FLSmidth 3rd quarter interim report for 2013 was released on 6 November 2013. Best viewed on a full screen mode, this first quarterly report informs the reader about how well FLSmidth's business is doing financially, as well as FLSmidth's growth strategies and new financial targets projected for next quarter. The key highlights include: a) Business environment unchanged b) Decreasing order intake due to lack of large orders c) Return on Capital Employed (ROCE) 10% (ROCE 15% adjusted for special items) d) EBITA margin 3.6% (EBITA margin 9.1% adjusted for special items) e) Efficiency Programme progressing according to plans f) Group guidance for 2013 maintained.

1. Presentation of Interim Report Q3 2013
Interim Report Q3 2013
6 November 2013
1

2. Interim Report Q3 2013
Forward-looking statements
FLSmidth & Co. A/S’ financial reports, whether in the form of annual reports or interim reports, filed with the Danish Business Authority and/or announced via the
company’s website and/or NASDAQ OMX Copenhagen, as well as any presentations based on such financial reports, and any other written information released, or oral
statements made, to the public based on this interim report or in the future on behalf of FLSmidth & Co. A/S, may contain forward-looking statements.
Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms
of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements.
Examples of such forward-looking statements include, but are not limited to:
• statements of plans, objectives or goals for future operations, including those related to FLSmidth & Co. A/S markets, products, product research and product
development
• statements containing projections of or targets for revenues, profit (or loss), capital expenditures, 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 influence, and
which could materially affect such forward-looking statements.
FLSmidth & Co. A/S cautions that a number of important factors, including those described in this presentation, 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 reductions for FLSmidth & Co. A/S’ products and/or
services, introduction of competing products, reliance on information technology, FLSmidth & Co. A/S’ ability to successfully market 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 presentation.
Interim Report Q3 2013
6 November 2013
2

3. Key highlights Q3 2013
Key highlights Q3 2013
 Business environment unchanged
 Decreasing order intake due to lack of large orders
 Return on Capital Employed (ROCE) 10%
 EBITA margin 3.6%
(ROCE 15% adjusted for special items)
(EBITA margin 9.1% adjusted for special items)
 Efficiency Programme progressing according to plans
 Group guidance for 2013 maintained
Interim Report Q3 2013
6 November 2013
3

4. Interim Report Q3 2013
Current market trends

Mining capex outlook still challenging
- Downturn expected to continue throughout 2014
- Mining operating expenditures still at healthy level
- Commodity prices holding up

Global cement market remains subdued and competitive
- Pockets of recovery
- US recovery continues
- Struggling Indian economy
- Stable service business

No cancellations of orders in the backlog
Interim Report Q3 2013
6 November 2013
4

5. Strategy
The Future of FLSmidth
FLSmidth will be the preferred full service provider




Six key industries
Full-service solutions
Full product flow sheets
Service of technology
Preparing FLSmidth for the next 130 years
Interim Report Q3 2013
6 November 2013
5

6. Efficiency Programme
Efficiency Programme Update
Targeted
full-year effect in
2015
Reported effect
in Q3’13
Estimated fullyear effect
(run-rate)
Headcount reductions
-1,100
-38
-820
Location reductions
>20
0
28
One-off costs
DKK -500m
DKK -167m
DKK -350m
EBITA improvement
DKK+750m p.a.
DKK ~0m
DKK +338m
(2013-2014 effect)
(2013 full year effect)
Interim Report Q2 2013
23 August 2013
6

7. Efficiency Programme
Efficiency Programme Update
DKK +338m EBITA improvement run-rate:
28% (SG&A costs)
23% (SG&A costs and Gross profit)
45% (Costs of goods sold)
Started
No EBITA effect
Started
4% (product pruning)
Interim Report Q2 2013
23 August 2013
7

8. Interim report Q3 2013
Financial developments in Q3 2013
Q3
2013
Q3
2012
Change
Change
FX adjusted
4,642
7,956
-42%
-36%
24,595
31,766
-23%
Revenue
6,730
6,708
0%
Gross margin
18.6%
26.0%
245
655
EBITA margin
3.6%
9.8%
EBIT
-727
557
EBIT margin
-10.8%
8.4%
Net results
-783
377
283
-28
2,285
2,930
10%
19%
15,735
15,839
FLSmidth & Co. A/S
(DKKm)
Order intake
Order backlog
EBITA
CFFO
Working Capital
ROCE
Employees
-63%
+7%
 Order intake down 42%
(36% adjusted for currency)
impacted by lack of large
orders
 Revenue increased 7% if
adjusted for currency
 EBITA down 63%, primarily
due to special items
 EBIT affected by Ludowici
impairment write-down
 CFFO supported by a
decrease in net working
capital
 ROCE 15% adjusted for
special items
-1%
Interim Report Q3 2013
6 November 2013
8

