Company Announcement to the Danish Financial Supervisory Authority No. 24-2012, 15 May 2012
The Board of Directors and the Group Management of FLSmidth & Co. A/S have today reviewed and adopted the Interim Report for the period 1 January to 31 March 2012.
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:
Outlook for 2012 (unchanged at Group level)
In 2012, FLSmidth & Co. A/S still expects consolidated revenue of DKK 24-26bn exclusive of acquisitions (2011: DKK 22bn), an EBITA margin of minimum 10% (2011: 10.9%) and an EBIT margin of 9-10% (2011: 9.9%).
The effect of purchase price allocations (exclusive of new acquisitions) is expected to be around DKK 220m in 2012 (2011: DKK 178m).
Cash flow from investing activities (exclusive of acquisitions) is expected to be around DKK -900m in 2012 (2011: DKK -733m) due to the investment in eight supercentres and the expansion of activities in India and China.
The effective tax rate is expected to be approximately 30-32% in 2012 (2011: 31%) and tax payable slightly lower.
Financial results in Q1 2012
Strong order intake in Q1 confirms growth expectations and positive outlook
The order intake increased 29% to DKK 6,421m (Q1 2011: DKK 4,964m)
Revenue increased 17% to DKK 5,145m (Q1 2011: DKK 4,385m)
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 10% to DKK 469m (Q1 2011: DKK 427m), corresponding to an EBITDA margin of 9.1% (Q1 2011: 9.7%)
The order backlog increased 6% in Q1 to DKK 28,736m (end 2011: DKK 27,136m)
Earnings before amortisation and write-down of intangible assets (EBITA) increased 11% to DKK 402m (Q1 2011: DKK 363m), corresponding to an EBITA margin of 7.8% (Q1 2011: 8.3%)
Earnings before interest and tax (EBIT) increased 10% to DKK 334m (Q1 2011: DKK 305m), corresponding to an EBIT margin of 6.5% (Q1 2011: 7.0%)
Earnings before tax (EBT) increased 39% to DKK 346m (Q1 2011: DKK 249m)
The profit for the period increased 39% to DKK 241m (Q1 2011: DKK 174m)
Cash flow from operating activities amounted to DKK -117m (Q1 2011: DKK -101m)
Net interest-bearing debt by the end of Q1 2012 amounted to DKK 386m (end of 2011: DKK 98m)
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