Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FLSMIDTH & CO A S. We currently have 7 research reports from 1 professional analysts.
|07Mar17 10:08||GNW||FLSmidth receives cement plant order in Egypt|
|01Mar17 08:22||GNW||FLSmidth: Long-term incentive programme 2017|
|23Feb17 08:50||GNW||NOTICE TO CONVENE the Annual General Meeting of FLSmidth & Co. A/S|
|22Feb17 06:50||GNW||FLSmidth: Large shareholder announcement - Franklin Mutual Advisers, LLC|
|21Feb17 13:37||GNW||FLSmidth awarded first phase of EPC contract for gold mine|
|09Feb17 10:58||GNW||Annual Report 2016 for FLSmidth & Co.|
|27Jan17 16:53||GNW||FLSmidth: Large shareholder announcement - Novo A/S|
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FLSMIDTH & CO A S
FLSMIDTH & CO A S
An encouraging end to the year driven by cement demand
16 Feb 17
FLSmidth reported its Q4 figures which showed improving momentum in demand. - Revenue has risen by 4%: (DKK5,525m in Q4 16 vs DKK5,297m in Q4 15). This represents an organic growth of 6%, particularly related to the Cement division. - Order intake has increased by 23%: from DKK3,691m in Q4 15 to DKK4,544m in Q4 16. The increase was predominantly driven by the Cement division. - EBITA has risen from DKK384m in Q4 15 to DKK426m in Q4 16. The EBITA margin is 7.7% (vs 7.2% in Q4 15). Adjusted for one-off costs of DKK 110m, the EBITDA margin was 9.7%. - The group’s profit in Q4 16 has risen from DKK23m in Q4 15 to DKK182m. - The CFO increased in Q4 16 (DKK608m vs DKK148m in Q4 15) due to higher operational earnings and a positive cash impact from working capital, and free cash flow amounted to DKK564m in Q4 16 vs DKK168m in Q4 15).
A mixed bag with some positive developments
10 Nov 16
FLS reported a 20% decrease yoy in the Q3 16 order intake to DKK4,133m but this included +16% yoy rise in services to DKK2,647m (the highest order intake for the service activities since early 2014). The order intake still suffers from weak demand in minerals (-61%) and products (-9%). At the same time, revenue was up 4% in Q3 16 yoy to DKK4,774m thanks to +60% in cement, partly offset by weak minerals (-11%) and customer services (-7%). EBIT was about flat yoy at DKK243m, corresponding to a 5.1% margin (versus 5.3% in Q3 15). The free cash flow was strong at DKK701m versus DKK510m in Q3 15 leading to significant deleveraging. For FY16, the company still expects its revenue to be DKK17-18bn and that the EBITA margin will be 7-8%. However, the EBITA margin is likely to end up at the lower end of this range.
19 Aug 16
FLSmidth released its Q2 2016 with revenue down 19% to DKK4,135m. Gross profit followed the same trend reaching DKK1,078m. EBITDA decreased even further to DKK340m (-34% yoy) as well as EBIT reaching DKK177m (-45% yoy). Also, the net profit in Q2 reached DKK97m which is less than half what it was one year before. The good news comes from FCF which is positive again to DKK60m (-DKK105m one year earlier). However order intake has decreased to DKK4,345m (-17% yoy) and the order backlog decreases slightly (-6%) to DKK15,914m.
Mining project postponements weigh on Q1 16 revenues
19 May 16
FLSmidth reported a weak start to the year Main facts of the Q1 16 figures: • The order intake increased 19% to DKK5,281m (Q1 15: DKK4,440m). • The order backlog increased 6% to DKK15,792m (end 2015: DKK14,858m). • Revenue decreased 20% to DKK3,758m (Q1 15: DKK4,683m). • EBITA decreased 39% to DKK246m (Q1 15: DKK400m), corresponding to a margin of 6.5% (Q1 15: 8.5%). • Net profit decreased 73% to DKK73m (Q1 15: DKK272m), of which DKK-6m were related to discontinued activities (Q1 15: DKK76m). • Cash flow from operating activities amounted to DKK-60m (Q1 15: DKK-45m), of which DKK95m were related to continuing activities (Q1 15: DKK211m). • Net interest-bearing debt decreased to DKK-3,567m (end 2015: DKK-3,674m).
Not as bad as feared
12 Feb 16
FLSmidth reported FY15 revenue slightly above market expectations, while EBIT was in line and the net result was below expectations, impacted by financial expenses. Q4 15: * Revenues down by 6% yoy to DKK5,297m with organic growth down by 11% * Order intake down by 1% yoy to DKK3,691m * Gross margin at 23.7%, up from 22.5% at Q4 14 (adjusted gross margin at 24.9%) * EBITA down by 8%, reported at 7.2% including a DKK89m one-off (vs 7.4% in Q4 14) * Order backlog down by 16% FY15 * Order intake up by 7% to DKK18,490m * Revenue reached DKK19.7bn, a 4% decrease yoy * Net debt reduced by DKK0.9bn, at DKK3.7bn (proceeds from disposals of Cembrit) * ROCE at 10%, down from 12% * EBITA reached DKK1,582m (-13% yoy), margin at 8%, down from 8.9% * Free cash flow at DKK1.29bn, up from DKK700m * EPS at DKK8.6 from DKK16.4 last year * Dividend of DKK4 FY16 guidance: * Revenue DKK17-20bn * EBITA margin 7-9% * ROCE 8-10%
Q3 15 rather weak results and some perimeter adjustments
13 Nov 15
FLSmidth reported a rather weak Q3 15, and some perimeter adjustments: - Bulk material handling activities to be divested - reported as discontinued activities. - Cement O&M projects integrated into the Cement division. The company reported that market conditions in the minerals industry deteriorated markedly in Q3 15 and led to further capex cuts and continued downward pressure on commodity prices. The order intake increased 16% to DKK5,151m (Q3 14: DKK4,423m), as FX had a positive impact of 9%, the organic growth in orders was 7%, which is primarily explained by the receipt of large orders in Minerals and Product Companies, however this was counterbalanced by an organic order intake decline in Customer Services (-18%) and Cement (-19%). Revenue decreased 7% (-13% organically) to DKK4,609m and EBITA decreased 27% to DKK358m (corresponding to 7.8%) and leading to a net loss of DKK84m. FY15 guidance is technically adjusted with revenue now expected to be DKK19-20bn (previously DKK19-21bn; 2014: DKK20.5bn) and the EBITA margin should reach 7.5-8.5% (previously 7-8%; 2014: 8.9%).
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.