Disclaimer
Aktieselskabet Schouw & Co.
Key figures (unauditet)
2016-2021
Quarterly figures and full-year figures
Disclamer:
The following pages are intended to summarise previously released financial information. We aim to keep the form and format unchanged, but no warrenty is given.
In case of discrepancy between this spreadsheet and the publicated pdf-file through the stock exchange, it will always bee that through the stock exchange publicated material that apply.
Income
Statement of income and comprehensive income - Schouw & Co. Group
Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 2016 2017 2018 2019 2020 2021
Revenue 2,776 3,373 4,325 3,896 3,584 4,123 4,835 4,491 3,851 4,534 5,034 4,834 4,676 4,969 5,872 5,428 4,802 4,938 6,060 5,473 4,906 14,369 17,032 18,253 20,946 21,273
Cost of sale -2,296 -2,799 -3,606 -3,252 -2,999 -3,456 -4,017 -3,720 -3,202 -3,780 -4,220 -4,076 -3,931 -4,189 -4,884 -4,572 -4,030 -4,110 -5,050 -4,556 -4,069 -11,952 -14,192 -15,278 -17,576 -17,746
Gross profit 480 574 719 644 585 667 818 771 649 754 815 757 745 781 988 856 772 828 1,010 917 837 2,417 2,840 2,975 3,370 3,528
Other operating income 8 26 10 30 3 1 21 27 12 18 4 6 7 14 4 12 5 9 8 5 10 74 51 41 37 27
Distribution costs -201 -228 -231 -221 -240 -265 -288 -306 -291 -313 -332 -290 -317 -334 -351 -333 -331 -327 -330 -342 -346 -879 -1,098 -1,225 -1,335 -1,331
Administrative expenses -130 -157 -148 -136 -169 -168 -184 -173 -186 -193 -176 -185 -231 -236 -220 -231 -209 -196 -208 -217 -223 -571 -693 -741 -918 -831
Other operating expenses -0 0 -0 -2 -0 3 -6 -5 -1 -0 -2 -0 -1 -1 0 -3 -7 -5 -14 10 -3 -2 -8 -3 -5 -17
Operating profit (EBIT) 157 215 351 316 178 238 362 314 183 266 309 289 202 224 421 303 229 309 465 373 275 1,039 1,093 1,047 1,149 1,376
Profit after tax in associates 16 32 519 4 1 1 10 19 3 13 19 28 16 5 6 22 11 -10 -44 0 -14 572 32 63 49 -44
Profit after tax in joint ventures -2 1 -4 -1 -1 3 0 8 -1 4 -0 5 -1 3 4 -5 4 4 1 0 1 -5 10 8 1 8
Gains on equity divestments 9 0 29 0 0 0 2 0 0 3 9 29 2
Financial income 10 11 10 3 4 58 10 23 17 17 18 35 29 7 22 26 27 8 24 40 46 33 78 79 84 76
Financial expenses -24 -13 -16 -6 -19 -45 -35 -26 -30 -40 -45 -11 -32 -49 -42 -41 -58 -41 -55 -79 -39 -60 -108 -119 -164 -209
Profit before tax 157 247 860 315 163 256 347 339 172 259 301 355 213 218 411 306 212 272 391 335 272 1,578 1,105 1,086 1,149 1,209
Tax on profit -41 -54 -84 -61 -41 -55 -84 -49 -54 -58 -71 -108 -47 -44 -95 -57 -53 -69 -95 -84 -65 -240 -230 -290 -243 -300
Total profit 116 193 776 254 122 201 262 289 118 201 230 247 167 175 316 249 159 203 296 251 207 1,339 875 796 906 909
Attributable to:
Shareholders of Schouw & Co. 117 192 777 255 124 203 264 289 118 203 232 248 167 175 317 252 162 203 296 250 207 1,342 880 801 911 912
Non-controlling interests -1 0 -1 -1 -1 -2 -2 0 -0 -2 -2 -1 0 -1 -1 -3 -3 0 0 1 0 -3 -5 -5 -5 -3
Profit for the period 116 193 776 254 122 201 262 289 118 201 230 247 167 175 316 249 159 203 296 251 207 1,339 875 796 906 909
Earnings per share (DKK) 4.95 8.10 32.74 10.77 5.20 8.51 11.03 12.11 4.94 8.45 9.64 10.40 7.05 7.37 13.31 10.54 6.76 8.49 12.36 10.43 8.63 56.56 36.85 33.43 38.27 38.04
Diluted earnings per share (DKK) 4.94 8.08 32.65 10.74 5.16 8.43 10.96 12.08 4.91 8.42 9.62 10.40 7.04 7.36 13.30 10.57 6.76 8.49 12.36 10.42 8.59 56.41 36.63 33.35 38.27 38.00
Comprehensive income
Actuarial gains/losses on defined benefit pension obligations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 0 0 0 -17 0 0 0 0 3 -17
Exchange rate adjustment of foreign subsidiaries (39) 14 (39) 48 14 (144) (78) (18) (51) 97 (1) 36 134 -67 161 -65 -170 -33 -214 -75 151 (16) (226) 81 163 -492
Hedging instruments recognised during the year (16) 24 (19) 8 2 (2) 6 (11) 0 (1) 2 -2 2 -8 11 -5 -6 17 -5 -14 0 (4) (4) (2) 0 -8
Hedging instruments transferred to cost of sales (1) 0 0 0 0 (8) 8 (0) 2 0 0 -1 -1 0 0 3 -2 0 0 8 (1) 0 1 2 -2
Hedging instruments transferred to financials 0 0 (0) 7 1 1 0 2 5 (3) (2) 5 1 1 0 2 0 -1 0 3 -2 7 5 5 4 2
Other comprehensive income from associates and joint ventures (1) (0) 23 (11) (1) 0 (0) (22) (3) (2) (1) 7 0 0 0 9 0 0 0 -11 0 10 (22) 2 9 -11
Other adjustments recognised in other comprehensive income (0) (5) (1) 1 1 0 (0) (8) 1 (0) 3 -3 0 -1 0 1 1 -1 0 -2 2 (4) (8) 0 0 -2
Tax on other comprehensive income 4 (5) 5 (4) (1) 1 (3) 3 (2) 1 0 -0 0 2 -3 0 1 -3 1 4 -1 (0) 0 (1) (1) 3
Other comprehensive income after tax (54) 28 (32) 49 17 (151) (67) (53) (48) 92 1 42 135 -73 170 -52 -175 -22 -218 -112 158 (8) (254) 86 180 -528
Total profit 116 193 776 254 122 201 262 289 118 201 230 247 167 175 316 249 159 203 296 251 207 1,339 875 796 906 909
Total recognised comprehensive income 63 220 745 303 139 50 195 236 70 293 231 289 302 101 485 198 -17 182 78 139 365 1,331 620 882 1,086 381
Attributable to:
Shareholders of Schouw & Co. 64 220 745 306 140 53 198 235 70 296 235 287 302 102 487 200 -14 182 78 138 364 1,335 625 888 1,091 383
Non-controlling interests (1) 0 0 (4) (1) (3) (2) 1 (0) (3) (4) 1 0 -1 -1 -3 -2 0 0 0 0 (4) (5) (5) (5) -2
Total recognised comprehensive income 63 220 745 303 139 50 195 236 70 293 231 289 302 101 485 198 -17 182 78 139 365 1,331 620 882 1,086 381
ROIC excl. goodwill 18.2% 19.1% 19.9% 20.2% 20.0% 19.6% 18.8% 17.6% 16.7% 16.3% 15.2% 14.5% 13.7% 12.4% 12.8% 12.3% 12.5% 13.4% 14.2% 15.3% 15.9% 20.2% 17.6% 14.5% 12.3% 15.3%
ROIC incl. goodwill 14.9% 15.6% 16.4% 16.6% 16.6% 16.1% 15.1% 13.8% 13.0% 12.6% 11.8% 11.3% 10.8% 9.9% 10.3% 10.0% 10.1% 10.9% 11.4% 12.3% 12.7% 16.6% 13.8% 11.3% 10.0% 12.3%
Calculation of ROIC:
EBITA (LTM) 864 935 1,026 1,090 1,114 1,148 1,167 1,176 1,196 1,230 1,181 1,156 1,180 1,144 1,260 1,284 1,309 1,393 1,437 1,505 1,551 1,090 1,176 1,156 1,284 1,505
Average investered capital excl. goodwill 4,753 4,899 5,161 5,399 5,565 5,863 6,200 6,681 7,152 7,533 7,790 7,968 8,599 9,193 9,826 10,442 10,478 10,375 10,115 9,842 9,764 5,399 6,676 7,968 10,442 9,842
Average investered capital incl. goodwill 5,791 5,974 6,274 6,552 6,727 7,152 7,754 8,494 9,216 9,739 10,003 10,191 10,883 11,527 12,219 12,885 12,933 12,834 12,557 12,263 12,168 6,552 8,494 10,191 12,865 12,263
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 4,859 4,578 4,464 5,114 5,441 5,626 5,416 5,778 6,634 6,974 7,337 7,665 8,157 8,001 8,048 10,192 10,532 10,533 10,510 10,336 10,119 5,114 5,778 7,665 10,192 10,336
Invested capital 6 months ago 4,578 4,464 5,114 5,441 5,626 5,416 5,778 6,634 6,974 7,337 7,665 8,157 8,001 8,048 10,192 10,532 10,533 10,510 10,336 10,119 9,493 5,441 6,624 8,157 10,532 10,119
Invested capital 3 months ago 4,464 5,114 5,441 5,626 5,416 5,778 6,634 6,974 7,337 7,665 8,157 8,001 8,048 10,192 10,532 10,533 10,510 10,336 10,119 9,493 9,421 5,626 6,964 8,001 10,533 9,493
Invested capital current period 5,114 5,441 5,626 5,416 5,778 6,634 6,974 7,337 7,665 8,157 8,001 8,048 10,192 10,532 10,533 10,510 10,336 10,119 9,493 9,421 10,021 5,416 7,337 8,048 10,510 9,421
Average 4,753 4,899 5,161 5,399 5,565 5,863 6,200 6,681 7,152 7,533 7,790 7,968 8,599 9,193 9,826 10,442 10,478 10,375 10,115 9,842 9,764 5,399 6,676 7,968 10,442 9,842
Average investered capital incl. goodwill is calculated as such:
Invested capital 9 months ago 5,857 5,576 5,470 6,261 6,591 6,773 6,585 6,958 8,292 9,181 9,544 9,846 10,383 10,239 10,296 12,613 12,961 13,006 12,961 12,803 12,567 6,261 6,958 9,846 12,613 12,803
