FLSmidth first quarter report presentation 2012 was released on 15 May, 2012. Best viewed on a full screen mode, this quarterly report informs the reader about how well FLSmidth's business has performed in the 1st quarter of 2012.

1. Interim Report Q1 2012
15 May 2012Interim Report Q1 2012 1

2. Forward-looking statements
Interim Report Q1 2012
15 May 2012Interim Report Q1 2012 2
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.

3. Strong growth in order intake in Q1
Full-year Group expectations unchanged
Working capital to be given increased attention
Varying segment performance and seasonality
15 May 2012Interim Report Q1 2012 3

4.  Order intake up 29% on
Q1’11, and also up 10%
sequentially
 Revenue up 17% due to
increasing order intake last year,
particularly in Non-Ferrous and
Customer Services
 Margins on the weak side,
albeit typical for Q1
 Net results up 39% due to
positive effect from fair value of
currency hedge agreements
 Cash flow from operating
activities negative due to
increase in working capital
Financial developments in Q1 2012
Q1 Results 2012
15 May 2012 4
FLSmidth & Co. A/S
(DKK m)
Q1 2012 Q1 2011 Change
Order intake 6,421 4,964 +29%
Order backlog 28,736 24,033 +20%
Revenue 5,145 4,385 +17%
Gross margin 25.4% 25.2%
EBITA 402 363 +11%
EBITA margin 7.8% 8.3%
EBIT 334 305 +10%
EBIT margin 6.5% 7.0%
Net Results 241 173 +39%
CFFO (117) (101) -16%
Employees 13,500 11,817 +14%
Interim Report Q1 2012

5. New Group Structure
Reporting in new Group Structure
15 May 2012Interim Report Q1 2012 5

6. Segment developments
28%
14%
37%
21%
Interim Report Q1 2012
15 May 2012Interim Report Q1 2012 6
Order intake Q1 2012
– classified by segment
Customer Services
Bulk Materials
Cement
26%
20%
32%
16%
6%
Bulk Materials
Non-Ferrous
Revenue Q1 2012
– classified by segment
Customer Services
Cement
Cembrit
Non-Ferrous

7. 37%
22%
13%
3%
1%
24%
Distribution of order intake in Q1 2012
15 May 2012Interim Report Q1 2012 7
Order intake 2012
– classified by industry
Interim Report Q1 2012
Cement
CopperGold
Coal
Iron ore
Other
Announced orders in Q1 2012
Copper Latin America DKK 500m
Gold North America DKK 467m
Cement Mongolia DKK 640m
Copper CIS Region DKK 213m
Cement Brazil DKK 470m
Total DKK 2,290m

8.  Level of unannounced orders still around DKK ~4bn per quarter
 Announced orders amounted to DKK 2.3bn in Q1
 Order backlog increased 6% in Q1 and is 20% higher than one year ago.
Order intake increased 29% in Q1 2012
Interim Report Q1 2012
15 May 2012Interim Report Q1 2012 8
-
2,000
4,000
6,000
8,000
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Order intake (quarterly)
+29% vs. Q1 2011DKKm
0.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50
1.60
0
5,000
10,000
15,000
20,000
25,000
30,000
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Order backlog (quarterly)
+20% vs. Q1 2011DKKm Book-to-bill ratio
Announced O&M orders
Announced Capital orders
Unannounced orders

9.  Organic growth +13% (excl. currency and acquisitions)
 Pattern of increasing quarterly revenue over the year likely to be repeated in 2012
 Q1 margin typically weak, however also adversely impacted by increase in SG&A
Revenue increased 17% in Q1 2012
Interim Report Q1 2012
15 May 2012Interim Report Q1 2012 9
0
2,000
4,000
6,000
8,000
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Revenue (quarterly)
+17% vs. Q1 2011DKKm EBITA margin
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
0
200
400
600
800
1000
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
EBITA (quarterly)
+11% vs. Q1 2011DKKm

10. Increasing SG&A ratio
Interim Report Q1 2012
15 May 2012Interim Report Q1 2012 10
 SG&A ratio typically higher in Q1
due to relatively low top-line and
consequently under-absorption of costs
 Specific reasons for increase in
SG&A in Q1 2012
 Increase in proposal costs; adding to costs
now, but only revenue later
 Acquisitions incl. one-offs
 Under-absorption of costs
SG&A ratio
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
18.0%
0
200
400
600
800
1,000
1,200
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
SG&A (quarterly)
+24% vs. Q1 2011DKKm

