Arbitration award received
(Thomson Reuters ONE) -
Company Announcement to the Danish Financial Supervisory Authority No.
35-2013, 4 December 2013.
An ICC (International Chamber of Commerce) arbitration has been concluded in a
case between MT Højgaard A/S and FLSmidth A/S dating back to 2004.
Much to the surprise of FLSmidth and contrary to expectations the ICC
arbitration award renders FLSmidth liable to pay a significant higher
compensation than expected and reserved for.
The arbitration award states that FLSmidth A/S must compensate MT Højgaard A/S
for some of the costs resulting from the delays at the English cement plant
Buxton in 2004.
According to the arbitration award FLSmidth A/S is to pay partial compensation
and interest plus part of the costs of the proceedings to MT Højgaard A/S.
The impact on FLSmidth & Co. A/S' financial statements amounts to a net effect
of approx. DKK -160m on EBITA and DKK -120m on profit after tax, which will be
booked in Q4 2013, and a net cash effect which amounts to approx. DKK -170m.
The Group's guidance for 2013 will be affected by the award. Consequently, the
EBITA margin for 2013 is expected to be 3.5-4.5% (previous guidance 4-5%).
-------------------------------------
Please address any questions regarding this announcement to Group Executive Vice
President and CFO Ben Guren, FLSmidth & Co. A/S at +45 36 18 18 00.
For further information about FLSmidth, please visit www.flsmidth.com.
Yours faithfully
Pernille Friis Andersen
Corporate Communications & Investor Relations
Link to PDF version:
http://hugin.info/2106/R/1747793/588550.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1747793]
Unternehmensinformation / Kurzprofil:
Datum: 04.12.2013 - 17:35 Uhr
Sprache: Deutsch
News-ID 322884
Anzahl Zeichen: 2395
contact information:
Town:
Valby
Kategorie:
Business News
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"Arbitration award received"
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