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Q1-report 2001

Q1-report 2001. Presented by Birgitte Nielsen, CFO, May 29, 2001. Status spring 2000 to spring 2001. FLS Aerospace’s new CEO starts reengineering New Strategy and group management Buyback of 50% of Aalborg Portland Unicon steps into Norway fortifying its lead position in Scandinavia

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Q1-report 2001

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  1. Q1-report 2001 Presented by Birgitte Nielsen, CFO, May 29, 2001

  2. Status spring 2000 to spring 2001 • FLS Aerospace’s new CEO starts reengineering • New Strategy and group management • Buyback of 50% of Aalborg Portland • Unicon steps into Norway fortifying its lead position in Scandinavia • New management to turn around US concrete operation • Integrating F.L. Smidth & Co with Fuller Company • FLS miljø Bulk Handling to FFE Bulk Handling Restructuring for Growth and Profit

  3. Status spring 2000 to spring 2001 • “Waste to energy” closed • Philippine r-m-c operation closed • FLS miljø’s new CEO continues rightsizing • RM Industrial Group sold • Jumbo dividend of > DKK 1bn + ½ NKT share • Merger of FLS Industries with APH • Potagua-stake reduced to 46% - free float of 54% • Slimming the Board to mirror focused portfolio • Exiting concrete products in US Restructuring for Growth and Profit

  4. Profit and Loss Account DKKm Q1 2000 Year 2000 Q1 2001 Net turnover 4,295 19,205 4,195 Gross profit 1,020 4,471 1,090 EBIT -80 -458 -76 Net result 1,528 843 -125 CFFO -731 -26 -522 CFFI 308 -2,500 131 Restructuring for Growth and Profit

  5. Order book F.L.Smidth Group Restructuring for Growth and Profit

  6. Reasons for Q1-figures - earnings and cash flow • FLS Building Materials usually posts deficit in Q1 • Dansk Eternit suffers from DEF 1994’s receivership • Few winter storms mark down sales in Denmark • FLS miljø’s order backlog end 2000 was poor • Order intake Q1 was below expectations • Cost base matches order potential in next months • F.L.Smidth deficit from weak US-market and higher execution costs • Postponement of large F.L.Smidth orders • time lag between slow demand form US-market and reaction hereto • FLS Aerospace improves performance in high season Restructuring for Growth and Profit

  7. 2001 and onwards • Normalising earnings in FLS Aerospace • optimise strategic value in consolidating industry • Further rightsizing of FLS miljø • marketing technologies via international partnerships • Optimising across three centres in F.L.Smidth • speed up after-market sales • improve turnkey and civil engineering skills • Grow key product areas in FLS Building Materials • expand production capacity in white cement • consolidate industry and specialise fibre cement plants • transferring “best practise” in Unicon’s One Company • leverage Densit’s first off-shore orders • Streamline governance model Supreme Court ruling in October! Restructuring for Growth and Profit

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