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FLSmidth Company Announcements

Interim Report for FLSmidth & Co. A/S 1 January - 30 June 2009

20.08.2009
Company Announcement to the Danish Financial Supervisory Authority No. 16-2009, 20 August 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 30 June 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:

http://www.flsmidth.com/reports
The main conclusions of the Interim Report are:
 
Extraordinary dividend of DKK 2 per share as a result of satisfactory developments in profit for the period and cash flow
 
- The order intake amounted to DKK 5,611m, which is 68% lower than last year (1st half of 2008: DKK 17,278m)
 
- The order backlog has decreased by 15% to DKK 25,963m since the turn of the year (end of 2008: DKK 30,460m)
 
- The revenue amounted to DKK 10,766m, which is 4% lower than last year (1st half of 2008: DKK 11,225m)
 
- Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7% to DKK 1,205m from DKK 1,297m last year, corresponding to an EBITDA ratio of 11.2% (first half of 2008: 11.6%)
 
- Earnings before interest and tax (EBIT) rose 5% to DKK 1,022m (first half of 2008: DKK 977m), corresponding to an EBIT ratio of 9.5% (first half of 2008: 8.7%)
 
- Earnings before tax (EBT) fell 1% to DKK 988m from DKK 1,000m in the first half of 2008
 
- Profit for the period rose 29% to DKK 904m from DKK 702m in the first half of 2008
 
- Cash flow from operating activities amounted to DKK 608m against DKK 1,331m in the first half of 2008
 
- Net interest-bearing debt amounted to DKK 234m at the end of the first half of 2009 (end of 2008: DKK 574m)
 
- The Board of Directors has decided to distribute an extraordinary dividend of DKK 2 per share as a result of satisfactory developments in profit for the period and cash flow. The dividend will be paid out on 26 August 2009, and as from 21 August 2009 shares in FLSmidth & Co. A/S will be traded exclusive of dividend.
 
 
Prospects for 2009
 
Upward adjustment of the expected EBIT ratio for 2009 to 8.5-9%
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).
 
- FLSmidth & Co. continues to expect a consolidated revenue in 2009 of DKK 20-23bn and a satisfactory EBIT ratio of 8.5-9% (previous expectation: approximately 8-9%)
 
- 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 be around DKK -300m in 2009 (previous expectation DKK -350m)
 
Please address any questions to this announcement to Mr Jørgen Huno Rasmussen, Group CEO, telephone +45 36 18 18 00.
 
An investor meeting and telephone conference regarding the Interim Report will be held today at 15:00 CET hours. For further details, please visit www.flsmidth.com
 
FLSmidth & Co. A/S
Corporate Communications & Investor Relations