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H1 - report 2001

H1 - report 2001. Presented by Peter Assam , CEO B irgitte Nielsen, CFO August 28 , 2001. Agenda. Spring 2000 to Summer 2001 improving earnings platform and transparency Business Areas mixed market conditions and outlook Group Figures operational earnings increase

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H1 - report 2001

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  1. H1 - report 2001 Presented by Peter Assam, CEO Birgitte Nielsen, CFO August 28, 2001

  2. Agenda • Spring 2000 to Summer 2001 • improving earnings platform and transparency • Business Areas • mixed market conditions and outlook • Group Figures • operational earnings increase • 2001 and onwards • focus and rightsizing • Unchanged EBIT 2001 – Forecast • backed by restructuring, intake and back log Restructuring for Growth and Profit

  3. Improving Earnings Platform and Transparency • Focus and Transparency • buy back of 50% of Aalborg Portland • merger of Aalborg Portland Holding and FLS Industries • sale of RMIG • Improved Earnings Platform • Engineering • integration of F.L.Smidth & Co. and Fuller Company • FLS miljø’s new CEO continues rightsizing • FLS miljø Bulk Handling to FFE Bulk Handling • ”Waste to Energy” closed • acquisitions broaden F.L.Smidth Group’s product range and strengthen turnkey skills • reorganising FLS miljø’s APC into one global business unit Restructuring for Growth and Profit

  4. Improving Earnings Platform and Transparency • Focus and Transparency • buy back of 50% of Aalborg Portland • merger of Aalborg Portland Holding and FLS Industries • sale of RMIG • Improved Earnings Platform • Building Materials • investing in new white cement capacity in Sinai and Malaysia • new management to turn around US concrete operation • exit concrete products in US and Spain • Phillippine ready mix operation closed • Unicon’s Norwegian acquisitions fortifie lead position in Scandinavia • DEH reorganises from country set up to functions Restructuring for Growth and Profit

  5. Improving Earnings Platform and Transparency • Focus and Transparency • buy back of 50% of Aalborg Portland • merger of Aalborg Portland Holding and FLS Industries • sale of RMIG • Improved Earnings Platform • Aerospace • new international management team • Formula One programme reduces turntimes and cuts man hours per check • less investments improve efficiency in Rotables • falling overheads and pay roll Restructuring for Growth and Profit

  6. F.L.Smidth Group Restructuring for Growth and Profit

  7. FLS miljø Restructuring for Growth and Profit

  8. FLS Building Materials Restructuring for Growth and Profit

  9. FLS Building Materials Restructuring for Growth and Profit

  10. FLS Aerospace Restructuring for Growth and Profit

  11. Reasons for Q1/Q2-Figures - Earnings and CashFlow • F.L.Smidth Group Deficit from Weak US-Market and Higher Execution Costs • time lag between slow demand from US-market and reaction hereto • Q2: • order intake, back log and target intact despite US slow down • largest order in European market • acquisitions broaden product range and strengthen turnkey skills • FFE Minerals’ high performance reflects restructuring • after-market sales maintain growth target • FLS miljø’s Order Backlog End 2000 Was Poor • order intake Q1 was below expectations • cost base matches order potential in next months • Q2: • order intake and outlook improves in US and Europe • business tracks new management’s plan Restructuring for Growth and Profit

  12. Reasons for Q1/Q2-Figures - Earnings and CashFlow • FLS Building Materials Usually Posts Deficit in Q1 • Dansk Eternit suffers from DEF 1994’s receivership • sales reflect normalised weather conditions • Q2: • Dansk Eternit’s sales slip further in Denmark • US slowdown dampens Unicon’s profit in turnaround • cement export offsets lower demand in Denmark • international price pressure on white cement • down revision of earnings forecast • FLS Aerospace Improves Performance in High Season • Q2 • third consecutive quarter with EBIT in black • strong USD hikes costs in Component Management • higher productivity and renegotiated contracts increase earnings expectations Restructuring for Growth and Profit

  13. FLS Group Profit and Loss Account Restructuring for Growth and Profit

  14. 2001 and onwards • Optimise across F.L.Smidth Group • speed up after-market sales - spares and service • improve turnkey and civil engineering skills • focus on cement and minerals segments • FLS miljø Grows Three Segments • marketing technologies via international partnerships • use core knowhow in new businesses on ad hoc basis • Harvest Synergies between Engineering Companies • Grow Key Product Areas in FLS Building Materials • expand global production capacity in white cement • consolidate industry and specialise fibre cement plants - expand product range • transfer “best practise” in Unicon’s One Company programme - turnaround US concrete operation • leverage Densit’s off-shore orders • Optimise Strategic Value of FLS Aerospace • Divest Non-Core Assets and Prune Balance Sheet Restructuring for Growth and Profit

  15. Unchanged EBIT 2001 – Forecast of DKK 0.7bn • Forecast Is Backed by: • F.L.Smidth Group’s order back log and intake is intact with order execution now on track • F.L.Smidth integration adds to earnings • FLS miljø bottoms out earningswise with improved order book and outlook • Fibre cement sales in Denmark stabilise • Full utilisation of white and grey cement capacity • Norwegian ready mix earnings mirror a succesfull integration • FLS Aerospace’s operating profit outperforms previous expectations Restructuring for Growth and Profit

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