Company Announcement to the Danish Financial Supervisory Authority No.
37-2012, 13 November 2012
The Board of Directors and the Group Management of FLSmidth & Co. A/S have today
reviewed and approved the Interim Report for 1 January to 30 September 2012.
The Interim Report has been presented in accordance with IAS 34 and additional
Danish information requirements regarding interim reporting of listed companies.
No review or auditing of the interim report has taken place.
The Interim Report is accessible at FLSmidth's website:
http://www.flsmidth.com/reports
The main conclusions of the Interim Report are:
Continued strong growth in both revenue and order intake. Full year revenue
guidance maintained based on expectations of strong revenue generation in Q4 as
usual. Full year EBITA margin guidance clarified to 10%.
Financial results in Q3 2012
The order intake increased 11% to DKK 7,956m (Q3 2011: DKK 7,176m)
Revenue increased 23% to DKK 6,316m (Q3 2011: DKK 5,131m)
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased
6% to DKK 709m (Q3 2011: DKK 669m), corresponding to an EBITDA margin of 11.2%
(Q3 2011: 13.0%)
Earnings before amortisation and write-down of intangible assets (EBITA) is
unchanged at DKK 628m (Q3 2011: DKK 628m), corresponding to an EBITA margin of
9.9% (Q3 2011: 12.2%)
Earnings before interest and tax (EBIT) decreased 6% to DKK 528m (Q3 2011: DKK
562m), corresponding to an EBIT margin of 8.4% (Q3 2011: 11.0%)
Earnings before tax (EBT) decreased 7% to DKK 500m (Q3 2011: DKK 540m)
The profit for the period decreased 6% to DKK 377m (Q3 2011: DKK 403m)
Cash flow from operating activities amounted to DKK -28m (Q3 2011: DKK 563m)
Financial results for Q1-Q3 2012
The order intake increased 19% to DKK 21,623m (Q1-Q3 2011: DKK 18,187m)
The order backlog increased 13% to DKK 31,166m (end of 2011: DKK 27,493m)
Revenue increased 23% to DKK 16,798m (Q1-Q3 2011: DKK 13,627m)
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased
16% to DKK 1,793m (Q1-Q3 2011: DKK 1,552m) corresponding to an EBITDA margin of
10.7% (Q1-Q3 2011: 11.4%)
Earnings before amortisation and write-down of intangible assets (EBITA)
increased 14% to DKK 1,612m (Q1-Q3 2011: DKK 1,418m), corresponding to an EBITA
margin of 9.6% (Q1-Q3 2011: 10.4%)
Earnings before interest and tax (EBIT) decreased 5% to DKK 1,192m (Q1-Q3 2011:
DKK 1,253m) corresponding to an EBIT margin of 7.1% (Q1-Q3 2011: 9.2%)
Earnings before tax (EBT) decreased 3% to DKK 1,160m (Q1-Q3 2011: DKK 1,196m)
Profit for the period decreased 3% to DKK 841m (Q1-Q3 2011: DKK 870m)
Cash flow from operating activities amounted to DKK 188m (Q1-Q3 2011: DKK 888m)
Net interest-bearing debt at the end of Q3 2012 amounted to DKK 4,383m (end of
2011: DKK -98m)
Working capital at the end of Q3 2012 amounted to DKK 2,930m (end of 2011: DKK
1,620m)
Outlook for 2012
FLSmidth & Co. A/S maintains its full year revenue guidance for continuing
activities of DKK 25-26bn (2011: DKK 20.5bn exclusive of Cembrit).
The EBITA margin guidance is clarified to 10% (2011: 11.4%) and the EBIT margin
to 8% (2011: 10.3%).
Cembrit is classified as assets held for sale and reported as discontinued
activities.
The effect of purchase price allocations is expected to amount to approximately
DKK 285m in 2012 (2011: DKK 178m).
Cash flow from investing activities (exclusive of acquisitions and their
subsequent capex needs) is expected to amount to DKK -900m in 2012 (2011: DKK
-733m) due to investments in service supercentres and expansion of manufacturing
in India and China.
The effective tax rate is expected to be 30-32% in 2012 (2011: 31%) and tax
payable slightly lower.
Please address any questions to this announcement to Mr Jørgen Huno Rasmussen,
Group CEO, telephone +45 36 18 18 00.
An investor & press meeting and telephone conference regarding the Interim
Report will be held today at 11:00 hours CET at the company's headquarters.
For further details please visit; http://www.flsmidth.com/en-
US/News+and+Press/News/2012/Invitation+to+Q3+2012+investor+meeting
FLSmidth & Co. A/S
Corporate Communications & Investor Relations
[HUG#1657276]
