FLSmidth & Co. Group Interim Report for H1 2021


Company Announcement No. 9-2021, 12 August 2021

Strong order intake and improved profitability

Highlights in Q2 2021

  • Order intake increased 42% organically y-o-y
  • Revenue increased 9% organically y-o-y
  • EBITA increased 50% y-o-y
  • EBITA margin increased to 4.8% from 3.4% in Q2 2020
  • Net working capital ratio improved to 8.2% - best level in many years
  • Positive cash flow and reduction in net debt

Order intake increased 42% organically compared to Q2 2020. Including currency effects and acquisitions, order intake increased by 38% y-o-y to DKK 4,615m.

FLSmidth Group CEO, Thomas Schulz, commented: “Our second quarter showed positive progress across the board: A strong order intake, including the award of Europe’s first full-scale clay calcination installation which will cut plant CO2 emissions by up to 16%. Higher revenue from both service and capital businesses and 50% higher EBITA compared to Q2 2020. Further reduction in net working capital and a strong free cash flow. Overall, a good performance by our organisation.”

Financial performance
Revenue increased 6% to DKK 4,073m in Q2 2021 (Q2 2020: DKK 3,846m) and 9% organically, comprising a 13% increase in Mining and a flat development in Cement.

Gross margin improved 1.3%-points compared to Q2 2020, positively impacted by implemented business improvement activities. The Group EBITA margin increased to 4.8% from 3.4% in Q2 2020.

CFFO in Q2 2021 was strong at DKK 507m, and the adjusted free cash flow was DKK 451m. Net working capital has improved over the past five quarters and decreased to DKK 1,305m at the end of Q2 2021 (end of Q1 2021: DKK 1,678m). The net working capital ratio improved to 8.2% of 12-months trailing revenue, which was the best level in many years.

Due to the positive free cash flow, net interest-bearing debt (NIBD) decreased to DKK 1,159m (end of Q1 2021: DKK 1,577m), and the financial gearing decreased to 1.0x (end of Q1 2021: 1.4x).

Acquisition of thyssenkrupp’s Mining business
On 29 July, we announced the acquisition of thyssenkrupp’s Mining business. Closing of the transaction is expected in H2 2022 and is subject to customary approvals from relevant authorities.

Thomas Schulz commented: “This is a transformational deal and at at the right time with the mining growth cycle already underway. We are creating one of the world’s largest and strongest suppliers to the mining industry, and at the same time it is a significant milestone in our MissionZero sustainability ambitions. The transaction offers an attractive opportunity to create long-term value for our shareholders, a stronger value proposition for our customers and improved career pathways for the combined pool of talented employees.”

Guidance 2021
FLSmidth updates its guidance to group revenue of DKK 16.0-17.0bn (previously: DKK 15.5-17.0bn) and a group EBITA margin of 5-6%. The guidance includes cost related to the acquisition of thyssenkrupp’s Mining business estimated at around DKK 100m for the full year.

The Mining business revenue is expected to grow in 2021 with modest growth in the second half of the year. EBITA margin for Mining is expected to be high-single digit for the full year. The Cement business revenue is expected to remain soft in the second half of 2021 and decline for the full year. Initiatives to reshape the Cement business are progressing well. The Cement business is not expected to be EBITA positive in 2021 due to continued Cement reshaping costs and low capacity utilisation in the service business, particularly related to the impact of the pandemic in H1.

Read the full Interim report H1 2021 here.


Media Relations
Rasmus Windfeld, +45 40 44 60 60,

Investor Relations
Nicolai Mauritzen, +45 30 93 18 51,

Key figures H1 2021

(DKKm)Q2 2021
Q2 2020
Change (%)H1 2021
H1 2020
Change (%)
Order intake (gross)4,6153,34838%9,6009,874-3%
- of which service order intake2,6872,23820%5,4375,1695%
Service order intake share58%67%57%52%
Order backlog16,67715,22710%16,67715,22710%
- of which service revenue2,4692,3336%4,8704,939-1%
Service revenue share61%61%63%59%
Gross profit1,02091212%1,9551,9590%
Gross profit margin25.0%23.7%25.1%23.4%
before special non-recurring items
EBITA margin4.8%3.4%5.0%4.3%
EBIT margin2.7%1.2%2.7%2.3%
Free cash flow443468677324
Net working capital1,3052,351-44%1,3052,351-44%
Net interest-bearing debt1,1592,298-50%1,1592,298-50%

For additional information, go to our Investor Room at

FLSmidth delivers sustainable productivity to the global mining and cement industries. We deliver market-leading engineering, equipment and service solutions to our customers enabling them to improve performance, drive down costs and reduce environmental impact. Our operations span the globe and our ~10,200 employees are present in more than 60 countries. In 2020, FLSmidth generated revenue of DKK 16.4 billion.


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