Interim Report for FLSmidth & Co. A/S 1 January - 30 June 2012
(Thomson Reuters ONE) -
Company Announcement to the Danish Financial Supervisory Authority No.
32-2012, 15 August 2012
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 2012.
The Interim Report has been presented in accordance with IAS 34 and additional
Danish information requirements regarding interim reporting of listed companies.
No review or auditing of the interim report has taken place.
The Interim Report is accessible at FLSmidth's website:
http://www.flsmidth.com/reports
The main conclusions of the Interim Report are:
Very strong order intake and solid EBITA results in all segments except Bulk
Materials.
EBIT impacted by a one off write-down of capitalised R&D costs of DKK 188m.
Cembrit sales process initiated and Cembrit to be reported as discontinued
activities from Q3 2012.
Full year revenue guidance for continuing activities narrowed to DKK 25-26bn
(including Ludowici and excluding Cembrit).
EBITA margin guidance of minimum 10% maintained.
Financial results in Q2 2012
The order intake increased 20% to DKK 7,246m (Q2 2011: DKK 6,048m)
Revenue increased 26% to DKK 6,036m (Q2 2011: DKK 4,795m)
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased
32% to DKK 670m (Q2 2011: DKK 508m), corresponding to an EBITDA margin of 11.1%
(Q2 2011: 10.6%)
Earnings before amortisation and write-down of intangible assets (EBITA)
increased 36% to DKK 605m (Q2 2011: DKK 445m), corresponding to an EBITA margin
of 10.0% (Q2 2011: 9.3%)
Earnings before interest and tax (EBIT) decreased 14% to DKK 349m (Q2 2011: DKK
404m), corresponding to an EBIT margin of 5.8% (Q2 2011: 8.4%)
Earnings before tax (EBT) decreased 21% to DKK 326m (Q2 2011: DKK 412m)
The profit for the period decreased 24% to DKK 223m (Q2 2011: DKK 294m)
Cash flow from operating activities amounted to DKK 333m (Q2 2011: DKK 426m)
Financial results for the first half year 2012
The order intake increased 24% to DKK 13,667m (Q1-Q2 2011: DKK 11,012m)
The order backlog increased 14% to DKK 30,803m (end of 2011: DKK 27,136m)
Revenue increased 22% to DKK 11,181m (Q1-Q2 2011: DKK 9,180m)
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased
22% to DKK 1,139m (Q1-Q2 2011: DKK 935m) corresponding to an EBITDA margin of
10.2% (Q1-Q2 2011: 10.2%)
Earnings before amortisation and write-down of intangible assets (EBITA)
increased 25% to DKK 1,007m (Q1-Q2 2011: DKK 808m), corresponding to an EBITA
margin of 9.0% (Q1-Q2 2011: 8.8%)
Earnings before interest and tax (EBIT) decreased 4% to DKK 683m (Q1-Q2 2011:
DKK 709m) corresponding to an EBIT margin of 6.1% (Q1-Q2 2011: 7.7%)
Earnings before tax (EBT) increased 2% to DKK 672m (Q1-Q2 2011: DKK 661m)
Profit for the period decreased 1% to DKK 464m (Q1-Q2 2011: DKK 467m)
Cash flow from operating activities amounted to DKK 216m (Q1-Q2 2011: DKK 325m)
Net interest-bearing debt at the end of Q2 2012 amounted to DKK 943m (end of
2011: DKK 98m)
Working capital at the end of Q2 2012 amounted to DKK 2,117m (end of 2011: DKK
1,620m)
Outlook for 2012
FLSmidth & Co. A/S narrows expectations to consolidated revenue for continuing
activities to DKK 25-26bn (previously DKK 24-26bn) (2011: DKK 22bn) including
Ludowici and excluding Cembrit.
EBITA margin expectation of minimum 10% (2011: 10.9%) is maintained although
expectations to Bulk Materials have been downgraded and risk associated with the
margin guidance has increased due to short term macroeconomic uncertainty.
EBIT margin expectation is lowered to 8-9% (previously 9-10%) due to a DKK 188m
one-off write down of capitalized R&D costs in Q2 (2011: 9.9%).
The effect of purchase price allocations is expected to increase to
approximately DKK 260m in 2012 (previously approximately DKK 220m) (2011: DKK
178m) due to acquisitions announced so far in 2012.
Cash flow from investing activities (exclusive of acquisitions and their
subsequent capex needs) is expected to amount to DKK -900m in 2012 (2011: DKK
-733m) due to investments in supercentres and expansion of manufacturing in
India and China.
The effective tax rate is expected to be 30-32% in 2012 (2011: 31%) and tax
payable slightly lower.
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 15:00 hours CET at the company's headquarters. For
further details please visit www.flsmidth.com.
http://www.flsmidth.com/en-
US/News+and+Press/News/2012/Invitation+to+Q2+2012+Investor+Meeting
FLSmidth & Co. A/S
Corporate Communications & Investor Relations
Half-Yearly Report 2012:
http://hugin.info/2106/R/1634011/524520.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: FLSmidth via Thomson Reuters ONE
[HUG#1634011]
Unternehmensinformation / Kurzprofil:
Datum: 15.08.2012 - 12:00 Uhr
Sprache: Deutsch
News-ID 174942
Anzahl Zeichen: 6106
contact information:
Town:
Valby
Kategorie:
Business News
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"Interim Report for FLSmidth & Co. A/S 1 January - 30 June 2012"
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