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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="pp-value-5" xml:lang="en">Our vision is to drive success through sustainable productivity enhancement in the global mining and cement industries. FLSmidthî§s vision, strategy and business model remain unchanged. To successfully deliver on this, our core values î§ competence, cooperation, and responsibility î§ are essential to earn the trustand respect of our customers, business partners, suppliers, employees, shareholders and stake-holders in all the communities in which we live and operate. We are already well-positioned to deliver on our strategic vision. We aim to outgrow the market by helping our customers to increase their pro-duction, lower their operating costs and reduce their environmental footprint. One of our key strategic pillars to achieve this is sustainability through our MissionZero programme, which we launched in 2019. This is an integral part of our business strategy. Another of our key strategic pillars is digitalisation which serves as a key ena-bler for our sustainability agenda î§ both inter-nally and towards our customers. With a local presence in more than 60 countries and customers in more than 150 countries, FLS-midth is truly a global company. Our geograph-ical footprint reflects our diverse customer base comprised by mining and cement companies, which invest in new capacity or in expanding, up-grading, maintaining and servicing existing pro-duction facilities. Our business model is anchored around a unique combination of services, products and projects. Our key strategic focus is to expand the share of services and standardised products rela-tive to the share of large projects, while simulta-neously de-risking the project portfolio. This fo-cus will help us obtain a more profitable business mix and a less cyclical business with a lower levelof risk. While projects provide us with process expertise that is key to deliver productivity im-provements to our customers and provides ac-cess to a large installed base for our service and aftermarket business, we remain selective in tak-ing on large projects to ensure that terms and conditions support our profitability targets. We have several strategic focus areas with clear prioritisation of what we want to achieve to fur-ther strengthen our position as a leading sustain-able productivity provider. First and foremost, we continue to have an overarching focus on profita-ble order intake, cash and engagement across both our industries. Within our Mining business we are especially fo-cused on driving profitable growth and full flow-sheet leadership to ensure operational excel-lence. In our Cement business we are especially fo-cused on improving profitability, developing a winning portfolio, being the leading plant produc-tivity partner and leading supplier of sustainabilitysolutions. Customers FLSmidth has vast experience in working with a broad range of customers around the world. Our customers range from global conglomerates to small-to-mid-sized regional players. The latter ac-count for a relatively large amount of our Capital sales, whereas the global conglomerates account for a considerable share of our service business. Given the nature of our businesses, being close to our customers is key. Combining local pres-ence with global support and expertise makes it possible to deliver premium solutions where our customers need them. Our large number of local sales and service offices ensures frequent cus-tomer interaction. Despite cyclical end-markets, we consistently prioritise maintaining and devel-oping a strong and competent sales force, ever aware that the strength of our customer relation-ships during any downturns will help define our success during upturn cycles. We constantly seek to minimise administrative functions and al-locate resources to sales and service. As a result, a large proportion of our employees has direct contact with customers, and our customers gen-erally recognise us for our high quality and relia-bility. While localising our service footprint, we con-tinue to pursue a strategy of consolidating our supply chain and project centres to ensure the leanest possible organisation and high speed of delivery. Sustainability FLSmidthî§s relatively asset-light business model means that the environmental footprint from our own operations is very modest compared to that of our customers. A large cement producer has acarbon footprint about 2,000 times that of FLS-midth, and our annual water consumption equals roughly two weeks of water consumed by a cop-per mine that produces around 100,000 tonnes of copper per year. Therefore, our approach to sustainability is to take responsibility for our own environmental footprint while helping our cus-tomers reduce theirs, where we can have a muchgreater positive impact on emissions reduction via our MissionZero programme. Read more about MissionZero on page 19-21. Innovation and digitalisation Our efforts in innovation and digitalisation are im-portant enablers for our sustainability agenda. Greater scarcity of resources such as energy, wa-ter and raw materials leads to more complex and costly operations that challenges the perfor-mance of our mining and cement customers. Thiscalls for innovation, digitalisation and high-end technical solutions, which is where FLSmidth has a leading position and a competitive edge. Our strong digital capabilities are founded on our ex-tensive experience in automating plants, which positions us as a market leader in analysing and understanding performance data. An increasing share of our products and solutions offered to the cement and mining industries is becoming ar-tificially intelligent and self-learning. Mining and cement have historically been conservative in-dustries, but the needs of our customers are changing more rapidly today. Their constant hunt for productivity, reduced environmental footprint and higher returns makes them more receptive to innovation and new ways of working, which is fuelling a growing interest in digitalisation. Digitalisation offers huge potential and has be-come a natural and integral part of our product portfolio, where the benefits to our customers are clear: increased productivity through optimi-sation, more reliable operations, increased up-time as well as proactive, predictive and increas-ingly prescriptive maintenance. Site connectivity to drive data-driven decision making is an example of how our digital efforts can enhance customer productivity. In 2018, the first customer site was connected to the FLS-midth Internet of Things (IoT) platform. During 2021 we reached the milestone of having more than 100 customer sites connected globally. These sites are sending more than 140,000,000 measurements daily, which is an increase of 33% compared to 2020. These unique data sets are processed to provide insights on availability, reli-ability and sustainable optimisation services to our customers using our various digital solutions. This includes real-time asset performance in-sights at anytime and anywhere to the plant and service personnel via the SiteConnect App. Due in part to the pandemic, our customers in both mining and cement have accelerated their adoption of many of our digitally enabled solu-tions. As a result, we can now provide online condition monitoring and optimisation solutions to most of our key assets and systems. A highlight in 2021 was the delivery of the digital LoadIQ solution to a customer in New Zealand, resulting in 30% improvement in process stabilityand increased mill utilisation and throughput by 17%, while at the same time optimising power consumption. Following this success, the cus-tomer has since requested a second LoadIQ sys-tem for installation on a larger mill. We now have 60 units installed at customer sites across the globe. While we already offer many flagship Mission-Zero solutions that provide increased productiv-ity while reducing environmental impact, we will not be successful in driving the green transition unless we relentlessly focus on developing moreground-breaking technologies. In 2021, we have launched several new innovations î§ either on our own or through collaboration with partners and customers. Key milestones include the de-velopment of the MissionZero Mine (launched at MINExpo in September 2021) and the Future Ce-ment plant, which serve as our core R&D roadmaps for developing future technologies for the green