Company Announcement No. 17-2021,
Highlights in Q3 2021
- Order intake increased 14% organically y-o-y
- Revenue increased 21% organically y-o-y
- EBITA increased 72% y-o-y
- EBITA margin increased to 6.5% from 4.6% in Q3 2020
- Net working capital increased driven by a higher activity level
- Successful issue of new shares, raising proceeds of
DKK 1.4bn
Order intake increased 14% organically compared to Q3 2020. Including currency effects, order intake increased by 15% y-o-y to
Financial performance
Revenue increased 22% to
Gross margin was largely maintained at 23.0% compared to Q3 2020, despite headwinds from a 10%-points higher share from capital revenue. The Group EBITA margin increased to 6.5% from 4.6% in Q3 2020, related to both Mining and Cement. EBITA in Cement was positive
for the first time since Q1 2020.
Despite the higher EBITDA, CFFO declined to
As a result of the completed issue of new shares, raising proceeds of
-1,159m), and the financial gearing decreased to 0.0x (end of Q2 2021: 1.0x).
Guidance 2021
Mining revenue is expected to grow in 2021 and the EBITA margin for Mining is expected to be high-single digit for the full year. Cement revenue is expected to decline for the full year. The Cement business is not expected to be EBITA positive in 2021 due to reshaping costs and low-capacity utilisation in the service business, particularly related to the impact of the pandemic in H1.
Group CEO succession
As announced on 10 November,
Read the full Interim report 9M 2021 here.
Contacts
Media Relations
Investor Relations
Jannick Lindegaard Denholt, +45 21 69 66 57, jli@flsmidth.com
Key figures 9M 2021
(DKKm) | Q3 2021 | Q3 2020 | Change (%) | 9M 2021 | 9M 2020 | Change (%) |
Order intake (gross) | 4,549 | 3,955 | 15% | 14,149 | 13,829 | 2% |
- of which service order intake | 2,955 | 2,337 | 26% | 8,392 | 7,506 | 12% |
Service order intake share | 65% | 59% | 59% | 54% | ||
Order backlog | 16,548 | 14,839 | 12% | 16,548 | 14,839 | 12% |
Revenue | 4,660 | 3,834 | 22% | 12,446 | 12,205 | 2% |
- of which service revenue | 2,428 | 2,393 | 1% | 7,298 | 7,332 | 0% |
Service revenue share | 52% | 62% | 59% | 60% | ||
Gross profit | 1,074 | 884 | 21% | 3,029 | 2,843 | 7% |
Gross profit margin | 23.0% | 23.1% | 24.3% | 23.3% | ||
EBITDA before special non-recurring items | 392 | 255 | 54% | 964 | 797 | 21% |
EBITA | 305 | 177 | 72% | 692 | 536 | 29% |
EBITA margin | 6.5% | 4.6% | 5.6% | 4.4% | ||
EBIT | 219 | 91 | 141% | 429 | 283 | 52% |
EBIT margin | 4.7% | 2.4% | 3.4% | 2.3% | ||
Profit | 95 | 43 | 121% | 196 | 127 | 54% |
CFFO | -192 | 594 | 600 | 1,092 | ||
Free cash flow | -253 | 489 | 424 | 813 | ||
Net working capital | 1,735 | 1,981 | -12% | 1,735 | 1,981 | -12% |
Net interest-bearing debt | 16 | -1,936 | 16 | -1,936 |
For additional information, go to our
1 Closing of the transaction is expected in H2 2022 and is subject to customary approvals from relevant authorities.
Attachments
- Interim Report 9M 2021
- 213800G7EG4156NNPG91-2021-09-30-en
FLSmidth Q3 2021 Company Announcement
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