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FLSmidth Company Announcements

Interim Report for FLSmidth & Co. A/S 1 January - 30 September 2008

19.11.2008
Company Announcement to the Danish Financial Supervisory Authority No. 47-2008, 19 November 2008

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 2008. 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:


The main conclusions of the Interim Report are:
 
The order intake increased 49% in the first three quarters and 20% in the 3rd quarter alone 
 
- The order intake increased 49% to DKK 25,782m in the first three quarters of 2008, up from DKK 17,333m in the same period the year before
 
- The order backlog has increased by 33% to DKK 33,731m since the turn of the year (end of 2007: DKK 25,312m)
 
- The turnover increased 31% to DKK 17,711m in the first three quarters of 2008, up from DKK 13,488m in the same period of last year
 
- Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 39% to DKK 2,000m in the first three quarters of 2008, up from DKK 1,442m in the same period of last year, corresponding to an EBITDA margin of 11.3% (first three quarters of 2007: 10.7%)
 
- Earnings before interest and tax (EBIT) before the effect of purchase price allocations regarding GL&V Process amounted to DKK 1,814m in the first three quarters of 2008 (first three quarters of 2007: DKK 1,287m) corresponding to an EBIT ratio of 10.2% (first three quarters of 2007: 9.5%) (effect of purchase price allocations amounted to DKK -254m in the first three quarters of 2007)
 
- Earnings before interest and tax (EBIT) increased 25% to DKK 1,560m in the first three quarters of 2008, up from DKK 1,244m in the same period of last year, corresponding to an EBIT ratio of 8.8% (first three quarters of 2007: 9.2%)
 
- Earnings before tax (EBT) increased 13% to DKK 1,456m in the first three quarters of 2008, up from DKK 1,286m in the same period of last year
 
- Cash flow from operating activities amounted to DKK 2,611m in the first three quarters of 2008 up from DKK 978m in the same period of last year

- Net interest-bearing debt amounted to DKK 66m at the end of third quarter (end 2007: DKK 1,804m). The Group (including discontinuing activities) was net debt-free at the end of third quarter 2008
 
Prospects for 2008
 
FLSmidth & Co. maintains its expectations for the turnover and financial result in 2008
 
The expectations for the cement market in 2008 remain unchanged at 150m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China), most of which has been contracted by now.
 
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 after the effect of purchase price allocations regarding GL&V Process at DKK -280m
 
- Earnings before tax (EBT) DKK 2.3-2.4bn
 
FLSmidth & Co. upgrades its expectations for cash flow from operating activities in 2008:
- Cash flow from operating activities (CFFO) approximately DKK 2.5bn (previously approximately DKK 1.8bn)
 
 
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