Company Announcement to the Danish Financial Supervisory Authority
No. 24-2008, 22 May 2008
The Board of Directors and the Corporate Management of FLSmidth & Co.
A/S has today reviewed and approved the Interim Report for
January-March. The Interim Report has been presented in accordance
with IAS 34 and additional Danish information requirements regarding
interim reporting of listed companies.
No review nor auditing of the interim report has taken place.
The Interim Report is accessible at FLSmidth's website:
www.flsmidth.com/reports
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
