FLSmidth annual report for 2011 was released on 21 February 2012. Best viewed on a full screen mode, this annual 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 the next year.

1. Presentation of Annual Report 2011
Annual Report 2011 21/02/2012 1

2. Annual Report 2011
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.
Annual Report 2011 21/02/2012 2

3. Q4’11 BEST quarterly operating result EVER
9% growth & 9.9% EBIT ratio in 2011
New STRATEGY to unfold growth potential
Proposed dividend DKK 9 per share
Annual Report 2011 21/02/2012 3

4. Annual Report 2011
Agenda
Q4 results 2011
Annual results 2011
Minerals
Cement
Cembrit
New Group strategy
New Group structure
Future outlook
Capital Market Day: 17 April 2012
Annual Report 2011 21/02/2012 4

5. Q4 Results 2011
Financial developments in Q4 2011
FLSmidth & Co. A/S Order intake up 32% on
Q4 2011 Q4 2010 Change Q4’10, however sequentially
(DKK m)
down 18% due to very strong
Order intake 5,856 4,428 +32% Q3’11
Revenue 7,286 5,520 +32%
Strong revenue growth due to
Gross margin 26.3% 25.5% increasing order backlog in
EBITDA 995 633 +57% previous quarters as well as
continued strong demand for
EBITA* 938 579 +62% Customer Services
EBITA-ratio 12.9% 10.5%
Margin improvements as a
EBIT 870 536 +62% consequence of strong top-line
EBIT-ratio 11.9% 9.7% growth and operational leverage,
as well as favourable product
Results 567 329 +72%
mix and solid order execution
CFFO 260 232 +12%
*) Definition of EBITA: Earnings before amortisation and write-down of intangible assets
Annual Report 2011 21/02/2012 5

6. Annual Report 2011
Financial developments in 2011
FLSmidth & Co. A/S Order intake up 16% on last
2011 2010 Change year due to strong developments
(DKK m)
in Minerals
Order intake 24,044 20,780 +16%
Revenue growth due to increase
Order backlog 27,136 23,708 +14% in order backlog over the last two
Revenue 21,998 20,186 +9% years and continued strong
demand for Customer Services
Gross margin 26.1% 25.8%
Steady margins overall -
EBITDA 2,647 2,387 +11% however with different segment
EBITA* 2,405 2,177 +10% developments
EBITA-ratio 10.9% 10.8% The effect of Purchase Price
Allocations amounted to DKK
EBIT 2,171 1,990 +9% 178m in 2011 and is expected to
EBIT-ratio 9.9% 9.9% be around DKK 220m in 2012
Results 1,437 1,278 +12% Cash flow from operating
activities down due to temporary
CFFO 1,148 1,335 -14% spike in working capital in Q4’11
*) Definition of EBITA: Earnings before amortisation and write-down of intangible assets
Annual Report 2011 21/02/2012 6

7. Annual Report 2011
Emerging markets 69% of revenue in 2011
Revenue 2011 Revenue 2011
– classified by segment – classified by country category
Cembrit
High-income
countries
(Cf. World Bank’s definition)
7%
Minerals Developing
countries 31%
(Exclusive of BRIC)
48%
37%
56%
Cement 21%
BRIC countries
(Brazil, Russia, India, China)
Annual Report 2011 21/02/2012 7

8. Annual Report 2011
Revenue increased 32% in Q4 2011
Revenue (quarterly) EBIT (quarterly)
DKKm
+32% vs. Q4 2010 DKKm
+62% vs. Q4 2010 EBIT ratio
8.000 1.000 14,0%
12,0%
6.000 800
10,0%
600 8,0%
4.000
400 6,0%
2.000 4,0%
200
2,0%
0 0 0,0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010 2010 2010 2010 2011 2011 2011 2011 2010 2010 2010 2010 2011 2011 2011 2011
Pattern of increasing quarterly revenue over the year repeated in 2011, however slightly more
skewed towards year end than usual
EBIT-margin increasing over the course of 2011 due to top-line growth, a favourable product
mix and project completions with a better-than-expected financial result
Annual Report 2011 21/02/2012 8

