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Annual Report 2018 FLSMIDTH at a GLANCE

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Annual Report 2018 FLSMIDTH at a GLANCE 1 January - 31 December 2018 (Company announcement no. 2) WE DISCOVER POTENTIAL ROCE CFFO ANNUAL (DKKm) REPORT 11.0% 385 2018 Up from 10.4% Down from 1,065 EBITA margin Order intake (DKKm) 8.5% 21,741 Up from 8.4% Up from 19,170 FLSmidth & Co. A/S Vigerslev Allé 77 DK-2500 Valby CVR No. 58180912 MANAGEMENT’S REVIEW FINANCIAL STATEMENTS CONTENTS LETTER TO OUR MANAGEMENT REVIEW FLSMIDTH AT A GLANCE FLSmidth at a glance 3 7 SHAREHOLDERS 3 Main conclusions 2018 5 Letter to our shareholders 7 Guidance and targets 10 Group financial highlights 5-year summary 11 Market trends 12 Strategy and business model 15 Financial developments 26 Group financial developments Q4 2018 27 Business segments 31 Quarterly key figures 34 Innovation & digitalization 36 Corporate matters 43 Sustainability 44 Risk management 47 Corporate governance 50 Shareholder information 59 FINANCIAL STATEMENTS Consolidated financial statements 62 Consolidated notes 75 Parent company financial statements 132 Parent company notes 135 Statement by Management 140 Independent auditor's report 141 36 INNOVATION AND DIGITALIZATION 2 Annual report 2018 FLSMIDTH AT A GLANCE FLSmidth is a leading supplier of productivity - enhancing solutions to the global cement and mining industries. Through our unique combination of engineering, We are products and services, we help our A supplier of everything from 60+ single machinery to complete Countries customers increase their production cement and minerals processing A truly global company with local output, decrease operating costs plants, including services before, presence in more than 60 countries and and reduce environmental impact. during and after the construction. operations in more than 100 countries. We are the market leader in the premium segment of the cement industry. We have the most complete offering and the strongest brand. In mining, we are amongst the market leaders with one of the strongest brands and broadest 11,368 Our vision offerings. We have a proven track Employees We drive success through record of quality and reliability. Our in-house resources are sustainable productivity primarily engineers who develop, enhancement plan, design, install and service equipment, with most of the Our brand promise manufacturing being outsourced. We discover potential 3 Annual report 2018 FLSMIDTH AT A GLANCE FLSMIDTH 2018 IN NUMBERS ROCE EBITA margin Order intake Net working CFFO (DKKm) capital ratio (DKKm) 11.0% 8.5% 21,741 11.7% 385 up from 10.4% up from 8.4% up from 19,170 up from 10.2% down from 1,065 56% Mining 44% Cement 62% Mining 38% Cement 46% Capital 54% Service EBITA margin 11.3% EBITA margin 4.6% Gross margin 28.0% Gross margin 21.9% Revenue split by Gross profit split by Revenue split by service mining and cement mining and cement and capital business 4 Annual report 2018 MAIN CONCLUSIONS 2018 MANAGEMENT’S REVIEW FINANCIAL STATEMENTS MAIN CONCLUSIONS 2018 Strongest order intake in six years driven CAPITAL KEY PERFORMANCE INDICATORS by mining. Revenue growth resumed in ROCE increased to 11.0% as a result of the higher EBITA All key performance indicators developed favourably in and lower capital employed. Cash flow from operating 2018 except for net working capital and DIFOT. Net 2018 following several years of market activities was impacted by significant negative working capital increased towards the end of the year headwind. Significant improvement in developments in discontinued activities, and the free due to high project activity. profit for the year. Modest free cashflow cash flow amounted to DKK 100m. Net interest-bearing and slightly higher net debt. debt increased to DKK 1.9bn, and the financial gearing (NIBD/EBITDA) increased to 1.1, substantially below the long-term target of maximum two times EBITDA. GROWTH The order intake increased 13% to DKK 21.7bn – in Shareholder return particular driven by stronger demand in Mining as a result The Board of Directors will propose at the Annual of improved sentiment and increasing CAPEX budgets in General Meeting that a dividend of DKK 9 per share be the mining industry. Revenue increased 4% to DKK distributed for 2018 (2017: DKK 8), corresponding to a 18.8bn. In general, revenue is lagging order intake by dividend yield of 3.1% (2017: 2.2%). Total shareholder roughly one year. return (share price appreciation and dividend paid) KEY PERFORMANCE INDICATORS 2018 was -17% in 2018 (2017: 25%). (part of managements incentive programmes) PROFIT The EBITA margin increased to 8.5% in 2018 (2017: 8.4%). OPERATIONS Financial 2018 2017 Group operating leverage was largely offset by a lower On 1 July 2018, we implemented a new operating Order intake (DKK) 21,741m 19,170m gross margin in Cement. Profit for the year increased structure consisting of two industries, Cement and Revenue (DKK) 18,750m 18,000m significantly, as financial items, taxes and discontinued Mining, and seven geographical regions. The transition to