WE DISCOVER POTENTIAL ANNUAL REPORT 2020

1 January – 31 December 2020

Annual Report 2020

FLSmidth & Co. A/S
Vigerslev Allé 77
DK-2500 Valby
CVR No. 58180912

FLSmidth

Annual report 2020

Management review

Highlights

Management review
- Highlights
  - 2020
    2020 was impacted operationally and financially by the pandemic, which has presented both challenges and opportunities for FLSmidth. Our financial results were negatively impacted by the rapidly deteriorating business environment which affected order intake, revenue and EBITA. Still, we secured four large orders and a book-to-bill of 113% for the year, representing an organic order intake on par with 2019. As a result of our strong cash focus, the net working capital ratio decreased from 13.3% to 10.7% and free cash flow more than doubled to DKK 1bn in 2020. The Board of Directors proposes a dividend of DKK 2 per share for the year.
    Our Group business improvement programme was completed by the end of the third quarter with an EBITA improvement run-rate of DKK 150m annually, and we are taking additional steps to improve Cement profitability.
    We entered into several strategic partnerships and received a range of orders directly related to sustainability improvements and digital optimisation for our customers. To support our ambition to decarbonise the cement and mining industries and put FLSmidth on the path to carbon neutrality, we have also committed to set science-based targets (see page 20).
  - Q4 2020
    Group order intake grew 15% organically with growth in both Mining and Cement. Cement order intake included the booking of a large project. Group revenue declined 24% organically related to both Mining and Cement. Gross margin improved due to a higher share from service during the quarter but earnings were impacted by the sharp decline in revenue. The EBITA margin decreased to 5.5% from 8.1% in Q4 last year. This decrease was entirely related to Cement, while Mining EBITA margin was up slightly year on year. Net working capital decreased for the third consecutive quarter. Free cash flow was DKK 232m, on par with Q4 last year. Net debt to EBITDA increased to 1.6x on 31 December 2020, compared to 1.2x based on trailing EBITDA. In Q4, we acquired KnowledgeScape, a global leader in digital optimisation solutions for the mineral processing industry, and we announced two divestments in Cement as part of the ongoing process to simplify and prune FLSmidth & Co. A/S' Cement business. In January 2021, we announced that we are in negotiations with ThyssenKrupp concerning an acquisition of their mining business. There can be no assurances as to whether and when a transaction will transpire.
  - Guidance 2021
    FLSmidth guides for group revenue of DKK 15.5–17.0bn and a group EBITA margin of 5–6%. The guidance is based on expected different developments in the two individual businesses, Mining and Cement, and continued impact from the pandemic in the first half of 2021.
  - Mid- and long-term financial targets
    The structural changes in the cement industry and the pandemic have increased uncertainty around our mid- and long-term target levels and the timing for achieving these targets. Consequently, it has been decided to withdraw the mid- and long-term financial targets. Targets for capital structure, including financial gearing, equity ratio and dividend policy remain unchanged. We will resume communication on the longer-term prospects for our Mining and Cement businesses when we have sufficient visibility. Please refer to page 11.

Highlights

Guidance 2021

	2022-2023
Group revenue	16-18bn
Group EBITA margin	6-8%

Capital structure targets, through-the-cycle

	Target
Group gearing	< 3.0
Equity ratio	> 30%
Dividend payout	30-50%
FLSmidth  Annual report 2020

Management review

Highlights

FINANCIAL PERFORMANCE HIGHLIGHTS

	2019	2020
Order intake DKKbn	19.6	18.5
Revenue DKKbn	20.6	16.4
EBITA & EBITA margin DKKm - %	1,663	771
Revenue split by Mining and Cement
Mining	65%
Cement	35%
Revenue split by Service and Capital business
Capital	40%
Service	60%
EBITA margin	8.1%	4.7%
CFFO DKKm	948	1,421
Earnings per share DKK	15.5	4.2
Net working capital ratio %	13.3%	10.7%

Organic order intake was on par with last year, comprising growth in Mining and a decrease in Cement. Book-to-bill was 112.7%
Revenue declined 16% organically due to a severe pandemic impact and a low Cement backlog entering the year
Earnings were impacted by the pandemic and the sharp decline in revenue. Profitability in Mining was quite resilient, whereas Cement was loss-making
EBITA margin -2.0% | EBITA margin 8.4%
CFFO DKKm
- Earnings per share DKK
- Net working capital ratio %
Despite the pandemic causing a reduction in adjusted EBITDA, cash flow from operating activities increased with the cash inflow from net working capital as the key contributor
Profit for the year decreased as a result of the lower operating income and, in particular, a challenging cement market
A strong cash focus led to a significant reduction in net working capital and net debt in 2020 – not least due to a 32% (DKK 1.6bn) decline in trade receivables

SUSTAINABILITY PERFORMANCE HIGHLIGHTS

	2019	2020	Change
Safety (TRIR)	1.6	1.0	38% improvement
Total Recordable Incident Rate/million working hours
Quality (DIFOT) %	88.0	88.3	0.3% point improvement
Relative carbon footprint	2.6	2.2	15% improvement
Tonnes CO₂ per DKKm revenue
Scope 1 & 2 location based emissions	221,613	197,346	11% improvement
Water withdrawal m³	689	390	43% deterioration
Suppliers assessed for sustainability	11.2	13.1	1.9%-point improvement
Women managers %

Safety has top priority at FLSmidth and in 2020 our safety KPI improved for the 7th consecutive year in a row to a record low
Despite the pandemic making planning and logistics extraordinarily challenging, we improved our quality KPI, DIFOT (Delivery in Full on Time) marginally in 2020
The reduction in our carbon intensity was a reflection of our strong focus on minimising emissions combined with the global lockdown of facilities and offices due to COVID-19
We continually strive to reduce our in-house water consumption, however we have the biggest impact with our customers. In 2020, we successfully installed a tailing management system which re-circulates over 86% of the process water at a Zinc mine in India
Travel restrictions and lockdowns related to the pandemic unfortunately reduced our ability to visit suppliers and conduct sustainability screenings since March 2020
At the end of the year, we set a new long-term target for gender equality in our workforce. By 2030, we want 30% of our entire white-collar workforce and 25% of our people managers to be women.

KEY FIGURES

DKKm

	2016	2017	2018	2019	2020
INCOME STATEMENT
Revenue	24.8	25.9	24.4	20.6	16.4
Amortisation	(2.7)	(2.6)	(2.9)	(2.1)	(2.5)
Adjustments, no cash impact, before depreciation, amortisation and impairment of assets	(0.2)	(0.3)	(0.3)	(0.5)	(1.3)
EBITA	2.3	2.5	2.2	1.7	0.8
EBITDA	4.9	5.0	5.1	3.8	2.5
EBITA	(0.2)	0.4	(0.4)	(1.1)	(0.4)
EBITDA	1.8	1.1	(0.3)	(1.5)	(1.1)
EBIT	1.7	1.4	1.1	0.8	0.2
Profit for the year	0.6	0.6	0.1	(0.4)	(0.2)
ORDERS
Order intake, incl. joint ventures and associates	25.0	26.5	22.4	20.6	18.5
Order intake, excl. joint ventures and associates	22.1	22.9	19.5	17.6	15.7
EARNING RATIOS
Profitability
EBITA margin	9.3%	9.7%	9.0%	8.1%	4.7%
EBITDA margin	19.8%	19.3%	20.9%	18.4%	15.2%
EBIT margin	6.8%	5.4%	4.5%	3.9%	1.2%
Net profit margin	2.4%	2.3%	0.4%	(1.9)%	(1.2)%
CASH FLOW
Cash flow from operating activities, before
net investments	(1.2)	(0.5)	(0.5)	(1.1)	(0.1)
Income taxes and paid
interest
Cash flow from operating activities,	(0.7)	(0.2)	0.5	0.7	0.2
before net investments
Cash flow from investing activities	(0.7)	(1.2)	(1.5)	(0.4)	(0.2)
Free cash flow	(1.2)	(1.5)	(1.1)	0.3	0.1
BALANCE SHEET
Equity	3.3	3.0	3.1	2.7	2.5
Equity ratio	35%	33%	35%	30%	29%
Net interest-bearing debt	(0.3)	(0.1)	(0.2)	(0.1)	(0.3)
	2.3	2.2	2.3	2.7	2.5

The following financial key figures and ratios are presented to provide additional insights into the Group's performance and financial position. These measures are not defined under IFRS and may not be comparable to similar measures presented by other companies.

DKKm	2016	2017	2018	2019	2020
FINANCIAL RATIOS
Equity ratio	35.8%	37.1%	39.0%	42.8%	43.0%
Net interest bearing debt/EBITDA	2.1	2.3	1.9	1.4	1.6
EBITDA margin	14.4%	15.3%	16.2%	14.3%	15.5%
Return on invested capital (ROIC)	11.8%	12.2%	13.3%	11.4%	11.8%
Capital employed	15.5	15.3	15.9	17.5	17.7
Employees	11,400	11,200	11,300	11,100	11,200
SHARE RATIOS
Earnings per share (EPS)	4.6	4.3	4.9	3.7	4.5
Dividend per share	4.0	4.0	4.0	3.0	4.0
Share price at year-end	156	171	177	155	168
Dividend payout ratio	87%	93%	82%	81%	89%
Dividend yield	2.6%	2.3%	2.3%	1.9%	2.4%
SUSTAINABILITY KEY FIGURES
CO2/revenue	0.3	0.4	0.4	0.3	0.3
Scope 1+2 emissions	4.1	4.4	4.4	4.5	4.6
Employees in management positions	11.4	11.7	12.9	13.5	14.2
Female managers	11%	11%	12%	13%	13%
Safety KPI	2.9	2.5	2.3	2.1	2.0

FLSmidth is a global supplier of productivity to the mining and cement industries. We help our customers to increase their production, lower their operating costs and reduce their environmental footprint. Our business model is anchored around a unique combination of projects, products and services. However, we have a strategic focus to expand the share of services and standardised products relative to the share of large projects which represent our process competence. This focus aims for a more diversified business mix and a less cyclical business with a lower level of risk.

We established crisis management teams in the company headquarters as well as in our regions with the main priority to secure the health and safety of our employees through a reorganised way of working, secure credit lines, ensure our global supply chain and help our customers sustain production. Our employees have done a tremendous job adapting to the changed situation. The year began with good market outlook for mining and stable for cement. We proved our increased customer focus by booking three large orders in Mining. Faced with high uncertainty from the pandemic and low visibility in global conditions, we suspended dividend. During April and May, a growing share of customers temporarily shut down or restricted access to their sites following guidelines from local authorities or through their own safety precautions. Global and local supply chain, access to customer sites as well our own operations were impacted. During the summer, the situation improved in some regions but deteriorated elsewhere. Despite ongoing uncertainty, we maintained the working assumption that business sentiment would improve gradually throughout the remainder of the year. As business sentiment failed to improve, we unfortunately had to let go of more than 1,700 colleagues during the year to adjust for a weaker outlook in Cement and a changed way of doing business due to the pandemic. We ended the year within our reinstated 2020 guidance.

FLSmidth strives to be the leading supplier of sustainable productivity to the global mining and cement industries, and we are already well-positioned in this endeavour.

The pandemic presented a number of opportunities for FLSmidth. The demand for sustainable technologies and digitalisation has increased, driven by increasing commodity prices. Especially copper and gold, which are traditional FLSmidth strongholds, enjoy favourable market conditions. Faced with a low activity level in cement, our Cement division focused on digitalisation and sustainability to be well positioned for multiple future infrastructure projects, resulting from government’s stimulus programmes. Another outcome of the pandemic has been the increased global awareness of health, safety and the environment. Some of the world’s largest, most densely populated and most polluted cities have experienced weeks or months with closed factories, car-free streets and cleaner air, and blue skies. This has sparked fresh momentum in the battle against climate change. It has accelerated the green energy transition and industrial decarbonisation, both of which favour FLSmidth as a premium supplier to the mining and cement industries with huge potential to reduce their environmental footprint. Combined, cement and minerals production currently account for approximately 10% of all global CO2 emissions. With growing populations, a larger middle class, and a transition to greener energy, the demand for cement and minerals – and thus the environmental impact - will only increase in the next decade. A more sustainable future requires action from the industries. We will lead this action towards zero emissions in mining and cement, without compromising quality or our customers' commercial competitiveness. The pandemic has also underscored the importance of our agile supply chain, and it has proven the strengths of our regional business structure that was implemented in 2018. Today, we have a higher share of local sales and purchased components which has served us well through the lockdowns. Another cornerstone in our 2018 reorganisation was an improved focus on digitalisation. Over the past year we have seen a step-change in customers’ willingness to adopt our remote support solutions and digitalised optimisation of operations.

Strong in-house sustainability performance

Emissions from FLSmidth’s own operations (scope 1 and scope 2 emissions) account for less than 1% of our overall emissions, while scope 3 emissions from our supply chain and customers’ use of our equipment represent the vast majority. Therefore, our approach to sustainability is to take responsibility for our own environmental footprint while helping our customers reduce theirs through our MissionZero programme (covered in the next section). In 2020, we delivered a strong in-house sustainability performance. The carbon intensity of FLSmidth’s operations declined from 2.6 to 2.2 tonnes/DKKm revenue. Our water withdrawal declined from 222 to 197 thousand m3. Our share of women in management positions increased from 11% to 13%, and our safety KPI improved for the 7th consecutive year in a row.

December, 2020 FLSmidth announces the sale of its cement technology and its Möller pneumatic conveying systems business.
November, 2020 New Strategic Partnership Agreement with TITAN Cement Group.
November, 2020 FLSmidth receives a EUR 5.4m grant from the European Institute of Innovation and Technology to help accelerate innovation.
November, 2020 Order to deliver two FLSmidth HOTDISC’s to replace coal at Sungshin Cement in Korea.
December, 2020 New HOTDISC® solution for a cement production line in Turkey which will achieve 86% substitution of fossil fuels.
October, 2020 Order for the BulkExpert™ digital solution for two export terminals in Brazil.
October, 2020 Acquisition of the mining engineering knowledge and technology company KnowledgeScape.
February, 2020 FLSmidth secures large equipment order in Belarus.
February, 2020 FLSmidth and VICEM announces cooperation to jointly work towards sustainable cement production in Vietnam.
February, 2020 FLSmidth receives two major Russian orders, at a combined value of DKK 1.9 billion.
December, 2020 Order for a tailing management system which recirculates over 86% of the process water to a lead-zinc mine in Rajasthan.

LETTER TO OUR SHAREHOLDERS

We help our customers to increase their production, lower their operating costs and reduce their environmental footprint. Our business model is anchored around a unique combination of projects, products and services. However, we have a strategic focus to expand the share of services and standardised products relative to the share of large projects which represent our process competence. This focus aims for a more diversified business mix and a less cyclical business with a lower level of risk.

The year began with good market outlook for mining and stable for cement. We proved our increased customer focus by booking three large orders in Mining. Faced with high uncertainty from the pandemic and low visibility in global conditions, we suspended dividend. During April and May, a growing share of customers temporarily shut down or restricted access to their sites following guidelines from local authorities or through their own safety precautions. Global and local supply chain, access to customer sites as well our own operations were impacted. During the summer, the situation improved in some regions but deteriorated elsewhere. Despite ongoing uncertainty, we maintained the working assumption that business sentiment would improve gradually throughout the remainder of the year. As business sentiment failed to improve, we unfortunately had to let go of more than 1,700 colleagues during the year to adjust for a weaker outlook in Cement and a changed way of doing business due to the pandemic. We ended the year within our reinstated 2020 guidance.

FLSmidth strives to be the leading supplier of sustainable productivity to the global mining and cement industries, and we are already well-positioned in this endeavour.

Strong in-house sustainability performance

FLSmidth ■ Annual report 2020 7

positioned for multiple future infrastructure projects, resulting from government’s stimulus programmes. Another outcome of the pandemic has been the increased global awareness of health, safety and the environment. Some of the world’s largest, most densely populated and most polluted cities have experienced weeks or months with closed factories, car-free streets and cleaner air, and blue skies. This has sparked fresh momentum in the battle against climate change. It has accelerated the green energy transition and industrial decarbonisation, both of which favour FLSmidth as a premium supplier to the mining and cement industries with huge potential to reduce their environmental footprint. Combined, cement and minerals production currently account for approximately 10% of all global CO2 emissions. With growing populations, a larger middle class, and a transition to greener energy, the demand for cement and minerals – and thus the environmental impact - will only increase in the next decade. A more sustainable future requires action from the industries. We will lead this action towards zero emissions in mining and cement, without compromising quality or our customers' commercial competitiveness. The pandemic has also underscored the importance of our agile supply chain, and it has proven the strengths of our regional business structure that was implemented in 2018. Today, we have a higher share of local sales and purchased components which has served us well through the lockdowns. Another cornerstone in our 2018 reorganisation was an improved focus on digitalisation. Over the past year we have seen a step-change in customers’ willingness to adopt our remote support solutions and digitalised optimisation of operations.

LETTER TO OUR SHAREHOLDERS

The pandemic has presented both challenges and opportunities for FLSmidth. Our company has operated globally for around 140 years and has a vast experience with crisis management which was proven in the year 2020. In January, we assembled teams to cope with the supply chain situation in China, and subsequently,

FLSmidth ■ Annual report 2020 7

In November 2019, we announced our sustainability programme, MissionZero, to enable our customers in cement and mining to move towards zero emissions by 2030. With around 96% of our overall emissions derived from customers’ use of our sold products (scope 3), MissionZero is where we can have the greatest positive impact on emissions reduction. This is the core of our strategy and we have made significant progress on MissionZero. Amongst others, we launched an innovative clay calciner system which reduces CO 2 emissions in cement production by up to 40% compared to traditional clinker production. We signed a contract to substitute coal with our alternative fuels solution, the FLSmidth HOTDISC®, for two cement production lines in Korea, and in Turkey we are building a HOTDISC® solution for a new cement production line which will achieve 86% substitution of fossil fuels. Additionally, we started a cooperation with the Vietnam National Cement Corporation with the goal of implementing technologies that radically reduce greenhouse gas emissions, and developing pioneering solutions for the use of alternative fuels and the improvement of air quality.

In support of our ambition to reduce energy consumption and improve environmental performance in the mining industry, FLSmidth is driving a number of research and development partnerships with customers, third parties and academic institutions around the world. One of the most promising joint projects led by FLSmidth recently received a EUR 5.4m grant from the European LETTER TO OUR SHAREHOLDERS Institute of Innovation and Technology to help accelerate innovation. On a separate track, we have seen increasing demand for our water recycling solutions from the global mining industry. Following FLSmidth’s successful installation of a tailing management system which recirculates over 86% of the process water at Hindustan Zinc Limited’s mine in Rajasthan, India, we were awarded an additional contract to deliver an integrated dry stack tailings solution to recover the process water at one of their other mines in Rajasthan.

To further our ambition to decarbonise the cement and mining industries and put FLSmidth on the path to carbon neutrality, in early January 2021 we committed to set science-based targets according to the Science Based Targets initiative. We are also aligning our practices and reporting with the Task Force on Climate-related Financial Disclosures recommendations. As part of this, we conducted a climate risk and opportunities analysis in late 2020 facilitated by an external advisor.

Step change in digitalisation

Digitalisation is an important lever to accelerate the journey towards zero emissions in cement and mining and the pandemic has accelerated customer adoption of digitalised operations and remote support. A good example of this is our new partnership with TITAN Cement Group to increase digitalisation and sustainability across all of their 20 cement plants in Greece and the USA. Earlier in 2020, we received an order for our BulkExpert™ digital solution from a customer in Brazil. The solution will fully automate the stockyard operation of two large iron ore shipping export terminals in the south of the country, improving the throughput, quality and safety of the customer’s operations.

On the innovation front, we launched the world’s most powerful and energy-efficient cone crusher, and we took a major step in developing our latest ProcessExpert system applicable for both mining and cement. Furthermore, we supplemented our in-house innovation through the acquisition of KnowledgeScape, a global leader in digital optimisation solutions for the mineral processing industry.

Market developments in 2020

Although demand for more digitalised and sustainable mine sites and cement plants is rising, the pandemic severely impacted our end markets in 2020. In particular, the cement industry was marked by travel restrictions and restricted site access. Customers deferred non- critical investments due to uncertainty and lower production rates which also caused reduced demand for spare and wear parts. Following the shutdown of about 20% of the world’s cement plants outside of China in April, the share of cement plants in operation has since climbed back up above 95%. However, many plants continue to run at reduced capacity and cement customers will need to see improved cash generation before they ramp up investments.

The mining industry has been more resilient – albeit not immune – to the pandemic. After approximately 10% of the world’s mine sites were shut down in April, nearly all sites have since restarted production and most are Throughout the year we have been executing our Group business improvement programme, including site consolidation, an improved logistical setup and headcount reductions. The programme was completed by the end of the third quarter with an EBITA improvement run-rate of DKK 150m annually. running at high production rates. Under normal circumstances this would mean good conditions for our service business but travel restrictions and limited site access have continued to impact on-site technical services, resulting in reduced demand. On the positive side, commodity prices have rebounded strongly following their sharp decline earlier in the year.

We have continued to execute our Group business improvement programme, including site consolidation, an improved logistical setup and headcount reductions. The programme was completed by the end of the third quarter with an EBITA improvement run-rate of DKK 150m annually.

To further address the challenging cement market, we have taken additional steps to increase outsourcing, simplify the Cement business and adjust the cost structure to better reflect the market situation. This includes the divestment of our Grinding Media business and our pneumatic conveying systems businesses as a step towards simplifying our Cement business.

In 2021, our all crushing and screening business lines, along with our Global Services business line in regions, Sub-Saharan Africa and Middle East (SSAME) and Sub-Continental India (SCIndia), have been merged to further reduce costs and complexity.

Looking ahead

With continued high COVID-19 infection rates and lockdowns in many parts of the world, market uncertainty remains high. The ongoing vaccination programmes provide a likely path to improved economic activity and increased customer access to sites, but when and how fast this will support our business is uncertain. At present, our working assumption is that market conditions in the first half of 2021 will be similar to that of the second half of 2020. From the summer of 2021, we expect a gradual improvement in business sentiment and increasing access to customer sites, returning to a more normalised situation by the end of the year.

The market outlook is positive for most of our customer industries, Mining and Cement. We are positive on the outlook for mining. Most commodities have seen a strong rebound in prices, surpassing pre-pandemic levels. Mine sites, overall, are running at high production rates and industry fundamentals are healthy. In the longer term, the switch to green energy and electric-powered transportation will create increasing demand for copper and battery metals for which the mining industry will need to scale up investments in order to meet.

The cement market, on the other hand, is faced with ongoing overcapacity and we see no short- to medium-term recovery. Thus we continue activities to reshape our Cement business. Large economic stimulus programmes, combined with an increasing focus on lower-carbon cement, will create good opportunities in the medium- to long-term but the timing and extent of an overall rebound in the cement market remain uncertain. It is, however, clear that the cement industry will need substantial investments to meet the emissions reduction targets set by a growing number of cement producers as well as the recent commitments to carbon neutrality made by the Global Cement and Concrete Association and the European Cement Association. Based on the need to decarbonise, we foresee a multi-commodity cement industry in the future, utilising a range of cement production processes and a variety of raw materials. As the industry’s leading and most innovative premium supplier with strong process know-how, we are well-positioned to lead the transition towards new production processes. In the short- to medium-term, we are nevertheless faced with the challenge of managing two industries, Mining and Cement, with diverging end markets. Consequently, we are further strengthening our two industries setup, while keeping focus on leveraging synergies and ensuring clear capital allocation to capture growth opportunities and maximise value creation within both businesses. In parallel, we are considering acquisitions to strengthen our market positions and to expand our offering within the areas of sustainability and digitalisation. It is highly uncertain as to whether and when acquisitions will materialise. Every crisis presents challenges as well as opportunities.

Financial performance

Our 2020 financial performance was impacted by the pandemic and the rapidly deteriorating business environment which led to lower revenues, reduced profit margins and negative cash flow generation. Still, we achieved an organic order intake on par with 2019, comprising growth in Mining# Management review

Highlights

The current health (and economic) impact of the COVID-19 pandemic has affected us and our ability to leverage opportunities, whether they entail organic or acquisitive growth.
Vagn Ove Sørensen, Chairman
Thomas Schulz, CEO

and a decline in Cement. The contraction in Cement revenue was both a consequence of the pandemic and the low backlog entering the year. We have carried out activities to adjust the cost base accordingly but in some countries we were constrained from doing so by local labour restrictions related to COVID-19. Also, mobility restrictions impacted the utilisation of our global service technicians and resulted in more complex and costly logistics. Though not immune to the pandemic, our Mining business was relatively resilient whereas the sharp decline in revenue had a detrimental effect on the Cement business.

Despite the challenges, we secured four large orders and a book-to-bill of 113% for the year. As a result of our strong cash focus, the net working capital ratio decreased from 21.5% to 20.5% and free cash flow more than doubled to DKK 1bn in 2020.

Business improvements

Throughout the year we have been executing our Group business improvement programme.

Management review

Highlights

FLSmidth ■ Annual report 2020

10 FLSmidth  Annual report 2020

11 Management review

Highlights

FLSmidth guides for group revenue of DKK 15.5-17.0bn and a group EBITA-margin of 5-6%. The guidance is based on expected different developments in the two individual businesses, Mining and Cement, and continued impact from the pandemic in the first half of 2021.

Guidance 2021

The guidance for 2021 is subject to uncertainty due to the COVID-19 pandemic. Lockdowns and mobility restrictions continue to impact suppliers, customers and our workforce. Restricted access to customer sites, in particular, is creating uncertainty around the timing of our order backlog conversion and the activity level for our service business. A gradual improvement in business sentiment and access to customer sites is, however, expected in the second half of the year.

The outlook for the mining industry remains positive. For 2021, the Mining business revenue and EBITA are expected to grow in the second half of the year as COVID-19 restrictions are expected to ease. EBITA-margin for Mining is expected to be high-single digit.

The outlook for the cement industry remains impacted by overcapacity and slow recovery. The Cement business revenue is expected to decline further in 2021, and as a consequence, initiatives to reshape the Cement business will continue during the year. 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 until the pandemic eases.

Cash flow from investments (excluding acquisitions and divestments) is expected to be largely in line with 2020.

Mid- and long-term financial targets

In recent years, cement industry dynamics have diverged from those of the mining industry. Whereas fundamentals for the mining industry remain positive, overcapacity in the cement industry has put pressure on the returns of the cement producers, a development which has been further accelerated by the ongoing pandemic. The structural changes in the cement industry and the pandemic have increased uncertainty around our mid- and long-term target levels and the timing for achieving these targets. Consequently, it has been decided to withdraw the mid- and long- term financial targets. Targets for capital structure, including financial gearing, equity ratio and dividend policy remain unchanged. We will resume communication on the longer-term prospects for our Mining and Cement businesses when we have sufficient visibility.

FINANCIAL OUTLOOK

2021 guidance

Revenue	EBITDA
DKK 15.5–17.0bn	5–6%

	Realised	Reinstated	Initial
Revenue	DKK 13–15bn	DKK 14–16bn	DKK 15.5–17.0bn
EBITDA	1–3%	2–4%	3–5%
EBIT	DKK 0.5–1.0bn

Capital structure targets, through-the-cycle

	Target
Net interest-bearing debt/EBITDA	< 2.5x
Equity ratio	> 30%
Dividend policy	Pay out 30–70% of net profit after tax

FLSmidth ■ Annual report 2020

12 Management review

Highlights

WHY INVEST

An investment in the green transition

With economic growth and urbanisation comes the demand for infrastructure and modern conveniences, such as consumer electronics. Renewable energy, electric cars, wind and solar energy all require cement and minerals. The transitions of the mining and cement industries to sustainable forms of production are critical to solving the challenges of climate change. Energy-intensive industries, such as mining and cement, are indispensable to the global economy and essential to making the green transition a reality. That is why it is critical to de-carbonise and modernise these sectors. The transition towards sustainable production requires innovative solutions and both regulators as well as customers are increasingly setting new or stricter emissions-reduction targets. As a technology leader in the mining and cement industries, we already have a strong portfolio of sustainable solutions and we recognise our role to lead these industries into a sustainable future.

Unique business model with high service share

Through our unique combination of engineering, products and services, we can outgrow the market by helping our customers increase their production output, lower their operating costs and reduce their environmental impact. Our decentralised organisation and global service footprint ensure that all FLSmidth offerings are available to every one of our customers and allows for a 50- 60% share of relatively resilient service business. This, in combination with our asset-light business model, outsourced manufacturing and a flexible cost structure, allows us to manoeuvre safely through the cycles and periods of extreme uncertainty, such as the current pandemic. Our lifecycle approach combined with a strong focus on sustainability and digitalisation is what makes us stand out from competitors and differentiates us from mid-market and single-equipment suppliers.

Technology leader

The growing focus on sustainability is increasingly important for our customers and we are strongly positioned to address challenges such as tighter regulations, societal expectations and increasing costs. By minimising environmental impacts, we can help resolve challenges with community relations, while at the same time contributing to more sustainable production. With MissionZero, we are leveraging our digital and innovative solutions to offer our customers the required technology to operate zero-emissions processing plants for minerals and cement by 2030. Please see the Innovation section on page 26-29 if you would like to learn more about our solutions that are driving sustainable productivity.

FLSmidth  Annual report 2020

13 Management review

Business

Global provider of sustainability productivity

We are a leading provider of engineering, equipment and service solutions to the global mining and cement industries. We enable our customers to improve performance, drive down costs and reduce environmental impact. Our business model is based on three strong strategic pillars: Life cycle approach, full service provider, and full flow-sheet. With our sustainability ambition, MissionZero, we enable our customers to move towards zero emissions by 2030. Our focus is clear – by using innovative technology, digital solutions and strong partnerships, we are committed to build a sustainable future for all of us.

Business

FLSmidth  Annual report 2020

BUSINESS

We are A supplier of solutions from single machinery to complete cement and minerals processing plants, including services before, during and after the construction.

MissionZero

We enable our customers in cement and mining to move towards zero emissions by 2030.

60+ Countries

A truly global company with local presence in more than 60 countries and customers in more than 150 countries.

10,639 Employees

Our employees use their unique process knowledge about products, projects and services to deliver value for our customers, through their technical innovations, digitalisation and sustainable life cycle management.

Our vision

We drive success through sustainable productivity enhancement

Our brand promise

We discover potential

1

2

3

4

5

6

7 Australia

Share of revenue: 9% (2019: 7%)
Share of employees: 5% (2019: 5%)

Europe, North Africa & Russia

Share of revenue: 19% (2019: 19%)
Share of employees: 25% (2019: 26%)

Sub-Saharan Africa & Middle East

Share of revenue: 11% (2019: 10%)
Share of employees: 8% (2019: 7%)

Asia

Share of revenue: 9% (2019: 7%)
Share of employees: 5% (2019: 5%)

Subcontinental India

Share of revenue: 8% (2019: 13%)
Share of employees: 23% (2019: 25%)

1 FLSMIDTH IN THE WORLD

2 43

5

6

7 North America

Share of revenue: 21% (2019: 20%)
Share of employees: 16% (2019: 16%)

South America

Share of revenue: 23% (2019: 24%)
Share of employees: 18% (2019: 16%)

43 2021

2020

3

4

5

6

7

4

5

6

7

4

5

6

7

4

PANDEMIC IMPACT AND ACTIONS

COVID-19

Customers
* Travel restrictions and limited site access
* Deferred capital investments
* Operation at reduced capacity

Operational impact
* Reduced operational activity
* Travel restrictions
* Working from home
* Reduced capacity

Supply chain impact
* Largely undisrupted
* Reduction in number of suppliers
* Resilient and flexible supply chain

FLSmidth
* Annual report 2020 16 Management review Business

While the global economy was impacted by the COVID-19 pandemic, the mining industry has remained relatively resilient during the course of 2020 with the majority of mines operational across regions.

Approximately 20% of mine sites were shut down in April, but nearly all sites have since restarted production and most are running with high production rates. Under normal circumstances this would stimulate investments and deliver good conditions for our service business, but travel restrictions and limited site access have continued to impact on-site technical services, resulting in reduced demand. Mines are often remotely located and many customers are still enforcing safety protocols and restricting site access to external service providers in order to protect employees and safeguard production, which impacts their equipment and service spend.

On the positive side, commodity prices have rebounded strongly from the spring when the first pandemic wave hit, and the industry is expected to recover to pre-pandemic activity levels within a relatively short time. In December, copper prices reached a seven-year high of USD 8,000 per tonne, which represents a 70% increase compared to the low point in March 2020. Miners are generating good cash flows, but despite the healthy industry fundamentals, they have continued to defer large capital investments due to pandemic-induced uncertainty and delays related to prolonged environmental and other regulatory approval processes. In many of our regions, refurbishment and maintenance has been postponed, which is expected to translate into new opportunities when the market comes back. However, the timing of converting opportunities to orders remains unpredictable and with infection cases currently surging in many parts of the world, it is still difficult to predict the shape of the recovery curve. It is, however, expected that the pandemic will continue to impact the industry in the first half of 2021.

The second wave that is currently sweeping across the globe is impacting regions at different times and to varying extent. National lockdowns continue to reduce activity in many South American countries, where quarantines have halted or slowed numerous mines and development projects. In North America, the pandemic led to a sharp drop in business activity in the spring, and while the situation improved over the summer, it deteriorated again towards the end of the year as infection rates increased and caused renewed uncertainty. Despite high infection rates, the activity level in Eastern Europe has held up well, whereas the second wave has triggered new site closures and very restricted access to mines in Sub-Saharan Africa and the Middle East. In India, market activity has improved compared to the low levels in previous quarters and we are seeing an increase in demand for solutions within tailings management and water recovery. Iron ore and gold production remain strong in Australia, supported by record-high production volumes.