transition. The pending acquisition of thyssenkruppî§s Mining business will also further complement our sustainability offerings to our customers in the mining industry. Read more about our innovations in Mining and Cement on page 22-25. People and engagement People are and have always been important for FLSmidth. To deliver our growth ambitions and tohelp lead the green transition within the mining and cement industries, we will continue to need talented and diverse people who share the FLS-midth values and ambitions. As we operate a global business with more than 100 nationalities, finding the right people, developing them and re-taining them is key to FLSmidthî§s future success. Diversity, equality and inclusion are therefore im-portant elements in our continuous hunt for inno-vation and drive for operational excellence across all regions. The industries we operate in are challenged by the ability to attract enough high-skilled and high-performing staff. The pending thyssenkrupp Min-ing business acquisition will build an even stronger mining organisation by bringing the two together, as this acquisition will onboard more than 2,000 new skilled employees to FLSmidth. We continue to have a strong focus on our globalemployer branding, in-house talent development and on the well-being of our employees. In 2021, we made significant progress in personal and performance development for all employees, supported by succession planning and a dou-bling of training hours per employee. Around 25% of our open positions were filled internally during the 12 months. Monthly wellbeing and en-gagement surveys have been rolled out globally to obtain dynamic feedback. In addition, we made good progress in our efforts to ensure liv-ing wages and address gender pay inequality. Many parameters are considered as we endeav-our to keep diversity in balance in our organisa-tion. All managers and employees have a role in creating a diverse and inclusive organisation and contribute to various initiatives within our agenda. During 2021, 25% of all new hires were women, which is a higher share than the current gender split across the company (at the end of 2021, women accounted for 17% of total employ-ees). In 2020, we had to learn how to navigate our business during a pandemic. In 2021, we have leveraged these learnings and implemented hy-brid working arrangements globally. Employees have remained in focus and contributed with quality performance despite the pandemic. Standardisation Through value engineering and modularisation, we re-think and improve the designs of our prod-ucts to increase reliability and reduce cost and complexity without compromising on quality and functionality. Our standardisation programme has yielded sub-stantial results without reducing functionality for our customers and ensuring high speed of deliv-ery. We have, in recent years, standardised prod-ucts such as our vertical roller mills, coolers, burners, feeders and concentrators allowing for ahigher degree of configuration and less customi-sation. We will continue standardising more prod-ucts. Reducing our procurement costs through standardisation represents a huge potential. Pro-duction costs account for about 75% of our over-all revenue, of which 70-80% relates to procure-ment from sub-contractors. Smarter product design enables us to significantly reduce our pro-curement costs, and we achieve other benefits such as reduced engineering hours, enhanced product reliability and simpler maintenance pro-cedures î§ to the benefit of our customers and ourselves. Life cycle and full flowsheet approach To achieve a sustainable productivity improve-ment, companies need to adopt an end-to-end process and integrate the whole value chain. Forces must be activated simultaneously from multiple directions and across the organisation tocreate the kind of momentum that leads to sus-tainable change. Through a life cycle approach, we enable our customers to lower their total cost of ownership. Our ability to deliver productivity improvements is anchored in a full flowsheet of premium sustainable offerings in both mining and cement (see page 22 and 24), combined with strong process knowhow and a broad range of services. Over the years, we have successfully built a largeservice business focusing on spare and wear parts, upgrades, retrofits and maintenance. Our digitalisation efforts will further pave the way for growing our spare and wear parts business in the years to come, as customers increasingly buysolutions rather than single parts and equipment. Our customers benefit from the most compre-hensive product portfolio in the industry, allowingthem to increase the productivity of their com-plete value chain. A full flowsheet facilitates digi-tal access to all key processes and equipment. To be able to address issues before equipment breaks down, we create powerful connections between physical and digital systems which lay the foundation for analytics-driven predictive maintenance. We can then digitalise the entire production chain to provide proactive condition monitoring and data collection, identifying dam-age or wear ahead of any failure. Cement for construction îî¡îîî±î©î¬î¥îî§îîîî©î©î¬îîî¬îîîî¢îîîîî®îî®î©îîî©î¯îî¥îîîî³îîîîîî2and globally we need to construct 230 billion mof buildings. Already today, the global average cement consumption per capita is 521 kg. Source: The Global Cement ReportCopper for electricityCopper is essential for distributing electricity and electrical components. In the next decade, electric vehicles are expected to more than double the need for copper to 250,000 tonnes per year. By 2030, smart home systemsare forecasted to need 1.5 million tonnes per year, up from 38,000 tonnes in 2018. Source: International Copper Association, Australian Government DISERMinerals and Cement for wind turbinesAn average 3 MW turbine requires 4.7t copper,335t steel, 3t aluminium, 2t rare earth minerals and 1,200t concrete plus other materials.Sources: IRENA (2019), Future of Wind, World Bank (2019), Climate Smart MiningMinerals for electronicsCopper, lithium, nickel, rare earth minerals, silver, cobalt and manganese are all needed for wind and solar energy, smartphones, computers, home appliances and electric vehicles. Extended solar and wind capacity also requires more lithium.Source: BloombergWith around 99% of our overall emissions derived from customersâ use of our sold products, MissionZero is our opportunity to have the greatest positive impact on emissions reduction. Over the last two years, we have been actively working on integratingMissionZero into our business activities.Technological innovation is at the core of this programme. Achieving transformative goals requires rethinking of organisational processes, reinventing business models and deepening customer relationships. We have made good progress in these areas, but we need to further îîîîî¥îî¬îî®îîî©î¯î¬îîîî©î¬î®îîî®î©î îî®î¡îî¬îî±î¢î®î¡îî®î¡îîî¢î¨îî¯îî®î¬î³î¦«Where we are on our journeyTo achieve our MissionZero ambition of delivering all the technologies needed for our customers to operate with zero emissions by 2030, we have started to develop R&D solution roadmaps, which help us assess the technology gaps that we need to close to achieve our goal, and subsequently develop the pipeline of solutions needed for both the mining and cement industries.During 2021, we introduced the MissionZero Mine and the Green Cement Plant, which outlines how we bring the MissionZero ambition to life from a technology point of view between now and 2030. We are excited to already have introduced some of the technologies from theseroadmaps to our customers this year, such as the calcined clay solution, which enables a reduction of CO emissions from cement 2production of up to 40%. Achieving MissionZero also requires us to rethink our approach to partnerships in order to fast-track the development and deployment of breakthrough solutions at the same time as bridging our competence gap. Examples include the Carbon capture and storage (CCS) collaboration with Carbon8 Systems and the îîî°îî¥î©îªî§îî¨î®îî©îîî§î¢î¨î¢î¨î îîî©î®îî®î¢î©î¨îî®îîî¡î¨î©î¥î©î î³îî±î¢î®î¡the University of Newcastle, Australia. Integrating and measuring progressOn the product and service side, we are integrating sustainability metrics as a standardised element into our numerous product and service lines. This process enables a broader, sustainability-based dialogue with our customers, who are increasingly setting ambitious targets. We have seen tremendous potential in applying our digital solutions to a sustainability context, especially in the areas of performance management and real-time data collection. Our pilot projects have demonstrated how digital solutions can bring value to customers that are aiming to decarbonise activities. The Science Based Targets (SBTs) have beenadopted as a framework to guide and measureour progress in delivering MissionZero. Atan organisational level, we have introduceda series of KPIs at functional, commercialand management levels to further integrateMissionZero across our organisation.In April 2021, our Science Based Targets (SBTs)were validated by the Science Based TargetsInitiative. Our targets address the emissionsfrom our supply chain (upstream â scope 3),our own operations (scope 1 + 2) and at ourcustomers (downstream â scope 3). By settingthese targets and implementing correspondingactions we commit to reduce global greenhousegas emissions in line with the Paris Agreementto a temperature rise of maximum 1.5 C versuspre-industrial levels.To meet our supplier engagement target, we have also started a process to onboard suppliers to collaborate to reduce greenhousegas emissions in our supply chain.