Highlights
- The first six months of 2013 were largely as expected.
- Revenue was DKK 5,619 million (2012: DKK 5,705 million). EBIT was DKK 214 million (2012: DKK 321 million).
- Including a positive value adjustment of financial investments and profit from discontinued operations, the profit after tax amounted to DKK 587 million (2012: DKK 140 million.)
- BioMar expects a fall in overall volumes in the large salmon markets for the rest of the year and lowers its full-year EBIT forecast by 10–15%.
- Fibertex Personal Care had a good start to the year and raises its full-year EBIT forecast, whereas Hydra-Grene lowers its EBIT forecast due to weak sales to the wind turbine industry in the first half year.
- Overall, Schouw & Co. lowers its operating profit forecast for 2013, but the change is offset by an expected non-recurring income of about DKK 50 million from the sale of the property in Lystrup. As a result, the full-year EBIT forecast is maintained at the range of DKK 680-770 million.
Jens Bjerg Sørensen, President of Schouw & Co., said: “After a difficult start to 2013, the second quarter developed largely as we had expected.
Due to a drop in the quantities of farmed fish and cold weather conditions at the beginning of the year, BioMar reported, as expected, a significant drop both in volumes sold and in EBIT relative to 2012. On the other hand, Fibertex Personal Care improved its sales, achieved good capacity utilisation and thus a substantial improvement in EBIT in both the first and the second quarters.
Due to recent months' developments in the major salmon markets in Norway and Chile, we have had to lower our 2013 earnings forecast for BioMar. It appears that the overall market in 2013 will be smaller than previously expected, and the more competitive markets have put gross margins under pressure. However, we believe that BioMar has strengthened its relative market position and that the company is well positioned for future developments in the market.
During the rest of 2013, we will continue the work to help our individual companies to strengthen their strategic positions, while remaining focused on organic and acquisitive profitable growth.” 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 THURSDAY, AUGUST 15, 2013 AT 16.00 A link to the presentation is available at www.schouw.dk, where the presentation will also be available for subse-quent viewing. Those wishing to attend the conference call are invited to call tel. +45 3271 4767. Questions relating to the above should be directed to Jens Bjerg Sørensen, President, on tel. +45 8611 2222.