All things considered, the pandemic has disrupted the mining industry to a lesser degree than many other industries. The outlook for investments in mining remains positive, and we have a healthy pipeline of both small and large opportunities. Further, the switch to green energy and electric-powered transportation will require a massive increase in infrastructure and the mining industry will need to scale up investments in copper, battery metals and other minerals to meet this growing demand.

MINING MARKET TRENDS

Capex trend in mining

USDbn
Source: Bloomberg

Year	Capex (USDbn)
1999	0
2000	20
2001	40
2002	60
2003	80
2004	100
2005	120
2006	0
2007	20
2008	40
2009	60
2010	80
2011	100
2012	120
2013	0
2014	4
2015	8
2016	12
2017	16
2018	20
2019	24

Global copper consumption

Million tonnes
Source: Bloomberg, FLSmidth estimates

Year	Consumption (Million tonnes)
1999	0
2000	4
2001	8
2002	12
2003	16
2004	20
2005	24
2006	0
2007	4
2008	8
2009	12
2010	16
2011	20
2012	24
2013	0
2014	4
2015	8
2016	12
2017	16
2018	20
2019	24

FLSmidth
* Annual report 2020 17 Management review Business

The cement market entered 2020 with substantial overcapacity and has been severely impacted by the pandemic and we do not anticipate a recovery in the short- to medium-term. Large economic stimulus programmes, combined with an increasing focus on lower-carbon cement, are expected to create good opportunities in the medium- to long-term but the timing and extent of an overall rebound in the cement market remain uncertain.

Following the shutdown of about 20% of the cement plants in operation in April, the share of cement plants in operation has since climbed back up above 95% at year-end. However, many plants continue to run at reduced capacity and sites remain difficult to access due to restrictions and preventative measurements taken by authorities and plant operators. This has affected service activity and curbed investments. As economic growth is one of the most important drivers for cement demand, our customers are sensitive to market fluctuations and typically respond through cash preservation. Cement consumption continues to be impacted by reduced construction activity, and across regions most large investments have been suspended pending an improvement in the business outlook. Operating expenditures have also declined as cement companies endeavour to stay profitable during a period of reduced demand and high uncertainty.In North America, the outcome of the US presidential election should help remove the uncertainty that has held back investments, allowing the industry to begin planning ahead again. The Infrastructure Investment and Jobs Act, which earmarks more than USD 1 trillion to upgrade national infrastructure, could be passed in the first half of 2021 which would help to boost optimism among cement producers and increase confidence in the market. In India, market activity has improved compared to the low levels seen in previous quarters and the Indian government is pushing for infrastructure investments and housing. The Chinese economy is nearly back to normal but most other Asian countries continue to be severely impacted by COVID-19 from either a health or economic perspective. Market activity in Africa and the Middle East remains significantly lower and lockdowns continue to reduce activity at cement plants across South America. Most of our cement customers in Europe, North-Africa and Russia will need to see improved cash generation before they ramp up investments. Any capital investments in the foreseeable future are anticipated to be allocated towards more sustainable cement production. During the last weeks of 2020, the EU Commission agreed on a 55% reduction target for greenhouse gas emissions by 2030, and a budget that allows for a green recovery following COVID-19 restrictions. The green recovery will fuel demand for emissions-reducing technologies and the cement industry will need to undertake substantial investments to meet recent commitments to carbon neutrality by the Global Cement and Concrete Association and the European Cement Association. The US re-joining the Paris climate accord and the coming implementation of phase IV of the EU Emissions Trading System (ETS) are other factors likely to encourage cement producers to invest in emissions-reducing technologies and in a clinker-free, carbon-neutral cement production.

CEMENT MARKET TRENDS

Capex trend in cement

USDbn
Source: Bloomberg

Year	Value
1999	0
2000	3
2001	6
2002	9
2003	12
2004	15
2005	18
2006	19
2007	0
2008	1
2009	2
2010	3
2011	4
2012	5
2013	6
2014	0
2015	1
2016	2
2017	3
2018	4
2019	5

Global Cement consumption

Billion tonnes
Source: Bloomberg

Year	Value
1999	0
2000	1
2001	2
2002	3
2003	4
2004	5
2005	6
2006	0
2007	1
2008	2
2009	3
2010	4
2011	5
2012	6
2013	0
2014	1
2015	2
2016	3
2017	4
2018	5
2019	6
2020	0

THE ROAD TO ZERO EMISSIONS

Combined, cement and minerals production currently account for approximately 10% of all global CO2 emissions. With growing populations, a larger middle class, and a transition to greener energy, the demand for cement and minerals - and thus the environmental impact - will only increase in the next decade. A more sustainable future requires action from the industries. We will lead this action towards zero emissions in mining and cement, without compromising quality or our customers' commercial competitiveness.

FLSmidth is committed to reducing its environmental footprint but more work, often in partnership is needed to ensure the right pathway for decarbonisation. Our MissionZero programme is aimed to deliver and implement these solutions. The goals that underpin the MissionZero programme are inspired by and contribute directly to some of the UN Sustainable Development Goals (SDGs), including those related to water, sanitation and hygiene, responsible production and consumption, and climate action. Our internal targets for 2030 include significant reductions of greenhouse gas emissions in our own operations and for our suppliers including targets on gender equality that are in line with UN SDG 5. To decarbonise the cement and mining industries and put FLSmidth on the path to carbon neutrality, in early 2021 we committed to set science-based targets according to the Science Based Targets initiative. In addition to targets for our suppliers and our own operations, we have committed to a 7% year-on-year reduction in downstream (customer) emissions relative to revenue from 2019 to 2030. This is pivotal as around 96% of our overall emissions are derived from customers’ use of our sold products (scope 3). We are also aligning our practices and reporting with the recommendations of the Task Force on Climate Related Financial Disclosure (TCFD). As part of this, we conducted a climate risk and opportunities analysis in late 2020 facilitated by an external advisor. Concurrently with the Annual Report, FLSmidth has published its annual Sustainability Report, detailing its efforts to reduce its environmental and socio-economic impacts. The 2020 Sustainability Report is in full compliance with both Sections 99a, 99b and 107d of the Danish Financial Statements Act and in accordance to the Global Reporting Initiative (GRI) core requirements, and also serves as the Advanced Communication on Progress to the United Nations Global Compact. The report has been subject to limited assurance performed by Ernst & Young. The report is available at www.flsmidth.com/sustainabilityreport2020.

With MissionZero, we aim to deliver solutions that make it possible to operate zero-emissions cement plants and manage zero-emissions mining processes by 2030.

Cement

The three main levers to reduce a cement plant’s environmental footprint are calcination, fuel for heating, and electric power consumption. With existing solutions and our current technology roadmap, we are already capable of reducing emissions by 70 percent.

Mining

Challenges such as water use, emissions, and energy waste are at the top of the mining agenda. If these issues are not addressed, access to investment, regulatory compliance, license to operate and the industry's own reputation are all at risk.

ZERO EMISSIONS

Reduce emissions from fuel burning and reduce process emissions from calcination.

100% FUEL SUBSTITUTIONS

Eliminate the need for fossil fuels and deliver solutions for 100 percent alternative fuel.

ZERO WASTE

No waste heat, use of waste streams as raw material and circular processes.

ZERO WATER WASTE

Enable zero discharge and 100% re-use.

ZERO EMISSIONS

Eliminate emissions from use of fossil fuels in transportation and minerals processing.

ZERO ENERGY WASTE

Reduce energy costs and energy waste, especially from energy intensive mills.

KEY GOALS IN MISSIONZERO

	FLSmidth ■ Annual report 2020	18	Business Management review	of total emissions
Suppliers
Purchased goods and services				~1%
Customers
SCOPE 3 UPSTREAM	SCOPE 1 OUR OPERATIONS	SCOPE 2 HEATING AND POWER	SCOPE 3 DOWNSTREAM
		< 0.1%	WASTE < 0.1%
	BUSINESS TRAVEL < 0.1%		TRANSPORT AND DISTRIBUTION
			Use of sold products	~96%
				~3%
			End-of-life treatment of sold products	< 0.1%
			TRANSPORT
			Upstream	< 0.1%
			EMPLOYEE COMMUTING	< 0.1%

OF TOTAL EMISSIONS	OF TOTAL EMISSIONS		OF TOTAL EMISSIONS

Our operations (direct own emissions) and heating and power represent a minority of our total GHG emissions, with purchased electricity, steam, heating and cooling accounting for around 0.1% of our total emissions. Our Scope 3 emissions are significant. The calculation of Scope 3 emissions is inherently complex, involving estimations based on a variety of data sources and assumptions. Examples include the expected utilisation and lifetime of sold products, and as such these calculations can be subject to a degree of uncertainty. We strive for full transparency in our reporting and our Scope 3 calculations, e.g. for CO2 emissions from cement production, are based on industry averages or specific data where available. For 2020, our Scope 1 and 2 emissions were 50,000 tonnes CO2e. Our Scope 3 emissions are estimated to be 1.2 million tonnes CO2e. Following the GHG Protocol, we intend to validate our data as an iterative process ongoingly. We calculate our GHG emissions based on the standards of the Greenhouse Gas Protocol, which provides a standardised framework to measure greenhouse gas (GHG) emissions, both for direct emissions from our own company and from our entire value chain. The GHG Protocol includes impacts for a number of GHGs, expressed as CO2-equivalents (CO2e). This means they are expressed as the amount of CO2 that would give the same GHG impact. In short, the GHG Protocol divides a company’s value chain GHG emissions into three scopes:
1. Direct GHG emissions from own facilities and vehicles
2. Indirect GHG emissions from purchased electricity, steam, heating and cooling
3. Indirect GHG emissions from the value chain, including both upstream emissions (e.g. purchased goods and services, upstream transportation and distribution, and business travel) and downstream emissions (e.g. downstream transportation and distribution, use of sold products and end-of-life treatment of sold products)

Customers use of our products make up around 96% of our total scope 1-3 emissions.

OUR IMPACT ACROSS THE VALUE CHAIN

As a leading supplier of equipment and service solutions to the mining and cement industries, we have a substantial influence on our value chain.

FLSmidth ■ Annual report 2020 | 19 | Business Management review

In early 2021, we committed to and submitted science-based global carbon reduction targets which are now pending validation by the Science Based Targets initiative. Having an independent body validate our targets reinforces our long-term commitment and our determination to reach our targets. The systematic approach helps us break the main target into tangible, yet ambitious steps.

Targets across the value chain

Downstream is where we have our largest impact. That is why with MissionZero, our target is to enable our customers to produce cement and minerals with zero emissions. However, we are including science-based targets for the entire value chain.

What are science-based targets?

Science-based targets provide a clearly defined pathway to reduce the greenhouse gas emissions. Targets are considered science-based if they are in line with what the latest climate science deems necessary to meet the goals of the 2015 Paris Agreement. The Science Based Targets initiative is a partnership between CDP Disclosure Insight Action, the United Nations Global Compact, the World Resources Institute and World Wildlife Fund (WWF).

Upstream

We work with our suppliers to move towards greenhouse gas emission reductions by 2030.# SCIENCE-BASED TARGETS AND HOW THEY WILL LEAD US TOWARDS ZERO

With MissionZero, we have a clear ambition to do our part in limiting global warming to 1.5°C. Fulfilling this ambition requires a systematic approach to reducing greenhouse gases. We are now setting science-based targets.

FLSmidth ■ Annual report 2020 20 Business Management review

By 2025, 30% of our suppliers, based on spend, need to have set their own targets for reducing greenhouse gas emissions.

Downstream

Our downstream target is a 7% year-on-year reduction in carbon emissions per unit of revenue from a 2019 baseline until 2030. It is calculated as tonnes of CO2-equivalents divided by revenue in DKK. By far our largest environmental impact stems from the use of our products by our customers. At the time of reporting, our targets have been submitted for validation and are pending approval from the Science Based Targets initiative.

Own operations

From our own direct emissions, we have set a target to reduce our Scope 1 and Scope 2 emissions to 0 and be carbon-neutral by 2030. Those emissions stem from our manufacturing and transportation, and the energy we

FLSmidth  Annual report 2020 21 Management review Business

Customers

FLSmidth has vast experience in working with a broad range of customers around the world. Our customers consist of both global majors and mid-sized regional players. The latter account for a relatively large amount of our project sales, whereas the global majors account for a considerable share of our service business. Being close to our customers is key. Combining local presence with global support and expertise makes it possible to deliver premium solutions where our customers need them. Our large number of local sales and service offices ensures frequent customer interaction and high speed of delivery, and we continue to open sales and service offices around the world to cover new geographical regions and overcome the increasing challenge of trade barriers. While expanding and localising our service footprint, we have pursued a strategy of consolidating our supply chain and

STRATEGY FLSmidth  Annual report 2020 22 Management review Business

project centres to ensure the leanest possible organisation. Despite cyclical end markets, we consistently prioritise maintaining and developing a strong and competent sales force, ever aware that the strength of our customer relationships during the downturn will help to define our success in the industry upturn. We constantly seek to minimise administrative functions and allocate resources to sales and service. As a result, a large proportion of our employees has direct contact with customers. Our customers recognise us for our high quality and reliability, which is also reflected in our quality KPI, DIFOT (Delivery in full on time). DIFOT has risen from 84% in 2016 to 88% in 2020.

Sustainability

FLSmidth's relatively asset-light business model means that the environmental footprint from our own operations is very modest compared to that of our customers. A large cement producer has a carbon footprint about 4,000 times that of FLSmidth, and our annual water consumption equals roughly two weeks of water consumed by a copper mine (100,000 tpy). Therefore, our approach to sustainability is to take responsibility for our own environmental footprint while helping our customers reduce theirs, where we can have a much greater positive impact on emissions reduction. For this reason, we launched MissionZero in 2019, which is an integral part of our business strategy and explained in more detail on page 18-20.

Innovation & digitalisation

Our efforts in innovation and digitalisation are an important sustainability enabler. Greater scarcity of resources such as energy, water and raw materials leads to more complex and costly operations that challenges the performance of mining and cement companies. This calls for innovation, digitalisation and high-end technical solutions, which is where FLSmidth has a leading position and a competitive edge. Our strong digital capabilities are founded on our extensive experience in automating plants, which positions us as a market leader in analysing and understanding performance data. An increasing share of our products and solutions offered to the cement and mining industries is becoming intelligent and self-learning. Mining and cement have historically been conservative industries but the needs of our customers are changing more rapidly today. Their constant hunt for productivity, reduced environmental footprint and higher returns makes them more receptive to innovation and new ways of working, which is fuelling a growing interest in digitalisation. Digitalisation offers huge potential but first and foremost we see it as an enabler. It has become a natural and integral part of our product portfolio and the benefits to our customers are clear: increased productivity through optimisation, more reliable operations, increased uptime as well as proactive, predictive and increasingly prescriptive maintenance. Our ability to deliver productivity improvements is anchored in a full flowsheet of premium sustainable technologies (see page 24-25), combined with strong process knowhow and a broad range of services. Read more about innovation and digitalisation at FLSmidth on page 26-29.

Strategic focus areas

Customers
Sustainability
Innovation & digitalisation
Life cycle approach
Standardisation
Values

Competences, Co-operation and Responsibility

FLSmidth  Annual report 2020 23 Management review Business

Life cycle approach

To achieve a sustainable productivity improvement, companies need to adopt an end-to-end process and integrate the whole value chain. Forces must be activated simultaneously from multiple directions and across the organisation to create the kind of momentum that leads to sustainable change. Through a life cycle approach, we enable our customers to lower their total cost of ownership. Our digitalisation efforts will help pave the way for growing our spare and wear parts business in the years to come, as customers increasingly buy solutions rather than single parts and equipment. Over the years, we have successfully built a large service business focusing on spare parts, upgrades and maintenance. Our customers benefit from the most comprehensive product portfolio in the industry, allowing them to increase the productivity of their complete value chain. A full flowsheet facilitates digital access to all key processes and equipment. To be able to address issues before equipment breaks down, we create powerful connections between physical and digital systems which lay the foundation for analytics-driven predictive maintenance. We can then digitalise the entire supply chain to provide proactive condition monitoring and data collection, identifying damage or wear ahead of any failure.

Standardisation

Through value engineering and modularisation, we re-think the designs of our products to increase reliability and reduce cost and complexity without compromising on quality and functionality. Our standardisation programme has yielded substantial results. We have, in recent years, standardised products such as our vertical roller mills, coolers, burners, feeders and concentrators allowing for a higher degree of configuration and less customisation. We will continue standardising more products. Reducing our procurement costs through standardisation represents a huge potential. Production costs account for about 75% of our overall revenue, of which 70-80% relates to procurement from sub-contractors. Smarter product design enables us to significantly reduce our procurement costs, and we achieve other benefits such as reduced engineering hours, enhanced product reliability and simpler maintenance procedures  to the benefit of our customers and ourselves.

Our values

Based on our values  competence, co-operation and responsibility  we earn the trust and respect of our customers, business partners, suppliers, employees and shareholders in the communities in which we live and operate.

FLSmidth  Annual report 2020 24 Management review Business

Mining

We are one of the market leaders in mining with one of the strongest brands and broadest offerings. FLSmidth is a supplier of premium technology to the global mining industry.We offer a complete array of products, systems and services, ranging from single engineered or standardised equipment, such as crushers, ball mills, pumps, gravity concentrators, thickeners, flotation cells and automated laboratories to bundled equipment, full production plants and maintenance solutions. We increase the product offering by integrating upstream mining with downstream processing. Our broad offering ranges all the way from 'in-pit-crushing-and-conveying' (IPCC) to recovery and refining of minerals and tailings management. In Salt Lake City, USA, we have a laboratory with state-of-the-art materials testing capabilities to determine the optimal grinding and separation flowsheet. This ensures an early dialogue with the customer and, not least, an in-depth knowledge of their material, including material hardness and the minerals concentration which is used to determine the optimal grinding and separation process. The current mining cycle is a productivity cycle which clearly favours premium suppliers that have the flowsheet, process knowledge and service skills to help customers optimise existing production facilities and minimise their environmental footprint.

Extraction and size control
Ore is defined as materials that contain minerals financially viable to extract. Ore is extracted through methods such as drilling and blasting and transported to a crusher or crushed in-pit and conveyed out, a method usually more energy efficient. The ore is crushed to reduce the particle size.
Comminution
Crushed ore is fed into a mill and ground to a powder. Most often a wet process that facilitates transportation as a slurry. Once milled, the material goes through screens and cyclones that separate the coarse and fine material. Coarse material is sent back to the mill. Mills are highly energy-intensive, representing about half of the energy consumed by an entire mine and estimated to account for 3% of all global electricity use. Novel comminution such as FLSmidth's HPGRs can reduce water and energy consumption.
Beneficiation and recovery
The valuable minerals are then separated and concentrated. This involves flotation, concentration, clarification, and thickening. A flotation cell removes impurities, producing a more concentrated product. Chemicals and oils coat the mineral content so it sticks to air bubbles. The bubbles form froth containing the concentrate, which is skimmed off the top. The concentrate is sent for further upgrading.
Thickening and filtration
The left-over materials called tailings accumulate at the bottom, and it is separated to recover the water. Tailings are moved to clarifiers and thickeners, where the particles settle at the bottom and the water can be recovered and re-used. Filter presses remove additional water, leaving filter cake. Recycled water is re-used minimising fresh water intake.
Tailings management
In the most environmentally sound method of managing tailings, the filter cake is mixed with waste rock and stored as dry stack tailings. This solution with filtered tailings removes the risk of dam failures.

FLSmidth ■ Annual report 2020 25

Management review

Business Cement

We are the market leader in the premium segment of the cement industry with the most complete offering and the strongest brand. We supply the widest array of products, systems and services, ranging from single engineered and customised equipment, such as mills, kiln systems and clinker coolers, to more standardised products such as feeding and packaging machines as well as complete cement plants, maintenance and remote online support. Years ago, the cement market divided into a premium market and a mid-market. The premium market consists of customers valuing lower total cost of ownership, more flexible and environmentally friendly cement plants and local construction. FLSmidth caters to the premium market with equipment, services and complete plants and is the clear market leader in this segment. The mid-market is dominated by Asian suppliers and is characterised by customers preferring the lowest initial investment. However, customers often require a combination of low cost (mid-market) construction combined with premium engineering and procurement. FLSmidth has partnered with Asian suppliers to accommodate such customer requests and most Asian suppliers are, in reality, partners as well as good customers of FLSmidth. Therefore, we are working to offer not only the best complete cement plants but to become the preferred brand for all key equipment in a cement plant.

Quarrying and Crushing
The main raw materials needed to make cement are limestone and clay. Limestone is calcium carbonate, CaCO3, and is 44% CO2 by weight. Deposits are drilled, blasted or ripped using heavy machinery, and the materials are then transported to the crusher to reduce the size of the rocks. This is the first step where FLSmidth equipment is involved.
Drying and raw grinding
The materials are fed to the raw mill, ground to the right particle size and dried to the right moisture content. The outcome, raw meal, is stored in a silo and further mixed to ensure a consistent chemical composition. This is a main driver for better performance of the kiln system and final clinker quality. The process requires a lot of power.
Pyro-processing
When the raw meal reaches the calciner at the bottom of the pre-heater tower, it has a temperature of 1000°C. Heating the materials releases the CO2 contained in the limestone. These are inevitable calcination emissions. The material then enters the rotary kiln and is heated to 1450°C. The heating melts the rocks to form clinker, the main component of cement.
Clinker and cement grinding
The clinker is ground in a mill to reduce its particle size. Clinker has a high carbon footprint, and a focus area is to reduce the amount of clinker in the final product. This can be achieved by mixing it with additives. Different cements are used for different applications, so clinker and additives are mixed in the right quantities to get the right type and quality.
Dispatching
The cement is then ready to be dispatched. It can be packed in 50 kg bags and loaded onto trucks, or it can be shipped by 25t bulk tankers. It is shipped by rail or ship. Ultimately it is mixed with water, sand and gravel to form concrete, which is used to build the infrastructure around us.

Digitalisation is a major driver for change that is accelerating the pace of sustainable productivity improvements. Our strong focus on sustainable innovations enables our customers to improve their operations and helps us to expand the gap to mid-market and single equipment suppliers. At FLSmidth, we leverage digital technologies to empower our business strategy, and our digital premium offering will enable us to capture a larger share of the market for services.

INNOVATION & DIGITALISATION

Digital and innovative solutions are the levers to deliver on our MissionZero commitment to enable zero-emissions mining and zero-emissions cement plants by 2030. By utilising the power of digitalisation we can increase our customers’ productivity and at the same time lead these industries into a sustainable future. Achieving this goal requires a paradigm shift in collaboration, innovation and adoption of new technology. Innovation at FLSmidth takes place at three levels: in-house in our technology centres, on-site with customers and through partnerships with third parties. Looking at our Innovation Partner programme, we have received strong interest from several parties to co-create solutions and we will continue to co-develop technology with customers, universities and other partners. An example of partnership innovation is our cooperation with VICEM, the leading cement producer in Vietnam. In February 2020, we jointly announced a partnership with the goal of developing breakthrough innovations that will enable zero-emission cement production and a circular economy within the Vietnamese cement industry. A key focus will be on the utilisation of municipal and other waste streams as alternative fuel sources, thereby reducing air pollution by replacing the burning of fossil fuels. While management of waste is a growing concern in Vietnam, FLSmidth is developing solutions that enable a 100% switch to alternative fuels, which can reduce about one-third of carbon emissions. Other areas of the partnership will focus on solutions related to waste management and processing of waste materials for cement production. The partnership is an important step for the sector and the people of Vietnam.

In addition to innovation and partnerships, we consider acquisitions to supplement our innovation agenda. In July 2020, FLSmidth announced the acquisition of KnowledgeScape, a global leader in digital optimisation solutions for the mineral processing industry. The addition of KnowledgeScape’s advanced solutions will deliver an expanded digital offering and accelerate the delivery of industry-leading expert control solutions and advanced sensor technologies for automating, optimising and increasing the reliability of minerals processing circuits. These solutions are leading-edge technologies that serve as an important foundation for customer solutions within mineral processing and cement production that enables process optimisation and cost reduction. Seen as a whole, the combination of our two digital portfolios means that FLSmidth is now one of the few suppliers with a comprehensive and integrated digital offering that enables our customers to reduce costs and environmental impact.

FLSmidth ■ Annual report 2020 Business Management review 26

INNOVATION & DIGITALISATION

developing solutions that enable a 100% switch to alternative fuels, which can reduce about one-third of carbon emissions. Other areas of the partnership will focus on solutions related to waste management and processing of waste materials for cement production. The partnership is an important step for the sector and the people of Vietnam.

The advantages of remotely controlled operations and predictive maintenance have been highly appreciated by customers. We have hundreds of sites connected to an online network and the number of measurements received per day has grown to around 105 million data measurements per day to deliver cost savings, sustainability and increased uptime. The data is analysed to provide detailed information on our customers’ equipment, allowing us to suggest optimisations and improvements. The full spectrum from running an analysis to identifying critical wear and tear leading to predictive maintenance and intervention to prevent a failure where a component is weak and is about to break. This allows it to be replaced before it causes more problems, extending downtime and potentially impacting machinery downstream. In addition to the productivity improvements, the efficiency gains have been strengthened by digitalised solutions. Remote operating centres mean fewer employees on site that are exposed to potentially hazardous situations. When logistics are severely restricted, and it is impossible to be on site, suddenly all the value of digitalisation becomes crystal clear. During COVID-19, digital sceptics have been forced to work through online platforms and software solutions have gained more acceptance. 2020 has clearly seen a digital breakthrough and the ongoing growth of digitalised solutions will unquestionably outlast the global pandemic.

310m (DKK)
In 2020, we increased our spend on innovation and digitalisation by 3% to DKK 310m

105m
We have hundreds of sites connected to an online network and receive around 105 million data measurements per day

100%
While management of waste is a growing concern, FLSmidth is developing solutions that enable a 100% switch to alternative fuels

FLSmidth ■ Annual report 2020
27
Business Management review
Related to MissionZero goals
Zero emissions
Zero energy waste
Zero emissions
Related to MissionZero goals

DIGITAL SOLUTIONS TO POWER YOUR PRODUCTIVITY

ENABL INNOVATIONS IN MINING AND CEMENT

THE CHALLENGE
Reduce the environmental impact by optimising the plant to improve the consumption of energy and fuels

THE BENEFITS
* Increased production and throughput
* Reduced downtime, equipment wear and maintenance costs

ECS/PROCESSEXPERT® V8.5 SELF-LEARNING CONTROL SOLUTIONS BASED ON ARTIFICIAL INTELLIGENCE

New cognitive technologies empowers productivity and sustainability

Intelligent process control solutions stabilise and optimise processes, enabling increased use of alternative fuels, 5% lower energy consumption and increased production of up to 6% – whilst maintaining product quality

THE SOLUTION
State-of-the-art process intelligence enables the site to raise production, reduce costs and extend equipment life

AUGMENTED FIELD ENGINEER

DIGITAL SOLUTIONS TO POWER PRODUCTIVITY

Customers are increasingly using FLSmidth’s digital solutions to support day-to-day operations, optimise production, reduce CO 2 emissions and prevent breakdowns

The advantages of remotely controlled operations and predictive maintenance have been highly appreciated by customers during the COVID-19 pandemic, with Remote Services increasing over 100% during the crisis

THE CHALLENGE
Connecting the customer with the full knowledge base of FLSmidth when logistics are severely challenged and it is impossible to be on site

THE BENEFITS
* Real time data providing a range of information, uptime, cost savings, sustainability and increased uptime

THE SOLUTION
Predictive maintenance and remotely controlled operations, allowing to guide critical actions and share information in real time

FLSmidth ■ Annual report 2020
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Business Management review
Related to MissionZero goals
Zero emissions

INNOVATIONS IN MINING AND CEMENT

THE CHALLENGE
Producing clinker is energy and emissions intensive, and therefore, the less clinker used, the less impact on the environment

THE BENEFITS
* Complete testing by our laboratory and pilot plant
* Excellent color control
* Lower capital and operating costs

CEMENT: CLAY CALCINER SYSTEM – A MISSIONZERO FLAGSHIP INNOVATION

REDUCE CO 2 EMISSIONS BY UP TO 40% COMPARED TO CLINKER PRODUCTION

Increasing the percentage of calcined clay in cement reduces the need for clinker produced from limestone
The FLSmidth clay calciner system is currently patent pending.

THE SOLUTION
Calcined clay replaces clinker and reduces CO 2 emissions

MINING: TSUV GYRATORY CRUSHER

DIGITAL, OPTIMISED CRUSHING

Next-generation primary crusher – completely re-engineered to get more from lower grade ores

The unique top-service design prioritises safety, ease of maintenance and increased availability
Delivers 7% greater speed and 10% increased capacity, while reducing planned downtime by up to 74%
Improves on environmental impact

THE CHALLENGE
Lower grade ore requires higher power crushing and higher throughputs than ever before

THE BENEFITS
* Higher power, greater capacity and speed
* Safer, simpler maintenance
* Lowest total cost of ownership

THE SOLUTION
With more power and greater capacity, the digitally-enabled TSUV is the world’s most OPEX and CAPEX friendly primary gyratory crusher

FLSmidth ■ Annual report 2020
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Business Management review
FLSmidth  Annual report 2020
30
Management review
Financial Performance

Financial performance

Q4 2020
Group order intake grew 15% organically with growth in both Mining and Cement. Cement order intake included the booking of a large project. Group revenue declined 24% organically. Gross margin improved due to a higher share from service during the quarter but earnings were impacted by the sharp decline in revenue. The EBITA margin decreased to 5.5% from 8.1% in Q4 last year, entirely related to Cement. Mining EBITA margin was up slightly year on year. Group EBITA increased by 33% compared to Q3 2020. Net working capital decreased for the third consecutive quarter. Free cash flow was DKK 232m, on par with Q4 last year. Net debt to EBITDA increased to 1.6 due to lower EBITDA. Q4 included the acquisition of KnowledgeScape and two announced divestments in Cement.

FINANCIAL PERFORMANCE

Financial Performance

FLSmidth  Annual report 2020
31
Management review
Financial Performance

GROWTH

Group order intake grew 15% organically with growth in both Mining and Cement. Cement order intake included the booking of a large project. Group revenue declined 24% organically related to both Mining and Cement and both capital and service business.

Order intake
Order intake in Q4 increased 7% to DKK 4,695m (Q4 2019: DKK 4,389m) and grew 15% organically. Foreign exchange translation effects had an 8% negative impact on order intake. Service orders accounted for 49% of the total order intake. Mining order intake increased 2% organically thanks to higher capital order intake, whereas service order intake continued to be negatively impacted by restricted access to mine sites. Service orders accounted for 59% of the Mining orders and acquisitions had a 1% positive impact. Order intake in Cement increased 39% organically and included a large contract for engineering, procurement and supervision on a greenfield cement plant in Ethiopia valued at around DKK 750m. Excluding this contract, Cement order intake declined on Q4 last year, due to the continued impact of the pandemic and a generally subdued market which resulted in lower activity levels for service and equipment.

Order backlog and maturity
Despite a book-to-bill of 111% in Q4, the order backlog was largely unchanged from the previous quarter at DKK 14,874m (Q3 2020: DKK 14,839m, as foreign exchange and divestments led to a reduction of the backlog. 64% of the backlog is expected to be converted to revenue in 2021, 29% in 2022, and 7% in 2023 and beyond. The large Cement project booked in Q4 2020 is scheduled for delivery mainly in 2022-2023.

Revenue
Revenue declined 30% to DKK 4,236m in Q4 2020 (Q4 2019: DKK 6,022m) and declined 24% organically, comprising a 15% decrease in Mining and a 37% decline in Cement. The decline in revenue was explained by an exceptionally strong comparison quarter, a low Cement backlog entering the year and restricted access to customer sites because of the pandemic. Consequently, we did not see the usual seasonality during which Q4 is typically the strongest quarter by far in the year, although revenue did pick up 10% quarter on quarter thanks to slightly higher year-end activity.

QUARTERLY FINANCIAL PERFORMANCE

Order intake DKKm

	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020
Mining
Cement

Growth in order intake in Q4 2020 (vs. Q4 2019)

	Mining	Cement	FLSmidth Group
Total growth	-8%	34%	7%

Growth in revenue in Q4 2020 (vs.# Management review

Financial Performance

PROFIT

Gross margin improved due to a higher share from service during the quarter but earnings were im- pacted by the sharp decline in rev- enue. The EBITA margin de- creased to 5.5% from 8.1% in Q4 last year, entirely related to Ce- ment, whereas Mining EBITA mar- gin was up slightly year on year. Group EBITA increased by 33% compared to Q3 2020.

Gross profit and margin

Gross profit declined 23% to DKK 1,022m (Q4 2019: DKK 1,327m), explained entirely by the 30% decline in revenue. Gross margin improved to 24.1% (Q4 2019: 22.0%) due to a higher share from service in both Mining and Cement.

In Q4 2020, total research and development costs (R&D) amounted to DKK 115m (Q4 2019: DKK 93m), representing 2.7% of revenue (Q4 2019: 1.6%), of which DKK 67m was capitalised (Q4 2019: DKK 59m) and the balance of DKK 48m expensed as production costs (Q4 2019: DKK 34m). R&D costs in Q4 related to several projects, including new sustainable cement tech- nologies and mining equipment within various parts of the value chain. In addition, project-fi- nanced developments are taking place in coop- eration with customers.

SG&A costs

Sales, general and administrative costs (SG&A) and other operating items decreased 8% to DKK 685m (Q4 2019: DKK 747m), explained by busi- ness improvement savings and foreign ex- change. Despite the reduction in SG&A, costs in- creased to 16.2% of revenue (Q4 2019: 12.4%), due to the sharp decline in revenue. We manage and adjust the cost base against the level of business we see ahead of us, and our practice is not to make significant cost reductions in areas where we expect activity to return in the very short term. Since there is no recovery in sight for the cement market, we continue to right- size our Cement business (please refer to page 37).