îîîî¡îî°îîîªî¬î©î î¬îîîîîîî©î¨îî©î¯î¬îîîî©î¬î®îîî®î©îî¬îîî¯îîemissions from our own operations (Scope 1and 2) and met our target for 2021. However, weî¨îîîîî®î©îîîîîî¥îî¬îî®îîî©î¯î¬îîîî©î¬î®îîî®î©îî§îîî®îî©î¯î¬îîîîîcarbon neutrality target.Our economic intensity target indicates whetherwe are successful in decoupling the growthof our business from the growth in emissionsresulting from the use of our products byour customers. It is an important indicator todemonstrate whether MissionZero is successful. By 2030, we aim to reduce our economic intensity by 56% vs a 2019 baseline. Following the approval of this target in 2021, we are now in the early days of implementing actions to achieve this target. While our 2021 economic intensity was 3% higher than our 2019baseline, we expect to see progress as wedevelop and expand our MissionZero solutions.A key focus in 2022 will be on the furtherintegration of sustainability parameters at aproduct level, as well as on the collaborationwith suppliers, customers and other relevantstakeholders to improve our footprint across thevalue chain. The SBTs will also be embedded inour incentive structure, including the incentivescheme for our Group Executive Management.The EU Taxonomy framework is part of the EU Green Deal and serves as a core enabler to deliver on EUâs ambitious climate goals towards 2030. The EU Taxonomy is îîîî¥îîîî¢îîîî®î¢î©î¨îîî³îî®îî§î¦®îîîî®îîî¥î¢îî¡î¢î¨î îîîî¥î¢îî®îof environmentally sustainable economic activities. The goal is to redirect investments towards sustainable projects. îî¡îîîîîîîî²î©î¨î©î§î³îî¬îîªî¬îîîî¨î®îîîîîî¢î î¨î¢îîîî¨î®îopportunity for us to support our customers in reducing their environmental footprint, while demonstrating the environmental performance of our MissionZero portfolio. Part of the taxonomy is a mandatory reporting requirement to identify our business activities âin scopeâ, also known as âeligibleâ activities, across our revenue, CAPEX and OPEX.Eligibility is not a measure of our sustainabilityîªîî¬îî©î¬î§îî¨îîîîî®îî¢îîîî¨îî¢îîî¨î®î¢îîîî®î¢î©î¨îîªî¬î©îîîîîî±î¢î®î¡î¢î¨îî®î¡îîîî¯î¬î¬îî¨î®îîî©î¨îî¨îî§îî¨î®îîî©îîî®î¡îîîîîTaxonomy framework, which remains work in progress.The framework contains six planned environmental goals. Only two of these goals are in scope for our initial assessment. The î®î±î©îî î©îî¥îîîîªîîî¢îîîî¥î¥î³îî¬îî¥îî®îîî®î©îîîî®î¢î°î¢î®î¢îîîreducing greenhouse gas emissions or adapting to climate change. Consequently, a îî¢î î¨î¢îîîî¨î®îîªîî¬î®îî©îîî©î¯î¬îîî¯îî¢î¨îîîîîîî®î¢î°î¢î®î¢îîîî¢îîî¨î©î®îyet in scope for assessment. Based on the current EU Taxonomy îî¬îî§îî±î©î¬î¤î¦®îî©î¯î¬îîî¥î¢î î¢îî¥îîî¬îî°îî¨î¯îîî¬îîîîî®îîrevenue associated with our MissionZero products and digital portfolio supporting a substantial reduction in greenhouse gas emissions for our customers. Our eligible î¿î½îîîîîî¨îîîîîîîî§î©îî®î¥î³îî¬îîîîî®îî©î¯î¬îîî¦îîactivities supporting these products.We expect the percentage of our eligible îî¯îî¢î¨îîîîîîî®î¢î°î¢î®î¢îîîî®î©îîî¢î î¨î¢îîîî¨î®î¥î³îî¢î¨îî¬îîîîîwhen the four remaining environmental goals and the full EU Taxonomy framework have been implemented, and as our MissionZero solutions develop and expand.Eligibility 202116.2% of revenue17.5% of OPEX23.5%of CAPEXLow Impact Grinding Circuitîî¡î¢îîîî©î±îî¡îîî®îîî¬îîîî¢îîî©îîî¢î¨î®îî¬îîî®îîîîîî¬î³îî î¬î¢î¨îî¢î¨î îreduces overall plant water demand and can deliver power savings of 20-30% vs traditional SAG mill circuits. High-Pressure Grinding Rolls (HPGRs) or Vertical Roller Mills (VRM) technologycan minimise environmental impact by replacing the traditional SAG and ball mills and deliver a 100% water-free comminution circuit.In-Pit Crushing and ConveyingLoading and hauling with diesel-fuelled mobile plants can be the single biggest source of greenhouse gas emissions from the mine. Our solutions allow crushing ore in the pit and îî¯îîî®î¢î®î¯î®î¢î¨î îî®î¬î¯îî¤îîîîî®îîî±î¢î®î¡îîî©î¨î®î¢î¨î¯î©î¯îîî§îî®îî¬î¢îî¥transportation on belt conveyors powered with electric drives.îîî©î§î¾îî¨îîîî¢îî®î¢î©î¨Improved recovery of coarse valuable particles îî¥î¥î©î±îîîî©î¬îî¥îîîîîî¨îîî î¬î¢î¨îî¢î¨î îî±î¡î¢îî¡îî§îîî¨îîenergy input for grinding can be reduced by upî®î©îîîî¦î¦®îî±î¡î¢î¥îîî©î°îî¬îî¥î¥îîî©î®îî®î¢î©î¨îîî¨îî¬î î³îîîî§îî¨îîî¢îîî¬îîî¯îîîîîî³îî¯îªîî®î©îîîî¦î¦«îî¿î©îî¬îîî½îîîîî©î®îî®î¢î©î¨îtechnology delivers improved recovery at coarse grind sizes.Water and Tailings Managementî¾î³îîî§îªî¥î©î³î¢î¨î îî®î¡î¢îî¤îî¨îî¬îîîî¨îîî¡î¢î î¡î§îîîî¢îî¨îî³îîî¥î®îî¬îîªî¬îîîîîîî®î©îî¬îî§î©î°îîî®î¡îîî±îî®îî¬îîî¬î©î§îî®îî¢î¥î¢î¨î îîwaste, miners can eliminate the need for wet î®îî¢î¥î¢î¨î îîîîî§îîî
î¢î î¡î§îîîªîîî¢î®î³îîî¥î®îî¬îîªî¬îîîîîîîî¯îî¡îas the AFP2525, that incorporate high-pressureand low-cycle times, handle entire plant throughput. Operators can expect an average of 90% availability and up to 95% recovery of process water.Digital OptimisationDigital technology is key to meeting the industry's goals of reducing environmental impact and improving productivity. For instance,FLSmidthâs SiteConnect⢠app allows our customers to monitor and provide real-time insights about the operation and performance ofthe plant assets from their mobile phones.HIGH PRESSURE GRINDING ROLLS AND VERTICAL ROLLER MILLSHigh Pressure Grinding Rolls (HPGRs) and Vertical Roller Mills (VRM) have proven to be î®î¡îîî§î©îî®îîîîî¢îî¨î®îî î¬î¢î¨îî¢î¨î îî®î©î©î¥îîîî°îî¢î¥îîî¥îîThey minimise the environmental impact îî¨îîîî¥î¢î§î¢î¨îî®îîî®î¡îîî®î¬îîî¢î®î¢î©î¨îî¥îî¢î¨îîîî¢îî¨îî¢îîîî©îîhorizontal grinding mills that produce a lot of random actions inside mills causing a lot of wasted energy. Both are dry grinding machines.LOADIQ â OPTIMAL MILLLOADING WITH SMART SENSOR TECHNOLOGYComminution (crushing, milling and grinding) accounts for over 30% of a mineâs total energy consumption. Via smart sensor technology and machine learning, the digital solution LoadIQ can determine the optimum mill load and thereby increase throughput by 3-6%. This can help mines reduce power consumption, extendthe life of wear parts and increase operational stability.REFLUX⢠FLOTATION CELLFlotation systems consumes a high amount of îî¨îî¬î î³î¦«îîî¬î©îîîîî¢î¨î îîîîî¢îî¨îî³îîî©î¬î§îîî®î¡îîîî©î¬îîof the REFLUX⢠Flotation Cell (RFCâ¢), a ground breaking technology that reduces plant footprintas well as water, air and energy requirements. The RFC⢠reduces CAPEX by 35% and with no direct power input to the RFCâ¢, this can help miners use up to 60% less energy in their îî©î®îî®î¢î©î¨îîîî¢î¬îî¯î¢î®î¦«îîî§îªî¬î©î°îîîî¤î¢î¨îî®î¢îîîîîî¢îî¨îî³îalso reduces the amount of water used in the recovery process.AFP2525 AUTOMATIC FILTER PRESSAs ore grades decline, more water is needed to process more material just to keep up with production rates. This creates more water use and tailings to manage and a greater environmental impact. In a typical mine î©îªîî¬îî®î¢î¨î îîî®îî©î°îî¬îîîîîîîî®î©î¨î¨îîîîîîîî³î¦®îîîîî¥î®îî¬îinstallation will recover enough process water to îî¥î¥îîî¢î²îîî¥î³î§îªî¢îîîî±î¢î§î§î¢î¨î îîªî©î©î¥îîîî°îî¬î³îîîîî¡î©î¯î¬îîThe AFP2525 Automatic Filter Press allow î§î¢î¨îî¬îîî®î©îî¬îîî³îî¥îîîî¨îîî¬îî¯îîîîîîî¢î î¨î¢îîîî¨î®îîî§î©î¯î¨î®îwater, as it achieves 93% availability and up to 95% recovery of process water. Clinker substitution â FLSmidth Clay Calcination SystemMost of the CO emissions coming from the 2cement processes occurs during the limestone calcination. With the new FLSmidth Clay Calciner System, cement producers can reduceemissions from the calcination process by up to 40%.Unleashing Alternative Fuels â The HOTDISCAs the cement industry transitions away from carbon dioxide-intensive fuels such as coal, the introduction of waste-to-energy solutions are becoming increasingly attractive, both îî¨î°î¢î¬î©î¨î§îî¨î®îî¥î¥î³îîî¨îîîî¨îî¨îî¢îî¥î¥î³î¦«îîî¢î®î¡îî¢î®îîîîî¢î¥î¢î®î³îto handle a wide range of alternative fuels î®î¡îîî
