Linde's preliminary full-year 2002 results, released this week, show group sales fell slightly to EUR8.276 billion (USD9.386 billion) from EUR8.833 billion (USD9.5 billion) in 2001.

Despite challenging economic conditions, particularly in Germany, orders received rose 2.3 percent from EUR9.111 billion (USD9.8 billion) to EUR9.322 billion (USD10.026 billion), the company said.

Linde's materials handling business posted a "significant" drop in earnings, which the company said was due to "decreasing demand and intensified competitive conditions.

"While we cannot be satisfied with business for 2002, we are using this time to focus on bringing about a lasting improvement," said Linde president Wolfgang Reitzle.

"As soon as the economy begins to improve, we will again show clear, positive growth in sales and profits."

At the end of 2002, Linde employed 46,521 people, compared to 46,400 at year-end 2001.