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FLSmidth Company Announcements

FLSmidth & Co. A/S sells shareholding in DENERCO OIL A/S

19.04.2005
Message to the Copenhagen Stock Exchange, No. 14 - 2005.

As part of its strategy to focus the FLSmidth Group's activities on cement and minerals, FLSmidth & Co. A/S has today agreed to sell the Group's 5.66 per cent holding in DENERCO OIL to the Employees Capital Pension Fund (Lønmodtagernes Dyrtidsfond - LD) at a price of DKK 62.3m.
As part of its strategy to focus the FLSmidth Group's activities on cement and minerals, FLSmidth & Co. A/S has today agreed to sell the Group's 5.66 per cent holding in DENERCO OIL to the Employees Capital Pension Fund (Lønmodtagernes Dyrtidsfond - LD) at a price of DKK 62.3m. LD is the major shareholder in DENERCO OIL via LD Energi A/S.
 
The timing of the actual sales transaction depends on when the other shareholders in DENERCO OIL decide on whether to make use of their preemptive right. This is expected to take place in the very near future.
 
The sale of shares in DENERCO OIL will have a DKK 62m positive effect on cash flow and is expected to improve earnings before tax (EBT) by DKK 36m. As mentioned at the Annual General Meeting the beginning of the year has progressed according to plan, and this transaction will improve the FLSmidth Group's projected earnings before tax (EBT) for the present year from the previously announced DKK 180 - 230m to DKK 200 - 260m.
 
Please address any questions regarding this announcement to Group Executive Vice President Bjarne Moltke Hansen, FLSmidth & Co. A/S at +45 36 18 10 00.
 
 
FLSmidth & Co. A/S
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