gasworld Business Intelligence provides you with the latest analysis of Linde’s Q4 2015 earnings reports.
Headlines
- Total corporate sales reported at €17.9bn in 2015, up 5%, or down -2% excluding currency. Q4 reported sales growth down -1.5% YoY, weakest performance in 18 months.
- Reported gases growth also slowed in Q4, but remained positive at over 5% on reported basis, while on comparable basis growth was again solid at 2%.
- Engineering sales down by a third YoY in Q4, and at lowest level since early 2013, but order intake strong.
- Gases account for around 80% of Linde corporate sales, with engineering nearly 20% and other businesses (mainly Gist distribution) less than 2%.
- 2016 growth expectations – corporate range -3% to 4%, excluding currency, gases 0% to 5%.
- Reported corporate operating income up 8% to €2.0bn in 2015.
- Q4 operating income up 5% reported, but down -7% after adjusting for restructuring charge impact in prior year.
- Underlying gases operating income growth remained positive at 1.5%.
- Restructuring charges fell to virtually nil after significant charges taken as non-recurring items, over each of the previous four quarters – total charge in 2015 was €192m.
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