

-11

-1

Transfer to escrow account

-

-87

Closing balance of cash and cash equivalents

869

784