flsmidth 2nd quarter report 2014

13/08/2014

1

13 August 2014Interim Report Q2 2014 1

Presentation of Interim Report Q2 2014

Key highlights in Q2’14 Guidance for 2014 unchanged

Improvements in earnings and cash flowDeclining order intake, but stable unannounced orders Revenue and net working capital as expected

Setting the organisation and the team for the future– new divisional structure from 1 January 2015


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2

Mining capexClose to the troughFlattish or slightly declining in 2015Slow growth expected in 2016Focus on productivity enhancing investments

Cement capexLevel of activity in 2014 similar to 2013 or slightly higher, however locally impacted by geopolitical tensionsIncreasing utilisation rates to underpin growth in coming years

Customer Services resilient and growing

Overall market trends unchanged

Market update


Strong improvement in safety performance in Q2LTIFR (lost time injury frequency rate) decreased to 2.5 (Q1’14: 3.9)(2014 target: below 3.5)

Business right-sizing in Mineral ProcessingMore than 300 people have been given notice in the quarter

Mobilisation on O&M contracts in Nigeria and Tunisia

More than 450 workers have been recruited since the beginning of the year

Operational highlights in Q2 2014

Operation highlights


0

1

2

3

4

5

LTIFR Lost time injury frequency rate

(per 1 mill. working hours)

2014 Target

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3

Sustainable technology highlights in Q2 2014

Technology highlights


Commercialization of the new Rotor-Stator Combination for Dorr-Oliver forced air flotation machine

Improves selectivityMaintain recovery at lower consumed power

Commercial application of the Vortex Stabilizer™ Enhancement of the WEMCO® flotation machine, reducing the wave on the surface and allowing for better process control

Improved product quality with less operational issues in customers’ cement grinding and storage units through site and chemical studies in the ‘Silo Safe Cement’ project

Efficiency programme on track

Efficiency Programme


Efficiency programme Impact

Targeted full-year EBITA improvement in 2015 DKK +750m p.a.

Estimated total costs DKK -500m

Run-rate full-year EBITA improvement in 2015 DKK +630m p.a.

Estimated EBITA improvement in Q2’14 DKK ~120m

One-off costs recognised in 2013-2014 DKK -485m

One-off costs recognised in Q2’14 DKK -12m

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Order intake declined due to lack of large orders

Revenue as expected

EBITA margin improved significantly due to efficiency programme and less impact from one-off costs

Net working capital slightly down vs. previous quarter

Positive operating cashflow

Financial performance in Q2 2014

Results Q2 2014

13 August 2014 7Interim Report Q2 2014

FLSmidth & Co. A/S(DKKm)

Q2 2014

Q22013 Change Change

FX adjusted

Order intake 4,643 5,626 -17% -12%Order backlog 21,713 26,983 -20%Revenue 5,577 6,852 -19% -14%Gross profit 1,432 1,298 +10%Gross margin 25.7% 18.9%EBITA 472 310 +52%EBITA margin 8.5% 4.5%Net results 237 142 +76%CFFO 224 -51Net working capital 2,995 2,597 +15%ROCE 8% 14%

37%

18%7%5%5%

0%

28%

Stable unannounced order intake

Interim Report Q2 2014


Q2 order intake by industry (quarterly)

Cement

Coal

Iron ore

Other

Copper

Gold0

2,000

4,000

6,000

8,000

10,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Order intake (quarterly)

-17% vs. Q2 2013DKKm

Announced O&M ordersAnnounced capital ordersUnannounced orders

Order intake decreased 12% in Q2’14 (currency adjusted)

Order intake decreased 5% in H1’14 (currency adjusted)

Cembrit not included in order intake. Generates quarterly revenue of around DKK 350-400m

Fertilisers

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Service activities accounted for 50% of Q2 order intake- include Customer Services and service business residing in capital divisions


Interim Report Q2 2014 9

Revenue Q2 2014

13 August 2014

Order intake Q2 2014

45%55%

Capital business

50%50%

Service businessCapital businessService business

Q2 2013: 40% Q2 2013: 44%

Gross margin at highest level since Q3’12



Gross margin

24.9% 18.9%25.7%

0%

10%

20%

30%

40%

0

500

1,000

1,500

2,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Gross profit (quarterly)DKKm

Increase in gross margin mainly due to improved performance in Material Handling, where margins in Q2 2013 were significantly impacted by one-off costs