îîîîîî¿îî¢îîîîîîî îî¡î¢îªîîî©î¥î¯î®î¢î©î¨îî¢î¨îî©î¯î¬îMissionZero programme. îî¨îî¬î î³îîîîî¢îî¨î®îîî¬î¢î¨îî¢î¨î îî§îîîîîî¢î¥î¥î§¾îî¿î 2reduction servicesNo stone is left unturned in the pursuit of MissionZero. The most recent initiative is a new6-month sustainability service package that optimises the mill operation. This focuses on reducing power consumption, increasing the availability factor and optimising mill capacity. Basically, a sustainability overhaul with the purpose of minimising the environmental footprint of the OK Mill. Enabling Carbon Capture â Joint-innovationwith Carbon8 SystemsCarbon capture technology is essential in reaching our MissionZero goals of decarbonising cement production. Through new partnerships, we give customers access to solutions tailored to the cement industry. The proven and readily available Accelerated Carbonation Technology (ACT) enables the îîîîîîî¨îîîªîî¬î§îî¨îî¨î®îîî®î©î¬îî îîî©îîîîîªî®î¯î¬îîîî¿îî©
îin products for the construction industry, while îî¢î°îî¬î®î¢î¨î îîî³îªîîîîîî¯îî®îîî¬î©î§îî¥îî¨îîî¥î¥î¦«CARBON CAPTUREThe development of new carbon capture solutions is progressingrapidly. Through new industry partnerships, we provide customer îîîîîîîî®î©îîî©î¥î¯î®î¢î©î¨îîî®îî¢î¥î©î¬îîîî®î©îî®î¡îîîîî§îî¨î®îî¢î¨îî¯îî®î¬î³îî©îîî¬î¢î¨î îîîîî¢î î¨î¢îîîî¨î®îî¥îîîªîîî©î¬î±îî¬îîî¢î¨îî©î¯î¬îî£î©î¢î¨î®îîîî©î¬î®îîî®î©îîîî¥î¢î°îî¬îî©î¨îî®î¡îîsustainability ambitions for the industry.The 2021 launch of Carbon8 Systems to cement customers is the result of such a partnership. The proven and readily îî°îî¢î¥îîî¥îîî®îîî¡î¨î©î¥î©î î³îî¢îîîîî®îî®î©îîîîîî¥îî¬îî®îîî®î¡îîî¢î¨îî¯îî®î¬î³î§îîîîî©î¬î®îîî®î©îdecarbonise.In 2021 we also announced a partnership with Chart Industries, which has developed a promising pilot phase cryogenic carbon capture technology.ALTERNATIVE WASTE TO ENERGY SOLUTIONAs the cement industry transitions away from carbon dioxide intensive fuels such as coal, the introduction of waste to energy solutions are becoming increasingly attractive environmentally îî¨îîîî¨îî¨îî¢îî¥î¥î³î¦«îîîî¬î®î¢îî¯î¥îî¬î¥î³îî¢î¨îî¬îî î¢î©î¨îîîî®î¬î¯î î î¥î¢î¨î îî±î¢î®î¡îî¥îî¨îîî¥î¥î¢î¨î îand waste management.With its ability to handle a wide range of alternative fuels the î
îîîîîî¿îî¢îîîîîîî îî¡î¢îªîîî©î¥î¯î®î¢î©î¨îî¢î¨îî©î¯î¬îîî¢îîî¢î©î¨îîî¬î©îîªî¬î©î î¬îî§î§îîWith a redesign it allows cement producers operating separate line calciners to install the HOTDISC beneath the calciner.îî¡îîî¨îî±îîîîî¢î î¨îî±îîîîî¬îî®îî®îîî®îîîîî®îîîîî¨î î³î©î¨î îî¿îî§îî¨î®î§îîDonghae and Yeongwol plants in Korea with results surpassing expectations. The guarantee of 85% waste fuel replacement in the calciner with solid recovered fuel was exceeded at both sitesâ commissioning.CLAY CALCINATION SYSTEMMost of the CO emissions coming from the cement processes 2occurs during the limestone calcination. Clay is a widely available,naturally occurring mineral, which can be activated into a supplementary cementitious material and can replace 30% of calcined limestone.With the new FLSmidth Clay Calciner System, cement producers can reduce emissions from the calcination process by up to 40% îî¨îîî îî®îîîîî©îî®îîîîîî®î¢î°îîî«î¯îî¥î¢î®î³îîªî¬î©îî¯îî®îî®î¡îî®îî§îîî®îîîî®î¬îî¨î î®î¡îîî¨îîcolour standards all while reducing operating costs.îî¨îîî¯î¨îîîîîîîîî¬îî¨îî¡îîîî§îî¨î®îîªî¬î©îî¯îîî¬î¦®îîî¢îîî®î¦®îî±îîîî®î¡îîîî¬îî®îîî¯îî®î©î§îî¬îî®î©îî©î¬îîî¬îî±î¡îî®îî±î¢î¥î¥îîîîî©î§îîîî¯î¬î©îªîî§îîîî¬îî®îîî¯î¥î¥îîîîî¥îîîî¥îî³îcalcination installation.Sustainability Report Concurrently with the Annual Report, FLSmidth has published its annual Sustainability Report, covering non-financial performance related to environmental and socio-economic impacts. The2021 Sustainability Report is in full compliance with both Sections 99a, 99b and 107d of the Danish Financial Statements Act and in accord-ance to the Global Reporting Initiative (GRI) core requirements, and also serves as the Advanced Communication on Progress to the United Na-tions Global Compact. The report has been sub-ject to limited assurance performed by Ernst & Young. The report is available at: </mrv:StatementOfCorporateSocialResponsibility>
<mrv:CorporateGovernanceReport contextRef="ctx-1" id="pp-value-56" xml:lang="en">The Board of Directors continually evaluates the workof the Group Executive Management by specifying targets and assessing at what level or degree such targets have been met. The following statutory statement (including the Corporate Governance section, the Remunera-tion section, as well as the overview of the Boardof Directors and Group Executive Management) is provided pursuant to the Danish Financial Statements Act Sections 99d and 107b. The adoption of a resolution to amend the Com-panyî§s Articles of Association or to wind up the Company requires that the resolution is passed by not less than two thirds of the votes cast as well as of the share capital represented at the General Meeting. Management structure According to general practice in Denmark, FLSmidth maintains a clear division of responsi-bility and separation between the Board of Direc-tors and the Group Executive Management. The Group Executive Management is responsiblefor the day-to-day business of the company, and the Board of Directors oversees the Group Exec-utive Management and handles overall manage-rial issues of a strategic nature. The Board of Directors The Board of Directors is elected at the Annual General Meeting apart from the Board members who are elected pursuant to the provisions of theDanish Companies Act on employee representa-tion. Board members elected at the Annual General Meeting constitute no less than five and no more than eight members, currently six mem-bers, in order to maintain a small, competent and quorate Board. The members of the Board elected at the Annual General Meeting retire at each Annual General Meeting. Re-election may take place. The Nomination Committee identifiesand recommends candidates to the Board of Directors. Pursuant to the provisions of the Danish Compa-nies Act regarding employee representation, FLSmidthî§s employees are currently representedon the Board by three members who are electedfor terms of four years. The most recent election took place in 2021, where two new members joined the Board. Immediately after the Annual General Meeting, the Board of Directors elects, among its own members, a Chair and a Vice chair. A job and task description has been created and outlines the duties and responsibilities of the Chair and the Vice chair. Board meetings are called and held in accord-ance with the Board rules of procedure and its annual plan. In general, between six and eight or-dinary Board meetings are held every year. How-ever, when deemed necessary, additional meet-ings may be held. Due to the pandemic, the meeting frequency has been higher in recent years. To enhance Board meeting efficiency, the Chair conducts a planning meeting with the Group CEO and Group CFO prior to each Board meeting. 