Linde plc (LIN) CEO Sanjiv Lamba on Q2 2022 Results - Earnings Call Transcript

Start Time: 09:00 January 1, 0000 10:04 AM ET

Linde plc (NYSE:LIN)

Q2 2022 Earnings Conference Call

July 28, 2022, 09:00 AM ET

Company Participants

Sanjiv Lamba - CEO

Matthew White - EVP and CFO

Juan Pelaez - Head of IR

Conference Call Participants

Duffy Fischer - Goldman Sachs

Vincent Andrews - Morgan Stanley

Nicola Tang - Exane BNP Paribas

Michael Leithead - Barclays

John McNulty - BMO Capital Markets

Jeff Zekauskas - JPMorgan

John Roberts - Credit Suisse

Peter Clark - Société Générale

Christopher Parkinson - Mizuho

David Begleiter - Deutsche Bank

Kevin McCarthy - Vertical Research Partners

Operator

Good day and thank you for standing by. Welcome to the Linde plc Second Quarter 2022 Earnings Teleconference. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speakers' presentation, there will be a question-and-answer session.

I would now like to hand the conference over to Mr. Juan Pelaez, Head of Investor Relations for any additional or closing remarks. Please go ahead.

Juan Pelaez

Thank you, Elaine. Good day, everyone. Thank you for attending our 2022 second quarter earnings call and webcast. I am Juan Pelaez, Head of Investor Relations, and I'm joined this morning by Sanjiv Lamba, Chief Executive Officer; and Matt White, Chief Financial Officer.

Today's presentation materials are available on our Web site at linde.com in the Investors section. Please read the forward-looking statement disclosure on Page 2 of the slides and note that it applies to all statements made during this teleconference. The reconciliations of the adjusted numbers are in the appendix to this presentation.

Sanjiv will provide the opening remarks, and then Matt will give an update on Linde's second quarter financial performance and outlook. After which, we will wrap up with Q&A.

Let me turn the call over to Sanjiv.

Sanjiv Lamba

Thanks, Juan, and good morning, everyone. I'd like to start by addressing the 1 billion charge this quarter, primarily related to deconsolidating our Russian subsidiaries. Impairing assets is not something we take lightly. However, the current situation in Russia is unprecedented with the extraordinary sanctions and capital restrictions.

And while deconsolidation means we will not report Russian results going forward, we are actively working to safely and economically scale back operations. We fully intend to recover value for these assets, including potential divestitures, but it will take some time.