Gross margin Q2’14 vs. Q2’13- by division

28.2%

-17.9%

22.0% 18.2%30.7% 23.8%

23.0% 16.7%

CustomerServices

MaterialHandling

MineralProcessing

Cement

Q2’14Q2’13 Q2’14Q2’13 Q2’14Q2’13 Q2’14Q2’13

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2,020

944

2,477

1,304

1,954

9601,355

1,087

Revenue decline related to Mineral Processing



01,0002,0003,0004,0005,0006,0007,0008,0009,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Revenue (quarterly)-19% vs. Q2 2013DKKm

Revenue Q2’14 vs. Q2’13- by division

MaterialHandling

MineralProcessing

CementQ2’14Q2’13 Q2’14Q2’13 Q2’14Q2’13 Q2’14Q2’13

CustomerServices

SG&A costs stable sequentially despite increase in revenue



SG&A ratio*

13.8%13.0%

15.7%

0%

3%

6%

9%

12%

15%

18%

0

200

400

600

800

1,000

1,200

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

SG&A costs (quarterly)

DKKm

*) SG&A ratio: SG&A costs (Sales, General and Administration) divided by revenue

SG&A included one-offcosts of DKK 47m in Q2’14 (DKK 65m in Q2’13)

SG&A costs are moving in the right direction

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Increase in EBITA margin primarily due to better performance in Material Handling and an estimated DKK 120m positive impact in Q2 from the efficiency programme

EBITA margin increased as expected



EBITA margin

10.0%

4.5%8.5%

0%

3%

6%

9%

12%

15%

0

200

400

600

800

1,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

EBITA (quarterly)46% vs. Q2 2013DKKm DKKm

EBITA bridge Q2’14 vs. Q2’13

310 472

323 113 18 10 302

0

200

400

600

800

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

Net work-in-progress

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Net prepayments

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Inventories

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Trade payables

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Trade receivables

Significant improvement in overdue receivables and WIP



Significant reduction in WIP assets by DKK 0.9bn, as work has been advanced to invoicing stage, transitioning into trade receivables

Long overdue receivables (>6 months) were reduced by DKK 0.3bn in Q2, now accounting for 21% of total receivables (Q1’14: 27%)

DKKm

DKKm DKKm DKKm

DKKm

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Change in net working capital

3,040 2,995

309

164 117 78 209 922

-

1,000

2,000

3,000

4,000

5,000

Working capital slightly down - some positive highlights



Net working capitalDKKm End Q2 2014 vs. End Q1 2014DKKm

2,117

2,597 2,995

0

500

1,000

1,500

2,000

2,500

3,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Acquisitions are currently on hold and other investments are managed closely

CFFO in Q2 included penalty of DKK -108m imposed on former subsidiary FLS Plast A/S by European Court of Justice

CFFI in Q2 included final earn-out of DKK -100m in connection with the acquition of Knelson in 2011

Positive free cash flow in Q2



CFFO (quarterly)DKKm

CFFI (quarterly)DKK -157m in Q2 2014DKKmDKK 224m in Q2 2013

(166) (157)

(600)(400)(200)

0200400

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

(51)

224

(600)(400)(200)

0200400

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

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ROCE (calculated as a 12 months’ average) is still impacted by special items in 2013

Adjusted for special items registered in 2013, ROCE is 13% vs. reported 8%

Guidance for 2014: ROCE 11-13%

Return on capital employed increased to 8%



ROCE* (quarterly)Average capital employed

DKKm

0%5%10%15%20%25%30%

03,0006,0009,000

12,00015,00018,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

ROCE8% in Q2 2014

*) ROCE: Return on capital employed calculated on a before tax basis, including goodwill and based on last 12 months’ EBITA and average capital employed

ROCE target

Guidance


Group Guidance 2014 Actual H1’14

Revenue DKK 21-24bn DKK 10.9bn

EBITA margin 7-9% 7.3%

CFFI ~DKK -0.4bn DKK -0.2bn

ROCE 11-13% 8%

Group guidance 2014 unchanged

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Divisional guidance 2014 unchanged

