Company Announcement to the Danish Financial Supervisory Authority No. 10-2011, 12 May 2011.
The Board of Directors and the Executive Management of FLSmidth & Co. A/S have today reviewed and approved the Interim Report for 1 January to 31 March 2011. The Interim Report is presented in accordance with IAS 34, presentation of Interim Reports, as approved by the EU, and additional Danish disclosure requirements for interim reports submitted by listed companies. The Interim Report has not been audited nor reviewed by the Group auditor.
The Interim Report is accessible at FLSmidth's website:
http://www.flsmidth.com/reports
The main conclusions of the Interim Report are:
Unchanged expectations for 2011, order intake in Minerals increases significantly
- The order intake decreased 4% to DKK 4,964m (Q1 2010: DKK 5,195m ), but increased 42% in Minerals alone
- The order backlog has increased by 1% to DKK 24,033m since the turn of the year (end of 2010: DKK 23,708m)
- The revenue decreased 2% to DKK 4,385m (Q1 2010: DKK 4,490m)
- Earnings before interest, tax, depreciation and amortisation (EBITDA) decreased 8% to DKK 427m (Q1 2010 DKK 462m) corresponding to an EBITDA ratio of 9.7% (Q1 2010: 10.3%)
- Earnings before interest and tax (EBIT) decreased 15% to DKK 305m (Q1 2010 DKK 359m) corresponding to an EBIT ratio of 7.0% (Q1 2010: 8.0%)
- Earnings before tax (EBT) decreased 27% to DKK 249m (Q1 2010: DKK 342m)
- The profit for the period decreased 26% to DKK 173m (Q1 2010: DKK 233m)
- Cash flow from operating activities amounted to DKK -101m (Q1 2010: DKK 349m)
- Net interest-bearing receivables by the end of Q1 2011 amounted to DKK 944m (end of 2010: DKK 1,254m)
Outlook for 2011 (unchanged)
- The expectations for the cement market in 2011 are 65m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China)
- In 2011, FLSmidth & Co. expects a consolidated revenue of DKK 21-22bn and an EBIT ratio of approximately 9-10%
- For the individual business areas, the prospects for 2011 are as follows:
Revenue:
Cement DKK 9-10bn
Minerals DKK 10-11bn
Cembrit approx. DKK 1.4bn
EBIT ratio:
Cement 9-10%
Minerals 10-11%
Cembrit approx. 4%
- The effect of purchase price allocations regarding GL&V Process is expected to amount to approximately DKK -90m in 2011 in the form of amortisation of intangible assets
- In 2011, the effective tax rate is expected to be around 30%
- Cash flow from investing activities (exclusive of acquisitions) is expected to be around DKK -900m in 2011.
Please address any questions to this announcement to Mr Jørgen Huno Rasmussen, Group CEO, telephone +45 36 18 18 00.
An investor & press meeting and telephone conference regarding the Interim Report will be held today at 11.00 hours CET at the company's headquarters. For further details, please visit www.flsmidth.com
FLSmidth & Co. A/S
Corporate Communications & Investor Relations