Business Intelligence Financial – Linde – Q4 2016


gasworld Business Intelligence provides you with the latest analysis of Linde’s Q4 2016 earnings report.


  • Total corporate sales in 2016 are reported at €16.9bn. This indicates that sales were up nearly 4% YoY in Q4, but up only marginally by 1% on a comparable basis. This was a further improvement over the previous two quarters, which showed the weakest reported performance since late 2013.
  • Gases account for over 80% of Linde corporate sales, with Engineering accounting for under 20%. Other businesses (mainly Gist distribution) have now been moved into Discontinued business as Linde seeks to divest this business.
  • Reported Gases growth also recovered by 2.5% YoY in Q4, which is significantly better than the previous four quarters. This recovery was also better on a comparable basis with a return to marginal growth.
  • Engineering sales were up over 3% YoY in Q4 but, at €610m, remained well below the average of recent years. Order intake and backlog were both down YoY, however backlog was up again sequentially.

Group Sales Growth
  • Total Group
  • Gases
  • Gases Comparable
,Total Group,Gases,Gases Comparable
2012 Q1,5.4%,2.9%,4.1%
2012 Q2,6.4%,7.2%,2.7%
2012 Q3,13.2%,17.3%,3.1%
2012 Q4,17.9%,23.2%,5.5%
2013 Q1,10.3%,14.8%,3.7%
2013 Q2,10.8%,14.3%,3.5%
2013 Q3,5.4%,0.0%,2.7%
2013 Q4,-4.1%,-3.7%,3.3%
2014 Q1,1.5%,-2.3%,3.1%
2014 Q2,-1.3%,-3.2%,2.3%
2014 Q3,2.6%,2.4%,3.9%
2014 Q4,6.6%,3.6%,1.5%
2015 Q1,8.7%,9.0%,0.8%
2015 Q2,11.4%,12.3%,2.0%
2015 Q3,3.3%,7.3%,1.7%
2015 Q4,-1.4%,5.5%,2.1%
2016 Q1,-3.0%,-1.3%,1.6%
2016 Q2,-7.4%,-4.6%,-0.6%
2016 Q3,-2.4%,-3.8%,-2.8%
2016 Q4,3.8%,2.5%,1.4%

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