Performance vs combined Linde + Praxair

% change YoY
  • Corporate Sales
  • Corporate Operating Income
  • Proforma Sales
  • Proforma Operating Income
,Corporate Sales,Corporate Operating Income,Proforma Sales,Proforma Operating Income 2014 Q1,-0.7%,2.3%,null,null 2014 Q2,-1.7%,-1.0%,null,null 2014 Q3,3.5%,3.2%,null,null 2014 Q4,-1.7%,-10.3%,null,null 2015 Q1,-9.8%,-10.7%,null,null 2015 Q2,-9.3%,-19.2%,null,null 2015 Q3,-14.1%,-15.7%,null,null 2015 Q4,-13.2%,-11.5%,null,null 2016 Q1,-6.6%,-7.9%,null,null 2016 Q2,-5.8%,7.3%,null,null 2016 Q3,-0.6%,-9.7%,null,null 2016 Q4,2.1%,0.9%,null,null 2017 Q1,4.6%,1.9%,null,null 2017 Q2,1.9%,0.8%,null,null 2017 Q3,4.6%,20.7%,null,null 2017 Q4,5.1%,10.5%,null,null 2018 Q1,7.8%,23.0%,null,null 2018 Q2,8.9%,15.6%,null,null 2018 Q3,1.7%,2.8%,null,null 2018 Q4,0.0%,3.6%,null,null 2019 Q1,-15.0%,-14.4%,-0.4%,1.3% 2019 Q2,-14.0%,-10.9%,0.4%,5.9% 2019 Q3,-14.1%,1.5%,0.7%,16.5% 2019 Q4,-11.3%,-1.7%,0.8%,16.5%
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New Linde plc published its first three quarterly results as combined group – for purposes of the following analysis comparisons are made with the combined results of the ‘old’ Linde and Praxair and also with the pro forma results for 2018 quarters for the new Linde plc. Difference between pro-forma results for Linde plc and combined results for the previous businesses reflects businesses which have either been divested or are required to be divested by regulatory authorities

Q4 group sales at $7.08Bn were up +1% sequentially and YoY (on a pro forma basis) but significantly lower than Linde plus Praxair pre-merger

Group Operating Income at $1.5Bn was up +16% YoY on a pro forma basis but down -3% sequentially

Operating Cash Flow increased sequentially by +16% to $2.17m



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Margin vs combined Linde + Praxair

% change YoY
  • Old Linde + Praxair margin
  • New Linde plc margin
,Old Linde + Praxair margin,New Linde plc margin 2014 Q1,16.2%,null 2014 Q2,16.6%,null 2014 Q3,16.1%,null 2014 Q4,15.6%,null 2015 Q1,16.0%,null 2015 Q2,14.8%,null 2015 Q3,15.8%,null 2015 Q4,15.9%,null 2016 Q1,15.8%,null 2016 Q2,16.8%,null 2016 Q3,14.4%,null 2016 Q4,15.8%,null 2017 Q1,15.4%,null 2017 Q2,16.7%,null 2017 Q3,16.6%,null 2017 Q4,16.6%,null 2018 Q1,17.5%,17.4% 2018 Q2,17.7%,17.4% 2018 Q3,16.8%,17.1% 2018 Q4,17.2%,null 2019 Q1,17.7%,17.7% 2019 Q2,18.3%,18.3% 2019 Q3,19.8%,19.8% 2019 Q4,19.0%,19.0%
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Group Operating Margin at 19% in Q4 compares with an average of around 16% for combined Linde and Praxair over the previous 5 years – although it was down sequentially by 80bp 

Cost reduction and other charges $212m in Q4 bring 2019 charges to $567m. AsiaPacific leading on synergies followed by Americas with EMEA expected to be larger contributor in 2020

R&D costs maintained at equivalent of 0.7% of sales

Reported After tax ROC up sequentially to over 11½%

Outlook for 2020 dominated by expectation of slower global economic growth



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New business profile

Legend:
  • Americas gases
  • EMEA gases
  • APAC gases
  • Engineering
  • Other
Americas gases,39 EMEA gases,23.6 APAC gases,20.5 Engineering,9.9 Other,6.9
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Following the various divestitures, the new Linde plc business is split geographically with Americas Gases the largest followed by Europe/M.East/Africa and AsiaPacific. 11 countries account for nearly two-thirds of gas sales