Guidance


Segments Guidance 2014

Revenue (DKK) H1 2014 EBITA margin H1 2014

Customer Services 7.5-8.5bn 3.7bn 13-15% 14.2%

Material Handling 3.5-4.5bn 2.0bn 0-2% 0.6%

Mineral Processing 5.5-6.5bn 2.8bn 6-8% 4.6%

Cement 3.5-4.5bn 2.1bn 5-7% 5.9%

Cembrit 1.4bn 0.8bn 0-2% 2.6%

Focus on efficiency:Navigate through cyclical downturnEfficiency programmeBusiness right-sizing

Focus on growth:Sustainable profitable growth

O&M (operation & maintenance)EPC (engineering, procurement, construction)Fully leverage product companies

Preparing for sustainable profitable growth

New divisional structure

January 2014Investor presentation 20

profitable growth

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Material Handling and Mineral Processing will be merged into a Minerals division

Product companies, currently residing in all four divisions, will be separated out to form a new Product Companies division

Comparison numbers to be published in connection with a Capital Market Day in the fourth quarter of 2014

New divisional structure from 1 January 2015


21

FLSmidth

Customer Services

MaterialHandling

Mineral Processing Cement

FLSmidth

Customer Services Minerals Cement Product

Companies

New Group Structure from 1 January 2015

Present Group Structure

The new organisation is a natural continuation of the strategy health check performed in 2013

The new organisation will increase operational efficiency through:

Homogeneous business models and KPIsSegmented customer approachDistinct management skills and competenciesLower complexity and greater transparency

Position the Group to reap the benefits of cyclical industries, where demand for products, projects and services vary over time

Provide a foundation for globalisation of product companies

Organising for sustainable profitable growth


22

New divisional structure from 1 January 2015

Global mining investment cycle

FLSmidth

Customer Services Minerals Cement Product

Companies

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Thomas SchulzGroup CEO

Customer ServicesBrian Day

Group ExecutiveVice President

MineralsManfred Schaffer


CementPer M. Kristensen


Product CompaniesBjarne M. Hansen


Human ResourcesVirve E. MeesakGroup ExecutiveVice President

Business DevelopmentEric T. PoupierGroup ExecutiveVice President

Lars VestergaardGroup CFO

Group Executive Management from 1 January 2015

New Group structure

23

Key highlights in Q2’14

Guidance for 2014 unchanged

Significant improvement in earnings

Setting the organisation and the team for the future


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Forward-looking statements

Annual Report 2013


FLSmidth & Co. A/S’ financial reports, whether in the form of annual reports or interim reports, filed with the Danish Business Authority and/or announced via the company’s website and/or NASDAQ OMX Copenhagen, as well as any presentations based on such financial reports, and any other written information released, or oral statements made, to the public based on this interim report or in the future on behalf of FLSmidth & Co. A/S, may contain forward-looking statements.

Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements.Examples of such forward-looking statements include, but are not limited to:• statements of plans, objectives or goals for future operations, including those related to FLSmidth & Co. A/S markets, products, product research and product

development• statements containing projections of or targets for revenues, profit (or loss), capital expenditures, dividends, capital structure or other net financial items• statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings and statements regarding the underlying

assumptions or relating to such statements• statements regarding potential merger & acquisition activities. These forward-looking statements are based on current plans, estimates and projections. By their very

nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which may be outside FLSmidth & Co. A/S’s influence, and which could materially affect such forward-looking statements.

FLSmidth & Co. A/S cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and exchange rate fluctuations, delays or faults in project execution, fluctuations in raw material prices, delays in research and/or development of new products or service concepts,interruptions of supplies and production, unexpected breach or termination of contracts, market-driven price reductions for FLSmidth & Co. A/S’ products and/or services, introduction of competing products, reliance on information technology, FLSmidth & Co. A/S’ ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in legislation or regulation and interpretation thereof, intellectual property protection, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign enterprises, unexpected growth in costsand expenses, failure to recruit and retain the right employees and failure to maintain a culture of compliance.Unless required by law FLSmidth & Co. A/S is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation.

