FLSmidth takes a conservative approach to capital structure with an emphasis on relatively low debt, gearing and financial risk. The Board of Directors’ priority for capital structure is as follows:

 

  • Leverage (NIBD/EBITDA < 2)
  • Dividend pay-out ratio (30-50% of net profit)

In addition, the Board of Directors’ priority for capital allocation is to invest in organic growth and value adding M&A, and under special circumstances share buyback or special dividend.

 

Share and dividend key figures          
Year 2019   2020  2021 2022  2023 
CFPS (cash flow per share), DKK (diluted)  18.9  28.3  27.8 17.0  10.9
EPS (earnings per share), DKK (diluted)  15.5  4.2  6.9  6.5  8.7
BVPS (book value per share), DKK  171  159  180  188  188
DPS (dividend per share), DKK  0  2  3  3  4*
Pay-out ratio (%)  -  50  48  49  47
Dividend yield (dividend as percent of share price end of year)  0.0  0.9  1.2  1.2  1.4
FLSmidth & Co. A/S share price, end of year, DKK  265.4  232.8  244.3  251.7  287.2
Listed number of shares (1,000), end of year, DKK  51,250  51,250  57,650  57,650  57,650
Number of shares excl. own shares (1,000), end of year  50,056  50,152  56,725  56,736  57,736
Average number of shares (1,000) (diluted)  50,092  50,153  52,080  56,879  57,137
Market capitalisation, DKKm  13,602  11,931  14,084  14,511  15,557



Dividend history
Year Dividend per share, DKK Number of shares (end of year) '000s   Dividend total, DKKm
1990 2.4 38,200 92
1991 2.4 38,200 92
1992 1.6 38,905 62
1993 1.6 38,905 62
1994 2.4 46,098 111
1995 2.4 46,098 111
1996 3.2 46,098 148
1997 4 46,098 184
1998 5 46,487 234
1999 7.5 46,487 349
2000 3 46,487 139
2001 0 53,200  -
2002 0 53,200  -
2003 0 53,200
 -
2004 7 53,200 372
2005 7 53,200 372
2006 7 53,200
372
2007 7 53,200
372
2008 0 53,200
 -
2009 7 53,200
372
2010 9 53,200
479
2011 9 53,200
479
2012 9 53,200
479
2013 2 53,200 106
2014 9 51,250 461
2015 4 51,250  205 
2016 51,250  308 
2017 51,250  410 
2018 51,250  461 
2019 0 51,250 
2020 2 51,250 103 
2021 57,650  173 
2022  3 57,650  173 
2023  4* 57,650 231 

 

*The Board of Directors will propose at the 2024 Annual General Meeting a dividend of DKK 4 per share.

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