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FLSmidth Company Announcements

FLSmidth & Co. A/S Annual Report 2004

02.03.2005
Message to the Copenhagen Stock Exchange, No. 09 - 2005, 2 March 2005.

The Board of Directors of FLSmidth & Co. A/S has today reviewed the 2004 Annual Report.
To read the Annual Report visit:
 
The main conclusions are as follows:
 
The Group
-The turnover and earnings from operations for 2004 are better than the latest announcement of projections. The consolidated turnover reached DKK 14,721m in 2004 (2003: DKK 14,911m). The consolidated earnings before interest and tax (EBIT) were DKK 28m in 2004 (2003: DKK -2,990m).
-The consolidated earnings before tax (EBT) were DKK 435m (2003: DKK -2,550m), on a par with the latest announcement of projections.
-The sale of FLS Aerospace, Aalborg Portland and Unicon plus the write-downs, etc. made in Dansk Eternit Holding had a notable impact on the consolidated profit and loss account and balance sheet.
-The consolidated net interest-bearing balances amounted to DKK 1,191m at the end of 2004 as against DKK -2,445m (net interest-bearing debt) at the end of 2003.
 
Continuing activities
-The Group will in future be segmented according to its business areas: Cement, Minerals and Other, the latter consisting of Dansk Eternit Holding, Densit and the parent company.
-The turnover of the continuing activities amounted to DKK 10,729m in 2004 (2003: DKK 9,034m).
-The earnings before interest and tax (EBIT) of the continuing activities amounted to DKK -281m in 2004 (2003: DKK -147m), and earnings before tax (EBT) amounted to DKK -294m (2003: DKK -120m).
 
Important events
-The sale of FLS Aerospace was finally closed on 28 June 2004.
-The sale of Aalborg Portland and Unicon was finally closed on 29 October 2004.
-FLS miljø handed over the West Burton desulphurisation plant in December 2004.
 
Prospects for 2005
-The prospects are based on the accounts being presented in accordance with IFRS. 
-In 2005, FLSmidth & Co. expects a consolidated turnover of approximately DKK 10bn, earnings before interest and tax (EBIT) at DKK 150-200m and earnings before tax (EBT) of DKK 180-230m
  
Prospects for 2007
-The objective of the Group is to achieve earnings before tax (EBT) at 5% of the turnover in 2007.
 
 
FLSmidth electronic annual report. All content is interactive on the website.
Numbers and tables can easily be downloaded in Excel format and the search function enables you to search for single numbers and words.
 
 
FLSmidth & Co. A/S
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