11.  CFFO adversely affected by increase in working capital in Q1 2012
 CFFI amounted to DKK -209m in Q1 related to acquisition of tangible assets in connection with
ongoing strategic activities (Supercentres, extension of workshop facilities in China and India)
Cash flow from operating and investing activities
Interim Report Q1 2012
15 May 2012Interim Report Q1 2012 11
CFFO (quarterly)
-16% vs. Q1 2011DKKm
-400
-200
0
200
400
600
800
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
CFFI (quarterly)
-19% vs. Q1 2011DKKm
-1,000
-800
-600
-400
-200
0
200
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012

12. Program to manage working capital launched in Q2
Interim Report Q1 2012
15 May 2012Interim Report Q1 2012 12
Working capital (quarterly)
+94% vs. Q1 2011DKKm
 Working capital increased 19% in Q1 to
DKK 1,926m
 Structural reasons for increase in working
capital:
 Strategic initiatives in Customer Services
 Change in business mix towards more
mining and less cement
 Specific reasons for increase in inventory
in Q1 2012
 Introduction of division stocking
programmes in the USA
 Build up of stock for the summer
season in Cembrit
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
WC /TTM* Sales
TTM : Trailing-Twelve-Months

13.  Net debt increasing due to negative CFFO in Q1 and relatively high level of investments
 Equity ratio of 36% comfortably above minimum targeted level of 30%
 Dividend of DKK 9 per share paid on 10 April 2012 (equivalent to DKK 471m)
Capital structure
Interim Report 2012
15 May 2012Interim Report Q1 2012 13
NIBD (quarterly)
DKKm
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
2,000
4,000
6,000
8,000
10,000
12,000
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Equity (quarterly)
DKKm Equity ratio
(0.8)
(0.6)
(0.4)
(0.2)
-
0.2
0.4
0.6
0.8
(2,000)
(1,500)
(1,000)
(500)
-
500
1,000
1,500
2,000
Q1
2010
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Gearing
(NIBD/ TTM* EBITDA)
Gearing 0.14x EBITDA +14% vs. Q1 2011
TTM: Trailing-Twelve-Months

14. Customer Services
15 May 2012Interim Report Q1 2012 14

15. Customer Services
Customer Services
15 May 2012Interim Report Q1 2012 15
Customer
Services
(DKK m)
Q1 2012 Q1 2011 Change
Full-year
2011
Expected trend
in 2012
Order intake 1,846 1,355 +36% 5,271 Increasing
Oder backlog 6,679 6,304 +6% 6,082
Revenue 1,368 1,051 +30% 5,259 Increasing
EBITDA 193 142 +36% 882
EBITA 180 128 +41% 838
EBITA margin 13.2% 12.2% 15.9% Stable
EBIT 174 126 +38% 832
EBIT margin 12.7% 12.0% 15.8%

16.  Strong increase in order intake in Q1 reflection of continued high capacity utilisation as well as
receipt of several small rebuild and retrofit projects
 Clear pattern of increasing quarterly revenue over the calendar year
 O&M contracts progressing well and Supercenter build-out in line with plans
Strong growth in order intake and revenue
Customer Services
15 May 2012Interim Report Q1 2012 16
Revenue (quarterly)
DKKm EBITA margin+30% vs. Q1 2011
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
0
500
1,000
1,500
2,000
2,500
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
0
500
1,000
1,500
2,000
2,500
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Order intake (quarterly)
+36% vs. Q1 2011DKKm

17. Bulk Materials
15 May 2012Interim Report Q1 2012 17

18. Bulk Materials Division
Bulk Materials
15 May 2012Interim Report Q1 2012 18
Bulk
Materials
(DKK m)
Q1 2012 Q1 2011 Change
Full-year
2011
Expected trend
in 2012
Order intake 943 1,641 (43%) 5,482 Increasing
Order backlog 5,023 5,123 (2%)
Revenue 1,060 917 +16% 5,005 Increasing
EBITDA 28 12 +133% 276
EBITA 16 6 +167% 225
EBITA margin 1.5% 0.7% 4.5% Stable *)
EBIT 4 (12) 146
EBIT margin 0.4% (1.3%) 2.9%
*) previous expectation: Strongly increasing

19.  Quarterly order intake inherently volatile, whereas quarterly revenue follows pattern of
increasing revenue over the calendar year
 List of potential projects remains strong, particularly for conveying and port facilities
 Focus on operational excellence to improve sub-optimal efficiency in project execution
Slow start in terms of order intake and revenue
Bulk Materials
15 May 2012Interim Report Q1 2012 19
Revenue (quarterly)
DKKm EBITA margin+16% vs. Q1 2011
0
500
1,000
1,500
2,000
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Order intake (quarterly)
-43% vs. Q1 2011DKKm
-4.0%
0.0%
4.0%
8.0%
12.0%
16.0%
-500
0
500
1000
1500
2000
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012

