Interim Report for FLSmidth & Co. A/S for 1 January - 30 June 2016
(Thomson Reuters ONE) -
Company Announcement to the Danish Financial Supervisory Authority No.
15-2016, 11 August 2016
Main conclusions
* Revenue improved sequentially from Q1 but was nevertheless lower than
expected
* Margins were negatively impacted by the revenue decline, as well as by
negative results in the Minerals Division
* Corrective actions are being implemented across the Group
* The free cash flow was positive and improved on last year
* Order intake related to total service activities showed organic growth
* Based on the half-year results and the outlook for the remainder of 2016,
the guidance for 2016 is narrowed to the lower end of the range
Group CEO Thomas Schulz says, "Mining companies and most cement producers are
postponing large investments and spending. They are focussing on equipment and
critical spare parts directly linked to operations, as well as on services that
can help to solve immediate problems and improve productivity. Our service
activities are well positioned to benefit from these market conditions, and we
will continue enhancing our customer service offerings to maintain our
competitive edge. In the light of a weak market outlook, we will continue with
internal cost-reduction activities, such as supply chain and procurement
optimisation, as well as management delayering. To further strengthen our
revenue, we will invest in increasing our sales capacity."
Guidance for 2016
As a result of the lower-than-expected revenue delivered in the first half of
2016, combined with a continued soft outlook for the remainder of 2016, the
guidance for 2016 is narrowed to the lower end of the range.
It is now expected that revenue will be DKK 17-18bn (previously DKK 17-20bn) and
that the EBITA margin will be 7-8% (previously 7-9%). The return on capital
employed is expected to be 8-9% (previously 8-10%). The effective tax rate is
expected to be 29-31% (in 2015: 32%) and cash flow from investments is expected
to be around DKK -0.3bn excluding acquisitions and divestments (previously DKK -
0.4bn).
The guidance is based on the assumption that the order backlog will not be
negatively impacted by further market-driven delays.
Contacts
Investors
Pernille Friis Andersen, tel. +45 36 18 18 87, pefa(at)flsmidth.com
Nicolai Mauritzen, tel. +45 36 18 18 51, nicm(at)flsmidth.com
Media
Sofie Karen Lindberg, tel. +45 30 93 18 77, skl(at)flsmidth.com
Key Figures for the second quarter of 2016
+-------------------------+-------+-------+------+---------+---------+------+
|MDKK |Q2 2016|Q2 2015|Change|Q1-2 2016|Q1-2 2015|Change|
+-------------------------+-------+-------+------+---------+---------+------+
|Order intake | 4,345| 5,208| -17%| 9,626| 9,648| 0%|
+-------------------------+-------+-------+------+---------+---------+------+
|Service share | 2,432| 2,551| -5%| 4,772| 5,109| -7%|
+-------------------------+-------+-------+------+---------+---------+------+
|Service share | 56%| 49%| | 50%| 53%| |
+-------------------------+-------+-------+------+---------+---------+------+
|Order backlog | 15,914| 16,932| -6%| | | |
+-------------------------+-------+-------+------+---------+---------+------+
|Revenue | 4,135| 5,093| -19%| 7,893| 9,776| -19%|
+-------------------------+-------+-------+------+---------+---------+------+
|Service share | 2,445| 2,855| -14%| 4,772| 5,417| -12%|
+-------------------------+-------+-------+------+---------+---------+------+
|Service share | 59%| 56%| | | | |
+-------------------------+-------+-------+------+---------+---------+------+
|Gross profit | 1,078| 1,327| -19%| 2,116| 2,517| -16%|
+-------------------------+-------+-------+------+---------+---------+------+
|Gross margin | 26.1%| 26.1%| | 26.8%| 25.7%| |
+-------------------------+-------+-------+------+---------+---------+------+
|EBITDA | 340| 512| -34%| 652| 984| -34%|
+-------------------------+-------+-------+------+---------+---------+------+
|EBITA | 273| 440| -38%| 519| 840| -38%|
+-------------------------+-------+-------+------+---------+---------+------+
|EBITA margin | 6.6%| 8.6%| | 6.6%| 8.6%| |
+-------------------------+-------+-------+------+---------+---------+------+
|EBIT | 177| 321| -45%| 330| 617| -47%|
+-------------------------+-------+-------+------+---------+---------+------+
|EBIT margin | 4.3%| 6.3%| | 4.2%| 6.3%| |
+-------------------------+-------+-------+------+---------+---------+------+
|Profit for the period | 97| 214| -55%| 170| 486| -65%|
+-------------------------+-------+-------+------+---------+---------+------+
|CFFO | 155| (61)| | 95| (106)| |
+-------------------------+-------+-------+------+---------+---------+------+
|Free cash flow | 60| (105)| | (12)| 610| |
+-------------------------+-------+-------+------+---------+---------+------+
|Net working capital | 2,610| 2,900| -10%| | | |
+-------------------------+-------+-------+------+---------+---------+------+
|Net interest-bearing debt|(3,844)|(4,251)| -10%| | | |
+-------------------------+-------+-------+------+---------+---------+------+
For more information, please see Investor Room at www.flsmidth.com.
Link to the full interim report:
http://hugin.info/2106/R/2034624/757720.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#2034624]
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