ROCE 11.0% 10.4% activities had a considerable less negative impact than the new structure is progressing according to plans and Net working capital % (end) 11.7% 10.2% in 2017. benefits of the new way of working are expected to EBITA margin 8.5% 8.4% become more visible in 2019. Non-financial 2018 2017 Safety (TRIFR)¹⁾ 3.0 3.2 Quality (DIFOT)²⁾ 87% 84%88% 1) TRIFR = Total recordable injury frequency rate 2) DIFOT = Delivery in full on time 5 Annual report 2018 Main conclusions 2018 MAIN CONCLUSIONS 2018 MANAGEMENT’S REVIEW FINANCIAL STATEMENTS KEY EVENTS 2018 6 Annual report 2018 LETTER TO OUR SHAREHOLDERS The market is evolving and our customers have become more demanding in terms of Over the past years we have performance requirements. This plays well strengthened our product into the strengths of FLSmidth as a pre- line management and mium supplier of sustainable productivity consolidated offices and enhancements. Our strong position, com- administrative functions at bined with an improving mining market, the regional level. These led to growing revenue and order intake initiatives enabled us to take in 2018. the final step during 2018 to become one integrated With 2018 showing the highest order intake in six years, company. we are, evidently, well positioned to help our customers meeting the ever-increasing demand for minerals and cement. However, the flip side of growing commodity consumption is an increasing impact on the environment – unless the industry changes the way it works. As a leading player in the mining and cement industries, we share the responsibility for driving the transition and progress towards a more sustainable tomorrow – together with our customers, suppliers and business partners. Through innovation, digitalization and process expertise, we help our customers save money by using less energy, less resources, and through safer operations. License to operate is one of the biggest risks facing the mining industry. In partnership with a leading gold producer, we have developed the EcoTailsTM solution that significantly reduces the need for water in minerals processing. 7 Annual report 2018 LETTER TO OUR SHAREHOLDERS – CONTINUED Improving market conditions in Mining The new operating model builds on a strong industry set- Following several difficult years, the mining industry up in Mining and Cement, owning our full product portfolio stepped up investments in 2018, which translated to a 24% and lifecycle offering. The two industries are supported To fast-track our efforts, we created increase in our Mining order intake and an expanding order by seven regions that are responsible for all sales and a central digital organisation to support the backlog that will support revenue growth. Whilst macro service activities to customers in the respective regions. development of new digital solutions and uncertainty is high, mining industry fundamentals remain ways of working in both Mining and Cement. encouraging and point to a continued need to invest in the The changed way of working enables us to uncover long-term. an untapped growth potential by moving closer to and FLSmidth has for many years offered automation solutions, having one face to the customer, whilst having a strong, but there is a need to accelerate the development of more Focus on internal efficiency in Cement united life-cycle focus on our products and solutions. The digital solutions. To lead this development we recruited The cement market is stable with few large projects and benefits for our customers are that their FLSmidth sales Mikael Lindholm who joined FLSmidth in 2018 as a member fierce competition. FLSmidth is the clear technology leader contact is located close by and can act as an interface to of Group Executive Management. Mikael has a background and the market leader in the premium segment. However, our global technology centres. The decentralised service leading Internet of Things in telecommunication and has with no improvements in pricing levels, our key focus is on organisation gives the customers faster response time at brought strong external experience to FLSmidth. internal efficiency. During 2018, we took actions to lower lower cost and makes doing business with us simpler. our cost base and improve Cement profitability through There are digital tools for almost every process, but they redundancies and continued standardisation efforts. Our customers demand the best solutions available, are not necessarily the right tool for every problem. In and we have the most complete offering in the market, fact, what matters is not a great digital strategy, but a In 2018, Jan Kjærsgaard joined FLSmidth as President of covering all steps in the process from pit to plant. The new solid business strategy in the digital age. For FLSmidth, it the Cement Industry and a member of Group Executive organisation enables us to reduce internal complexity and centres around productivity and it is the combination of Management. With his strong industrial experience, we to take a full lifecycle perspective on our solutions.
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