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 6 research reports from 1 professional analysts.
|09Nov16 11:34||GNW||Financial Calendar 2017|
|09Nov16 11:05||GNW||FLSmidth: Interim Report for FLSmidth & Co. A/S for 1 July-30 September 2016. FLSmidth is growing its service activities|
|08Nov16 04:59||GNW||FLSmidth wins prestigious R&D award for Rapid Oxidative Leach technology|
|07Nov16 05:00||GNW||FLSmidth to supply key pyroprocessing equipment to Chinese lithium plant in Australia|
|02Nov16 08:52||GNW||FLSmidth has signed a large cement contract in Iraq|
|21Oct16 05:00||GNW||FLSmidth enables China's cement producers to replace fossil fuels with growing mountains of household waste|
|05Oct16 10:44||GNW||Large shareholder announcement - Lundbeckfond Invest A/S|
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FLSMIDTH & CO A S
FLSMIDTH & CO A S
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%).
Profit warning amidst poor outlook on mining demand
27 Aug 15
FLSmidth reported DKK5,381m in Q2 revenue corresponding to a 4% increase yoy (but -6% organically including -23% for minerals) while order intake grew 13% to DKK5,259m (of which +1% organic including +76% in cement and -14% in minerals and Customer services) while the backlog decreased 17%. The EBITA decreased 14% to DKK395m (versus Q2 14 DKK457m), corresponding to a margin of 7.3% (versus Q2 14 8.8%) including a -14.9% margin for minerals, +6.2% for Cement and +14.3% margin for Customer services. The net profit for the period was DKK212m, slightly below last year's level (DKK220m). The company reported that China's uncertainties and the fall in commodity prices led to further project postponements while some smaller miners at the high end of the cost curve were filing for bankruptcy protection. Demand for products and single equipment remained stable and related to productivity increases, modernisations, and replacements. At the other end, the cement market is showing signs of an early recovery, though on a global scale capacity utilisation rates remain low and new large orders for tenders remain few in number. The full-year EBITA margin guidance is lowered to 7-8% (versus 9-10%) to reflect business risks associated with a deteriorating market outlook for the mining industry and oil-exporting countries.
Panmure Morning Note 02-12-16
02 Dec 16
Today James Halstead will be holding its 101st AGM. Trading during the first part of FY17 has been mixed, with some notable challenges. However, movements in FX (i.e. weak sterling) is boosting reported earnings, offsetting UK volume trends and pricing pressures. Whilst earnings are likely to be second half weighted, the picture is in-line with expectations and we are leaving our FY17 PBT estimates unchanged (£47.4m in FY17 vs £45.4m FY16).
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
02 Dec 16
On 30 September 2016, when the company announced its full year results, it reported that the UK business had seen a slow start to the year, with particular weakness in repair and renewal spending by the NHS as well as “reticence” in the education sector. However, with the UK only representing about a third of the business, this weakness was expected to be more than offset by the positive effect of a weakened sterling on its overseas business, given the benefits for competitiveness and margins.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
06 Dec 16
Acal’s H117 results reflected the weaker demand that was previously flagged combined with positive FX trends. Design & Manufacturing (D&M) continues to grow as a proportion of total revenues and profits and management has raised its targets for this part of the business. The company continues to consider further acquisitions, recently increasing its debt facility to support its growth strategy. The outlook for FY17 is unchanged – based on H117 order inflow, H217 is expected to be stronger and we leave our earnings forecasts substantially unchanged.