FLSmidth's financial key figures

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DKKm	2018	2019	2020	2021	2022
INCOME STATEMENT
Revenue	18,750	20,646	16,441	17,581	21,849
Gross profit	4,693	4,849	3,865	4,180	5,076
EBITDA before special non-recurring items	1,826	2,008	1,134	1,401	1,300
EBITA	1,585	1,663	771	1,030	943
EBIT	1,220	1,286	428	668	619
Financial items, net	(161)	(118)	(47)	(81)	(67)
EBT	1,059	1,171	381	587	552
Profit/loss for the year, continuing activities	811	798	226	374	351
Profit/loss for the year, discontinued activities	(176)	(22)	(21)	(17)	1
Profit/loss for the year	635	776	205	357	352

ORDERS
Order intake (gross), continuing activities	21,741	19,554	18,524	19,233	24,644
Order backlog, continuing activities	16,218	14,192	14,874	16,592	23,541

EARNING RATIOS
Gross margin	25.0 %	23.5 %	23.5%	23.8%	23.2%
EBITDA margin before special non-recurring items	9.7 %	9.7 %	6.9%	8.0%	5.9%
EBITA margin	8.5 %	8.1 %	4.7%	5.9%	4.3%
EBIT margin	6.5 %	6.2 %	2.6%	3.8%	2.8%
EBT margin	5.6 %	5.7 %	2.3%	3.3%	2.5%

CASH FLOW
CFFO	385	948	1,421	1,449	968
Acquisitions of tangible assets	(288)	(177)	(171)	(116)	(88)
CFFI	(285)	(661)	(376)	(273)	(2,310)
Free cash flow	100	287	1,045	1,176	(1,342)
Free cash flow adjusted for acquisitions and disposals of enterprises and activities	(15)	574	1,082	1,185	777

BALANCE SHEET
Net working capital	2,200	2,739	1,752	1,058	1,893
Net interest-bearing debt (NIBD)	(1,922)	(2,492)	(1,808)	889	(726)
Total assets	21,743	23,532	20,456	23,053	29,845
Equity	8,266	8,793	8,130	10,368	10,787
Dividend to shareholders, proposed	461	0	103	173	173

FINANCIAL RATIOS
CFFO / Revenue	2.1 %	4.6 %	8.6%	8.2%	4.4%
Book-to-bill	116.0 %	94.7 %	112.7%	109.4%	112.8%
Order backlog / Revenue	86.5 %	68.7 %	90.5%	94.4%	107.7%
Return on equity	7.8 %	9.1 %	2.4%	3.9%	3.3%
Equity ratio	38.0 %	37.4 %	39.7%	45.0%	36.1%
ROCE, average	11.0 %	10.9 %	5.1%	7.2%	5.9%
Net working capital ratio, end	11.7 %	13.3 %	10.7%	6.0%	7.8%
NIBD/EBITDA	1.1	1.2	1.6	(0.6)	0.6
Capital employed, average	14,338	15,251	15,195	14,384	15,888
Number of employees	11,368	11,765	10,639	10,117	10,977

SHARE RATIOS
CFPS (cash flow per share), (diluted)	7.7	18.9	28.3	27.8	17.0
EPS (earnings per share), (diluted)	12.8	15.5	4.2	6.9	6.5
Dividend yield	3.1	0.0	0.9	1.2	1.2
Dividend per share, proposed	9	0	2	3	3
Share price	293.1	265.4	232.8	244.3	251.7
Number of shares (1,000), end	51,250	51,250	51,250	57,650	57,650
Market capitalisation	15,021	13,602	11,931	14,084	14,511

SUSTAINABILITY KEY FIGURES
Spend with suppliers with science-based targets*				4.9%	7.7%
Safety, Total recordable incident rate (TRIR)*	3.0	1.6	1.0	1.9	1.5
Quality, Delivery in full on time (DIFOT)	87.0%	88.0%	88.3%	85.1%	81.9%
Scope 1 & 2 greenhouse gas emissions (tCO₂e) market-based			41,155	34,737	36,767
Scope 3: Economic intensity \| Use of sold products (GHGs in tonnes CO₂e/DKKm order intake)*		10,663		10,348**	5,310
Water withdrawal (m³)	227,272	221,613	197,346	201,997	178,064
Suppliers assessed for sustainability	195	689	390	641	676
Women managers	10.4%	11.2%	13.1%	14.3%	14.3%

IFRS 16 was adopted 1 January 2019. No figures prior to 1 January 2019, throughout the report, have been restated.

*Sustainability key figures are from our Sustainability Report. Starting in 2018, TRIR is including contractors. Spend with suppliers with sciencebased targets was tracked for the first time in 2021. Scope 3 economic intensity was a new target introduced in 2021 using 2019 data as baseline. No data was tracked for economic intensity in 2020.

**Reported lifetime greenhouse gas emissions for 2021 have been recalculated by 631 tonnes CO₂e due to two orders moved from 2021 to 2022 to align with the effective Order Intake date

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