To ensure comparability of the Group’s business performance, the prior year figures for sales and operating profit have been adjusted to take account of the new Group structure. The prior year figures include the remaining core activities of BOC. The prior year figures do not include KION, the forklift truck division sold in 2006, the BOC Edwards components business or any of the other companies or other assets sold following the BOC deal.

On this basis, Group sales in the first quarter rose 9.4 percent to €2.860 billion (2006: €2.614 billion). The Linde Group also continued to achieve increases in earnings. Operating profit rose 10.1 percent to €569 million (2006: €517 million).

Earnings before taxes on income increased to €647 million (2006, as reported: €170 million). On the one hand, this figure was adversely affected by the downward trend in the financial result as a result of the BOC acquisition. The net financial expense for the first quarter was €114 million. The figure for earnings before taxes on income was also reduced by a depreciation charge of €107 million recognised in the course of the purchase price allocation of the BOC acquisition. On the other hand, the profit on the sale of parts of the business of €510 million had a positive impact on the earnings trend.

Earnings after tax increased to €458 million (2006, as reported: €135 million). As a result, earnings per share increased to €2.76, compared with the reported figure of €1.12 in the previous year. After adjusting for the effect of the purchase price allocation and the book profit, earnings per share was €1.07. It should be noted here that the number of shares outstanding has increased by approximately 40 million shares to around 161 million shares. The main reason for this was the increase in share capital in July 2006 in the course of the BOC acquisition.