9. Annual Report 2011
EBIT ratio between 9-10% throughout the cycle
DKKm Revenue Growth DKKm EBIT EBIT ratio
30.000 80% 3.000 12,0%
25.000 2.500 10,0%
60%
20.000 2.000 8,0%
15.000 40% 1.500 6,0%
10.000 20% 1.000 4,0%
5.000 500 2,0%
0%
- - 0,0%
-5.000 2007 2008 2009 2010 2011 -20% 2007 2008 2009 2010 2011
EBIT ratio between 9-10% through the cycle - unusual for a company in a cyclical industry
Stable margin development is a reflection of FLSmidth’s asset light business model leading to a
flexible cost structure
Purchase price allocations PPA DKK 178m in 2011, expected to be DKK ~220m in 2012
Annual Report 2011 21/02/2012 9

10. Annual Report 2011
Order intake increased 32% in Q4 2011
Order intake (quarterly) Order backlog (quarterly)
DKKm
+32% vs. Q4 2010 DKKm
+14% vs. Q4 2010 Book-to-bill ratio
8.000 30.000 1,60
Announced O&M orders
25.000 1,50
Announced Capital orders
6.000 Un-announced orders 1,40
20.000 1,30
4.000 15.000 1,20
10.000 1,10
2.000 1,00
5.000 0,90
- 0 0,80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010 2010 2010 2010 2011 2011 2011 2011 2010 2010 2010 2010 2011 2011 2011 2011
Step-change in level of unannounced orders to DKK ~4bn per quarter sustained in Q4
Order backlog declined in Q4 due to high revenue recognition
Expected conversion of order backlog end of 2011 to revenue: 62% in 2012 and 23% in 2013
Annual Report 2011 21/02/2012 10

11. Annual Report 2011
Cash flow and working capital
CFFO (quarterly) Working capital (quarterly)
DKKm
+12% vs. Q4 2010 Free cash flow DKKm
+85% vs. Q4 2010
1.000 1.000 2.000
800 800
1.500
600 600
400 400 1.000
200 200 500
0 0
-
-200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -200
2010 2010 2010 2010 2011 2011 2011 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-400 -400 2010 2010 2010 2010 2011 2011 2011 2011
CFFO adversely affected by increase in paid taxes (due to intra group transfer of IPR) and
temporary increase in working capital in Q4 2011
Increase in working capital in Q4 related to high level of execution and revenue recognition in
December resulting in large amount of invoices that are not yet due for payment
Annual Report 2011 21/02/2012 11

12. Annual Report 2011
Continued strong financial platform
NIBD (quarterly) Equity (quarterly)
DKKm
Gearing 0.04x EBITDA Gearing
(NIBD/EBITDA)
DKKm
+9% vs. Q4 2011 Equity ratio
10.000 40%
2.000 0,8 35%
1.500 0,6 8.000 30%
1.000 0,4 25%
6.000
500 0,2 20%
- - 4.000 15%
(500) (0,2) 10%
(1.000) (0,4) 2.000
5%
(1.500) (0,6) 0 0%
(2.000) (0,8) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2010 2010 2010 2011 2011 2011 2011
2010 2010 2010 2010 2011 2011 2011 2011
Net debt position following five acquisitions and high level of organic investments in 2011
Equity ratio of 35% comfortably above minimum targeted level of 30%
Dividend of DKK 9 per share proposed, equivalent to 33% pay-out ratio and 3% dividend yield
Annual Report 2011 21/02/2012 12

13. Minerals
Annual Report 2011 21/02/2012 13

14. 2011 - RECORD YEAR for Minerals
BEST EBIT result
HIGHEST revenue
LARGEST order intake
…EVER!
Annual Report 2011 21/02/2012 14