Invested capital 6 months ago 5,576 5,470 6,261 6,591 6,773 6,585 6,958 8,292 9,181 9,544 9,846 10,383 10,239 10,296 12,613 12,961 13,006 12,961 12,803 12,567 11,896 6,591 8,292 10,383 12,961 12,567
Invested capital 3 months ago 5,470 6,261 6,591 6,773 6,585 6,958 8,292 9,181 9,544 9,846 10,383 10,239 10,296 12,613 12,961 13,006 12,961 12,803 12,567 11,896 11,787 6,773 9,181 10,239 13,006 11,896
Invested capital current period 6,261 6,591 6,773 6,585 6,958 8,292 9,181 9,544 9,846 10,383 10,239 10,296 12,613 12,961 13,006 12,961 12,803 12,567 11,896 11,787 12,421 6,585 9,544 10,296 12,881 11,787
Average 5,791 5,974 6,274 6,552 6,727 7,152 7,754 8,494 9,216 9,739 10,003 10,191 10,883 11,527 12,219 12,885 12,933 12,834 12,557 12,263 12,168 6,552 8,494 10,191 12,865 12,263
Balance
Consolidated balance sheet • Assets
PR. 31. MAR. 2016 PR. 30. JUN. 2016 PR. 30. SEP. 2016 PR. 31. DEC. 2016 PR. 31. MAR. 2017 PR. 30. JUN. 2017 PR. 30. SEP. 2017 PR. 31. DEC. 2017 PR. 31. MAR. 2018 PR. 30. JUN. 2018 PR. 30. SEP. 2018 PR. 31. DEC. 2018 PR. 31. MAR. 2019 PR. 30. JUN. 2019 PR. 30. SEP. 2019 PR. 31. DEC. 2019 PR. 31. MAR. 2020 PR. 30. JUN. 2020 PR. 30. SEP. 2020 PR. 31. DEC. 2020 PR. 31. MAR. 2021 PR. 30. JUN. 2021 PR. 30. SEP. 2021 PR. 31. DEC. 2021
Goodwill 1,147 1,151 1,148 1,169 1,181 1,658 2,207 2,208 2,180 2,227 2,239 2,404 2,421 2,429 2,474 2,451
Completed development projects 0 29 25 0 0 0 0 0 0 0 0 0 0 0 0 0
Development projects in progress 0 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0
Customer relations 123 119 281 396 379 371 371 362 549 538 524 521 519
Brands 55 53 170 192 183 177 175 172 169 166 162 159 157
Know-how 36 35 114 337 326 314 318 314 370 367 356 360 347
Other intangible assets 326 304 292 99 93 104 95 99 92 86 82 101 101 93 92 94
Intangible assets 1,473 1,486 1,467 1,482 1,481 2,328 3,226 3,195 3,135 3,176 3,169 3,594 3,592 3,565 3,605 3,568 3,561 3,510 3,421 3,423 3,443
Land and buildings 1,313 1,446 1,401 1,421 1,402 1,433 1,649 1,776 1,778 1,788 1,774 1,797 1.873 1.981 2,004 1,969
Plant and machinery 1,129 1,148 1,125 1,328 1,389 1,338 1,519 1,836 1,796 1,786 1,802 1,894 1.940 1.992 2,013 2,076
Other fixtures, tools and equipment 98 102 126 94 118 132 136 120 134 128 129 125 136 138 144 139
Assets under construction, etc. 400 499 642 608 694 801 569 226 316 459 464 501 619 621 718 772
Property, plant and equipment 2,940 3,195 3,293 3,450 3,603 3,703 3,873 3,959 4,024 4,161 4.167,4 4,317 4.568 4.732 4,879 4,956 4,776 4,758 4,690 4,659 4,732
Equity investments in associates 587 617 62 63 87 86 330 342 339 367 389 377 397 390 413 427 441 423 361 347 350
Equity investments in joint ventures 107 119 115 171 168 165 162 169 164 164 152 137 140 138 145 136 138 138 134 134 138
Lease assets (ROU) 849 850 839 827 761 740 736 721 717
Securities 111 116 115 121 120 182 5 5 5 3 3 75 75 76 77 79 78 79 79 80 81
Deferred tax 16 31 38 36 40 92 89 58 73 76 77 66 106 116 121 122 122 127 122 104 116
Receivables 164 171 156 139 130 168 100 137 124 111 102 108 105 140 110 107 92 84 70 41 37
Other non-current assets 985 1,054 486 530 545 694 687 710 705 721 722 763 1.672 1.710 1,705 1,698 1,632 1,591 1,502 1,427 1,438
Total non-current assets 5,398 5,735 5,246 5,461 5,629 6,724 7,786 7,864 7,864 8,058 8,058 8,674 9.832 10.007 10,189 10,222 9,969 9,859 9,613 9,509 9,613
Inventories 1,728 1,974 2,039 1,971 2,265 2,714 2,709 2,811 2,980 3,187 3,191 3,683 3.871 4.019 3,929 3,868 3,617 3,807 3,482 3,692 3,888
Receivables 2,708 2,848 3,308 3,104 2,942 3,262 3,449 3,180 3,186 3,753 3,998 3,903 4.058 4.119 4,715 4,112 4,102 4,112 4,577 4,071 4,211
Income tax receivable 24 28 8 55 63 111 86 56 50 59 55 94 75 60 42 37 41 25 35 88 39
Securities 0 0 1,035 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash and cash equivalents 893 442 549 1,682 1,513 520 562 478 509 371 464 585 574 588 613 538 578 615 671 635 723
Total current assets 5,353 5,290 6,939 6,812 6,783 6,607 6,806 6,525 6,725 7,370 7,707 8,266 8.577 8.787 9,298 8,554 8,339 8,560 8,766 8,486 8,860
Assets held for sale 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total assets 10,750 11,026 12,185 12,273 12,412 13,331 14,591 14,389 14,589 15,429 15,765 16,940 18.409 18,794 19,487 18,777 18,308 18,419 18,379 17,994 18,473
Consolidated balance sheet • Liabilities and equity
PR. 31. MAR. 2016 PR. 30. JUN. 2016 PR. 30. SEP. 2016 PR. 31. DEC. 2016 PR. 31. MAR. 2017 PR. 30. JUN. 2017 PR. 30. SEP. 2017 PR. 31. DEC. 2017 PR. 31. MAR. 2018 PR. 30. JUN. 2018 PR. 30. SEP. 2018 PR. 31. DEC. 2018 PR. 31. MAR. 2019 PR. 30. JUN. 2019 PR. 30. SEP. 2019 PR. 31. DEC. 2019 PR. 31. MAR. 2020 PR. 30. JUN. 2020 PR. 30. SEP. 2020 PR. 31. DEC. 2020 PR. 31. MAR. 2021 PR. 30. JUN. 2021 PR. 30. SEP. 2021 PR. 31. DEC. 2021
Share capital 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255 255
Hedge transaction reserve -25 -7 -21 -11 -8 -15 -4 -11 -5 -8 -9 -8 -6 -12 -3 -3 -9 3 -1 -10 -4
Exchange adjustment reserve 224 238 198 240 255 111 34 -7 -58 40 41 79 213 146 307 251 80 47 -167 -253 -103
Retained earnings 6,056 6,250 7,052 7,006 7,152 7,396 7,759 7,748 7,868 8,084 8,209 7,994 8,167 8,392 8,688 8,658 8,817 9,045 9,357 9,257 9,471
Proposed dividend 255 0 0 306 306 0 0 332 332 0 0 332 332 0 0 357 357 0 0 357 357
Share of equity attributable to the parent company 6,764 6,736 7,484 7,797 7,959 7,747 8,044 8,317 8,392 8,371 8,495 8,652 8,961 8,781 9,247 9,519 9,500 9,350 9,444 9,606 9,977
Minority interests 20 20 20 18 17 14 11 15 14 12 8 7 7 6 5 2 -0 0 -1 0 0
Total equity 6,784 6,756 7,504 7,814 7,976 7,761 8,056 8,332 8,406 8,382 8,503 8,659 8,967 8,787 9,252 9,521 9,500 9,350 9,444 9,605 9,977
Deferred tax 202 203 202 189 186 258 341 309 320 317 309 397 420 428 438 409 410 406 389 357 363
Liability regarding put option 237 241 261 307 321 336 341 366 0 0 0 0 0 0
Other payables 111 109 104 100 92 105 387 153 183 187 130 275 271 269 272 306 299 316 278 344 309
Interest bearing debt 701 394 387 402 516 545 551 1,366 1,553 2,003 1,771 1,749 2,379 3.565 3,282 2,976 2,867 1,761 1,750 1,742 1,975
Non-current liabilities 1,014 705 693 691 794 908 1,278 2,065 2,296 2,768 2,517 2,742 3,406 4.603 4,357 3,691 3,577 2,483 2,417 2,443 2,647
Interest bearing debt 506 713 644 321 312 967 1,146 440 485 454 443 1,309 1,762 1,124 924 909 921 1,943 1,154 856 993
Trade payables and other payables 2,400 2,811 3,246 3,339 3,252 3,623 3,973 3,464 3,310 3,721 4,167 4,089 4,150 4.156 4,806 4,173 3,820 4,148 4,833 4,574 4,386
Liability regarding put option 369 387 388 378 360 358
Income tax 47 40 98 107 78 73 138 89 92 104 135 140 125 124 148 114 104 108 154 155 113
Current liabilities 2,952 3,564 3,989 3,767 3,642 4,662 5,257 3,993 3,887 4,279 4,745 5,538 6,036 5.404 5,878 5,565 5,231 6,586 6,518 5,946 5,849
Total liabilities 3,966 4,270 4,681 4,459 4,436 5,571 6,536 6,057 6,183 7,047 7,262 8,281 9,442 10.007 10,235 9,256 8,808 9,069 8,935 8,389 8,496
Liabilities associated with assets held for sale 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and equity 10,750 11,026 12,185 12,273 12,412 13,331 14,591 14,389 14,589 15,429 15,765 16,940 18,409 18.794 19,487 18,777 18,308 18,419 18,379 17,994 18,473
Cash flow
Consolidated cash flow statement
Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 2016 2017 2018 2019 2020 2021
Profit before tax 157 247 860 315 163 256 347 339 172 259 301 355 213 218 411 306 212 272 391 335 272 1,578 1,105 1,086 1,149 1,209
Adjustment for operating items of a non-cash nature, etc.
