Best performance in Schouw & Co.'s history

2015 was one of the very best years in Schouw & Co.’s almost 140-year history, as all the companies of the Schouw & Co. Group improved on their 2015 revenue and earnings relative to 2014, and the Group’s consolidated EBIT is the highest ever.

The Group’s companies improved overall revenue from DKK 11,784 million in 2014 to DKK 12,566 million in 2015. The improved 7% revenue performance was composed of several opposing factors, including changing prices of raw materials, foreign exchange rates and volume sales, but all of our consolidated businesses reported revenue improvements.

EBIT for the year rose from DKK 708 million in 2014 to DKK 831 million in 2015. The 17% EBIT improvement was driven mainly by Fibertex Personal Care, but BioMar, Fibertex Nonwovens and Hydra-Grene also contributed. The associate Kramp and Xergi, which is recognized as a joint venture, also both achieved expected earnings.


Realised in 2015

  • Revenue rose to DKK 12.6 billion (2014: 11.8).
  • EBIT up to DKK 831 million (2014: 708), which was much better than expected during the year.
  • Cash flows from operations improved by more than DKK 500 million to DKK 1,171 million, mainly due to lower working capital. Free cash flow of DKK 602 million.
  • All portfolio companies reported revenue and EBIT improvements relative to 2014.
  • NIBD was a net deposit of DKK 511 million.
  • High level of activity in portfolio companies: BioMar set up a joint venture in China, Fibertex Personal Care resolved investment in printing facilities in Malaysia, Fibertex Nonwovens acquired company in Turkey, and Hydra-Grene agreed to acquire its much larger Swedish peer Specma.
  • Our ROIC improved for the sixth consecutive year, reaching 18.3%, excluding goodwill, and 15.1% when stated including goodwill.

Outlook for 2016

  • Still very competitive markets, but earnings are expected to remain attractive.
  • Completion of GPV expected . First time in ten years, a new leg is added to the portfolio.
  • We expect 2016 revenue to be around DKK 14.2 billion (2015: 12.6) and EBIT in the range of DKK 760-850 million (2015: 831). These numbers are stated without the effect of the GPV acquisition.
  • The share of profit in associates etc. is expected to be DKK 75-85 million after tax.
  • Proposal to increase the dividend for the 2015 financial year by 25% to DKK 10 per share.


Volumes sold were down on 2014, but revenue was up by 6%, mostly due to higher raw materials prices and currency appreciation. EBIT grew to DKK 447 million (2014: 434) mainly as a result of changes in  foreign exchange rates, proper cost control and margin management in all regions. Facing challenging market conditions, and a slight drop in EBIT is expected relative to 2015.

Fibertex Personal Care

Revenue was marginally up from 2014, but EBIT was up by 47% to DKK 253 million (2014: 171) due to efficient operations, attractive raw materials prices and favourable FX rate developments. EBIT for 2016 is expected lower than in 2015.

Fibertex Nonwovens

Revenue up by 17% and EBIT up by 23% to DKK 76 million in 2015. Improvements expected to continue in 2016, which will be a year of consolidating past investments.


Revenue up to DKK 603 million (2014: 566), and EBIT up by 30% to DKK 78 million, driven by a high level of activity in the wind turbine segment. Specma acquisition will lift 2016 revenue and earnings, but  market expectations moderate.

Kramp (20% owned)

Revenue up by 5% to DKK 5,126 million and EBIT rose by 17% to DKK 474 million. Revenue expected to improve and EBIT to remain flat in 2016 despite the challenging conditions facing the agricultural sector.

Statement by Jens Bjerg Sørensen, President of Schouw & Co.:

”Our very solid performance comes on the back of the platform we have established over the past few years. We are strongly committed to future-proofing our businesses by giving priority to development, innovation and long-term investment.

A common characteristic of all of our businesses in their busy everyday operations and challenging market conditions is their everpresent commitment and dedication to visionary, innovative thinking and a long-term approach. It is a culture we value very highly at Schouw & Co.

The last few months have been full of intense acquisition activity and we are very pleased with the additions of Specma and GPV to the Schouw family.

Over the past few years, we invested heavily in making our businesses both larger and stronger. It’s now time to shift our focus to prioritizing stronger businesses over larger ones.

We have the capacity for growth, and we’ve shown a commitment to investing in making our businesses stronger. Schouw & Co. remains well-positioned for long-term value creation. The markets our companies operate in will always be highly competitive, but we are well prepared to face a changing world. Our company acquisitions from 2015 will propel us forward, and the future looks quite promising.”

Please also see: