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FLSmidth: Interim Report for FLSmidth & Co. A/S 1 January - 31 March 2014

Company Announcement to the Danish Financial Supervisory Authority No.
12-2014, 14 May 2014

Interim Report for FLSmidth&Co. A/S 1 January - 31 March 2014

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 31 March 2014.

The Interim Report has been presented in accordance with IAS 34 and additional
Danish information requirements regarding interim reporting of listed
No review or auditing of the interim report has taken place.

The Interim Report is accessible at FLSmidth's website:


The main conclusions of the Interim Report are:

Revenue and earnings as expected.

Guidance for 2014 unchanged.

Efficiency programme on track.

Order intake increased 4% adjusted for currency.

Capital order intake still soft, whereas Customer Services displays
double-digit organic growth.

Unsatisfactory increase in net working capital expected to be reversed over
the course of 2014.

Main challenge is Mineral Processing due to market developments.

Financial results in Q1 2014
The order intake decreased 4% to DKK 4,841m (Q1 2013: DKK 5,027)

The order backlog decreased 1% to DKK 22,152m (Q4 2013: DKK 22,312)

Revenue decreased 11% to DKK 5,297m (Q1 2013: DKK 5,921m)

EBITA increased 64% to DKK 327m (Q1 2013: DKK 200m), corresponding to an EBITA
margin of 6.2% (Q1 2013: 3.4%)

EBIT increased 115% to DKK 239m (Q1 2013: DKK 111m) corresponding to an EBIT
margin of 4.5% (Q1 2013: 1.9%)

Profit increased 229% to DKK 115m (Q1 2013: DKK 35m)

Cash flow from operating activities amounted to DKK -552m (Q1 2013: DKK -466m)

Net working capital amounted to DKK 3,040m (end of Q4 2013: DKK 2,382)

ROCE increased to 7% (Q4 2013: 6%)

Guidance for 2014 (unchanged)
In 2014, FLSmidth&Co. A/S expects consolidated revenue of DKK 21-24bn (2013:
DKK 26.9bn) and an EBITA margin of 7-9% (2013: 3.6%).

Cost associated with the efficiency programme is expected to amount to
approximately DKK -70m in 2014, which is included in the guidance.

The return on capital employed is expected to be 11-13% in 2014 (2013: 6%).

The effective tax rate is expected to be 33-35% in 2014. (2013: 35% estimated

Cash flow from investments is expected to be around DKK -0.4bn (2013: DKK

The four divisions are expected to see the following developments in 2014:

Expected revenue
Customer Services DKK 7.5-8.5bn (2013: 7.6bn)
Material Handling DKK 3.5-4.5bn (2013: 4.6bn)
Mineral Processing DKK 5.5-6.5bn (2013: 9.3bn)
Cement DKK 3.5-4.5bn (2013: 5.2bn)
Cembrit DKK 1.4bn (2013: 1.4bn)

Expected EBITA margin
Customer Services 13-15% (2013: 9.1%)
Material Handling 0-2% (2013: -11.2%)
Mineral Processing 6-8% (2013: 8.2%)
Cement 5-7% (2013: 2.4%)
Cembrit 0-2% (2013: -4.4%)

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 11:00 hours CET at the company's headquarters.
For further details please

FLSmidth&Co. A/S
Corporate Communications&Investor Relations

1st Quarter Report 2014


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FLSmidth via Globenewswire


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