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FLSmidth releases 1Q15 interim report

World Cement,

FLSmidth has released its interim report for the period beginning 1 January and ending 31 March 2015. Highlights and key points from the report include:

  • Efficiency measures helped to expand margins.
  • The sale of Cembrit led to positive free cash flow of DKK715 million.
  • EBITA margin of 9.5% adjusted for non-recurring costs.
  • Sequential increase in order intake.

1Q15 financial results

  • Order intake fell by 3% from DKK4841 million in 1Q14 to DKK4677 million in 1Q15.
  • Order backlog decreased by 14% to DKK18 952 million.
  • Revenue came in at DKK4825 million, down 3% on 1Q14’s DKK4949 million.
  • EBIT grew by 13% to DKK266 million.
  • Net profit for the quarter totalled DKK272 million. This compares to DKK115 million in the corresponding period in 2014.
  • Net working capital amounted to DKK2868 million, up on the DKK2726 million reported for 1Q14.
  • Cash flow from operating activities came in at DKK-45 million, compared to DKK-552 million in 1Q14.

Outlook for 2015

FLSmidth expects 2015 to be a challenging year for its Cement and Minerals Divisions, given the relatively low order backlog and the current market conditions. However, order intake for the Cement Division is forecast to increase this year. The Product Companies Division and Customer Services Division are expected to grow, with a potential expansion of margins.

FLSmidth expects consolidated revenue of DKK19 – 21 billion in 2015, and an EBITA margin of 9 – 10%.

The full interim report can be found here.

Adapted from press release by

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