FLSmidth second quarter or half yearly report for 2015 was released on 25 August 2014. Best viewed on a full screen mode, the highlights of the Interim report for Q2 2015 includes the outlook deterioration of global mining industry, solid performance in three out of four divisions and more.

1. Presentation of interim results Q2 2015
25 August, 2015 1The information contained or referenced in this presentation is confidential and proprietary to FLSmidth and is protected by copyright or trade secret laws.
Copenhagen, 25 August 2015

2. Key highlights in Q2 2015
25 August 2015Interim Report Q2 2015 2
▪ Deteriorating market conditions in the mining industry and oil-exporting countries
=> higher risks
=> prudent management assessment of business risks
=> EBITA margin guidance lowered to 7-8% (previously 9-10%)
▪ Solid developments in three out of four divisions
▪ Growth in order intake and revenue supported by FX
(24% increase in revenue from total service activities)
▪ Adjusted EBITA margin 9.2% - reported EBITA margin 7.3%

3. Safety ambition:
No injuries
2015 LTIFR target: < 2.6
Safety highlights in Q2
Best ever quarterly Group LTIFR rate: 1.0
Indian Bawal manufacturing unit crossed
1 mill. man hours without any lost time injury
Strong safety performance again in Q2 2015
Lost Time Injury Frequency Rate (LTIFR) 1.6 in H1 2015
3
Safety
25 August 2015Interim Report Q2 2015
4.2
4.7
3.9
2.7
1.6
0.0
1.0
2.0
3.0
4.0
5.0
2011 2012 2013 2014 YTD 2015
LTIFR (annually)Number of lost time
injuries per million
working hours

4. Sustainable technology highlights in Q2 2015
Technology highlights
25 August 2015Interim Report Q2 2015 4
FerroCer wear solution: The core of the modular system is a composite tile of
metal and ceramic components
Industrial test: Successful industrial test in Australia
Advantages:
At least 4 times more wear resistant than the traditional wear solutions
Quick, easy and safe to install
Reduced maintenance downtime
Reduced operational expenses and increased production
Strategic rationale:
Improving productivity for our customers and strengthening our position
in wear parts
Next generation wear solution planned for launch in 2015

5. Efficiency and business right-sizing activities on track
Large cement order of DKK 750m received from Vietnam in
May 2015
Large minerals order of DKK 216m received from Saudi
Arabia in May 2015
Preemptive management assessment of business risks
based on changed market conditions since July
Continued investments in people and competencies
Operational highlights in Q2 2015
Operation highlights
25 August 2015Interim Report Q2 2015 5

6. Updated view on mining capex developments:
The trough in mining capex is expected to be
extended into 2016-2017 (previously 2015)
Growth is not expected to resume until end 2017
(previously slow growth expected in 2016)
Reasons for changed outlook:
Declining commodity prices
Increased risk of mine closures
Customers’ free cash flow is deteriorating
Continued announcements of capex cuts
Deteriorating outlook for the Chinese economy
Changed mining outlook
Market update
25 August 2015 6Interim Report Q2 2015
70
75
80
85
90
95
100
105
110
01/01/2015
15/01/2015
29/01/2015
12/02/2015
26/02/2015
12/03/2015
26/03/2015
09/04/2015
23/04/2015
07/05/2015
21/05/2015
04/06/2015
18/06/2015
02/07/2015
16/07/2015
30/07/2015
13/08/2015
Copper
London
Metal Index
Commodity price developments 2015
Index

7. Minerals Division
High exposure to copper and gold => more favourable long term outlook
than general market
Flattish order intake until end 2017
Primary customer focus is on productivity enhancing investments
Cement Division
Slower recovery based on shift in demand from oil-exporting to oil-
importing countries
Increasing utilisation rates to underpin growth over time
Customer focus on new capacity, productivity and environment
Product Companies and Customer Services
Stable and profitable business
Mainly OPEX-related business
High focus on productivity improvements
Exposure to cement, minerals and adjacent industries
Impact of market developments on FLSmidth
Market update
25 August 2015Interim Report Q2 2015 7