Depreciation and impairment losses 99 103 120 111 106 119 121 129 131 133 136 132 200 196 200 206 205 208 211 209 211 434 475 532 802 833
Other non-cash operating items, net (38) 1 0 51 (17) 19 33 30 (23) (8) (19) 56 (22) (34) 24 31 (3) (7) (2) 5 (4) 14 66 6 (1) (7)
Provisions 0 (0) (0) (1) 1 12 (12) (1) 1 2 1 (3) 6 1 1 25 2 1 3 18 8 (1) 1 0 33 24
Profit/loss after tax in associates and joint ventures (14) (33) (516) (3) (0) (4) (10) (27) (2) (16) (19) (33) (15) (7) (11) (17) (14) 6 44 0 13 (566) (42) (70) (50) 36
Financial income (10) (11) (10) (3) (4) (58) (10) (7) (17) (17) (18) (35) (29) (7) (22) (26) (27) (8) (24) (40) (46) (33) (78) (79) (84) (76)
Financial expenses 24 13 16 6 19 45 35 9 30 40 45 11 32 49 42 41 58 41 55 79 39 60 108 119 164 209
Cash generated from operations (operating activities) before change in working capital 218 319 471 477 269 388 505 473 291 394 427 482 385 415 646 566 433 512 677 606 494 1,485 1,635 1,594 2,012 2,228
Changes in working capital (60) 109 (88) 411 (194) (232) 213 (333) (252) (350) 201 (33) (216) (209) 169 28 (164) 176 466 (6) (519) 372 (546) (434) (228) 471
Cash generated from operations (operating activities) 158 428 382 888 75 157 717 140 39 44 628 449 169 207 814 594 269 688 1,142 600 (25) 1,857 1,089 1,160 1,784 2,699
Financial income received 7 4 3 11 3 10 13 (8) 6 4 6 13 7 2 4 3 3 3 5 8 4 25 18 30 16 19
Financial expenses paid (12) (9) (14) (19) (13) (29) (27) 17 (13) (22) (27) (36) (23) (36) (39) (18) (27) (39) (20) (27) (13) (55) (53) (98) (116) (113)
Cash flows from ordinary activities 153 423 371 880 65 138 703 149 33 26 607 426 153 173 779 579 245 652 1,127 581 (35) 1,827 1,054 1,092 1,684 2,605
Income tax paid (44) (51) (9) (126) (51) (132) (14) (94) (31) (61) (44) (118) (53) (46) (55) (120) (63) (45) (49) (152) (65) (229) (291) (254) (274) (309)
Cash flows from operating activities 110 373 363 754 14 6 690 55 2 (35) 563 308 100 128 724 458 181 607 1,079 429 (99) 1,598 763 837 1,410 2,296
Purchase of intangible assets (2) (0) (2) (15) (2) (4) (1) (17) (3) (3) (4) (24) (9) (4) (8) (9) (5) (6) (6) (31) (11) (19) (25) (34) (30) (48)
Disposal of intangible assets 0 0 0 0 0 0 0 2 0 0 (0) (0) 0 0 0 0 0 0 0 0 0 0 2 0 0 0
Purchase of property, plant and equipment (145) (148) (243) (293) (246) (209) (137) (216) (135) (221) (128) (201) (184) (183) (203) (204) (133) (79) (154) (88) (132) (828) (809) (685) (774) (454)
Sale of property, plant and equipment 0 0 1 5 1 3 0 16 0 2 2 (0) 0 9 1 2 2 1 2 4 12 6 20 4 12 9
Acquisitions (565) 14 0 0 (30) (897) (735) (202) (80) 0 0 (628) (134) (107) 0 (18) 0 0 0 (60) 0 (551) (1,864) (708) (259) (60)
Acquisition/divestment of non-controlling interests 0 0 0 0 0 0 0 (2) 0 0 0 55 0 0 0 (1) 0 0 0 0 0 0 (2) 55 (1) 0
Acquisition of joint ventures and associates / capital contribution 0 (13) 0 (61) (24) 0 (64) (0) (0) 0 0 (1) 0 0 (1) (2) 0 0 0 0 0 (74) (87) (1) (3) 0
Divestment of subsidiaries 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0
Divestment of associates 0 0 0 1,034 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,034 0 0 0 0
Received dividend from associates 1 0 64 0 0 0 0 3 0 0 0 0 0 11 0 0 0 0 0 0 0 64 3 0 11 0
Addition/disposals of other financial assets (28) (2) 11 (9) 0 (77) 79 (4) 1 1 1 5 2 (41) 43 (3) 3 5 (2) 16 1 (27) (2) 9 1 22
Cash flows from investing activities (739) (149) (170) 662 (301) (1,185) (857) (421) (217) (221) (128) (794) (325) (316) (170) (232) (134) (79) (159) (160) (129) (396) (2,763) (1,360) (1,043) (533)
Debt financing:
Repayment of non-current liabilities (28) (144) (264) (54) (27) (29) (28) (59) (18) (30) (21) (50) (54) (54) (76) (179) (106) (135) (86) (32) (66) (489) (142) (119) (363) (360)
Proceeds from incurring non current financial liabilities 16 7 9 71 136 40 22 33 1 0 2 (2) 0 1,016 0 4 2 72 1 (75) 72 104 231 0 1,020 0
Increase (repayment) of bank overdrafts 89 (293) 170 (299) (12) 455 187 317 251 440 (251) 779 246 (469) (465) (193) 95 (89) (757) (195) 299 (332) 946 1,219 (881) (945)
Repayment of loans by associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Shareholders: 0
Costs of capital increase/decrease 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital contribution by non-controlling interests 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0
Dividend paid 0 (238) 0 0 0 (286) 0 0 0 (312) 0 (2) 0 (309) 0 0 0 (336) 0 0 0 (238) (286) (314) (309) (336)
Purchase / sale of treasury shares, net 41 (13) 0 1 20 17 32 0 17 11 (68) (123) 17 26 0 69 9 0 2 0 0 29 69 (163) 112 11
Cash flows from financing activities 118 (680) (85) (279) 116 198 213 291 250 109 (339) 602 208 210 (541) (298) (1) (488) (840) (301) 305 (925) 818 623 (421) (1,630)
Cash flows from discontinuing operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash flows for the period (511) (456) 108 1,136 (171) (981) 45 (76) 35 (147) 96 116 (16) 21 14 (73) 47 40 79 (33) 77 277 (1,182) 100 (54) 133
Cash and cash equivalents at the beginning of the period 1,411 893 442 549 1,682 1,513 520 562 478 509 371 464 585 574 588 613 538 578 615 671 635 1,411 1,682 478 585 538
Reclassification of cash and cash equivalents at 1 january 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Value adjustment of cash and cash equivalents (7) 5 (1) (3) 2 (13) (3) (9) (4) 10 (3) 4 5 (7) 11 (2) (7) (3) (23) (4) 11 (6) (23) 6 8 (37)
Cash and cash equivalents at the end of the period 893 442 549 1,682 1,513 520 562 478 509 371 464 585 574 588 613 538 578 615 671 635 723 1,682 478 585 538 635
BioMar
BioMar Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 2016 2017 2018 2019 2020 2021
INCOME STATEMENT
Revenue 1,532 1,900 2,945 2,491 1,997 2,273 3,048 2,637 1,884 2,518 3,104 2,822 2,137 2,514 3,404 3,126 2,381 2,695 3,528 3,045 2,271 8,868 9,955 10,328 11,180 11,649
Gross profit 162 249 401 320 208 272 402 342 200 308 402 365 236 320 495 427 280 340 452 387 249 1,133 1,223 1,275 1,477 1,459
EBITDA 56 145 268 253 87 156 252 217 80 174 246 213 132 191 345 299 159 222 326 266 140 722 712 713 966 972
Depreciation/impairment 34 34 35 38 35 34 39 45 45 45 48 46 79 75 81 76 81 85 85 84 85 141 153 184 311 335
Operating profit (EBIT) 22 111 233 215 52 122 213 172 35 128 198 167 52 116 264 223 77 137 241 182 54 581 559 529 655 637
Profit from associates and JV´s 1 7 3 2 1 4 11 22 5 17 21 33 15 7 11 16 14 (6) (44) 0 (13) 13 38 75 50 (36)
Gains on equity divestments 29 0 0 0 0 0 0 0 29 0
Financial items, net (0) (4) (5) (7) (6) 31 (6) (5) (6) (10) (11) (7) (8) (21) (15) (17) (11) (19) (17) (21) (7) (16) 14 (35) (62) (68)
Profit before tax 23 114 230 210 46 157 218 190 33 135 208 193 59 131 260 222 81 113 180 160 34 577 611 569 672 534
Tax on profit (11) (34) (61) (43) (12) (29) (49) (57) (21) (33) (52) (58) (14) (26) (62) (33) (19) (34) (47) (41) (14) (148) (146) (163) (134) (141)
Profit for the period 13 80 170 166 35 128 170 133 12 102 156 136 45 105 198 189 62 79 134 119 20 429 465 407 537 393
Non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - 0 - 0 - 0 - 0 0
Schouw & Co´s share of profit 13 80 170 166 35 128 170 133 12 102 156 136 45 105 198 189 62 79 134 119 20 429 465 407 537 393
CASH FLOW
Cash flows from operating activities (25) 202 162 545 (51) (128) 516 (42) (60) (159) 409 176 (40) (109) 343 135 (97) 260 709 156 (240) 884 296 366 328 1,028
Cash flows from investing activities (79) (71) (80) (146) (81) (138) (766) (42) (41) (57) (45) (75) (83) (252) (84) (125) (56) (37) (27) (10) (24) (376) (1,027) (217) (543) (131)
Cash flows from financing activities (18) (216) (39) (361) 73 151 298 135 136 118 (275) (88) 155 364 (255) (66) 121 (79) (707) (181) 275 (634) 657 (108) 198 (845)
BALANCE SHEET
Intangible assets 394 399 395 406 398 375 1,290 1,273 1,233 1,287 1,288 1,294 1,306 1,302 1,350 1,311 1,328 1,292 1,231 1,178 1,228 406 1,273 1,294 1,311 1,178
