Highlights
- Overall, the results of the third quarter were as expected, but in many areas general market conditions have become more challenging than they were in 2012.
- All businesses of the Group maintain their full-year revenue and profit forecasts.
- Q3 revenue was DKK 3,703 million (Q3 2012: DKK 3,245 million), EBIT was DKK 246 million (Q3 2012: DKK 271 million). For the nine months to September 30, revenue was DKK 8,666 million (9M 2012: DKK 8,283 million) and EBIT was DKK 428 million (9M 2012: DKK 545 million).
- Including a positive value adjustment of financial investments and profit from discontinued operations, Q3 profit after tax amounted to DKK 377 million (Q3 2012: DKK 254 million). For the nine months to September 30, profit after tax was DKK 963 million (9M 2012: DKK 394 million).
- The necessary approvals for the combination of Grene and Kramp have been obtained after the end of the third quarter. Grene will be recognised under discontinued operations for 2013 at an expected profit after tax of about DKK 250 million including an accounting gain to be calculated in the fourth quarter.
- Schouw & Co. maintains its full-year guidance. However, as Grene is no longer consolidated, the guidance is for revenue of around DKK 12 billion and for EBIT in the range of DKK 605-685 million.
Jens Bjerg Sørensen, President of Schouw & Co., said:
“Overall, our Q3 performance was as expected, and we maintain our full-year guidance for revenue and earnings.
Lately, several of our businesses have experienced challenging conditions. For BioMar, the market in Norway is extremely competitive, and Fibertex Personal Care is likely facing a period of excess market capacity. Group earnings are, however, still maintained at an attractive level.
Our key focus right now is to make sure we use our production capacity even more efficiently, while at the same time expanding the platform we need to generate future value creation and growth. We have the financial resources necessary for taking a long-term approach.”
Conference call
Schouw & Co. will be reviewing the financial statements in a teleconference (in Danish) for analysts, members of the press and other interested parties on telephone +45 32 72 80 18, Thursday, November 7, 2013 at 15.30. Questions relating to the above should be directed to Jens Bjerg Sørensen, President, on tel. +45 8611 2222.