Engineering accounts for 10% of global sales. ‘Other’ business includes small global gas related businesses in Global Helium and Electronic Materials as well as non-gas businesses such as Technologies and GIST Distribution

Reported Q3 sales in Americas up +5% with negative impacts of energy pass-through and currency offset by positive acquisitions. APAC was -5% lower driven by currency (-3%) and energy pass-through (-2%). Europe reported sales were down -4% with currency  -5% and energy cost -1% impact



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Business Profile by Region

  • Total
  • Americas
  • APAC
  • EMEA
,Total,Americas,APAC,EMEA Onsites,22.3%,25.2%,35.2%,21.6% Liquid Bulk,25.0%,26.6%,35.4%,27.6% Packaged,36.1%,47.3%,26.6%,50.7% Other,17.1%,0.9%,2.8%,0.1%
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Linde plc business split around 40% of global gas sales are represented by packaged gases, 28% in liquid bulk, 24% in onsites and 8% in other

The Americas and EMEA geographic gases businesses have broadly similar business mixes with packaged gases substantially the largest business in both regions, while the APAC region shows highest portfolio share (37%) in onsites 



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Gases Revenue Growth Drivers

  • Natural Gas
  • Currency
  • Acquisition/Divest
  • Reported Growth
  • Underlying Growth
,Natural Gas,Currency,Acquisition/Divest,Reported Growth,Underlying Growth 2014 Q1,0.9%,-5.2%,0.8%,0.6%,4.1% 2014 Q2,0.0%,-4.0%,0.5%,-0.6%,2.9% 2014 Q3,-0.2%,-1.0%,0.0%,3.2%,4.4% 2014 Q4,-0.1%,-0.3%,0.0%,1.7%,2.1% 2015 Q1,-2.0%,2.1%,0.1%,1.2%,1.0% 2015 Q2,-1.8%,2.3%,0.4%,1.8%,0.9% 2015 Q3,-1.5%,-1.6%,0.4%,-2.1%,0.5% 2015 Q4,-1.5%,-2.0%,0.8%,-2.5%,0.1% 2016 Q1,-1.0%,-4.7%,0.7%,-4.4%,0.6% 2016 Q2,-0.9%,-4.6%,1.4%,-3.9%,0.2% 2016 Q3,0.0%,-1.8%,0.9%,-1.9%,-1.0% 2016 Q4,0.5%,-0.9%,0.8%,2.3%,2.0% 2017 Q1,1.5%,2.5%,-0.2%,6.5%,2.7% 2017 Q2,1.4%,0.8%,-0.6%,3.6%,2.0% 2017 Q3,0.7%,-1.5%,0.4%,2.7%,3.1% 2017 Q4,0.2%,-2.2%,0.0%,2.2%,4.2% 2018 Q1,0.2%,-3.5%,0.0%,0.6%,3.9% 2018 Q2,0.3%,-2.5%,0.0%,3.1%,5.4% 2018 Q3,0.6%,-2.8%,0.0%,3.6%,5.7% 2018 Q4,0.9%,-0.7%,-1.1%,3.3%,4.2% 2019 Q1,0.8%,-5.2%,-13.4%,-13.5%,4.3% 2019 Q2,0.0%,-4.4%,-12.9%,-13.9%,3.4% 2019 Q3,-1.2%,-2.6%,-13.7%,-14.6%,2.9% 2019 Q4,-1.7%,-1.6%,-15.3%,-16.9%,1.7%
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Reported gas sales were substantially lower YoY for the fourth consecutive quarter due to major divestments required by competition authorities 

On a pro forma basis sales were marginally lower YoY in Q4

Significant negative impact from currency and energy pass-through (each -1½%) with similar impacts in all three regions



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Gases Underlying Growth Drivers