15 Board meetings were held in 2021. Apart from contemporary business issues, the most important issues dealt with in 2021 were: impact from the pandemic on our business, cash flow, capital structure, financial risks, sustainabil-ity, reshaping of our Cement business, diversity and the acquisition of thyssenkruppî§î Mining business. All members of the Board of Directors participated, physically or virtually, in all relevant board and committee meetings in 2021, except one member who was unable to attend one of the Technology Committee meetings due to a conflicting appointment. To achieve a highly informed debate with Group Executive Management, the Company strives forBoard membership profiles that reflects substan-tial managerial experience from internationally operating industrial companies. At least one member of the Board must have CFO experience from a major listed company, and all other members should preferably have CEO experience from a major internationally op-erating and preferably listed company. The com-position of the Board of Directors reflects that themajority of members elected at the Annual Gen-eral Meeting hold competencies in acquisition and sale of companies, financing and stock mar-ket issues, international contracts and account-ing. In addition, it is preferable that Board mem-bers have a background in construction contracting and possess technical expertise on process plants and process technology, includ-ing cement and/or minerals. Five of the six members of the Board elected at the Annual General Meeting are independent in the opinion of the Board of Directors and accord-ing to the criteria specified by the Committee on Corporate Governance, which is an independent Danish body promoting corporate governance best practice in Danish listed companies. The Chair, Vagn Ove Sørensen, has in 2021 been a member for more than 12 years and can thus not be regarded as independent according to the cri-teria. The Chair, Vagn Ove Sørensen, will not be running for re-îî¥îîî®î¢î©î¨îîî®îî®î¡îîîî©î§îªîî¨î³î§îîî½îîîî¢î¨îMarch 2022. As part of its annual plan, the Board of Directors performs an annual self-evaluation to evaluate the contribution, engagement, and competenciesof its individual members. The Chair is responsi-ble for the evaluation. The Nomination Committee The Nomination Committee consists of Vagn Ove Sørensen (Chair), Tom Knutzen and Thrasyv-oulos Moraitis. In 2021, the Nomination Commit-tee met three times. Its main activities in 2021 have been related to assessing the composition and competencies of the Board of Directors and the new Group CEO. The Compensation Committee The Compensation Committee consists of Vagn Ove Sørensen (Chair), Tom Knutzen and Thrasyv-oulos Moraitis. The Compensation Committee met five times in 2021. The committeeî§s main ac-tivities in 2021 were related to the approval of in-centive plans and overall remuneration schemes for Group Executive Management and the man-agement layer reporting to the Group Executive Management, as well as on the recruitment of the new Chief Executive Officer. The Audit Committee The Audit Committee consists of Tom Knutzen (Chair), Anne Louise Eberhard and Gillian Dawn Winckler who are all independent and have con-siderable insight and experience in financial mat-ters, accounting and auditing in listed companies. In 2021, the Audit Committee met six times and the committeeî§s main activities were to consider specific financial risk, including tax risk, account-ing and auditing matters, as well as paying spe-cial attention to financial processes, internal con-trol environment and cyber security. A particular focus area in 2021 has been to as-sess the financial risks associated with the pan-demic and the financial impact of the acquisition of thyssenkruppî§s Mining business. The Technology Committee The Technology Committee consists of three Board members, Richard Robinson Smith (Chair), Thrasyvoulos Moraitis and Carsten Hansen, who replaced Søren Dickow Quistgaard. The Tech-nology Committee met three times in 2021. With a clear focus on sustainability, the main tasks in 2021 were to monitor the major development projects across the two industries, to ensure the right and appropriate KPIs are set for R&D pro-jects, as well as to evaluate the key IP and com-plementary technologies of thyssenkrupp Mining. Group Executive Management The officially registered Executive Management of FLSmidth consists of the Group CEO and the Group CFO. Group Executive Management holds the overall responsibility for the day-to-day operations and consisted of eight Group Executive Vice Presidents, including the Group CEO, at the end of 2021. The members of the Group Executive Management are all experienced business executives, each possessing insights and hands-on experience that match the operational issues and challenges currently facing FLSmidth. In November 2021 it was announced that the Mining Industry President, Mikko Keto, would succeed Thomas Schulz as FLSmidthî§s Group CEO effective 1 January 2022. In response to the growing size of the Mining business that will re-sult from the thyssenkrupp Mining integration, the Mining President position has been merged with the Group CEO role. Mikko Keto joined FLSmidth in January 2021 from Metso Outotec, where he worked for 10 years of which the last two years as President, Minerals Services and Pumps, where he delivered growth in Services along with profitability improvements. He also served as a member of the companyî§s Executive Team. Thomas Schulz will stay with FLSmidth un-til the end of February 2022 as a special advisor to support any remaining transition actions be-fore he will leave for an outside role. Effective 1 January 2022, Mark Clifford took on the role as Chief Operating Officer, responsible for managing day-to-day operations between theRegions and the Mining and Cement Industries. Mark Clifford has possessed various leadership roles over his many years in FLSmidth, most re-cently as the Head of Regions. As COO, Mark Clifford will draw from his in-depth experience and understanding of our business. Presentation of financial statements and internal controls To ensure the high quality of the Groupî§s finan-cial reporting, the Board of Directors and the Group Executive Management have adopted a number of policies, procedures and guidelines for the presentation of the financial statements and internal controls which can be found at: Compliance with recommendations for corporate governance Pursuant to Section 4.3 of the rules for issuers ofshares listed on Nasdaq Copenhagen, Danish companies must provide a statement on how they address the recommendations on Corpo-rate Governance issued by the Committee on Corporate Governance in December 2020 based on the î§comply or explainî§îprinciple îîîî§î¢îî®î¡î§îîîªî©îî¢î®î¢î©î¨îî©î¨îîîîî¡îîîªîîî¢îî¢îîî¬îîî©mmen-dation is summarised in the corporate govern-ance statement available at: In the Boardî§îîî©îªî¢î¨î¢î©î¨î¦®îîîîî§î¢îî®î¡îîî©î§îªî¥î¢îîîî±î¢î®î¡îall recommendations on corporate governance applicable to Danish listed companies, except 3.5.1 related to external assistance in connectionwith evaluation of the performance of the Board of Directors, where the company only complies partially. Total management remuneration increased compared to 2020 dueto improved financial performance. In 2020, the remuneration was low primarily due to the impact on incentive programmes from the pandemic severely impacting the financial perfor-mance and target fulfilling. In 2021, the remuner-ation increased due to target fulfilling on incen-tive programmes being above target and from the severance package agreed with the former Group CEO. Base salary An adjustment of +2.4% to registered Group Ex-ecutive Managementî§s monthly base salary was made in 2021. Short-term incentive programme The pay-out under the short-term incentive pro-gramme is above target based on an average achievement on the financial KPIs (order intake, revenue contribution margin, EBITA margin and CFFO). Long-term incentive programme In 2021, management received no pay-out for thelong-term incentive programme (LTIP) for the per-formance period 2018-2020. The KPIs for the 2021 LTIP grant are: EBITA-mar-gin, total shareholder return and a sustainability-linked KPI, which is a change to the years before. Remuneration of Group Executive Management The Board has adopted overall guidelines for in-centive pay for the Group Executive Manage-ment establishing a framework for variable salary components in order to support the companyî§s short- and long-term goals. The purpose is to en-sure that the remuneration structure does not lead to imprudence, short-term behaviour or un-reasonable risk acceptance on the part of the Group Executive Management. The Boardî§s Compensation Committee considerson a regular basis the Group Executive Manage-mentî§s remuneration. The total remuneration of the Group Executive Management consists of the following compo-nents:  Base salary  Short-term incentives in the form of a cash bo-nus (up to 75% of annual base salary)  Long-term incentives in the form of perfor-mance shares (up to 100% of base salary)  Other incentives of up to 150% of the annual base salary in cash and/or in shares  Up to 18 monthsî§ notice in the event of termina-tion of employment and severance payment of a maximum of 6 monthsî§ base salary  Customary benefits such as company car, tele-phone, etc. Remuneration of the Board of Directors