The Interim Report is accessible at FLSmidth's website:
The main conclusions of the Interim Report are:
Developments in the first half of 2007
- The order backlog has increased by 15% to DKK 21,055m since the turn of the year (end of 2006: DKK 18,264m)
- The order intake amounted to DKK 10,253m in the first half of 2007, down from DKK 11,279m in the same period of the year before
- The turnover rose 59% to DKK 8,268m in the first half of 2007, up from DKK 5,207m in the same period of the year before
- Earnings before interest and tax (EBIT) rose 175% to DKK 742m in the first half of 2007, up from DKK 270m in the same period of the year before, corresponding to an EBIT ratio of 9.0% (first half of 2006: 5.2%)
- Earnings before tax (EBT) rose 173% to DKK 800m in the first half of 2007, up from DKK 293m in the same period of the year before
- Cash flow from operating activities (continuing activities) amounted to DKK 485m in the first half of 2007 as against DKK 272m in the same period of the year before.
Events occurring after the balance sheet date
As announced on 10 August 2007, FLSmidth & Co. has signed a final agreement with the Board of Groupe Laperrière & Verreault Inc. (GL&V), a listed Canadian company, to take over the latter's Process division (GL&V Process), which holds a world leading position in separation technology for the metal and minerals industries. The total purchase price amounts to CAD 983m (DKK 5.0bn) and the activities transferred will be consolidated as from 10 August 2007.
Prospects for 2007
The expectations for the cement market in 2007 are upgraded to 125-150m tonnes per year new contracted cement kiln capacity worldwide (exclusive of China) (previous expectation 100m tonnes per year).
FLSmidth & Co. upgrades its expectations for the year's turnover and earnings, cf. the below figures which include the recognition of GL&V Process as from 10 August 2007:
- Consolidated turnover DKK 19.5-20bn (previous expectation DKK 17-19bn), of which GL&V Process accounts for DKK 1.2bn
- Earnings before interest, tax, depreciation and amortisation and special non-recurring items (EBITDA) DKK 1.85-2.0bn, of which GL&V Process accounts for DKK 150m.
- Earnings before interest and tax (EBIT) DKK 1.45-1.6bn (previous expectation DKK 1.2-1.35bn), of which GL&V Process accounts for DKK 0m
- Earnings before tax (EBT) DKK 1.45-1.6bn (previous expectation DKK 1.3-1.45bn), 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 seach engine it is possible to make a global search in the accounts for both figures and text.
Direct link: http://annualreport.fls.com/2007_q2
A web-casted investor meeting and telephone conference regarding the Interim Report will be held today at 15:00 hours. For further details, please visit www.flsmidth.com
FLSmidth & Co. A/S
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