Capital structure and allocation
FLSmidth takes a conservative approach to capital structure with an emphasis on relatively low debt, gearing and financial risk. The Board of Directors’ priority for capital structure is as follows:
- Leverage (NIBD/EBITDA < 2)
- Dividend pay-out ratio (30-50% of net profit)
In addition, the Board of Directors’ priority for capital allocation is to invest in organic growth and value adding M&A. Excess cash may be distributed either via share buy-back programmes or extraordinary dividends.
Share and dividend key figures | |||||
| Year | 2020 | 2021 | 2022 | 2023 | 2024 |
| CFPS (cash flow per share), DKK (diluted) | 28.3 | 27.8 | 17.0 | 10.9 | 11.2 |
| EPS (earnings per share), DKK (diluted) | 4.2 | 6.9 | 6.5 | 8.7 | 17.8 |
| BVPS (book value per share), DKK | 159 | 180 | 188 | 188 | 204 |
| DPS (dividend per share), DKK, proposed | 2 | 3 | 3 | 4* | 8 |
| Pay-out ratio (%) | 50 | 48 | 49 | 47 | 45 |
| Dividend yield (dividend as percent of share price end of year) | 0.9 | 1.2 | 1.2 | 1.4 | 2.2 |
| FLSmidth & Co. A/S share price, end of year, DKK | 232.8 | 244.3 | 251.7 | 287.2 | 356.00 |
| Listed number of shares (1,000), end of year, DKK | 51,250 | 57,650 | 57,650 | 57,650 | 57,650 |
| Number of shares excl. own shares (1,000), end of year | 50,152 | 56,725 | 56,736 | 57,736 | 56,837 |
| Average number of shares (1,000) (diluted) | 50,153 | 52,080 | 56,879 | 57,137 | 57,334 |
| Market capitalisation, DKKm | 11,931 | 14,084 | 14,511 | 15,557 | 20,523 |
Dividend history | |||
| Year | Dividend per share | Number of shares (end of year) '000s | Dividend total, DKKm |
| 1990 | 2.4 | 38,200 | 92 |
| 1991 | 2.4 | 38,200 | 92 |
| 1992 | 1.6 | 38,905 | 62 |
| 1993 | 1.6 | 38,905 | 62 |
| 1994 | 2.4 | 46,098 | 111 |
| 1995 | 2.4 | 46,098 | 111 |
| 1996 | 3.2 | 46,098 | 148 |
| 1997 | 4 | 46,098 | 184 |
| 1998 | 5 | 46,487 | 233 |
| 1999 | 5 | 46,487 | 233 |
| 2000 | 3 | 46,487 | 139 |
| 2001 | 0 | 53,200 | - |
| 2002 | 0 | 53,200 | - |
| 2003 | 0 | 53,200 | - |
| 2004 | 7 | 53,200 | 372 |
| 2005 | 7 | 53,200 | 372 |
| 2006 | 7 | 53,200 | 372 |
| 2007 | 7 | 53,200 | 372 |
| 2008 | 0 | 53,200 | - |
| 2009 | 7 | 53,200 | 372 |
| 2010 | 9 | 53,200 | 479 |
| 2011 | 9 | 53,200 | 479 |
| 2012 | 9 | 53,200 | 479 |
| 2013 | 2 | 53,200 | 106 |
| 2014 | 9 | 51,250 | 461 |
| 2015 | 4 | 51,250 | 205 |
| 2016 | 6 | 51,250 | 308 |
| 2017 | 8 | 51,250 | 410 |
| 2018 | 9 | 51,250 | 461 |
| 2019 | 0 | 51,250 | 0 |
| 2020 | 2 | 51,250 | 103 |
| 2021 | 3 | 57,650 | 173 |
| 2022 | 3 | 57,650 | 173 |
| 2023 | 4* | 57,650 | 231 |
| 2024 | 8* | 57,650 | 461 |
*The Board of Directors will propose at the Annual General Meeting that a dividend of DKK 8.00 per share (2023: DKK 4.00 per share), corresponding to a dividend yield of 2.2% and a pay-out ratio of 44.8% is to be distributed in 2024, which is in line with the targeted pay-out ratio.