The Board of Directorsî§ total remuneration con-sists of an annual cash payment for the current fi-nancial year, which is submitted for approval at the Annual General Meeting. The Board of Direc-î®î©î¬îî§îîîîîîîî¬îîî¨î©î¬î§îî¥î¥î³îîªî¬î-approved by the Gen-eral Meeting for the year in question and then fi-nally approved by the shareholders at the following yearî§s General Meeting. In approving the final fees, shareholders may take unexpectedworkload into consideration and increase the preliminarily approved fees for all or some mem-bers of the Board of Directors. The Board of Di-î¬îîî®î©î¬îî§îîîîîîîî©îî¨î©î®îî¢î¨îî¥î¯îîîî¢î¨îîî¨î®î¢î°î-based re-muneration. Cash payment currently consists of a base fee of DKK 450,000 to each Board member, graded in line with additional tasks and responsibilities as follows:  Ordinary Board members 100% of the base fee  Board Vice chair 200% of the base fee  Board Chair 300% of the base fee  Committee Chair fee DKK 225,000  Committee members fee DKK 125,000 The Chair and Vice chair do not receive payment for committee work. The fee structure was last adjusted in 2017. </mrv:CorporateGovernanceReport>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx-1" id="pp-value-71" xml:lang="en">Diversity in Board and Management The Board of Directors of FLSmidth continually evaluates the diversity of the Board and the Group Executive Management as well as among managers and employees. In connection with recommendations and appointments, diversity is deliberately taken into account when consideringthe profiles and qualifications of potential candi-dates. At the end of 2021, women accounted for 33% (end 2020: 33%) of the shareholder-elected Board members, fulfilling the target that a mini-mum of 25% of the members elected at the An-nual General Meeting should be women. At the end of 2021, women accounted for 17% (end 2020: 16%) of the total workforce, while 14% of all managers were women (end 2020: 13%). By2030, we target 25% of our entire workforce and people managers to be women. When filling management vacancies externally, at least one female candidate must be in the short list. Due to FLSmidthî§s global presence in over 60 countries, the overall workforce naturally reflects a multitude of cultures and nationalities. The Board of Directors has set a long-term goal ac-cording to which global managers should to a greater extent reflect the representation of na-tionalities among all employees and the geo-graphical location of FLSmidthî§s technology cen-tres in Denmark (9% of the total workforce), the USA (15% of the total workforce) and India (22% of the total workforce). Today 50% (2020: 56%) of Group Executive Man-agement and 91% (end 2020: 90%) of the total number of employees have a nationality other than Danish. FLSmidth is a learning organisation, and our peo-ple are our most valuable resource. 48% of the workforce is below the age of 40. 46% have less than 5 years seniority, which reflects the transi-tion FLSmidth has gone through over the past several years. </mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="pp-value-74" xml:lang="en">Policy on Data Ethics During 2021, FLSmidth issued its Policy on Data Ethics. The policy addresses the data ethic princi-ples applied by FLSmidth and describes the ap-proach to data processing covering all data types. When using artificial intelligence and the like, we strive to ensure that the results are not discriminatory or biased. The short- and long-term consequences of data processing activities,especially when new technology is applied, are considered and the impact on the data subjects are taken into account. Security of data is im-portant to us. FLSmidth adheres to the six funda-mental ethical values developed by the expert group on data ethics to the Danish Data Ethics Council. Group Legal is the owner of the policy. </mrv:StatementOfPolicyForDataEthics>
<fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" unitRef="pure">10339</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-37" decimals="0" unitRef="pure">11567</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="pp-value-103" xml:lang="en">The Board of Directors and the Executive Board have today considered and approved the annualreport for the financial year 1 January î§ 31 December 2021. The consolidated financial statements are pre-sented in accordance with International FinancialReporting Standards as adopted by the EU. The parent company financial statements are pre-pared in accordance with the Danish Financial Statements Act. Further, the annual report is pre-pared in accordance with additional require-ments of the Danish Financial Statements Act. In our opinion, the consolidated financial state-ments and the parent company financial state-ments give a true and fair view of the Groupî§s and the Parent companyî§s financial position at 31 December 2021 as well as of the results of their operations and the consolidated cash flows for the financial year 1 January î§ 31 December 2021. In our opinion, the managementî§s review gives a fair review of the development in the Groupî§s and the Parent companys activities and financial matters, results of operations, consolidated cash flows and financial position as well as a descrip-tion of material risks and uncertainties that the Group and the Parent company face. In our opinion, the annual report for the financial year 1 January î§ 31 December 2021 with the file name 213800G7EG4156NNPG91-2021-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend the annual report for adoption atthe Annual General Meeting. </sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="pp-value-86" xml:lang="en">Valby</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="pp-value-87" xml:lang="en">2022-02-16</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" id="pp-value-88" xml:lang="en">Mikko Juhani Keto</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-38" id="pp-value-89" xml:lang="en">Group CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="pp-value-90" xml:lang="en">Roland M. Andersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-39" id="pp-value-91" xml:lang="en">Group CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="pp-value-92" xml:lang="en">Vagn Ove Sørensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" id="pp-value-93" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="pp-value-94" xml:lang="en">Tom Knutzen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" id="pp-value-95" xml:lang="en">Vice chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="pp-value-96" xml:lang="en">Gillian Dawn Winckler</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="pp-value-97" xml:lang="en">Thrasyvoulos Moraitis</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="pp-value-98" xml:lang="en">Richard Robinson Smith</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="pp-value-99" xml:lang="en">Anne Louise Eberhard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="pp-value-100" xml:lang="en">Carsten Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="pp-value-101" xml:lang="en">Leif Gundtoft</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="pp-value-102" xml:lang="en">Claus Ãstergaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="pp-value-105" xml:lang="en">To the shareholders ofFLSmidth & Co. A/S </arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="pp-value-106" xml:lang="en">Opinion We have audited the consolidated financial state-ments and the parent company financial state-ments of FLSmidth & Co. A/S for the financial year 1 January î§ 31 December 2021, which com-prise income statement, balance sheet, state-ment of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated statement of com-prehensive income and a consolidated cash flow statement. The consolidated financial statements are prepared in accordance with International Fi-nancial Reporting Standards as adopted by the EU and additional requirements of the Danish Fi-nancial Statements Act, and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial state-ments give a true and fair view of the financial position of the Group at 31 December 2021 and of the results of the Groupî§s operations and cash flows for the financial year 1 January î§ 31 Decem-ber 2021 in accordance with International Finan-cial Reporting Standards as adopted by the EU and additional requirements of the Danish Finan-cial Statements Act. Further, in our opinion the parent company finan-cial