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FLS Industries A/S Interim report Q2 2004 2004 Interim Report 2 nd Quarter 2004.

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Presentation on theme: "FLS Industries A/S Interim report Q2 2004 2004 Interim Report 2 nd Quarter 2004."— Presentation transcript:

1 FLS Industries A/S Interim report Q Interim Report 2 nd Quarter 2004

2 FLS Industries A/S Interim report Q Agenda 1.Main Conclusions 2nd Quarter Interim Report 2.Market Developments 3.Business Unit Highlights 4.Financial Highlights 5.Updated Guidance for Strategy Update Q2 2004

3 FLS Industries A/S Interim report Q Main conclusions – Interim Report Q2 04 Satisfactory order intake and turnover Improved earnings compared to last year Varied performance in group companies - best results in Aalborg Portland, Unicon and Pfister - negative results in F.L.Smidth Airtech and FLS Aerospace EBITA DKK 144m (H1 2003; DKK -304m) NIBD DKK 3.1bn (Q1 2004; DKK 3.1bn) Sale of FLS Aerospace finalised on 28 June Agreement to sell Aalborg Portland and Unicon on 12 August EBITA and EBIT guidance unchanged EBT and turnover guidance updated

4 FLS Industries A/S Interim report Q Market Developments Cement nPositive trends in demand for new kiln capacity continue nTemporary slowdown in Chinese market nIncreased level of activity in Vietnam, India, Pakistan, Middle East and USA Minerals nPositive trend in demand for new capacity continues, although at a slower pace than anticipated nHigh energy and steel prices as well as possible royalty on mined ore has temporarily postponed investment decisions nGeographically, India remains a very active market

5 FLS Industries A/S Interim report Q F.L.Smidth Highlights 2nd Quarter nSatisfactory order intake and turnover nHigher estimated costs of completing old projects Focus / Actions nManagement succession in Global Functions nCentralisation of R&D efforts Q (82) (90) (86) Q (1) (8) (20) DKKm YTD Net Turnover EBITA EBIT EBT

6 FLS Industries A/S Interim report Q FFE Minerals Highlights 2nd Quarter nSatisfactory order intake and turnover nCommissioning difficulties on two projects nRelease of new projects delayed => Lower earnings forecast Focus / Actions nControlled organisational growth nTop resources allocated to project close-out Q Q DKKm YTD Net Turnover EBITA EBIT EBT

7 FLS Industries A/S Interim report Q F.L.Smidth Airtech Highlights 2nd Quarter nConsiderable loss due to low turnover and higher provisions nReduced earnings forecast Focus / Actions nChange of management nFocused product-portfolio nSale of activities nReduction in number of employees nIntegration as a division in F.L.Smidth Q (17) (16) Q (57) (55) DKKm YTD Net Turnover EBITA EBIT EBT

8 FLS Industries A/S Interim report Q F.L.Smidth Automation Highlights 2nd Quarter nSatisfactory order bookings nPositive development in aftermarket Focus / Actions nIntegration of F.L.Smidth Automation and F.L.Smidth activities in USA nDo. in India Q (29) (30) Q DKKm YTD Net Turnover EBITA EBIT EBT

9 FLS Industries A/S Interim report Q F.L.Smidth Materials Handling Highlights 2nd Quarter nSuffering from low backlog at end of last year nSigns of increased activity Focus / Actions nSale of Motan completed nIntegrated as a division in F.L.Smidth Q (23) (24) Q (17) (18) DKKm YTD Net Turnover EBITA EBIT EBT

10 FLS Industries A/S Interim report Q FLS miljø Highlights 2nd Quarter nCompletion of West Burton and Eggborough according to plans, although hand-over postponed to Q4 nGuidance unchanged despite delay Focus / Actions nTake over procedures have been started up Q (325) (329) Q (10) (7) DKKm YTD Net Turnover EBITA EBIT EBT

11 FLS Industries A/S Interim report Q MAAG Gear Highlights 2nd Quarter nSatisfactory order intake and turnover nCost overruns in order execution Focus / Actions nProject managers reorganised and empowered nCost control Q (18) (21) Q (10) (11) DKKm YTD Net Turnover EBITA EBIT EBT

12 FLS Industries A/S Interim report Q Pfister Highlights 2nd Quarter nSatisfactory order intake, turnover and earnings nTemporary slowdown in China nInternational demand picking up Focus / Actions nInternational sales outside China nR&D Q Q DKKm YTD Net Turnover EBITA EBIT EBT

13 FLS Industries A/S Interim report Q Ventomatic Highlights 2nd Quarter nSatisfactory order intake, turnover and earnings Focus / Actions nProduct development nOrder execution Q Q DKKm YTD Net Turnover EBITA EBIT EBT

14 FLS Industries A/S Interim report Q Dansk Eternit Holding Highlights 2nd Quarter nIncreased turnover nImproved earnings nOperating at full capacity in most segments Focus / Actions nFinalising the move of production facilities to the Czech Republic Q (24) (29) (40) Q (2) DKKm YTD Net Turnover EBITA EBIT EBT

