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02-05-2018 11:59:12

Interim report for FLSmidth & Co. for 1 January - 31 March 2018

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Company Announcement No. 5-2018, 2 May 2018

Positive trends in mining and aftermarket continue

Solid free cash flow. Significant currency headwinds.

Q1 highlights

  • Highest service order intake since Q4 2012
  • Solid free cash flow
  • First large mining order in three years
  • Significant currency headwinds
  • 2018 guidance maintained
  • New operating model effective 1 July 2018

       

Effective from 1 July 2018, FLSmidth will apply a simplified operating model, realigning the organisation from the current four divisions into two industries, Cement and Mining, and from a country setup into an agile regional structure. This will be combined with a new central digital organisation to further capture growth (press release 25 April 2018).

"The mining industry is recovering, and winning our first large mining order since 2015 is one of several indicators that mining capex is trending positively," said Group CEO Thomas Schulz.

The return on capital employed (ROCE) increased to 10.4% in Q1 2018 from 9.4% in Q1 2017. Net working capital decreased to the lowest level since 2012 and the net working capital ratio declined to 8.9%. Driven by a positive contribution from the change in net working capital, net interest-bearing debt declined to DKK 1.2bn and the financial gearing (NIBD/EBITDA) decreased to 0.7.

FLSmidth saw significant currency headwinds, which impacted both revenue and the order intake by 8% in Q1 2018. Thus, revenue was down 3% in DKK but increased 3% organically. The order intake was down 10% in DKK but only 3% organically from the very strong order intake in Q1 2017, which included three large cement orders.

The total service order intake was the highest since Q4 2012, despite a 9% negative foreign exchange impact year on year.

EBITA decreased 8% due to lower revenue and a slightly lower gross margin. The EBITA margin fell to 8.1% from 8.5%.

Guidance for 2018

The guidance for 2018 is unchanged at revenue of DKK 18-20bn and an EBITA margin of 8-10%. The return on capital employed (ROCE) is expected to be 10-12%.

Link to the 25 April 2018 press release announcing FLSmidth's new operating model:

FLSmidth realigns its organisation to capture growth through enhanced digitalization and productivity offerings

Contacts

Investors

Pernille Friis Andersen, tel +45 36 18 18 87, pefa@flsmidth.com

Nicolai Mauritzen, tel +45 36 18 18 51, nicm@flsmidth.com

Media

Sofie Karen Lindberg, tel +45 30 93 18 77, skl@flsmidth.com

Key figures Q1 2018

(DKKm)

Q1 2018

Q1 2017

Change (%)

Year 2017

Order intake (gross)

5,018

5,561

-10%

19,170

- of which service order intake 2,885 2,868 1% 10,710

Service order intake share

57% 52%   56%
Order backlog 13,874 14,998 -7% 13,654

Revenue

4,235

4,371

-3%

18,000

- of which service revenue 2,507 2,675 -6% 10,473

Service revenue share

59% 61%   58%

Gross profit

1,074

1,134

-5%

4,597

Gross margin 25.4% 25.9%   25.5%
EBITDA 396 436 -9% 1,732
EBITA 343 372 -8% 1,515

EBITA margin

8.1%

8.5%

 

8.4%

EBITA margin adjusted for one-off costs 8.1% 8.6%   8.9%

EBIT

248

272

-9%

1,115

EBIT margin 5.9% 6.2%   6.2%

Profit

136

161

-16%

74

CFFO 343 149 130% 1,065
Free cash flow 301 114 164% 952
Net working capital 1,590 2,182 -27% 1,833
Net interest-bearing debt (1,167) (2,333) -50% (1,545)

For additional information, go to the Investor Room at www.flsmidth.com  

FLSmidth delivers sustainable productivity to the global mining and cement industries. As the market-leading supplier of engineering, equipment and service solutions, FLSmidth improves performance, drives down costs, and reduces the environmental impact of operations. Present in more than 50 countries and headquartered in Copenhagen, Denmark, the Group and its 11,700 employees generated revenue of DKK 18 billion in 2017. www.flsmidth.com 

Interim report Q1 2018


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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

Vedhæftet fil: Interim report Q1 2018.pdf

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