15. Minerals
Strong revenue growth & margin improvement in Q4
Order intake (quarterly) Revenue (quarterly)
DKKm
+65% vs. Q4 2010 DKKm
+49% vs. Q4 2011 EBIT ratio
5.000 5.000 14,0%
Announced Capital orders
4.000 12,0%
Unannounced orders
4.000
10,0%
3.000 3.000 8,0%
2.000 2.000 6,0%
4,0%
1.000 1.000
2,0%
- 0 0,0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010 2010 2010 2010 2011 2011 2011 2011 2010 2010 2010 2010 2011 2011 2011 2011
Level of unannounced orders consistently higher in 2011 than in 2010 - run rate DKK ~2.6bn
Drop in EBIT ratio in first half due to one-off losses on two contracts
High level of execution and revenue in Q4’11
Annual Report 2011 21/02/2012 15

16. Minerals
Distribution of order intake in 2011
Order intake 2011 Order intake 2011
– classified by industry – classified by technology
Copper Comminution 9%
Gold
29%
34% Separation
Coal 21% 42%
Iron ore
Material Handling
Fertilizers 7%
Other 6% 14% Other
10% 28%
Annual Report 2011 21/02/2012 16

17. Minerals
Continued strong demand for mining equipment
The industry is generally buoyant with MINERALS
unchanged growth drivers DKKm 2011 2010 Change
(industrialisation & urbanisation in
Order backlog 13,408 9,752 +37%
emerging markets) sparking global
demand for particularly coal, iron ore, Order intake 15,900 10,982 +45%
fertilizers and copper
No significant changes to competitive Revenue 12,374 9,587 +29%
landscape
EBITA 1,479 1,124 +32%
The trend is for global mining companies
to engage with global suppliers that EBITA ratio 12.0% 11.7%
can muster a broad range of products
and services EBIT 1,306 987 +32%
Expected conversion of order backlog EBIT ratio 10.6% 10.3%
to revenue: 73% in 2012 and 20% in
2013
Annual Report 2011 21/02/2012 17

18. Cement
Annual Report 2011 21/02/2012 18

19. 2011 – mixed picture in Cement
Strong execution
Scattered markets
Orders up 17% (excl. Customer Services)
Annual Report 2011 21/02/2012 19

20. Cement
Traditionally strong markets subdued in 2011
Overall order intake in Cement hit by CEMENT
2011 2010 Change
slowdown in traditionally large cement DKKm
markets. Order backlog 13,838 14,146 -2%
In India, high growth has led to high
inflation, which is being countered by high Order intake 8,248 10,036 -18%
interest rates and a consequent slowdown
Revenue 8,367 9,372 -11%
in investments.
In North Africa, the Arab Spring created EBITA 894 1,064 -16%
uncertainty and unpredictability, which has
EBITA ratio 10.7% 11.4%
temporarily curbed investment activity and
consumption of cement. EBIT 837 1.017 -18%
Expected conversion of order backlog to
EBIT ratio 10.0% 10.9%
revenue: 52% in 2012 and 26% in 2013
Annual Report 2011 21/02/2012 20

21. Cement
Strong revenue growth & margin improvement in Q4
Order intake (quarterly) Revenue (quarterly)
DKKm
-10% vs. Q4 2010 DKKm
+13% vs. Q4 2010 EBIT ratio
4.000 4.000 16,0%
Announced O&M orders
14,0%
Announced capital orders
3.000 Unannounced orders 3.000 12,0%
10,0%
2.000 2.000 8,0%
6,0%
1.000 1.000 4,0%
2,0%
- 0 0,0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010 2010 2010 2010 2011 2011 2011 2011 2010 2010 2010 2010 2011 2011 2011 2011
Level of unannounced orders stable throughout 2011 – run rate around DKK 1.4bn
EBIT-margin increasing in Q4 due to top-line growth, a favourable product mix and project
completions with a better-than-expected financial result
Annual Report 2011 21/02/2012 21