Property, plant and equipment 898 929 990 1,049 1,071 1,070 1,247 1,207 1,216 1,267 1,282 1,300 1,377 1,583 1,684 1,750 1,672 1,699 1,643 1,625 1,660 1,049 1,207 1,300 1,750 1,625
Other non-current assets 287 320 317 374 398 503 489 497 511 539 550 568 1,162 1,190 1,201 1,194 1,142 1,115 1,055 1,004 1,010 374 497 568 1,194 1,004
Cash and cash equivalents 325 248 557 330 603 463 498 241 460 343 475 284 398 476 450 270 496 543 677 293 486 330 241 284 270 293
Other current assets 2,535 2,609 3,170 3,409 2,804 3,026 3,135 3,081 2,792 3,468 3,669 3,695 3,541 3,822 4,418 4,246 3,783 3,912 4,138 4,401 3,873 3,409 3,081 3,695 4,246 4,401
AKTIVER I ALT 4,439 4,505 5,430 5,567 5,274 5,436 6,659 6,299 6,212 6,904 7,263 7,141 7,785 8,373 9,103 8,771 8,421 8,559 8,744 8,500 8,258 5,567 6,299 7,141 8,771 8,500
Equity 1,864 1,975 2,122 2,348 2,186 2,215 2,401 2,490 2,451 2,341 2,456 2,581 2,388 2,431 2,721 2,852 2,561 2,597 2,615 2,655 2,481 2,348 2,490 2,581 2,852 2,655
Interest-bearing debt 780 564 789 669 769 895 1,177 1,201 1,344 1,735 1,511 1,415 2,334 2,814 2,559 2,565 2,995 2,869 2,373 2,258 2,707 669 1,201 1,415 2,565 2,258
Other creditors 1,795 1,966 2,519 2,551 2,320 2,327 3,081 2,608 2,417 2,828 3,297 3,146 3,062 3,128 3,823 3,355 2,865 3,093 3,757 3,587 3,070 2,551 2,608 3,146 3,355 3,587
Total liabilities and equity 4,439 4,505 5,430 5,567 5,274 5,436 6,659 6,299 6,212 6,904 7,263 7,141 7,785 8,373 9,103 8,771 8,421 8,559 8,744 8,500 8,258 5,567 6,299 7,141 8,771 8,500
Average number of employees 896 877 877 899 901 929 993 1,135 1,171 1,173 1,178 1,188 1,212 1,215 1,254 1,280 1,338 1,379 1,393 1,377 1,395 887 996 1,177 1,239 1,377
FINANCIAL KEY FIGURES
EBITDA margin 3.7% 7.7% 9.1% 10.2% 4.3% 6.9% 8.3% 8.2% 4.3% 6,9% 7.9% 7.5% 6,2% 7.6% 10.1% 9.6% 6.7% 8.2% 9.3% 8.7% 6.1% 8.1% 7.2% 6.9% 8.6% 8.3%
EBIT margin 1.4% 5.8% 7.9% 8.6% 2.6% 5.4% 7.0% 6.5% 1.9% 5,1% 6.4% 5.9% 2,5% 4.6% 7.8% 7.1% 3.3% 5.1% 6.8% 6.0% 2.4% 6.6% 5.6% 5.1% 5.9% 5.5%
ROIC excl. goodwill 22.3% 26.0% 30.2% 35.8% 38.2% 38.3% 35.6% 30.1% 27.0% 24,8% 23.4% 22.6% 21,3% 19.1% 19.2% 18.8% 18.6% 18.9% 18.8% 18.4% 18.1% 35.8% 30.1% 22.6% 18.8% 18.4%
ROIC incl. goodwill 15.9% 18.1% 20.7% 24.4% 25.8% 26.0% 23.3% 19.5% 17.4% 15,9% 15.2% 14.8% 14,3% 13.1% 13.5% 13.7% 13.6% 13.9% 13.8% 13.4% 13.1% 24.4% 19.5% 14.8% 13.7% 13.4%
Working capital 782 670 750 414 514 653 447 672 774 1,063 867 846 1.001 1,249 1,226 1,315 1,502 1,405 966 955 1,327 414 672 846 1,315 955
Net interest-bearing debt 389 243 161 (234) 98 367 615 726 833 1,342 987 880 1.893 2,298 2,070 2,077 2,455 2,284 1,655 1,532 2,196 (234) 726 880 2,077 1,532
Calculation of ROIC:
EBITA (LTM) 429 463 517 597 627 638 621 582 573 585 576 570 587 574 639 695 719 740 716 674 650 597 582 570 695 674
Average investered capital excl. goodwill 1,921 1,778 1,715 1,668 1,641 1,668 1,744 1,934 2,118 2,355 2,462 2,524 2,758 3,012 3,335 3,694 3,869 3,914 3,811 3,658 3,599 1,668 1,934 2,524 3,694 3,658
Average investered capital incl. goodwill 2,699 2,557 2,494 2,449 2,426 2,451 2,663 2,984 3,294 3,674 3,788 3,859 4,113 4,378 4,720 5,090 5,277 5,325 5,204 5,031 4,956 2,449 2,984 3,859 5,090 5,031
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 2,219 2,041 1,692 1,731 1,649 1,787 1,505 1,623 1,755 2,092 2,266 2,357 2,706 2,519 2,512 3,294 3,721 3,813 3,948 3,997 3,900 1,731 1,623 2,357 3,294 3,997
Invested capital 6 months ago 2,041 1,692 1,731 1,649 1,787 1,505 1,623 1,755 2,092 2,266 2,357 2,706 2,519 2,512 3,294 3,721 3,813 3,948 3,997 3,900 3,398 1,649 1,755 2,706 3,721 3,900
Invested capital 3 months ago 1,692 1,731 1,649 1,787 1,505 1,623 1,755 2,092 2,266 2,357 2,706 2,519 2,512 3,294 3,721 3,813 3,948 3,997 3,900 3,398 3,337 1,787 2,092 2,519 3,813 3,398
Invested capital current period 1,731 1,649 1,787 1,505 1,623 1,755 2,092 2,266 2,357 2,706 2,519 2,512 3,294 3,721 3,813 3,948 3,997 3,900 3,398 3,337 3,762 1,505 2,266 2,512 3,948 3,337
Average 1,921 1,778 1,715 1,668 1,641 1,668 1,744 1,934 2,118 2,355 2,462 2,524 2,758 3,012 3,335 3,694 3,869 3,914 3,811 3,658 3,599 1,668 1,934 2,524 3,694 3,658
Average investered capital incl. goodwill is calculated as such *:
Invested capital 9 months ago 2,997 2,819 2,477 2,504 2,428 2,565 2,299 2,413 2,527 3,414 3,582 3,653 4,048 3,867 3,869 4,669 5,106 5,237 5,348 5,416 5,298 2,504 2,413 3,653 4,669 5,416
Invested capital 6 months ago 2,819 2,477 2,504 2,428 2,565 2,299 2,413 2,527 3,414 3,582 3,653 4,048 3,867 3,869 4,669 5,106 5,237 5,348 5,416 5,298 4,756 2,428 2,527 4,048 5,106 5,298
Invested capital 3 months ago 2,477 2,504 2,428 2,565 2,299 2,413 2,527 3,414 3,582 3,653 4,048 3,867 3,869 4,669 5,106 5,237 5,348 5,416 5,298 4,756 4,654 2,565 3,414 3,867 5,237 4,756
Invested capital current period 2,504 2,428 2,565 2,299 2,413 2,527 3,414 3,582 3,653 4,048 3,867 3,869 4,669 5,106 5,237 5,348 5,416 5,298 4,756 4,654 5,117 2,299 3,582 3,869 5,348 4,654
Average 2,699 2,557 2,494 2,449 2,426 2,451 2,663 2,984 3,294 3,674 3,788 3,859 4,113 4,378 4,720 5,090 5,277 5,325 5,204 5,031 4,956 2,449 2,984 3,859 5,090 5,031
*) Includes also goodwill in Schouw & Co. in the amount of 430,2 million dkk.
0.0% 0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0%
-0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% -0.0% 0.0% -0.0% 0.0% -0.0% 0.0% 0.0% -0.0% -0.0%
10.6% 13.1% 13.6% 12.9% 10.4% 12.0% 13.2% 13.0% 10.6% 12.2% 12.9% 12.9% 11.0% 12.7% 14.5% 13.7% 11.8% 12.6% 12.8% 12.7% 11.0% 12.8% 12.3% 12.3% 13.2% 12.5%
FPC
Fibertex Personal Care Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 2016 2017 2018 2019 2020 2021
INCOME STATEMENT
Revenue 458 433 444 456 473 494 505 545 541 486 552 608 589 506 541 546 536 548 509 524 530 1,792 2,017 2,187 2,183 2,118
Gross profit 124 81 97 96 97 96 115 115 100 81 91 108 115 83 106 102 118 151 125 107 106 398 423 380 407 501
EBITDA 116 74 86 86 83 82 98 102 83 69 75 88 99 72 93 88 101 124 97 83 80 362 365 315 352 406
Depreciation/impairment 29 29 29 29 28 28 28 31 29 30 31 31 33 35 34 35 36 35 33 33 33 116 114 122 137 137
Operating profit (EBIT) 87 45 57 57 55 54 70 71 54 39 43 57 66 38 59 52 66 89 64 50 47 246 251 194 215 269
Profit from associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gains on equity divestments 0 0 0 0 0 0 0 0
Financial items, net (9) (1) (1) 5 (4) (5) (11) (5) (6) (2) (6) (4) 0 (9) 3 (7) 1 (5) (6) (6) 0 (7) (25) (18) (12) (16)
Profit before tax 78 44 56 61 51 48 60 66 48 38 37 53 66 29 62 45 67 85 57 44 47 239 226 176 203 253
Tax on profit (18) (10) (13) (20) (12) (12) (14) (9) (11) (9) (10) (15) (16) (6) (14) (7) (15) (20) (13) (8) (11) (61) (47) (44) (43) (58)
Profit for the period 60 34 43 41 39 37 46 57 37 29 28 38 50 23 48 39 51 65 44 36 36 178 179 131 160 195
Non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Schouw & Co´s share of profit 60 34 43 41 39 37 46 57 37 29 28 38 50 23 48 39 51 65 44 36 36 178 179 131 160 195
CASH FLOW
Cash flows from operating activities 112 50 103 67 53 41 87 72 58 40 47 40 126 138 87 76 105 143 122 53 41 331 254 184 426 422
Cash flows from investing activities (66) (48) (117) (131) (138) (78) (31) (73) (25) (57) (32) (39) (22) (14) (11) (8) (7) (5) (66) (15) (8) (361) (319) (153) (55) (92)
Cash flows from financing activities (32) (2) (6) 66 98 44 (44) 23 (36) 10 (30) (25) (51) (125) (135) (60) (77) (164) (54) (50) (19) 25 121 (81) (371) (346)
BALANCE SHEET
Intangible assets 65 83 83 86 83 82 81 84 83 83 82 82 83 81 80 78 76 75 74 73 71 86 84 82 78 73
Property, plant and equipment 1,058 1,081 1,120 1,171 1,283 1,308 1,302 1,357 1,368 1,412 1,397 1,412 1,435 1,391 1,398 1,368 1,311 1,272 1,296 1,254 1,249 1,171 1,357 1,412 1,368 1,254
Other non-current assets 81 84 74 45 36 26 36 72 62 50 42 56 84 76 73 51 72 68 58 7 38 45 72 57 51 7
Cash and cash equivalents 44 45 23 23 36 43 64 77 94 67 53 31 109 86 24 31 55 28 28 14 29 23 77 31 31 14