EBITA and margin

EBITA decreased by 52% to DKK 235m com- pared to the same quarter last year (Q4 2019: DKK 487m), but increased by 33% compared to Q3 2020. The year-on-year decrease was a re- sult of the sharp decline in revenue which could not be offset by the higher gross margin and lower SG&A costs. The year-on-year decrease in Q4 EBITA margin to 5.5% (Q4 2019: 8.1%), was due entirely to Cement and included DKK 19m costs related to Cement reshaping. There was a slight increase in Mining EBITA margin year-on- year.

Amortisation of intangible assets amounted to DKK 90m (Q4 2019: DKK 94m). The effect of pur- chase price allocations amounted to DKK 24m (Q4 2019: DKK 36m) and other amortisation to DKK 66m (Q4 2019: DKK 58m).

Earnings before interest and tax (EBIT) de- creased 63% to DKK 145m (Q4 2019: 393m).

Financial items

Net financial items amounted to DKK 6m (Q4 2019: DKK -71m), of which foreign exchange and fair value adjustments amounted to DKK 18m (Q4 2019: DKK -43m) and net interest amounted to DKK -12m (Q4 2019: DKK -28m).

Tax

Tax for Q4 2020 totalled DKK -65m (Q4 2019: DKK -94m), corresponding to an effective tax rate of 43.6% (Q4 2019: 29%). Impairment of deferred tax assets has caused the increase in the effec- tive tax rate in Q4.

Profit for the period

Because of the lower EBIT, profit for the period decreased to DKK 78m (Q4 2019: DKK 227m), equivalent to DKK 1.7 per share (diluted) (Q4 2019: DKK 4.5). Discontinued activities had a DKK -6m impact on profit and loss in Q4 2020 (Q4 2019: DKK -2m).

Employees

The number of employees decreased by 307 to 10,639 at the end of 2020 (end of Q3 2020: 10,946). The decrease mainly related to right-siz- ing activities in Cement and divestment of the Möller business (60 people).

CAPITAL

Net working capital decreased for the third consecutive quarter. Free cash flow was DKK 232m, on par with Q4 last year. Net debt to EBITDA increased to 1.6 due to trailing EBITDA. Q4 included the acquisition of KnowledgeScape and two an- nounced divestments in Cement.

Net working capital

Net working capital decreased for the third con- secutive quarter and amounted to DKK 1,752m at the end of Q4 2020 (end of Q3 2020: DKK 1,981m). The reduction related mainly to invento- ries and a DKK 71m reduction from divestments. The net working capital ratio was 10.7% of reve- nue (Q3 2020: 10.9% of revenue). In line with previous quarters, utilisation of supply chain financing decreased in Q4, driven by a lower activity level and a lower share of Cement business relative to Mining (see note 3.6).

Cash flow from operations

Despite a reduction in adjusted EBITDA of more than 40%, cash flow from operating activities (CFFO) was on par with Q4 last year and amounted to DKK 329m (Q4 2019: DKK 327m). In addition to EBITDA, the main positive contributor to CFFO was the net working capital inflow of DKK 161m as compared to a net working capital outflow of DKK 138m in Q4 2019. Discontinued activities amounted to DKK -32m in Q4 2020 (Q4 2019: DKK -42m) due to timing dif- ference between cash paid and cash received related to the net working capital and provision balances (see note 2.11). Cash effect from provisions was DKK 66m inflow in Q4 2020 (Q4 2019: DKK 55m inflow). The change related to recognition of additional un- certainties in the execution of the project portfo- lio and provisions for reshaping Cement. The im- pact on provisions from discontinued activities was negative DKK 5m in Q4.

Cash flow from investments

Cash flow from investing activities amounted to DKK -97m (Q4 2019: DKK -92m), of which acquisi- tions and disposals amounted to DKK 12m (Q4 2019: DKK 18m).

Free cash flow

Free cash flow (cash flow from operating and in- vesting activities) amounted to DKK 232m in Q4 (Q4 2019: DKK 235m).

Net interest-bearing debt

Due to a positive free cash flow, net interest- bearing debt (NIBD) decreased to DKK 1,808m (end of Q3 2020: DKK 1,936m). Financial gearing, however, increased to 1.6 (end of Q3 2020: 1.4) due to lower trailing 12 months EBITDA. Gearing remains below our internal long term maximum threshold of two times NIBD to EBITDA.

Financial position

By the end of 2020, FLSmidth had DKK 7.0bn of available committed credit facilities of which DKK 4.8bn was undrawn. The committed credit facili- ties have a weighted average time to maturity of 4.2 years. DKK 1.7bn of credit facilities will mature in 2022 and the majority, DKK 5.0bn, will mature in 2026. The remaining DKK 0.3bn matures in later years.

Equity ratio

Equity at the end of Q4 2020 decreased slightly to DKK 8,130m (end of Q3 2020: DKK 8,237m), due to currency adjustments regarding transla- tion of entities that more than offset the profit for Q4 2020. The equity ratio was 39.7% (end of Q3 2020: 40.0%), well above the long-term target of minimum 30%.

Acquisitions and divestments

On 2 October 2020, FLSmidth signed the acqui- sition of KnowledgeScape, a global leader in dig-ital optimisation solutions for the mineral pro- cessing industry. On 23 December 2020, FLSmidth announced the sale of its fabric filter technology, a non-core business within the environmental tech-nology (AFT). On 30 December 2020, FLSmidth announced the sale of its Möller pneumatic conveying sys- tems business, which has been serving mainly adjacent industries. Both divestments were part of the ongoing process to simplify and prune FLSmidth's business. On 15 January 2021, FLSmidth announced that it is in negotiations with ThyssenKrupp concerning an acquisition of ThyssenKrupp's mining busi- ness. The negotiations are at a non-binding stage. Accordingly, there can be no assurances as to whether and when a transaction will tran- spire.

QUARTERLY KEY FIGURES

DKKm	2018	2019	2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
INCOME STATEMENT
Revenue	21,042	21,646	20,646	16,441	18,524	19,554	14,874	14,192	4,695	4,389	4,695	4,389
Revenue	21,042	21,646	20,646	16,441	18,524	19,554	14,874	14,192	4,695	4,389	4,695	4,389
Gross profit	1,074	1,181	1,126	1,312	1,081	1,315	1,126	1,327	1,047	912	884	1,022

Group – continued activities (DKKm)

	Q4 2020	Q4 2019	Change	2020	2019	Change
Order intake (gross)	4,695	4,389	7%	18,524	19,554	-5%


Order backlog	14,874	14,192	5%	14,874	14,192	5%
Revenue	4,236	6,022	-30%	16,441	20,646	-20%


Gross profit	1,022	1,327	-23%	3,865	4,849	-20%
SG&A cost	(685)	(747)	-8%	(2,731)	(2,841)	-4%
EBITA	235	487	-52%	771	1,663	-54%
EBIT	145	393	-63%	428	1,286	-67%

FLSmidth  Annual report 2020 32 Management review Financial Performance

Total growth

	-22%	-40%	-30%

Group – continued activities (DKKm)

	Q4 2020	Q4 2019	Change	2020	2019	Change
Order intake (gross)	4,695	4,389	7%	18,524	19,554	-5%
Revenue	4,236	6,022	-30%	16,441	20,646	-20%
Gross profit	1,022	1,327	-23%	3,865	4,849	-20%
SG&A cost	(685)	(747)	-8%	(2,731)	(2,841)	-4%
EBITA	235	487	-52%	771	1,663	-54%
EBIT	145	393	-63%	428	1,286	-67%
Net financial items	6	-71		-130	-129
Tax	(65)	(94)		(215)	(452)
Profit for the period	78	227	-66%	183	882	-79%

Cash flow

DKKm	Q4 2020	Q4 2019	Change	2020	2019	Change
Cash flow from operating activities	329	327	1%	522	1,176	-56%
Cash flow from investing activities	-97	-92		-208	-202
Free cash flow	232	235	-1%	314	974	-68%

Net interest-bearing debt

DKKm	End of Q4 2020	End of Q3 2020
Net interest-bearing debt (NIBD)	1,808	1,936
NIBD to EBITDA	1.6	1.4

Net working capital

DKKm	End of Q4 2020	End of Q3 2020
Net working capital	1,752	1,981
NWC % of revenue	10.7%	10.9%

FLSmidth  Annual report 2020 33 Management review Financial Performance

QUARTERLY KEY FIGURES

DKKm	2018	2019	2020
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
INCOME STATEMENT
Revenue	21,042	21,646	20,646	16,441	18,524	19,554	14,874	14,192	4,695	4,389	4,695	4,389
Revenue	21,042	21,646	20,646	16,441	18,524	19,554	14,874	14,192	4,695	4,389	4,695	4,389
Gross profit	1,074	1,181	1,126	1,312	1,081	1,315	1,126	1,327	1,047	912	884	1,022
SG&A cost	(645)	(704)	(661)	(747)	(708)	(729)	(702)	(685)	(731)	(715)	(743)	(685)
EBITA	379	443	408	487	294	519	346	235	257	157	105	235
EBIT	313	366	323	393	192	404	242	145	145	53	10	145
Net financial items	-71	-28	-59	-71	-58	-66	-89	6	-31	-26	-35	6
Tax	-94	-95	-86	-94	-70	-108	-78	(65)	-23	-7	-14	(65)
Profit for the period	227	261	201	227	124	330	159	78	91	20	-4	78

Group – continued activities (DKKm)
Order intake (gross)	4,695	4,389	4,695	4,389	4,695	4,389	4,695	4,389	4,695	4,389	4,695	4,389
Revenue	4,236	6,022	4,236	6,022	4,236	6,022	4,236	6,022	4,236	6,022	4,236	6,022
Gross profit	1,022	1,327	1,022	1,327	1,022	1,327	1,022	1,327	1,022	1,327	1,022	1,327
SG&A cost	(685)	(747)	(685)	(747)	(685)	(747)	(685)	(747)	(685)	(747)	(685)	(747)
EBITA	235	487	235	487	235	487	235	487	235	487	235	487
EBIT	145	393	145	393	145	393	145	393	145	393	145	393
Net financial items	6	-71	6	-71	6	-71	6	-71	6	-71	6	-71
Tax	-65	-94	-65	-94	-65	-94	-65	-94	-65	-94	-65	-94
Profit for the period	78	227	78	227	78	227	78	227	78	227	78	227

FLSmidth  Annual report 2020 34 Management review Financial Performance# Management review

Financial Performance

Unaudited figures

FLSmidth

Annual report 2020 35

DKKm
EBITDA before special non-recurring items	396	440	408	582	395	574	459	580	319	223	255	337
            
            
EBITA	343	381	350	511	312	487	377	487	228	131	177	235
            
EBIT	248	299	254	419	218	381	294	393	146	46	91	145
          
              
EBT	213	283	237	326	215	349	284	323	150	(7)	89	149
            
Profit/loss on continuing activities for the period	147	188	171	305	145	234	190	229	106	(12)	48	84
           
Profit/loss for the period	136	168	162	169	136	223	190	227	101	(17)	43	78
            
Gross margin	25.4%	25.0%	26.0%	24.1%	24.5%	24.0%	23.8%	22.0%	23.1%	23.7%	23.1%	24.1%
EBITDA margin before special non-recurring items	9.4%	9.3%	9.4%	10.7%	8.9%	10.5%	9.7%	9.6%	7.0%	5.8%	6.7%	8.0%
EBITA margin	8.1%	8.1%	8.1%	9.4%	7.1%	8.9%	8.0%	8.1%	5.0%	3.4%	4.6%	5.5%
EBIT margin	5.9%	6.3%	5.9%	7.7%	4.9%	6.9%	6.2%	6.5%	3.2%	1.2%	2.4%	3.4%

												


												

												

												
												
												
 											

SEGMENT REPORTING

Mining

												
            
            
            
            
            
            
Gross margin before allocation of shared costs	27.0%	26.6%	31.7%	27.4%	26.7%	26.1%	25.2%	23.4%	24.9%	26.4%	25.0%	25.1%
EBITA margin before allocation of shared costs	18.0%	17.8%	20.3%	18.9%	17.1%	16.8%	16.3%	14.9%	15.1%	16.0%	16.8%	16.4%
EBITA margin	9.4%	9.9%	13.3%	12.4%	9.5%	10.4%	9.2%	9.1%	7.3%	7.8%	9.0%	9.3%
EBIT margin	6.8%	7.9%	10.2%	10.4%	7.0%	8.5%	6.9%	7.2%	5.2%	5.4%	6.8%	7.2%

Cement

												
            
            
            
            
            
                         
Gross margin before allocation of shared costs	23.5%	22.9%	21.2%	20.4%	22.2%	22.0%	22.8%	21.9%	21.8%	21.0%	19.5%	23.3%
EBITA margin before allocation of shared costs	16.5%	14.8%	7.4%	13.7%	12.8%	14.1%	13.8%	13.3%	11.0%	6.9%	6.7%	9.7%
EBITA margin	6.3%	4.9%	2.0%	5.4%	3.7%	6.3%	5.8%	6.6%	1.8%	-4.9%	-4.8%	-1.9%
EBIT margin	4.5%	3.6%	0.8%	4.2%	2.2%	4.4%	4.9%	5.5%	0.4%	-6.7%	-7.1%	-4.1%

												
            
            
            
            

Unaudited figures

FLSmidth

Annual report 2020 36

Financial Performance

GROWTH

Organic order intake was on par with last year, comprising growth in Mining and a decrease in Cement. Book-to-bill was 113%. Revenue declined 16% organically due to a severe impact from the pandemic and a low Cement backlog entering the year.

Order intake

Organically, the order intake in 2020 was on par with last year, comprising a 13% growth in Mining and a 22% decline in Cement. Including currency effects and acquisitions, order intake decreased by 5% to DKK 18,524m (2019: DKK 19,554m). Capital order intake increased by 5%, whereas service orders decreased by 13%. Service accounted for 53% of the order intake.

Mining order intake increased by 13% organically and by 6% including currency effects and acquisitions. Mining capital orders increased by 31% due to the booking of three large mining contracts in the first quarter of the year. The three orders had a combined value of around DKK 2.4bn and were awarded in Russia and Belarus, a region where we have successfully expanded our presence in recent years.

Following a double digit growth in the first quarter of the year, Mining service orders decreased 9% for the full year, explained by currency headwind and restricted access to customers sites due to the pandemic.

Cement order intake declined 22% organically and by 24% including currency effects. Service accounted for 51% of Cement order intake. Capital orders contracted by 26%. The cement industry has seen a prolonged period of subdued project activity and along with the severe impact from the pandemic, there are no signs of a recovery for new cement capacity in the short- to medium-term. Cement service orders declined 21% as the pandemic led to the shutdown of up to  earlier in the year. Many cement plants continue to operate at reduced production rates, which reduces the need for technical services and parts.

Growth in order intake in 2020 vs. 2019	Mining	Cement	FLSmidth Group
           
Total growth	6%	-24%	-5%

Order backlog

In 2020, the order backlog increased by 5% to DKK 14,874m (2019: DKK 14,192m), comprising an 18% increase in Mining and an 11% contraction in Cement. The book-to-bill was 113% but currency effects had a DKK 1bn negative impact on the backlog.

Revenue

Organic revenue declined 16% in 2020, comprising a 7% decrease in Mining and a 30% fall in Cement. Including currency effects, revenue decreased by 20% to DKK 16,441m (2019: DKK 20,646m). Service revenue accounted for 60% of total revenue (2019: 52%).

The sharp decline in Cement revenue related mainly to the capital business and was due to a low backlog entering the year and the severe impact of the pandemic on the cement industry. The decline in Mining revenue related to both the capital and service businesses. Despite healthy industry fundamentals, project and service activity were both impacted by restricted access to mine sites due to pandemic related precautions.

Growth in revenue in 2020 vs. 2019	Mining	Cement	FLSmidth Group
           
Total growth	-13%	-31%	-20%

ANNUAL FINANCIAL PERFORMANCE

	2016	2017	2018	2019	2020
Mining
Cement
Revenue	10,316	9,519	2,585	4,313	1,291
DKKm
Order intake and book-to-bill
DKKm
%
Order intake by commodity	31%	27%	12%	6%	7%
%
Cement
Copper
Gold
Coal
Iron ore
Fertilizer
Other
Backlog maturity	0	5,000	10,000	15,000	20,000
DKKm	0	4,000	8,000	12,000	16,000
	20,000	24,000
	2016	2017	2018	2019	2020
Order intake
Book-to-bill
Within next year	0%	20%	40%	60%	80%
Within next year +1
Later than next year +1

FLSmidth

Annual report 2020 37

PROFIT

Earnings were impacted by the pandemic and the sharp decline in revenue. The EBITA margin decreased to 4.7% from 8.1% last year. Cement was loss-making, whereas profitability in Mining was quite resilient. The Group business improvement programme was completed and additional activities to improve profitability in Cement are ongoing.

Business improvement programme

At the end of 2019, we announced business improvement initiatives that include site consolidation, an improved logistical setup, and headcount reductions. In April 2020, we extended these activities to accommodate a more challenging market environment due to the pandemic. The Group business improvement programme was completed at the end of Q3 2020 with an annual EBITA improvement run-rate of DKK 150m.The realised EBITA improvement in 2020 was DKK 110m and an incremental improvement of around DKK 40m is expected to be realised in 2021. The implementation costs amounted to DKK 192m, of which DKK 40m were incurred in 2019 and DKK 152m were incurred in 2020. The programme included improvements that are expected to be sustained. It did not include any temporary COVID-19 related savings, such as employees on furlough and reduced travel expenses.

Financial impact 2020

	Mining	Cement	Total
EBITA improvement	150	(21)	129
Other savings	33	(24)	9
Efficiency improvements	22	-	22
Costs of doing business	-	(19)	(19)
Restructuring/Integration costs	(68)	(84)	(152)
Net impact on EBITA	137	(148)	(11)

Cement reshaping

In addition to the Group business improvement programme, we took additional steps during the year to simplify our Cement business and adjust its cost structure. These activities included reduced in-house manufacturing and increased sourcing from local suppliers and reducing the size of the project organisation. As part of this ongoing process to simplify our Cement business, two businesses were sold in December 2020 (see page 33). The implementation cost related to the additional activities in Cement amounted to DKK 40m in 2020 (previously estimated around DKK 70m). The activities will mitigate underabsorption due to the lower level of Cement business which we see ahead, and consequently, we will not report an EBITA improvement from these measures. Further activities to right-size and simplify our Cement business are expected during 2021. Timing and costs related to this is under evaluation.

Taking both the completed Group business improvement programme and the additional measures in Cement into account, total implementation costs in 2020 were DKK 192m (previously estimated around DKK 220m). In total, the Group workforce was reduced by 1,707 employees in 2020, of which the majority related to Cement. The workforce adjustment has not impaired our ability to capture future growth.

Gross profit and margin

Gross profit decreased 20% in 2020 to DKK 3,865m (2019: DKK 4,849m), in line with the 20% decline in revenue. Gross margin remained at 23.5% (2019: 23.5%). The positive impact on gross margin from a higher service share of 60% (2019: 52%) was offset by business improvement costs, low capacity utilisation and the higher costs of doing business during the pandemic. Mobility restrictions continue to affect the utilisation of our global service technicians, resulting in more complex and costly logistics and increased costs related to quality control.

In 2020, research and development costs were DKK 310m (2019: DKK 302m), of which DKK 150m were capitalised (2019: DKK 142m) and the balance of DKK 160m reported as production costs. The R&D costs related to several innovations, including new sustainable cement technologies, tailings management, digital solutions, and various equipment across the mining value chain.

SG&A costs

Sales, general and administrative costs and other operating items declined by 4% in 2020, representing a cost percentage (SG&A ratio) of 16.6% of revenue (2019: 13.8%). SG&A was negatively impacted by business improvement implementation costs of DKK 89m and additional cost relating to reshaping in Cement.

Gross profit and Gross margin

	DKKm	%
	3,000	20%
	3,500	22%
	4,000	24%
	4,500	26%
	5,000	28%
2016
2017
2018
2019
2020

Gross profit
Gross margin

SG&A cost and SG&A ratio

	DKKm	%
	1,500	12%
	2,000	14%
	2,500	16%
	3,000	18%
	3,500	20%
2016
2017
2018
2019
2020

SG&A cost
SG&A ratio

EBITA by Mining and Cement

	DKKm
	(500)
	0
	500
	1,000
	1,500
	2,000
2016
2017
2018
2019
2020

Mining
Cement

FLSmidth $\circledR$ Annual report 2020 38 Management review Financial Performance

EBITA and margin

Despite the stable gross margin and lower SG&A costs, EBITA decreased by 54% to DKK 771m in 2020 (2019: DKK 1,663m), as a result of the sharp decline in revenue. The EBITA margin declined to 4.7% (2019: 8.1%). Cement was loss-making, whereas profitability in Mining was quite resilient. EBITA included implementation costs related to the Group business improvement programme of DKK 152m and costs related to additional Cement reshaping of DKK 40m.

Financial items

Net financial items amounted to DKK -47m (2019: DKK -118m), of which net interest cost including interest from leasing amounted to DKK -59m (2019: DKK -65m) and foreign exchange and fair value adjustments accounted for the remaining balance.

Tax

Tax for the year amounted to DKK -155m (2019: DKK -373m), corresponding to an effective tax rate of 40.7% (2019: 31.9%). The higher effective tax-rate was due to Impairment of deferred tax assets, in particular related to the weaker outlook for the cement market.

Profit for the year

Profit for the year decreased to DKK 205m (2019: 776m) as a result of the lower earnings and higher effective tax rate. Profit from continuing activities decreased to DKK 226m (2019: DKK 798m). Loss from discontinued activities amounted to DKK -21m (2019: DKK -22m), related to administering legacy projects in our non-mining bulk material handling business. The projects were from a revenue perspective completed at year end 2018. Subsequent handling of claims and collection of receivables is ongoing (refer to note 2.11).

Return on capital employed

ROCE decreased to 5.1% (2019: 10.9%) as a result of the lower EBITA for the year.

Profit for the year

	DKKm
	0
	200
	400
	600
	800
	1,000
2016
2017
2018
2019
2020

Group
Continuing activities

Earnings per share

	DKK
	-10
	-5
	0
	5
	10
	15
	20
2016
2017
2018
2019
2020

Earnings per share, continued activities
Earnings per share, discontinued activities

Profit distribution

	DKKm	DKK
	0	0
	100	2
	200	4
	300	6
	400	8
	500	10
2016
2017
2018
2019
2020

Dividend paid, shareholders of FLSmidth
Proposed dividend per share

FLSmidth $\circledR$ Annual report 2020 39 Management review Financial Performance

CAPITAL

A strong cash focus led to a significant reduction in net working capital and net debt. Financial gearing increased to 1.6 from 1.2 in 2019 due to lower EBITDA for the year. Free cash flow more than doubled to DKK 1bn.

Balance sheet

Total assets decreased to DKK 20,456m at the end of 2020 (2019: DKK 23,532m), mainly due to currency effects and a reduction in activity and net working capital. Assets and liabilities held for sale at the end of 2020 amounted to DKK 33m.

Capital employed

Average capital employed decreased slightly to DKK 15,195m (2019: DKK 15,251m) as a result of the decrease in working capital. At the end of 2020, capital employed amounted to DKK 14,520m, consisting primarily of intangible assets of DKK 10,447m, which is mostly historical goodwill as well as patents and rights and customer relations. Property, plant and equipment amounted to DKK 2,009m, lease assets were DKK 312m and net working capital was DKK 1,752m at the end of 2020.

Net working capital

Net working capital decreased to DKK 1,752m at the end of 2020 (2019: DKK 2,739m), representing 10.7% of revenue (2019: 13.3% of revenue). The decrease related mainly to a lower activity level and strong cash collection from accounts receivables, which declined by DKK 1.6bn. The strong underlying improvement was partly counterbalanced by a DKK 0.5bn reduction in prepayments from customers due to the low level of large capital orders, as well as reduced utilisation of supply chain finance. DKK 158m of the decrease in net working capital related to currency.

Supply chain financing

As communicated in previous quarters, utilisation of supply chain financing has decreased during 2020, driven by a lower level of activity and, in particular, by a lower share of Cement business relative to Mining. Consequently, the trade payables covered by the supply chain financing programme amounted to DKK 273m at the end of 2020 (2019: DKK 1,083m).

Net interest-bearing debt

Net interest-bearing debt decreased to DKK 1,808m at the end of 2020 (2019: DKK 2,492m) as a consequence of a strong positive free cash flow. Despite the reduction in net debt, the financial gearing (NIBD/EBITDA) increased to 1.6 (2019: 1.2), due to lower EBITDA for the year. The gearing remains below our internal long-term maximum target of two times NIBD to EBITDA.

Equity

Despite the positive profit for the year, equity at the end of 2020 decreased to DKK 8,130m (2019: DKK 8,793m) as a result of currency adjustments regarding translation of foreign entities. The equity ratio was 39.7% (2019: 37.4%), well above the long-term target of minimum 30%.

Treasury shares

The holding of treasury shares was 1,097,718 shares at the end of 2020 (2019: 1,193,538 shares), representing 2.1% of the total share capital (2019: 2.3%). Treasury shares are used to hedge our share-based incentive programmes.

Dividend

Given the global uncertainty caused by the COVID-19 pandemic, the Board of Directors of FLSmidth & Co. A/S decided to withdraw the proposal to pay a dividend of DKK 8 per share in 2020 to ensure resilience in a period of market uncertainty and to preserve the company's financial position. Based on the financial results for 2020, the current financial situation and ongoing negotiations regarding potential acquisitions, the Board of Directors will propose at the upcoming Annual General Meeting that a dividend of DKK 2 per share corresponding to a dividend yield of 0.9% and a pay-out ratio of 50%, in line with our targeted pay-out ratio, will be distributed for 2020. The total dividend proposed amounts to DKK 103m.# Management review

Cash flow from operating activities

Despite significantly lower EBITDA for the year, cash flow from operating activities (CFFO) increased to DKK 1,421m (2019: DKK 948m), mainly as a result of CFFO from continuing activities of DKK 1,473m (2019: DKK 1,139m). The cash inflow from net working capital of DKK 706m (2019: Cash outflow of DKK 448m) was the key contributor to the positive development. 2020 also had a positive impact from change in provisions of DKK 63m (2019: DKK -230m).

Cash flow from investing activities

Cash flow from investing activities (CFFI) amounted to DKK -376m in 2020 (2019: DKK -661m). CFFI in 2019 was impacted by the acquisition of IMP Automation Group, whereas CFFI in 2020 included the acquisition of Knowledge-Scape as well as divestments in the Cement business. Excluding acquisitions and disposals, CFFI was DKK -339m in 2020 (2019: DKK -374m).

Free cash flow

Free cash flow increased to DKK 1,045m (2019: DKK 287m) as a result of the higher cash flow from operating activities and the lower level of investments. Free cash flow adjusted for business acquisitions and disposals was DKK 1,082m compared to DKK 574m in 2019.

Cash flow from financing activities

Cash flow from financing activities was DKK -956m (2019: DKK -156m), primarily related to repayment of debt and to a lesser extent due to repayment of lease liabilities.

Cash position

Cash and cash equivalents amounted to DKK 976m, a small decrease from DKK 1,001m in 2019.

Restricted cash

Cash and cash equivalents included cash with currency restrictions amounting to DKK 781m (2019: DKK 824m). The reduction in restricted cash compared to 2019 related mainly to Brazil. The cash and cash equivalents with currency restrictions were primarily related to bank deposits located in countries with currency restrictions. The deposits are part of local daily cash management in countries where we have operating activities.

Acquisitions

On 31 January 2020, FLSmidth acquired the business Mill-Ore Group, an Eastern Canadian provider of equipment and services to the mining industry. The acquisition was part of our long-term commitment to increase the level of local service and support for our customers. In the fourth quarter of 2020, FLSmidth acquired an additional company, KnowledgeScape, and announced the sale of two Cement businesses (please refer to page 33). On 15 January 2021, FLSmidth announced that it is in negotiations with ThyssenKrupp concerning an acquisition of ThyssenKrupp's mining business. The negotiations are at a non-binding stage. Accordingly, there can be no assurances as to whether and when a transaction will transpire. 2020 included costs related to the ongoing due diligence process, and additional costs are expected in 2021.

Financial performance in Q4 2020

The order intake in Q4 2020 increased by 34% to DKK 2,087m (Q4 2019: DKK 1,556m), driven by the large Ethiopian order, valued at around DKK 750 million, that became effective in the quarter. Service order intake decreased by 28% to DKK 780m compared to the same quarter last year (Q4 2019: DKK 1,083m), but increased by 13% compared to the previous quarter (Q3 2020: DKK 688m). Service order intake is still impacted by restricted site access and reduced demand for spare parts as a result of plant shutdowns and cement plants operating at reduced capacity. Currency effects had a 5% negative impact on the order intake compared to the same quarter last year. Accordingly, the organic increase in the order intake was 39%. Revenue decreased by 40% to DKK 1,487m in Q4 2020 (Q4 2019: DKK 2,485m), due to the continued impact of the pandemic and a low backlog entering the year. Service revenue decreased by 13% while capital revenue declined by 57%. Currency effects had a 3% negative impact on revenue, which meant the organic decrease in revenue was 37%. Gross profit, before allocation of shared cost, decreased by 36% to DKK 347m (Q4 2019: DKK 543m), largely in line with the decline in revenue, but increased by 46% compared to the previous quarter (Q3 2020: DKK 238m). The corresponding gross margin increased to 23.3% (Q4 2019: 21.9%) due to a higher share from service. Cement profitability is, however, still affected by the large decline in revenue, and increased costs related to the pandemic and ongoing reshaping. Consequently, EBITA amounted to DKK -28m (Q4 2019: DKK 163m) and the corresponding EBITA margin was -1.9% (Q4 2019: 6.6%).

Financial performance in 2020

The order intake decreased 24% to DKK 5,713m in 2020 (2019: DKK 7,490m), due to a continuation in the subdued market conditions for new cement capacity and customers postponing investments, but also due to lower service activity as a result of the pandemic.

MINING

Financial performance in Q4 2020

Organic mining order intake increased 2% compared to Q4 2019. Including effects from currency and acquisitions the order intake in Q4 2020 decreased by 8% to DKK 2,608m (Q4 2019: DKK 2,833m), comprising 5% growth in capital orders and a 15% decrease in service orders. Travel restrictions and limited site access have continued to impact on-site technical services, resulting in reduced service demand. The 5% increase in capital order intake is a result of a number of medium-sized capital orders that are proceeding based on the healthy industry fundamentals. During the quarter, currency had an 11% negative impact on order intake and acquisitions had a 1% positive impact on order intake. Revenue decreased 15% organically and by 22% including the effects of currency and acquisitions, to DKK 2,749m in Q4 2019 (Q4 2019: DKK 3,537m). Capital revenue decreased by 37% as a result of the lumpiness of the capital business with fluctuating revenue recognition, and due to restricted site access which impacts progress on projects. Service revenue decreased by 10%, explained by restricted access to mine sites and currency effects. Currency effects had a 7% negative impact on revenue in the quarter. Gross profit, before allocation of shared cost decreased by 17% to DKK 689m (Q4 2019: DKK 829m), largely in line with the decline in revenue. The corresponding gross margin increased to 25.1% (Q4 2019: 23.4%) due to a higher service share as well as a positive effect from the business improvement programme. EBITA decreased by 21% to DKK 256m (Q4 2019: DKK 323m) due to the lower revenue in the quarter, while the EBITA margin increased to 9.3% (Q4 2019: 9.1%).

Financial performance in 2020

In 2020, Mining order intake increased 13% organically, mainly due to the exceptionally strong capital order intake in the first quarter of 2020 which was related to the three large orders received in Russia and Belarus, with a combined value of around DKK 2.4bn. During the year, currency had an 8% negative impact on order intake and acquisitions had a 1% positive impact on order intake. Accordingly, order intake increased by 6% to DKK 12,811m (2019: DKK 12,064m) The organic decrease in revenue was 7% in 2020. Revenue decreased by 13% to DKK 10,620m (2019: DKK 12,169m), mainly due to capital revenue which decreased by 18%. EBITA decreased by 24% to DKK 888m (2019: DKK 1,166m), and the corresponding EBITA margin decreased to 8.4% (2019: 9.6%). EBITA included implementation costs of DKK 91m related to the Group business improvement programme.

Mining (DKKm)	Q4 2020	Q4 2019	Change	2020	2019	Change
Order intake (gross)	2,608	2,833	-8%	12,811	12,064	6%
Service and capital order intake	59%	41%
Service revenue	780	1,083	-28%	4,509	5,133	-12%
Capital revenue	1,828	1,750	5%	8,302	6,931	20%
Order backlog	9,085	7,683	18%	9,085	7,683	18%
Revenue	2,749	3,537	-22%	10,620	12,169	-13%
Service order backlog	4,411	3,580	23%	4,411	3,580	23%
Capital order backlog	4,674	4,103	14%	4,674	4,103	14%
Gross profit before allocation of shared cost	689	829	-17%	2,688	3,071	-12%
Gross margin %	25.1%	23.4%		25.3%	25.2%
EBITA before allocation of shared cost	452	528	-14%	1,710	1,974	-13%
EBITA margin %	16.4%	15.0%		16.1%	16.2%
EBITA	256	323	-21%	888	1,166	-24%
EBITA margin %	9.3%	9.1%		8.4%	9.6%
EBIT	199	256	-22%	655	905	-28%
EBIT margin %	7.2%	7.2%		6.2%	7.4%
Loss of earnings on intragroup sales	120,437	132,657		120,437	132,657

Currency had a 2% negative impact on order intake. Revenue in 2020 decreased by 31% to DKK 5,821m (2019: DKK 8,477m), mainly due to the lower capital revenue during the year. Currency effects had a 1% negative impact on revenue. Earnings were severely impacted by the pandemic and the sharp decline in revenue as well as costs of DKK 61m related to the Group business improvement programme and additional costs of DKK 40m specifically related to reshaping the Cement business. EBITA came in at DKK -118m (2019: DKK 486m). The corresponding EBITA margin was -2.0% (2019: 5.7%). Activities to restore profitability in Cement have been intensified during 2020 and are ongoing.

