The Board of Directors of Aktieselskabet Schouw & Co. today approved the annual
report for 2008.
Highlights:
Schouw & Co. lifted its consolidated revenue by 20.5% to DKK 9,821.2 million.
Growth was based mainly on the operations acquired from Provimi Aqua, but the
rest of the BioMar operations and Grene also generated double-digit growth
rates.
Operating profit before goodwill impairment was DKK 337.6 million against DKK
438.8 million in 2007. The decline was mainly due to Martin and BioMar, while
Fibertex and Grene improved their operating profits.
Overall, consolidated operations were in line with the most recent guidance,
but Schouw & Co. has recognised a goodwill impairment loss in Martin of DKK
213.1 million.
The 2008 profit before tax included an DKK 871.5 million negative value
adjustment on the holding of Vestas shares. In 2007, the Vestas holding had a
positive effect of DKK 1,466.8 million. Accordingly, we posted a consolidated
loss before tax of DKK 865.2 million against a profit of DKK 1,766.1 million in
2007.
Exclusive of the effects of the holding of Vestas shares and goodwill
impairment, profit before tax was DKK 219.4 million, compared with DKK 299.3
million in 2007.
BioMar reported a strong revenue improvement. The profit before tax of DKK 33.4
million was affected by impairment losses of DKK 57.5 million due to the
closure of two factories as part of an efficiency-improvement programme.
Fibertex reported unchanged revenue, but an improvement in profit before tax by
DKK 55.3 million to DKK 60.4 million.
Grene reported organic revenue growth of 11% and a satisfactory profit of DKK
128.4 million deriving mainly from Hydra-Grene.
Martin faced a challenging fourth quarter and reported an unsatisfactory profit
before tax of DKK 5.2 million.
The Board of Directors proposes to the shareholders in general meeting to keep
dividends at DKK 3 per share.
The Board of Directors proposes that the company's share capital be reduced to
DKK 25 million by cancellation of 2.5 million shares from the company's holding
of treasury shares.
Schouw & Co. projects consolidated fullyear 2009 revenue of approximately DKK 9
billion and a profit before tax in the range of DKK 50-150 million exclusive of
the effects from the holding of Vestas shares. This guidance is based on the
current global financial turmoil, which is causing uncertainty at substantially
above ‘normal' levels.
Schouw & Co. will be reviewing the annual report online and will be hosting a
teleconference (in Danish) for analysts, the media and other interested parties
on
THURSDAY, MARCH 12, AT 11.00 CET
The presentation will be webcast. A link to the presentation is available at
the Schouw & Co. web site, www.schouw.dk, where the presentation will also be
available for subsequent viewing. Those wishing to attend the teleconference
are invited to call tel. +45 32 71 47 67.
