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Interim Report for FLSmidth & Co. A/S 1 January - 31 March 2009

28.05.2009
Company Announcement to the Danish Financial Supervisory Authority No. 8-2009, 28 May 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 31 March 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:


The main conclusions of the Interim Report are:
 
Earnings and cash flow as expected, but low order intake in the first quarter of 2009
 
- The order intake amounted to DKK 3,111m, which is 66% lower than last year (first quarter 2008: DKK 9,054m)
- The order backlog has decreased by 5% to DKK 28,945m since the turn of the year (end of 2008: DKK 30,460m)
- The revenue amounted to DKK 5,173m, which is 3% lower than last year (first quarter 2008: DKK 5,322m)
- Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 3% to DKK 578m from DKK 598m last year, corresponding to an unchanged EBITDA ratio of 11.2%
- Earnings before interest and tax (EBIT) rose 9% to DKK 474m (first quarter 2008: DKK 436m), corresponding to an EBIT ratio of 9.2% (first quarter 2008: 8.2%)
- Earnings before tax (EBT) fell by 21% to DKK 372m from DKK 469m last year
- Profit/loss for the period rose 42% to DKK 467m from DKK 330m last year
- Cash flow from operating activities amounted to DKK 192m against DKK 717m last year
- Net interest-bearing debt amounted to DKK 622m at the end of the first quarter of 2009 (end of 2008: DKK 574m)
 
Prospects for 2009
The expectations for the cement market in 2009 remain unchanged at 25-50m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China).
 
- In 2009, FLSmidth & Co. expects a consolidated revenue of DKK 20-23bn and a satisfactory EBIT ratio of approximately 8-9% (previous expectation: consolidated revenue DKK 20-25bn and satisfactory earnings)
 
- The prospects of the individual business areas in 2009 are as follows:
Cement: Slight decline in revenue compared to 2008 and satisfactory earnings
Minerals: Slight decline in revenue compared to 2008 and satisfactory earnings
Cembrit: Decline in revenue compared to 2008 and modest negative earnings (previous expectation: slight decline in revenue compared to 2008 and modest positive earnings)
 
- 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 amount to approximately DKK -350m in 2009
 
 
FLSmidth's interactive electronic interim report
Via the website both figures and tables can be downloaded in Excel spreadsheet and via the seach 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.
 
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