Company Announcement to the Danish Financial Supervisory Authority
No. 38-2008, 21 August 2008
The Board of Directors and the Group Management of FLSmidth & Co. A/S
have today reviewed and approved the Interim Report for 1 January to
30 June 2008.
The Interim Report is accessible at FLSmidth's website:
http://www.flsmidth.com/reports
Main conclusions - Developments in the first half of 2008
The order intake increased by 69% in the first half of 2008 which is
a positive indicator for the turnover in 1-3 years' time
* The order backlog has increased by 24% to DKK 31,355m
since the turn of the year (end of 2007: DKK 25,312m)
* The order intake rose 69% to DKK 17,278m in the first half
of 2008, up from DKK 10,253m in the same period of last year
* The turnover rose 36% to DKK 11,225m in the first half of
2008, up from DKK 8,268m in the same period of last year
* Earnings before interest and tax, depreciation and
amortisation (EBITDA) rose 56% to DKK 1,297m in the first half of
2008, up from DKK 834m in the same period of last year,
corresponding to an EBITDA ratio of 11.6% (first half of 2007:
10.1%)
* Earnings before interest and tax (EBIT) adjusted for the
effect of purchase price allocations in respect of GL&V Process
amounted to DKK 1,175m in the first half of 2008, representing an
EBIT ratio of 10.5% (effect of purchase price allocations in the
first half of 2008 amounted to DKK -198m)
* Earnings before interest and tax (EBIT) rose 32% to DKK
977m in the first half of 2008, up from DKK 742m in the same period
of last year, corresponding to an EBIT ratio of 8.7% (first half of
2007: 9.0%)
* Earnings before tax (EBT) rose 25% to DKK 1,000m in the
first half of 2008, up from DKK 800m in the same period of last
year
* Cash flow from operating activities amounted to DKK 1,331m
in the first half of 2008, as against DKK 508m in the same period
of last year
Prospects for 2008
FLSmidth & Co. maintains its expectations for the turnover and
financial result in 2008 and upgrades its expectations for the size
of the cement market and cash flow from operating activities
The prospects for the cement market in 2008 in terms of new
contracted cement kiln capacity worldwide (exclusive of China) are
now upgraded to approximately 150m tonnes per year from previously
125-150m tonnes per year, which is a record-high level.
FLSmidth & Co. maintains its expectations for the year's turnover and
financial result:
* Consolidated turnover approximately DKK 26bn
* Earnings before special non-recurring items, depreciation
and amortisation (EBITDA) DKK 2.9-3.0bn
* Earnings before interest and tax (EBIT) DKK 2.4-2.5bn
inclusive of the effect of purchase price allocations regarding
GL&V Process at DKK -280m
* Earnings before tax (EBT) DKK 2.3-2.4bn
FLSmidth & Co. upgrades its expectations for cash flow from operating
activities in 2008:
* Cash flow from operating activities (CFFO) approximately
DKK 1.8bn (previously approximately DKK 1.5bn)
FLSmidth's interactive electronic interim report
Via the website both figures and tables can be downloaded in Excel
spreadsheet and via the search engine it is possible to make a global
search in the accounts for both figures and text.
Go to http://www.flsmidth.com/FLSmidth/English/Investor/Reports/
Interactive+Reports.htm
Please address any questions to this announcement to Mr Jørgen Huno
Rasmussen, Group CEO, telephone +45 36 18 18 00.
A telephone conference regarding the Interim Report will be held
today at 15:00 hours CET. For further details, please visit
www.flsmidth.com
FLSmidth & Co. A/S
Corporate Communications & Investor Relations