statements give a true and fair view of the financial position of the Parent Company at 31 December 2021 and of the results of the Parent Companyî§s operations for the financial year 1 January î§ 31 December 2021 in accordance with the Danish Financial Statements Act. Our opinion is consistent with our long-form auditreport to the Audit Committee and the Board of Directors. </arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="pp-value-108" xml:lang="en">Basis for opinion We conducted our audit in accordance with Inter-national Standards on Auditing (ISAs) and addi-tional requirements applicable in Denmark. Our responsibilities under those standards and re-quirements are further described in the "Auditorî§s responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively re-ferred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsî§ International Code of Ethics for Pro-fessional Accountants (IESBA Code) and the ad-ditional ethical requirements applicable in Den-mark, and we have fulfilled our other ethical responsibilities in accordance with these require-ments and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor We were initially appointed as auditor of FLSmidth & Co. A/S on 30 March 2017 for the fi-nancial year 2017. We have been reappointed annually by resolution of the general meeting fora total consecutive period of 5 years including the financial year 2021. </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="pp-value-110" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most signifi-cance in our audit of the financial statements for the financial year 2021. These matters were ad-dressed during our audit of the financial state-ments as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our de-scription of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Our audit in-cluded the design and performance of proce-dures to respond to our assessment of the risks of material misstatement of the financial state-ments. The results of our audit procedures, in-cluding the procedures performed to address thematters below, provide the basis for our audit opinion on the financial statements. Accounting for projects The accounting principles and disclosures about revenue recognition related to projects are in-cluded in notes 1.4, 2.7 and 3.4 to the consoli-dated financial statements. FLSmidthî§î Cement and Mining industries deliver long term projects, which typically extends over more than one financial year. Due to the nature of these projects and in accordance with the ac-counting principles, FLSmidth recognises and measures revenue from such long term projects over time based on the cost-to-cost method. Accounting for projects involve significant man-agement judgments in respect of estimating the cost to complete the projects, including risk con-tingencies, warranties, liquidated damages, claims and the expected time to completion as well as the risk of credit losses. Together with theimpact from executing projects in parts of the world where macro-economic and political fac-tors as well as COVID-19 related challenges may have an adverse effect, changes in these esti-mates during the execution of projects can signif-icantly impact the revenue, cost and contribution recognised. Accordingly, we considered the ac-counting for projects to be a key audit matter for the consolidated financial statements. As part of our procedures, we obtained an un-derstanding of the process for how project cost are estimated and risk evaluated. We evaluated the judgments made by management regarding the estimated costs to complete and the assump-tions made in assessment of warranty provisions. We evaluated the changes in estimated project cost and risk contingencies, and discussed these with project accounting, project management and group management. We evaluated manage-î§îî¨î®î§îîîîîîîîî§îî¨î®îîî¬îî îî¬îî¢î¨î îîî²îªî©îî¯î¬îîîî¬îî¥îî®îîto claims and liquidated damages for projects and provisions to mitigate contract-specific finan-cial risks as well as the risk of credit losses. For those balances subject to claims, we made in-quiries of external and internal legal counsel. Valuation of inventory The accounting principles and disclosures about inventory are included in note 3.2 to the consoli-dated financial statements. FLSmidth carries inventory in the balance sheet at the lower of cost and net realisable value. The inventory includes strategic items, which are heldin inventory, even if slow moving, because they are considered key equipment for the customers that FLSmidth needs to be able to deliver with short notice. The valuation of inventory involves significant management judgements to deter-mine whether inventory is still technical relevant when demand for the inventory items is ex-pected. The current market conditions are also considered. Accordingly, we considered this to be a key audit matter for the consolidated finan-cial statements. As part of our procedures, we obtained an un-derstanding of FLSmidthî§s process for monitoring inventory and recording write-down for obsolete items. We analysed the inventory recorded in the balance sheet and obtained evidence regarding valuation of slow moving items. Further, we evaluated managementî§s assessment of the ex-pected market demand and expected sales pricefor significant aged items. Valuation of trade receivables The accounting principles and disclosures about trade receivables are included in note 3.3 to the consolidated financial statements. FLSmidth carries trade receivables in the balancesheet at the amortised costs net of impairment losses, which is the original invoice amount less an estimated loss allowance for lifetime expectedcredit losses. FLSmidth has significant trade re-ceivables from a wide range of customers across the world. Trade receivables include inherent riskof credit losses influenced by specific character-istics and circumstances of the customer, e.g. the customerî§s ability to pay, access to securities andpayment guarantees, as well as the ageing of the receivable. The current market conditions and any country specific matters are also considered. Accordingly, we considered this to be a key auditmatter for the consolidated financial statements. As part of our procedures, we obtained an un-derstanding of FLSmidthî§s process for monitoring receivables and recording allowances for lifetime expected credit losses. We analysed the trade receivables recorded in the balance sheet and obtained evidence regarding the expected credit losses from items with particular risk characteris-tics. We evaluated managementî§s assessment of recoverability particularly for significant aged items by corroborating them against internal and external evidence regarding the likelihood of payment. </arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="pp-value-114" xml:lang="en">Statement on the Managementâs review Management is responsible for the Manage-mentî§s review. Our opinion on the financial statements does not cover the Managementî§s review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial state-ments, our responsibility is to read the Manage-mentî§s review and, in doing so, consider whether the Managementî§s review is materially incon-sistent with the financial statements or our knowledge obtained during the audit, or other-wise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Managementî§s review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we con-clude that the Managementî§s review is in accord-ance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Man-agementî§s review. </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="pp-value-115" xml:lang="en">Managementâs responsibilities for the financial statements Management is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with Interna-tional Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of parent company financial state-ments that give a true and fair view in accord-ance with the Danish Financial Statements Act. Moreover, Management is responsible for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstate-ment, whether due to fraud or error. In preparing the financial statements, Manage-ment is responsible for assessing the Groupî§s and the Parent Companyî§s ability to continue as a going concern, disclosing, as applicable, mat-ters related to going concern and using the go-ing concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Com-pany or to cease operations, or has no realistic alternative but to do so. </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="pp-value-116" xml:lang="en">Auditorâs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assur-ance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditorî§s report that includes our opinion. Rea-sonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional require-ments applicable in Denmark will always detect amaterial misstatement when it exists. Misstate-ments can arise from fraud or error and are con-sidered material if, individually or in the aggre-gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:  Identify and assess the risks of material mis-statement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and ob-tain audit evidence that is sufficient and appro-priate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one re-sulting from error, as fraud may involve collu-sion, forgery, intentional omissions, misrepre-sentations or the override of internal control.