  • Underlying Growth
  • Volume
  • Price
,Underlying Growth,Volume,Price 2014 Q1,4.1%,2.8%,1.3% 2014 Q2,2.9%,2.2%,0.7% 2014 Q3,4.4%,2.9%,1.5% 2014 Q4,2.1%,1.3%,0.8% 2015 Q1,1.0%,0.9%,0.1% 2015 Q2,0.9%,0.5%,0.5% 2015 Q3,0.5%,0.0%,0.5% 2015 Q4,0.1%,-0.4%,0.5% 2016 Q1,0.6%,0.4%,0.2% 2016 Q2,0.2%,0.3%,-0.1% 2016 Q3,-1.0%,-1.1%,0.1% 2016 Q4,2.0%,1.9%,0.1% 2017 Q1,2.7%,3.3%,-0.6% 2017 Q2,2.0%,2.6%,-0.7% 2017 Q3,3.1%,3.6%,-0.5% 2017 Q4,4.2%,4.7%,-0.5% 2018 Q1,3.9%,3.2%,0.7% 2018 Q2,5.4%,4.0%,1.4% 2018 Q3,5.7%,4.1%,1.6% 2018 Q4,4.2%,2.9%,1.3% 2019 Q1,4.3%,2.6%,1.7% 2019 Q2,3.4%,0.9%,2.5% 2019 Q3,2.9%,0.7%,2.2% 2019 Q4,1.7%,-0.6%,2.3%
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Underlying growth in gases sales slowed further towards +1½% YoY in Q4 –  below the average of the last 2 years for the combined performance of old Linde plus old Praxair

Contribution from pricing was again over +2% YoY while the volume impact turned negative at around –½%, its lowest contribution since mid-2016

‘Other business’ +6% growth in Q4 driven by global helium – however helium product cost has been rising sequentially

Half of 2019 price impact seen in packaged gases

Expecting price increase impact of around +2% in 2020



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Americas Underlying Growth % growth vs Previous year

  • New Linde plc Volume
  • New Linde plc Total
  • Praxair Volume
  • Praxair Total
  • Linde Total
,New Linde plc Volume,New Linde plc Total,Praxair Volume,Praxair Total,Linde Total 2014 Q1,null,null,3.6%,5.1%,4.2% 2014 Q2,null,null,3.0%,5.0%,3.4% 2014 Q3,null,null,1.4%,2.0%,5.3% 2014 Q4,null,null,1.6%,2.0%,5.5% 2015 Q1,null,null,-0.2%,1.0%,5.2% 2015 Q2,null,null,-2.4%,-1.0%,8.8% 2015 Q3,null,null,-4.0%,-3.0%,10.9% 2015 Q4,null,null,-4.4%,-3.0%,5.9% 2016 Q1,null,null,-4.4%,-4.0%,1.8% 2016 Q2,null,null,-1.4%,-1.0%,-0.2% 2016 Q3,null,null,-0.4%,0.0%,-6.9% 2016 Q4,null,null,-1.2%,-2.0%,2.3% 2017 Q1,null,null,2.4%,4.0%,-2.6% 2017 Q2,null,null,0.8%,4.0%,-9.8% 2017 Q3,null,null,2.8%,4.0%,-2.6% 2017 Q4,null,null,7.0%,9.0%,-6.6% 2018 Q1,null,null,3.4%,6.0%,1.0% 2018 Q2,null,null,4.0%,6.0%,5.2% 2018 Q3,null,null,3.8%,7.0%,7.0% 2018 Q4,null,null,1.8%,2.6%,null 2019 Q1,3.0%,5.0%,null,null,null 2019 Q2,1.0%,4.0%,null,null,null 2019 Q3,2.0%,5.0%,null,null,null 2019 Q4,1.0%,3.0%,null,null,null
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USA accounts for 72% ($6.8Bn) of Americas sales with Brazil, Mexico and Canada each around 7-10% (over $700m)

Americas underlying growth in 2019 for Linde plc on a pro forma basis remains similar to that of old Praxair through 2017/8 – Q4 saw a modest slowing with volume growth slipping to +1% and price/mix impact of +2½% 

YoY volume growth led by healthcare and food & beverage – sequential weakness driven by manufacturing and metals

Hardgoods down double digits but cylinder gases flat



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EMEA Underlying Growth % growth vs Previous year

