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FLSmidth (CPH:FLS) 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.
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.
