Thursday Schouw & Co. released the interim report for the half of 2014. Revenue was DKK 5.1 billion and operating profit (EBIT) increased by 32% to DKK 239 million. More specific full-year EBIT guidance provided.
Highlights
- Overall, Schouw & Co. had a good first six months of the year. Revenue was up by 2% to DKK 5,064 million.
- EBIT was up by DKK 58 million to DKK 239 million.
- BioMar, Fibertex Nonwovens and Hydra-Grene all reported revenue and EBIT improvements.
- Fibertex Personal Care reported higher revenue but lower EBIT.
- The associate company Kramp reported revenue and EBIT improvements.
- Schouw & Co. maintains its forecast of full-year 2014 revenue of DKK 11.5-12.0 billion and raises the EBIT forecast to the range of DKK 570-665 million from the previous forecast of DKK 535-660 million.
Statement by Jens Bjerg Sørensen, President of Schouw & Co.:
"Overall, the first six months of 2014 was a highly satisfactory period for Schouw & Co.
Lower prices of raw materials triggered lower selling prices, and with the added negative currency effect our revenue improved by only 2% relative to H1 2013. EBIT, on the other hand, improved by 32%, emphasising the strong earnings power of our businesses.
During the first six months of 2014, we paid out dividends and bought back shares for a net amount of DKK 211 million, and Schouw & Co.'s financial situation remains very strong with virtually no net interest-bearing debt.
The continued development of all of our businesses remains our top priority, growth and expansion being the main focal points. The uncertainty about our future prospects has been reduced, and we have narrowed our full-year EBIT guidance."
Schouw & Co. will be reviewing the financial statements in a conference call (in Danish) for analysts, members of the press and other interested parties on telephone +45 32 71 47 68, access code 66585717#, on
THURSDAY, AUGUST 14, 2014 AT 15.30
Questions relating to the above should be directed to Jens Bjerg Sørensen, President, on tel. +45 8611 2222.