  • New Linde plc Volume
  • New Linde plc Total
  • Praxair Volume
  • Praxair Total
  • Linde Total
,New Linde plc Volume,New Linde plc Total,Praxair Volume ,Praxair Total,Linde Total 2014 Q1,null,null,1.0%,2.0%,1.2% 2014 Q2,null,null,0.0%,1.0%,-0.2% 2014 Q3,null,null,1.0%,2.0%,1.4% 2014 Q4,null,null,-1.0%,-1.0%,-2.0% 2015 Q1,null,null,0.0%,1.0%,-1.6% 2015 Q2,null,null,-1.0%,-1.0%,-1.4% 2015 Q3,null,null,3.0%,3.0%,-1.8% 2015 Q4,null,null,3.0%,4.0%,0.0% 2016 Q1,null,null,2.0%,2.0%,-0.2% 2016 Q2,null,null,3.0%,4.0%,-0.2% 2016 Q3,null,null,0.0%,0.0%,-2.0% 2016 Q4,null,null,1.0%,1.0%,2.0% 2017 Q1,null,null,6.0%,6.0%,4.4% 2017 Q2,null,null,4.0%,5.0%,1.4% 2017 Q3,null,null,4.0%,5.0%,2.9% 2017 Q4,null,null,5.0%,5.0%,2.9% 2018 Q1,null,null,2.0%,3.0%,3.0% 2018 Q2,null,null,2.0%,5.0%,5.4% 2018 Q3,null,null,1.0%,4.0%,3.3% 2018 Q4,null,null,-1.0%,0.0%,null 2019 Q1,0.0%,1.0%,null,null,null 2019 Q2,-1.0%,1.0%,null,null,null 2019 Q3,0.0%,2.0%,null,null,null 2019 Q4,-2.0%,1.0%,null,null,null
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Within Europe/M.East/Africa, Germany accounts for over 20% ($1.2Bn) of region sales with UK and Eastern Europe each around 12-16% (over $700m) with Rest of Europe sales of $2.4Bn and M.East/Africa nearly $500m 

EMEA underlying growth returned to around +1% YoY in Q4 for Linde plc on a pro forma basis – recent growth has been modest and below the performance of both Linde and Praxair in most quarters prior to the merger

Volume contribution was negative in Q4 by -2% continuing the weakening trend seen since early 2017 reflecting the sluggish economic environment - while pricing impact increased to +3%

Volume decline driven by weak industrial production



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Asia Pacific Underlying Growth % growth vs Previous year

  • New Linde plc pro forma
  • Old Praxair
  • Old Linde
,New Linde plc pro forma,Old Praxair,Old Linde 2014 Q1,null,19.1%,12.0% 2014 Q2,null,19.3%,13.4% 2014 Q3,null,17.6%,12.1% 2014 Q4,null,18.9%,13.1% 2015 Q1,null,18.6%,10.4% 2015 Q2,null,17.8%,12.8% 2015 Q3,null,19.5%,11.7% 2015 Q4,null,18.6%,11.0% 2016 Q1,null,16.8%,12.2% 2016 Q2,null,17.0%,12.2% 2016 Q3,null,17.4%,13.3% 2016 Q4,null,19.7%,13.1% 2017 Q1,null,19.0%,11.5% 2017 Q2,null,19.0%,12.8% 2017 Q3,null,19.5%,14.4% 2017 Q4,null,19.1%,11.9% 2018 Q1,17.7%,21.8%,15.0% 2018 Q2,17.9%,21.3%,16.7% 2018 Q3,16.6%,22.6%,17.3% 2018 Q4,17.0%,23.2%,null 2019 Q1,17.3%,null,null 2019 Q2,19.1%,null,null 2019 Q3,20.4%,null,null 2019 Q4,21.1%,null,null
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China & Taiwan sales (combined $1.9Bn) account for 40% of AsiaPacific sales followed by Australia (over $900m), S.Korea and India (each nearly $500m). 

Asia Pacific underlying growth of Linde plc has slowed significantly through 2019 on a pro forma basis and was again flat YoY in Q4

The negative volume impact increased to -2% YoY in Q4, probably the weakest performance of the Linde/Praxair businesses in recent years although pricing impact increased to +2% to offset this – pricing improvement across all businesses

Volume decline driven by electronics and economic weakness in Australia



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Profit profile

  • Americas gases
  • EMEA gases
  • APAC gases
  • Engineering
  • Other
,Americas gases,EMEA gases,APAC gases,Engineering,Other ,2577,1183,1367,390,-246
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Americas gases is the major source of profits for Linde plc accounting for nearly half of group operating income with APAC and EMEA each around a quarter

Gases operating income at $1.33Bn in Q4 was up by over +15% YoY on a pro forma basis. Operating Income growth in the Americas was +11% while APAC and Europe were both up by around +20%, with Engineering showing a similar improvement

Group operating margin in Q4 rose to 19% with regional Gases businesses reporting a combined 22% margin – both of these are up by at least 250bp YoY. Helped by broad based price improvement.

