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FLSmidth Company Announcements

Interim Report for FLSmidth & Co. A/S 1 January - 30 September 2010


Company Announcement to the Danish Financial Supervisory Authority No. 33-2010, 18 November 2010

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 2010. The Interim Report is 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:

Main conclusions:

Strong order execution and upward adjustment of earnings expectations for 2010

- The order intake increased 77% to DKK 16,352m (first three quarters of 2009: DKK 9,231m)

- The order backlog increased by 11% to DKK 23,613m since the turn of the year (end of 2009: DKK 21,194m)

- The revenue decreased 12% to DKK 14,666m (first three quarters of 2009: DKK 16,599m)

- Earnings before interest, tax, depreciation and amortisation (EBITDA) decreased 3% to DKK 1,754m (first three quarters of 2009: DKK 1,808m), corresponding to an EBITDA ratio of 12.0% (first three quarters of 2009: 10.9%)

- Earnings before interest and tax (EBIT) decreased 3% to DKK 1,454m (first three quarters of 2009: DKK 1,497m), corresponding to an EBIT ratio of 9.9% (first three quarters of 2009: 9.0%)

- Earnings before tax (EBT) decreased 8% to DKK 1,360m (first three quarters of 2009: DKK 1,483m)

- The profit for the period decreased 24% to DKK 949m (first three quarters of 2009: DKK 1,256m)

- Cash flow from operating activities amounted to DKK 1,103m (first three quarters of 2009: DKK 1,547m)

- Net interest-bearing receivables by the end of the 3rd quarter of 2010 amounted to DKK 1,489m (end of 2009: DKK 1,085m)


Outlook for 2010

- The expectations for the cement market in 2010 are upgraded to approximately 60m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China) (previously approximately 50m tonnes per year)

- The consolidated revenue is still expected to total DKK 20-21bn in 2010

- The expectations for the EBIT ratio in 2010 have been raised to approximately 9-10% (previously approximately 8-9%)

- The outlook for the individual business areas in 2010 is as follows:

Cement DKK 9.5-10bn
Minerals DKK 9-9.5bn
Cembrit DKK approx. 1.2bn

EBIT ratio
Cement approx. 10% (previous expectation approx. 9%)
Minerals approx. 10% (previous expectation approx. 9%)
Cembrit approx. 2%

- The effect of purchase price allocations regarding GL&V Process is expected to amount to approximately DKK -100m in 2010 in the form of amortisation of intangible assets

- In 2010, the effective tax rate is expected to be around 30%

- Cash flow from investing activities (exclusive of acquisitions) is expected to be around DKK -650m in 2010 (previous expectation approximately DKK -600m)


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 10:00 CET. For further details, please visit


FLSmidth & Co. A/S
Corporate Communications & Investor Relations