Download Center

FLSmidth & Co. is a project and service focused engineering business with a unique global market position and strong potential for growth.

FLSmidth download center

Announcements

Here you can read company announcements and press releases from FLSmidth.

FLSmidth Company Announcements

Interim report 1 January to 30 June 2004 for FLS Industries A/S

26.08.2004
The Board of Directors of FLS Industries A/S has today reviewed and adopted the report and accounts for the first six months of 2004. The Report is unaudited and presented in accordance with the same accounting policies as the 2003 Annual Report.

The full report is accessible via the Internet at:


http://www.flsindustries.com/investor/fls_reports.htm


The main conclusions are as follows:

Earnings performance of the FLS Group in the first half-year of 2004
- Earnings before interest and tax (EBIT) posted in the first half-year of 2004 have improved compared to the same period last year. All operating units, apart from F.L.Smidth Airtech, FLS Aerospace and FFE Minerals, improved their earnings before interest and tax in the 1st half-year of 2004, compared to the same period of the previous year.
- Earnings before interest, tax and amortisation (EBITA) were DKK 144m as against DKK -304m for the same period last year.
- Earnings before interest and tax (EBIT) were DKK 96m as against DKK -353m for the same period last year.
- Earnings before tax (EBT) were DK -27m as against DKK 202m for the same period last year. The latter was positively influenced by the DKK 648m profits earned on disposal of activities, mainly Secil.
- Cash flows from operating activities were DKK -408m compared to DKK -54m for the same period the year before.
- The FLS Group's net turnover was DKK 7,667m as against DKK 7,055m for the same period last year, representing a 10% increase net of exchange rate variations.
- The FLS Group's interest-bearing debt amounted to DKK 3.1bn which is unchanged compared to 1st quarter 2004.


Other issues
- On 12 August 2004, FLS Industries signed an agreement with Cementir S.p.A., the Italian cement group, to sell all its shares in Aalborg Portland and Unicon. The total selling price of the assets in the two companies has been agreed at an amount commensurate with DKK 4.4bn free from debt (enterprise value). The final transfer of shares, which is subject to approval by the authorities concerned, is expected to take place later this year.
- The sale of FLS Aerospace to SR Technics was finalised on 28 June 2004.
- The remaining projects within FLS miljø are on the whole being finalised according to schedule, but the handing over to the customer of the two desulphurisation plants in England is now expected to take place in the 4th quarter instead of the 3rd quarter as previously announced.


FLS Group prospects for 2004
- The FLS Group upgrades its expectations for consolidated turnover to approximately DKK 14bn, up from the previous forecast of approximately DKK 13bn.
- The FLS Group maintains its forecast of earnings before interest, tax and amortisation of goodwill (EBITA) around the level of DKK 400-500m.
- The FLS Group maintains its forecast of earnings before interest and tax (EBIT) around the level of 300-400m.
- The FLS Group now anticipates earnings before tax (EBT) around the level of DKK 750-850m, corresponding to the previous projection of DKK 250-350m plus the DKK 500m profit earned from the disposal of undertakings.
- The above expectations are based on Aalborg Portland and Unicon being in the Group's ownership throughout the entire year 2004.
- The FLS Group's capital structure will be significantly changed as a result of divestments. Positive financial net assets are therefore expected at the end of 2004.
- In the second half-year of 2004 the Board of Directors will review the Group's future strategy and capital structure. Decisions regarding the future capital structure will be published at the latest in connection with the release of the Annual Report 2004.
.

FLS Industries A/S
Corporate Public Relations