9. Interim Report Q3 2013
Order intake decreased 42% in Q3’13 vs. Q3’12
Order intake
DKKm
10,000
8,000
(quarterly)
Order intake by industry
-42% vs. Q3 2012
Announced O&M orders
Announced capital orders
Unannounced orders
Other
Fertilizers
Iron ore
Coal
6,000
4,000
(quarterly)
Gold
15%
3%
1%
Cement
36%
6%
6%
2,000
33%
0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
Copper
 Order intake decreased 36% adjusted for currency
 Decline in order intake due to lack of large orders, whereas unannounced orders are stable
Interim Report Q3 2013
6 November 2013
9

10. Interim Report Q3 2013
Revenue flat vs. Q3 2012
(increased 7% adjusted for currency)
Revenue
DKKm
(quarterly)
0% vs. Q3 2012
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
 Revenue growth +7% adjusted
for currency. No M&A impact
 Service activities accounted for
34% of Q3 revenue
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 Pattern of seasonally increasing
revenue over the calendar year
broken in Q3, related to
Customer Services and Material
Handling
Interim Report Q3 2013
6 November 2013
10

11. Interim Report Q3 2013
Gross margin development
Gross profit
DKKm
-28% vs. Q3 2012
2,000
1,500
26.8%
26.0%
Gross margin Q3’13 vs. Q3’12
(quarterly)
Gross margin
- by division
40%
18.6%
1,000
30%
36.5%
28.3%
20%
500
23.5%
18.2%
10%
0
0%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
13.7% 15.1%
21.3%
11.6%
Q3’12
Q3’13
Customer
Services
Q3’12
Q3’13
Material
Handling
Q3’12
Q3’13
Mineral
Processing
Q3’12
Q3’13
Cement
 Decline in gross margin due to inventory write-down, one-off costs related to the efficiency
programme and execution of low margin order backlog in Cement
Interim Report Q3 2013
6 November 2013
11

12. Interim Report Q3 2013
SG&A ratio down in Q3’13 vs. Q3’12
SG&A costs*
DKKm
-10% vs. Q3 2012
1,200
1,000
(quarterly)
13.8%
14.7%
SG&A ratio*
18%
13.8%
15%
800
12%
600
9%
400
6%
200
 SG&A ratio down 0.9%points vs. Q3’12
3%
0
 SG&A ratio impacted by
efficiency programme oneoff costs in Q3’13
0%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
*) SG&A ratio: SG&A costs divided by revenue
Interim Report Q3 2013
6 November 2013
12

13. Interim Report Q3 2013
EBITA decreased 63% in Q3’13 vs. Q3’12
EBITA
DKKm
-63% vs. Q3 2012
1,000
800
11.9%
EBITA bridge reported vs. adjusted
(quarterly)
EBITA margin
15%
12%
9.8%
600
9%
400
3.6% 6%
DKKm
EBITA margin
800
9.1%
600
400
200
3%
200
0
0%
167
3.6%
203
615
0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
245
EBITA Q3'13
Inventory
writedown
Efficiency EBITA Q3'13
programme
adjusted
one-off costs
 EBITA margin down to 3.6% primarily due inventory write-down and efficiency programme oneoff costs. EBITA-margin 9.1% adjusted for special items
Interim Report Q3 2013
6 November 2013
13

14. Interim Report Q3 2013
Return on Capital Employed decreased further
Average
capital employed
DKKm
18,000
ROCE*
(quarterly)
10% in Q3 2013
ROCE target
ROCE
capital employed
DKKm
30%
25%
20%
12,000
9,000
15%
9,000
6,000
10%
6,000
3,000
5%
3,000
0%
Acquisition of
Ludowici
15,000
12,000
(end of quarter)
18,000
15,000
Capital employed
0
0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 ROCE 10% in Q3
 ROCE decreased 9%-points vs. Q3 2012 due to declining EBITA margin and increased average capital
employed as a result of acquisitions made in 2012 and higher average working capital
*) ROCE: Return on Capital Employed calculated on a before tax basis, including goodwill and based on last 12 months’ EBITA and average Capital Employed
Interim Report Q3 2013
6 November 2013
14