8. 0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Announced O&M orders
Announced capital orders
Unannounced orders
38%
17%4%
8%
4%
29%
Healthy level of order intake
Positively impacted by currency translation
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 8
2015 Q2 order intake by industry
Cement
Coal
Iron ore
Adjacent
CopperGold
Order intake (quarterly)
+13% vs. Q2 2014
Order intake increased 1% in Q2 2015 (currency adjusted) – service activities accounted for 49% (Q2’14: 50%)
Still intense competition in all markets
Order intake in 2015 is expected to be higher than in 2014 due to currency, but higher risks in Minerals

9. Currency translation effects had a
12% positive impact on order intake
and 10% on revenue in Q2
Non-recurring costs DKK -98m
Business right-sizing/efficiency DKK -20m
Sale of assets DKK +5m
Changed risk assessment of
minerals receivables impacted
by Chapter 11 filings
(bankruptcy protection) DKK -83m
Financial performance in Q2 2015
Interim Report Q2 2015
25 August 2015 9Interim Report Q2 2015
Continuing
business (DKKm)
Q2
2015
Q2
2014
Change
Order intake 5,259 4,643 +13%
Revenue 5,381 5,167 +4%
Gross margin % 24.6% 25.6%
EBITA 395 457 -14%
EBITA % 7.3% 8.8%
EBITA % adjusted 9.2% 9.8%
Net results* 214 237 -10%
ROCE 10% 9%
*) Net results include profit from discontinued activities

10. 1,899
1,370
1,242
880
1,997
1,535
1,074 1,014
Revenue increased in all divisions but Minerals
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 10
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Revenue (quarterly)
+4% vs. Q2 2014DKKm
Revenue Q2 2015 vs. Q2 2014
- by division
Product
Companies
Minerals Cement
Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14
Customer
Services
Revenue declined 6% (currency adjusted)
Service activities accounted for 53% of revenue (Q2’14: 45%)

11. 31.0% 30.1%
16.6%
13.0%
30.4% 28.3%
11.6%
15.8%
Gross margin decline mainly attributable to Minerals
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 11
Gross margin
25.6% 24.6%
0%
10%
20%
30%
40%
0
200
400
600
800
1,000
1,200
1,400
1,600
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Gross profit (quarterly)
DKKm
Gross margin Q2 2015 vs. Q2 2014
- by division
Customer
Services
Product
Companies
Minerals Cement
Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14 Q2’15Q2’14
unchanged vs. Q2 2014
Minerals gross margin negatively impacted by costs and margin revisions related to project
delays and customers’ reluctance and ability to finalise projects

12. Significant improvement in underlying cost structure
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 12
SG&A ratio*
12.6%
15.3%
15.9%
0%
3%
6%
9%
12%
15%
18%
0
200
400
600
800
1,000
1,200
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
SG&A costs (quarterly)
DKKm
*) SG&A ratio: SG&A costs (Sales, General and Administration) divided by revenue
In local currencies, SG&A costs
decreased 11% despite significantly
higher non-recurring costs (DKK -98m
included in SG&A in Q2’15 and DKK -12m in Q2’14)
Adjusted for non-recurring costs, the
SG&A ratio was 14.1% in Q2 (Q2’14:
15.1%)
+8% vs. Q2 2014

13. Adjusted EBITA margin 9.2%
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 13
EBITA margin
EBITA (quarterly)
-14% vs. Q2 2014DKKm DKKm
EBITA bridge Q2’15 vs. Q2’14
9.8%
9.2%
0%
2%
4%
6%
8%
10%
12%
0
100
200
300
400
500
600
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Adjusted EBITA margin Q2’15 9.2% (reported 7.3% incl. non-recurring costs DKK -98m)
Adjusted EBITA margin Q2’14 9.8% (reported 8.8% incl. non-recurring costs DKK -47m)
adjusted
adjusted
457
395
20
5651
88
0
100
200
300
400
500
600
700
EBITA Q2'14 Change in
non-recurring
costs
Decrease in
gross margin
Decrease in
SG&A
Impact of
increase in
revenue
EBITA Q2'15

