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Interim Report for FLSmidth & Co. A/S 1 January - 30 September 2007

27.11.2007
Company Announcement to the Danish Financial Supervisory Authority No. 27-2007, 27 November 2007

The Board of Directors and the Corporate Management of FLSmidth & Co. A/S has today reviewed and approved the Interim Report for 1 January to 30 September. 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:


The main conclusions of the Interim Report are:
 
Developments in the first three quarters of 2007
The order backlog has increased by 37% to DKK 24,940m since the turn of the year (end of 2006: DKK 18,264m).
 
- The order intake rose 18% to DKK 17,333m in the first three quarters of 2007, up from DKK 14,668m in the same period of the year before.
 
- The turnover rose 60% to DKK 13,488m in the first three quarters of 2007, up from DKK 8,414m in the same period of the year before.
 
- Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 143% to DKK 1,442m in the first three quarters of 2007, up from DKK 593m in the same period of the year before, corresponding to an EBITDA ratio of 10.7% (first three quarters of 2006: 7.0%)
 
- Earnings before interest and tax (EBIT) rose 173% to DKK 1,244m in the first three quarters of 2007, up from DKK 456m in the same period of the year before, corresponding to an EBIT ratio of 9.2% (first three quarters of 2006: 5.4%)
 
- Earnings before tax (EBT) rose 157% to DKK 1,286m in the first three quarters of 2007, up from DKK 501m in the same period of the year before.
 
- Cash flow from operating activities (continuing activities) amounted to DKK 979m in the first three quarters of 2007 as against DKK 652m in the same period of the year before.
 
Significant events in the third quarter of 2007
On 10 August 2007, FLSmidth & Co. acquired GL&V Process, one of the world's leading providers of separation technology for the metal and minerals industries. The total purchase price amounted to CAD 998m (DKK 5.2bn) and the activities acquired have been consolidated as from 10 August 2007. The acquisition includes all shares and voting rights.
 
Prospects for 2007
The expectations for the cement market in 2007 remain unchanged at 125-150m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China).
 
FLSmidth & Co. upgrades its expectations for the year's turnover and earnings, cf. the below figures which in accordance with previously announced expectations are inclusive of the recognition of GL&V Process from 10 August 2007:
 
- Consolidated turnover approximately DKK 20.5bn (previous expectation DKK 19.5-20bn), of which GL&V Process accounts for DKK 1.2bn.
 
- Earnings before interest and tax, depreciation and amortisation and special non-recurring items (EBITDA) DKK 2.05-2.2bn (previous expectation DKK 1.85-2.0bn), of which GL&V Process accounts for DKK 150m.
 
- Earnings before interest and tax (EBIT) DKK 1.75-1.9bn (previous expectation DKK 1.55-1.7bn), of which GL&V Process accounts for DKK 0m.
 
- Earnings before tax (EBT) DKK 1.75-1.9bn (previous expectation DKK 1.55-1.7bn), of which GL&V Process accounts for DKK -100m.
 
FLSmidth's interactive electronic interim report
Via the website both figures and tables can be downloaded in Excel spreadsheet and via the search engine it is possible to make a global search in the accounts for both figures and text.   
 
 
Please address any questions to this announcement to Mr Jørgen Huno Rasmussen, Group CEO, telephone +45 36 18 18 00, from 14.00 hours CET.
 
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 Communication