15. Interim Report Q3 2013
Net working capital reduced by DKK 312m in Q3’13
Net working capital
DKKm
Change in net working capital
DKKm
End Q3 2013 vs. End Q2 2013
3,200
3,000
2,500
3,000
2,000
66
2,800
1,500
255
416
2,600
1,000
18
557
2,400
500
2,200
0
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
2,597
2,285
2,000
Interim Report Q3 2013
6 November 2013
15

16. Interim Report Q3 2013
Positive free cash flow of DKK +91m in Q3 2013
CFFO
DKKm
CFFI
(quarterly)
DKK +283m in Q3 2013
DKKm
(quarterly)
DKK -192m in Q3 2013
1600
600
1200
0
800
-600
400
-1,200
0
-1,800
-400
-2,400
-800
-3,000
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 Positive cash flow from operating activities (CFFO) due to decrease in net working capital
 Cash flow from investments (CFFI) reflects that acquisitions are temporarily on hold
Interim Report Q3 2013
6 November 2013
16

17. Interim Report Q3 2013
Divisional developments in Q3’13 vs. Q3’12

Customer Services – stable level of unannounced orders

Material Handling – positive EBITA margin adjusted for special items

Mineral Processing - solid earnings despite special items

Cement - earnings significantly below last year as expected
order intake -37%, revenue -12%, EBITA -87%
order intake -62%, revenue -19%, EBITA DKK -34m
order intake -42%, revenue +1%, EBITA 0%
order intake -6%, revenue +53%, EBITA -82%
Interim Report Q3 2013
6 November 2013
17

18. Customer Services
Customer Services - Unannounced orders stable
Order intake
DKKm
4,000
3,000
Revenue
(quarterly)
-37% vs. Q3 2012
Announced O&M orders
Announced capital orders
Unannounced orders
DKKm
(quarterly)
-12% vs. Q3 2012
2,500
EBITA margin
20%
0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
1,500
12%
8%
500
1,000
16%
1,000
2,000
2,000
4%
0
0%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 Order intake down 33% adjusted for currency due to large orders received in Q3’13
 Stable underlying order intake
 Revenue down 6% adjusted for currency, but up 13% year to date
Interim Report Q3 2013
6 November 2013
18

19. Special items
Impairment and inventory write-downs in Q3

Ludowici impairment write-down of DKK -880m



Deteriorating outlook for mining capex in general and for the
Australian coal industry in particular
Impairment tests led to write-down
Inventory write-down of DKK -203m

Thorough inventory review

More stringent assessment of ageing inventory items
Interim Report Q3 2013
6 November 2013
19

20. Special items
Special items included in the full-year guidance
EBITA
EBIT
Material Handling one-off costs in Q2
DKK
-323m
DKK
-323m
Expected costs related to efficiency
programme in Q3-Q4
DKK
-350m
DKK
-350m
Inventory write-down in Q3
DKK
-203m
DKK
-203m
DKK
-880m
Ludowici impairment loss in Q3
Total full-year impact
DKK -876m
DKK -1,756m
Additionally, the guidance for 2013 includes costs of one-off nature amounting to DKK -200m as
announced in connection with Annual Report 2012.
Interim Report Q3 2013
6 November 2013
20

21. Guidance
Group guidance 2013 maintained
Group
Revenue
EBITA margin
CFFI
ROCE
Guidance 2013
2012
DKK 26-28bn
DKK 26.3bn
4-5%
9.7%
~DKK -0.8bn
DKK -3.4bn
7-8%
18%
Interim Report Q3 2013
6 November 2013
21

22. Guidance
Divisional guidance 2013
Updated to include allocation of special items to divisions
Segments
Guidance 2013
Revenue
(previously)
EBITA margin
(previously excl. special items)
Customer Services
DKK 7-8bn
DKK 8-9bn
10-11%
(13-14%)
Material Handling
DKK 4-5bn
-11% to -12%
(-8% to -9%)
Mineral Processing
DKK 9-10bn DKK 9-11bn
8-9%
(8-9%)
Cement
DKK 5-6bn
5-6%
(6-7%)

Cembrit is expected to generate a revenue of DKK ~1.4bn and an EBITA margin of ~-4% including special items in 2013

