Interim report for the period 1 January - 31 March 2016
(Thomson Reuters ONE) -
Company Announcement no. 10-2016, 18 May 2016
FLSmidth's revenue and EBITA marked by postponed projects
Increased order intake underlines competitive strength. Full-year guidance
maintained.
Group CEO Thomas Schulz comments on the Q1 report: "With the 1(st) quarter
report published today, we showed that, despite a very challenging market
situation we increased the order intake. This underlines the strength of
FLSmidth. The exceptional revenue shortfall is mainly due to postponed projects.
Based on the present order backlog and market situation, Group Executive
Management expects a higher activity level in the remainder of 2016 and we
maintain our full-year guidance".
The main conclusions of the Interim Report are:
Q1 is typically seasonally weak, which was particularly true in 2016. Thus,
revenue declined 20% due to very low activity in January, which could not be
compensated for by a pickup in February and March. Divisional gross margins were
generally holding up, whereas EBITA margins were negatively impacted by low
operational leverage caused by the revenue shortfall. Both net working capital
and net interest bearing debt decreased in the quarter. Order intake increased
19% due to receipt of a large cement order. Full-year guidance is maintained.
Financial result for Q1 2016
* The order intake increased 19% to DKK 5,281m (Q1 2015: DKK 4,440m).
* The order backlog increased 6% to DKK 15,792m (end 2015: DKK14,858m).
* Revenue decreased 20% to DKK 3,758m (Q1 2015: DKK 4,683m).
* The gross profit decreased 13% to DKK 1,038m (Q1 2015: DKK 1,190m),
corresponding to a gross margin of 27.6% (Q1 2015: 25.4%).
* Earnings before amortisation and impairment of intangible assets (EBITA)
decreased 39% to DKK 246m (Q1 2015: DKK 400m), corresponding to an EBITA
margin of 6.5% (Q1 2015: 8.5%).
* Earnings before interest and tax (EBIT) decreased 48% to DKK 153m (Q1 2015:
DKK 296m), corresponding to an EBIT margin of 4.1% (Q1 2015: 6.3%).
* Net profit decreased 73% to DKK 73m (Q1 2015: DKK 272m), of which DKK -6m
were related to discontinued activities (Q1 2015: DKK 76m).
* Cash flow from operating activities amounted to DKK -60m (Q1 2015: DKK -45m)
of which DKK 95m were related to continuing activities (Q1 2015: DKK 211m).
* Net interest-bearing debt decreased to DKK -3,567m (end 2015: DKK -3,674m).
* Net working capital decreased to DKK 2,410m (end 2015: DKK 2,583m).
* Return on Capital Employed (ROCE) decreased to 9% (Q1 2015: 12%).
Developments in total service activities
* Order intake related to total service activities decreased 8% (vs. Q1
2015), but increased 3% sequentially (vs. Q4 2015), accounting for 44% of
Group order intake (Q1 2015: 58%).
* Revenue related to total service activities decreased 9%, accounting for
62% of Group revenue (Q1 2015: 55%).
For further details, please visit: www.flsmidth.com
A telephone conference regarding the Interim Report will be held today at 14:00
hours CET.
Join the conference at: www.flsmidth.com/en-
US/News+and+Press/News/2016/Webcast+-
+presentation+of+1st+quarter+2016+interim+report
Contact Investor Relations:
Pernille Friis Andersen, +45 36 18 18 87, pefa(at)flsmidth.com
Nicolai Mauritzen, +45 36 18 18 51, nicm(at)flsmidth.com
Contact Media Relations:
Sofie Karen Lindberg, +45 30 93 18 77, skl(at)flsmidth.com
1st Quarter Report 2016:
http://hugin.info/2106/R/2013558/746236.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#2013558]
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