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FLS Industries A/S - Interim report 1 January - 31 March 2004

The FLS Industries A/S Board of Directors has today reviewed and adopted the Interim Report for January to March 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

The main conclusions are as follows:
Earnings performance of the FLS Group in the first quarter of 2004

*All operating units (apart from F.L.Smidth Airtech and FLS Aerospace) improved their earnings before interest and tax (EBIT) in the first quarter of 2004, compared to the first quarter of 2003. The first quarter result is the best for several years.

*Earnings before interest, tax and amortisation of goodwill (EBITA) amounted to DKK 66m, up from DKK -76m for the same period last year.

* Earnings before interest and tax (EBIT) were DKK 42m compared to DKK -101m for the same period last year.

* Earnings before tax (EBT) amounted to DKK -7m as against DKK 532m for the same period last year. The latter was positively influenced by the DKK 673m profits earned on disposal of activities, mainly Secil.

* Cash flows from operating activities amounted to DKK -250m compared to DKK 118m for the same period the year before.

* The FLS Group's net turnover was DKK 3,449m as against DKK 3,207m for the same period last year, representing a 10% increase exclusive of exchange rate changes.

* The FLS Group's interest-bearing debt amounts to DKK 3.1bn as against DKK 2.4bn at the end of 2003. The increase in debt reflects the 100% consolidation of the activity of Sinai White Cement Company as from 1 January 2004 as well as cash flows from operating and investing activities and higher exchange rates during the period under review.

Other issues
* The sale of FLS Aerospace to SR Technics is expected to be finalised by the end of June 2004.

* The process of selling Aalborg Portland and Unicon is progressing as planned.

* The remaining projects within FLS miljø are being finalised according to plan.

FLS Group prospects for 2004
* The FLS Group now anticipates a consolidated turnover of approximately DKK 13bn, up from the previous projection of "in excess of DKK 12bn" inter alia due to the fact that the FLS Aerospace turnover for six months is now included.

* The FLS Group maintains its anticipation of earnings before interest, tax and amortisation of goodwill (EBITA) around the level of DKK 400-500m.

* The FLS Group maintains its projection of earnings before interest and tax (EBIT) around the level of DKK 300-400m.

* The FLS Group maintains its expectation of earnings before tax (EBT) at DKK 250-350m.

* The results and timing of the divestments may have a significant effect on the pros-pects and are not taken into account in the figures stated above.

FLS Industries A/S
Corporate Public Relations