Interim report - first quarter of 2016
Tuesday, Schouw & Co. released its interim report for the first quarter of 2016. Revenue remains largely unchanged compared to 2015 and EBIT improved by 3%. Full-year EBIT guidance slightly raised.
Highlights
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Overall, the Schouw & Co. businesses are off to a good start to 2016. Consolidated revenue was DKK 2,776 million, which is consistent with last year, and EBIT was up by 3% to DKK 157 million.
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BioMar lowers its revenue guidance and maintains its full-year EBIT forecast. Fibertex Personal Care raises its full-year EBIT guidance. All other portfolio companies maintain their full-year revenue and EBIT forecasts.
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The acquisition of GPV was completed effective 1 April 2016, and the company’s financial results will be consolidated for the remainder of the year.
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Schouw & Co. now expects full-year 2016 revenue of about DKK 14.1 billion. The Group now expects EBIT in the range of DKK 810-900 million. GPV is expected to contribute EBIT of DKK 40 million, and Fibertex Personal Care has raised its EBIT forecast by DKK 10 million.
Statement by Jens Bjerg Sørensen, President of Schouw & Co.
“Schouw & Co. had yet another good reporting period in the first quarter of 2016. While our revenue was flat, EBIT was up by 3% to the highest level in a first quarter in our company’s history. The improvement was mainly driven by the effects of investment and acquisitions, as well as efficient operations and strong capacity utilisation.
The Specma acquisition took full effect in the first quarter, and we have now consolidated the company in our hydraulics operations. Effective from the second quarter, GPV also becomes a part of Schouw & Co., and the work to integrate the company is already well underway. Our focus is on realising the plans we have for growing and developing our businesses, and we are confident that by acquiring Specma and GPV, we have taken important steps in the continual efforts to ensure long-term profitability for Schouw & Co.
The first quarter is the low season for Schouw & Co., but the initial good earnings performance has enabled us to raise our EBIT guidance slightly. Schouw & Co. remains financially very strong and we are well positioned to respond to any opportunities and challenges that may arise.”
Conference call (in Danish) in relation to the interim report
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Tuesday, 3 May 2016 at 15:30 CEST
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Phone +45 3272 9274, access pin 420949#
Aktieselskabet Schouw & Co.
Jørn Ankær Thomsen, Chairman
Jens Bjerg Sørensen, President
Questions relating to the above should be directed to Jens Bjerg Sørensen, President, on tel. +45 8611 2222.
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