The Interim Report is accessible at FLSmidth's website:
www.flsmidth.com/reports
The main conclusions of the Interim Report are:
Developments in the first three quarters of 2007
- The order backlog has increased by 37% to DKK 24,940m since the
turn of the year (end of 2006: DKK 18,264m).
- The order intake rose 18% to DKK 17,333m in the first three
quarters of 2007, up from DKK 14,668m in the same period of the year
before.
- The turnover rose 60% to DKK 13,488m in the first three quarters of
2007, up from DKK 8,414m in the same period of the year before.
- Earnings before interest, tax, depreciation and amortisation
(EBITDA) rose 143% to DKK 1,442m in the first three quarters of 2007,
up from DKK 593m in the same period of the year before, corresponding
to an EBITDA ratio of 10.7% (first three quarters of 2006: 7.0%)
- Earnings before interest and tax (EBIT) rose 173% to DKK 1,244m in
the first three quarters of 2007, up from DKK 456m in the same period
of the year before, corresponding to an EBIT ratio of 9.2% (first
three quarters of 2006: 5.4%)
- Earnings before tax (EBT) rose 157% to DKK 1,286m in the first
three quarters of 2007, up from DKK 501m in the same period of the
year before.
- Cash flow from operating activities (continuing activities)
amounted to DKK 979m in the first three quarters of 2007 as against
DKK 652m in the same period of the year before.
Significant events in the third quarter of 2007
On 10 August 2007, FLSmidth & Co. acquired GL&V Process, one of the
world's leading providers of separation technology for the metal and
minerals industries. The total purchase price amounted to CAD 998m
(DKK 5.2bn) and the activities acquired have been consolidated as
from 10 August 2007. The acquisition includes all shares and voting
rights.
Prospects for 2007
The expectations for the cement market in 2007 remain unchanged at
125-150m tonnes per year new contracted cement kiln capacity
worldwide (exclusive of China).
FLSmidth & Co. upgrades its expectations for the year's turnover and
earnings, cf. the below figures which in accordance with previously
announced expectations are inclusive of the recognition of GL&V
Process from 10 August 2007:
- Consolidated turnover approximately DKK 20.5bn (previous
expectation DKK 19.5-20bn), of which GL&V Process accounts for DKK
1.2bn.
- Earnings before interest and tax, depreciation and amortisation and
special non-recurring items (EBITDA) DKK 2.05-2.2bn (previous
expectation DKK 1.85-2.0bn), of which GL&V Process accounts for DKK
150m.
- Earnings before interest and tax (EBIT) DKK 1.75-1.9bn (previous
expectation DKK 1.55-1.7bn), of which GL&V Process accounts for DKK
0m.
- Earnings before tax (EBT) DKK 1.75-1.9bn (previous expectation DKK
1.55-1.7bn), of which GL&V Process accounts for DKK -100m.
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.
Direct link: http://annualreport.fls.com/2007 q3
Please address any questions to this announcement to Mr Jørgen Huno
Rasmussen, Group CEO, telephone +45 36 18 18 00, from 14.00 hours
CET.
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 Communication