Other current assets 579 502 499 564 593 590 605 633 662 696 761 742 689 605 633 579 580 576 549 521 572 564 633 742 579 521
AKTIVER I ALT 1,827 1,795 1,799 1,888 2,030 2,048 2,088 2,222 2,269 2,307 2,336 2,323 2,400 2,240 2,208 2,107 2,095 2,019 2,006 1,869 1,960 1,888 2,222 2,323 2,107 1,869
Equity 810 843 857 877 820 831 865 941 888 931 946 992 995 996 1,069 1,104 1,000 1,055 1,091 1,105 1,009 877 941 992 1,104 1,105
Interest-bearing debt 637 574 574 610 807 851 816 822 906 907 894 853 920 768 634 574 621 453 396 341 478 610 822 853 574 341
Other creditors 379 378 368 401 404 367 407 458 475 470 495 478 485 476 505 430 474 511 519 423 472 401 458 478 430 423
Total liabilities and equity 1,827 1,795 1,799 1,888 2,030 2,048 2,088 2,222 2,269 2,307 2,336 2,323 2,400 2,240 2,208 2,107 2,095 2,019 2,006 1,869 1,960 1,888 2,222 2,323 2,107 1,869
Average number of employees 521 543 565 580 621 656 672 677 695 709 725 735 737 743 755 757 740 740 752 754 755 574 656 713 746 747
FINANCIAL KEY FIGURES
EBITDA margin 25.4% 17.0% 19.4% 18.7% 17.5% 16.6% 19.4% 18.8% 15,4% 14,2% 13,5% 14.5% 16.8% 14.3% 17.2% 16.1% 18.9% 22.6% 19.0% 15.9% 15.0% 20.2% 18.1% 14.4% 16.1% 19.2%
EBIT margin 19.1% 10.3% 12.8% 12.4% 11.7% 10.9% 13.9% 13.1% 10,0% 8,1% 7,9% 9.3% 11.2% 7.4% 10.9% 9.6% 12.3% 16.3% 12.5% 9.5% 8.8% 13.7% 12.4% 8.9% 9.8% 12.7%
ROIC excl. goodwill 23.0% 23.4% 22.5% 18.4% 15.3% 15.1% 15.4% 15.8% 15,5% 14,4% 12,5% 11.4% 11.8% 11.9% 12.9% 13.0% 13.5% 17.1% 17.9% 18.3% 17.3% 18.4% 15.8% 11.4% 13.0% 18.3%
ROIC incl. goodwill 21.3% 21.7% 20.9% 17.1% 14.3% 14.2% 14.5% 14.9% 14,7% 13,6% 11,8% 10.8% 11.2% 11.2% 12.2% 12.3% 12.7% 16.1% 16.8% 17.2% 16.2% 17.1% 14.9% 10.8% 12.3% 17.2%
Working capital 288 272 276 295 316 346 334 355 366 402 439 447 428 344 351 332 313 283 248 250 279 295 355 447 332 250
Net interest-bearing debt 515 529 551 586 771 808 752 746 812 839 841 822 811 682 610 542 566 425 367 327 450 586 746 822 542 327
Calculation of ROIC:
EBITA (LTM) 281 291 291 248 217 226 240 256 255 241 214 200 212 211 227 223 224 276 281 278 259 248 256 200 223 278
Average investered capital excl. goodwill 1,221 1,243 1,296 1,350 1,421 1,499 1,559 1,613 1,639 1,672 1,717 1,756 1,791 1,775 1,755 1,719 1,660 1,617 1,567 1,520 1,497 1,350 1,613 1,756 1,719 1,520
Average investered capital incl. goodwill 1,320 1,342 1,395 1,449 1,520 1,598 1,658 1,712 1,738 1,771 1,816 1,855 1,890 1,874 1,855 1,818 1,759 1,716 1,666 1,619 1,596 1,449 1,712 1,855 1,818 1,619
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 1,225 1,149 1,222 1,286 1,314 1,362 1,438 1,570 1,627 1,601 1,652 1,676 1,757 1,784 1,805 1,818 1,692 1,706 1,658 1,585 1,517 1,286 1,570 1,676 1,818 1,585
Invested capital 6 months ago 1,149 1,222 1,286 1,314 1,362 1,438 1,570 1,627 1,601 1,652 1,676 1,757 1,784 1,805 1,818 1,692 1,706 1,658 1,585 1,517 1,507 1,314 1,627 1,757 1,692 1,517
Invested capital 3 months ago 1,222 1,286 1,314 1,362 1,438 1,570 1,627 1,601 1,652 1,676 1,757 1,784 1,805 1,818 1,692 1,706 1,658 1,585 1,517 1,507 1,470 1,362 1,601 1,784 1,706 1,507
Invested capital current period 1,286 1,314 1,362 1,438 1,570 1,627 1,601 1,652 1,676 1,757 1,784 1,805 1,818 1,692 1,706 1,658 1,585 1,517 1,507 1,470 1,494 1,438 1,652 1,805 1,658 1,470
Average 1,221 1,243 1,296 1,350 1,421 1,499 1,559 1,613 1,639 1,672 1,717 1,756 1,791 1,775 1,755 1,719 1,660 1,617 1,567 1,520 1,497 1,350 1,613 1,756 1,719 1,520
Average investered capital incl. goodwill is calculated as such *:
Invested capital 9 months ago 1,325 1,248 1,321 1,385 1,413 1,461 1,537 1,669 1,726 1,700 1,751 1,775 1,857 1,883 1,905 1,917 1,791 1,805 1,757 1,684 1,616 1,385 1,669 1,775 1,917 1,684
Invested capital 6 months ago 1,248 1,321 1,385 1,413 1,461 1,537 1,669 1,726 1,700 1,751 1,775 1,857 1,883 1,905 1,917 1,791 1,805 1,757 1,684 1,616 1,606 1,413 1,726 1,857 1,791 1,616
Invested capital 3 months ago 1,321 1,385 1,413 1,461 1,537 1,669 1,726 1,700 1,751 1,775 1,857 1,883 1,905 1,917 1,791 1,805 1,757 1,684 1,616 1,606 1,569 1,461 1,700 1,883 1,805 1,606
Invested capital current period 1,385 1,413 1,461 1,537 1,669 1,726 1,700 1,751 1,775 1,857 1,883 1,905 1,917 1,791 1,805 1,757 1,684 1,616 1,606 1,570 1,593 1,537 1,751 1,905 1,757 1,570
Average 1,320 1,342 1,395 1,449 1,520 1,598 1,658 1,712 1,738 1,771 1,816 1,855 1,890 1,874 1,855 1,818 1,759 1,716 1,666 1,619 1,596 1,449 1,712 1,855 1,818 1,619
*) Includes also goodwill in Schouw & Co. in the amount of 48,1 million dkk.
0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0%
0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0%
27.1% 18.7% 21.9% 21.0% 20.5% 19.4% 22.8% 21.1% 18.6% 16.7% 16.4% 17.8% 19.5% 16.4% 19.6% 18.7% 22.1% 27.6% 24.6% 20.4% 20.0% 22.2% 21.0% 17.4% 18.6% 23.7%
FIN
Fibertex Nonwovens Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 2016 2017 2018 2019 2020 2021
INCOME STATEMENT
Revenue 338 362 314 288 382 374 336 331 406 420 375 373 451 443 437 373 445 392 478 476 521 1,301 1,422 1,574 1,705 1,791
Gross profit 77 88 68 63 90 86 70 71 86 91 78 60 82 86 86 54 99 99 115 134 144 296 318 314 309 446
EBITDA 44 48 37 34 51 49 38 40 45 52 40 23 39 38 47 16 54 60 80 76 96 163 179 161 141 270
Depreciation/impairment 21 19 20 22 21 23 23 24 24 25 25 21 26 24 25 33 25 26 30 24 25 82 91 95 107 104
Operating profit (EBIT) 23 29 17 12 30 27 15 16 21 27 15 2 13 14 23 (17) 29 34 50 52 70 81 88 65 33 166
Profit from associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gains on equity divestments 0 0 0 0 0 0
Financial items, net (3) (2) (6) (9) (8) (11) (12) (7) (9) (15) (13) (4) (7) (9) (6) (6) (12) (9) (6) (5) (1) (20) (39) (40) (28) (31)
Profit before tax 19 27 11 3 21 15 3 9 12 12 2 (2) 7 6 16 (23) 17 25 45 47 69 61 49 25 6 134
Tax on profit (6) (8) (5) (1) (8) (6) (5) 12 (5) (1) (4) (0) (1) (2) (3) 6 (5) (6) (9) (27) (16) (20) (7) (10) 0 (46)
Profit for the period 13 20 7 2 14 10 (1) 21 8 12 (2) (2) 6 4 13 (18) 12 19 36 20 53 41 42 16 5 88
Non-controlling interests 1 1 1 1 1 1 2 1 1 3 2 1 1 1 1 3 3 0 0 (1) 0 4 4 6 5 3
Schouw & Co´s share of profit 14 20 8 3 15 11 0 21 8 14 0 (1) 6 5 15 (15) 15 19 36 20 53 45 47 22 11 90
CASH FLOW
Cash flows from operating activities 10 45 24 34 0 35 35 38 18 11 (7) 37 (31) 32 60 50 46 48 74 58 54 114 108 60 112 225
Cash flows from investing activities (22) (26) (15) (46) (23) (43) (28) (86) (103) (26) (17) (33) (160) (16) (27) (54) (34) (16) (21) (21) (53) (108) (180) (179) (256) (92)
Cash flows from financing activities 42 (33) (26) 4 20 (4) (5) 51 81 10 22 (6) 187 (16) (26) (3) 12 (38) (42) (29) 8 (13) 63 108 142 (97)
BALANCE SHEET
Intangible assets 164 166 162 164 161 156 152 150 153 156 156 160 159 157 157 152 148 143 138 134 134 164 150 160 152 134
Property, plant and equipment 717 726 743 754 753 771 771 820 838 824 807 824 951 945 953 976 957 943 914 914 957 754 820 824 976 914
Other non-current assets 0 0 0 4 4 4 4 4 4 4 4 2 7 8 10 36 8 7 6 23 8 4 4 2 36 23
Cash and cash equivalents 89 75 59 49 46 35 35 37 34 29 28 25 46 32 54 23 82 99 113 62 152 49 37 25 23 62
Other current assets 573 598 571 561 616 641 629 627 724 764 750 757 845 825 801 766 753 743 748 822 777 561 627 757 766 822
AKTIVER I ALT 1,544 1,566 1,534 1,532 1,581 1,607 1,591 1,639 1,753 1,777 1,746 1,768 2,007 1,967 1,975 1,953 1,948 1,936 1,921 1,954 2,028 1,532 1,639 1,768 1,953 1,954
Equity 465 488 497 504 516 528 522 548 548 544 527 541 651 653 671 650 621 629 635 651 709 504 548 541 650 651
Interest-bearing debt 832 806 784 782 795 794 790 843 925 934 957 960 1,070 1,044 1,031 1,042 1,048 1,035 998 966 979 782 843 960 1,042 966
Other creditors 246 272 252 246 270 285 279 248 281 299 262 267 286 270 272 261 279 272 288 338 340 246 248 267 261 338
Total liabilities and equity 1,544 1,566 1,534 1,532 1,581 1,607 1,591 1,639 1,753 1,777 1,746 1,768 2,007 1,967 1,975 1,953 1,948 1,936 1,921 1,954 2,028 1,532 1,639 1,768 1,953 1,954