Eliminations in the form of intercompany trade is expected to amount to around DKK -1bn
Interim Report Q3 2013
6 November 2013
22

23. Guidance
Outlook

Mining capex downturn to continue throughout
2014

Cement capex already at a low level, but
pockets of recovery

Customer Services resilient and still growing

Current order intake not sufficient to sustain
current level of revenue

Revenue will be lower in 2014 than in 2013
Interim Report Q3 2013
6 November 2013
23

24. Key highlights Q3 2013
Key highlights Q3 2013
 Business environment unchanged
 Decreasing order intake due to lack of large orders
 Return on Capital Employed (ROCE) 10%
 EBITA margin 3.6%
(ROCE 15% adjusted for special items)
(EBITA margin 9.1% adjusted for special items)
 Efficiency Programme progressing according to plans
 Group guidance for 2013 maintained
Interim Report Q3 2013
6 November 2013
24

25. Questions &
Answers
Next update: Annual Report on 13 February 2014
Follow us on Twitter and LinkedIn
Interim Report Q3 2013
6 November 2013
25

26. Appendices
- backup slides
Interim Report Q3 2013
6 November 2013
26

27. Customer Services
Interim Report Q3 2013
6 November 2013
27

28. Customer Services
Customer Services
Q3
2013
Q3
2012
Change
Q1-Q3
2013
Q1-Q3
2012
Change
Full-year
2012
Order intake
2,109
3,345
-37%
5,973
6,760
-12%
9,202
Order backlog
8,325
7,909
+5%
8,325
7,909
5%
8,159
Revenue
1,736
1,968
-12%
5,565
4,944
13%
7,073
EBITDA
53
258
-80%
568
695
-18%
1,012
EBITA
29
226
-87%
496
637
-22%
930
EBITA margin
1.7%
11.5%
8.9%
12.9%
13.1%
EBIT
-5311)
199
-1101)
5282)
7872)
-30.6%1)
10.1%
-2.0%1)
10.7%2)
11.1%2)
(DKKm)
EBIT margin
Expected
2013
DKK 7-8bn
10-11%
1) Including Ludowici impairment loss of DKK -528
2) Including one-off write-down of capitalized R&D costs in Q2’12 of approximately DKK 60m
Interim Report Q3 2013
6 November 2013
28

29. Material Handling
Interim Report Q3 2013
6 November 2013
29

30. Material Handling
Revenue and order intake declining
Order intake
DKKm
2,000
1,500
Revenue
(quarterly)
-62% vs. Q3 2012
Announced orders
Unannounced orders
1,000
500
0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
DKKm
2,400
1,800
1,200
600
0
-600
-1,200
-1,800
-2,400
11
11
11
(quarterly)
-19% vs. Q3 2012
EBITA margin
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 Decreasing order intake and revenue reflects continued challenging market conditions and a prudent
tender approach
 EBITA margin adjusted for special items +3.9% in Q3
Interim Report Q3 2013
6 November 2013
30

31. Material Handling
Material Handling
Q3
2013
Q3
2012
Change
Q1-Q3
2013
Q1-Q3
2012
Change
Fullyear
2012
Order intake
638
1,675
-62%
3,282
3,890
-16%
4,565
Order backlog
4,465
5,514
-19%
4,465
5,514
-19%
4,773
Revenue
1,081
1,340
-19%
3,080
3,671
-16%
4,997
EBITDA
-19
-29
-440
27
-140
EBITA
-34
-42
-482
-9
-186
-3.1%
-3.1%
-15.6%
-0.2%
-3.7%
-46
-60
-531
-44
-247
-4.3%
-4.5%
-17.2%
-1.2%
-4.9%
(DKKm)
EBITA margin
EBIT
EBIT margin
Interim Report Q3 2013
Expected
2013
DKK 4-5bn
-11% to -12%
6 November 2013
31

32. Interim report Q3 2013
Status on legacy projects in Material Handling

No new problematic projects identified

15 projects out of a total portfolio of 180 projects
in the Material Handling Business Unit are
currently regarded as risky (end of Q2 2013: 15 projects)

These projects accounted for DKK 606m or 14%
of the backlog at the end of Q3

The one-off costs of DKK 323m realised in Q2
cover future losses related to the legacy projects
Interim Report Q3 2013
6 November 2013
32

