1 / 24

18 August 2005

Interim Report Q2 2005. 18 August 2005. Agenda Main conclusions Q2 2005 Highlights Financial Cement Minerals Other activities Guidance 2005 Strategy update. Main conclusions Q2 2005 Continuing activities H1 2005 Turnover DKK 4.7bn (H1 2004: DKK 4.9bn)

kirk
Télécharger la présentation

18 August 2005

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Interim Report Q2 2005 18 August 2005

  2. Agenda • Main conclusions Q2 2005 • Highlights • Financial • Cement • Minerals • Other activities • Guidance 2005 • Strategy update

  3. Main conclusions Q2 2005 • Continuing activities H1 2005 Turnover DKK 4.7bn (H1 2004: DKK 4.9bn) EBIT DKK 151m (H1 2004: DKK -63m) EBT DKK 238m (H1 2004: DKK -103m) CFFO DKK 607m (H1 2004: DKK -226m) Order intake DKK 6.5bn (H1 2004: DKK 4.9bn) • New global cement kiln capacity in 2005 (excl. China)Now expected at 55-60 mty (previously 50-55mty) • Guidance for 2005 Turnover DKK 10.5bn (previously DKK 10bn) EBIT DKK 250-300m (previously DKK170-220m) EBT DKK 320-380m (previously DKK 220-280m)

  4. Highlights year to date • High market activity within all business areas • Order intake up 34% in H1 vs. last year - Order intake from aftermarket up 15% • Order backlog record high • Turnaround in FLSmidth Airtech, MAAG Gear and Dansk Eternit Holding progressing as planned • No major negative project deviations so far this year

  5. Order intake

  6. Order backlog

  7. Financial highlights Q2 2005 Continuing activities Turnover: 4% decrease in turnover vs. last year (H1 2004 was positively impacted by processing of on one large order)EBIT/EBITDA: positive operational earnings in all business units in Q2 and positive development vs. last year in all business units (except in Pfister where sales and earnings were exceptionally high in H1 04)EBT: positively impacted by revaluation of shares in cement companies (DKK +27m) and by sale of shares in Denerco Oil (DKK +36m)CFFO: positive development in CFFO in Q2, particularly in FLSmidth due to an increase in prepayments from customers and reduction in work-in-progress

  8. Financial highlights 2nd quarter 2005 *) Restated according to IFRS

  9. Turnover

  10. EBIT -402

  11. Balance sheet

  12. Business areas FLSmidth & Co. Cement Minerals FFE Minerals FLSmidth FLSmidth Customer Services Other activities FLSmidth Automation Dansk Eternit Holding(fibre cement products) FLSmidth Materials Handling FLSmidth Airtech SOLGT Densit (ultra-high strength cement-based products) Pfister(feeders) SOLGT Ventomatic(packers) FLS miljø being closed down MAAG Gear (gears)

  13. Cement FLSmidth & Co. Cement FLSmidth supplies complete plants, equipment, single machine units, spare parts, know-how, services and maintenance to the global cement industry. Specialised parts and ma-chinery for cement plants are supplied by FLSmidth divisions and product companies. Cement FLSmidth FLSmidth Customer Services FLSmidth Automation FLSmidth Materials Handling FLSmidth Airtech Pfister (feeders) Ventomatic (packers) MAAG Gear (gears)

  14. DKKm YTD Net turnover EBIT EBT H1 2004 3,741 (37) (51) H1 2005 3,264 97 117 Cement Highlights H1 2005 • Improved earnings vs. last year • Significant improvement in cash-flow vs. last year • High level of activity and order intake • New global cement kiln capacity excl. China expected to reach 55-60mty in 2005 Focus / Actions • Off-shoring to India • Procurement from low cost countries • Optimising project execution • Increased investments in R&D • New products and services

  15. New global contracted cement kiln capacityexcl. China Average 1980 – 2004; 26m tonnes per year • Positive trends in demand for new kiln capacity continue => 55-60 mty in 2005 excl. China • Revival of old, and arrival of new market participants – especially from China • Increased level of activity in India, Middle East and USA

  16. Minerals FLSmidth & Co. Minerals Projects and services to the global minerals industries are provided and marketed under the name of FFE Minerals. FFE Minerals is a global supplier of machinery and engineered process systems as well as operating and maintenance services to the mining and minerals industries as well as to the pulp & paper industries Minerals FFE Minerals

  17. DKKm YTD Net turnover EBIT EBT H1 2004 705 5 2 H1 2005 803 28 31 Minerals Highlights H1 2005 • Substantial growth in order intake • Order backlog record high • Market very active in India and within Materials Handling • One of two problem projects has been closed, whereas final settlement is outstanding on the second Focus / Actions • Controlled organic growth • Transformation from supplier of single equipment to supplier of engineered solutions • Growth opportunities

  18. Other activities FLSmidth & Co. Other activities For a transitional period of some years, the Group will be the owner of the two building material companiesDansk Eternit HoldingandDensit. Dansk Eternit Holding and Densit are pursuing individual restructuring strategies. Once these initiatives have resulted in a stable and satisfying track record of results, a sales process will be initiated. The restructuring is progressing as planned and is supported by positive markets. Other activities Dansk Eternit Holding(fibrecement products) Densit (ultra-high strength cement-based products)

  19. DKKm YTD Net turnover EBIT EBT H1 2004 483 11 2 H1 2005 566 39 38 Dansk Eternit Holding Highlights H1 2005 • Stormy weather in Scandinavia considerably increased demand for corrugated sheets in Q1 and Q2=> increase in turnover and earnings • Expects a positive result in H2, but no further impact from the storms Focus / Actions • Optimisation of production and distribution platform

  20. 39,342 Suppliers of equipment and services to the global cement & minerals businesses The global competition in value 7,136 67.7 Total sales 49.0 49.2 Sales to cement and minerals (All figures in million EUR in 2004) 3,976 39.1 1,979 702 446 1,343 423 423 1,312 178 127 409 ThyssenKrupp(Polysius) Outokumpu(Technology) FLSmidth Fives Lille(FCB, Pillard, Solios) MFC (KHD) Sinoma Metso(Minerals)

  21. Guidance 2005 Upward revision of turnover and earnings forecasts • Turnover DKK 10.5bn (previously DKK 10bn) • EBIT DKK 250-300m (previously DKK 170-220m) • EBT DKK 320-380m (previously DKK 220-280m)

  22. Business area guidance 2005 • CementTurnover 2005~ DKK 7.5bnEBIT 2005> EBIT 2004=DKK139m (restated) • MineralsTurnover 2005 ~ DKK 2bnEBIT 2005 >>EBIT 2004=DKK 23m(restated) • Dansk Eternit HoldingTurnover 2005 ~ DKK 1bnEBIT 2005 > EBIT H1 2005=DKK 39m • OverheadsEBIT 2005 ~ DKK -15m

  23. Strategy update • Ahead of plansto reach 5%-EBT target in 2007 • Management will continue to focus on optimising business operations and will, in addition, increaseits focus oninvestments in new products and serviceswithin Cement and Minerals.

  24. Interim Report Q2 2005 Questions

More Related