Condensed Statement of Cash Flow

Cash flow from operating activities includes all cash generated from operations and also reflects cash paid for taxes. In Q1/2013, the cash flow from operating activities amounted to a net inflow of €19.3 million, compared to a net outflow of €45.8 million in Q1/2012. This was driven by the temporary increase in trade working capital as a result of operational business. The payment for income taxes in the amount of €11.4 million was stable in the reporting period compared to Q1/2012.

Our cash flow from investing activities amounted to a net outflow of €23.9 million in Q1/2013, compared to a net outflow of €27.9 million in Q1/2012. The main driver were cash payments for capital expenditures in the amount of €25.2 million, which remained stable compared to Q1/2012. Cash receipts from disposal of non-current assets amounted to €0.8 million in Q1/2013 compared to €6.9 million in Q1/2012. In the reporting period no acquisitions of subsidiaries were made compared to €9.7 million Q1/2012 mainly due to the acquisition of the 51 per cent of remaining shares of Linde Creighton Ltd. in the UK.

In Q1/2013, free cash flow, defined as cash flow from operating activities less cash flow from investing activities, increased by €69.0 million to a cash outflow of €4.7 million, compared to a cash outflow of €73.7 million in Q1/2012.