Linde (LIN) FY2020 results: revenue $27.2 billion, down 3.5% on the year
Linde plc (LIN) reported revenue of $27.2 billion for fiscal 2020, the year ended 31 December 2020, down 3.5% on the year before. Net income was $2.5 billion, up 9.5%, and diluted earnings per share $4.71. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$27.2 billion
-3.5% on the year
FY2016FY2020
Operating margin
12.2%
10.4% a year earlier
FY2016FY2020
Net income
$2.5 billion
+9.5% on the year
FY2016FY2020
Diluted EPS
$4.71
+12.4% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
27,243
28,228
14,836
-3.5%
Cost of revenue
15,383
16,644
9,020
-7.6%
Gross profit
11,860
11,584
5,816
+2.4%
Gross margin
43.5%
41.0%
39.2%
Research and development
152
184
113
-17.4%
Selling, general and administrative
3,193
3,457
1,629
-7.6%
Operating income
3,322
2,933
5,247
+13.3%
Operating margin
12.2%
10.4%
35.4%
Interest expense
277
284
297
-2.5%
Pre-tax income
3,384
2,927
5,049
+15.6%
Income tax
847
769
817
+10.1%
Effective tax rate
25.0%
26.3%
16.2%
Net income
2,501
2,285
4,381
+9.5%
Net margin
9.2%
8.1%
29.5%
Diluted EPS
$4.71
$4.19
$13.11
+12.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
7,429
6,188
3,702
+20.1%
Capital expenditure
3,400
3,682
1,883
-7.7%
Free cash flow
4,029
2,506
1,819
+60.8%
Free cash flow margin
14.8%
8.9%
12.3%
Cash from investing
-2,986
n/a
5,363
Cash from financing
-3,345
n/a
-4,998
Depreciation and amortisation
4,626
4,675
1,830
-1.0%
Share-based compensation
133
95.0
62.0
+40.0%
Buybacks
2,457
2,658
599
-7.6%
Dividends paid
2,028
1,891
1,166
+7.2%
Dividend per share
$3.85
$3.50
$3.30
+10.1%
Diluted shares, weighted
531m
545m
334m
-2.6%
Shares outstanding at period end
523m
534m
547m
-2.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
47,317
49,074
51,596
-3.6%
Non-controlling interest
2,252
2,448
5,484
-8.0%
Redeemable equity
13.0
113
16.0
-88.5%
Debt
16,154
13,956
15,296
+15.7%
Operating lease liabilities
669
716
n/a
-6.6%
Finance lease liabilities
125
117
n/a
+6.8%
Other liabilities
21,699
20,188
20,994
+7.5%
Total liabilities and equity
88,229
86,612
93,386
+1.9%
Fixed assets
28,711
29,064
29,717
-1.2%
Goodwill
28,201
27,019
26,874
+4.4%
Intangible assets
16,184
16,137
16,223
+0.3%
Cash and equivalents
3,754
2,700
4,466
+39.0%
Receivables
4,167
4,322
4,297
-3.6%
Inventory
1,729
1,697
1,651
+1.9%
Other assets
5,483
5,673
10,158
-3.3%
Total assets
88,229
86,612
93,386
+1.9%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.