CEMENT

Growth in order intake in Q4 2020 (vs. Q4 2019)

	Order intake	Revenue
Total growth	34%	-40%
Service and capital order intake	64%	36%
Service	-6%	-2%
Capital	-4%	2%

	Q4 2020	Q4 2019	Change	2020	2019	Change
Order intake (gross)	2,087	1,556	34%	5,713	7,490	-24%
Service order intake	775	825	-6%	2,247	2,390	-6%
Capital order intake	1,312	731	79%	3,466	5,100	-32%
Order backlog	5,789	6,509	-11%	5,789	6,509	-11%
Revenue	1,487	2,485	-40%	5,821	8,477	-31%
Service revenue	755	827	-9%	2,235	2,393	-7%
Capital revenue	732	1,658	-56%	3,586	6,084	-41%
Gross profit before allocation of shared cost	347	543	-36%	1,255	1,881	-33%
EBITA before allocation of shared cost	144	331	-56%	515	1,148	-55%
EBITA	(28)	163	-117%	(118)	486	-124%
EBIT	(61)	136	-145%	(228)	370	-162%
Headcount	2,160	2,137		2,160	2,137

Governance

Risk is an inherent part of our business and managing risks is a top priority at FLSmidth. Our approach to risk is aligned with our strategy and financial targets and managing potential impacts has high priority across the organisation.

Risk management framework

Our risk management framework consists of a simple Enterprise Risk Management Practice with annual top-down and bottom-up risk mapping to identify the Group's key risks across the organisation. We assess the risks based on the potential impact on our reputation, values, integrity, and our short- and long-term strategic goals. Our Enterprise Risk Management Practice aims to identify, monitor, assess and mitigate risks as early as possible to manage the likelihood and potential impact. The most significant risks are reviewed by the Risk Committee, Group Executive Management and the Board of Directors. The Industries and Regions own their respective risk management process and are responsible for the identification and mitigation of the key risks that pose potential threats to their operations.

Risk assessment

The annual assessment was primarily dominated by discussion surrounding the COVID-19 pandemic. However, as operations continued in varying degrees for the Industries and each Region, it was important to maintain focus on a number of key risks and/or opportunities:

Safety
mitigate severe impact on health and safety of our employees, further complicated by the pandemic.
Compliance
importance of compliance with a wide-range of trade and anti-corruption laws and regulations.
Workplace Engagement
ability to keep the workforce engaged to adapt to constant change.
Cement Market Conditions
lack of global growth and decreasing general consumption.
Sustainability
leverage the opportunity for development and adoption of sustainable solutions. For more information, please refer to our sustainability report.
Projects
ability to deliver on time and as promised to our customers.
Digitalisation
create value and optimise processes that drive productivity.
Geopolitical
tensions between key nations and volatile risk environments could lead to increased costs or disruptions in operations.
Cyber Threats
as technology advances, computer crime is becoming increasingly sophisticated.
Supply Chain
pandemic lockdown and resulting decline in on-site activities has increased concerns regarding supply chain reliability when demand to deliver increases.
Financial Risk
liquidity, credit and fluctuation in foreign exchange rates. For more information on the financial risks and mitigation activities, please refer to note 5.3.

RISK MITIGATION

| Risk | Potential impact A sophisticated cyber- attack could result in an extended period of down-time resulting in delays to customers and additional costs for the organisation. The Group is focused on IT Security and awareness; conducting regular audits, analysis of current controls and security updates. Migration to cloud-based solutions, cyber awareness training across the organisation and an IT Security Committee all help to mitigate the potential impact of this risk. We are also taking steps to increase cybersecurity of the delivered equipment.

Supply Chain

High demands on internal and external trusted supply chains could result in delays in deliveries to customers which could lead to penalties and disruptions in executing projects. This threat has been further complicated by the impact of the pandemic. Group Procurement is on a strong path towards increased operational efficiencies through new tools and more uniform processes. The Group's global sourcing strategy allows for more flexibility and agility in working with external supply chains to help alleviate potential disruptions.

Compliance

Compliance is a top-priority in FLSmidth with zero tolerance for violation that could impact the FLSmidth brand and reputation with customers. As the Company continues to expand through acquisitions and the establishment of local offices in challenging environments, the focus on mitigating compliance risks remains high. The Group has a dedicated Compliance Department that has established rules and procedures to ensure a common understanding of ethical behaviour. There are policies in place to support the Organisation with day-to-day compliance issues such as the Code of Business Conduct and Anti-Bribery policy, as well as tools and procedures to identify individual issues that may pose a threat including the Whistleblower Hotline, screening of third party agents and sign-off protocols. New online training was added to the current catalogue of compliance training this year and is compulsory for all employees.

Workplace Engagement

The demands of a fast-changing world put pressure on our workforce to stay agile and adapt to new challenges faster than ever. The collective ability to keep our employees motivated and engaged has been further complicated by the global pandemic which has forced many of our employees to work remotely and virtually. In response to the pandemic, the Company has established flexible work arrangement guidelines and is in the process of conducting engagement surveys to ensure our employees have a platform to voice their concerns and ideas. Initiatives and processes are also in place to promote productivity at work.

FLSmidth  Annual report 2020 47

Management review

Governance

The following statutory statement (including the Corporate Governance section, the Remuneration section, as well as the overview of the Board of Directors and Group Executive Management) is provided pursuant to the Danish Financial Statements Act Sections 107a and 107b. In the Board of Directors' opinion, FLSmidth fully complies with all recommendations on corporate governance applicable to Danish listed companies, except for one.

Capital and share structure

FLSmidth & Co. A/S is listed on NASDAQ Copenhagen. At the end of 2020, FLSmidth had approximately 46,000 registered shareholders and a free-float of around 90%. One shareholder had flagged a major shareholding in FLSmidth & Co. A/S at the end of 2020. Lundbeckfond Invest A/S' investment exceeded 10%. FLSmidth's holding of treasury shares at the end of 2020 accounted for 2.1% of the share capital. The Board of Directors is authorised until the next Annual General Meeting to let the Company acquire treasury shares up to a total nominal amount of DKK 100 million, in accordance with Section 12 of the Danish Companies Act. The adoption of a resolution to amend the Company's Articles of Association requires that the resolution is passed by not less than two thirds of the votes cast as well as of the share capital represented at the General Meeting.

Management structure

According to general practice in Denmark, FLSmidth maintains a clear division of responsibility and separation between the Board of Directors and the Group Executive Management. The Group Executive Management is responsible for the day-to-day business of the company, and the Board of Directors oversees the Group Executive Management and handles overall managerial issues of a strategic nature. For additional information please refer to: https://www.flsmidth.com/en-gb/company/investors/governance.

The Board of Directors

Composition of the Board of Directors

The Board of Directors is elected at the Annual General Meeting apart from those Board members who are elected pursuant to the provisions of the Danish Companies Act on employee representation. Board members elected at the Annual General Meeting constitute not less than five and not more than eight members, currently six members, in order to maintain a small, competent and quorate Board. The members of the Board elected at the Annual General Meeting retire at each Annual General Meeting. Re-election may take place. The Nomination Committee identifies and recommends candidates to the Board of Directors. Pursuant to the provisions of the Danish Companies Act regarding employee representation, employees in FLSmidth have elected to appoint their own representatives on the Board by three members who are elected for terms of four years. The next election will take place in the near future. Immediately after the Annual General Meeting, the Board of Directors elects, among its own members, a Chairman and a Vice chairman. A job and task description has been created and outlines the duties and responsibilities of the Chairman and the Vice chairman.

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE HIGHLIGHTS

	2020	2019
Board meetings held	17	13
Board meetings with ESG focus	6	4
Audit Committee meetings	4	4
Nomination Committee meetings	3	3
Compensation Committee meetings	5	5
Board committees established to oversee ESG matters	3	3
Total number of committee meetings	12	12
Number of board assessment evaluations	1	1
Board meetings are called and held in accordance with the Board rules of procedure and its annual plan. In general, between six and eight ordinary Board meetings are held every year. However, when deemed necessary, additional meetings may be held, and due to the COVID-19 situation the meeting frequency was higher in 2020. To enhance Board meeting efficiency, the Chairman conducts a planning meeting with the CEO and CFO prior to each Board meeting. Seventeen Board meetings were held in 2020. Apart from contemporary business issues, the most important issues dealt with in 2020 were: The impact of COVID-19 on our business, cash flow, capital structure, financial risks, sustainability, reshaping of our Cement business, diversity and acquisitions. All members of the Board of Directors participated, physically or virtually, in all relevant board and committee meetings in 2020, except one member who was unable to attend one of the 17 Board meetings due to a conflicting appointment.
To achieve a highly informed debate with the Group Executive Management, the Company strives for a Board membership profile reflecting substantial managerial experience from internationally operating industrial companies. At least one member of the Board must have CFO experience from a major listed company and all other members must preferably have CEO experience from a major internationally operating and preferably listed company. To the extent possible, all members elected at the Annual General Meeting hold competencies in the acquisition and sale of companies, financing and stock market issues, international contracts and accounting. In addition, a majority of the Board members should preferably possess technical expertise on process plants and process technology, including from the minerals industries and/or the cement industry. All members of the Board elected at the Annual General Meeting are independent as defined by the Committee on Corporate Governance, which is an independent Danish body promoting corporate governance best practice in Danish listed companies. As part of its annual plan, the Board of Directors performs an annual self-evaluation to evaluate the contribution, engagement and competencies of its individual members. The Chairman is responsible for the evaluation.

The Nomination Committee

The nomination committee consists of Mr. Vagn Ove Sørensen, Mr. Tom Knutzen and Mr. Thrasyvoulos Moraitis. In 2020, the committee met three times. Its main activities in 2020 were related to assessing the composition and competencies of the Board of Directors.

The Compensation Committee

The Compensation Committee consists of Mr. Vagn Ove Sørensen, Mr. Tom Knutzen and Mr. Thrasyvoulos Moraitis. The Compensation Committee met five times in 2020 and the committee's primary activities were related to the approval of incentive plans and overall remuneration schemes for Group Executive Management and the management layer reporting to the Group Executive Management.# MEETING ATTENDANCE IN 2020

Board of directors	Board meetings attended	Audit Committee meetings attended	Compensation Committee meetings attended	Nomination Committee meetings attended	Technology Committee meetings attended
Group CEO	4	4	2	2	2
Chairman	4	4	2	2	2
Independent members	4	4	2	2	2
Audit Committee	4	4	2	2	2
Compensation Committee	4	4	2	2	2
Nomination Committee	4	4	2	2	2
Technology Committee	4	4	2	2	2
Voluntary participation (not member of Audit Committee)	4	2

FLSmidth  Annual report 2020 49

Governance

The Audit Committee

The Audit Committee consists of Mr. Tom Knutzen (Chairman), Ms. Anne Louise Eberhard and Ms. Gillian Dawn Winckler who are all independent and have considerable insight and experience in financial matters, accounting and auditing in listed companies. In 2020, the Audit Committee met seven times to review specific financial risk, including tax risk, accounting and auditing matters, as well as paying special attention to financial processes, internal control environment and cyber security. A particular focus area in 2020 has been to assess the financial risks associated with the COVID-19 pandemic and the related impact on liquidity and cash flow.

The Technology Committee

The Technology Committee consists of three Board members, Mr. Richard Robinson Smith (Chairman), Mr. Thrasyvoulos Moraitis and Mr. Søren Dickow Quistgaard. The Technology Committee met three times in 2020. The main tasks in 2020 were to monitor the major development projects across the two industries, to ensure the right and appropriate KPIs are set for R&D across both industries and to approve the strategic focus areas for the coming years.

Group Executive Management

Composition of the Management

The officially registered Executive Management of FLSmidth consists of the Group CEO and the Group CFO. In the first half year our Head of Group Legal and Strategy was registered as part of Executive Management on an interim basis. Group Executive Management holds overall responsibility for the day-to-day operations of the Group and consists of nine Group Executive Vice Presidents, including the CEO. The members of the Group Executive Management are all experienced business executives, each possessing insights and hands-on experience that match the practical issues and challenges currently facing FLSmidth.

Effective June 2020, Mikko Tepponen joined FLSmidth as Chief Digital Officer and a member of the Group Executive Management. Tepponen arrives with proven experience in driving transformation journeys in other large industries, including Wärtsilä and Outotec. He has a track record of employing digital solutions as an enabler for more sustainable and resource-efficient practices.

In July 2020, Roland M. Andersen joined FLSmidth as Group CFO and a member of the Group Executive Management. Roland brings 25 years of solid experience and competences through his time as CFO with public as well as private equity owned companies, including Torm, Telenor, A.P. Moller Maersk and most recently NKT where he played a key role in leading the company through strategic transformation and acted as CEO for a period of time.

In August 2020, Chief Procurement Officer, Asger Lauritsen was appointed as a member of the Group Executive Management team. For the past four years, Asger has been responsible for our global supply chain, which includes both our own factories and external suppliers. Prior to joining FLSmidth in 2016, Asger had an accomplished international career within operations, procurement and supply chain in senior leadership roles at Norden, Maersk Line, DISA and Rosti.

Due to family reasons Jan Kjaersgaard has decided to leave FLSmidth. Jan joined FLSmidth in March 2018 as President of the Product Company Division. In July 2018, he was appointed as President of the Cement Industry, where he had an instrumental role in establishing the operating model for our Cement business.

Effective November 2020, Carsten Riisberg Lund has been appointed as the new Cement Industry President and member of Group Executive Management. Carsten has been with FLSmidth for 33 years in various roles, most recently as the President for Region Europe, North Africa and Russia (ENAR). Carsten has also been a member of the former Material Handling division and spent three years as Managing Director in India.

Effective January 2021, Mikko Keto joined FLSmidth as President, Mining Industry and member of Group Executive Management. Mikko joins FLSmidth from Metso, where he has worked for 10 years of which the last two years as President, Minerals Services and Pumps, where he delivered growth in Services along with profitability improvement. He also served as a member of the executive team. The appointment follows Manfred Ulmer's decision to retire, having contributed strongly to FLSmidth's Mining business since 2014. To ensure a smooth transition, Manfred has kindly offered to stay with FLSmidth as an advisor for a period of time.

Diversity in Board and Management

The Board of Directors of FLSmidth continually evaluates the diversity of the Board and the Group Executive Management as well as among managers and employees. In connection with recommendations and appointments, diversity is deliberately taken into account when considering the profiles and qualifications of potential candidates.

At the end of 2020, women accounted for 33% (end 2019: 33%) of the shareholder-elected Board members, fulfilling the target that a minimum of 25% of the members elected at the Annual General Meeting should be women.

At the end of 2020, women accounted for 16% (end 2019: 16%) of the total workforce, while 13% of all managers were women (end 2019: 11%). At the end of the year, we set a new long-term target for gender equality in our workforce. By 2030, we want 30% of our entire white-collar workforce and 25% of our people managers to be women. When filling management vacancies externally, at least one female candidate must be in the short list.

As a global company with operations in over 60 countries, the overall workforce naturally reflects a multitude of cultures and nationalities. The Board of Directors has set a long-term goal according to which global managers (top 70) should to a greater extent reflect the representation of nationalities among all employees and the global population. This will be achieved by further developing and retaining talent in our key business units and global centres of excellence, such as the R&D centres in Denmark (9% of the total workforce), the USA (15% of the total workforce) and India (24% of the total workforce).

Today 56% (2019: 67%) of Group Executive Management and 90% (end 2019: 91%) of the total number of employees have a nationality other than Danish.

FLSmidth  Annual report 2020 50

Management review

Governance

FLSmidth is a learning organisation, and our people are our most valuable resource. 50% of the workforce is below the age of 40. 43% have less than 5 years seniority, which is a reflection of the transition FLSmidth has gone through over the past several years.

Presentation of financial statements and internal controls

To ensure the reliability and accuracy of financial reporting, the Board of Directors and the Group Executive Management have adopted a number of policies, procedures and guidelines for the presentation of the financial statements and internal controls which can be found on FL- Smidth’s website: https://www.flsmidth.com/en-gb/company/investors/governance.

Compliance with recommendations for corporate governance

Pursuant to Section 4.3 of the rules for issuers of shares listed on Nasdaq Copenhagen, Danish companies must provide a statement on how they address the recommendations on Corporate Governance issued by the Committee on Corporate Governance in November 2017 based on the "comply or explain" principle (https://corporategovernance.dk/english). FLSmidth’s position on each specific recommendation is summarised in the corporate governance statement available at: https://www.flsmidth.com/en-gb/company/inves- tors/governance/governance-reports.

Herein, FLSmidth’s board is pleased to state that FLSmidth adhere to all recommendations on corporate governance applicable to Danish listed companies, except 3.5.1 related to external assistance in connection with evaluation of the performance of the Board of Directors, where the company only complies partially.

On 2 December 2020, the Committee on Corporate Governance issued updated recommendations for Corporate Governance, which will enter into force for the financial year starting January 1, 2021. FLSmidth’s corporate governance statement includes comments to some of the updated recommendations.

Employees

Geographical distribution		Length of service
16% North America	22% <2 years	13% <30 years
18% South America	21% 2-4 years	37% 30-39 years
25% Europe, North Africa, Russia	27% 5-10 years	28% 40-49 years
8% Sub-Saharan Africa and Middle East	30% >10 years	16% 50-59 years
5% Asia Subcontinental		6% >59 years
23% India
5% Australia

FLSmidth  Annual report 2020 51

Governance

GROUP EXECUTIVE MANAGEMENT

Name
Thomas Schulz
Roland M.

Governance

GROUP EXECUTIVE MANAGEMENT - CONTINUED

The Board has adopted overall guidelines for in- centive pay for the Group Executive Manage- ment establishing a framework for variable salary  short- and long-term goals. The purpose is to en- sure that the remuneration structure does not lead to imprudence, short-term behaviour or un- reasonable risk acceptance on the part of the Group Executive Management.  on a regular basis the Group Executive Manage- 

The total remuneration of the Group Executive Management consists of the following compo- nents:

Base salary
Short-term incentives in the form of a cash bo- nus (up to 75% of annual base salary)
Long-term incentives in the form of perfor- mance shares (up to 100% of base salary)
Other incentives up to 150% of the annual base salary in cash and/or in shares
Severance payment, if any, corresponding to - mum period of 24 months
Customary benefits such as company car, tele- phone, etc.

Remuneration of the Board of Directors

 sists of an annual cash payment for the current fi- nancial year, which is submitted for approval at the Annual General Meeting. The Board of Direc- -approved by the Gen- eral Meeting for the year in question and then fi- nally approved by the shareholders at the following year's General Meeting. In approving the final fees, shareholders may take unexpected workload into consideration and increase the preliminarily approved fees for all or some mem- bers of the Board of Directors. The Board of Di- -based re- muneration. Cash payment currently consists of a base fee of DKK 450,000 to each Board member, graded in line with additional tasks and responsibilities as follows:

Ordinary Board members 100% of the base fee
Board Vice chairman 200% of the base fee
Board Chairman 300% of the base fee
Committee Chairman fee DKK 225,000
Committee members fee DKK 125,000

The Chairman and Vice chairman do not receive payment for committee work. The fee structure was last adjusted in 2017. The remuneration report can be found here: www.flsmidth.com/RemunerationReport2020

REMUNERATION

Remuneration facts

A detailed description of the remuneration of individual members of the Board of Directors and Executive Management is disclosed in the remuneration report which is considered an integrated part of this report.

Total remuneration of the Board of Directors, DKKm	Total remuneration of Executive Man- agement registered with The Danish Business Authority, DKKm
6.5	23.1
6.4	25.2
6.4	18.6
2018	2018
2019	2019
2020	2020

FLSmidth
* Annual report 2020 56

Governance

Total shareholder return was negative 12% in 2020, impacted by the pandemic which has presented both challenges and opportunities for FLSmidth.

Capital and share structure

FLSmidth & Co. A/S is listed on Nasdaq Copen- hagen. The share capital is DKK 1,025,000,000 (end of 2019: DKK 1,025,000,000) and the total number of issued shares is 51,250,000 (end of 2019: 51,250,000). Each share entitles the holder to 20 votes. The FLSmidth & Co. A/S share is in- cluded in roughly 150 Danish, Nordic, European and global share indices, including the leading Danish stock index C25. The company had approximately 46,000 share- holders at the end of 2020 (end of 2019: approxi- mately 38,000). In addition, roughly 1,750 pre- sent and former employees hold shares in the company (end of 2019: approximately 2,000). The FLSmidth & Co. A/S share has a free float of around 90%. Lundbeckfond Invest A/S' invest- ment exceeded 10% in FLSmidth & Co. A/S at the end of 2020. As of end-2019, the investments of Novo Holding A/S and Bestinver Gestión S.A SGIIC both exceeded 5%, but in 2020 both of these investors reduced their positions to below 5%. 2020 saw an increase in the share of Danish pri- vate investors to approximately 28% (2019: 21%). The share of Danish institutional investors, in- cluding Lundbeckfond Invest A/S, decreased to  shares declined to 2.1% (2019: 2.3%).

Return on the FLSmidth share in 2020

The total return on the FLSmidth & Co. A/S share in 2020 was -12% (2019: -6%), calculated as share price appreciation and dividend paid. Given the global uncertainty caused by the COVID-19 pan- demic, the Board of Directors of FLSmidth & Co. A/S decided on 23 March 2020 to withdraw the previous proposal to pay a dividend of DKK 8 per share to ensure resilience in a period of market  financial position. The share price ended 2020 at 232.8 compared to 265.4 at the end of 2019, having ranged be- tween 134.3 and 274.8 during the year. Total shareholder return will be one of the financial KPIs for the planned 2021 long-term incentive plan.

SHAREHOLDER INFORMATION

Development in shareholder structure

% Shareholder structure 2020

	2020
Danish (private)	28%
Danish (institutional)	7%
Non-registered	10%
FLSmidth & Co. A/S	2%
Foreign	43%
Lundbeckfond Invest A/S	10%
Total	100%

The above percentages are rounded and do not sum to 100% due to rounding differences.

	2019	2020
Danish (private)	21%	28%
Danish (institutional)	42%	7%
Non-registered	2.3%	2.1%
FLSmidth & Co. A/S	-	-
Foreign	34.7%	43%
Lundbeckfond Invest A/S	10%	10%
Total	100%	100%

Share price developments in 2020

Volume, 1,000	Share price DKK
0	100
200	120
400	140
600	160
800	180
1,000	200
1,200	220
1,400	240
1,600	260
	280
	300

Finance calendar 2021

Jan 27, 2021: Q4 2020 interim report
Mar 2: Analyst meeting
Apr 29, 2021: Q1 2021 interim report
Jul 29, 2021: Q2 2021 interim report
Nov 11, 2021: Q3 2021 interim report

Capital structure and dividend for 2020

FLSmidth takes a conservative approach to capi- tal structure, with the emphasis on relatively low debt, gearing and financial risk. The Board of Di- structure and capital al- location is as follows:

Well-capitalised (NIBD/EBITDA < 2)
Stable dividends (30-50% of net profit)
Invest in organic growth
Value adding M&As
Share buyback or special dividend

As announced on 15 January 2021, FLSmidth is currently in negotiations concerning an acquisi-  gotiations are at a non-binding stage. Accord- ingly, there can be no assurances as to whether and when a transaction will transpire.

The Board of Directors will propose at the Annual General Meeting that a dividend of DKK 2 per share (2019: No dividend), corresponding to a dividend yield of 0.9% and a pay-out ratio of 50%, in line with our targeted pay-out ratio, to be distributed in 2021. Given the global uncertainty caused by the COVID-19 pandemic, the Board of Directors of FLSmidth & Co. A/S decided to withdraw the pro- posal to pay a dividend of DKK 8 per share in 2020 to ensure resilience in a period of market  financial position.

FLSmidth Investor Relations

Through the Investor Relations function, the Board of Directors maintains an ongoing dia- logue between the company and the stock mar- ket and ensures that the positions and views of the shareholders are reported back to the Board. The purpose of FLSmidth's Investor Relations function is to contribute to ensuring and facilitat- ing that:

All shareholders have equal and sufficient ac- cess to timely, relevant and price-sensitive in- formation
The share price reflects FLSmidth’s underlying financial results and a fair market value
The liquidity and the day-to-day trading turno- ver of the FLSmidth share is sufficiently attrac- tive for both short- and long-term investors
The shareholder structure is appropriately di- versified in terms of geography, investment profile and time horizon.

To achieve these goals, an open and active dia- logue is maintained with the stock market both  website and electronic com- munication services and via investor presenta- tions, investor meetings, webcasts, teleconfer- ences, roadshows, the Annual General Meeting and Capital Markets Days.

In 2020, the COVID-19 pandemic changed the way Investor Relations and Management inter- acted with the financial markets, as restrictions and travel bans limited the usual travel activity. Since March, nearly all investor and analyst meet- ings have been conducted virtually. We have re- mained connected and engaged with investors through high-definition video and audio. We plan to resume travel activity when the pandemic al- lows for it but virtual meetings will remain an inte- grated part of how we will engage with the finan- cial markets in future.

FLSmidth & Co. A/S is generally categorised as a capital goods or industrial company and is cur- rently being covered by 17 equity analysts, 10 of which are based outside Denmark. For further details regarding analyst coverage, please see the company website (http://www.FLSmidth.com/analysts). All investor relations materials and investor rela- tions contact information are available to inves- tors at the company website (http://www.FLSmidth.com/investor).# Consolidated financial statements

Primary statements

Share and dividend key figures

Share and dividend figures	2016	2017	2018	2019	2020
Earnings per share (EPS)	1.46	1.77	2.44	2.56	1.50
Dividend per share	1.36	1.20	1.35	1.42	1.20
Share price at year-end	231	223	231	241	216
Market capitalisation, year-end	33,611	32,633	33,611	34,212	31,350
Number of shares outstanding	14,550	14,550	14,550	14,550	14,550
Average number of shares	14,550	14,550	14,550	14,550	14,550

Shareholder equity

Shareholder equity	2016	2017	2018	2019	2020
Equity attributable to shareholders of FLSmidth & Co.	20,660	21,730	24,124	24,212	24,212
Minority interests	140	140	140	140	140
Total equity	20,800	21,870	24,264	24,352	24,352

Notes

Key accounting estimates and judgements

Notes	Description	Page
1. Operating profit & segments	33
1.1 Earnings per share	33
1.2 Share-based payments	35
1.3 Segment reporting	35
1.4 Revenue	36
1.5 Other operating income	37
1.6 Depreciation, amortisation and impairment	38
1.7 Financial income and expenses	39
2. Capital employed and other balance sheet items	73
2.1 Intangible assets	73
2.2 Property, plant and equipment	73
2.3 Lease assets	75
2.4 Deferred tax assets	75
2.5 Deferred income	76
2.6 Inventories	81
2.7 Trade and other receivables	81
2.8 Cash and cash equivalents	81
2.9 Trade and other payables	81
2.10 Provisions	83
2.11 Other non-current liabilities	83
2.12 Movement in cash and cash equivalents	85
3. Working capital	88
3.1 Inventories	88
3.2 Trade receivables	88
3.3 Other current receivables	91
3.4 Provisions	91
3.5 Contract liabilities	91
4. Tax	93
4.1 Tax expense	93
4.2 Withholding tax	93
4.3 Deferred tax	94
4.4 Income tax	95
4.5 Other tax	95
5. Financial risks & capital structure	97
5.1 Financial risk management	97
5.2 Interest rate risk	99
5.3 Credit risk	99
5.4 Liquidity risk	101
5.5 Capital management	101
5.6 Derivatives	101
5.7 Translation of foreign currency	102
6. Other notes	106
6.1 Contingent liabilities	106
6.2 Related party transactions	108
6.3 Events after the reporting date	108
6.4 Share capital	108
6.5 Share premium	109
7. Basis of reporting	112
7.1 Reporting entity	112
7.2 Basis of preparation	112
7.3 Significant accounting policies	112
7.4 Use of estimates and judgements	112
7.5 Going concern	112
7.6 Statement of compliance	113
7.7 Changes in accounting policies	113
7.8 Other IFRS	113

Consolidated financial statements

Notes

DKKm	2020	2019
Revenue	16,441	20,646
Cost of sales	(12,576)	(15,797)
Gross profit	3,865	4,849
Selling expenses	(1,367)	(1,479)
General and administrative expenses	(1,400)	(1,414)
Other operating income	36	52
EBITDA before special non-recurring items	1,134	2,008
Other operating income	(24)	0
Depreciation, amortisation and impairment of intangible assets, property, plant and equipment, and right-of-use assets	(339)	(345)
EBITA	771	1,663
Depreciation and amortisation of property, plant and equipment, and right-of-use assets	(343)	(377)
EBIT	428	1,286
Other income from financial investments	0	3
Finance costs	(952)	(821)
Finance income	999	939
EBT	381	1,171
Tax on profit	(155)	(373)
Profit for the year, continuing activities	226	798
Impairment of assets relating to discontinued activities and reversal of impairment of assets relating to discontinued activities	(21)	(22)
Profit for the year	205	776
Profit for the year
Attributable to shareholders of FLSmidth & Co.	210	775
Minority interests	(5)	1
	205	776

Notes

DKKm	2020	2019
Profit for the year	205	776
Items that will not be reclassified to profit or loss:
Deferred tax on equity items	(19)	(44)
Tax on equity recognised in other comprehensive income	1	32
Items that are or may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	(832)	154
Tax on exchange differences on translating foreign operations	35	4
Tax on foreign currency translation of provisions for employee benefits	(11)	21
Tax on other comprehensive income	(7)	(3)
Other comprehensive income for the year after tax	(833)	164
Comprehensive income for the year	(628)	940
Comprehensive income for the year
Attributable to shareholders of FLSmidth & Co.	(622)	939
Minority interests	(6)	1
	(628)	940

INCOME STATEMENT

STATEMENT OF COMPREHENSIVE INCOME

Notes

DKKm	2020	2019
EBITDA before special non-recurring items	1,134	2,008
EBITDA	1,119	1,989
Depreciation, amortisation and impairment (EBITDA)	(15)	(19)
Adjusted EBITDA	1,071	1,996
Other non-cash operating items	(48)	7
Changes in provisions and net working capital	706	(448)
Cash flow from operating activities before financial items and tax	1,840	1,318
Finance costs paid	(51)	(59)
Taxes paid	(368)	(311)
Cash flow from operating activities	1,421	948
Acquisition and disposal of businesses	(99)	(287)
Acquisition and disposal of property, plant and equipment	(178)	(242)
Acquisition and disposal of intangible assets	(171)	(177)
Acquisition and disposal of other non-current assets	(7)	(2)
Other investing activities	62	0
Payments related to acquisitions of businesses and non-current assets	3	35
Payments related to disposal of businesses and non-current assets	7	0
Disposal of property, plant and equipment	7	12
Cash flow from investing activities	(376)	(661)
Repayment of interest-bearing debt	(14)	(450)
Changes in equity and non-controlling interests	0	7
Acquisition of non-controlling interests	0	21
Acquisition of lease liabilities	(120)	(106)
Repayment of lease liabilities	(822)	(1,968)
Dividend paid	0	2,340
Cash flow from financing activities	(956)	(156)
Change in cash and cash equivalents	89	131
Cash and cash equivalents at 1 January	1,001	875
Translation adjustment on cash and cash equivalents	(114)	(5)
Cash and cash equivalents at 31 December	976	1,001

The cash flow statement cannot be inferred from the published financial information only

Notes

DKKm	2020	2019
Reconciliation of cash and cash equivalents
Cash and cash equivalents at 31 December	976	1,001
Cash and cash equivalents at 31 December	976	1,001

DKKm	2020	2019
Total borrowings	1,045	287
Total borrowings excluding lease liabilities	1,082	574

Consolidated financial statements

Notes

DKKm	31/12/2020	31/12/2019
ASSETS
Property, plant and equipment	4,194	4,376
Goodwill and intangible assets	875	967
Investments in associates and joint ventures	466	609
Deferred tax assets	172	94
Other non-current assets	234	203
Total intangible assets	6,240	6,611

Property, plant and equipment	1,414	1,575
Intangible assets	369	439
Investments in associates and joint ventures	89	106
Deferred tax assets	137	80
Total property, plant and equipment	2,009	2,200
Lease assets	312	312
Deferred tax assets	1,248	1,246
Deferred income	159	165
Other non-current assets	43	44
Other non-current assets	1,450	1,455
Non-current assets	10,011	10,578

Trade and other receivables	2,368	2,714
Inventories	3,453	5,068
Provisions	2,175	2,612
Contract liabilities	333	591
Deferred tax assets	178	164
Total current assets	8,507	11,149
Total assets	20,456	23,532

EQUITY AND LIABILITIES
Share capital	1,025	1,025
Retained earnings	(1,131)	(300)
Other reserves	(4)	(28)
Shareholders' equity	8,246	8,082
Shareholders in FLSmidth & Co.	8,246	8,082
# Consolidated Financial Statements

Equity Statement

	2020	2019
DKKm
Share capital	1,025	1,025
Currency adjustments	(300)	(454)
Cash flow hedging	(28)	(53)
Retained earnings	8,082	7,738
Shareholders in FLSmidth & Co A/S	8,779	8,256
Minority interests	14	10
Total	8,793	8,266
Equity at 1 January	8,779	8,266

Comprehensive income for the year
Profit for the year	210	775
Other comprehensive income
Translation of foreign operations	(19)	(44)
Revaluation of financial assets	(831)	154
Adjustments of deferred tax	35	4
Revaluation of financial liabilities	(11)	21
Gain/loss on hedging instruments	(6)	29
Total other comprehensive income for the year	(832)	164
Comprehensive income for the year	(622)	939

Transactions with owners
Dividend declared	(14)	(450)
Share issue of employee options	(21)	13
Share issue of employee shares	0	21
Reclassification of treasury shares	0	7
Reclassification of minority interests	0	(4)
Equity at 31 December	8,136	8,130
	8,779	8,793

	2020	2019
DKKm
Share capital	1,025	1,025
Currency adjustments	(1,131)	(300)
Cash flow hedging	(4)	(28)
Retained earnings	8,246	8,082
Shareholders in FLSmidth & Co A/S	8,136	8,130
Minority interests	(6)	14
Total	8,130	8,793

When preparing the financial statements, we are required to make several estimates and judgements. This note includes the areas that involve a higher degree of judgement or complexity and where changes in assumptions and estimates will likely have a significant impact on the financial statements. These areas are categorised as key accounting estimates and judgements. The significance of these material implications is categorised into three levels:

Key accounting estimate

Key accounting estimates are expectations of the future based on assumptions that we, to the extent possible, support with historical trends or reasonable expectations. Our assumptions may change to adapt to market conditions and changes in political and economic factors. We believe that our estimates are the most likely outcome of future events.

