In his speech at the FLS Industries A/S Annual General Meeting today 2 May 2000 at 16.00 hours, the Chairman of the Board of Directors will comment the prospects for 2000 as follows:
''As will appear from my report, the FLS Group is currently undergoing a number of managerial and structural changes. The purpose is to improve our long-term competitive strength and profitability in all sectors of the Group; this applies not least to FLS Aerospace and the engineering activities.
FLS's DKK 1.6bn share of the profit earned by NKT from the sale of GIGA will contribute to the financing of the necessary changes in the coming future.
The order intake in F.L.Smidth-Fuller Engineering and FLS miljø to date has fallen short of expectations, and this will also squeeze the level of earnings that was forecast on 9 March.
Viewed against this background it is now a fact that the prospects of a substantially improved financial result will not be fulfilled.
At the present time, the year's earnings before interest and tax are expected to be on a par with those of the year before.
However, the net profit for the year will strongly reflect NKT's sale of GIGA and will therefore continue to be at a high level.
A more precise estimate for the year's earnings will be given in connection with the announcement of the first half year results at the latest.''
FLS Industries A/S
Corporate Public Relations