14. Cash flow statement in Q2 2015
Interim Report Q2 2015
25 August 2015 14Interim Report Q2 2015
Continuing activities
(DKKm)
Q2 2015 Q2 2014
EBITDA adjusted 474 566
Change in provisions -16 -238
Change in NWC -398 98
Financial payments -11 -57
Taxes paid -110 -145
CFFO -61 224
CFFI excl. acquisitions & disposals -46 -63
Acquisitions & disposals 2 -94
CFFI -44 -157
Free cash flow (FCF) -105 67
Free cash flow negatively
impacted by increase in net
working capital
Less cash outflow from use of
provisions and investments vs.
last year

15. Net working capital developments in H1’15
Working capital trend not satisfactory
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 15
Net working capital
DKKm
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
DKKm End Q2 2015 End Q4 2014 Change Change -
currency
adjusted
Inventories 2,772 2,628 +144 -22
Trade
Receivables
4,924 5,026 -102 -295
Trade
Payables
-2,550 -2,736 +186 +296
WIP Assets net 538 66 +472 +452
Prepayments net -1,414 -1,552 +138 +185
NWC total 3,207 2,164 1,043 +854
Negative trend is related to market situation in minerals and O&M contracts in oil-exporting countries
It is expected that net working capital will generate a positive contribution to cash flow in H2
NWC 15.1% of revenue at the end of Q2’15 (target over the cycle: <10%)

16. Capital structure
- equity ratio within financial targets and gearing close to target
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 16
NIBD (quarterly)
DKKm
-
1.0
2.0
3.0
4.0
5.0
6.0
0
1,000
2,000
3,000
4,000
5,000
6,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Gearing 2.2x EBITDA*)
Gearing target (self-imposed)
0%
10%
20%
30%
40%
50%
0
2,000
4,000
6,000
8,000
10,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Equity (quarterly)
DKKm Equity ratioEquity ratio 31%
Equity ratio target (self-imposed)
NIBD / EBITDA
*) Last 12 months EBITDA

17. ROCE Q2 2015: 10% (Q2 2014: 9%)
Guidance for 2015: ROCE 9-11%
Reaching the 20% ROCE target
requires an increase in EBITA to around
DKK 3bn through a combination of
top-line growth and margin
expansion
Return on capital employed
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 17
ROCE*Average
capital employed
DKKm
0%
5%
10%
15%
20%
25%
30%
0
3,000
6,000
9,000
12,000
15,000
18,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
ROCE10% in Q2 2015
*) ROCE: Return on capital employed calculated on a before tax basis, including goodwill and based on last 12 months’ EBITA and average capital employed
ROCE target

18. Guidance
25 August 2015Interim Report Q2 2015 18
Group 2014 2015 YTD Guidance 2015
Revenue DKK 21.1bn DKK 10.2bn DKK 19-21bn2)
EBITA margin 7.7% 7.5% 7-8% (previously 9-10%)
ROCE 11% 10% 9-11% (previously 12-14%)
Tax rate 30.2% 31% 31-33%
CFFI (excl.
acquisitions)
DKK -0.4bn DKK -0.1bn ~DKK -0.4bn
Group guidance 2015 adjusted1)
1) At prevailing currency exchange rates
2) Revenue is expected to be in the high end of the guided range due to currency developments

19. Guidance
25 August 2015Interim Report Q2 2015 19
Reasons for guidance change
EBITA margin guidance is lowered based on:
Mounting end-market pressure (in mining industry and oil-exporting countries)
Several customers are challenged => more difficult to finalise existing projects
Increasing risks that inventory will sit longer
Management has made a preemptive assessment of business risks and will evaluate risks more
thoroughly in the coming quarters
ROCE guidance is changed as a consequence of the changed EBITA margin guidance

20. Concluding remarks
25 August 2015Interim Report Q2 2015 20
 Changing macroeconomic situation – risks are increasing
 Several customers are challenged - we take our precautions and act now
 Satisfying revenue, costs and margins – underlying business is robust
We manage the downturn and prepare for the upturn

21. Questions & Answers
25 August, 2015 21The information contained or referenced in this presentation is confidential and proprietary to FLSmidth and is protected by copyright or trade secret laws.