Key accounting judgements

Key accounting judgements are made when applying accounting policies. Key accounting judgements are the judgements made that can have a significant impact on the amounts recognised in the financial statements.

The COVID-19 pandemic has imposed significant uncertainty on the financial statements. The pandemic has changed our reality, and we have continuously adapted to new ways of doing business. Navigating in a market environment that has continuously changed to adapt to government-imposed restrictions, new customary business practices, etc., has had an impact not only on us but on our entire value chain.

One of the uncertainties in the early phase of the pandemic was related to the liquidity position. Looking ahead was with poor visibility, and the length and magnitude of the impact was hard to predict. To mitigate the potential liquidity risk, we decided early in the pandemic to bolster our liquidity position by adding an additional DKK 500m credit facility.

During the year, we have monitored our activity closely, and the uncertainties have impacted our key accounting estimates and judgements as follows:

Valuation of inventories

The unstable market conditions and complex logistics have made it more difficult to get orders shipped in to and out from our warehouses, with a risk of increase in slow-moving items. Other than the risk of slow-moving items, uncertainties have related to the building up for an increased service activity and customers not being able to receive the goods as agreed.

As part of managing the more complex setup, we took the following actions during the year:
* Ensuring a sound inventory turn with a strict focus on inventory ageing
* Clear split between inventory specifically dedicated for orders and inventory available for sale

The active measures taken during 2020 have reduced the inventory level by the end of the year, and the levels of impairments have also been reduced. For additional description of the estimates, please refer to note 3.2 Inventories.

Valuation of receivables

The increased market uncertainty has increased the counterparty risk, and deterioration in credit quality of receivables has led to a risk adjustment of our expected credit loss (ECL) measurement. For additional description of the estimates, please refer to note 3.3 Trade receivables.

As part of managing the increased credit risk, we took the following actions during the year:
* Reassessment of customer payment terms
* Renegotiation of payment terms with our large project customers and suppliers where the cash flows were imbalanced
* Increased focus on cash collection

The active measures taken throughout 2020 have reduced the trade receivables balance by the end of 2020 and contributed to strong cash collection.

Estimate total cost to complete

Our cost forecasts on projects have been more uncertain due to the unpredictable development in logistics and execution. The project planning has been more difficult, due to especially the imposed restrictions and the adaptation to global and local changes in the restrictions. Further, the cost forecasts have also been impacted by increased costs to cover a challenged supply chain. This has led to more frequent reassessments of cost to complete our projects, as our execution of projects has been impacted by the disruptions. The prolonging of project completion and changes in the project plans have had a negative effect on the total project costs. The lack of visibility and unpredictable project planning has imposed increased uncertainty to the cost forecasts.

Estimate variable transaction price

Site restrictions and operations running at reduced capacity have imposed uncertainty to the estimate on operation and maintenance contracts where the transaction price varies partly with the production.

Additionally, the site and travel restrictions combined with a more difficult supply chain has imposed uncertainty to meeting of our contractual obligations in a timely manner, which has caused a risk of penalties. For additional description of the estimates, please refer to note 3.4 Work in progress.

Deferred tax assets

The uncertain market situation and development has made it more difficult to predict the level of business activity and earnings in the future. The recoverability of the deferred tax assets is dependent on the generation of sufficient future taxable income to utilise tax losses. COVID-19 has increased the uncertainty. The changing local and regional restrictions has made it difficult to predict the levels for the jurisdictions and the expected utilisation of deferred tax assets against future taxable income. For additional description of the estimates, please refer to note 4.3 Deferred tax.

The financial impact of COVID-19 requires significant judgement and is included in the estimates of the activity of the group. The financial impact of COVID-19 is embedded into the valuation of our entire balance sheet, and in the aforementioned, we have described the uncertainties that can have the most significant impact on the financial statements also going forward.

Additional information about the nature of the key accounting estimates and judgements can be found in the notes.

Key Accounting Estimates and Judgements

Note	Key accounting estimates and judgements	Nature of accounting impact	Impact of estimates and judgements
3.1	Inventories	Valuation of inventories	Judgement
3.2	Trade receivables	Valuation of receivables	Judgement
3.3	Work in progress	Estimate total cost to complete	Estimate
3.4	Contracts in progress	Estimate variable transaction price	Estimate
3.5	Provisions	Estimate provisions	Estimate
3.6	Deferred tax	Deferred tax assets	Estimate
4.1	Business combinations	Valuation of acquired intangible assets	Estimate
4.2	Intangible assets	Amortisation of acquired intangible assets	Estimate
4.3	Deferred tax	Deferred tax	Estimate