22. Cement
Global contracted new kiln capacity (excl. China)
mty Global contracted
160 new kiln capacity
Asia (excl. China & India)
140 India in 2011 46 mty
Russia (2010: 65 mty)
120 Europe
North America
100 Latin America Market shares
80 MiddleEast
Others
Africa 16% FLSmidth
60 KHD
31%
6%
40
Polysius
20 19%
0
Sinoma
28%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Annual Report 2011 21/02/2012 22

23. Customer Services
Annual Report 2011 21/02/2012 23

24. Customer Services
Strong service revenue growth in 2011
Minerals Customer Services Cement Customer Services
Order intake and revenue (quarterly) Order intake and revenue (quarterly)
DKKm DKKm
2.000 2.000
Order intake Order intake
1.500 1.500
Revenue Revenue
1.000 1.000
500 500
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010 2010 2010 2010 2011 2011 2011 2011 2010 2010 2010 2010 2011 2011 2011 2011
Minerals Customer services order intake Cement Customer services order intake
increased 33% in 2011 and accounted for decreased 44% in 2011 (due to no O&M
27% of total Minerals order intake contracts received in 2011) and accounted for
38% of total Cement order intake
Minerals Customer services revenue increased
22% in 2011 and accounted for 32% of total Cement Customer services revenue increased
Minerals revenue 9% in 2011 and accounted for 40% of total
Cement revenue
Annual Report 2011 21/02/2012 24

25. Cembrit - Europe’s largest dedicated provider of fibre-cement products
Annual Report 2011 21/02/2012 25

26. Cembrit
Positive results in Q4’11 due to mild weather
CEMBRIT Revenue (quarterly)
DKKm 2011 2012 change DKKm
+7% vs. Q4 2010 EBIT ratio
600 10,0%
Revenue 1,460 1,383 6% 400
5,0%
200
EBITA 58 30 +93%
0 0,0%
EBITA ratio 4.0% 2.2% -200
-5,0%
-400
EBIT 54 27 +100% -600 -10,0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
EBIT ratio 3.7% 2.0% 2010 2010 2010 2010 2011 2011 2011 2011
The European markets are still expected to offer considerable opportunities for long-term expansion of
the fibre-cement segment in terms of higher market share for Cembrit roofing materials
Prospects for 2012 reflect macro economic uncertainty suggesting a lengthy period of low growth in
Europe
Annual Report 2011 21/02/2012 26

27. “We will be our customers’
preferred full-service provider
of sustainable minerals and
cement technologies”
New Vision and New Group Strategy
Annual Report 2011 21/02/2012 27

28. New Group Strategy
”Focused full-service provider”
We will focus on 6 key industries: Full-service provider
Coal
Iron ore We will build state-of-the-art
machinery and then bundle this
Fertilizer with services to supply the
Copper solutions our customers need
the most
Gold
Cement
We do no longer regard products
and machinery as "the end", but
We will not diversify into unrelated industries rather as "the means" by which we supply
services to our customers
We will differentiate from competitors by Providing full service solutions will enable us
offering full service within our key industries to cover more of the customers' life cycle
and core technologies; minerals processing
and material handling
Annual Report 2011 21/02/2012 28

29. New Group Strategy
”Focused full-service provider”
Life cycle approach Full flow-sheet
We will focus on a product portfolio that We will offer customers in our six key
reflects our customers' life cycle industries full flow sheet solutions that
reflect our core competences
Maximize sales to each customer
The objective is to complete the
Our primary value-proposition flow sheet in each of our six key
will be based on a holistic life-cycle industries - though with varying scope
approach where total cost of
ownership (TCO) is lower than our We will pursue business activities within our
competitors and based on more sustainable core activities that will result in market
and eco-efficient technologies leadership
Annual Report 2011 21/02/2012 29

30. New Group Strategy
Three key strategic themes
We build our strategy around three
themes:
Customer intimacy
Product leadership Customer intimacy
Operational excellence
Our approach will be balanced and
interlinked
We will align our solutions with our
customers’ needs Operational excellence Product leadership
Annual Report 2011 21/02/2012 30

