Interim Report for FLSmidth & Co. A/S 1 January - 30 September 2015
(Thomson Reuters ONE) -
Company Announcement to the Danish Financial Supervisory Authority No.
23-2015, 12 November 2015
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 September 2015.
The Interim Report has been presented in accordance with IFRS as adopted by the
EU 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
Group CEO Thomas Schulz comments on the Q3 report: "With the 3rd quarter report
published today, we showed that, despite a tough market environment, we
delivered a solid performance, and we secured a strong order intake. The
decision to divest bulk material handling and the transfer of the operation &
maintenance business from Customer Services to the Cement Division, is one more
step in preparing FLSmidth for the future."
The main conclusions of the Interim Report are:
Order intake increased 16% - service order intake increased 1% vs. last year
Significant reduction in both net working capital and net debt in Q3
Reported numbers in Q3 were impacted by strategic changes:
- Bulk material handling activities to be divested - reported as discontinued
activities
- Cement O&M projects integrated into the Cement Division
Full year guidance technically adjusted to reflect reclassification of bulk
material handling. Expected full year effect DKK -1bn on revenue and +0.7%-
points on the EBITA margin
Financial results in Q3 2015 (new structure for continuing activities)
The order intake increased 16% to DKK 5,151m (Q3 2014: DKK 4,423m)
The order backlog decreased 16% to DKK 16,666m (Q3 2014: DKK 19,874m)
Revenue decreased 7% to DKK 4,609m (Q3 2014: DKK 4,976m)
Earnings before amortisation and impairment of intangible assets (EBITA)
decreased 27% to DKK 358m (Q3 2014: DKK 493m), corresponding to an EBITA margin
of 7.8% (Q3 2014: 9.9%)
Earnings before interest and tax (EBIT) decreased 40% to DKK 245m (Q3 2014: DKK
406m)
Net profit amounted to DKK -84m (Q3 2014: DKK 215m)
Cash flow from operating activities amounted to DKK 496m (Q3 2014: DKK 887m)
Net working capital amounted to DKK 2,626m (Q3 2014: DKK 2,536m)
Return on Capital Employed (ROCE) decreased to 11% (Q3 2014: 12%)
Net interest-bearing debt amounted to DKK 3,746m (Q3 2014: DKK 4,992m)
Guidance for 2015
The guidance for 2015 is technically adjusted to reflect the reclassification of
bulk material handling as discontinued activities.
It is expected that revenue will be DKK 19-20bn (previously DKK 19-21bn) (2014:
DKK 20.5bn) and that the EBITA margin will be 7.5-8.5% (previously 7-8%) (2014:
8.9%). The return on capital employed is expected to be 10-12% (previously
9-11%) (2014: 12%).
The effective tax rate is expected to be 31-33% (2014: 26%) and cash flow from
investments is expected to be around DKK -0.3bn excluding acquisitions and
divestments (previously DKK -0.4bn) (2014: DKK -0.4bn).
Proforma financial results in Q3 2015 (old structure for continuing activities)
If the bulk material handling business had not been classified as discontinued
activities, the reported numbers in Q3 would have been:
Order Backlog DKK 17,697m (Q3 2014: DKK 21,416m)
Order intake DKK 5,244m (Q3 2014: DKK 4,502m)
Revenue DKK 4,938m (Q3 2014: DKK 5,102m)
EBITA DKK 353m (Q3 2014: DKK 448m)
EBITA margin 7.1% (Q3 2014: 8.8%)
Please address any questions to this announcement to Mr Thomas Schulz, Group
CEO, telephone +45 36 18 18 00.
An investor & press meeting and telephone conference regarding the Interim
Report will be held today at 14:00 hours CET at the company's headquarters.
For further details please visit http: http://www.flsmidth.com/en-
US/News+and+Press/News/2015/Q3+2015+Invitation+to+investor+meeting
FLSmidth & Co. A/S
Group Communications & Investor Relations
3rd Quarter Report 2015:
http://hugin.info/2106/R/1966399/718119.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#1966399]
Unternehmensinformation / Kurzprofil:
Datum: 12.11.2015 - 11:58 Uhr
Sprache: Deutsch
News-ID 434166
Anzahl Zeichen: 5222
contact information:
Town:
Valby
Kategorie:
Business News
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