22. Forward-looking statements
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 22
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.

23. 25 August, 2015The information contained or referenced in this presentation is confidential and proprietary to FLSmidth and is protected by copyright or trade secret laws. 23
Backup slides
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24. Customer Services
Customer Services
25 August 2015Interim Report Q2 2015 24
(DKKm)
Q2
2015
Q2
2014
Change 2014
Order intake 1,762 1,773 (1%) 7,239
Order backlog 5,397 7,850 (31%) 6,881
Revenue 1,997 1,899 5% 7,804
Gross profit margin 30.4% 31.0% 27.4%
EBITDA 313 318 (2%) 1,141
EBITA 285 296 (4%) 1,038
EBITA margin 14.3% 15.6% 13.3%
EBIT 242 263 (8%) 896
EBIT margin 12.1% 13.8% 11.5%

25. Organic decrease in order intake mainly related to Operation & Maintenance (O&M) business
Cement producers in oil-exporting countries are struggling, which has a negative impact on certain
O&M contracts
Customer Services
Customer Services
25 August 2015Interim Report Q2 2015 25
0
500
1,000
1,500
2,000
2,500
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Order intake (quarterly)
-1% vs. Q2 2014DKKm
Announced O&M orders
Announced capital orders
Unannounced orders
Revenue (quarterly)
DKKm EBITA margin+5% vs. Q2 2014
0%
4%
8%
12%
16%
20%
0
500
1,000
1,500
2,000
2,500
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015

26. Product Companies
Product Companies
25 August 2015Interim Report Q2 2015 26
(DKKm)
Q2
2015
Q2
2014
Change 2014
Order intake 1,430 1,344 6% 5,201
Order backlog 2,917 3,124 (7%) 2,705
Revenue 1,535 1,370 12% 5,538
Gross profit margin 28.3% 30.1% 28.2%
EBITDA 232 241 (4%) 767
EBITA 207 214 (3%) 664
EBITA margin 13.5% 15.6% 12.0%
EBIT 192 195 (1%) 589
EBIT margin 12.6% 14.2% 10.6%

27. Based on the past 3 years’ history, order intake appears to be stronger in H1, whereas revenue
appears to be stronger in H2
Margin developments reflect change in business mix between different product categories and
between capital and service business
Product Companies
Product Companies
25 August 2015Interim Report Q2 2015 27
Revenue (quarterly)
DKKm EBITA margin+12% vs. Q2 2014
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Order intake (quarterly)
+6% vs. Q2 2014DKKm

28. Minerals
Minerals
25 August 2015Interim Report Q2 2015 28
(DKKm)
Q2
2015
Q2
2014
Change 2014
Order intake 1,069 1,077 (1%) 3,585
Order backlog 5,952 6,707 (11%) 5,570
Revenue 1,074 1,242 (14%) 5,529
Gross profit margin 11.6% 16.6% 15.1%
EBITDA (146) (54) n/a -88
EBITA (161) (71) n/a -159
EBITA margin (14.9%) (5.7%) -2.9%
EBIT (207) (103) n/a -323
EBIT margin (19.3%) (8.3%) -5.8%

29. 0
500
1,000
1,500
2,000
2,500
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
EBITA result negatively impacted by DKK -83m related to changed risk assessment of receivables as
well as costs and provisions related to delayed project execution – a consequence of the current
market situation
Material Handling legacy projects amounted to 8 (Q1’15: 8) with a total order backlog of DKK 143m
(Q1’15: DKK 205m)
Minerals
Minerals
25 August 2015Interim Report Q2 2015 29
Revenue (quarterly)
DKKm EBITA margin-14% vs. Q2 2014
Order intake (quarterly)
-1% vs. Q2 2014DKKm
Announced orders
Unannounced orders
-20%
-10%
0%
10%
20%
30%
-2,000
-1,000
0
1,000
2,000
3,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015

