Annual Report 2023

Solid momentum

Annual Report 2023: Solid momentum

Highlights

Realised in 2023

• A good year of solid momentum
• Revenue rose by 14% to DKK 37,210 million (2022: DKK 32,637 million)
• EBITDA was DKK 2,849 million – an increase of 25% (2022: DKK 2,282 million)
• Cash flows from operating activities amounted to DKK 1,777 million (2022: DKK 319 million)
• ROIC excl. goodwill was 12.8 % (2022: 11.2%)
• 2% reduction in GHG emissions
• Proposal that the dividend for the 2023 financial year be raised to DKK 16 per share.

Outlook for 2024

• Stable outlook despite global uncertainty
• The companies of the Schouw & Co. Group are well-positioned to tackle the international competition and have both the commitment and the ability to exploit the varying market opportunities.
• There are many changes to the global economy and major geopolitical tensions all causing uncertainty, but we expect to maintain EBITDA for 2024 in line with the 2023 figures.

Briefly on the outlook of the companies in 2024

BioMar

BioMar expects to maintain a high level of business activity, although varying market conditions and volatile raw material prices may, as always, affect the revenue developments substantially. BioMar expects to generate earnings in line with the 2023 figure and for the share of profit from associates to be closer to normal levels.

GPV

GPV has made a conservative forecast of demand for the first half of 2024, but expects that demand could grow stronger in the second half. On that background, GPV expects to report a considerable drop in revenue relative to 2023. However, based on well-managed efficiency and additional positive effects from the combination with Enics, GPV expects to generate EBITDA in line with the 2023 figure.

HydraSpecma

HydraSpecma expects to maintain a high level of activity in 2024, but will probably see certain shifts between customer segments as well as some degree of uncertainty as to the effects of any adjustments made to the value chain during the first half of the year. Overall, HydraSpecma expects revenue and EBITDA in line with the 2023 figures.

Borg Automotive

Borg Automotive expects to see sound demand for remanufactured products and positive effects from the ramped-up efforts to drive goods for resale that combined can contribute to revenue improvements in 2024. The increase in business activity is also expected to strengthen EBITDA.

Fibertex Personal Care

Fibertex Personal Care continues to face extremely competitive markets in Asia. Business activity is expected to soften, and considering the outlook for tough price competition in Asia and reduced average prices of raw materials, the company lowers its revenue forecast relative to 2023. Fibertex Personal Care expects the 2024 EBITDA to be substantially lower than the 2023 figure.