The Interim Report is accessible at FLSmidth's website:
http://www.flsmidth.com/reports
The main conclusions of the Interim Report are: Earnings and cash flow as expected, but low order intake in the first quarter of 2009 - The order intake amounted to DKK 3,111m, which is 66% lower than last year (first quarter 2008: DKK 9,054m) - The order backlog has decreased by 5% to DKK 28,945m since the turn of the year (end of 2008: DKK 30,460m) - The revenue amounted to DKK 5,173m, which is 3% lower than last year (first quarter 2008: DKK 5,322m) - Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 3% to DKK 578m from DKK 598m last year, corresponding to an unchanged EBITDA ratio of 11.2%- Earnings before interest and tax (EBIT) rose 9% to DKK 474m (first quarter 2008: DKK 436m), corresponding to an EBIT ratio of 9.2% (first quarter 2008: 8.2%) - Earnings before tax (EBT) fell by 21% to DKK 372m from DKK 469m last year- Profit/loss for the period rose 42% to DKK 467m from DKK 330m last year- Cash flow from operating activities amounted to DKK 192m against DKK 717m last year- Net interest-bearing debt amounted to DKK 622m at the end of the first quarter of 2009 (end of 2008: DKK 574m) Prospects for 2009The expectations for the cement market in 2009 remain unchanged at 25-50m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China). - In 2009, FLSmidth & Co. expects a consolidated revenue of DKK 20-23bn and a satisfactory EBIT ratio of approximately 8-9% (previous expectation: consolidated revenue DKK 20-25bn and satisfactory earnings) - The prospects of the individual business areas in 2009 are as follows:Cement: Slight decline in revenue compared to 2008 and satisfactory earnings
Minerals: Slight decline in revenue compared to 2008 and satisfactory earnings
Cembrit: Decline in revenue compared to 2008 and modest negative earnings (previous expectation: slight decline in revenue compared to 2008 and modest positive earnings) - The effect of purchase price allocations regarding GL&V Process is expected to amount to approximately DKK -100m in 2009 in the form of amortisation of intangible assets- In 2009 the effective tax rate is expected to be around 20% - Cash flow from investing activities (exclusive of acquisitions) is expected to amount to approximately DKK -350m in 2009 FLSmidth's interactive electronic interim reportVia the website both figures and tables can be downloaded in Excel spreadsheet and via the seach engine it is possible to make a global search in the accounts for both figures and text. Direct link: http://reports.flsmidth.com/flsmidth.php?mid=wftwfh 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
http://www.flsmidth.com/reports
The main conclusions of the Interim Report are: Earnings and cash flow as expected, but low order intake in the first quarter of 2009 - The order intake amounted to DKK 3,111m, which is 66% lower than last year (first quarter 2008: DKK 9,054m) - The order backlog has decreased by 5% to DKK 28,945m since the turn of the year (end of 2008: DKK 30,460m) - The revenue amounted to DKK 5,173m, which is 3% lower than last year (first quarter 2008: DKK 5,322m) - Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 3% to DKK 578m from DKK 598m last year, corresponding to an unchanged EBITDA ratio of 11.2%- Earnings before interest and tax (EBIT) rose 9% to DKK 474m (first quarter 2008: DKK 436m), corresponding to an EBIT ratio of 9.2% (first quarter 2008: 8.2%) - Earnings before tax (EBT) fell by 21% to DKK 372m from DKK 469m last year- Profit/loss for the period rose 42% to DKK 467m from DKK 330m last year- Cash flow from operating activities amounted to DKK 192m against DKK 717m last year- Net interest-bearing debt amounted to DKK 622m at the end of the first quarter of 2009 (end of 2008: DKK 574m) Prospects for 2009The expectations for the cement market in 2009 remain unchanged at 25-50m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China). - In 2009, FLSmidth & Co. expects a consolidated revenue of DKK 20-23bn and a satisfactory EBIT ratio of approximately 8-9% (previous expectation: consolidated revenue DKK 20-25bn and satisfactory earnings) - The prospects of the individual business areas in 2009 are as follows:Cement: Slight decline in revenue compared to 2008 and satisfactory earnings
Minerals: Slight decline in revenue compared to 2008 and satisfactory earnings
Cembrit: Decline in revenue compared to 2008 and modest negative earnings (previous expectation: slight decline in revenue compared to 2008 and modest positive earnings) - The effect of purchase price allocations regarding GL&V Process is expected to amount to approximately DKK -100m in 2009 in the form of amortisation of intangible assets- In 2009 the effective tax rate is expected to be around 20% - Cash flow from investing activities (exclusive of acquisitions) is expected to amount to approximately DKK -350m in 2009 FLSmidth's interactive electronic interim reportVia the website both figures and tables can be downloaded in Excel spreadsheet and via the seach engine it is possible to make a global search in the accounts for both figures and text. Direct link: http://reports.flsmidth.com/flsmidth.php?mid=wftwfh 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