Questions &Answers

Next update: Q3 Interim Report on 7 November 2014Capital Markets Day in Q4 2014

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Appendices- backup slides


Customer Services


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15

Solid earnings in the quarter despite lower reported revenue

Revenue increased 3% (adjusted for currency)

Order intake on same level as last year adjusted for currency

Stable order intake adjusted for currency

Customer Services


0

1,000

2,000

3,000

4,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Order intake (quarterly)-5% vs. Q2 2013DKKm

Announced O&M ordersAnnounced capital ordersUnannounced orders

Revenue (quarterly)DKKm EBITA margin-3% vs. Q2 2013

0%

4%

8%

12%

16%

20%

0

500

1,000

1,500

2,000

2,500

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Customer Services

Customer Services


(DKKm) Q22014

Q22013 Change 2013 Expected

2014

Order intake 1,801 1,900 -5% 8,005

Order backlog 8,169 7,979 2% 8,046

Revenue 1,954 2,020 -3% 7,565 DKK 7.5-8.5bnEBITDA 323 320 +1% 768

EBITA 300 298 +1% 691

EBITA margin 15.4% 14.8% 9.1% 13-15%EBIT 268 277 -3% 411)

EBIT margin 13.7% 13.7% 0.5%1)

1) Including Ludowici impairment loss of DKK -539

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16

Material Handling


First quarter since Q2’12 with a positive EBITA margin

No large orders booked in the quarter. Order of DKK 302m received from Vietnam in July’14

Significant improvement in earnings

Material Handling


0

500

1,000

1,500

2,000

2,500

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014


111111

Announced ordersUnannounced orders

Revenue (quarterly)DKKm EBITA margin2% vs. Q2 2013

-50%-40%-30%-20%-10%0%10%20%30%40%50%

-2,500-2,000-1,500-1,000

-5000

5001,0001,5002,0002,500

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

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17

Material Handling

Material Handling


(DKKm) Q22014


2014

Order intake 836 1,028 -19% 4,937

Order backlog 4,334 4,976 -13% 4,465

Revenue 960 944 2% 4,552 DKK 3.5-4.5bnEBITDA 57 -356*) -455

EBITA 39 -369*) -511

EBITA margin 4.1% -39.1% -11.2% 0 -2%EBIT 20 -387*) -598

EBIT margin 2.1% -41.0% -13.1%

*) Q2’13 earnings included one-off costs of DKK 323m related to legacy order backlog

No new problematic projects identified

12 projects out of a total portfolio of 201 projects in the Material Handling Business Unit are currently regarded as risky (end of Q1 2014: 14 projects)

These projects accounted for DKK 284m or 7%of the backlog at the end of Q2 (end of Q1 2014: DKK 356m or 8%)

The one-off costs of DKK 323m realised in Q2 2013 still expected to cover completion of the legacy projects

Status on legacy projects in Material Handling

Material Handling


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Mineral Processing


First announced order since Q4’12, whereas unannounced orders remain at a low level

Business right-sizing resulting in reduction of more than 300 jobs across the division in Q2’14

Revenue decreasing as a result of declining order intake in 2013

First announced order in Mineral Processing since Q4’12

Mineral Processing



0%3%6%9%12%15%18%21%

0500

1,0001,5002,0002,5003,0003,500

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

0500

1,0001,5002,0002,5003,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014



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Mineral Processing

Mineral Processing


(DKKm) Q22014


2014

Order intake 1,321 1,679 -21% 5,559

Order backlog 4,685 7,891 -41% 4,993

Revenue 1,355 2,477 -45% 9,256 DKK 5.5-6.5bnEBITDA 81 292 -72% 850

EBITA 59 259 -77% 757

EBITA margin 4.4% 10.5% 8.2% 6-8%EBIT 28 212 -87% 2111)

EBIT margin 2.1% 8.6% 2.3%1)

1) Including Ludowici impairment loss of DKK -362

Cement


13/08/2014

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0

500

1000

1500

2000

2500

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

No large orders, but good quarter in terms of unannounced orders

Revenue and EBITA margin as expected

Highest level of unannounced orders in 3 years

Cement



-5%0%5%10%15%20%25%

-5000

5001000150020002500

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014



Cement

Cement


(DKKm) Q22014

Q22013 Change 2013

Expected2014

Order intake 878 1,335 -34% 3,417

Order backlog 5,146 6,847 -25% 5,389

Revenue 1,087 1,304 -17% 5,201 DKK 3.5-4.5bnEBITDA 66 101 -35% 161

EBITA 58 91 -36% 124

EBITA margin 5.3% 7.0% 2.4% 5-7%EBIT 52 85 95

EBIT margin 4.8% 6.5% 1.8%

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Cembrit

Q1 2012Investor presentation 41

Cembrit is a leading distributor and manufacturer of fibre-cement products in Europe and the only remaining building materials company in FLSmidth

