Linde AG has reduced debt and increased sales in 2003.

"We shall continue to systematically pursue our endeavours to boost Linde's growth and earnings," said Dr Wolfgang Reitzle, Linde president and chief executive.

Linde reduced its financial liabilities by EUR510 million (USD627 million) in 2003 after predicting a reduction of only EUR150 million (USD184.4 million).

Linde CFO Hero Brahms said sales and new orders were up at the start of 2004. Domestic sales increased 5.3% to EUR296 million (USD364 million) from 2003's first quarter EUR281 million (USD345.5 million), while foreign sales were almost unchanged at EUR973 million (USD1.2 billion), compared to EUR980 million (USD1.2 billion). This put the group's total sales for the first two months of the year up slightly at EUR1.269 billion (USD1.56 billion), compared to EUR1.261 billion (USD1.55 billion).

Linde expected to record increased sales and results this year but, due to economic uncertainty, would not put a figure on its targets.

"We have set ambitious targets for 2004, but we believe we have good opportunities for growth in Eastern Europe, as well as in Asia and the USA," Dr Reitzle said.