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FLSmidth Company Announcements

Interim Report for FLSmidth & Co. A/S 1 January - 30 September 2015


Company Announcement to the Danish Financial Supervisory Authority No. 23-2015, 12 November 2015

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 2015.

The Interim Report has been presented in accordance with IFRS as adopted by the EU 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:

Group CEO Thomas Schulz comments on the Q3 report: "With the 3rd quarter report published today, we showed that, despite a tough market environment, we delivered a solid performance, and we secured a strong order intake. The decision to divest bulk material handling and the transfer of the operation & maintenance business from Customer Services to the Cement Division, is one more step in preparing FLSmidth for the future."

The main conclusions of the Interim Report are:
Order intake increased 16% - service order intake increased 1% vs. last year

Significant reduction in both net working capital and net debt in Q3

Reported numbers in Q3 were impacted by strategic changes:
- Bulk material handling activities to be divested - reported as discontinued activities
- Cement O&M projects integrated into the Cement Division

Full year guidance technically adjusted to reflect reclassification of bulk material handling. Expected full year effect DKK -1bn on revenue and +0.7%-points on the EBITA margin

Financial results in Q3 2015 (new structure for continuing activities)
The order intake increased 16% to DKK 5,151m (Q3 2014: DKK 4,423m)

The order backlog decreased 16% to DKK 16,666m (Q3 2014: DKK 19,874m)

Revenue decreased 7% to DKK 4,609m (Q3 2014: DKK 4,976m)

Earnings before amortisation and impairment of intangible assets (EBITA) decreased 27% to DKK 358m (Q3 2014: DKK 493m), corresponding to an EBITA margin of 7.8% (Q3 2014: 9.9%)

Earnings before interest and tax (EBIT) decreased 40% to DKK 245m (Q3 2014: DKK 406m)

Net profit amounted to DKK -84m (Q3 2014: DKK 215m)

Cash flow from operating activities amounted to DKK 496m (Q3 2014: DKK 887m)

Net working capital amounted to DKK 2,626m (Q3 2014: DKK 2,536m)

Return on Capital Employed (ROCE) decreased to 11% (Q3 2014: 12%)

Net interest-bearing debt amounted to DKK 3,746m (Q3 2014: DKK 4,992m)

Guidance for 2015
The guidance for 2015 is technically adjusted to reflect the reclassification of bulk material handling as discontinued activities.

It is expected that revenue will be DKK 19-20bn (previously DKK 19-21bn) (2014: DKK 20.5bn) and that the EBITA margin will be 7.5-8.5% (previously 7-8%) (2014: 8.9%). The return on capital employed is expected to be 10-12% (previously 9-11%) (2014: 12%).

The effective tax rate is expected to be 31-33% (2014: 26%) and cash flow from investments is expected to be around DKK -0.3bn excluding acquisitions and divestments (previously DKK -0.4bn) (2014: DKK -0.4bn).

Proforma financial results in Q3 2015 (old structure for continuing activities)
If the bulk material handling business had not been classified as discontinued activities, the reported numbers in Q3 would have been:
Order Backlog   DKK 17,697m   (Q3 2014: DKK 21,416m)
Order intake     DKK 5,244m     (Q3 2014: DKK 4,502m)
Revenue          DKK 4,938m     (Q3 2014: DKK 5,102m)
EBITA              DKK 353m       (Q3 2014: DKK 448m)
EBITA margin   7.1%               (Q3 2014: 8.8%)

Please address any questions to this announcement to Mr Thomas Schulz, Group CEO, telephone +45 36 18 18 00.

An investor & press meeting and telephone conference regarding the Interim Report will be held today at 14:00 hours CET at the company's headquarters.
For further details please visit http:

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