30. Cement
Cement
25 August 2015Interim Report Q2 2015 30
(DKKm)
Q2
2015
Q2
2014
Change 2014
Order intake 1,288 677 90% 2,630
Order backlog 4,584 4,771 -4% 4,546
Revenue 1,014 880 15% 3,250
Gross profit margin 15.8% 13.0% 16.0%
EBITDA 69 22 214% 115
EBITA 63 17 271% 95
EBITA margin 6.2% 1.9% 2.9%
EBIT 48 12 300% 69
EBIT margin 4.8% 1.4% 2.1%

31. 0
500
1,000
1,500
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Order intake significantly up due to receipt of large order from Vietnam
Margin improved due to higher contribution margin and reversal of provisions
Cement
Cement
25 August 2015Interim Report Q2 2015 31
Revenue (quarterly)
DKKm EBITA margin+15% vs. Q2 2014
Order intake (quarterly)
+90% vs. Q2 2014DKKm
Announced orders
Unannounced orders
-10%
-5%
0%
5%
10%
15%
-1,000
-500
0
500
1,000
1,500
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015

32. Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 32
Growth Customer
Services
Product
Companies
Minerals Cement Group
Growth
(currency
adj.)
-14% -2% -14% 76% 1%
Currency
effect
13% 8% 13% 14% 12%
Total -1% 6% -1% 90% 13%
Order intake growth Q2 2015 vs. Q2 2014
Order intake by segment
32%
26%
19%
23%
Order intake Q2 2015
– classified by segment
Customer Services
Product Companies
Cement
Minerals

33. 36%
27%
19%
18%
Product Companies
Minerals
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 33
Growth Customer
Services
Product
Companies
Minerals Cement Group
Growth
(currency
adj.)
-8% 2% -23% 9% -6%
Currency
effect
13% 10% 9% 6% 10%
Total 5% 12% -14% 15% 4%
Revenue growth Q2’15 vs. Q2’14
Revenue by segment
Revenue Q2 2015
– classified by segment
Customer Services
Cement

34. 0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15
Inventories
-300
-100
100
300
500
700
900
1,100
1,300
1,500
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15
Net work-in-progress
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15
Trade Payables
0
1,000
2,000
3,000
4,000
5,000
6,000
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15
Trade Receivables
No major changes in NWC trends in Q2
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 34
DKKm
DKKm
DKKm
DKKm
Charts include Cembrit before Q4’14
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15
Net prepaymentsDKKm
Long overdue receivables
have been gradually
decreasing so far in 2015

35. CFFO negatively impacted by increase in net working capital in Q2’15
Cash flow from operations declined
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 35
CFFO (quarterly)
DKKm
CFFI (quarterly)
DKK -44m in Q2 2015DKKmDKK -61m in Q2 2015
(51)
224
(61)
(800)
(600)
(400)
(200)
0
200
400
600
800
1,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
(166) (157)
(44)
(400)
(200)
0
200
400
600
800
1,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015

36. Order backlog developments
Interim Report Q2 2015
25 August 2015Interim Report Q2 2015 36
0.6
0.7
0.8
0.9
1.0
1.1
1.2
0
5,000
10,000
15,000
20,000
25,000
30,000
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Order backlog (quarterly)
-17% vs. Q2 2014DKKm Book-to-bill
ratio*
*Order backlog divided by last 12 months revenue
Expected backlog conversion
to revenue:
41% in 2015
40% in 2016
19% in 2017 and beyond

37. Efficiency and business right-sizing programme
- included in guidance for 2015
Efficiency and right-sizing
25 August 2015Interim Report Q2 2015 37
2015 initiatives Impact
Estimated EBITA improvement in 2015 DKK ~ +200m
of which DKK 150m are related to Minerals
Estimated one-off costs in 2015 DKK ~ -100m
of which DKK -90m are related to Minerals
One-off costs in H1 2015 DKK -35m (of which DKK -15m in Q1)
Estimated headcount reductions in 2015 ~300
of which 250 are related to Minerals
Headcount reductions in H1 2015 258 notices (of which 219 in Q1)
Estimated full-year EBITA improvement in 2016 DKK ~ +300m
of which DKK +250m are related to Minerals