Slide 1: First quarter results 2003 Conference Call
First quarter results 2003 Conference Call Wiesbaden, May 15th, 2003 Hero Brahms, CFO 1st quarter 2003 Seite 1
Slide 2: Key Facts
Linde Group Key Facts • Flat sales (minus 0.4 %), ex currency plus 5.9 % • Order intake decreased by 5.1 %, partly due to consolidation effects • Currency effects have negative impact on earnings development in Linde Gas • EBITA of 104 million €, 19.4 % below last year (ex income from the sale of Dr
Slide 3: Income Statement
Linde Group • Decreased operating profit (excl. Dresdner Bank) Income Statement • Improved financial result • Net debt reduction by 85 million € in Q1 in million € 01/02 01/03 ∆ Sales 1,954 1,947 - 0.4 % Sales ex currencies + 5.9 % EBITDA 332 298 - 10.2 % EBITA 129 104 - 19.4 % EBIT 100 72 - 28.0 %
Slide 4: Gas and Engineering
Gas and Engineering 1st 1stquarter quarter2003 2003 Seite 4 4 2
Slide 5: Gas: sales and operating profit
Linde Gas • Minus 1.2 % in sales, plus 7.2 % ex currency & natural gas • Lower operating profit due to currency effects in million € 01/02 01/03 ∆ Sales 972 960 - 1.2 % Sales (ex currencies & natural gas) 960 + 7.2 % EBITDA 270 253 - 6.3 % Margin 27.8 % 26.4 % EBITA 157 145 - 7.6 % margin 16.2 % 15.
Slide 6: Regional Sales
Linde Gas Regional Sales • Significant sales growth in Germany and rest of Europe • Best performers on comparable basis: North America (plus 11.6 %) and Asia/Africa/Australia (plus 24 %) in million € 01/02 01/03 ∆ Germany 211 222 + 5.2 % Europe 667 700 + 4.9 % North America 236 221 - 6.3 % ex curren
Slide 7: Linde Gas – Sales
Linde Gas Linde Gas – Sales • Strong growth in On-Site segment • Declining share of cylinder business in million € 01/02 01/03 ∆ / ∆ ex currency Bulk 253 25% 250 25% - 1.2 % / + 6,7 % Cylinder 426 43% 395 40% - 7.5 % / + 0,3 % On-Site 176 18% 204 21% + 15.9 % / + 23.3 % Healthcare 144 14% 141 14% -
Slide 8: Highlights
Linde Gas Highlights • Hydrogen: Extension of our hydrogen capacity in Germany and Italy. • INO: Sales increased from 20 to 29 million €, plus 20.8 % - ex currency, sales rose by 45 % 1st 1stquarter quarter2003 2003 Seite 8 8
Slide 9: Outlook Full Year 2003
Linde Gas Outlook Full Year 2003 • Flat sales and earnings 1st 1stquarter quarter2003 2003 Seite 9 9
Slide 10: Engineering: sales and operating profit
Linde Engineering • Strong increase in sales (plus 14.1 %) • Operating profit declined, due to a lower capacity utilization in the US in million € 01/02 01/03 ∆ Sales 184 210 + 14.1 % Order intake 385 367 - 4.7 % EBITDA 14 8 - 42.9 % Margin 7.6 % 3.8 % EBITA 9 3 - 66.7 % Margin 4.9 % 1.4 % EBTA 7 2
Slide 11: Outlook Full Year 2003
Linde Engineering Outlook Full Year 2003 • Noticeable increase in sales • Slight increase in earnings 1st quarter 1st quarter2003 2003 Seite 11 11
Slide 12: Material Handling
Material Handling 1st quarter 1st quarter2003 2003 Seite 12 12
Slide 13: Material Handling: sales and operating profit
Material Handling • Sales declined by 3.2 %, ex currency sales were flat • Operating profit slightly below last year‘s level In million € 01/02 01/03 ∆ Sales 685 663 -3.2 % Order intake 756 744 - 1.6 % EBITDA 97 90 - 7.2 % Margin 14.2 % 13.6 % EBITA 20 18 - 10.0 % Margin 2.9 % 2.7 % EBTA 9 12 + 33.3
Slide 14: Highlights
Material Handling Highlights • World market for warehouse and counterbalance trucks shows first signs of recovery. Counterbalance trucks are lagging behind in Europe. • Material Handling‘s order intake in Americas and Asia grew double digit. • New truck Linde39x meets high international demand. 1st
Slide 15: Outlook Full Year 2003
Material Handling Outlook Full Year 2003 • Slight increase in sales • TRIM.100 cost savings will lead to a noticeable earnings improvement 1st quarter 1st quarter2003 2003 Seite 15 15
Slide 16: Refrigeration
Refrigeration 1st quarter 1st quarter2003 2003 Seite 16 16
Slide 17: Refrigeration: sales and operating profit
Refrigeration • Ongoing difficult market situation • Operating profit declined by 8 % In million € 01/02 01/03 ∆ Sales 128 123 - 3.9 % Order intake 211 203 - 3.8 % EBITDA - 20 -22 - 10.0 % Margin EBITA - 25 - 27 -8.0 % Margin EBTA - 27 - 28 - 3.7 % 1st quarter 1st quarter2003 2003 Seite 17 17
Slide 18: Outlook Full Year 2003
Refrigeration Outlook Full Year 2003 • Flat sales and earnings 1st quarter 1st quarter2003 2003 Seite 18 18
Slide 19: Investor Relations
Contact us Investor Relations Thomas Eisenlohr Tel.: +49 611 770 610 Fax: +49 611 770 690 thomas.eisenlohr@linde.de Marc Weisener Tel.: +49 611 770 468 Fax: +49 611 770 690 marc.weisener@linde.de 1st quarter 1st quarter2003 2003 Seite 19 19