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circum-stances, but not for the purpose of expressing an opinion on the effectiveness of the Groupî§s and the Parent Companyî§s internal control.  Evaluate the appropriateness of accounting policies used and the reasonableness of ac-counting estimates and related disclosures made by Management.  Conclude on the appropriateness of Manage-mentî§s use of the going concern basis of ac-counting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Groupî§s and the Parent Com-panyî§s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audi-torî§s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclu-sions are based on the audit evidence ob-tained up to the date of our auditorî§s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.  Evaluate the overall presentation, structure andcontents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transac-tions and events in a manner that gives a true and fair view.  Obtain sufficient appropriate audit evidence re-garding the financial information of the entities or business activities within the Group to ex-press an opinion on the consolidated financial statements. We are responsible for the direc-tion, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with gov-ernance regarding, among other matters, the planned scope and timing of the audit and signifi-cant audit findings, including any significant defi-ciencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding inde-pendence, and to communicate with them all re-lationships and other matters that may reasona-bly be thought to bear on our independence, andwhere applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the au-dit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our audi-torî§s report unless law or regulation precludes public disclosure about the matter or when, in ex-tremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="pp-value-119" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the financial statements of FLSmidth & Co. A/S we performed procedures to express an opinion on whether the annual report for the financial year 1 January - 31 December 2021 with the file name 213800G7EG4156NNPG91-2021-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic For-mat (ESEF Regulation) which includes require-ments related to the preparation of the annual re-port in XHTML format and iXBRL tagging of the consolidated financial statements. Management is responsible for preparing an an-nual report that complies with the ESEF Regula-tion. This responsibility includes:  The preparing of the annual report in XHTML format;  The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to ele-ments in the taxonomy, for financial information required to be tagged using judgement where necessary;  Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and  For such internal control as Management de-termines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assur-ance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we haveobtained, and to issue a report that includes our opinion. The nature, timing and extent of proce-dures selected depend on the auditorî§s judge-ment, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:  Testing whether the annual report is prepared in XHTML format;  Obtaining an understanding of the companyî§s iXBRL tagging process and of internal control over the tagging process;  Evaluating the completeness of the iXBRL tag-ging of the consolidated financial statements;  Evaluating the appropriateness of the com-panyî§s use of iXBRL elements selected from the ESEF taxonomy and the creation of exten-sion elements where no suitable element in theESEF taxonomy has been identified;  Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and  Reconciling the iXBRL tagged data with the au-dited consolidated financial statements. In our opinion, the annual report for the financial year 1 January - 31 December 2021 with the file name 213800G7EG4156NNPG91-2021-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. </arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="pp-value-120" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="pp-value-121" xml:lang="en">2022-02-16</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-49" id="pp-value-126" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-49" id="pp-value-125" xml:lang="en">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-49" id="pp-value-122" xml:lang="en">Henrik Kronborg Iversen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-49" id="pp-value-123" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-49" id="pp-value-124" xml:lang="en">mne24687</cmn:IdentificationNumberOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-50" id="pp-value-127" xml:lang="en">Jens Thordahl Nøhr</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-50" id="pp-value-128" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-50" id="pp-value-129" xml:lang="en">mne32212</cmn:IdentificationNumberOfAuditor>
<gsd:NameOfReportingEntity contextRef="ctx-1" xml:lang="en">FLSmidth & Co. A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx-1" xml:lang="en">Vigerslev Allé</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-1" xml:lang="en">77</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-1" xml:lang="en">2500</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" xml:lang="en">Valby</gsd:AddressOfReportingEntityDistrictName>
<gsd:AddressOfReportingEntityCountry contextRef="ctx-1" xml:lang="en">Denmark</gsd:AddressOfReportingEntityCountry>
<gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" id="pp-value-138" xml:lang="en">+45 36 18 18 00 </gsd:TelephoneNumberOfReportingEntity>
<gsd:FaxNumberOfReportingEntity contextRef="ctx-1" xml:lang="en">+45 36 44 11 46</gsd:FaxNumberOfReportingEntity>
<gsd:EmailOfReportingEntity contextRef="ctx-1" id="pp-value-141" xml:lang="en">corppr@flsmidth.com</gsd:EmailOfReportingEntity>
<gsd:HomepageOfReportingEntity contextRef="ctx-1" id="pp-value-140" xml:lang="en">www.flsmidth.com</gsd:HomepageOfReportingEntity>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-1" xml:lang="en">58180912</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" xml:lang="en">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" xml:lang="en">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
<gsd:ReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2021-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2021-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" xml:lang="en">2020-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx-1" xml:lang="en">2020-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1" xml:lang="en">213800G7EG4156NNPG91</gsd:LegalEntityIdentifierOfReportingEntity>
<fsa:ClassOfReportingEntity contextRef="ctx-1" xml:lang="en">Reporting class D</fsa:ClassOfReportingEntity>
<gsd:AddressOfReportingEntityCountryIdentificationCode contextRef="ctx-1" xml:lang="en">DK</gsd:AddressOfReportingEntityCountryIdentificationCode>
<gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-1" xml:lang="en">213800G7EG4156NNPG91</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-1" xml:lang="en">58180912</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" xml:lang="en">FLSmidth & Co. A/S</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" xml:lang="en">Vigerslev Allé 77</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" xml:lang="en">2500 Valby</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" xml:lang="en">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
</xbrli:xbrl>