The Interim Report is accessible at FLSmidth's website:
The main conclusions of the Interim Report are:
Developments in the first quarter of 2008
- The order backlog has increased by 13% to DKK 28,601m since the turn of the year (end of 2007: DKK 25,312m)
- The order intake rose 119% to DKK 9,054m in the first quarter of 2008, up from DKK 4,131m in the same period the year before. For the first time the order intake in Minerals exceeds that in Cement
- The turnover rose 41% to DKK 5,322m in the first quarter of 2008, up from DKK 3,764m in the same period the year before
- Earnings before special non-recurring items, depreciation and amortisation (EBITDA) rose 69% to DKK 598m in the first quarter of 2008, up from DKK 354m in the same period the year before, corresponding to an EBITDA margin of 11.2% (first quarter of 2007: 9.4%)
- Earnings before interest and tax (EBIT) rose 43% to DKK 436m in the first quarter of 2008, up from DKK 305m in the same period of the year before, corresponding to an EBIT margin of 8.2% (first quarter 2007: 8.1%)
- Earnings before interest and tax (EBIT) adjusted for the effect of purchase price allocations in respect of GL&V Process amounted to DKK 539m in the first quarter of 2008 corresponding to an EBIT margin of 10.1% (effect of purchase price allocations in the first quarter of 2008 amounted to DKK -103m)
- Earnings before tax (EBT) rose 47% to DKK 469m in the first quarter of 2008, up from DKK 319m in the same period the year before
- Cash flow from operating activities amounted to DKK 717m in the first quarter of 2008 as against DKK 242m in the same period the year before.
Prospects for 2008
The prospects for the cement market in 2008 in terms of new contracted cement kiln capacity worldwide (exclusive of China) are upgraded to 125-150m tonnes per year from previously 100-125m tonnes per year.
FLSmidth & Co. maintains its expectations for the year's turnover and financial result:
- Consolidated turnover approximately DKK 26bn
- Earnings before special non-recurring items, depreciation and amortisation (EBITDA) DKK 2.9-3.0bn
- Earnings before interest and tax (EBIT) DKK 2.4-2.5bn inclusive of the effect of purchase price allocation regarding GL&V Process at DKK -280m
- Earnings before tax (EBT) DKK 2.3-2.4bn
Please address any questions to this announcement to Mr Jørgen Huno Rasmussen, Group CEO, telephone +45 36 18 18 00, from 14.00 hours.
A telephone conference regarding the interim report will be held today at 15.00 hours. For further details, please visit www.flsmidth.com
FLSmidth & Co. A/S
Corporate Communications & Investor Relations
Corporate Communications & Investor Relations