FLSmidth Annual Report 2020 - Consolidated Financial Statements

Section 1 Operating Profit & Segments Backlog

	5%
Mining	65%
Share
Revenue

1.1 INCOME STATEMENT BY FUNCTION

It is our policy to prepare the income statement based on
```# Consolidated financial statements

1.2 SEGMENT INFORMATION

The Group’s operating and reporting segments are Mining and Cement Industries. Our Industries have technology ownership and develop and drive the life cycle offering and product portfolio. This is supported by a seven region structure driving customer relations, sales and service for both Industries. The organisational structure helps create a productivity-driven organisation with a strong, unified digital approach and fewer touchpoints strengthening our local presence, customer orientation, and life cycle offering in order to capture growth. The Mining and Cement Industries front our customers in the global industries with all the knowhow technologies, products, processes and systems used to separate commercially viable minerals from their ores and to cement production. With the responsibility of our total life cycle offerings firmly anchored in the Mining and Cement Industries, we are capable of improving our customer specific offerings. Offerings range from first time sale of single products to turn-key projects, subsequent services, operation & maintenance, upgrades and rebuilds of existing equipment, plants and sale of spare parts and wear parts. The segmentation reflects the internal reporting and management structure applied. The segments are primarily managed on EBITA before allocation of shared costs.

Accounting policy

Segment income and costs include transactions between divisions. Such transactions are carried out on market terms. The transactions are eliminated upon consolidation. Administrative functions such as finance, HR, IT and legal are shared by the divisions. Additionally, the divisions are supported by Group Functions related to procurement, logistics and marketing. Shared costs are allocated to business segments based on assessment of usage. Other companies consist of eliminations, companies with no activities, real estate and the parent company, while discontinued activities consist of bulk material handling activities and run-off on activities sold in previous years. Geographical information is based on the seven Regions that support the Industries. Revenue is presented in the Region in which delivery takes place. Non-current assets and employees are presented in the Region in which they belong.

	2020	2019
Gross profit	3,521	4,496

Depreciation, amortisation and impairment	(682)	(722)

EBIT	428	1,286

Depreciation, amortisation and impairment consist of:
Depreciation, amortisation and impairment are divided into:



FLSmidth  Annual report 2020 67 Consolidated financial statements Consolidated financial statements

1.2 SEGMENT INFORMATION (continued)

	2020	2019
	Mining	Cement	Shared costs	Other companies	Continuing activities
Revenue	10,620	5,821	0	0	16,441
Gross profit	2,688	1,255	(78)	0	3,865
EBITDA before special non-recurring items	1,860	607	(1,335)	2	1,134

EBITA before allocation of shared costs	1,710	515	(1,456)	2	771
EBITA	888	(118)	0	1	771
EBIT	655	(228)	0	1	428


Gross margin	25.3%	21.6%			23.5%
EBITDA margin before special non-recurring items	17.5%	10.4%			6.9%
EBITA margin before allocation of shared costs	16.1%	8.8%			4.7%
EBITA margin	8.4%	-2.0%			4.7%
EBIT margin	6.2%	-3.9%			2.6%
Number of employees at 31 December	5,176	4,118	1,345		10,639

Reconciliation of profit/(loss) for the year

	2019

Amortisation	226	(21)
Interest expenses on lease liabilities	0	0
Amortisation	0	0
Interest expenses	297	18
EBT	381	(18)	363
Tax on profit/(loss)	(114)	5	(109)
Profit/(loss) for the year	267	(13)	254

FLSmidth  Annual report 2020 68 Consolidated financial statements Consolidated financial statements

1.3 GEOGRAPHICAL INFORMATION

Revenue, non-current assets and number of employees are disclosed for all Regions, home country of our Headquarter and countries that account for more than 5% of Group revenue.

NORTH AMERICA
- Revenue: DKK 3,440m (2019: DKK 4,199m)
- Non-current assets: DKK 3,435m (2019: DKK 3,696m)
- Employees: 1,672 (2019: 1,934)
USA
- Revenue: DKK 2,258m (2019: DKK 2,732m)
- Non-current assets: DKK 2,840m (2019: DKK 3,069m)
1 EUROPE, NORTH AFRICA & RUSSIA
- Revenue: DKK 3,067m (2019: DKK 3,830m)
- Non-current assets: DKK 3,540m (2019: DKK 3,623m)
- Employees: 2,628 (2019: 3,017)
Denmark
- Revenue: DKK 35m (2019: DKK 108m)
- Non-current assets: DKK 1,275m (2019: DKK 1,394m)
3 SOUTH AMERICA
- Revenue: DKK 3,875m (2019: DKK 4,978m)
- Non-current assets: DKK 265m (2019: DKK 323m)
- Employees: 1,905 (2019: 1,911)
Chile
- Revenue: DKK 1,780m (2019: DKK 1,872m)
- Non-current assets: DKK 132m (2019: DKK 279m)
2 SUB-SAHARAN AFRICA & MIDDLE EAST
- Revenue: DKK 1,783m (2019: DKK 2,043m)
- Non-current assets: DKK 159m (2019: DKK 217m)
- Employees: 896 (2019: 767)
4 AUSTRALIA
- Revenue: DKK 1,558m (2019: DKK 1,432m)
- Non-current assets: DKK 818m (2019: DKK 862m)
- Employees: 582 (2019: 593)
7 SUBCONTINENTAL INDIA
- Revenue: DKK 1,280m (2019: DKK 2,650m)
- Non-current assets: DKK 247m (2019: DKK 289m)
- Employees: 2,449 (2019: 2,926)
India
- Revenue: DKK 1,136m (2019: DKK 2,273m)
- Non-current assets: DKK 247m (2019: DKK 289m)
6 ASIA
- Revenue: DKK 1,438m (2019: DKK 1,514m)
- Non-current assets: DKK 99m (2019: DKK 113m)
- Employees: 507 (2019: 617)
5

FLSmidth  Annual report 2020 69 Consolidated financial statements Consolidated financial statements

1.4 REVENUE

Revenue arises from sale of life cycle offerings to our customers. We sell a broad range of goods and services within the Mining and Cement Industries split into the main categories projects, products and services.

Products

The sale of products comprise sale of standardised and customised equipment, such as pre-heaters, cyclones, mills and kilns. Products will usually have a lead time of less than one year. Each product is considered as one performance obligation. Most of the products are sold at a fixed price and revenue is usually recognised over time, applying the cost-to-cost method. Products that are standardised or customised to a low degree are recognised at the point in time when control of the products transfers to the customers, usually upon delivery. A highly customised product sale will often entitle us to receive a down payment from the customer, followed by several progress payments linked to our performance progress. Upon completion or delivery we will usually be entitled to the final payment. To the extent possible we obtain payment guarantees to minimise our risk during execution. For standardised products we will usually be entitled to payment upon delivery.

Projects

The sale of projects comprise sale of plants, plant extensions, process systems and process system extensions. Projects are usually significant in amount, have a long lead time affecting the financial statements of more than one financial year, have a high degree of project management and involve more than one FLSmidth entity in the delivery to the customer. A project is usually considered one performance obligation as a project typically includes highly interrelated and interdependent physical assets and services, like engineering, installation and supervision. Dependent on the contract structure one performance obligation can consist of more than one contract.Most of the projects are sold as fixed price contracts and revenue from projects is usually recognised over time; applying the percentage of completion cost-to-cost method. A project contract will often entitle us to receive a down payment from the customer, followed by several progress payments linked to our performance progress. Upon completion and customer acceptance we will usually be entitled to the final payment. To the extent possible we obtain payment guarantees to minimise our risk during execution.

Services

Services comprise various service elements to support the life cycle offerings portfolio. The sale can consist of spare parts, wear parts, service hours, long-term maintenance contracts, operation & maintenance contracts and sale of upgrades and retrofits. The sale of service hours includes amongst others sale of supervision, electronic or mechanical service of equipment or plants. Each spare part and wear part is considered one performance obligation. The sale is usually agreed at a fixed price and revenue is usually recognised at the point of delivery. We are normally entitled to payment once we have delivered the parts. The performance obligation for service sales and maintenance contracts is either each service hour or the full contract, depending on the contract wording. Most service contracts are fixed price contracts, if not for the full service, then for the hourly rate. Service sales are recognised over time as the services are provided to the customer based on the cost-to-cost method. We are normally entitled to payment once the service has been provided or on a monthly basis.

Revenue split by Regions

Revenue by Revenue stream	North America	South America	Europe, North Africa, Russia	Sub-Saharan Africa and Middle East	India	Asia Subcontinental	Australia
Products	21%	23%	19%	11%	9%	8%	9%
Projects	16%
Service	65%	35%

Revenue by Mining and Cement

	2020			2019
	Mining	Cement	Group	Mining	Cement	Group
Capital business	3,944	2,613	6,557	4,799	5,070	9,869
Service business	6,676	3,208	9,884	7,370	3,407	10,777
Total revenue	10,620	5,821	16,441	12,169	8,477	20,646

FLSmidth * Annual report 2020 70

1.4 REVENUE - continued

Each operation & maintenance contract is determined as one performance obligation. The transaction price is usually variable, depending on the produced output, and revenue is recognised over time, using the cost-to-cost method. In cases of significant uncertainties with measuring the revenue reliably we recognise revenue upon cash receipt. We are usually entitled to payment on a monthly basis. Service projects, such as upgrades and retrofits are defined as one performance obligation. The transaction price is usually fixed and revenue is typically recognised over time using the cost-to-cost method. The payment pattern for upgrades and retrofits are very similar to the pattern for projects and products.

Backlog

The order backlog at 31 December 2020 amounts to DKK 14,874m (2019: DKK 14,192m) and represents the value of outstanding performance obligations on current contracts, combined of contracts where we will transfer control at a future point in time and the remaining performance obligations on contracts where we transfer control over time. Based on the order backlog maturity profile, the majority, 64% (2019: 73%) of the order backlog is expected to be converted into revenue in 2021, while 36% (2019: 27%) is expected to be converted to revenue in subsequent years.

Accounting policy

Revenue comprises sale of projects, products and service within the Mining and Cement Industries. Revenue from contracts with customers is recognised when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Revenue from projects, products, and services (with the exception of sale of service hours) is recognised over time, using the cost-to-cost method, when we have no alternative use for the goods or services to be delivered and we have an enforceable right to payment for work completed. If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of customisation, such sales will be recognised at the point in time when control transfers to the customer, usually upon delivery.

Revenue declined 20% due to a severe pandemic impact and a low Cement backlog entering the year

Backlog DKKm

Backlog maturity	2016	2017	2018	2019	2020
Backlog	10,316	9,519	2,585	4,313	1,291
Within next year				1,042	0
+1 Later than next year				3,000	6,000
	9,000	12,000	15,000	18,000
2019				4,313
Within next year				1,042
+1 Later than next year				3,000
2020					1,291
Within next year					0
+1 Later than next year					6,000

Revenue split on timing of revenue recognition principle

	2020			2019
	Mining	Cement	Group	Mining	Cement	Group
Revenue recognised over time	30,130	5,210	35,340	40,210	3,775	44,005
Revenue recognised at point in time	10,620	5,821	16,441	12,169	8,477	20,646
Total revenue	40,750	11,031	51,781	52,379	12,252	64,651

Key accounting judgements

Judgement regarding performance obligations

Judgement is performed when determining if a contract for sale of projects, products or services, or a combination hereof, involves one or more performance obligations. The complexity arises when selling bundled goods and services, and the consequence of the key accounting judgement is related to the timing of revenue recognition, especially for point in time sales.

Judgement regarding recognition method

Judgements are made when determining if a project, product or service is recognised as revenue over time or at a point in time. The judgements relate to if we have an alternative use of the assets sold and if we have an enforceable right to payment throughout the contractual term. When assessing if an asset has no alternative use we estimate the alternative use cost amount. We have limited historical data as we rarely redirect our assets. The estimate is based on the specifics of each contract. When assessing if we are entitled to payment throughout the contract term, a judgement is made based on the contract wording, legal entitlement and profit estimates.

FLSmidth * Annual report 2020 71

1.4 REVENUE - continued

Additionally, if we do not have an enforceable right to payment for work completed throughout the contract term, such sales will also be recognised at the point in time when the control transfers to the customer, usually upon customer acceptance. In the case of significant uncertainties with the collectability of contract consideration, revenue is recognised upon cash receipt. Service sales (sale of service hours) are recognised over time, using the cost-to-cost method, as the customer receives and consumes the benefits as we perform the services.

In determining the transaction price revenue is reduced by probable penalties, payment of liquidated damages and any other claims that are payments to our customers. The transaction price is also adjusted for any variable elements, where we estimate the amount of the variable transaction price. The variable amount is estimated at contract inception and re-estimated periodically throughout the contract term. The variable amount is recognised as revenue when it is highly probable that reversal will not occur.

Warranties are granted in connection with the sale of equipment and systems and are classified as assurance-type warranties that are not accounted for as separate performance obligations. Please refer to section 2.7, Provisions, for accounting policy on warranties provisions. Revenue is recognised less rebates, cash discounts, value added tax and duties and gross of foreign withholding taxes.

1.5 STAFF COSTS

The average number of employees in 2020 in the continuing activities was 11,567 (2019: 11,669). Staff costs consist of direct wages and salaries, remuneration, pension cost, share-based payments, training, etc., related to the continuing activities. The decrease in staff costs are positively affected by decrease in currencies of approximately DKK 200m.

DKKm	2020	2019
Personnel costs of outsourced employees, apprentices and students	4,541	4,878
Salaries, wages and social security contributions	4,541	4,878
Pension costs	260	221
Other personnel costs	31	20
Total staff costs	4,832	5,119

During 2020 the remuneration of the Board of Directors and Group Executive Management was as follows:

DKKm	2020	2019
Total remuneration of Board of Directors	6	6

DKKm	2020	2019
Salaries and fees	21	26
Pension	3	2
Benefits	1	3
Share-based payments	21	6
Other	4	2
Total remuneration of Group Executive Management	50	39

The number of members in Group Executive Management has increased from 2019 to 2020. Two members of the Group Executive Management are registered with The Danish Business Authority.## Consolidated financial statements

1.5 STAFF COST - continued

During 2020, the registered members of the Group Executive Management have received remuneration as follows:

DKKm	2020	2019
Base salary	21	23
Bonus	1	1
Severance package	0	0
Incentive programmes	0	0
Total remuneration of registered executives	22	24

Each member of the Group Executive Management is, other than the base salary, entitled to customary benefits. Additionally, the members of Group Executive Management are eligible to participate in a short-term- and a long-term incentive programme. The short- and the long-term incentive programmes are capped at 75% and 100% of the annual base salary, respectively. In addition to this, members of Group Executive Management are entitled to receive an additional incentive of up to 150% of the annual base salary, which can be cash and/or share based. The individual maximum and target levels are fixed as part of the ongoing remuneration adjustment cycle. The members of the Group Executive Management are entitled to notice period and severance payment may correspond to a maximum of 6 months' salary.

For details related to the remuneration of the Board of Directors and Group Executive Management, please refer to the Remuneration Report 2020: www.flsmidth.com/RemunerationReport2020.

1.6 GOVERNMENT GRANTS

Governments in many countries have introduced measures to support entities during the pandemic. During 2020 we have been entitled to the following government grants and fulfilled the conditions attached to receiving the grants. The grants have primarily been received to compensate for salary expenses and the majority of the grants have been received in Switzerland, Denmark, Germany and Italy. The COVID-19 related government grants have been included in the following line items in the income statements:

DKKm	2020	2019
Wages and salaries	21	0
Bonus	0	0
Benefits	0	0

We have during 2020 received other government grants, which are not COVID-19 related. The grants are included in other operating income by DKK 24m (2019: DKK 26m).

Accounting policy

Government grants are recognised when there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. The government grants will be recognised according to their purpose. Government grants intended to compensate for costs are recognised in the income statement over the periods in which the entity recognises the related costs. The government grant is deducted in the related expense.

1.7 SPECIAL NON-RECURRING ITEMS

DKKm	2020	2019
Costs for closedown of production facilities	(21)	0
Total special non-recurring items	(21)	0

Costs for 2020 relate to closedown of production facilities in the US.

Accounting policy

Special non-recurring items consist of costs and income of a special nature in relation to the main activities of the continued activities, including closedown of facilities, gains and losses from acquisition and disposal of enterprises and activities.

Consolidated financial statements

	2020	2019
Net sales	4,148	4,170
Cost of sales	4,043	4,027
Gross profit	105	143
Other operating income	45	45
Selling and distribution costs	43	44
Research and development	310	302
General and administrative expenses	45	45
Impairment losses on receivables and contract assets	0	0
Other administrative expenses, incl. amortisation of intangible assets and impairment losses	57	57
Other	61	61
Net financial items	50	50
Profit before tax	214	211
Income tax	22	22
Profit for the year	192	189
Other comprehensive income	192	189
Reconciliation of operating profit to profit before tax
Operating profit	218	218
Finance income	0	0
Finance costs	0	0
Unrealised gains on hedging instruments	0	0
Effect of hedge accounting for hedging of net investments in foreign operations	0	0
Other recognised gains and losses, net	0	0
Profit before tax	214	211

SECTION 2 CAPITAL EMPLOYED AND OTHER BALANCE SHEET ITEMS

During 2020, we have acquired the businesses of Mill-Ore Group and KnowledgeScape Our Fabric Filter business and Möller Pneumativ Conveying Systems business are held for sale in accordance with the announcement on 30 December 2020 ROCE 5.1% CAPITAL EMPLOYED 14,520 DKKM

2.1 RETURN ON CAPITAL EMPLOYED

DKKm	2020	2019
EBITA (Earnings Before Interest, Taxes and Amortisation)	218	218
Amortisation of intangible assets (incl. amortisation of intangible assets)	16	16
Capital employed	14,520	15,870

Capital employed, average	15,195	15,251
ROCE, average	5.1%	10.9%

Capital employed has decreased from last year, and the average capital employed has followed. The decrease was related to lower net working capital as well as investments in intangible assets, including goodwill, research and development projects and software. Assets classified as held for sale had an effect of DKK 71m decrease in net working capital and from that a DKK 35m on average capital employed.

DKKm	2020	2019
OTHERBALANCE SHEET ITEMS
Other operating assets	44.0	44.0
Property, plant and equipment, net	42.0	42.0
Intangible assets	12.0	12.0
Total operating assets	98.0	98.0
Other non-operating assets	11.0	11.0
Goodwill	4.7	4.7
Other intangible assets	12.0	12.0
Intangible assets under development	17.7	24.2
Intangible assets	33.7	40.9
Other non-current assets	7.4	7.4
Deferred tax assets	14.4	14.4
Total non-current assets	15.2	15.2
Intangible assets	14,520	15,870

Our return on capital employed is calculated based on average capital employed to reflect the annual development. ROCE has decreased during the year, driven by the decreased EBITA.

2.2 INTANGIBLE ASSETS

Goodwill arising from business acquisitions is recognised in the financial statements. Carrying amount of goodwill decreased during 2020, despite the acquisitions of Mill-Ore Group and KnowledgeScape LLP. The decline is due to translation effects of foreign currencies. Patents and rights acquired through business acquisitions is recognised in the financial statements. The patents and rights include patents, trademarks, technology and other rights. Our intangible assets under development consist of research and development (R&D) projects and software. The transfer from intangible assets under development to completed development projects primarily relates to R&D projects finalised in 2020. Much of the knowhow we generate originates from work performed for customers. In 2020, R&D costs totalled DKK 310m (2019: DKK 302m). The addition of intangible assets under development amounts to DKK 177m (2019: DKK 242m), where capitalised development cost accounts for DKK 150m (2019: DKK 142m). R&D costs not capitalised are included in production costs. The remaining capitalisation relates to IT related projects. Internally generated cost capitalised amounts to DKK 115m (2019: DKK 98m). Other intangible assets consist of software and completed software implementation projects, whereas completed development projects primarily consist of R&D. Goodwill is considered to have an indefinite useful life. The carrying amount of goodwill per segment is shown in note 2.3.

Goodwill
Goodwill is measured in the balance sheet at cost in connection with initial recognition. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is allocated to the cash generating units as defined by the Management. The determination of cash generating units complies with the managerial structure and the internal financial reporting in the Group. Goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises.

Intangible assets other than goodwill
Patents and rights including trademarks, customer relations, and other intangible assets with a finite useful life are measured at cost less accumulated amortisation and impairment losses. Development projects, for which the technical rate of utilisation, sufficient resources and a potential future market or application in the Group, can be demonstrated and which are intended to be manufactured, marketed or used, are recognised as completed development projects. This requires that the cost can be determined and it is sufficiently certain that the future earnings or the net selling price will cover production, sales and administrative costs plus development costs. Other development costs are recognised in the income statement when costs are incurred. Development costs consist of salaries and other costs that are directly attributable to development activities. Amortisation of completed development projects is charged on a straight line basis during their estimated useful life. Development projects are written down for impairment to recoverable amount if lower. Development projects in progress are not amortised but are tested for impairment at least once a year.

Goodwill is considered to have indefinite useful life and is not amortised. For other intangible assets amortisation takes place systematically over the estimated useful life of the assets which is as follows:
* Patents and rights, including trademarks, up to 30 years
* Customer relations up to 30 years
* Other intangible assets up to 20 years
* Software applications up to 5 years
* Development costs up to 8 years

Change in accounting estimate

In prior years trademarks, which are part of patents and rights, were considered to have indefinite useful life. As part of our periodic reassessment of useful lives we have in 2020 estimated that the useful life for trademarks is not indefinite, but up to 30 years, as this better reflects the period in which we expect to gain benefits from the assets when considering all relevant factors. The change in accounting estimate has increased the amortisation in 2020 by 26m, which is largely the level expected going forward.# Consolidated financial statements

2.2 INTANGIBLE ASSETS – continued

DKKm	Goodwill	Patents and rights	Customer relations	Other intangible assets	Completed development projects	Intangible assets under development	Total
Cost at 31 December 2020	4,194	2,108	1,832	850	1,164	299	10,447
Amortisation and impairment at 31 December 2020	0	(1,233)	(1,366)	(678)	(930)	0	(4,207)
Carrying amount at 31 December 2020	4,194	875	466	172	234	299	6,240

DKKm	Goodwill	Patents and rights	Customer relations	Other intangible assets	Completed development projects	Intangible assets under development	Total
Cost at 31 December 2019	4,376	2,118	1,963	765	1,035	362	10,619
Amortisation and impairment at 31 December 2019	0	(1,151)	(1,354)	(671)	(832)	0	(4,008)
Carrying amount at 31 December 2019	4,376	967	609	94	203	362	6,611

2.3 IMPAIRMENT OF ASSETS

Result of annual impairment test

We perform an annual impairment test of our intangible assets with indefinite useful life. In 2020 the test showed no impairment need (2019: DKK 0m). Intangible assets are primarily related to acquisition of enterprises and activities, software and research and development projects. When performing the annual impairment test of assets, an assessment is made as to whether the cash generating units to which assets are allocated will be able to generate sufficient positive net cash flow in the future to support the value of the assets. Management believes that no changes in the key assumptions are likely to reduce the headroom in any of the cash generating units to zero or less. Carrying amounts of intangible assets included in the impairment test are specified below:

2020 DKKm	Mining	Cement	Total
Net recoverable amount	5,374	866	6,240
Value in use	5,103	866	5,969
Expected future cash flows	5,103	866	5,969
Cash flows from continuing use of assets	5,103	866	5,969
Cash flow from operations	4,785	866	5,651
Allocation of impairment	0	0	0
Impairment	0	0	0

Cash generating units

The cash generating units equal our operating and reportable segments, Mining and Cement, these being the smallest group of assets which together generate incoming cash flow from continued use of the assets and which are independent of cash flow from other assets or groups of assets. The definition of the cash generating units is reconsidered once a year, and the definition is unchanged compared to last year.

Key assumptions

An estimate is made of the present value of the future free net cash flow based on budgets and strategy for the coming eight years as well as projections for the terminal period. The eight year period is used to better reflect the business cycle. Significant parameters in these estimates are discount rate, revenue growth, EBITA margin, expected investments and growth expectations for the terminal period. The discount rate applied reflects the latest market assumptions for the risk-free rate based on a 10-year Danish government bond, the equity risk premium and the cost of debt. The expected annual growth rate and the expected margins in the budget period are based on historical experience and the assumptions about expected market developments as detailed above. From 2028 and onwards, the long-term growth rate for the terminal period is based on the expected growth in the world economy, specifically for the industries. Due to the current negative interest rate environment, a conservative approach regarding the long-term growth rate for the terminal period has been applied. This methodology has been applied to ensure consistency with the level of the risk-free rate applied as a basis for the estimation of discount rate (WACC) and the long-term growth rate. Based on these factors, a long term annual growth rate for the terminal period of 1.5% has been applied. Investments reflect both maintenance and expectations of organic growth.

Key assumptions	Mining	Cement
Discount rate	7.2%	7.3%
Revenue growth	1-5%	-7-1%
EBITA margin	12-18%	-2-7%
Expected investments	45-55%	20-25%
Expected investments in terminal period	3.2%	3.3%

Mining

The COVID-19 pandemic has impacted the global economy across industries, but the mining industry has remained relatively resilient during the course of 2020 with the majority of mines operating. Some mines were shut down in April, but nearly all sites have restarted production and most sites run with high production rates. Mines are, however, often remotely located and to protect employees and safeguard production, many customers are still enforcing safety protocols and do not permit site access to external service providers, which impacts their equipment and service spend. With infection cases currently surging in many parts of the world, it is still difficult to predict the shape of the recovery curve. It is, however, expected that the pandemic will continue to impact the industry in the first half of 2021. On the positive side, commodity prices have rebounded strongly from the spring when the first pandemic wave hit, and the industry is expected to recover to pre-pandemic activity levels within a relatively short time horizon. All things considered, the pandemic has disrupted the mining industry to a lesser degree than many other industries. For 2021, the Mining business revenue and EBITA are expected to grow in the second half of the year as COVID-19 restrictions are expected to ease. The outlook for investments in mining remains positive, and we have a healthy pipeline of both larger and smaller opportunities. Further, the switch to green energy and electric powered transportation will require a massive increase in infrastructure and the mining industry will need to scale up investments in copper, battery metals and other minerals to meet this growing demand.

Cement

The cement market was subdued already entering 2020 and has been severely impacted by the pandemic in 2020. Following shutdown of about 10% of the cement plants in China in April, the share of cement plants in operation has climbed back up above 95% at the end of the year. However, many plants continue to run at reduced capacity and sites are often difficult to access due to restrictions and preventative measurements taken by authorities and plant operators. The Cement business revenue is expected to decline further in 2021, and as a consequence, initiatives to reshape the Cement business will continue during the year. 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 until the pandemic eases. We do not anticipate a recovery in the short- to medium-term but the large economic stimulus programmes that have been announced in parts of the world, combined with an increasing focus on lower-carbon cement production, is expected to create good opportunities in the mid- to long- term. The timing and extent of such rebound remain uncertain but during the last weeks of 2020, the EU Commission agreed on a 55% reduction target of greenhouse gas emissions by 2030, and a budget that allows for a green recovery following COVID-19 restrictions. The green recovery will fuel demand for emission-reducing technologies and the cement industry will need to undertake substantial investments to meet recent commitments to carbon neutrality by the Global Cement and Concrete Association and the European Cement Association.

Sensitivity analysis

Based on current assumptions we see no impairment indications, and our key assumptions are not sensitive to reasonable changes to an extent that will result in an impairment loss neither individually nor in combination.

Accounting policy

Goodwill and intangible assets not yet available for use are tested for impairment at least once a year, irrespective of whether there is any indication that they may be impaired. Assets that are subject to amortisation, such as intangible assets in use, property, plant and equipment, and other non-current assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.## 2.4 PROPERTY, PLANT AND EQUIPMENT

Land and buildings with a carrying amount of DKK 48m (2019: DKK 48m) are pledged against mortgage debt of DKK 256m (2019: DKK 273m).

Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour costs. Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value. Estimated useful life is as follows:

Buildings, 20-40 years
Plant and machinery, 3-15 years
Operating equipment and fixtures and fittings, 3-15 years
Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement

Land is not depreciated. Newly acquired assets and assets of own construction are depreciated from the time they are available for use. Where acquisition or use of the asset places the Group under an obligation to incur the costs of re-establishing the asset, the estimated costs for this purpose are recognised as part of the cost of the asset and depreciated over its useful life.

	2020	2019
DKKm
Land and buildings	2,306	2,498
Plant and machinery	1,543	1,620
Operating equipment, fixtures and fittings	892	1,000
Property, plant and equipment under construction	137	80
Total	4,878	5,198

Cost at 31 December	4,878	5,198

Depreciation and impairment at 31 December	(2,869)	(2,998)
Carrying amount at 31 December	2,009	2,200

	Land and buildings	Plant and machinery	Operating equipment, fixtures and fittings	Property, plant and equipment under construction	Total
DKKm
Cost at 1 January 2020	2,498	1,620	1,000	80	5,198
Additions	216	67	15	57	355
Disposals	(7)	(6)	0	0	(13)
Reclassifications	15	1	4	(10)	10
Cost at 31 December 2020	2,722	1,682	1,019	135	5,550

Depreciation and impairment at 1 January 2020	(923)	(1,181)	(894)	0	(2,998)
Depreciation charge	(206)	(118)	(80)	0	(404)
Impairment losses	0	0	0	0	0
Impairment reversals	0	0	0	0	0
Disposals	2	3	0	0	5
Depreciation and impairment at 31 December 2020	(1,127)	(1,296)	(974)	0	(3,400)

Carrying amount at 31 December 2020	1,595	386	45	135	2,161

	Land and buildings	Plant and machinery	Operating equipment, fixtures and fittings	Property, plant and equipment under construction	Total
DKKm
Cost at 1 January 2019	2,498	1,620	1,000	80	5,198
Additions	0	0	0	0	0
Disposals	0	0	0	0	0

Cost at 31 December 2019	2,498	1,620	1,000	80	5,198

Depreciation and impairment at 1 January 2019	(923)	(1,181)	(894)	0	(2,998)
Depreciation charge	(206)	(118)	(80)	0	(404)
Impairment losses	0	0	0	0	0
Impairment reversals	0	0	0	0	0
Depreciation and impairment at 31 December 2019	(1,129)	(1,299)	(974)	0	(3,402)

Carrying amount at 31 December 2019	1,369	321	26	80	1,796

Land and buildings pledged against mortgage debt of DKK 256m (2019: DKK 273m).
Impairment test on assets are triggered by significant adverse changes in the extent to which an asset is used or is expected to be used, or in the economic environment in which the entity operates or in the interest rate environment. Factors that could trigger an impairment test include the following:
- Changes of R&D project expectations
- Lower than predicted sales related to particular technologies
- Changes in the economic lives of similar assets
- Relationship with other intangible assets or property, plant and equipment
For impairment testing, assets are grouped into the smallest group of assets that generates largely independent cash inflows (cash generating unit) as determined based on the management structure and the internal financial reporting. If the carrying amount of intangible assets exceeds the recoverable amount based on the existence of one or more of the above indicators of impairment, any impairment is measured based on the excess of the carrying amount over the recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and its value in use. Impairment losses recognised in prior periods for other assets are reviewed at each reporting date for possible reversal. Impairment of goodwill is not reversed. Recognition of impairment of other assets is reversed to the extent that changes have taken place in the assumptions and estimates that led to the recognition of impairment.

FLSmidth * Annual report 2020 78

2.5 LEASES

We are party to several lease contracts as lessee, by which we lease offices, warehouses, manufacturing facilities and vehicles. We enter into lease contracts due to the flexibility it provides as it may ease the scalability to always adapt the asset base to the operational activity. The majority of the lease assets relate to land and buildings and the lease contracts are typically made for fixed periods of 1 to 10 years, with a weighted average lease term of 5 years. The average discount rate applied for land and buildings is 3.13% at the end of 2020 (2019: 3.66%). In some property lease contracts extension and termination options are included. These are used to maximise operational flexibility in terms of adapting to changing business needs. The amounts included in the income statement related to expensed leases are presented at the bottom of the page. Depreciation on lease assets amounted to DKK 124m (2019: DKK 112m) and write downs on assets held for sale DKK 4m (2019: DKK 0m). Interest on lease debt was DKK 11m (2019: DKK 12m), see note 5.4. During 2020 we have had total cash outflow for leases of DKK 131m (2019: DKK 118m), of which DKK 11m (2019: DKK 12m) was interest related to leases (included in CFFO) and DKK 120m (2019: DKK 106m) repayment of lease debt (included in CFFF). Please refer to note 5.8 Financial assets and liabilities for maturity analysis of lease liabilities. Further to the above cash outflow DKK 11m (2019: DKK 15m) was included in CFFO for costs relating to short term, low-value and variable lease payments not recorded on the balance sheet. During 2019, we entered into a contingent sale and leaseback transaction of the headquarters in Valby, Denmark. In light of the COVID-19 pandemic, plans are being revisited, please refer to note 2.9 Contractual obligation for further information. We are not party to any significant lease contracts as lessor.

	2020	2019
DKKm
Land and buildings	317	312
Plant and machinery	5	1
Operating equipment	21	9
Total	343	322

Right-of-use assets at 1 January	322	319
Additions	33	15
Disposals	0	0
Remeasurements	0	0
Right-of-use assets at 31 December	355	334

Depreciation on lease assets	(124)	(112)
Impairment losses	0	0
Write-downs on assets held for sale	(4)	0
Depreciation and impairment at 31 December	(128)	(112)

Carrying amount at 31 December	227	222

	Land and buildings	Plant and machinery	Operating equipment	Total
DKKm
Cost at 1 January 2020	312	1	9	322
Additions	31	0	2	33
Disposals	0	0	0	0
Cost at 31 December 2020	343	1	11	355

Depreciation and impairment at 1 January 2020	(312)	(1)	(9)	(322)
Depreciation charge	(124)	0	(0)	(124)
Impairment losses	0	0	0	0
Write-downs on assets held for sale	(4)	0	0	(4)
Depreciation and impairment at 31 December 2020	(440)	(1)	(9)	(441)

Carrying amount at 31 December 2020	( -97)	0	2	-95

	Land and buildings	Plant and machinery	Operating equipment	Total
DKKm
Cost at 1 January 2019	319	1	7	327
Additions	11	0	4	15
Disposals	0	0	0	0
Cost at 31 December 2019	330	1	11	342

Depreciation and impairment at 1 January 2019	(231)	(1)	(4)	(236)
Depreciation charge	(112)	0	(5)	(117)
Depreciation and impairment at 31 December 2019	(343)	(1)	(9)	(353)

Carrying amount at 31 December 2019	( -13)	0	2	-11

	2020	2019
DKKm
Right-of-use assets, net	227	222
Expensed lease costs in the income statement	6	21
Expensed lease costs in the income statement, net	1	1
Expensed lease costs in the income statement, additions	3	18
Expensed lease costs in the income statement	10	40

FLSmidth * Annual report 2020 79

2.5 LEASES - continued

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability. The lease payments are discounted using an incremental country specific borrowing rate, based on the estimated creditworthiness of the lessee and the asset’s term. The weighted average lease term is 5 years. The average discount rate applied for land and buildings is 3.13% at the end of 2020 (2019: 3.66%). In some property lease contracts extension and termination options are included. These are used to maximise operational flexibility in terms of adapting to changing business needs. The lease payments have been split into an interest cost and a repayment of the lease liability. Lease assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability
any lease payments made at or before the commencement date less any lease incentives received
any initial direct costs, and
restoration costs

The lease assets are depreciated over the term of the lease contract on a straight-line basis. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The following factors are normally the most relevant:

How the asset supports the direction of the group, from a strategic standpoint, location of the asset, timing of the option being exercisable
If there are significant penalties to terminate (or not extend), the group is typically reasonably certain to extend (or not terminate)
If any leasehold improvements are expected to have a significant remaining value, the group is typically reasonably certain to extend (or not terminate)

Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.

2.6 INVESTMENTS IN ASSOCIATES

Investments in associates includes investment in Intertek Robotic Laboratories Pty Ltd, Australia, with a 50% share. The investment is accounted for in accordance with the equity method. Although we hold 50% of the shares and voting rights, we do not share the control, hence the investment is not treated as a joint venture. As we do have significant influence the investment is treated as an investment in associates.

Name of activity acquired	Country	Date of acquisition	Ownership interest	Voting share
Intertek Robotic Laboratories Pty Ltd	Australia	31 Oct 2016	50%	50%

The primary activity of the company is to provide automated and robotic sample preparation, fusion and analytical testing services, including the procurement, construction and commissioning of laboratories.

FLSmidth * Annual report 2020 80# Consolidated financial statements

2.7 PROVISIONS

Provisions are liabilities of uncertain timing or amount. Our provisions consist of:

Provision for warranty claims in respect of goods or services already delivered
Provisions for cost related to restructuring
Provisions for loss-making contracts (included in other provisions)
Provisions for losses resulting from disputes and lawsuits (included in other provisions)
Provisions for indirect tax risks (included in other provisions)

Total provisions are at the same level as last year. Warranty provisions have decreased to DKK 496m at 31 December 2020. The decrease is mainly a result of the lower activity and products running out of the warranty period, resulting in a reversal of the unused warranty provision. Restructuring provisions have increased slightly to DKK 60m due to the continued restructuring measures in right-sizing the organisation. Other provisions have increased to DKK 459m due to additional uncertainties in the execution of the project portfolio. The uncertainties have increased the expected cost level, hence an increased level of loss-making contracts. Additionally, the provisions relate to ongoing legal disputes, including provisions related to discontinued activities. The level of used and reversed provision is largely unchanged from last year.

The reconciliation of provisions from continued and discontinued activities add up to our total provisions. In cash flow the changes in provisions are combined with the changes in pensions and employee benefits. The changes in provisions, pensions and employee benefits have the following cash flow effect as an adjustment-amount to reported profit in the income statement:

DKKm	2020	2019
Changes in provisions and employee benefits	63	(230)
Other changes	63	(230)
Carrying value at 31 December	159	165

DKKm	Warranties	Restructuring	Other	Total	Warranties	Restructuring	Other	Total
Provisions at 1 January	578	40	400	1,018	578	40	400	1,018
Provisions recognised	363	26	459	848	363	26	459	848
Provisions used/reversed	(332)	(6)	(400)	(738)	(332)	(6)	(400)	(738)
Provisions at 31 December	496	60	459	1,015	578	40	400	1,018
Provisions for continued activities	833	807
Carrying value at 31 December	496	60	459	1,015	578	40	400	1,018

Key accounting estimates

Estimated warranty provision
When estimating the warranty provision we take into consideration several years of warranty cost information, any specific project related risks, knowledge about defects and functional errors in the product portfolio, risks associated with newly launched products as well as customer losses in connection with suspension of operation. We include all of these factors as relevant, to estimate a warranty provision that to the best of our knowledge reflects our responsibility towards our customers in the future.

DKKm	2020	2019
Warranty provisions	496	578
Reversal of unused warranty provisions due to products running out of the warranty period, etc.	(122)	(106)
Warranty provisions	374	472
Provisions for warranty claims	374	472

Provisions are recognised when we, due to an event occurring before or at the balance sheet date, have a legal or constructive obligation and outflow of resources is expected to settle the obligation. Provisions for warranty claims are estimated on a project-by-project basis based on historical realised cost related costs of completion, subsequent warranty supplies and unsettled claims from customers or subcontractors. Provisions for restructuring costs are made only if the restructuring has been decided at the balance sheet date in accordance with a specific plan, and only provided that the parties involved have been informed about the overall plan. The cost of loss-making projects covering projects expected to result in a loss, is recognised immediately in the income statement. Losses not yet incurred are provided for as other provisions. Provisions regarding disputes and lawsuits are recognised as provision for losses resulting from disputes and lawsuits based on the outcome settling the cases based on the information at hand at the balance sheet date.

2.8 PENSION OBLIGATIONS

Defined contribution plans
The majority of our pension plans are defined contribution plans and we have no further payment obligations once the contributions are paid. Under these pension plans, we recognise regular payments, e.g. a fixed amount or a fixed percentage of the salary. Pension costs related to defined contribution plans are recognised in staff costs (note 1.5) and amounted to DKK 439m (2019: DKK 596m).

Defined benefit plans
We also have defined benefit plans where the responsibility for the pension obligation towards the employees rests with us. Under a defined benefit plan, we have an obligation to pay a specific benefit, e.g. retirement pension in the form of a fixed proportion of the exit salary. Under these plans, we carry the risk in relation to future developments in interest rates, inflation, mortality, etc. A change in the assumptions upon which the calculation is based results in a change in the actuarial present value. In the event of changes in the assumptions used in the calculation of defined benefit plans for existing and former employees, actuarial gains and losses are recognised in other comprehensive income. The majority of the total pension obligations are partially funded with assets placed in pension funds and through insurance. In 2021 we expect to make a contribution to the defined benefit plans of DKK 8.5m (2020: 4.6m). The weighted average duration of the obligations is 13 years (2019: 13 years).

DKKm	2020	2019
Present value of pension obligations
Defined benefit obligation	1,127	1,152
Fair value of plan assets
Plan assets	749	787
Net obligations	378	365

DKKm	2020	2019
Recognised in the income statement
Current service cost	20	26
Net interest cost	31	31
Total recognised in the income statement	51	57
Recognised in other comprehensive income
Actuarial gains recognised	(66)	82
Actuarial losses recognised	47	(44)
Total recognised in other comprehensive income	(19)	38
Changes in obligations
Present value of pension obligations at 1 January	1,152	1,172
Current service cost	20	26
Past service cost	0	0
Net interest cost	31	31
Actuarial gains/(losses) recognised in OCI	(66)	82
Benefits paid	(4)	(3)
Other changes	139	(105)
Present value of pension obligations at 31 December	1,172	1,152
Changes in plan assets
Fair value of plan assets at 1 January	787	829
Contributions	5	5
Expected return on plan assets	23	23
Actuarial gains/(losses) recognised in OCI	(139)	105
Benefits paid	(4)	(3)
Other changes	61	(39)
Fair value of plan assets at 31 December	787	787
Net obligations at 31 December	378	365

Actuarial assumptions applied (weighted):

	2020	2019
Discount rate	1.69%	1.75%
Expected future salary increases	2.00%	2.00%
Expected inflation rate	2.00%	2.00%
Expected mortality rates	Based on specified tables	Based on specified tables

Sensitivity analysis

Below shows a sensitivity analysis based on changes in the discount rate, all other things being equal. A change in the discount rate will result in the following changes in the net pension obligation:

DKKm	2020	2019
Increase in discount rate of 0.25%	(120)	(123)
Decrease in discount rate of 0.25%	123	126
Increase in discount rate of 1.00%	(455)	(464)
Decrease in discount rate of 1.00%	486	496