33. Mineral Processing
Interim Report Q3 2013
6 November 2013
33

34. Mineral Processing
Declining order intake due to mining capex downturn
Order intake
DKKm
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Revenue
(quarterly)
-42% vs. Q3 2012
DKKm
Announced orders
Unannounced orders
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
3,500
3,000
2,500
2,000
1,500
1,000
500
0
(quarterly)
+1% vs. Q3 2012
EBITA margin
21%
18%
15%
12%
9%
6%
3%
0%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 Declining order intake and lower tender activity as the market for Mineral Processing remains soft
 Stable EBITA margin despite impact by special items
 EBITA margin adjusted for special items 11.7% in Q3
Interim Report Q3 2013
6 November 2013
34

35. Mineral Processing
Mineral Processing
Q3
2013
Q3
2012
Change
Q1-Q3
2013
Q1-Q3
2012
Change
Full-year
2012
Order intake
1,510
2,598
-42%
4,534
7,851
-42%
10,318
Order backlog
6,749
10,529
-36%
6,749
10,529
-36%
9,589
Revenue
2,393
2,375
+1%
6,880
6,154
12%
9,512
EBITDA
233
240
-3%
676
596
14%
1,079
EBITA
215
215
0%
604
543
11%
1,000
EBITA margin
9.0%
9.1%
8.8%
8.8%
EBIT
-1771)
164
1231)
3472)
-7.4%1)
6.9%
1.8%1)
5.6%2)
(DKKm)
EBIT margin
10.5%
-64%
Expected
2013
DKK 9-10bn
8-9%
7732)
8.1%2)
1) Including Ludowici impairment loss of DKK -352
2) Including one-off write-down of capitalized R&D costs in Q2’12 of approximately DKK 60m
Interim Report Q3 2013
6 November 2013
35

36. Cement
Interim Report Q3 2013
6 November 2013
36

37. Cement
Revenue significantly higher than order intake
Order intake
DKKm
2,500
2,000
Revenue
(quarterly)
-6% vs. Q3 2012
DKKm
+53% vs. Q3 2012
2500
Announced orders
Unannounced orders
(quarterly)
EBITA margin
25%
2000
20%
1,500
1500
15%
1,000
1000
10%
500
500
0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
5%
0
0%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 Stable level of unannounced orders – lack of large orders
 High revenue & low order intake resulting in declining order backlog
 EBITA margin adjusted for special items 6.1% in Q3
Interim Report Q3 2013
6 November 2013
37

38. Cement
Cement
Q3
2013
Q3
2012
Change
Q1-Q3
2013
Q1-Q3
2012
Change
Full-year
2012
Order intake
624
667
-6%
2,267
3,984
-43%
4,599
Order backlog
5,706
8,579
-34%
5,706
8,579
-34%
7,585
Revenue
1,385
905
+53%
3,705
2,716
36%
4,214
EBITDA
47
214
-78%
196
471
-58%
788
EBITA
38
208
-82%
168
445
-62%
752
2.7%
23.0%
4.5%
16.4%
31
206
153
3651)
2.2%
22.8%
4.1%
13.4%1)
(DKKm)
EBITA margin
EBIT
EBIT margin
-85%
17.8%
-58%
Expected
2013
DKK 5-6bn
5-6%
6691)
15.9%1)
1) Including one-off write-down of capitalized R&D costs in Q2’12 of approximately DKK 60m
Interim Report Q3 2013
6 November 2013
38

39. Interim report YTD
Financial developments YTD
FLSmidth & Co.
Q1 -Q3
Q1-Q3
Change
A/S
2012
FLSmidth & Co. A/S 2013 2013
(DKKm)
Q2
Q2 2012
(DKKm)
Order intake
15,295
21,623
-29%
Order intake
5,626
7,246
Order backlog
24,595
31,766
-23%
Revenue
6,456
5,653
Revenue
19,503
17,889
9%
EBITA
287
576
Gross margin
19.6%
25.4%
EBITA margin
4.4%
10.2%
EBITA
755
1,666
-55%
EBIT
195
323
EBITA margin
3.9%
9.3%
EBIT margin
3.0%
5.7%
EBIT
-399
1,244
n/a
CFFO
-51
333
EBIT margin
-2.0%
7.0%
Employees2)
14,817
12,717
Net results
-605
841
n/a
CFFO
Employees
-234
15,839
-22%
+14%
26-28bn
-50%
-39%
4-5%
+17%
188
15,735
Expected 2013
Change
-1%
Interim Report Q3 2013
6 November 2013
39