15 FLS Industries A/S Interim report Q Densit Highlights 2nd Quarter nLower earnings vs. last year nVaried level of activity in business segments served Focus / Actions nSG&A costs nSales Q (1) Q (2) (3) DKKm YTD Net Turnover EBITA EBIT EBT

16 FLS Industries A/S Interim report Q Aalborg Portland Highlights 2nd Quarter nIncreased turnover in all units nSatisfactory earnings Focus / Actions nProcurement nSales - white cement Q Q DKKm YTD Net Turnover EBITA EBIT EBT

17 FLS Industries A/S Interim report Q Unicon Highlights 2nd Quarter nHigh level of activity on all markets nSatisfactory earnings Focus / Actions nAbility to adjust capacity costs to changing level of activity Q (5) Q DKKm YTD Net Turnover EBITA EBIT EBT

18 FLS Industries A/S Interim report Q Sale of Aalborg Portland and Unicon nAgreement to sell Aalborg Portland and Unicon to Cementir signed on 12 August nSales price DKK 4.4bn on a debt free basis nEffect of sale DKK +0.6bn on EBT and DKK +0.4bn on equity, depending on timing of closing.

19 FLS Industries A/S Interim report Q Sale of FLS Aerospace nThe sale of FLS Aerospace to SR Technics was finalised on 28 June 2004 nLoss on disposal of FLS Aerospace DKK 2,050m vs. previously announced DKK 2bn. Hereof DKK 97m recognised this year. Q ,364 (23) (125) Q ,075 (35) (190) DKKm YTD Net Turnover EBITA EBIT EBT

20 FLS Industries A/S Interim report Q Financial highlights 1st half year 2004 DKKm (YTD)H1 2004H1 2003End 2003 Net turnover EBITDA (101) EBITA 144 (304) (2.883) EBIT96 (353) (2.990) EBT (28) 202 (2.550) Earnings (69) 171 (2.548) CFFO (408) (54) (200) CFFI (31) Net interest-bearing debt Turnoverincreasing in most operational units EBITAconsiderable improvement over last year EBT negatively impacted by the sale of FLS Aerospace, positively impacted by earnings in Atlas Cement CFFO negative in FLS miljø and F.L.Smidth

21 FLS Industries A/S Interim report Q Balance Sheet DKKmQ2 2004Q1 2004End 2003 Intangible assets Tangible assets Financial fixed assets Current assets Total assets Equity Provisions Long-term and current liabilities Total liabilities Solvency 23%24%26%

22 FLS Industries A/S Interim report Q Half year EBIT in recent years 1st half year 2004 nConsiderable improvement over last year nStrong improvement in performance in Aalborg Portland, Unicon, Pfister and Dansk Eternit Holding nReduced losses in F.L.Smidth, MAAG Gear, FLS miljø and FLS Aerospace

23 FLS Industries A/S Interim report Q Change in EBIT excl. non-recurring items DKKm 2nd quarter YTD 2003 DKKm 2nd quarter YTD 2004 Reported EBIT-353Reported EBIT96 Non-recurring items Aalborg Portland - waste tax case32 Aalborg Portland - provision adjustment18 FLS Aerospace - depreciations in 2003 (none in 2004)-91 Aalborg Portland - Sinai tax issue16 FLS Industries – sale of property 33Unicon - sale of property15 EBIT excl. non-recurring items-327EBIT excl. non-recurring items Improvement in ordinary performance DKK 374m vs. last year - primarily due to reduced losses in FLS miljø and F.L.Smidth

24 FLS Industries A/S Interim report Q Financial highlights 2nd Quarter nd Quarter (DKK mill.) YTD EBIT F.L.Smidth(90)(8) FFE Minerals283 F.L.Smidth Airtech(17)(57) F.L.Smidth Automation(29)8 F.L.Smidth Materials Handling(24)(18) MAAG Gear(18)(10) Pfister1226 Ventomatic89 Dansk Eternit Holding(29)7 Densit0(2) Aalborg Portland Unicon1346 FLS Aerospace(23)(35) FLS miljø(325)(10) Others (Parent company, real estate companies, eliminations) (35)(70) Total(353)96 (47) (excl. elim.) (130) in (excl. elim.) 160 in 2003

25 FLS Industries A/S Interim report Q Updated guidance for 2004 nTurnover DKK 14bn (up from DKK13bn) nEBITA DKK m nEBIT DKK m nEBT DKK m (up from DKK m) nBased on ownership of Unicon and Aalborg Portland throughout 2004 nClosing prior to year-end will reduce turnover and earnings

26 FLS Industries A/S Interim report Q Strategy Update Strategic Action Points F.L.Smidth &Administratively FLS Industries merged FLS Aerospace Sold Aalborg PortlandSold and Unicon Debt reduction This year FLS miljø Last projects to be handed over shortly Dansk Eternit Holding Restructuring in progress F.L.SmidthRestructuring in progress A Focused Company nwith a unique global market position nsupported by steady growth in global cement consumption naiming for a 5% EBT ratio

27 FLS Industries A/S Interim report Q Questions


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