Stable shareholder structure
Institutional investors holdings by region in %
In the annual shareholder identification survey, Linde identified the shareholders of around 79 percent (2013: around 77 percent) of the shares outstanding at 31 December 2014. These are solely institutional investors. In the case of the shareholders who have not been identified, it is assumed that 79 percent of these shares too can be allocated to institutional investors. On the basis of this approach to the calculation, the proportion of private investors who held Linde shares at 31 December 2014 was around 5 percent (2013: 5 percent).
The proportion of institutional investors from the United States was around 38 percent at the end of 2014, compared with 35 percent at 31 December 2013. US investors continue to constitute the largest group of investors from a single country. The proportion of shares held by European institutional investors remained the same at 58 percent. However, the proportion of shares held by institutional investors in the Scandinavian countries (included in the figure for European institutional investors) increased again, from 9 percent to 13 percent. At 31 December 2014, German institutional investors held 14 percent of Linde’s shares (31 December 2013: 16 percent). The proportion of British institutional investors rose slightly from 13 percent at the end of 2013 to 15 percent at the end of 2014. The proportion of Asian investors remained constant at 4 percent at the end of both 2013 and 2014. The proportion of investors who are oriented towards sustainability increased during the reporting period to around 11 percent (2013: 7 percent).
In the past year, Linde has again succeeded in broadening its investor base to include a number of investors who take a long-term view. The Group’s business model is geared towards sustainable, profitable growth. Linde also benefits from a stable financing structure which is geared towards the long term and therefore offers investors an attractive investment with the opportunity for long-term wealth creation.