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Annual Report 2006 Flsmidth & Co. A/S Stock Exchange Announcement

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Annual Report 2006 Flsmidth & Co. A/S Stock Exchange Announcement Stock Exchange Announcement No. 6-2007 T H E P R EFE rr E D S U P P L I E R F O R 1 2 5 Y E ar S Annual Report 2006 FLSmidth & Co. A/S Contents Management’s review ............................................... 3-12 Group financial highlights (5-year summary) ............................ 3 FLSmidth – an outline ..........................................................4-5 Statement by the Board and Management on the Annual Report ........................................................... 13 Auditors’ report .................................................................... 13 Group Board and Management .........................................14-15 125th anniversary .............................................................16-17 Business areas ..................................................................18-19 Cement ...........................................................................20-25 Minerals ............................................................................26-31 Dansk Eternit Holding .......................................................32-33 Commercial risks ..............................................................34-35 Research and development .................................................... 36 Corporate governance............................................................ 38 Stakeholder relations .........................................................39-41 Shareholder information ...................................................42-43 Stock exchange messages / press releases .............................. 44 Annual accounts ..............................................................45 Accounting policies ..........................................................46-53 Consolidated profit and loss account ..................................... 54 Consolidated cash flow statement ......................................... 55 Consolidated balance sheet ..............................................56-57 Consolidated shareholders’ equity ......................................... 58 List of notes ........................................................................... 59 Notes to the consolidated accounts ..................................60-76 List of Group companies ....................................................... 76 Parent company Annual Accounts 2006 ................................. 77 Parent company profit and loss account ................................ 78 Parent company cash flow statement .................................... 79 Parent company balance sheet ............................................... 80 Parent company shareholders’ equity .................................... 81 Notes to the parent company accounts ............................82-84 Group addresses ..............................................................86 Group financial highlights (5 year summary) DKKm 2002 1) 2003 1) 2004 2005 2) 2006 2) 2006 EURm 3) PROFIT AND LOSS ACCOUNT Net turnover 7,937 8,939 10,597 10,250 12,311 1,650 Gross profit 1,396 1,303 1,412 1,908 2,602 349 Earnings before interest, tax, depreciation, amortisation (EBITDA) 183 136 142 558 953 128 Earnings before interest and tax (EBIT) (59) (108) (186) 398 775 104 Earnings before tax (EBT) (92) (101) (196) 512 924 124 Profit/loss for the year, continuing activities (145) (77) (330) 530 1,107 148 Profit/loss for the year, discontinuing activities (1,304) (2,471) 481 (54) 25 3 Profit/loss for the year (1,449) (2,548) 151 476 1,132 151 CASH FLOWS Cash flow from operating activities 358 232 (299) 1,731 1,372 184 Acquisition of undertakings and activities (29) (33) (3) (47) (196) (26) Acquisition of tangible assets (147) (172) (148) (176) (249) (33) Other investments, net 82 2 26 279 48 6 Cash flow from investing activities (94) (203) (125) 56 (397) (53) Cash flow from operating and investing activities of continuing activities 264 29 (424) 1,787 975 131 Cash flow from operating and investing activities of discontinuing activities 1,426 304 4,122 21 (75) (10) WORKING CAPITAL 474 969 878 (240) (435) (58) NET INTEREST-BEARING RECEIVABLES/(DEBT) (1,079) (1,143) 1,191 2,600 2,847 382 ORDER INTAKE 8,754 8,752 8,459 13,289 18,534 2,486 ORDER BACKLOG 7,619 7,915 6,506 10,834 18,264 2,450 BALANCE SHEET Long-term assets 2,166 2,005 1,745 1,913 2,355 316 Short-term assets 4,726 4,105 6,448 7,664 9,764 1,309 Assets held for sale 8,744 5.268 0 0 132 18 Total assets 15,636 11,378 8,193 9,577 12,251 1,643 Consolidated shareholders' equity 5,729 2,916 2,585 2,648 3,192 428 Long-term liabilities 1,963 1,949 1,130 1,271 1,710 229 Short-term liabilities 3,815 3,139 4,478 5,658 7,344 985 Liabilities regarding assets held for sale 4,129 