Cembrit is reported as continuing activities but developed as a non-core stand-alone business to be divested in 2-3 years

Cembrit improvement programme on track

Cembrit

Q1 2012Investor presentation 42

Revenue (quarterly)

DKKm EBITA margin+4% vs. Q2 2013

-25%-20%-15%-10%-5%0%5%10%15%20%25%

-500-400-300-200-100

0100200300400500

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

DKKm Q2 2014 Q2 2013 change

Revenue 410 395 +4%

EBITA 15 23

EBITA margin 3.7% 5.8% -34%

EBIT 14 22

EBIT margin 3.4% 5.6% -36%

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Order intake growth by segment



Growth CustomerServices

Material Handling

Mineral Processing

Cement Group

Growth (currency adj.)

0% -16% -14% -33% -12%

Currency effect

-5% -3% -7% -1% -5%

Total -5% -19% -21% -34% -17%

Order intake growth Q2’14 vs. Q2’13

Industry Country/Region

ValueDKK

Booked by(Division)

Copper-molybdenum

Mongolia 231 Mineral Processing

Total 231

Announced orders in Q2’140

2,000

4,000

6,000

8,000

10,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Order intake (quarterly)

-17% vs. Q2 2013DKKm

Revenue growth by segment



Growth CustomerServices

Material Handling

Mineral Processing

Cement Group

Growth (currency adj.)

2% 8% -41% -15% -14%

Currency effect

-6% -6% -4% -2% -5%

Total -4% -2% -45% -17% -19%

Revenue growth Q2’14 vs. Q2’13

01,0002,0003,0004,0005,0006,0007,0008,0009,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Revenue (quarterly)-19% vs. Q2 2013DKKm

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23

Decline in order backlog levelling out



0.200.400.600.801.001.201.401.60

05,000

10,00015,00020,00025,00030,00035,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Order backlog (quarterly)-20% vs. Q2 2013DKKm Book-to-bill ratio*

*Order backlog divided by last 12 months revenue

Expected backlog conversion to revenue:

40% in 2014

44% in 2015

16% in 2016 and beyond.

O&M contracts accounted for DKK 5.1bn (23%) of the order backlog at the end of Q2

Revenue and order intake by segment

37%

17%

28%

18%



Order intake Q2 2014– classified by segment

Customer Services

Material Handling

Cement

34%

17%23%

19%

7%

Material HandlingMineral Processing

Revenue Q2 2014 – classified by segment

Customer ServicesCement

Mineral Processing

Cembrit

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Capital structureStill affected by special items booked in 2013



NIBD (quarterly)DKKm

- 1.0 2.0 3.0 4.0 5.0 6.0

01,0002,0003,0004,0005,0006,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Gearing 3.3x EBITDAGearing target (self-imposed)

0%

10%

20%

30%

40%

50%

0

2,000

4,000

6,000

8,000

10,000

Q22012

Q32012

Q42012

Q12013

Q22013

Q32013

Q42013

Q12014

Q22014

Equity (quarterly)DKKm Equity ratioEquity ratio 28%

Equity ratio target (self-imposed)

Gearing temporarily impacted by one-off costs booked in 2013 and currently outside target of maximum 2 times EBITDA – expected to normalise towards the end of the year

Gearing expected to be close to target by the end of 2014

NIBD / EBITDA

Number of employees decreasing



Number of employees Q2’14 vs. Q2’13- by segment

5,859

3,585 3,021

2,335

6,382

2,974 2,419 2,104

CustomerServices

MaterialHandling

MineralProcessing

Cement

Q2’14Q2’13

Total number of employees Q2’14: 14,952

Number of employees decreased by 925 vs. Q2’13 and decreased by 93 vs. Q1’14

Decline explained by efficiency programme and business right-sizing

Increase in Customer Services primarily related to blue-collar workers on O&M contracts

Q2’14Q2’13 Q2’14Q2’13 Q2’14Q2’13

13/08/2014

25

Long term financial targets

Targets


Financial targets

Annual revenue growth Above market averageEBITA margin 10-13%ROCE* > 20%Tax rate 32-34%Equity ratio >30%Financial gearing (NIBD/EBITDA) <2Pay-out ratio 30-50%

*) ROCE: Return on capital employed calculated on a before tax basis as EBITA divided by average Capital Employed including goodwill

flsmidth 2nd quarter report 2014

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