FLSmidth takes a conservative approach to capital structure with an emphasis on relatively low debt, gearing and financial risk. The Board of Directors’ priority for capital structure throughthe-cycle is as follows:

 

  • Leverage (NIBD/EBITDA < 2)
  • Dividend pay-out ratio (30-50% of net profit)
  • Equity ratio > 30%

In addition, the Board of Directors’ priority for capital allocation is to invest in organic growth and value adding M&A, and under special circumstances share buyback or special dividend.


Share and dividend key figures          
Year 2017 2018  2019   2020  2021
CFPS (cash flow per share), DKK (diluted) 21.4  7.7  18.9  28.3  27.8
EPS (earnings per share), DKK (diluted) 1.5  12.8  15.5  4.2  6.9
BVPS (book value per share), DKK 162  167  171  159  180
DPS (dividend per share), DKK 8  9  0  2  3
Pay-out ratio (%) 539  72  -  50  48
Dividend yield (dividend as percent of share price end of year) 2.2  3.1  0.0  0.9  1.2
FLSmidth & Co. A/S share price, end of year, DKK 361.3  293.1  265.4  232.8  244.3
Listed number of shares (1,000), end of year, DKK 51,250  51,250  51,250  51,250  57,650
Number of shares excl. own shares (1,000), end of year 49,521 49,866   50,056  50,152  56,725
Average number of shares (1,000) (diluted) 49,690 50,051   50,092  50,153  52,080
Market capitalisation, DKKm 18,517  15,021  13,602  11,931  14,084



Dividend history
Year Dividend per share, DKK Number of shares (end of year) '000s   Dividend total, DKKm
1990 2.4 38,200 92
1991 2.4 38,200 92
1992 1.6 38,905 62
1993 1.6 38,905 62
1994 2.4 46,098 111
1995 2.4 46,098 111
1996 3.2 46,098 148
1997 4 46,098 184
1998 5 46,487 234
1999 7.5 46,487 349
2000 3 46,487 139
2001 0 53,200  -
2002 0 53,200  -
2003 0 53,200
 -
2004 7 53,200 372
2005 7 53,200 372
2006 7 53,200
372
2007 7 53,200
372
2008 0 53,200
 -
2009 7 53,200
372
2010 9 53,200
479
2011 9 53,200
479
2012 9 53,200
479
2013 2 53,200 106
2014 9 51,250 461
2015 4 51,250  205 
2016 51,250  308 
2017 51,250  410 
2018 51,250  461 
2019 0 51,250 
2020 2 51,250 103 
2021 3*  57,650  173 

 

*The Board of Directors will propose at the 2022 Annual General Meeting a dividend of DKK 3 per share.


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