Engineering margin at 12% in Q4 was at its lowest in 2019 



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Americas Operating Margin

  • New Linde plc pro forms
  • Old Praxair
  • Old Linde
,New Linde plc pro forms,Old Praxair,Old Linde 2014 Q1,null,23.7%,12.5% 2014 Q2,null,23.9%,11.0% 2014 Q3,null,24.7%,11.6% 2014 Q4,null,23.9%,12.9% 2015 Q1,null,24.4%,13.9% 2015 Q2,null,25.1%,13.5% 2015 Q3,null,25.2%,14.3% 2015 Q4,null,26.8%,12.9% 2016 Q1,null,24.3%,13.4% 2016 Q2,null,24.3%,13.8% 2016 Q3,null,23.8%,11.1% 2016 Q4,null,24.2%,15.9% 2017 Q1,null,22.2%,12.4% 2017 Q2,null,23.5%,11.8% 2017 Q3,null,23.7%,11.6% 2017 Q4,null,23.9%,11.8% 2018 Q1,22.3%,23.9%,12.8% 2018 Q2,23.7%,25.1%,16.9% 2018 Q3,23.7%,24.6%,14.4% 2018 Q4,22.7%,24.0%,null 2019 Q1,21.6%,null,null 2019 Q2,23.2%,null,null 2019 Q3,24.2%,null,null 2019 Q4,24.7%,null,null
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Operating Margin in the Americas rose to over 24 ½ % in Q4, approaching the historic peak performance of Praxair in this region in 2015

Much of the former Linde business in the region has been divested, dampening the impact on the region’s performance. 

On a pro forma basis margin in 2018 Linde plc margin was below that of Praxair in this region but above that of the former Linde 



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EMEA Operating Margin

  • New Linde plc pro forma
  • Old Praxair
  • Old Linde
,New Linde plc pro forma,Old Praxair,Old Linde 2014 Q1,null,19.9%,18.3% 2014 Q2,null,19.1%,19.5% 2014 Q3,null,18.4%,18.9% 2014 Q4,null,17.7%,17.2% 2015 Q1,null,19.0%,18.5% 2015 Q2,null,19.0%,19.6% 2015 Q3,null,18.6%,17.5% 2015 Q4,null,19.1%,17.7% 2016 Q1,null,19.4%,18.6% 2016 Q2,null,19.2%,19.8% 2016 Q3,null,19.7%,18.2% 2016 Q4,null,20.2%,17.3% 2017 Q1,null,18.8%,19.1% 2017 Q2,null,19.3%,19.3% 2017 Q3,null,19.4%,20.1% 2017 Q4,null,19.7%,20.5% 2018 Q1,21.3%,18.7%,23.1% 2018 Q2,19.9%,19.6%,18.3% 2018 Q3,18.2%,19.1%,16.8% 2018 Q4,17.4%,23.1%,null 2019 Q1,20.6%,null,null 2019 Q2,19.8%,null,null 2019 Q3,20.5%,null,null 2019 Q4,21.3%,null,null
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Operating Margin in the EMEA region at over 21% in Q4 of 2019 is similar to the previous peak for which pro forma results are available

Margin continues to recover sequentially and was significantly above the prior year on a pro forma basis when returns were on a declining trend

Much of the former Praxair business in the region had to be divested although there had been little difference in the overall profit performance between the two businesses in recent years until late-2018



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Asia Pacific Operating Margin

  • New Linde plc Volume
  • New Linde plc Total
  • Praxair Volume
  • Praxair Total
  • Linde Total
,New Linde plc Volume,New Linde plc Total,Praxair Volume,Praxair Total,Linde Total 2014 Q1,null,null,9.0%,11.0%,4.6% 2014 Q2,null,null,5.0%,6.0%,6.2% 2014 Q3,null,null,10.0%,11.0%,5.4% 2014 Q4,null,null,5.0%,6.0%,2.6% 2015 Q1,null,null,1.0%,1.0%,0.0% 2015 Q2,null,null,1.0%,1.0%,-0.8% 2015 Q3,null,null,5.0%,6.0%,-2.5% 2015 Q4,null,null,4.0%,4.0%,-1.1% 2016 Q1,null,null,6.0%,5.0%,3.5% 2016 Q2,null,null,6.0%,5.0%,-0.5% 2016 Q3,null,null,2.0%,1.0%,0.3% 2016 Q4,null,null,6.0%,5.0%,3.9% 2017 Q1,null,null,9.0%,8.0%,4.9% 2017 Q2,null,null,10.0%,11.0%,5.7% 2017 Q3,null,null,13.0%,15.0%,8.3% 2017 Q4,null,null,11.0%,14.0%,7.9% 2018 Q1,null,null,11.0%,14.0%,4.6% 2018 Q2,null,null,11.0%,14.0%,4.0% 2018 Q3,null,null,7.0%,9.0%,6.7% 2018 Q4,null,null,7.0%,7.0%,null 2019 Q1,5.0%,7.0%,null,null,null 2019 Q2,3.0%,5.0%,null,null,null 2019 Q3,-1.0%,0.0%,null,null,null 2019 Q4,-2.0%,0.0%,null,null,null
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Operating Margin in Asia Pacific rose sequentially and significantly YoY to over 21% in Q4