Average number of employees 785 801 821 830 841 860 876 883 947 1,011 1,019 1,008 1,024 1,032 1,028 1,024 993 1,005 1,016 1,041 1,053 810 867 1,000 1,019 1,019
FINANCIAL KEY FIGURES
EBITDA margin 13.0% 13.3% 11.8% 11.6% 13.4% 13.2% 11.3% 12.2% 11,0% 12,5% 10,7% 6.2% 8.7% 8.5% 10.8% 4.3% 12.2% 15.3% 16.8% 15.9% 18.4% 12.5% 12.6% 10.2% 8.2% 15.1%
EBIT margin 6.6% 8.0% 5.5% 4.1% 7.8% 7.1% 4.6% 4.8% 5,1% 6,5% 4,1% 0.5% 2.9% 3.2% 5.2% -4.6% 6.6% 8.7% 10.5% 10.9% 13.5% 6.2% 6.2% 4.2% 1.9% 9.2%
ROIC excl. goodwill 7.0% 7.1% 7.4% 7.7% 8.3% 8.2% 7.7% 7.8% 6,9% 6,8% 6,7% 5.6% 4.9% 3.9% 4.3% 3.1% 4.2% 5.6% 7.5% 12.2% 14.9% 7.7% 7.8% 5.6% 3.1% 12.2%
ROIC incl. goodwill 6.3% 6.4% 6.7% 7.0% 7.6% 7.4% 7.0% 7.1% 6,3% 6,3% 6,1% 5.2% 4.5% 3.6% 3.9% 2.9% 3.9% 5.2% 7.0% 11.3% 13.8% 7.0% 7.1% 5.2% 2.9% 11.3%
Working capital 379 384 375 383 411 419 415 422 487 504 528 524 572 565 546 510 498 491 481 472 498 383 422 524 510 472
Net interest-bearing debt 743 731 726 734 749 760 755 806 891 904 929 926 1,025 1,012 977 980 966 936 884 826 827 734 806 926 980 826
Calculation of ROIC:
EBITA (LTM) 77 81 87 92 101 100 95 98 90 91 92 78 71 58 66 49 66 86 114 181 220 92 98 78 49 181
Average investered capital excl. goodwill 1,095 1,134 1,178 1,185 1,200 1,218 1,233 1,262 1,302 1,336 1,374 1,402 1,453 1,501 1,545 1,585 1,565 1,543 1,513 1,479 1,476 1,185 1,262 1,402 1,585 1,479
Average investered capital incl. goodwill 1,217 1,255 1,299 1,306 1,322 1,340 1,355 1,382 1,421 1,455 1,493 1,522 1,575 1,623 1,666 1,701 1,681 1,658 1,627 1,597 1,594 1,306 1,382 1,522 1,701 1,597
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 1,034 1,013 1,162 1,173 1,187 1,190 1,190 1,234 1,257 1,251 1,306 1,393 1,396 1,400 1,419 1,599 1,587 1,574 1,580 1,521 1,496 1,173 1,234 1,393 1,599 1,521
Invested capital 6 months ago 1,013 1,162 1,173 1,187 1,190 1,190 1,234 1,257 1,251 1,306 1,393 1,396 1,400 1,419 1,599 1,587 1,574 1,580 1,521 1,496 1,454 1,187 1,257 1,396 1,587 1,496
Invested capital 3 months ago 1,162 1,173 1,187 1,190 1,190 1,234 1,257 1,251 1,306 1,393 1,396 1,400 1,419 1,599 1,587 1,574 1,580 1,521 1,496 1,454 1,443 1,190 1,251 1,400 1,574 1,454
Invested capital current period 1,173 1,187 1,190 1,190 1,234 1,257 1,251 1,306 1,393 1,396 1,400 1,419 1,599 1,587 1,574 1,580 1,521 1,496 1,454 1,443 1,511 1,190 1,306 1,419 1,580 1,443
Average 1,095 1,134 1,178 1,185 1,200 1,218 1,233 1,262 1,302 1,336 1,374 1,402 1,453 1,501 1,545 1,585 1,565 1,543 1,513 1,479 1,476 1,185 1,262 1,402 1,585 1,479
Average investered capital incl. goodwill is calculated as such *:
Invested capital 9 months ago 1,156 1,135 1,284 1,293 1,308 1,311 1,313 1,357 1,378 1,370 1,425 1,510 1,515 1,524 1,539 1,720 1,707 1,697 1,678 1,642 1,616 1,293 1,357 1,510 1,720 1,642
Invested capital 6 months ago 1,135 1,284 1,293 1,308 1,311 1,313 1,357 1,378 1,370 1,425 1,510 1,515 1,524 1,539 1,720 1,707 1,697 1,678 1,642 1,616 1,572 1,308 1,378 1,515 1,707 1,616
Invested capital 3 months ago 1,284 1,293 1,308 1,311 1,313 1,357 1,378 1,370 1,425 1,510 1,515 1,524 1,539 1,720 1,707 1,697 1,678 1,642 1,616 1,572 1,559 1,311 1,370 1,524 1,697 1,572
Invested capital current period 1,293 1,308 1,311 1,313 1,357 1,378 1,370 1,425 1,510 1,515 1,524 1,539 1,720 1,707 1,697 1,678 1,642 1,616 1,572 1,559 1,628 1,313 1,425 1,539 1,678 1,559
Average 1,217 1,255 1,299 1,306 1,322 1,340 1,355 1,382 1,421 1,455 1,493 1,522 1,575 1,623 1,666 1,701 1,681 1,658 1,627 1,597 1,594 1,306 1,382 1,522 1,701 1,597
*) Includes also goodwill in Schouw & Co. in the amount of 32,0 million dkk.
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% 0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% -0.0% -0.0% -0.0% 0.0% -0.0% 0.0% -0.0% 0.0% -0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0% 0.0% -0.0% 0.0% -0.0% -0.0% -0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0%
22.9% 24.3% 21.6% 21.9% 23.5% 23.1% 20.9% 21.6% 21.0% 21.7% 20.7% 16.0% 18.2% 19.4% 19.7% 14.5% 22.2% 25.3% 24.1% 28.2% 27.6% 22.8% 22.3% 20.0% 18.1% 24.9%
GPV
GPV Q1-16 * Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 2016 2017 2018 2019 2020 2021
INCOME STATEMENT
Revenue 209 218 225 225 261 287 305 295 283 297 322 316 718 714 741 682 679 676 836 696 741 877 1,148 1,218 2,856 2,887
Gross profit 43 39 51 51 56 63 65 68 60 60 73 69 108 99 117 120 87 100 137 102 117 183 251 262 444 427
EBITDA 22 13 25 24 23 27 31 25 25 24 37 29 46 42 56 53 46 62 84 79 76 84 107 115 196 271
Depreciation/impairment 6 6 6 6 6 7 7 5 8 9 10 10 30 31 28 29 30 29 29 32 28 24 25 37 118 120
Operating profit (EBIT) 16 7 20 18 17 20 24 20 17 15 27 18 16 11 27 24 16 32 55 47 48 61 81 78 78 151
Profit from associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gains on equity divestments 0 0 0 0 0 0 0 0
Financial items, net -2 -3 0 -3 -1 4 2 1 1 -2 -0 -2 -5 -7 -9 8 -12 -3 -4 -12 8 -7 5 -4 -13 -32
Profit before tax 14 4 20 15 16 24 26 21 18 13 27 16 11 4 18 32 5 29 50 35 55 54 87 74 65 119
Tax on profit 0 1 -0 5 -3 -5 -5 22 -3 -3 2 -4 -2 -1 -4 -9 -4 -4 -12 2 -9 7 8 -9 -16 -18
Profit for the period 14 6 20 20 13 18 21 43 15 10 29 12 9 3 14 23 1 25 38 37 46 60 95 65 50 101
Non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -0 0 0 0 0 0 0 0 0 0
Schouw & Co´s share of profit 14 6 20 20 13 18 21 43 15 10 29 12 9 3 14 24 1 25 38 37 46 60 95 65 50 101
CASH FLOW
Cash flows from operating activities 29 18 20 40 6 11 -22 12 17 -25 9 39 1 46 102 85 70 -17 43 157 103 107 7 40 235 252
Cash flows from investing activities -4 -2 -10 -25 -52 -11 -16 -24 -34 -55 -9 -643 -33 -26 -29 1 -13 -1 -10 -8 -14 -42 -104 -741 -88 -33
Cash flows from financing activities -9 -17 -2 0 23 15 16 17 23 68 2 739 -22 -21 -5 -94 -30 -67 -12 -139 -76 -28 72 832 -143 -247
BALANCE SHEET
Intangible assets 0 0 0 16 19 19 18 18 18 18 429 424 420 426 422 428 421 411 412 400 0 18 429 422 412
Property, plant and equipment 187 176 199 223 219 225 240 268 314 321 425 444 450 480 478 455 451 423 423 420 199 240 425 478 423
Other non-current assets 14 17 25 26 24 23 45 44 44 45 54 187 189 183 183 180 174 165 161 155 25 45 54 183 161
Cash and cash equivalents 29 39 52 31 41 18 27 32 20 23 158 107 106 174 168 235 192 194 133 302 52 27 158 168 133
Other current assets 356 380 362 458 479 541 546 587 597 638 1,230 1,354 1,332 1,292 1,157 1,160 1,313 1,302 1,187 1,213 362 546 1,230 1,157 1,187
AKTIVER I ALT 585 613 638 754 781 825 875 950 994 1,045 2,296 2,515 2,497 2,554 2,406 2,458 2,550 2,496 2,317 2,489 638 875 2,296 2,406 2,317
Equity 113 135 165 187 185 199 243 262 274 316 743 780 795 850 857 841 876 873 899 937 165 243 743 857 899
Interest-bearing debt 295 297 291 327 333 348 377 402 470 476 970 1,086 1,068 1,071 1,009 1,002 978 952 820 820 291 377 970 1,009 820
Other creditors 178 181 182 239 264 278 255 286 250 253 582 650 634 633 540 615 697 672 598 732 182 255 582 540 598
Total liabilities and equity 585 613 638 754 781 825 875 950 994 1,045 2,296 2,515 2,497 2,554 2,406 2,458 2,550 2,496 2,317 2,489 638 875 2,296 2,406 2,317
Average number of employees 1.053 1,079 1,088 1,138 1,256 1,314 1,409 1,440 1,412 1,505 1,495 3,879 3,840 3,883 3,729 3,620 3,626 3,638 3,575 3,609 1,074 1,302 1,453 3,829 3,611
FINANCIAL KEY FIGURES
EBITDA margin 10.7% 5,8% 11.3% 9.6% 8.9% 9.5% 10.2% 8.5% 8,8% 8,2% 11,4% 9.0% 6.4% 5.9% 7.5% 7.8% 6.8% 9.1% 10.0% 11.4% 10.2% 9.6% 9.3% 9.4% 6.9% 9.4%
EBIT margin 7.7% 3,1% 8.7% 6.9% 6.5% 7.0% 7.9% 6.9% 6,0% 5,1% 8,5% 5.8% 2.2% 1.5% 3.7% 3.5% 2.4% 4.8% 6.5% 6.8% 6.4% 6.9% 7.1% 6.4% 2.7% 5.2%
ROIC excl. goodwill 14,2% 15.0% 15.9% 15.7% 18.1% 17.8% 16.9% 15.8% 13,5% 12,9% 11.8% 8.9% 7.2% 6.3% 6.0% 6.1% 7.4% 9.2% 11.0% 13.3% 15.9% 17.1% 11.8% 6.0% 11.0%
ROIC incl. goodwill 14,2% 15.0% 15.9% 15.5% 17.9% 17.5% 16.5% 15,6% 13,3% 12,7% 11.6% 8.4% 6.7% 5.8% 5.5% 5.5% 6.6% 8.3% 9.8% 11.9% 15.9% 16.5% 11.6% 5.5% 9.8%