Contributions to defined contribution plans are recognised in staff costs when the related service is provided. Any contributions outstanding are recognised in the balance sheet as other liabilities. For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under the pension plan using the projected unit credit method. The present value is calculated based on assumptions about future developments in variables such as salary levels, interest, inflation and mortality rates. The present value is only calculated for benefits earned by the employees through their employment with the Group to date. The actuarial calculation of present value less the fair value of any plan assets is recognised in the balance sheet as pension obligations. The pension costs for the year, based on actuarial estimates and financial forecasts at the beginning of the year, are recognised in the income statement. The difference between the forecast development in pension assets and liabilities and the realised values is called actuarial gains or losses and is recognised in the statement of comprehensive income through other comprehensive income.# Consolidated financial statements

2.9 CONTRACTUAL OBLIGATIONS AND CONTINGENT ASSETS AND LIABILITIES

Sale and leaseback of headquarters

FLSmidth has entered into a conditional agreement to sell all and lease back part of its headquarters in Valby, Denmark. In light of the COVID-19 pandemic, the 2020 business adjustments, the increased degree of flexible working arrangements and an expected slow recovery within cement, it has been decided to revisit the plans for the headquarter in Valby. All possibilities will be revisited, including amongst others whether to sell part of the property and renovate the existing buildings or look to find a headquarter somewhere else in the Copenhagen area. The parties involved in the conditional agreement are currently exploring the possibilities, and the timing and outcome of the agreement is therefore uncertain.

Contractual commitments

As part of our digital strategy, FLSmidth has made a fund investment in Chrysalix, a venture capital firm that specialises in transformational industrial innovation. Our participation provides priority access, builds capabilities and shares risk when working with early stage start-ups across the globe. Our objective of engaging with disruptive and deep technology start-ups is to create differentiated value propositions and accelerate being Productivity Provider #1, while delivering strategic and financial returns. We have made a capital commitment of USD 10m. The capital can be called up until 2029, investment period being the first 5 years. The timing and amounts of each capital call are uncertain. The undrawn part of the capital commitment at 31 December 2020 amounted to DKK 52m (2019: DKK: 62m).

Contingent assets

In a customer contract, our customer failed to meet its obligations to an extent that has caused material breach of the contract. An arbitration case has been settled in our favour in 2020 and during 2020 we have received payments according to the settlement agreement and have recognised DKK 34m in the income statement.

Guarantees

To cover project-related risks, such as performance, payment, quality and delay, we issue usual security in the form of performance and payment guarantees for projects and supplies towards our customers. At 31 December 2020, the value of issued guarantees amounted to DKK 2,376m (2019: DKK: 2,474m). In the event a guarantee is expected to materialise, a provision is recognised to cover the risk.

Other contingent liabilities

We are involved in legal disputes, certain of which are already pending with courts or other authorities and others of which some may or may not lead to formal legal proceedings being instigated against us, including by public authorities. The outcome of such proceedings and disputes is by nature unknown, but is not expected to have significant impact on our financial position. Other contingent liabilities amount to DKK 284m (2019: DKK 333m).

2.10 BUSINESS ACQUISITIONS

On 31 January 2020, FLSmidth acquired the business Mill-Ore Group, an Eastern Canadian provider of equipment and aftermarket services to the mining industry. The acquisition is part of our long-term commitment to increase the level of service and support to our customers in Eastern Canada.

On 30 October 2020, FLSmidth acquired the business KnowledgeScape LLC, a US-based developer of software, smart sensors and real time image analysis. KnowledgeScape develops digital solutions aimed at increasing the efficiency of mining processing plants. This transaction allows FLSmidth to deliver a wider range of benefits to its mining customers. These benefits include increased productivity in processing plants and reduced consumption of power, water and reagents.

Following the acquisitions of the Mill-Ore and KnowledgeScape businesses we are working on realising the synergies between the aftermarket and digital initiatives of FLSmidth and the Mill-Ore aftermarket footprint and the KnowledgeScape digital solutions to further enhance mining processing efficiency. All enabling a greater value to our customers.

Name of activity acquired	Primary activity	Date of consolidated from	Ownership interest	Voting share
Mill-Ore Group	Mining	31/01/2020	100%	100%
KnowledgeScape L.L.C.	Mining	30/10/2020	100%	100%

Name of activity acquired	Primary activity	Date of consolidated from	Ownership interest	Voting share
IMP	Mining	01/06/2019	100%	100%

Both acquisitions are integrated into the Mining segment. Mill-Ore has been included in the consolidated financial statement from 1 February and KnowledgeScape since 30 October 2020. In 2019 the IMP business was integrated into the Mining segment and was included in the consolidated financial statement from 1 June 31 December 2019.

The acquisitions have in the acquisition year impacted the financials as follows:

DKKm	2020	2019
Goodwill	34	0
Fair value of acquired net assets, excluding goodwill	26	26

Acquisition related costs amounted to DKK 1m (2019: DKK 5m) and are recognised in the income statement as administrative cost.

Had the acquired activities been included in the consolidated financial statements from 1 January 2020, the revenue and net profit would have been positively impacted by DKK 75m (2019: DKK 182m) and 25m (2019: DKK 13m), respectively, for the full year.

The assets and liabilities in the opening balance are measured using the information available at the date for issuing the annual report. The purchase price allocations have not been finalised due to possible reassessment within 12 months of the acquisition. If new information becomes available this could affect the calculated values.

We expect the total amount of goodwill to be deductible for tax purposes.

Newly acquired or newly established businesses are included in the consolidated financial statements from the acquisition date or formation. The acquisition date is the date when control of the business is transferred to the Group. Upon acquisition of the business of which we obtain control, the acquisition method is applied, according to which the identified assets, liabilities and contingent liabilities are measured at their fair values. The acquisition cost/income of an enterprise consists of the fair value of the consideration payable/receivable. This includes the fair value of the consideration already paid/received, the deferred consideration and the contingent consideration.

Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless the adjustment is the result of new information about conditions prevailing at the acquisition date, and this information becomes available up to 12 months after the acquisition date.

Transaction costs are recognised directly in the income statement when incurred as administrative costs. When acquisition costs differ from the fair values of the assets, liabilities and contingent liabilities identified on acquisition, any positive differences (goodwill) are recognised in the balance sheet under intangible assets and any negative differences (negative goodwill) are recognised in the income statement as a special non-recurring item.

If, on the acquisition date, there are any uncertainties with respect to identifying or measuring acquired assets, liabilities or contingent liabilities or uncertainty with respect to determining their cost, initial recognition will be made on the basis of estimated values. Such estimated values may be adjusted, or additional assets or liabilities may be recognised up to 12 months after the acquisition date, if new information becomes available about conditions prevailing on the acquisition date, which would have affected the calculation of values on that day, had such information been known.

DKKm	IMP Automation Group*	Mill-Ore Group	KnowledgeScape L.L.C.	Net assets acquired 2020	Net assets acquired 2019
Identification of assets acquired and liabilities assumed	1	26	12	39	311
Fair value of identifiable net assets	1	26	12	39	311
Goodwill	0	0	0	0	0
Intangible assets	0	0	0	0	0
Liabilities	0	0	0	0	0
Cash and cash equivalents	0	0	0	0	0
Goodwill	0	0	0	0	0
Deferred tax liability	0	0	0	0	0
Fair value of consideration transferred	1	27	12	39	311
Carrying amount of net assets acquired	0	27	12	39	311
Transaction price	0	41	56	97	378
Goodwill	0	0	0	0	0
Net cash effect	8	41	50	99	287
*Of which relates to the period 1 June – 31 December 2019.

2.11 DISCONTINUED ACTIVITIES

On 9 January 2019, we announced an agreement to sell the non-mining bulk material handling business to Rainbow Heavy Machineries. The agreement closed and became effective 31 January 2019. The transaction included transfer of employees, brand, Intellectual Property Rights and order pipeline.# Discontinued Operations and Assets Classified as Held for Sale

Under the sales agreement, we retain the responsibility to finalize legacy projects. The projects were completed from a revenue perspective at year-end 2018. Subsequent handling of claims and collection activities are expected to be finalized during 2021. Accordingly, the discontinued activities reported include the ceased non-mining bulk material handling business.

Discontinued activities' effect on cash flow from operating activities is presented below. Please refer to segment note 1.2 for full disclosure of the income statement, including loss for the year for discontinued activities.

Discontinued activities are not expected to generate any significant net cash flow in 2021. The expectations are based on a net working capital balance of DKK 220m (2019: DKK 227m), provisions of DKK 182m (2019: DKK 211m), and moderate SG&A costs. There can, however, be a timing difference between cash paid and cash received related to the outstanding net working capital and provision balances.

Cash flow from discontinued operating activities totalled DKK -52m (2019: DKK -191m). Cash flow from net working capital from discontinued activities amounted to DKK -18m (2019: -58m), as net working capital related to discontinued business decreased from DKK 227m at the end of 2019 to DKK 220m at the end of 2020.

Loss for the period from discontinued activities totalled DKK -21m (2019: DKK -22m), primarily consisting of SG&A costs.

Discontinued activities provisions:

DKKm	2020	2019
Net working capital (see note 3.1)	-220	-227
Receivables due to discontinued business	20	58
Provisions	182	211
Total	-18	42

Accounting policy

Discontinued activities comprise disposal groups, which have been disposed of, ceased, or are classified as held for sale and represent a separate major line of business or geographical area. Discontinued activities are presented in the income statement as follows: profit/loss for the year, discontinued activities. The item consists of operating income after tax from discontinued activities. Disposal of the assets related to the discontinued activities and adjustments hereto are likewise presented as discontinued activities. In the consolidated cash flow statement, cash flow from discontinued activities is included in cash flow from operating, investing, and financing activities together with cash flow from continuing activities.

DKKm	2020	2019
EBITDA from discontinued operations	-16	-16
Depreciation, amortisation and impairment of assets related to discontinued operations	20	12
Adjusted EBITDA (15)	(15)	(16)
Profit/loss	-21	-22
Impairment of assets	5	15
Cash flow from operating activities before financial items and tax	(48)	(182)
Cash flow from investing activities and financing activities	0	-7
Net changes in working capital	-18	-58
Cash flow from operating activities	(52)	(191)

FLSmidth ⑆ Annual report 2020 87 Consolidated financial statements Consolidated financial statements

2.12 ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

During December 2020, we entered into agreements to sell our fabric filter business and our Möller pneumatic conveying systems business. Consequently, the assets and liabilities related to these activities are reclassified as held for sale. All impacted activities will continue to be included in our continuing activities until the transactions close. The sale of Möller pneumatic conveying systems business will close on January 1, 2021, whereas the fabric filters business is expected to close during the first half of 2021.

Upon reclassifying the assets and liabilities to held for sale, we have revalued the net assets held for sale at fair value less cost to sell. The impairment loss amounts to DKK 4m and is recognised in continued business as an impairment of lease assets. We have in 2020 received prepayment related to the disposal of the Möller pneumatic conveying systems business of DKK 62m.

DKKm	2020	2019
Property, plant and equipment	1	0
Right-of-use assets	11	0
Intangible assets	24	0
Inventories	4	0
Trade receivables	27	0
Other	4	0
Carrying amount of assets classified as held for sale	124	0
Liabilities	91	0
Trade payables	6	0
Provisions	11	0
Contract liabilities	24	0
Other liabilities	11	0
Liabilities directly associated with assets classified as held for sale	91	0
Net assets classified as held for sale	33	0

Accounting policy

Non-current assets as well as assets and liabilities expected to be sold as a group in a single transaction are classified as held for sale if their carrying value is likely to be recovered by sale within 12 months in accordance with a formal plan. Assets held for sale are measured at the lower of the carrying value and the fair value less costs to sell. Assets are not depreciated from the time they are reclassified as held for sale.

FLSmidth ⑆ Annual report 2020 88 Consolidated financial statements Consolidated financial statements

FLSmidth ⑆ Annual report 2020

	56
Provisions for warranties	56
	56
	56
	56
	56
	56
	56
	56
	56
	56
	56
	56
	56
	56
	56
	56

SECTION 3 WORKING CAPITAL

NET WORKING CAPITAL

1,752 DKKM

NET WORKING CAPITAL ⑇ 36%

FLSmidth ⑆ Annual report 2020 89 Consolidated financial statements Consolidated financial statements

3.1 NET WORKING CAPITAL

| DKKm | 2020 | 2019 |
| :---------------------------------------------------------------- | :---- | :---- |
| Property, plant and equipment | -1535 | -1411 |
| Right-of-use assets | -2126 | -2735 |
| Intangible assets | -1424 | -1317 |
| Inventories | 2368 | 2714 |
| Trade receivables | 1425 | 1417 |
| Other | 32 | 13 |
| Net working capital | 1752| 2739|

DKKm	2020	2019
Trade payables	460	419
Provisions	300	300
Other liabilities	114	116
Other payables	115	115
Net working capital	1752	2739

DKKm	2020	2019
Trade receivables	1460	1411
Intangible assets	141	263
Provisions	300	300
Trade receivables, net of provisions	1760	1711
Inventories	2368	2714
Other current assets (excluding cash and cash equivalents)	32	13
Other current liabilities (excluding interest-bearing debt)	115	115
Net working capital	1752	2739

DKKm	2020	2019
Property, plant and equipment	110	142
Right-of-use assets	17	16
Provisions	30	30
Other payables	115	115
Cash flow effect	706	(448)
Net working capital at 31 December 2020 decreased due to decreasing activity in 2020, significant reduction in trade receivables and lower level of net work in progress. The reductions were partially offset by a lower level of trade payables including supply chain finance (refer to note 3.6) and prepayments from customers.
As part of managing the challenges during 2020, we took the following actions during the year related to the managing of inventories:
⑹ Ensuring a sound inventory turn with a strict focus on inventory ageing
⑹ Clear split between inventory specifically dedicated for orders and inventory available for sale
The active measures taken during 2020 reduced the inventory level by the end of the year.
On the trade receivables, we managed the increased credit risk by taking the following actions during the year, which all contributed to a strong cash collection during 2020 and a reduced trade receivables balance by the end of 2020:
⑹ Reassessment of customer payment terms
⑹ Renegotiation of payment terms with our large project customers and suppliers where the cash flows were imbalanced
⑹ Increased focus on cash collection
Currency impacts reduced the net working capital balance at 31 December 2020 by DKK 158m.
The reclassification of assets and liabilities to held for sale has reduced the net working capital by DKK 71m (2019: DKK 0m).

3.2 INVENTORIES

Inventory net of impairment is specified as follows:

DKKm	2020	2019
Raw materials and components	317	353
Goods in progress	254	247
Finished goods, and goods for resale, and work in progress	180	213
Inventories	2,368	2,714

Impairment of inventories:

DKKm	2020	2019
Impairment for	212	230
Reversal of impairment	0	0
Write-offs	36	15
Impairment at 31 December	272	315

Inventory level has decreased 14% in 2020 due to high focus on cash management and less production to orders at year-end compared to last year.

Inventories are measured at cost based on weighted average cost prices. In the event that the cost of inventories exceeds the expected selling price less the cost of completion and selling costs, the inventories are impaired to the lower net realizable value. The net realizable value of inventories is measured as the expected sales price less costs of completion and costs to finalize the sale.

Key accounting estimates

Estimated valuation of inventories

When assessing the net realizable value of inventories, we take marketability, obsolescence, and development in expected selling prices into account. Also, inventory turnover, quantities, and the nature and condition of the inventory items, including the classification as strategic inventory, are considered in the assessment. We include all of these factors as relevant to ensure that our inventory is reflected at the value to which we expect to realize it in the future, if lower than cost.

During 2020, we have applied a consistent methodology to assess the need for any inventory impairments. The COVID-19 disruptions to the value chain have been considered in the valuation of inventories.

FLSmidth ⑆ Annual report 2020 90 Consolidated financial statements Consolidated financial statements

3.2 INVENTORIES (continued)

Impairment assessment of the inventory is performed item by item including:

⑹ Test for slow-moving stock

⑹ Test for aging of inventory

⑹ Assessment of expected market (pricing and market potential)

⑹ Assessment of strategic inventory items

Obsolete items are impaired to the value of zero. Management considers part of the inventories as strategic. Strategic items are held in inventory, even if slow-moving, because they are considered key equipment to the customers that we need to be able to deliver with very short notice.Raw materials and consumables include purchase costs of materials and consumables, duties and freight. Work in progress, finished goods and goods for resale include cost of manufacturing including materials consumed and labour costs plus an allowance for production overheads. Production overheads include operating costs, maintenance of production facilities as well as administration and factory management directly related to manufacturing.

3.3 TRADE RECEIVABLES

Our trade receivables relate to the sale of both service and capital business. Trade receivables net of impairment are specified according to ageing as follows:

DKKm	2020	2019
Unsecured / Not past due	1,514	2,015
Secured / Overdue / not aged	465	345
Secured / aged / not past due	1,337	2,404
Secured / aged / past due	64	303
Secured / past due / impaired	47	46
Trade receivables	3,453	5,068

The impairment on trade receivables are shown below

Impairment of trade receivables specified according to aging is shown below:

The impairment in 2020 is based on historical observed default rates adjusted for estimates of uncertainties in project related activities and market conditions.

Impairment of trade receivables:

DKKm	2020	2019
Gross write-offs / provision	26	36
Reversal of provision	36	0
Unused amounts no longer required	117	113
Impairment of trade receivables	143	113
Impairment at 31 December	317	339

Accounting policy

Trade receivables are initially measured at fair value and subsequently measured at amortised cost. A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates. The cost of the credit loss allowances is included in administration costs. A loss is considered realised when it is certain that we will not recover the receivable, e.g. in case of bankruptcy or similar.

Key accounting estimates

Estimated level of expected losses

When estimating the level of receivables that in the future is expected not to be collected we take the following information into account; historical losses on receivables, ageing of the receivables, access to payment securities and possibilities to off-set assets against claims. When doing the assessment we also evaluate the expected development in macro-economic and political environments that could impact the recoverability. With the uncertainties in 2020 we have made estimates of our expectation to the future losses on receivables by applying a consistent methodology. The calculation of expected credit losses (ECL) incorporate forward-looking estimates. These estimates are mainly based on historical input, but due to the current unprecedented situation the forward-looking estimate includes more uncertainty as no objective data exists. The forward-looking estimate has increased compared to the end of 2019. The increase is based on an assessment of a deterioration in credit risk in an uncertain global market due to the length and magnitude of the pandemic.

	2020	2019
	Expected default rate / Gross carrying amount / Impairment	Expected default rate / Gross carrying amount / Impairment
Unsecured / Not past due	0.7% / 1,533 / 11	0.5% / 2,057 / 10
Secured / Overdue / not aged	3.7% / 465 / 17	5.7% / 405 / 23
Secured / aged / not past due	1.1% / 1,167 / 13	1.8% / 2,644 / 48
Secured / aged / past due	1.6% / 131 / 2	2.6% / 350 / 9
Secured / past due / impaired	1.6% / 46 / 1	1.1% / 41 / 0
Total	3,370 / 317	5,407 / 339

3.4 WORK IN PROGRESS

DKKm	2020	2019
Progress billings	30,703	31,333
WIP / Contracts in progress to be billed	170	1,145
Work in progress	30,179	32,145

Costs of contracts in progress	20,655	20,111
Less: recognised losses on contracts in progress	0	0
Net work in progress	341	1,034

Costs and recognised profits in excess of progress billings	341	1,034
Costs and recognised losses in excess of progress billings	0	0
Progress billings in excess of costs and recognised profits	17	143
Net work in progress	341	1,034

The work in progress balance can change from being presented as an asset in one period to being presented as a liability in the next period depending on the project execution plan and invoicing structure for each transaction. In addition to the invoicing on account to customers we have received prepayments from customers of DKK 1,266m (2019: DKK 1,768m), which are recognised separately in the balance sheet as current and non-current liabilities. When assessing impairment on the work in progress net balances we evaluate on a project by project basis. If an impairment on a project is probable we recognise the expected loss and a related provision.

Accounting policy

Work in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time. The contracts recognised as work in progress are recognised as revenue when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost. The contracts are measured at the selling price of the work performed less progress billings and expected losses. The selling price is the total expected income from the individual contracts. If variability is included in the selling price we use the most likely amount method. An expected loss is recognised when it is deemed probable that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and a provision. When the selling price of the work performed exceeds progress billings and expected losses, work in progress is presented as an asset. When progress billings and expected losses exceed the selling price of the work performed, work in progress is presented as a liability. Prepayments from customers are recognised as a liability.

Key accounting estimates

Estimated total cost to complete

We estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over. The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty. With the added complexity to project management and project execution during 2020, the unpredictable development in the imposed restrictions and the challenges throughout the value chain have made it difficult to access reliable project data to the same extent as usual. We have based on a project by project review assessed increases in expected cost as well as additional risk contingencies to cover the higher uncertainty.

Estimated variable transaction price

The selling price in operation & maintenance contracts is usually dependent on the productivity of the plant. We estimate the productivity of the plant and the estimates are based on the specific conditions of the individual contract as well as historical levels of productivity. During 2020 the site restrictions and operations running at reduced capacity has imposed uncertainty to the estimate of the variable transaction price and the historical levels of productivity has been used as basis to a lower extent than usual. Instead estimates have been based on most likely scenarios for site accessibility and productivity levels, while ensuring safety precautions are met. The site and travel restrictions combined with a more difficult supply chain has also imposed uncertainty to meeting contractual obligations in a timely manner which has caused a risk of penalties. We have based on a project by project review assessed the risk of penalties and means to reduce the risk.

3.5 OTHER RECEIVABLES

DKKm	2020	2019
Other receivables	417	434
Other	31	20
Receivables	42	43
Other receivables	133	155
Other receivables	868	804

3.6 TRADE PAYABLES

To improve the relationship with our suppliers and minimise the finance cost in the value chain, we facilitate a supply chain financing programme hosted by a credit institute. When participating in this programme, the supplier has the option to receive early payment from the credit institution based on the invoices approved by us through a factoring arrangement between the supplier and the credit institution, where the invoices are transferred to the credit institution without recourse. The amounts payable to suppliers included in the supply chain financing programme are classified as trade payables in the balance sheet as well as in the cash flow statement (working capital within cash flow from operations). The trade payables covered by the supply chain financing programme arise in the ordinary course of business from supply of goods and services and amounted to DKK 273m at 31 December 2020 (2019: DKK 1,083m). Utilisation of supply chain financing decreased during 2020, driven by a combination of the lower level of activity and by a lower share of Cement business relative to Mining.# Consolidated financial statements

3.7 OTHER LIABILITIES

DKKm	2020	2019
Provisions for other liabilities	24	21
Accrued expenses and deferred income	43	26
Other	22	21
Other liabilities	1,431	1,499

FLSmidth Annual report 2020 93

Consolidated financial statements

4 TAX

EFFECTIVE TAX RATE

40.7%

TAX FOR THE YEAR

155 DKKM

FLSmidth Annual report 2020 94

4.1 INCOME TAX

The income tax expense for the year amounted to DKK 155m (2019: DKK 373m), corresponding to an effective tax rate of 40.7% (2019: 31.9%). The increase in the effective tax rate was related to additional BEAT tax in the US, reduced credit relief for paid withholding taxes and impairment of deferred tax assets. Uncertain tax positions reflect the annual assessment by management of the risk of a position taken by the Group being disputed by a tax authority. The assessment considers the inherent risk and uncertainty of undertaking complex projects and operating in a variety of developed and developing countries. The assessment includes the most likely outcome of both ongoing and potential future tax audits.

Accounting policy
Tax for the year comprises current tax and changes in deferred tax including valuation of deferred tax assets, adjustments to previous years, foreign paid withholding taxes including available credit relief and changes in provisions for uncertain tax positions. Tax is recognised in the Consolidated Income Statement with the share attributable to the profit/loss of the year, and in other comprehensive income with the share attributable to items recognised in other comprehensive income. Exchange rate adjustments of deferred tax are included as part of the year's adjustments to deferred tax. Current tax comprises tax calculated on the basis of the expected taxable income for the year, using the applicable tax rates for the financial year. Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main Group entities. The measurement addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 and IFRIC 23. We will determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Uncertain tax positions are measured at the most likely outcome method. The liability is recognised under income tax liabilities or deferred tax liabilities, depending in how the realisation of the tax position will affect the financial statements. Tax receivables and tax liabilities comprise tax on expected taxable income less tax paid on account in the year and previous years taxes. Current tax is recognised in the balance sheet as either a receivable or a liability.

4.2 PAID INCOME TAX

Income tax paid in 2020 amounted to DKK 368m (2019: DKK 311m). Most of these payments are attributable to Group enterprises in the countries shown in the graph on page 95. Besides income tax, Group activities generate sales taxes, customs duties, personal income taxes paid by the employees, etc. which are excluded from income tax.

DKKm	2020	2019
Tax	Effective tax rate	Tax
Profit for the year, before tax	363	40.7%
Tax impact of non-deductible items and special tax exemptions	27	4.6%
Impact of foreign withholding tax on dividends	2	0.5%
Share of tax in associates and joint ventures	1	0.2%
Adjustments of prior year tax	5	1.4%
Deferred tax rate adjustments	1	0.3%
Uncertain tax positions	4	1.1%
Total tax for the year and effective tax rate	(155)	40.7%

DKKm	2020	2019
Tax for the year, continuing activities	(155)	(373)

4.3 DEFERRED TAX

Deferred tax assets end of 2020 amount to DKK 1,248m (2019: DKK 1,246m) and deferred tax liabilities amount to DKK 200m (2019: DKK 352m). The net deferred tax assets amount to DKK 1,048m (2019: DKK 894m). Deferred tax assets valued at nil amounting to DKK 189m (2019: DKK 165m) relate to tax losses and tax assets mainly in discontinued and dormant entities. Temporary differences regarding future repatriation of profit from entities in foreign countries are estimated at DKK 300-350m in 2020 (2019: DKK 300-350m). These liabilities are not recognised because the Group is able to control when the liability is released and it is considered probable that the liability will not be triggered in the foreseeable future.

DKKm	2020	2019
Deferred tax assets	1,248	1,246
Deferred tax liabilities	(200)	(352)
	1,048	894

DKK 72m (2019: DKK 61m) of foreign paid withholding taxes in USA is not recognised as a future benefit due to uncertainties relating to the effect of the Base Erosion Anti-Abuse Tax (BEAT) in USA.

Income tax paid

DKKm	Significant deferred tax assets
-20	0
20	40
60	80
100	120
140	Denmark
USA
India
South Africa
Chile
Italy
Australia
Peru
Austria
Kasakhstan
China
Egypt
2019
2020

-100 | 200
300 | 400
500 | 600
Share of assets and tax losses valued at nil
Deferred tax assets
2019
20
USA
2019
20
Chile
2019
20
Germany
2019
20
Denmark
2019
20
India
2020

DKKm	2020	2019
Balance sheet 1 January	1,246	861
Currency adjustment	(26)	(4)
Adjustment to previous years	22	(7)
Changed tax rate	54	1
Acquisition of group enterprises	0	(38)
Included in other comprehensive income	(6)	29
Included in income statement	103	52
Transfer from assets held for sale	7	0
Balance sheet 31 December	1,048	894
Net deferred tax assets/(liabilities)	1,048	894

DKKm	2019	2020
Balance sheet 1 January	861	1,048
Currency adjustment	(4)	(26)
Adjustment to previous years	(7)	22
Changed tax rate	1	54
Acquisition of group enterprises	(38)	0
Included in other comprehensive income	29	(6)
Included in income statement	52	103
Transfer from assets held for sale	0	7
Balance sheet 31 December	894	1,048
Net deferred tax assets/(liabilities)	894	1,048

FLSmidth Annual report 2020 95

4.3 DEFERRED TAX (continued)

The maturity profile of tax assets valued at nil is as follows:

DKKm	2020	2019
Within	21	11
Between	1	1
More than	65	155
Base value of tax assets valued at nil	962	598
Tax value	189	165

DKKm	2020	2019
Deferred tax assets recognized	1,048	894

The deferred tax assets in Germany and Denmark are not fully recognized as, based on management's assessment, the tax assets are not likely to be fully utilized within the next five years. The impairment of tax asset in Germany amounts to DKK 105m (2019: DKK 99m) and relates to discontinued activities and dormant entities. The impairment of tax asset in Denmark amounts to DKK 25m (2019: DKK 3m) and relates to the expected slow recovery in Cement from the pandemic. The impairment of tax assets is a key accounting estimate and is based on management's assessment of future taxable profits incorporating cost savings and the recovery of the market.

Accounting policy
Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill. Deferred tax is calculated based on the applicable tax rates for the individual financial years. The effect of changes in the tax rates is stated in the income statement unless they are items previously entered in the statement of other comprehensive income. The tax value of losses that are more likely than not to be available for utilisation against future taxable income in the same legal tax unit and jurisdiction is included in the measurement of deferred tax. If companies in the Group have deferred tax liabilities, they are valued independently of the time when the tax, if any, becomes payable. A deferred tax liability is recognised to cover re-taxation of losses in foreign enterprises if shares in the enterprises concerned are likely to be sold and to cover expected additional future tax liabilities related to the financial year or previous years.

FLSmidth Annual report 2020 964.4 TAX ON OTHER COMPREHENSIVE INCOME

Deferred tax of other comprehensive income DKK -6m (2019: DKK 29m) includes assets held for sale of DKK 0m (2019:DKK 0m).

4.5 OUR APPROACH TO TAX AND TAX RISK

Being a responsible taxpayer is important to us, and this means that we will pay the correct amount of taxes at the right time in all countries where we do business. We strive to accomplish this by having a strong focus on compliance with applicable tax laws as well as generally agreed principles of international taxation. We are a global company undertaking complex projects and operating in a variety of developed and developing economies. Inherent risk and uncertainty in regards to compliance requirements and double taxation are common issues faced by our business. We actively work to identify and mitigate tax risk and uncertainties. Our Group Tax Policy, which has been approved by the Board of Directors of FLSmidth, is available on: https://www.flsmidth.com/en-gb/company/sustainability/policies-and-priorities

Key accounting estimates

Estimated value of deferred tax assets

The value of deferred tax assets is recognised to the extent that it is deemed likely that taxable income in the future can utilise the tax losses. For this purpose the income from the coming five years is estimated, based on budgets. In assessing the probability of the future realisation of deferred tax assets, we have considered the deterioration of the economic outlook in our budgets of taxable profits and reversals of taxable temporary differences. With the changing regional restrictions it has been more difficult to predict the level of business activity and earnings in the jurisdictions and the expected utilization of deferred tax assets against future taxable income.

	2020 DKKm		2019 DKKm
	Deferred tax	Current tax Tax income/ cost	Deferred tax
Income tax on profit/loss for the year	-6		29
Deferred tax on other comprehensive income	0		0
Tax on other comprehensive income	-6		29

FLSmidth ❖ Annual report 2020 97
Consolidated financial statements

	DKKm
Other comprehensive income
Items that will not be reclassified to profit or loss
Re-measurement of net defined benefit liability	66
Items that may be reclassified subsequently to profit or loss
Foreign currency translation	37
Other comprehensive income	103
Total comprehensive income	103

SECTION 5 FINANCIAL RISKS & CAPITAL STRUCTURE

NIBD 1,808 DKKM
NIBD/EBITDA 1.6

FLSmidth ❖ Annual report 2020 98
Consolidated financial statements

5.1 SHARES AND CAPITAL STRUCTURE

Share capital is DKK 1,025m and the total number of authorised and issued shares is 51,250,000, which is unchanged from last year. Each share entitles the holder to 20 votes and no shares have special rights attached to it.

Shareholders at the end of 2020

One shareholder has reported a participating interest above 10%:
❖ Lundbeckfond Invest A/S, Denmark.
No shareholders have reported a participating interest above 5%.

Capital structure

We take a conservative approach to capital structure, with the emphasis on relatively low debt, gearing and financial risk.

Our approach to capital structure and capital allocation is as follows:
❖ Well-capitalised (NIBD/EBITDA < two)
❖ Stable dividends (30-50% of net profit)
❖ Invest in organic growth
❖ Value adding mergers and acquisitions
❖ Share buyback or special dividend

For further information please refer to Shareholder information section page 56.

Treasury shares

Our holding of treasury shares at the end of 2020 accounted for 2.1% of the share capital (2019: 2.3%). The Board of Directors is authorised until the next Annual General Meeting to let the Company acquire treasury shares up to a total nominal amount of 10% of the share capital, and to hold these shares in accordance with Section 12 of the Danish Companies Act. The treasury shares are used to hedge employee share-based incentive programmes, and are recognised directly in equity in retained earnings (zero value in the balance sheet).

Dividend per share

The Board of Directors will propose at the Annual General Meeting that a dividend of DKK 2 per share (2019: DKK 0) corresponding to a dividend yield of 0.9% (2019: 0%) and a pay-out ratio of 50% (2019: 0%) be distributed for 2020. Due to the uncertain market and financial conditions in 2020, the proposed dividend of DKK 8 per share was withdrawn before the Annual General Meeting held on 26 June 2020. No dividend was paid in 2020.

	Number of shares (1,000)	Value (DKKm)	Number of shares (1,000)	Value (DKKm)
Share capital at 31 December	51,250	1,025	51,250	1,025

The year's movements in holding of treasury shares (1,000):

	2020	2019
Purchases of treasury shares	261	251
Transfer from treasury shares	-23	-118
Treasury shares at 31 December	1,098	1,194
* — movements in treasury shares, net of sales*
* — Reclassification of treasury shares*	293	333
Outstanding shares at 31 December	50,152	50,056

FLSmidth ❖ Annual report 2020 99
Consolidated financial statements

5.2 EARNINGS PER SHARE

Earnings per share from continuing activities decreased to DKK 5.1 in 2020 (2019: DKK 15.9) primarily driven by reduced profit for the year. Earnings per share from discontinued activities remained at DKK -0.4 in 2020 (2019: DKK -0.4). There is no dilutive effect of share options in the money in 2020 (2019: 0.2%). As of 31 December 2020 number of share options in-the money totalled zero (2019: 98,545).

	Number of shares (1,000)
Weighted average number of outstanding shares	50,153
Average diluted number of outstanding shares	50,092

	DKK
Earnings per share from continuing and discontinued activities	4.2

	DKK
Basic earnings per share from continuing and discontinued activities	4.2
Diluted earnings per share from continuing and discontinued activities	4.2

5.3 FINANCIAL RISKS

Due to the international activities and the industry characteristics, risks are an embedded part of doing business. We are exposed to financial risks, that can have a material impact to the financial statements of the Group. The financial risks are to the extent possible managed centrally for the Group and are governed by the Treasury Policy, which is approved by the Board of Directors. The Treasury Policy is updated on an annual basis to address any changes in the risk picture. The main financial risks that we are exposed to include currency, credit, interest and liquidity risks. Financial markets risks increased for a few months in the beginning of 2020. However, when considering currency and interest rate risks we are back to normal levels, and our hedging models have been resilient throughout COVID-19.

Interest rate risk

Interest rate risks arise from interest-bearing assets and liabilities. Interest-bearing items consist primarily of cash and cash equivalents, bank loans and mortgage debt. According to the Treasury Policy, hedging of interest rates is governed by a duration range and is managed by using derivatives such as interest rate swaps. No interest derivatives have been used during 2019 or 2020. As of 31 December 2020, the majority of our interest-bearing debt is carrying a floating rate. All other things being equal, a 1% point increase in the interest rate will increase our interest cost by DKK 18m (2019: DKK 25m), calculated as 1% of the net interest bearing debt as of 31 December 2020. The reduction is directly related to our increased focus on operational cashflow during 2020, where we have been able to reduce net interest-bearing debt by DKK 684m.

Currency risk

The objective of the Treasury Policy is to reduce the most significant currency risks to better predict the impact to the income statement as well as the cash flows to be paid or received. The risks are managed through hedging activities by entering into commonly used derivatives such as forward contracts. The currency risks arise primarily from purchase and sale in foreign currencies compared to the functional currency of each of the Group entities. The Treasury Policy sets forth thresholds and requirements for the hedging strategy to be applied. Hedge accounting is applied for the largest project transactions. For other project transactions the currency risk is either not hedged or economically hedged, dependent on the significance of the risk. We are, to a large extent, carrying out transactions in EUR and USD as these hard currencies are preferred in the Mining and Cement industries. EUR against DKK is currently not considered an exposure due to the Danish Kroner being pegged to the Euro.

DKKm	2020	2019
Fair value of derivatives used for hedging, related to currency risk	33	465
Unrealised gains/(losses) on derivatives	2	-1
FLSmidth's share of profit, continuing activities	231	797

Fair value of derivatives used for hedging, related to currency risk	0	-13
FLSmidth's share of loss, discontinuing activities	(21)	(22)
FLSmidth's share of profit	210	775

Number of shares (1,000)	2020	2019
Weighted average number of outstanding shares	50,153	50,092
Average diluted number of outstanding shares	50,153	50,092

DKK	2020	2019
Earnings per share from continuing and discontinued activities	4.2	15.5
Basic earnings per share from continuing and discontinued activities	4.2	15.5
Diluted earnings per share from continuing and discontinued activities	4.2	15.5

5.3 FINANCIAL RISKS ❖ continued The project## 5.3 FINANCIAL RISKS

The nature of the business changes the foreign currency risk picture towards and against specific currencies from one year to another, depending on the area in which we have activities. The below analysis assumes that all other variables, exposures and interest rates in particular, remain constant.

Translation impact, DKKm

Currency	Change	2020	2019
USD	5%	17m	-14m
EUR	5%	-41m	-11m
CNY	5%	25m	21m
INR	5%	12m	27m
BRL	5%	-2m	14m

The sensitivity analysis shows the gain/loss on net profit for the year and other comprehensive income of a 5% percent increase in the specified currencies towards DKK. The analysis includes the transactional impact from monetary items and derivatives. The impact on net profit for the year includes financial instruments in foreign currencies that are currency adjusted through the income statement as well as any derivatives used for economic hedging. The impact on other comprehensive income includes the value adjustment on derivatives designated as hedge accounting. In addition to the transactional effects, in the event of currency developments, we will also be impacted by translation effects from the Group entities with net assets in functional currencies other than Danish Kroner and Euro. A 5 % increase in the specified currencies towards Danish Kroner will have the following effect on other comprehensive income.

The emergence of the COVID-19 virus as it spread across the world has increased exchange rate volatility during 2020 by disrupting capital flows. This has had an negative impact on many emerging market currencies and countries more adversely affected by the pandemic. In a number of cases, the sensitivity analysis defined has materialised as the relative strength of the EUR has seen the currency appreciate over 5% against a number of currencies in countries FLSmidth operate in. This has resulted in a large FX translation loss on equity of DKK 832m.

Credit risk

We are exposed to credit risks arising from cash and cash equivalents, derivatives and receivables including work in progress. The Treasury Policy sets forth authority limits for the credit risk exposure related to cash and cash equivalents as well as derivatives. The limits are based on the counterparty credit rating. We have entered into netting agreements with the counterparties used for trading of derivatives, which means that the credit risk for derivatives is limited to the net assets per counterparty. We aim at using banks of high quality in the countries we operate in. However, due to the nature of our business and operations in emerging markets, we are sometimes exposed to banks where the credit rating and quality can be lower than what we typically see in developed countries.

For commercial risks the credit risks are governed by Credit Risk Policy. For receivables the credit risk is managed by continuous risk assessments and credit evaluations of customers and trading partners; having country specific risk factors in mind. To the extent possible, the credit risks are mitigated through use of payment securities, such as letters of credit and guarantees issued by first class rated banks, or by securing positive cash flow throughout the project execution. At the end of 2020, 17% (2019: 26%) of our work in progress asset and 6% (2019: 7%) of our trade receivables balance were covered by payment securities.

Our customers and trading partners mainly consists of companies within the Cement and Mining industry. Credit risk is among other things dependent on the development in these industries. Given our diverse global footprint and the ongoing COVID-19 situation, it is difficult to fully determine the exposure to increasing credit risk related to our receivables and work in progress. The varying responses, mitigations and containment of the pandemic across governments has increased volatility and uncertainty. Our focus on processes related to invoicing and cash collection during 2020, which will continue in 2021, has mitigated some of the credit risk. For the expected credit loss refer to note 3.3 Trade receivables.

At 31 December 2020 total credit risk was measured as DKK 7,455m (2019: DKK 9,596m). We consider the maximum credit risk to financial counterparties to be DKK 981m (2019: DKK 1,003m). All financial assets, excluding other securities and investments, are expected to be settled during 2021.

Transaction impact, DKKm

Currency	Change	Net profit for the year (2020)	Other comprehensive income (2020)	Net profit for the year (2019)	Other comprehensive income (2019)
USD	5%	1m	-1m	1m	-1m
EUR	5%	-20m	-10m	-10m	-10m
CNY	5%	15m	12m	10m	8m
INR	5%	11m	18m	15m	21m
BRL	5%	-1m	3m	1m	4m

Liquidity risk

The objective of the Treasury Policy is to ensure that the Group always have sufficient and flexible financial resources at our disposal to ensure continuous operations and to honor liabilities when they become due. The financial resources are continuously monitored and consist of cash and cash equivalents and undrawn committed facilities. During 2019, our DKK 5bn club deal was refinanced, and in 2020 a 1-year extension-option within was exercised, extending the expiry to 2026. In 2020, a new facility of DKK 500m was established to ensure sufficient funds as a precaution to the COVID-19 situation. However, a strong cashflow focus by the business has meant that at the end of 2020, none of the DKK 500m was utilised.

Total committed facilities by the end of 2020 was DKK 6,970m (2019: DKK 6,486m), of which DKK 2,251m (2019: DKK 2,893m) was utilised. The committed facilities will mature during the years 2022-2026. Short-term liquidity risks are managed through a cash pool in various currencies and by having short-term overdraft facilities in place with various financial institutions, mainly on a committed basis, but also through uncommitted facilities.

According to the Treasury Policy the available financial resources must not be lower than DKK 2bn at any point. The liquidity position is monitored daily. As of 31 December 2020, the financial resources are well above the threshold. The committed facilities contain standard clauses such as pari passu, negative pledge, change of control and a leverage financial covenant. The Group did not default or fail to fulfil any of its financial covenants, in neither 2019 nor 2020. Having activities in various emerging markets implies additional risks due to specific restrictions and requirements. Mitigating actions are therefore considered on a case-by-case basis. It requires thorough dedicated efforts to reduce related risks to an acceptable level.

Restricted cash

Cash and cash equivalents included cash with currency restrictions. The cash, amounting to DKK 781m (2019: DKK 824m), is part of the daily operations and is not restricted to FLSmidth.

Credit risk ratings per financial institution

	%
AA	0%
A	20%
BBB	40%
BB	60%
B	80%
Not rated	100%

Maturity profile of Group funding facilities DKKm