On a pro forma basis operating margin is again up by over 450 bp YoY – strong operating leverage due to pricing and synergies

This performance sits between that of Praxair and Linde historically in this region. Region performance reflects the required divestment of several businesses, particularly significant parts of Linde S.Korea and Praxair in India



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Capital Expenditure

$M
  • Old Praxair
  • Old Linde
,Old Praxair,Old Linde 2013 Q1,447.4,639.7 2013 Q2,501.1,687.2 2013 Q3,495.4,798.7 2013 Q4,495.4,907.5 2014 Q1,377.3,542.5 2014 Q2,368.6,564.4 2014 Q3,412.8,563.8 2014 Q4,462.7,821.5 2015 Q1,381.1,319.8 2015 Q2,337.9,493.8 2015 Q3,388.8,526.1 2015 Q4,371.5,758.0 2016 Q1,310.1,330.0 2016 Q2,342.7,443.8 2016 Q3,361.0,456.9 2016 Q4,392.6,606.9 2017 Q1,313.9,385.5 2017 Q2,312.0,399.3 2017 Q3,307.2,470.2 2017 Q4,325.4,736.2 2018 Q1,312.0,425.1 2018 Q2,337.0,535.2 2018 Q3,364.8,469.8 2018 Q4,436.8,696.1 2019 Q1,null,843.0 2019 Q2,null,865.0 2019 Q3,null,959.0 2019 Q4,null,1015.0
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Linde capital expenditure reached over $1Bn in Q4 of 2019 – up +6% sequentially but marginally below the combined spend of the former Praxair and Linde businesses in the prior year. Brings 2019 annual capex to $3.7Bn

Project capex continues to run at over $500m per quarter – the increase in capex is driven by higher project spend

Sale of gas backlog increased further to $4.8Bn – over 60% in APAC and 30% in Americas – while sale of equipment backlog also robust at $5.7Bn. Nearly 2/3 of the SoG backlog is in AsiaPacific with nearly 30% in Americas and less than 10% in EMEA



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Capex/Sales ratio

% change YoY
  • Praxair
  • Linde
,Praxair,Linde 2013 Q1,16.4%,12.9% 2013 Q2,17.6%,13.6% 2013 Q3,17.4%,17.3% 2013 Q4,17.4%,19.3% 2014 Q1,13.2%,11.8% 2014 Q2,12.5%,11.9% 2014 Q3,13.9%,11.9% 2014 Q4,16.4%,18.4% 2015 Q1,14.7%,7.7% 2015 Q2,13.1%,11.2% 2015 Q3,15.3%,12.4% 2015 Q4,15.2%,18.2% 2016 Q1,13.1%,8.3% 2016 Q2,13.6%,10.6% 2016 Q3,14.1%,11.1% 2016 Q4,15.7%,14.5% 2017 Q1,12.2%,9.5% 2017 Q2,11.6%,9.6% 2017 Q3,11.1%,10.9% 2017 Q4,11.6%,16.7% 2018 Q1,11.0%,9.9% 2018 Q2,11.7%,12.2% 2018 Q3,12.8%,10.9% 2018 Q4,15.8%,15.4% 2019 Q1,null,14.5% 2019 Q2,null,14.6% 2019 Q3,null,16.3% 2019 Q4,null,17.5%
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Capex to sales ratio moved up to around 17½% - higher than the trend for the combined businesses over the previous five years

This ratio is again above that of the average of Tier 1 companies  



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