20. Non-Ferrous
15 May 2012Interim Report Q1 2012 20

21. Non-Ferrous
Non-Ferrous
15 May 2012Interim Report Q1 2012 21
Non-Ferrous
(DKK m)
Q1 2012 Q1 2011 Change
Full-year
2011
Expected trend
in 2012
Order intake 2,445 1,680 +46% 9,731 Stable
Order backlog 9,482 6,032 +57%
Revenue 1,722 1,163 +48% 6,766 Increasing
EBITDA 147 132 +11% 859
EBITA 135 120 +13% 815
EBITA margin 7.8% 10.3% 12.0% Slightly decreasing
EBIT 94 87 +8% 689
EBIT margin 5.4% 7.5% 10.2%

22.  Particularly strong demand for copper and gold solutions
 Margin slightly under pressure since order backlog is emptied for good margin orders taken in
2007 and 2008 at more favourable terms and conditions than today
Strong order intake and revenue growth
Non-Ferrous
15 May 2012Interim Report Q1 2012 22
Revenue (quarterly)
DKKm EBITA margin+48% vs. Q1 2011
0.0%
3.0%
6.0%
9.0%
12.0%
15.0%
18.0%
0
500
1,000
1,500
2,000
2,500
3,000
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Order intake (quarterly)
+46% vs. Q1 2011DKKm

23. Cement
15 May 2012Interim Report Q1 2012 23

24. Cement
Cement
15 May 2012Interim Report Q1 2012 24
Cement
(DKK m)
Q1 2012
Q1
2011
Change
Full-year
2011
Expected trend
in 2012
Order intake 1,415 527 +169% 4,439 Slightly increasing
Order backlog 8,208 7,246 +13%
Revenue 859 1,149 (25%) 4,354 Slightly increasing
EBITDA 102 136 (25%) 541
EBITA 93 121 (23%) 494
EBITA margin 10.8% 10.5% 11.3% Decreasing
EBIT 85 117 (27%) 475
EBIT margin 9.9% 10.2% 10.9%

25. 0
500
1000
1500
2000
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
 In general, proposal activity is high and the list of potential projects is encouraging
 However, the Indian market remains subdued
High proposal activity
Cement
15 May 2012Interim Report Q1 2012 25
Revenue (quarterly)
DKKm EBIT margin-25% vs. Q1 2011
0.0%
5.0%
10.0%
15.0%
20.0%
0
500
1,000
1,500
2,000
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Order intake (quarterly)
+169% vs. Q1 2011DKKm

26. Cembrit - Europe’s largest dedicated provider of fibre-cement products
15 May 2012Interim Report Q1 2012 26

27.  The European markets are still impacted by macro economic uncertainty, and activity in the
new build segment remains subdued.
Improved results in Q1
Cembrit
15 May 2012Interim Report Q1 2012 27
Revenue (quarterly)
DKKm EBITA margin
+9% vs. Q1 2011
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-500
-400
-300
-200
-100
0
100
200
300
400
500
Q1
2010
Q2
2010
03
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
DKKm Q1 2012 Q1 2011 change
Revenue 316 290 9%
EBITA (6) (8) +25%
EBITA margin (1.9%) (2.8%)
EBIT (7) (9) +22%
EBIT margin (2.2%) (3.1%)

28. Future Outlook
15 May 2012Interim Report Q1 2012 28

29. VISION
“We will be our customers’
preferred full-service provider
of sustainable minerals and
cement technologies”
15 May 2012Interim Report Q1 2012 29

30. Financial targets (unchanged)
Future Outlook
15 May 2012Interim Report Q1 2012 30
Financial targets
Annual revenue growth Above market average
EBITA margin 10-13%
Equity ratio >30%
Financial gearing (NIBD/EBITDA) <2
Pay-out ratio 30-50%
CFFI (excl. acquisitions) DKK -700m to -900m
The Board will be considering and adopting new financial targets for return on capital
– no later than in connection with the Annual Report for 2012

31. Group Guidance 2012 Actual 2011
Revenue DKK 24-26bn DKK 22bn
EBITA ratio >10% 10.9%
EBIT ratio 9-10% 9.9%
Tax rate 30-32% 31%
CFFI (excl. acquisitions) DKK -900m DKK -733m
Group guidance 2012 (unchanged)
Future Outlook
15 May 2012Interim Report Q1 2012 31

32. Key take-aways
Order intake validates strong underlying demand
Group expectations unchanged despite slow start
Increased focus on working capital and SG&A
ROCE targets to be discussed and adopted
15 May 2012Interim Report Q1 2012 32

33. Questions &
Answers
Visit FLSmidth at MineExpo
in Las Vegas and at our offices
in Salt Lake City, USA
on 26-27 September 2012
Follow us on Twitter: @flsmidth
15 May 2012Interim Report Q1 2012 33