Working capital 178 199 181 221 223 270 295 306 348 382 809 856 843 805 766 720 792 805 701 663 181 295 809 766 701
Net interest-bearing debt 267 258 240 296 292 331 351 369 450 453 812 979 962 898 819 767 786 757 615 518 240 351 812 819 615
*) Before Schouw & Co´s acquisation of GPV
Calculation of ROIC:
EBITA (LTM) 53 56 61 61 75 79 82 82 77 81 79 84 86 90 100 98 117 144 167 198 61 82 79 100 167
Average investered capital excl. goodwill 372 375 382 391 413 445 485 520 575 627 667 943 1,194 1,431 1,654 1,614 1,592 1,565 1,526 1,489 382 481 667 1,654 1,526
Average investered capital incl. goodwill 372 375 382 395 419 454 497 530 584 636 677 992 1,283 1,562 1,825 1,788 1,767 1,740 1,701 1,663 382 497 677 1,825 1,701
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 365 351 407 365 375 381 444 451 503 543 583 670 710 704
Thomas Dyhr Dalby: Excl. CCS 		1,687 1,673 1,660 1,596 1,528 1,583 407 444 583 1,687 1,528
Invested capital 6 months ago 351 407 365 375 381 444 451 503 543 583 670 710 704
Thomas Dyhr Dalby: Excl. CCS 		1,687 1,673 1,660 1,596 1,528 1,583 1,553 365 442 670 1,673 1,583
Invested capital 3 months ago 407 365 375 381 444 451 503 543 583 670 710 704
Thomas Dyhr Dalby: Excl. CCS 		1,687 1,673 1,660 1,596 1,528 1,583 1,553 1,439 375 494 710 1,660 1,553
Invested capital current period 365 375 381 444 451 503 543 583 670 710 704
Thomas Dyhr Dalby: Excl. CCS 		1,687 1,673 1,660 1,596 1,528 1,583 1,553 1,439 1,382 381 543 704
Thomas Dyhr Dalby: Excl. CCS 		1,596 1,439
Average 372 375 382 391 413 445 485 520 575 627 667 943 1,194 1,431 1,654 1,614 1,592 1,565 1,526 1,489 382 481 667 1,654 1,526
Average investered capital incl. goodwill is calculated as such:
Invested capital 9 months ago 365 351 407 365 375 381 460 461 513 553 592 680 720 714
Thomas Dyhr Dalby: Excl. CCS 		1,856 1,843 1,833 1,769 1,706 1,760 407 460 592 1,856 1,706
Invested capital 6 months ago 351 407 365 375 381 460 461 513 553 592 680 720 714
Thomas Dyhr Dalby: Excl. CCS 		1,856 1,843 1,833 1,769 1,706 1,760 1,727 365 461 680 1,843 1,760
Invested capital 3 months ago 407 365 375 381 460 461 513 553 592 680 720 714
Thomas Dyhr Dalby: Excl. CCS 		1,856 1,843 1,833 1,769 1,706 1,760 1,727 1,613 375 513 720 1,833 1,727
Invested capital current period 365 375 381 460 461 513 553 592 680 720 714
Thomas Dyhr Dalby: Excl. CCS 		1,856 1,843 1,833 1,769 1,706 1,760 1,727 1,613 1,552 381 553 714
Thomas Dyhr Dalby: Excl. CCS 		1,769 1,613
Average 372 375 382 395 419 454 497 530 584 636 677 992 1,283 1,562 1,825 1,788 1,767 1,740 1,701 1,663 382 497 677 1,825 1,701
-0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0%
-0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% 0.0% 0.0% -0.0% 0.0%
20.6% 17.9% 22.6% 22.5% 21.5% 21.8% 21.2% 22.9% 21.3% 20.1% 22.7% 21.7% 15.0% 13.9% 15.8% 17.6% 12.8% 14.8% 16.4% 14.7% 15.8% 20.9% 21.9% 21.5% 15.5% 14.8%
HydraSpecma
HydraSpecma Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 2016 2017 2018 2019 2020 2021
INCOME STATEMENT
Revenue 453 466 388 440 476 457 409 464 499 550 454 502 556 565 494 509 533 458 473 513 575 1,747 1,806 2,005 2,123 1,977
Gross profit 115 116 101 112 133 121 107 109 131 135 112 127 141 141 125 124 137 110 120 128 148 444 471 505 532 495
EBITDA 44 44 42 40 51 37 33 27 50 48 33 44 60 64 53 37 57 46 57 51 65 170 148 175 215 211
Depreciation/impairment 14 14 15 16 15 15 15 15 15 15 14 15 19 19 20 21 21 21 22 24 23 59 60 58 79 88
Operating profit (EBIT) 30 29 27 24 36 22 18 12 35 33 20 30 42 45 33 17 36 25 35 27 41 111 88 117 136 123
Profit from associates 0 0 0 0 0 0 0 (0) 0 0 0 0 0 0 0 1 0 0 0 0 0 0 (0) 0 1 0
Gains on equity divestments 0 0 0 0 0 0
Financial items, net (3) (1) (3) (1) (4) (8) (5) (4) (3) (3) (9) (1) 1 (10) (4) (10) (7) (14) (10) (11) 0 (8) (21) (16) (23) (41)
Profit before tax 27 29 25 23 31 15 13 8 32 31 10 29 43 35 30 7 29 11 25 17 41 103 67 102 114 82
Tax on profit (6) (6) (5) (6) (7) (4) (2) (4) (8) (7) (3) (12) (8) (7) (7) (3) (7) (3) (6) (4) (9) (22) (17) (29) (25) (20)
Profit for the period 21 23 20 17 24 11 10 4 25 24 8 17 34 28 22 4 23 8 19 13 31 81 50 73 89 62
Non-controlling interests (0) (1) (0) 0 0 1 0 (1) (0) (0) (0) (0) 0 0 0 0 0 0 0 0 0 (1) 1 (1) (1) 1
Schouw & Co´s share of profit 21 22 20 17 25 12 11 3 24 24 8 16 34 28 22 4 23 9 19 12 31 79 51 72 88 63
CASH FLOW
Cash flows from operating activities 9 31 25 62 6 26 (6) (38) (14) (3) 1 26 28 14 72 62 28 86 59 24 21 128 (11) 10 177 197
Cash flows from investing activities (488) (15) (19) (24) (8) (8) (11) (17) (9) (24) (20) (32) (20) (6) (15) (36) (21) (17) (35) (40) (27) (545) (44) (85) (77) (113)
Cash flows from financing activities 534 (33) (11) (44) (0) 1 8 33 25 41 15 0 (5) (6) (58) (32) 4 (62) (30) (5) 9 446 43 81 (101) (92)
BALANCE SHEET
Intangible assets 339 327 316 316 313 304 299 289 274 265 263 260 253 245 239 255 238 244 238 254 247 316 289 260 255 254
Property, plant and equipment 168 171 179 192 189 186 186 192 189 202 214 234 241 242 244 256 260 270 295 318 332 192 192 234 256 318
Other non-current assets 5 5 5 7 8 8 10 9 10 11 11 6 119 135 129 124 123 122 116 123 116 7 9 6 124 123
Cash and cash equivalents 62 45 77 36 103 96 88 23 59 71 58 29 54 57 62 28 53 63 61 18 71 36 23 29 28 18
Other current assets 768 791 745 806 805 798 819 899 920 986 978 1,012 1,048 1,070 1,024 1,028 1,009 989 961 1,011 1,095 806 899 1,012 1,028 1,011
AKTIVER I ALT 1,341 1,339 1,321 1,356 1,417 1,392 1,402 1,412 1,452 1,535 1,524 1,541 1,715 1,749 1,697 1,691 1,681 1,688 1,671 1,724 1,861 1,356 1,412 1,541 1,691 1,724
Equity 367 376 386 407 434 437 447 440 447 439 451 470 476 496 512 530 500 530 545 575 603 407 440 470 530 575
Interest-bearing debt 614 603 600 594 604 585 599 616 632 694 703 708 827 843 793 771 786 750 735 751 780 594 616 708 771 751
Other creditors 360 360 335 355 380 370 357 356 372 402 370 363 412 411 392 390 395 408 391 399 478 355 356 363 390 399
Total liabilities and equity 1,341 1,339 1,321 1,356 1,417 1,392 1,402 1,412 1,452 1,535 1,524 1,541 1,715 1,749 1,697 1,691 1,681 1,688 1,671 1,724 1,861 1,356 1,412 1,541 1,691 1,724
Average number of employees 804 1,012 1,017 1,062 1,092 1,132 1,166 1,198 1,200 1,210 1,233 1,233 1,208 1,220 1,235 1,220 1,192 1,176 1,139 1,152 1,169 1,020 1,147 1,219 1,221 1,161
FINANCIAL KEY FIGURES
EBITDA margin 9.8% 9.3% 10.8% 9.1% 10.6% 8.1% 8.1% 5.9% 9,9% 8,7% 7,3% 8.9% 10.9% 11.4% 10.8% 7.3% 10.8% 10.0% 12.0% 9.9% 11.2% 9.7% 8.2% 8.7% 10.1% 10.7%
EBIT margin 6.6% 6.3% 7.1% 5.5% 7.4% 4.8% 4.4% 2.7% 7,0% 6,1% 4,3% 5.9% 7.5% 7.9% 6.7% 3.3% 6.8% 5.4% 7.4% 5.3% 7.2% 6.3% 4.9% 5.9% 6.4% 6.2%
ROIC excl. goodwill 23.6% 20.6% 18.2% 16.1% 16.8% 15.9% 14.7% 13.0% 12,7% 13,4% 13,0% 14.3% 14.1% 14.4% 15.1% 13.5% 13.1% 11.6% 11.8% 12.9% 13.2% 16.1% 13.0% 14.3% 13.5% 12.9%
ROIC incl. goodwill 21.7% 18.1% 15.6% 13.6% 14.2% 13.5% 12.5% 11.1% 10,8% 11,5% 11,3% 12.5% 12.4% 12.7% 13.4% 12.0% 11.7% 10.3% 10.5% 11.4% 11.7% 13.6% 11.1% 12.5% 12.0% 11.4%
Working capital 491 491 497 463 491 495 531 566 605 644 669 678 687 715 689 665 662 632 624 621 659 463 566 678 665 621
Net interest-bearing debt 551 531 524 497 500 489 511 554 573 623 645 652 773 786 732 718 733 687 674 696 707 497 554 652 718 696
Calculation of ROIC:
EBITA (LTM) 101 115 127 133 138 131 122 110 110 121 122 139 144 155 168 155 150 130 132 144 149 133 110 139 155 144
Average investered capital excl. goodwill 426 560 697 824 823 822 827 847 868 901 935 968 1,024 1,080 1,117 1,147 1,142 1,123 1,115 1,118 1,134 824 847 968 1,147 1,118
Average investered capital incl. goodwill 464 636 811 976 974 973 978 997 1,015 1,047 1,078 1,110 1,166 1,221 1,257 1,287 1,280 1,261 1,254 1,257 1,275 976 997 1,110 1,287 1,257
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 289 283 300 831 826 831 807 827 821 853 886 911 955 988 1,016 1,138 1,176 1,138 1,134 1,120 1,101 831 827 911 1,138 1,120