	2019	2020
< 1 year	0	50
1-5 years	1,000	2,000
> 5 year	3,000	4,000

Group restricted cash DKKm

	2019	2020
China	0	100
India	50	150
South Africa	100	200
Egypt	150	250
Brazil	200	300
Ghana	250	350
Angola	300
Mongolia
Morocco
Other

5.4 FINANCIAL INCOME AND COSTS

DKKm

	2020	2019
Interest income	33	30
Interest income from loans and other receivables	27	24
Interest income from investments	0	0
Total financial income	952	821
Interest costs	-715	-705
Interest costs on loans and deposits	-715	-705
Interest costs on lease liabilities	-12	-11
Interest costs on debt	-272	-233
Total financial costs	(999)	(939)
Net financial costs	(47)	(118)

DKKm

	2020	2019
Realised foreign exchange gains and losses	11	-43
Fair value adjustment of shares	1	-10
Cash flow effect	(51)	(59)

Foreign exchange adjustments, net of hedging effect, amounted to DKK 11m (2019: DKK -43m), primarily related to the cost of hedging the loan portfolio to the functional currency of the borrowing entity (forward points) and exposures in non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges. The net interest cost totalled DKK 48m (2019: DKK 53m) related to loans and deposits. Lease interest cost amounted to DKK 11m (2019: DKK 12m). Fair value adjustment of shares of net DKK 1m (2019: DKK -10m) relates to shareholdings in cement companies.

Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, and fair value adjustments of shares and derivatives where hedge accounting is not applied.

5.5 DERIVATIVES

Economic hedge

We use derivatives to hedge currency risks arising from monetary items recognised in the balance sheet. Fair value adjustments recognised in financial items in the income statement amounted to DKK -48m (2019: DKK 28m). At 31 December 2020 the fair value of our hedge agreements that are not recognised as hedge accounting amounted to DKK 1m (2019: DKK -11m).

Cash flow hedge

We use forward exchange contracts to hedge currency risks regarding expected future cash flows that meet the criteria for cash flow hedging.## 5.5 DERIVATIVES

The fair value reserve of the derivatives is recognised in other comprehensive income until the hedged items are included in work in progress. The fair value of derivatives is recognised in other receivables and other liabilities. The majority of the cash flow hedge instruments are expected to settle and affect the income statement within one year. At 31 December 2020, the fair value of our cash flow hedge instruments amounted to DKK 29m (2019: DKK -7m).

Changes in the cash flow hedging reserve:

DKKm	2020	2019
Balance at beginning of year	21	20
Fair value hedging	(17)	(17)
Transfer to assets classified as held for sale	(20)	(20)
Amount recognised in profit or loss relating to hedged cash flows	17	17
Amount recycled from Other Comprehensive Income to profit or loss	17	17
Balance at end of year	29	(7)

Derivatives are initially recognised in the balance sheet at fair value and subsequently measured at fair value. Fair value of derivatives is included in other receivables or other liabilities respectively. Fair value changes of derivatives used for cash flow hedging are recognised in other comprehensive income. Any ineffective portions of the cash flow hedges are recognised as a financial item. Upon settlement of the cash flow hedges, the fair value is transferred from other comprehensive income into the line item of the hedged item. Any changes in the fair value of derivatives not used for hedge accounting are recognised in the income statement as financial items. Certain contracts contain conditions that correspond to derivatives. In case the embedded derivatives deviate significantly from the overall contract, they are recognised and measured as separate instruments at fair value. That is unless the contract concerned as a whole is recognised and measured at fair value.

5.6 FAIR VALUE MEASUREMENT

Financial instruments measured at fair value are measured on a recurring basis and categorised into the following levels of the fair value hierarchy:

Level 1: Observable market prices for identical instruments
Level 2: Valuation techniques primarily based on observable prices or traded prices for comparable instruments
Level 3: Valuation techniques primarily based on unobservable prices

Securities and investments measured at fair value through profit/loss are either measured at quoted prices in an active market for the same type of instrument (level 1) or at fair value based on available data (level 3). Hedging instruments are not traded on an active market based on quoted prices. Measured instead using a valuation technique, where all significant inputs are based on observable market data; such as exchange rates, interest rates, credit risk and volatilities (level 2). There have been no transfers between the levels in 2020 or 2019.

DKKm	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Securities and investments	27	11	38	3	27	5	35
Derivatives	30	0	30	0	(18)	0	(18)
Derivatives	20	0	20	0	20	0	20
Total	77	11	88	3	29	5	37

DKKm	2020	2019
Level 1	0	3
Level 2	77	29
Level 3	11	5
Total	88	37

5.7 NET INTEREST BEARING DEBT

2020 DKKm	Effective interest rate	Carrying amount 1 January 2020	Cash flows	Additional lease liability during the year	Foreign exchange effect	Transferred to assets classified as held for sale	Carrying amount 31 December 2020
Interest bearing debt	2.57%	3,493	(942)	147	115	(58)	2,755
Other financial liabilities	1.22%	5,230	6	0	(27)	(114)	5,095
Total		8,723	(936)	147	88	(172)	7,850
Interest bearing assets	0.82%	1,001	90	0	(114)	(30)	947
Net interest bearing debt		7,722	(1,026)	147	176	(142)	6,903

2019 DKKm	Effective interest rate	Carrying amount 1 January 2019	Cash flows	Additional lease liability during the year	Foreign exchange effect	Carrying amount 31 December 2019
Interest bearing debt	3.33%	3,119	266	108	0	3,493
Other financial liabilities	1.73%	5,210	1,001	0	0	6,211
Total		8,329	1,267	108	0	9,704
Interest bearing assets	0.96%	880	126	0	(5)	1,001
Net interest bearing debt		7,449	1,141	108	(5)	8,703

5.8 FINANCIAL ASSETS AND LIABILITIES

All financial assets and liabilities, except for hedging instruments, securities and investments, are measured at cost and amortised cost. The carrying amount for these is an approximation of fair value. The financial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model. If cash flows from a financial asset are solely payments of principal and interests the classification is either:

Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows
Fair value through profit/loss, for other financial assets

Hedging instruments designated as hedge accounting are classified separately and are measured at fair value through other comprehensive income.

2020

Assets DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	54	2	0	56
Equity instruments measured at fair value through other comprehensive income	0	27	0	27
Securities and investments	9	0	43	52
Total financial assets	63	29	43	135

Liabilities DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	(27)	0	0	(27)
Financial instruments at fair value through profit and loss	(8)	0	0	(8)
Total financial liabilities	(35)	0	0	(35)

2019

Assets DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	28	1	0	29
Equity instruments measured at fair value through other comprehensive income	0	27	0	27
Securities and investments	7	0	44	51
Total financial assets	35	28	44	107

Liabilities DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	(34)	(2)	0	(36)
Financial instruments at fair value through profit and loss	(18)	0	0	(18)
Total financial liabilities	(52)	(2)	0	(54)

2020

Assets DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	54	2	0	56
Equity instruments measured at fair value through other comprehensive income	0	28	0	28
Fair value through profit and loss	9	0	43	52
Total financial assets	63	30	43	136

Liabilities DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	(27)	0	0	(27)
Fair value through profit and loss	(8)	0	0	(8)
Total financial liabilities	(35)	0	0	(35)

2019

Assets DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	28	1	0	29
Equity instruments measured at fair value through other comprehensive income	0	27	0	27
Fair value through profit and loss	7	0	44	51
Total financial assets	35	28	44	107

Liabilities DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	(34)	(2)	0	(36)
Fair value through profit and loss	(18)	0	0	(18)
Total financial liabilities	(52)	(2)	0	(54)

2020

Assets DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	54	2	0	56
Equity instruments measured at fair value through OCI	0	28	0	28
Fair value through profit and loss	9	0	43	52
Amortised costs	6,957	0	0	6,957
Total financial assets	7,020	30	43	7,093

Liabilities DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	(27)	0	0	(27)
Fair value through profit and loss	(8)	0	0	(8)
Amortised cost	(4,469)	(952)	(1,751)	(7,172)
Total financial liabilities	(4,504)	(952)	(1,751)	(7,207)

2019

Assets DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	28	1	0	29
Equity instruments measured at fair value through OCI	0	27	0	27
Fair value through profit and loss	7	0	44	51
Amortised costs	8,982	0	0	8,982
Total financial assets	9,017	28	44	9,062

Liabilities DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	(34)	(2)	0	(36)
Fair value through profit and loss	(18)	0	0	(18)
Amortised cost	(5,901)	(1,354)	(2,010)	(9,265)
Total financial liabilities	(5,953)	(1,356)	(2,010)	(9,319)

FLSmidth  Annual report 2020 106 Consolidated financial statements Consolidated financial statements 5.8 FINANCIAL ASSETS AND LIABILITIES  continued

2020

2019

FLSmidth  Annual report 2020 105 Consolidated financial statements Consolidated financial statements 5.8 FINANCIAL ASSETS AND LIABILITIES  continued

2020

Assets DKKm	Maturity of cash flows	Total cash flows	Fair value	Carrying amount
	< 1 year	1-5 years	> 5 year
Hedging instruments (hedge accounting)	54	2	0	56
Equity instruments measured at fair value through other comprehensive income	0	28	0	28
Fair value through profit and loss	9	0	43	52
Amortised costs	6,957	0	0	6,957
Total financial assets	7,020	30	43	7,093

2019

FLSmidth  Annual report 2020 106 Consolidated financial statements Consolidated financial statements

FLSmidth  Annual report 2020   114,174 SALE OF MÖLLER PNEUMATIC CONVEYING SYSTEMS BUSINESS              SECTION 6 OTHER NOTES OUTSTANDING PERFORMANCE SHARES FLSmidth  Annual report 2020 107 Consolidated financial statements Consolidated financial statements 6.1 SHARE-BASED PAYMENT

We have established two different share-based incentive schemes; a share option programme and a performance share programme. Both of the share-incentive schemes are classified as equity based, as the schemes settle in shares. The value of the services received in exchange for the granting of options and performance share units is measured as the fair value of the option and performance share unit, respectively. The share options and performance share units (PSUs) are measured at fair value at granting and are recognised in staff cost in the income statement and in equity over the vesting period. On initial recognition of the share options/PSUs, the number of options/PSUs expected to vest are estimated. Subsequently, the estimate is revised so that the total cost recognised is based on the actual number of options/PSUs expected to vest. The fair value of the share options is estimated using an option pricing model (Black-Scholes). In determining the fair value, the terms and conditions related to the share options granted are taken into account.# Consolidated financial statements

6.5 LIST OF GROUP COMPANIES

Company name	Country	Direct Group holding (pct.)
FLSmidth Tyskland A/S	Germany	100%
FLSmidth Service GmbH	Germany	100%
FLSmidth Deutschland GmbH	Germany	100%
FLSmidth GmbH	Germany	100%
FLSmidth P&L GmbH	Germany	100%
FLSmidth Anlagenbau GmbH	Germany	100%
FLSmidth & Co. A/S	Denmark	100%
FLSmidth Minerals Holding ApS	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth Holding A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth India Pvt. Ltd.	India	100%
FLSmidth S.r.l.	Italy	100%
FLSmidth KSA	Saudi Arabia	100%
FLSmidth A/S	Denmark	100%
FLSmidth Cement Technology Corp.	USA	100%
FLSmidth (Shanghai) Co., Ltd.	China	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth S.r.l.	Italy	100%
FLSmidth S.r.l.	Italy	100%
FLSmidth KSA	Saudi Arabia	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/S	Denmark	100%
FLSmidth India A/# 7.6 IMPACT FROM NEW IFRS

We have implemented all new or amended accounting standards and interpretations as adopted by the EU and applicable for the 2020 financial year, including:

Amendments to References to the Conceptual Framework in IFRS Standards (issued 2018, effective date 1 January 2020)
Amendments to IFRS 3, Business Combinations (issued 2018, effective date 1 January 2020)
Amendments to IAS 1 and IAS 8, Definition of Material (issued 2018, effective date 1 January 2020)
Interest Rate Benchmark Reform - Amendments to IFRS 9, IAS 39 and IFRS 7 (issued 2019, effective date 1 January 2020)
Amendment to IFRS 16, Leases COVID 19-Related Rent Concessions (issued May 2020, effective date 1 June 2020)

None of these have had a significant impact on the financial statements.

7.7 NEW IFRS NOT YET ADOPTED

Generally, we expect to implement all new or amended accounting standards and interpretations when they become mandatory and have been endorsed by the EU. IASB has issued new or amended accounting standards, which become effective after 31 December 2020. The following amendments are relevant for FLSmidth, but none of these are expected to have a significant impact on the financial statements:

IFRS	Description	Effective date
Amendments to IFRS 9, IAS 39 and IFRS 7 (issued 2020, effective date 1 January 2021)	Insurance Contracts	1 January 2021
Amendments to IFRS 17 (issued 2017, effective date 1 January 2023)	Insurance Contracts	1 January 2023
Amendments to IAS 16 (issued May 2020, effective date 1 January 2022)	Property, Plant and Equipment: Proceeds before intended use	1 January 2022
Amendments to IAS 1 (issued January 2020, effective date 1 January 2022)	Classification of Liabilities as Current or Non-current	1 January 2022
Amendments to IFRS 3 (issued May 2020, effective date 1 January 2022)	Reference to the Conceptual Framework	1 January 2022
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (issued October 2020, effective date 1 January 2021)	Interest Rate Benchmark Reform – Phase 2	1 January 2021
Amendments to IFRS 1 (issued July 2020, effective date 1 January 2022)	Lack of Exchangeability	1 January 2022

Other changes included in the Annual improvements 2018-2020 to other standards will not have an impact on our financial statements.

FLSmidth * Annual report 2020 115

Consolidated financial statements Consolidated financial statements

7.8 DEFINITION OF TERMS

Acquisition development
Development as a consequence of business acquisition, disregarding development from currency. After 12 months business acquisitions are included in the development from organic growth.

Alternative performance measure
A financial measure of historical or future financial performance, financial position or cash flows, other than a financial measure defined or specified according to IFRS.

Book-to-bill
Order intake as a percentage of revenue.

BVPS (Book value per share)
FLSmidth & Co. A/S´ share of equity excluding minorities divided by year-end number of shares.

Capital employed, average
(Capital employed, end of period + capital employed end of same period last year)/2.

Capital employed, end of period
Intangible assets (cost) + Property, plant and equipment (carrying amount) + lease assets + Net working capital.

Capital expenditure (CAPEX)
Investment in Property, plant and equipment.

CFFF
Cash flow from financing activities.

CFFI
Cash flow from investing activities.

CFFO
Cash flow from operating activities.

CFFO / Revenue
Cash flow from operating activities as a percentage of revenue.

CFPS (cash flow per share), (diluted)
CFFO as a percentage of average number of shares (diluted).

Currency development
The difference between the current figure reported and the same figure had the exchange rates towards DKK been the same as in the comparison period.

DIFOT
Delivery in full on time.

Dividend yield
Dividend as percent of share price end of year.

EBIT
Earnings before interest and tax and impairments of investments in associated companies.

EBIT margin
EBIT as a percentage of revenue.

EBITA
Earnings before, interest, tax, amortisation and impairments of investments in associated companies.

EBITA margin
EBITA as a percentage of revenue.

EBITDA
Earnings before special non-recurring items, interest, tax, depreciation, amortisation and impairments of investments in associated companies.

EBITDA margin
EBITDA as a percentage of revenue.

EBT
Earnings before tax.

EBT margin
EBT as a percentage of revenue.

Effective tax rate
Income tax expenses as a percentage of EBT.

EPC projects
Engineering, procurement and construction.

EPS projects
Engineering, procurement and supervision.

EPS (earning per share)
Net profit/(loss) divided by the average number of shares outstanding (adjusted for treasury shares).

EPS (earnings per share), (diluted)
Net profit/(loss) divided by the average number of shares outstanding (adjusted for treasury shares) less share options in-the-money.

Equity ratio
Equity as a percentage of total assets.

Financial gearing (NIBD/EBITDA)
Net interest-bearing debt (NIBD) divided by EBITDA.

Free cash flow
CFFO + CFFI.

Free cash flow adjusted for acquisitions and disposals of enterprises and activities
CFFO + CFFI + acquisitions of enterprises and activities - disposals of enterprises and activities.

Free cash flow adjusted for acquisitions and disposals of enterprises and activities and IFRS 16, Leases
CFFO + CFFI + acquisitions of enterprises and activities - disposals of enterprises and activities + repayment of lease liabilities.

Gross margin
Gross profit as a percentage of revenue.

Growth
Increase/decrease in percentage compared to last year. Currency effect is current year amount minus the same amount excluding currency effect. Organic effect is growth +/- currency effect and acquisition effect.

Market capitalisation
The share price multiplied by the number of shares issued end of year.

Net interest-bearing debt (NIBD)
Interest-bearing debt less interest-bearing assets and bank balances.

Net working capital, average
(Net working capital, end of year + net working capital, end of last year)/2.

FLSmidth * Annual report 2020 116

Consolidated financial statements Consolidated financial statements

7.8 DEFINITION OF TERMS - continued

Net working capital, end
Inventories + Trade receivables + work in progress for third parties, net + prepayments, net + financial instruments, net + other receivables - other liabilities - trade payables.

Net working capital ratio, average
Net working capital, average as a percentage of last 12 months revenue.

Net working capital ratio, end
Net working capital as a percentage of last 12 months´ revenue.

Number of shares outstanding
Nominal value of issued shares excluding shares held in treasury.

NIBD/EBITDA
Net interest-bearing debt (NIBD) divided by last 12 months´ EBITDA.

One-offs
Costs/income assessed by Management to be non-recurring by nature.

Operational expenditure (OPEX)
External costs, personal cost and other income and costs.

Order backlog
The value of outstanding performance obligations on current contracts at end of year. On O&M contracts entered into after 2014, the order backlog includes the next 12 months´ expected revenue.

Order backlog / Revenue
Order backlog as a percentage of last 12 months´ revenue.

Order intake
Orders are included as order intake when an order becomes effective, meaning when the contract becomes binding for both parties dependent on the specific conditions of the contract. On O&M contracts entered into after 2014, the order intake includes the next 12 months´ expected revenue, and subsequently order intake will be included on a monthly rolling basis.

Organic development
Development as a consequence of growth in already existing business, disregarding development from currency.

Other comprehensive income
All items recognised in equity other than those related to transactions with owners of the company.

Pay-out ratio
The total dividends for the year as a percentage of profit/(loss) for the year.

Return on equity
Profit/(loss) for the last 12 months´ as a percentage of equity ((Equity, end of year + equity, end of last year)/2).

ROCE (return on capital employed)
EBITA as a percentage of capital employed, average.

Sales, General & Administrative costs (SG&A costs)
Sales cost + Administrative cost ± other operating items.

Special non-recurring items
Costs and income of a special nature in relation to the main activities of the continued activities, including gains and losses from acquisitions and disposals of enterprises and activities.

Total shareholder return
Share price increase and paid dividend.

TRIR
Total recordable incident rate.# Parent company financial statements

FLSmidth  Annual report 2020 117

Parent company financial statements

Parent Company Financial statements

	2020	2019
Notes
Other operating income	1	3
Income	3	1
Other operating income	1	6
Staff costs	2	14
Provisions	4	14
Staff costs	4	14
EBIT	(62)	(105)
Financial income	3	776
Financial cost	4	(713)
EBT	17	(42)
Tax for the year	5	0
Profit for the year	(6)	(42)
Distribution of profit for the year	6
Impairment of receivables		(109)
Impairment of receivables		(109)
Impairment of financial assets	8
Impairment of financial assets	8
	(103)	(42)

Parent company financial statements

Parent company

FLSmidth & Co. A/S’s activities include holding of shares in Group enterprises and treasury functions. Dividend from Group enterprises to the parent company, FLSmidth & Co. A/S, was DKK 0m in 2020 (2019: DKK 0m) and the profit for the year was DKK -6m (2019: DKK -42m). Increase in financial income and cost is related to foreign exchange gains and losses. Net financial income is DKK 79m (2019: DKK 63m). The result is significantly impacted by write downs of investments in Group enterprises. Total assets at year-end amounted to DKK 8,445m (2019: DKK 8,854m) and the equity was DKK 2,516m (2019: DKK 2,522m). Management consider the result to be lower than expected. For financial outlook of 2021 please refer to page 11.

INCOME STATEMENT

Parent company financial statements

DKKm	2020	2019
Other operating income	1	3
Income	3	1
Other operating income	1	6
Staff costs	2	14
Provisions	4	14
Staff costs	4	14
EBIT	(62)	(105)
Financial income	3	776
Financial cost	4	(713)
EBT	17	(42)
Tax for the year	5	0
Profit for the year	(6)	(42)
Distribution of profit for the year	6
Impairment of receivables		(109)
Impairment of receivables		(109)
Impairment of financial assets	8
Impairment of financial assets	8
	(103)	(42)

Parent company financial statements

Notes	DKKm	2020	2019
	ASSETS
6	Intangible assets	23	10
	Property, plant and equipment	9	10
9	Deferred tax assets	14	22
	Total non-current assets	2,563	2,642
10	Other receivables	6,158	6,278
11	Derivatives	16	25
	Receivables	5,793	6,201
	Cash and cash equivalents	89	11
	Total current assets	5,882	6,212
	Total assets	8,445	8,854

Notes	EQUITY AND LIABILITIES	2020	2019
	Share capital	1,025	1,025
	Retained earnings	1,497	1,505
6	Proposed dividend	103	0
	Equity	2,516	2,522
12	Provisions	8	7
14	Other liabilities	1,977	2,591
	Total non-current liabilities	2,008	2,633
13	Other liabilities	885	847
14	Other liabilities	375	375
	Total current liabilities	3,913	3,692
	Total liabilities	5,929	6,332
	Total equity and liabilities	8,445	8,854

BALANCE SHEET

FLSmidth  Annual report 2020 120

Parent company financial statements

Each share entitles its holder to 20 votes, and there are no special rights attached to the shares. Profit for the year DKK -6m (2019: DKK-42m) is transferred to retained earnings, of which DKK 103m (2019: DKK 0m) is proposed as dividend.

EQUITY

DKKm	Share capital	Retained earnings	Proposed dividend	Total
Equity at 1 January 2019	1,025	1,505	461	2,991
Transfer of profit for the year		(15)	(15)
Issue of shares		11		11
Proposed dividend			(15)	(15)

Equity at 31 December 2019	1,025	1,497	0	2,522

Transfer of profit for the year		(42)	(42)
Issue of shares
Proposed dividend			103	103

Equity at 31 December 2020	1,025	1,388	103	2,516

Number of shares (1,000):	2020	2019	2018	2017	2016
Share capital at 31 December	51,250	51,250	51,250	51,250	51,250

FLSmidth  Annual report 2020 121

Parent company financial statements

	DKKm	2020	2019
1. OTHER OPERATING INCOME
Other operating income		1	6
2. STAFF COSTS
Personnel costs and employer's contributions		40	14
Pension		1	1
Personnel costs		1	1
Payroll taxes		1	6
		(4)	(14)
Average number of employees		8	7
Remuneration of the Group’s Board of Directors for 2020 amounts to DKK 6m (2019: DKK 6m), including DKK 0m (2019: DKK 1m), which was incurred by the parent company. The total remuneration of the Group company’s Executive Management amounted to DKK 51m (2019: DKK 43m), of which DKK 4m (2019: DKK 14m) was incurred by the parent company.
3. FINANCIAL INCOME
Interest income from Group enterprises		55	171
Bank interest and other		(28)	(94)
		1,177	776
4. FINANCIAL COST
Interest		(21)	(218)
Interest on Group		(13)	(31)
Bank interest and other		(1,098)	(713)

5. TAX FOR THE YEAR
Tax on profit for the year		(23)	0
Tax on received dividends		(3)	(6)
Deferred tax		(0)	(1)
Tax for the year		(26)	(7)
6. DISTRIBUTION OF PROFIT FOR THE YEAR
Proposed distribution of profit:
DKKm	2020	2019
Proposed dividend	103	0
Transfer of profit for the year	(42)	(42)
Profit for the year	(6)	(42)
7. PROPERTY, PLANT AND EQUIPMENT
DKKm	Land and buildings	Operating equipment, fixtures and fittings	Total
Cost at 1 January 2020	23	2	25

Depreciation and impairment at 1 January 2020	(14)	(2)	(16)

Carrying amount at 31 December 2020	9	0	9

FLSmidth  Annual report 2020 122

FINANCIAL ASSETS

For specification of investments in Group enterprises, see note 6.5 in the consolidated financial statements.

Result of annual impairment test
As of 31 December 2020, the cost price of the investments in subsidiaries was tested for impairment. The impairment test identified impairment charges for 2020 amounting to DKK 54m (2019: DKK 90m). The impairment was related to the subsidiary FLSmidth Global Services A/S based on value in use.

Other impairment
Impairment related to other financial assets amounted to DKK 7m (2019: DKK 0m).

Key assumptions
The impairment test has been based on a five year forecast for FLSmidth Global Services A/S. The applied discount rate after tax is 7.5% and reflects the latest market assumptions for the risk free rate based on a 10-year Danish government bond, the equity risk premium and the cost of debt. The long-term growth rate for the terminal period is based on the expected growth in the world economy as well as input from current long-term swaps. Based on these factors, a long-term annual growth rate for the terminal period of 1.5% has been applied.
DEFERRED TAX ASSETS AND LIABILITIES

Deferred tax relates to the following items:

DKKm 2020 2019

Deferred tax assets 12 12

Deferred tax liabilities 5 20

Net value of deferred tax assets/(liability) 23 32
OTHER RECEIVABLES
Other receivables mainly include fair value of financial contracts (positive value) of DKK 67m (2019: DKK 77m), receivable from Canadian tax authorities DKK 17m (2019: DKK 18m) and tax on account for the Danish jointly taxed enterprises.
DERIVATIVES
The currency exposure is hedged according to the Financial Policy. At 31 December 2020 the fair value of our hedge agreements amounted to DKK -1m (2019: DKK 5m).

Economic hedge, DKKm
| Currency | Notional amount | Net fair value |
| :------- | --------------: | -------------: |
| EUR | 30 | (1) |
| USD | (30) | |
| CHF | 103 | 0 |
| Total | | (1) |

A negative notional amount represents a sale of the currency

Economic hedge, DKKm
| Currency | Notional amount | Net fair value |
| :------- | --------------: | -------------: |
| EUR | 103 | 5 |
| USD | (130) | |
| CHF | 44 | 0 |
| Total | | 5 |

A negative notional amount represents a sale of the currency
PROVISIONS

DKKm 2020 2019

Provisions for 4 13

Other provisions 1 7

Impairment loss 0 2

Provisions at 31 December 8 7
OTHER LIABILITIES
Other liabilities include fair value of financial contracts (negative value) of DKK 68m (2019: DKK 72m).

MATURITY PROFILE OF CURRENT AND NON-CURRENT LIABILITIES

Maturity profile of liabilities:	2020	2019

Current liabilities	3,913	3,692
Non-current liabilities	2,008	2,633
Total	5,921	6,325

DKKm	Investments in Group enterprises	Other securities and investments	Total
Cost at 31 December 2020	3,121	37	3,158
Impairment at 31 December 2020	(609)	(18)	(627)
Carrying amount at 31 December 2020	2,512	19	2,531

FLSmidth  Annual report 2020 123

AUDIT FEE
In addition to statutory audit, EY Godkendt Revisionspartnerselskab, the Parent company auditors provided other assurance engagements to the Parent company.

DKKm 2020 2019

Audit fee 0 0

Total audit related services 3 3

Total fees to independent auditor 3 3

16.# CONTRACTUAL AND CONTINGENT LIABILITIES

The parent company has provided guarantees primarily to financial institutions at a total amount of DKK 13,088m (2019: DKK 13,947m) of which DKK 4,208m have been utilised in 2020 (2019: DKK 5,670m). In connection with disposal of enterprises, normal guarantees, etc. are issued to the acquiring enterprise. Provisions are made for estimated losses on such items. The parent company is the administration company of the Danish joint taxation. According to the Danish corporate tax rules, as of 1 July 2012, the Company is obliged to withhold taxes on interest, royalty and dividend for all companies subjected to the Danish joint taxation scheme. The parent company has issued letter of support for certain Group companies. There are no significant contingent assets or liabilities apart from the above. See also note 2.9 in the consolidated financial statements.

RELATED PARTY TRANSACTIONS

Board of Directors and Group Executive Management and the Group companies and associates that are part of the Group. There has been no transactions with related parties in 2020 and 2019, apart from Group Executive Management´s remuneration stated in note 2 and Treasury activities as mentioned below. Capital transactions with subsidiaries are included in note 8 and balances are disclosed separately in the balance sheet.

Transactions with related parties are mainly related to managerial services and insurance services. The parent company´s purchase of services mainly consists of legal and tax assistance provided by FLSmidth A/S. Financial income and costs are attributable to the Group’s in-house Treasury function, which is performed by the parent company, FLSmidth & Co. A/S. Receivables and payables are mainly attributable to this activity. These transactions are carried out on market terms and at market prices. For guarantees provided by the parent company for related parties, please see note 16 in the parent company financial statements.

SHAREHOLDERS

At the end of 2020: One shareholder has reported a participating interest above 10%:
* Lundbeckfond Invest A/S, Denmark.
No shareholders have reported a participating interest above 5%.

FLSmidth  Annual report 2020 124
Parent company financial statements
Parent company financial statements

ACCOUNTING POLICIES

PARENT COMPANY

The financial statements of the parent company (FLSmidth & Co. A/S) are presented in conformity with the provisions of the Danish Financial Statements Act for reporting class D enterprises. To ensure uniform presentation, the terminology used in the consolidated financial statements has as far as possible been applied in the parent company financial statements. Measurement and recognition principles are generally consistent with those of the Group. The instances in which the parent company financial statements deviate from those of the Group have been described below. The accounting policies for the parent company are unchanged from 2019.

Dividend from Group enterprises

Dividend from investments in subsidiaries is recognised as income in the parent company’s income statement in the financial year in which the dividend is declared. This will typically be at the time of the approval by the Annual General Meeting of distribution from the company concerned. When the dividend distributed exceeds the accumulated earnings after the date of acquisition, the dividend is recognised in the income statement, however, this will trigger an impairment test of the investment.

Property, plant and equipment

Depreciation is charged on a straight line basis over the estimated useful life of the assets until they reach the estimated residual value. In the parent company financial statements, the depreciation period and the residual value are determined at the time of acquisition and are reassessed every year.

Financial assets

Investments in Group enterprises are measured at cost less impairment. Where the cost exceeds the recoverable amount, an impairment loss is recognised to this lower value. To the extent the distributed dividend exceeds the accumulated earnings after the date of acquisition, an impairment test of the investment is triggered.

Other securities and investments

Other securities and investments consist of shares in cement plants that are acquired in connection with the signing of contracts and are measured at fair value. Value adjustments are recognised in the income statement as financial items.

Cash flow statement

As the consolidated financial statements include a cash flow statement for the whole Group, no individual statement for the parent company has been included, see the exemption provision, section 86 of the Danish Financial Statements Act.

FLSmidth  Annual report 2020 125
Parent company financial statements

Statement By management

The Board of Directors and the Executive Board have today considered and approved the annual report for the financial year 1 January - 31 December 2020. The consolidated financial statements are presented in accordance with International Financial Reporting Standards as adopted by the EU. The parent company financial statements are prepared in accordance with the Danish Financial Statements Act. Further, the annual report is prepared in accordance with additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent company’s financial statements and the Parent company’s financial position at 31 December 2020 as well as of the results of their operations and the consolidated cash flows for the financial year 1 January - 31 December 2020.
The management’s report gives a fair review of the development in the Group and the Parent company’s activities and financial matters, results of operations, consolidated cash flows and financial position as well as a description of material risks and uncertainties that the Group and the Parent company face. In our opinion, the annual report for the financial year 1 January - 31 December 2020 with the file name FLS-2020-12-31.zip is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend the annual report for adoption at the Annual General Meeting.

Valby, 10 February 2021

Executive management
Thomas Schulz
Group CEO

Roland M. Andersen
Group CFO

Board of directors
Vagn Ove Sørensen
Chairman

Tom Knutzen
Vice chairman

Gillian Dawn Winckler
Thrasyvoulos Moraitis
Richard Robinson Smith
Anne Louise Eberhard
Mette Dobel Søren Dickow Quistgaard
Claus Østergaard

STATEMENT BY MANAGEMENT
Statement By management

FLSmidth  Annual report 2020 126
Parent company financial statements

Independent auditor’s report

To the shareholders of FLSmidth & Co. A/S

Report on the audit of the consolidated financial statements and parent company financial statements

Opinion

We have audited the consolidated financial statements and the parent company financial statements of FLSmidth & Co. A/S for the financial year 1 January - 31 December 2020, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated statement of comprehensive income and a consolidated cash flow statement. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.

In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group at 31 December 2020 and of the results of the Group's operations and cash flows for the financial year 1 January - 31 December 2020 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Further, in our opinion the parent company financial statements give a true and fair view of the financial position of the Parent Company at 31 December 2020 and of the results of the Parent Company's operations for the financial year 1 January - 31 December 2020 in accordance with the Danish Financial Statements Act.

Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.

Appointment of auditor

We were initially appointed as auditor of FLSmidth & Co. A/S on 30 March 2017 for the financial year 2017.# INDEPENDENT AUDITOR'S REPORT

Independent auditor’s report

We have been reappointed annually by resolution of the general meeting for a total consecutive period of 4 years including the financial year 2020.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2020. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.

Accounting for projects

The accounting principles and disclosures about revenue recognition related to projects are included in notes 1.4, 2.7 and 3.4 to the consolidated financial statements. Cement and Mining industries deliver long term projects, which typically extends over more than one financial year. Due to the nature of these projects and in accordance with the accounting principles, FLSmidth recognises and measures revenue from such long term projects over time based on the cost-to-cost method. Accounting for projects involve significant management judgments in respect of estimating the cost to complete the projects, including risk contingencies, warranties, liquidated damages, claims and the expected time to completion as well as the risk of credit losses. Together with the impact from executing projects in parts of the world where macro-economic and political factors as well as COVID-19 related challenges may have an adverse effect, changes in these estimates during the execution of projects can significantly impact the revenue, cost and contribution recognised. Accordingly, we considered the accounting for projects to be a key audit matter for the consolidated financial statements.

As part of our procedures, we obtained an understanding of the process for how project costs are estimated and risk evaluated. Further, we evaluated the design and tested the operating effectiveness of selected controls in this area. We evaluated the judgments made by management regarding the estimated costs to complete the projects and the assumptions made in assessment of warranty provisions. We evaluated the changes in estimated project cost and risk contingencies, and discussed these with project accounting, project management and group management. We also evaluated management’s assessment of exposures related to claims and liquidated damages for projects and provisions to mitigate contract-specific financial risks as well as the risk of credit losses. For those balances subject to claims, we made inquiries of external and internal legal counsel. We also assessed whether policies and processes for making these estimates have been applied consistently to all contracts of a similar nature.

Valuation of inventory

The accounting principles and disclosures about inventory are included in note 3.2 to the consolidated financial statements. FLSmidth carries inventory in the balance sheet at the lower of cost and net realisable value. The inventory includes strategic items, which are held in inventory, even if slow moving, because they are considered key equipment for the customers that FLSmidth needs to be able to deliver with very short notice. The valuation of inventory involves significant management judgements to determine whether inventory is still technical relevant when demand for the inventory items is expected. The current market conditions are also considered. Accordingly, we considered this to be a key audit matter for the consolidated financial statements.

As part of our procedures, we obtained an understanding of FLSmidth's process for monitoring inventory and recording write-down for obsolete items. We analysed the inventory recorded in the balance sheet and obtained evidence regarding valuation of slow moving items. Further, we evaluated management's estimation of expected market demand and expected sales price for significant aged items.

Valuation of trade receivables

The accounting principles and disclosures about trade receivables are included in note 3.3 to the consolidated financial statements. FLSmidth carries trade receivables in the balance sheet at the amortised costs net of impairment losses, which is the original invoice amount less an estimated loss allowance for lifetime expected credit losses. FLSmidth has significant trade receivables from a wide range of customers across the world. Trade receivables include inherent risk of credit losses influenced by specific characteristics and circumstances of the customer, e.g. the likelihood of payment, access to securities and payment guarantees, as well as the ageing of the receivable. The current market conditions and any country specific matters are also considered. Accordingly, we considered this to be a key audit matter for the consolidated financial statements.

As part of our procedures, we obtained an understanding of FLSmidth's process for monitoring receivables and recording allowances for lifetime expected credit losses. We analysed the trade receivables recorded in the balance sheet and obtained evidence regarding the expected credit losses from items with particular risk characteristics. We evaluated management's assessment of the recoverability particularly for significant aged items by corroborating them against internal and external evidence regarding the likelihood of payment and made reliable estimates by performing retrospective analysis of past estimates.

Statement on the Management's review

Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.

Management's responsibilities for the financial statements

Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover, Management is responsible for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on compliance with the ESEF Regulation

As part of our audit of the financial statements of FLSmidth & Co. A/S we performed procedures to express an opinion on whether the annual report for the financial year 1 January - 31 December 2020 with the file name FLS-2020-12-31.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements.

Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:
* The preparing of the annual report in XHTML format;
* The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary;
* Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and
* For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.

FLSmidth
* Annual report 2020 129

Independent auditor’s report

Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of proce- dures performed by us depend on our judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:
* Testing whether the annual report is prepared in XHTML format;
* Assessing the iXBRL tagging process and of internal control over the tagging process;
* Evaluating the completeness of the iXBRL tagging of the consolidated financial statements;
* Evaluating the appropriateness of the concepts used in iXBRL tagging and the extension elements where no suitable element in the ESEF taxonomy has been identified;
* Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and
* Reconciling the iXBRL tagged data with the audited consolidated financial statements.

In our opinion, the annual report for the financial year 1 January - 31 December 2020 with the file name FLS-2020-12-31.zip is prepared, in all material respects, in compliance with the ESEF Regulation.

Copenhagen, 10 February 2021

EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28

Henrik Kronborg Iversen
State Authorised Public Accountant
mne24687

Jens Thordahl Nøhr
State Authorised Public Accountant
mne32212

FLSmidth
* Annual report 2020 130

Forward looking statement

Statements made in this report, or in other public filings or other written or oral communications released by FLSmidth & Co. A/S, may contain forward looking statements.

Forward-looking statements include, but are not limited to, statements with respect to:
* Statements of plans, objectives or goals for future operations, including those related to FLSmidth & Co. A/S's future expansion, integration and product research and development.
* Statements containing projections of or targets for revenues, profit (or loss), CAPEX, dividends, capital structure or other net financial items.
* Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings and statements regarding the underlying assumptions or relating to such statements.
* Statements regarding potential merger & acquisition activities.

These forward-looking statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which may be outside FLSmidth & Co. A/S's control. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those described in this report. FLSmidth & Co. A/S cautions that a number of important factors, including those described in this report, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and exchange rate fluctuations, delays or faults in project execution, fluctuations in raw material prices, delays in research and/or development of new products or service concepts, interruptions of supplies and production, unexpected breach or termination of contracts, market-driven price decreases for FLSmidth & Co. A/S's products and/or services, introduction of competing products, reliance on information technology, FLSmidth & Co. A/S's ability to control costs and expenses, successful integration of acquired businesses and realisation of synergies, successful introduction of current and new products, exposure to product liability and legal proceedings and investigations, changes in legislation or regulation and interpretation thereof, intellectual property protection, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign enterprises, unexpected growth in costs and expenses, failure to recruit and retain the right employees and failure to maintain a culture of compliance. Unless required by law FLSmidth & Co. A/S is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this report.

FORWARD LOOKING STATEMENTS

Forward looking statement

Annual Report 2020 1 January - 31 December 2020 FLSmidth & Co.# FLSmidth & Co. A/S

A/S Vigerslev Allé 77 DK-2500 Valby Denmark Tel.: +45 36 18 18 00 Fax: +45 36 44 11 46 [email protected] www.flsmidth.com CVR No. 58180912

General Information

Company: FLSmidth & Co. A/S
Address: Vigerslev Allé 77, 2500 Valby, Denmark
Phone: +45 36 18 18 00
Fax: +45 36 44 11 46
Email: [email protected]
Website: www.flsmidth.com
CVR No.: 58180912

Business Description:
FLSmidth is a leading provider of engineering, equipment and service solutions to the global mining and cement industries.

Reporting Class: D
Legal Entity Identifier: 213800G7EG4156NNPG91

Officers and Directors

Group CEO: Thomas Schulz
Group CFO: Roland M. Andersen
Chairman: Vagn Ove Sørensen
Vice Chairman: Tom Knutzen
Directors:
- Gillian Dawn Winckler
- Thrasyvoulos Moraitis
- Richard Robinson Smith
- Anne Louise Eberhard
- Mette Dobel
- Søren Dickow Quistgaard
- Claus Østergaard

Auditor's Report

Auditor: EY Godkendt Revisionspartnerselskab
Address: Dirch Passers Allé 36, 2000 Frederiksberg
State Authorised Public Accountants:
* Henrik Kronborg Iversen (mne2468730700228)
* Jens Thordahl Nøhr (mne3221230700228)

Date of Report: Copenhagen, 2021-02-10

Financial Data (Consolidated)

The following tables present key financial data for the years ended December 31, 2020, and December 31, 2019.

Statement of Financial Position (Equity Section)

Item	2020-01-01	2020-12-31	2019-01-01	2019-12-31
cmn:ConsolidatedMember
ifrs-full:IssuedCapitalMember
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
ifrs-full:ReserveOfCashFlowHedgesMember
ifrs-full:RetainedEarningsMember
ifrs-full:EquityAttributableToOwnersOfParentMember
ifrs-full:NoncontrollingInterestsMember
Total Equity

Specific Equity Components

2020

Item	2020-01-01	2020-12-31
cmn:ConsolidatedMember
ifrs-full:IssuedCapitalMember
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
ifrs-full:ReserveOfCashFlowHedgesMember
ifrs-full:RetainedEarningsMember
ifrs-full:EquityAttributableToOwnersOfParentMember
ifrs-full:NoncontrollingInterestsMember

2019

Item	2019-01-01	2019-12-31
cmn:ConsolidatedMember
ifrs-full:IssuedCapitalMember
ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember
ifrs-full:ReserveOfCashFlowHedgesMember
ifrs-full:RetainedEarningsMember
ifrs-full:EquityAttributableToOwnersOfParentMember
ifrs-full:NoncontrollingInterestsMember

Currency Information

Currency: DKK (Danish Krone)
ISO Code: DKK

Other Information

Reporting Status: Annual report
Document Type: Auditor's report on audited financial statements
Converter: ParsePort XBRL Converter

DKKm	2020	2019
Deferred tax assets	12	12
Deferred tax liabilities	5	20
Net value of deferred tax assets/(liability)	23	32

DKKm	2020	2019
Provisions for	4	13
Other provisions	1	7
Impairment loss	0	2
Provisions at 31 December	8	7

DKKm	2020	2019
Audit fee	0	0
Total audit related services	3	3
Total fees to independent auditor	3	3

AI assistant

FLSmidth & Co. — Annual Report 2020

WE DISCOVER POTENTIAL ANNUAL REPORT 2020

Management review

Highlights

Highlights

Guidance 2021

Capital structure targets, through-the-cycle

Management review

Highlights

FINANCIAL PERFORMANCE HIGHLIGHTS

SUSTAINABILITY PERFORMANCE HIGHLIGHTS

KEY FIGURES

LETTER TO OUR SHAREHOLDERS

LETTER TO OUR SHAREHOLDERS

Highlights

Business improvements

Management review

Highlights

FLSmidth ■ Annual report 2020

10 FLSmidth  Annual report 2020

11 Management review

Highlights

FLSmidth guides for group revenue of DKK 15.5-17.0bn and a group EBITA-margin of 5-6%. The guidance is based on expected different developments in the two individual businesses, Mining and Cement, and continued impact from the pandemic in the first half of 2021.

Guidance 2021

Mid- and long-term financial targets

FINANCIAL OUTLOOK

2021 guidance

Capital structure targets, through-the-cycle

12 Management review

Highlights

WHY INVEST

An investment in the green transition

Unique business model with high service share

Technology leader

FLSmidth  Annual report 2020

13 Management review

Business

Global provider of sustainability productivity

Business

FLSmidth  Annual report 2020

BUSINESS

MissionZero

60+ Countries

10,639 Employees

Our vision

Our brand promise

1

2

3

4

5

6

7

Australia

Europe, North Africa & Russia

Sub-Saharan Africa & Middle East

Asia

Subcontinental India

1 FLSMIDTH IN THE WORLD

2 43

5

6

7

North America

South America

43

2021

2020

3

4

5

6

7

4

5

6

7

4

5

FLSmidth & Co. Annual Report 2020