31. New Group Structure
New Group Structure
Old structure New structure
FLSmidth FLSmidth
Customer Bulk
Cement* Minerals Non-Ferrous Cement
Services Materials*
Projects and Products
Projects and Products
*) Some product companies previously belonging to Cement are moved to Bulk Materials since a considerable part of their future activities is related to minerals
Annual Report 2011 21/02/2012 31

32. New Group Structure
New Group Structure
FLSmidth
Bulk Materials, Non-Ferrous and
Cement still include a total of DKK
1.9bn service revenue in product
companies. Total service revenue
Customer
amounted to DKK 7.2bn in 2011 Bulk Materials Non-Ferrous Cement
Services
representing 33% of Group revenue
Market potential DKK~70bn DKK~90bn DKK~50bn DKK~60bn
p.a. (estimated)
Industries served All focus industries Coal, iron, Copper, gold and Cement
fertilizers and other other minerals
bulk minerals
Main competitors All OEM suppliers, ThyssenKrupp, Metso, Outotec, Sinoma, ThyssenKrupp
specialised services Sandvik, Takraf, FAM, ThyssenKrupp, Polysius, KHD, etc.
and parts suppliers Metso, etc. Sandvik, Weir, etc.
Revenue 2011*) DKK 5.3bn DKK 5.0bn DKK 6.8bn DKK 4.4bn
(proforma)
EBITA-% 2011 ~16% ~5% ~12% ~11%
(proforma)
*) Elimination in the form of inter-company trade amounted to approx. DKK 1bn in 2011
Annual Report 2011 21/02/2012 32

33. New Group Structure
Group Executive Management to be enlarged
Jørgen Huno
Rasmussen*
CEO
Poul Erik Tofte*
(until 30 March 2012)
Ben Guren*
(from 10 April 2012)
CFO
Customer Services Bulk Materials Non-Ferrous Cement
Bjarne Moltke Hansen*1 Christian Jepsen* Peter Flanagan Per Mejnert Kristensen
Executive Vice President Executive Vice President Executive Vice President Executive Vice President
*) Executive officer registred with the Danish Business Agency
1) Responsible for Cembrit
Annual Report 2011 21/02/2012 33

34. Future Outlook
Annual Report 2011 21/02/2012 34

35. Future Outlook
New financial targets
Financial targets
Annual revenue growth Above market average
EBITA ratio 10-13%
Equity ratio >30%
Financial gearing (NIBD/EBITDA) <2
Pay-out ratio 30-50%
CFFI (excl. acquisitions) DKK -700m to -900m
Annual Report 2011 21/02/2012 35

36. Future Outlook
Guidance 2012
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
Segments Guidance 2012
Revenue trend vs. 2011 EBITA ratio trend vs. 2011 Order intake trend vs. 2011
Customer Services Increasing (DKK 5.3bn) Stable (~16%) Increasing (DKK 5.3bn)
Bulk Materials Increasing (DKK 5.0bn) Strongly increasing (~5%) Increasing (DKK 5.5bn)
Non-Ferrous Increasing (DKK 6.8bn) Slightly decreasing (~12%) Stable (DKK 9.7bn)
Cement Slightly increasing (DKK 4.4bn) Decreasing (~11%) Slightly increasing (DKK 4.4bn)
Cembrit Slightly increasing (DKK 1.5bn) Increasing (~4%) n/a n/a
Annual Report 2011 21/02/2012 36

37. Key take-aways
Key take-aways
Record year for Minerals
Cement hit by Arab spring and
growth pause in India
Launch of new group strategy:
“Focused full-service provider”
New group structure:
Four divisions instead of two
Group Executive Management
enlarged to six members
New financial targets
Annual Report 2011 21/02/2012 37

38. Capital Market Day
17 April 2012 at 15:00
FLSmidth, Copenhagen
For more information: www.flsmidth.com/cmd2012
Visit FLSmidth at MineExpo in Las Vegas
and at our offices in Salt Lake City, USA
on 26-27 September 2012
Annual Report 2011 21/02/2012 38