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Interim Report for FLSmidth & Co. A/S 1 January - 30 September 2009

17.11.2009
Company Announcement to the Danish Financial Supervisory Authority No. 21-2009, 17 November 2009

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 2009. 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:
 
Satisfactory developments in earnings for the period and in the Group's financial position
- The order intake amounted to DKK 9,231m, which is 64% lower than last year (DKK 25,782m)
 
- The order backlog has decreased by 23% to DKK 23,307m since the turn of the year (end of 2008: DKK 30,460m)
 
- The revenue amounted to DKK 16,599m, which is 6% lower than last year (DKK 17,711m)
 
- Earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 10% to DKK 1,808m (DKK 2,000m) corresponding to an EBITDA ratio of 10.9% (11.3%)
 
- Earnings before interest and tax (EBIT) decreased by 4% to DKK 1,497m (DKK 1,560m) corresponding to an EBIT ratio of 9.0% (8.8%)
 
- Earnings before tax (EBT) increased by 2% to DKK 1,483m (DKK 1,456m)
 
- Profit for the period increased by 22% to DKK 1,256m (DKK 1,028m)
 
- Cash flow from operating activities amounted to DKK 1,547m (DKK 2,611m)
 
- Net interest-bearing receivables amounted to DKK 370m at the end of the third quarter of 2009 (end of 2008: Interest-bearing net debt DKK 574m)
 
Prospects for 2009
 
Upward adjustment of expected revenue and resulting profit for 2009
- New contracted cement kiln capacity in 2009 is expected to total 40-50m tonnes per year globally exclusive of China (previous projection   25-50m tonnes per year)
 
- FLSmidth & Co. now expects a consolidated revenue in 2009 of DKK 22-23bn (previous projection DKK 20-23bn) and a satisfactory EBIT ratio of 8.5-9%
 
- The effect of purchase price allocations regarding GL&V Process is expected to amount to approximately DKK -100m in 2009 in the form of amortisation of intangible assets
 
- In 2009, the effective tax rate is expected to be around 20%
Cash flow from investing activities (exclusive of acquisitions) is expected to be around DKK -300m in 2009
 
Please address any questions to this announcement to Mr Jørgen Huno Rasmussen, Group CEO, telephone +45 36 18 18 00.
 
A telephone conference regarding the Interim Report will be held today at 15:00 hours (CET). For further details, please visit www.flsmidth.com  
 
FLSmidth & Co. A/S
Corporate Communications & Investor Relations