Invested capital 6 months ago 283 300 831 826 831 807 827 821 853 886 911 955 988 1,016 1,138 1,176 1,138 1,134 1,120 1,101 1,107 826 821 955 1,176 1,101
Invested capital 3 months ago 300 831 826 831 807 827 821 853 886 911 955 988 1,016 1,138 1,176 1,138 1,134 1,120 1,101 1,107 1,145 831 853 988 1,138 1,107
Invested capital current period 831 826 831 807 827 821 853 886 911 955 988 1,016 1,138 1,176 1,138 1,134 1,120 1,101 1,107 1,145 1,182 807 886 1,016 1,134 1,145
Average 426 560 697 824 823 822 827 847 868 901 935 968 1,024 1,080 1,117 1,147 1,142 1,123 1,115 1,118 1,134 824 847 968 1,147 1,118
Average investered capital incl. goodwill is calculated as such:
Invested capital 9 months ago 289 283 300 986 977 980 959 980 971 1,003 1,034 1,054 1,096 1,130 1,159 1,280 1,315 1,276 1,276 1,254 1,240 986 980 1,054 1,280 1,254
Invested capital 6 months ago 283 300 986 977 980 959 980 971 1,003 1,034 1,054 1,096 1,130 1,159 1,280 1,315 1,276 1,276 1,254 1,240 1,245 977 971 1,096 1,315 1,240
Invested capital 3 months ago 300 986 977 980 959 980 971 1,003 1,034 1,054 1,096 1,130 1,159 1,280 1,315 1,276 1,276 1,254 1,240 1,245 1,289 980 1,003 1,130 1,276 1,245
Invested capital current period 986 977 980 959 980 971 1,003 1,034 1,054 1,096 1,130 1,159 1,280 1,315 1,276 1,276 1,254 1,240 1,245 1,289 1,325 959 1,034 1,159 1,276 1,289
Average 464 636 811 976 974 973 978 997 1,015 1,047 1,078 1,110 1,166 1,221 1,257 1,287 1,280 1,261 1,254 1,257 1,275 976 997 1,110 1,287 1,257
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% -0.0% -0.0% -0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% -0.0% 0.0% 0.0% 0.0%
25.4% 24.8% 26.1% 25.5% 27.9% 26.6% 26.3% 23.4% 26.2% 24.6% 24.7% 25.3% 25.4% 25.0% 25.3% 24.4% 25.6% 24.0% 25.4% 25.0% 25.7% 25.4% 26.1% 25.2% 25.1% 25.0%
Borg
Before Schouw & Co´s acquisation of Borg
Borg Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 2016 2017 2018 2019 2020 2021
INCOME STATEMENT
Revenue 220 225 246 219 237 248 237 224 242 268 231 217 230 232 258 198 232 173 242 224 272 910 946 958 918 871
Gross profit 62 65 65 60 68 33 60 66 72 79 60 29 62 51 59 30 51 28 60 59 72 252 226 240 201 198
EBITDA 32 36 37 34 12 13 36 41 38 41 22 30 33 21 32 24 24 11 38 35 40 138 102 131 110 108
Depreciation/impairment 3 3 3 3 3 8 9 8 9 9 9 8 12 12 12 12 12 12 12 12 16 12 29 35 48 48
Operating profit (EBIT) 28 33 34 31 9 5 27 32 29 33 13 21 21 9 21 12 12 -1 26 23 24 126 73 96 62 60
Profit from associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gains on equity divestments 0 0 0 0 0 0
Financial items, net (6) (5) (1) (2) 2 (1) (3) 4 (1) (4) (1) (1) 0 0 -4 3 -5 0 0 2 -4 -14 2 -7 -1 -3
Profit before tax 22 28 34 29 11 4 24 36 28 28 12 20 21 9 17 15 7 -1 26 25 20 112 75 89 62 57
Tax on profit (6) 25 (6) (13) 3 (2) (4) (8) (5) (5) (3) (8) (4) (1) -3 -10 -1 0 -5 -6 -5 -1 -10 -22 -18 -13
Profit for the period 16 53 28 15 14 2 20 29 23 24 9 12 17 7 13 6 6 -1 20 19 15 112 65 67 43 44
Non-controlling interests 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Schouw & Co´s share of profit 16 53 28 15 14 2 20 29 23 24 9 12 17 7 13 6 6 -1 20 19 15 112 65 67 43 44
CASH FLOW
Cash flows from operating activities 2 27 53 43 (44) 16 75 (20) (38) 90 89 8 (12) 0 38 59 7 75 56 1 -100 124 28 149 85 139
Cash flows from investing activities (2) (9) (3) (1) 2 (190) (5) 174 (5) (2) (6) (28) (8) (6) -2 -11 -3 -2 -1 -66 -3 -15 -19 -41 -27 -71
Cash flows from financing activities (3) (17) (47) (5) 14 174 (54) (182) 51 (73) (103) 11 25 6 -40 -51 7 -73 -60 64 105 -72 -48 -114 -60 -62
BALANCE SHEET
Intangible assets 376 369 354 348 341 336 345 341 334 327 323 316 309 302 345 336 20 354 345 323 345
Property, plant and equipment 70 71 73 76 74 77 91 88 91 90 97 92 93 89 97 95 62 73 91 97 97
Other non-current assets 54 59 57 56 63 65 56 94 97 91 88 87 83 82 79 88 46 57 56 88 79
Cash and cash equivalents 21 37 11 18 42 63 5 33 54 54 3 17 46 105 9 17 49 11 5 3 9
Other current assets 558 505 490 562 510 466 553 540 549 531 594 493 427 412 530 609 423 490 553 594 530
AKTIVER I ALT 1,079 1,041 985 1,060 1,029 1,007 1,050 1,096 1,124 1,093 1,105 1,005 959 990 1,059 1,146 599 985 1,050 1,105 1,059
Equity 413 430 456 477 393 407 598 548 560 561 579 499 508 518 543 489 252 456 598 579 543
Interest-bearing debt 210 155 155 206 242 180 25 109 134 101 91 75 32 35 34 188 23 155 25 91 34
Other creditors 456 456 374 377 395 420 427 439 430 431 435 432 419 437 482 468 324 374 427 435 482
Total liabilities and equity 1,079 1,041 985 1,060 1,029 1,007 1,050 1,096 1,124 1,093 1,105 1,005 959 990 1,059 1,146 599 985 1,050 1,105 1,059
Average number of employees 1,195 1,197 1,276 1,355 1,402 1,433 1,476 1,524 1,560 1,545 1,584 1,643 1,675 1,644 1,588 1,551 1,529 1,482 1,355 1,464 1,675 1,256 1,458 1,599 1,615 1,466
FINANCIAL KEY FIGURES
EBITDA margin 14.4% 15.9% 15.1% 15.4% 5.1% 5.3% 15.0% 18.2% 15,6% 15.4% 9.5% 13.6% 14.3% 8.9% 12.5% 12.3% 10.4% 6.3% 15.6% 15.8% 14.7% 15.2% 10.7% 13.6% 12.0% 12.4%
EBIT margin 12.8% 14.7% 14.0% 14.1% 3.9% 1.8% 11.3% 14.4% 12,0% 12.1% 5.7% 9.8% 9.2% 3.7% 8.0% 6.1% 5.2% -0.5% 10.7% 10.4% 9.0% 13.9% 7.7% 10.0% 6.8% 6.9%
ROIC excl. goodwill 23.3% 24,2% 23.9% 22.0% 20.7% 19.7% 15.4% 16.2% 14.9% 13.8% 13.1% 15.2% 17.5% 19.2% 23.3% 20.7% 14.9% 17.5%
ROIC incl. goodwill 12.7% 13,3% 13.0% 11.9% 11.1% 10.4% 8.3% 8.8% 8.2% 7.5% 6.9% 7.7% 8.8% 9.9% 12.7% 11.1% 8.2% 8.8%
Working capital 220 174 200 259 198 132 141 183 218 184 156 140 86 60 113 233 179 200 141 156 113
Net interest-bearing debt 189 118 144 188 200 117 (42) 76 80 47 2 58 -15 -70 1 171 -25 144 -42 2 1
Calculation of ROIC:
EBITA (LTM) 144
Thomas Dyhr Dalby: Annualised 		153
Thomas Dyhr Dalby: Annualised 		148 133 123 115 92 99 93 84 74 80 91 105 144
Thomas Dyhr Dalby: Annualised 		123 93 91
Average investered capital excl. goodwill 617 631 621 607 593 582 594 615 622 605 568 527 519 547 617 593 622 519
Average investered capital incl. goodwill 1,133 1,147 1,136 1,122 1,109 1,098 1,110 1,131 1,137 1,121 1,083 1,043 1,035 1,063 1,133 1,109 1,137 1,035
Average investered capital excl. goodwill is calculated as such:
Invested capital 9 months ago 643 590 618 673 602 534 566 627 649 617 593 562 498 673 627 562
Invested capital 6 months ago 643 590 618 673 602 534 566 627 649 617 593 562 498 456 643 602 649 498
Invested capital 3 months ago 643 590 618 673 602 534 566 627 649 617 593 562 498 456 561 590 534 617 456
Invested capital current period 643 590 618 673 602 534 566 627 649 617 593 562 498 456 561 674 618 566 593 561
Average 617 631 621 607 593 582 594 615 622 605 568 527 519 547 617 593 622 519
Average investered capital incl. goodwill is calculated as such *:
Invested capital 9 months ago 1,159 1,106 1,134 1,188 1,118 1,050 1,081 1,143 1,165 1,133 1,109 1,078 1,014 1,188 1,143 1,078
Invested capital 6 months ago 1,159 1,106 1,134 1,188 1,118 1,050 1,081 1,143 1,165 1,133 1,109 1,078 1,014 972 1,159 1,118 1,165 1,014
Invested capital 3 months ago 1,159 1,106 1,134 1,188 1,118 1,050 1,081 1,143 1,165 1,133 1,109 1,078 1,014 972 1,077 1,106 1,050 1,133 972
Invested capital current period 1,159 1,106 1,134 1,188 1,118 1,050 1,081 1,143 1,165 1,133 1,109 1,078 1,014 972 1,077 1,189 1,134 1,081 1,109 1,077
Average 1,133 1,147 1,136 1,122 1,109 1,098 1,110 1,131 1,137 1,121 1,083 1,043 1,035 1,063 1,133 1,109 1,137 1,035
*) Includes also goodwill in Schouw & Co. in the amount of 515,8 million dkk.
0.0% 0.0% -0.0% 0.0% 0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% 0.0% -0.0% -0.0% 0.0% 0.0% 0.0% -0.0%
-0.0% 0.0% 0.0% -0.0% 0.0% 0.0% -0.0% -0.0% -0.0% 0.0% -0.0% 0.0% 0.0% -0.0% -0.0% 0.0% -0.0% 0.0%
28.2% 29.0% 26.2% 27.2% 28.6% 13.3% 25.3% 29.3% 29.7% 29.6% 25.9% 13.3% 27.0% 22.0% 22.9% 15.2% 22.0% 16.2% 24.8% 26.3% 26.5% 23.9% 25.1% 21.9% 22.7%

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Schouw & Co. A/S published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 21:26:01 UTC.