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Interim Report for FLSmidth & Co. A/S 1 January - 30 September 2011

10.11.2011

Company Announcement to the Danish Financial Supervisory Authority No. 28-2011, 10 November 2011

Interim Report for FLSmidth & Co. A/S 1 January  - 30 September 2011

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 2011.

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:

Main conclusions Q1 - Q3 2011
Rapidly increasing order intake in Minerals in Q3

  • The order intake increased 11% to DKK 18,188m (Q1-Q3 2010: DKK 16,352m ), but increased 39% in Minerals alone 

  • The order backlog has increased 16% to DKK 27,492m since the turn of the year (end of 2010: DKK 23,708m) 

  • Revenue is practically unchanged at DKK 14,712m (Q1-Q3 2010: DKK 14,666m ), but increased 20% in Minerals alone 

  • Earnings before interest, tax, depreciation and amortisation (EBITDA) decreased 6% to DKK 1,652m (Q1-Q3 2010: DKK 1,754m), corresponding to an EBITDA ratio of 11.2% (Q1-Q3 2010: 12.0%) 

  • Earnings before interest and tax (EBIT) decreased 11% to DKK 1,301m (Q1-Q3 2010 DKK 1,454m) corresponding to an EBIT ratio of 8.8% (Q1-Q3 2010: 9.9%) 

  • Earnings before tax (EBT) decreased 10% to DKK 1,228m (Q1-Q3 2010: DKK 1,360m) 

  • The profit for the period decreased 8% to DKK 870m (Q1-Q3 2010: DKK 949m) 

  • Cash flow from operating activities amounted to DKK 888m (Q1-Q3 2010: DKK 1,103m) 

  • Net interest-bearing receivables by the end of Q3 2011 amounted to DKK 107m (end of 2010: DKK 1,254m) 

Outlook for 2011

  • The expectations for the cement market in 2011 are adjusted downwards to around 55m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China) (previous guidance approximately 65m tonnes per year), due to growth pause in India 

  • FLSmidth & Co. guidance for consolidated revenue in 2011 is now specified at DKK 21.5-22bn (previous guidance DKK 21-22bn) and guidance for the EBIT ratio is maintained at 9-10%  

  • The prospects of the individual business areas in 2011 are as follows: 

Revenue
Cement approx. DKK 9bn (previously 9-10bn)
Minerals DKK 11-12bn (previously 10-11bn)
Cembrit approx. DKK 1.4bn

EBIT ratio
Cement approx. 9% (previously 9-10%)
Minerals 10-11%
Cembrit approx. 4%

  • The effect of purchase price allocations regarding GL&V Process is still expected to amount to approximately DKK -90m in 2011 in the form of amortisation of intangible assets 

  • In 2011, the effective tax rate is expected to remain at around 30% 

  • Cash flow from investing activities (exclusive of acquisitions) is still expected to be around DKK -900m in 2011. 

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 3rd Quarter 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/2011/Investor+Meeting+Q3+2011

FLSmidth & Co. A/S
Corporate Communications & Investor Relations