3,374 0 0 5 1 Total equity and liabilities 15,636 11,378 8,193 9,577 12,251 1,643 PROPOSED DIVIDEND TO SHAREHOLDERS 0 0 372 372 372 50 FINANCIAL RATIOS Continuing activities Adjusted net operating profit after tax (NOPAT) (116) (67) (244) 359 589 79 Average capital employed 3,712 2,807 2,903 747 306 41 Return on capital employed (ROCE) 4) (3%) (2%) (8%) 48% 192% 192% Contribution margin 17.6% 14.6% 13.3% 18.6% 21.1% 21.1% EBITDA ratio 2.3% 1.5% 1.3% 5.4% 7.7% 7.7% EBIT ratio (0.7%) (1.2%) (1.8%) 3.9% 6.3% 6.3% EBT ratio (1.2%) (1.1%) (1.9%) 5.0% 7.5% 7.5% Return on shareholders' equity (23%) (59%) 5% 18% 39% 39% Equity ratio 37% 26% 32% 28% 26% 26% Number of employees at 31 December, Group 5,832 5,479 5,625 5,849 6,862 6,862 Number of employees in Denmark 1,950 1,696 1,642 1,463 1,508 1,508 Share and dividend ratios, Group CFPS (cash flow per share), DKK (diluted) 13.8 (3.9) (2.9) 32.8 24.3 3.3 EPS (earnings per share), DKK (diluted) (28.2) (49.3) 2.8 9.1 21.7 2.9 Net asset value, DKK parent company (diluted) 104 52 54 46 38 5.1 Dividend per share, DKK 0 0 7 7 7 0.9 Pay-out ratio (%) 0% 0% 250% 77% 32% 32% FLSmidth & Co. share price, DKK 55 68.7 102.4 186 359 48 Number of shares 31 December (000s) 53,200 53,200 53,200 53,200 53,200 53,200 Average number of shares (000s) (diluted) 51,896 51,881 52,509 52,518 52,558 52,558 Market capitalisation, DKKm 2,926 3,655 5,448 9,895 19,099 2,562 The financial ratios have been computed in accordance with the Guidelines issued by the Danish Society of Financial Analysts. ROCE is defined in note 34 to the consolidated accounts. 1) The financial highlights for 2004 - 2006 are prepared in accordance with IFRS. The comparative figures for 2002 - 2003 have not been adjusted to the change in accounting policies. The presentation is adjusted so that the discontinuing activities are presented on a separate line. 2) The financial highlights for 2005 - 2006 are prepared in accordance with the change in accounting policy in 2006 regarding measurement of financial assets pursuant to the changed IAS 39. In accordance with the transition provisions for the changed IAS 39, implementation has thus taken place retroactively from 1 January 2005. 3) Profit and loss account items are translated at the average EUR exchange rate of 745.91 and the balance sheet and cash flow items are translated at the year-end EUR exchange rate of 745.60. 4) The method of calculating ROCE has been changed. The comparative figures are adjusted accordingly. 3 F L S midth & Co. A/ S 1 2 5 t h A n n u a l R e p o r t FLSmidth – an outline FLSmidth in brief Prospects for 2007 (continuing activities) FLSmidth & Co. is the global cement industry’s leading supplier of com- • Sustained favourable business cycles and a continued high level of plete plants, equipment and single machine units as well as spare parts activity are expected for 2007. and services. It is among the leading providers of similar products to • In 2007, FLSmidth & Co. expects a consolidated turnover of niche markets in the global minerals industry. DKK 16-18.5bn, earnings before interest and tax (EBIT) at DKK 1.1-1.3bn and earnings before tax (EBT) at DKK 1.2-1.4bn. Company vision • Cash flows from operating activities in 2007 are expected to amount It is FLSmidth & Co.’s vision to continuously strengthen its position as to approximately DKK 600m, and investments (exclusive of acquisi- the preferred partner and leading supplier of equipment and services to tions) are expected to be extraordinarily high and total approximately the global cement and minerals industries. DKK 450m due to the general increase in capacity. • 2007 is expected to see an effective tax rate of around 30%. FLSmidth & Co. continuously strives to generate a profitable return for • For the individual business areas, the prospects for 2007 are as fol- its owners through value creating growth. Alliances and acquisitions lows: contribute to strengthening the market position. Cement Turnover DKK 10-12bn EBIT ratio approx. 6% Minerals Turnover DKK 5-5.5bn EBIT ratio approx. 9% Investing in FLSmidth Dansk Eternit Holding Turnover approx. DKK 1.3bn EBIT ratio approx. 8% FLSmidth & Co. A/S is listed on the Copenhagen Stock Exchange and may be described as a project- and service-focused engineering com- • The prospects of the Cement business for 2007 are based on an pany with a unique global market position, a relatively small amount unchanged market share and a total market for new cement kiln of capital employed and a large part of the turnover generated in the capacity of 80-90m tonnes per year (exclusive of China). The pros- developing countries. pects are also based on a change in product portfolio, as services • The total return on the FLSmidth & Co. share was 97% in 2006 and spare parts are expected to account for a relatively smaller (2005: 89%) part of turnover, and the share
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