40. Interim Report Q3 2013
Distribution of order intake by segment
Order intake growth Q3’13 vs. Q3’12
Growth
Organic
Acquisitions
Currency
Total
Customer
Services
Material
Handling
Mineral
Processing
Cement
Order backlog
Group
-33%
-58%
-34%
-2%
-36%
0%
0%
0%
0%
0%
-4%
--4%
-8%
-4%
-6%
-37%
-62%
-42%
-6%
-42%
DKKm
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Announced order in Q3 2013: Copper (O&M), Chile, DKK >200m (CS)
(quarterly)
-23% vs. Q3 2012
Book-to-bill ratio*
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 Service activities accounted for 53% of Q3 orders
 Expected backlog conversion to revenue: 25% in 2013, 44% in 2014 and 31% in 2015 and beyond.
O&M** contracts accounted for DKK 5.2bn (21%) of the order backlog at the end of Q3
*) Order backlog divided by Last-Twelve-Months Revenue
**) Operation & Maintenance
Interim Report Q3 2013
6 November 2013
40

41. Interim Report Q3 2013
Revenue increased 0% in Q3 2013
Revenue
DKKm
(quarterly)
Revenue growth Q3’13 vs. Q3’12
0% vs. Q3 2012
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Growth
Organic
Acquisitions
Currency
Total
Customer
Services
Material
Handling
Mineral
Processing
Cement
Group
-6%
-12%
9%
57%
7%
0%
0%
0%
0%
0%
-6%
-7%
-8%
-4%
-7%
-12%
-19%
1%
53%
0%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 Organic revenue growth of 7% in Q3 2013
 Service activities accounted for 34% of Q3 revenue
 Pattern of increasing quarterly revenue over the calendar broken in 2013, related to Material
Handling and Customer Services
Interim Report Q3 2013
6 November 2013
41

42. Interim Report Q3 2013
Revenue and order intake by segment
Order intake Q3 2013
Revenue Q3 2013
– classified by segment
– classified by segment
Cembrit
Cement
6%
20%
Cement
Customer Services
13%
25%
Customer Services
43%
15%
Mineral Processing
34%
Mineral Processing 31%
Material Handling
13%
Material Handling
Interim Report Q3 2013
6 November 2013
42

43. Interim Report Q3 2013
Service activities accounted for 53% of Q3 orders
Revenue Q3 2013
Capital Business
Service Business
34%
Order intake Q3 2013
Capital Business
47%
66%
Interim Report Q3 2013
Service Business
53%
6 November 2013
43

44. Interim Report Q3 2013
EBITA by segment
EBITA margin Q3 2013
EBITA Q3 2013
– classified by segment
– classified by segment
9.0%
215
2.7%
1.7%
38
29
-34
Customer
Services
Material
Mineral
Handling Processing
-3.1%
Cement
Customer
Services
Material
Mineral
Handling Processing
Interim Report Q3 2013
Cement
6 November 2013
44

45. Interim Report Q3 2013
Capital structure developments
Equity
DKKm
-21% vs. Q3 2012
10,000
NIBD
(quarterly)
Equity ratio
Equity ratio target (self-imposed)
50%
8,000
40%
6,000
30%
4,000
20%
2,000
10%
0
0%
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
DKKm
6,000
5,000
4,000
3,000
2,000
1,000
0
-1,000
-2,000
(quarterly)
Gearing 2.2x EBITDA
Gearing target (self-imposed)
2.4
2
1.6
1.2
0.8
0.4
0
-0.4
-0.8
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2011 2011 2012 2012 2012 2012 2013 2013 2013
 The equity ratio declined and the gearing increased as a result of the special items booked in Q3
Interim Report Q3 2013
6 November 2013
45

46. Interim Report Q3 2013
Number of employees
 Number of employees decreased by 142
in Q3 (from 15,877 to 15,735)
Number of employees Q3’13 vs. Q3’12
- by segment
 820 employees have been given notice
by the end of Q3
 Developments in divisional numbers are
impacted by allocation of group staff
5,835 5,916
3,352
3,413
Q3’13
Q2312 Q3’13
Customer
Services
Material
Handling
Q3’12
2,984 2,994
Q3’12
Q2313
Mineral
Processing
Interim Report Q3 2013
2,567 2,331
Q3’12
Q3’13
Cement
6 November 2013
46