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Annual Report 2019 Schouw & Co

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Annual Report 2019 Schouw & Co An international industrial conglomerate Schouw & Co. is a focused industrial conglomerate. Our six wholly owned businesses operate 60 production units in 29 countries worldwide. Schouw & Co. was founded in 1878, and since 1988 our mission has been to compose a diversified portfolio of leading Danish B2B industrial businesses. We create value through active ownership and facilitate long-term and responsible transformation. Annual Report 2019 Schouw & Co. Annual Report 2019 02 / 110 Contents Parent company financial statements Consolidated financial 92 Statements of income and statements comprehensive income 93 Balance sheet 44 Statements of income and Management's report Our businesses comprehensive income 94 Cash flow statement 05 2019 Highlights 21 Fish feed 45 Balance sheet 95 Statement of changes in equity 06 Key figures and 22 BioMar 46 Cash flow statement financial ratios 96 Basis of preparation of 25 Nonwovens 47 Statement of changes the consolidated financial 07 Our businesses 26 Fibertex Personal Care in equity statements 08 Letter from the CEO 27 Fibertex Nonwovens 48 Basis of preparation of 97 Notes to the parent com- 10 Schouw & Co.'s the consolidated financial pany financial statements business model 28 Industrial solutions statements 11 Active ownership 29 GPV 51 EBIT, working capital and cash flows Management's 12 Management's report 30 HydraSpecma Group information statement and 62 Invested capital auditor's report 15 Outlook 31 Borg Automotive 35 Board of Directors 73 Capital structure 16 Quarterly financial 32 Portfolio company 37 Executive management 106 Statement by the highlights financial highlights 78 Tax Management Board and – full year 38 Investor information the Board of Directors 18 Our focus for 2020 82 Other notes to the 33 Portfolio company 41 Corporate responsibility consolidated financial 107 Independent auditors’ 19 Risks financial highlights – Q4 and corporate governance statements report The management review includes the sections ‘Management’s report’, ‘Businesses’ and 'Group information' This publication is a translation of the Danish Annual Report 2019. The original Danish text shall be controlling for all purposes, and in cases of discrepancy, the Danish wording shall be applicable. Schouw & Co. Annual Report 2019 03 / 110 Overview 142 Schouw & Co. is At the end of 2019, we had six dif- We have had the We have never acquired a Our purpose years old a listed industrial ferent companies in our portfolio businesses in our port- business for the purpose ENABLING LONG- The company was conglomerate. We which had been acquired since folio for an average of reselling it, and we be- TERM AND own and develop 1988, when we first launched our of 15 years, and we lieve businesses develop founded by Victor Schouw RESPONSIBLE in 1878 in the rear build- B2B business in strategy of composing a diversi- compose the portfolio best when focused on ing of a property located various sectors fied portfolio of leading Danish from a ‘best owner- long-term growth and TRANSFORMATION in the Copenhagen district and industries. industrial businesses. ship’ principle. development. of Nørrebro. OUR GLOBAL LOCATIONS REVENUE 128 DKK years in packaging During its first 128 years 20.9 in business, Schouw & billion Co. mainly manufactured packaging materials, such as paper bags and milk EBITDA cartons. 29 DKK COUNTRIES OF Headquartered in PRODUCTION 2.0 Aarhus, Denmark, Schouw & Co. billion has 60 manufactur- ing facilities in 29 32 countries through years as a conglomerate its businesses ROIC Since 1988, Schouw & Co. has been involved in many BioMar Fibertex Personal Care Fibertex Nonwovens HydraSpecma Borg Automotive GPV different businesses and Denmark, Norway, Scotland, France, Denmark, Malaysia, Germany Denmark, France, Czech Denmark, Sweden, Denmark, the UK, Denmark, Switzerland, 12.3% Spain, Greece, Turkey, Chile, Costa Rica, and the USA Republic, Turkey, South Finland, the UK, Poland, Poland and Belgium Germany, Austria, Slovakia, industries. Ecuador, China and Australia Africa, the USA and Brazil China, India, the USA Thailand Sri Lanka, China and Brazil and Mexico Schouw & Co. Annual Report 2019 04 / 110 Management's report 2019 Highlights 05 Financial highlights and key ratios 06 Our businesses 07 Letter from the CEO 08 Schouw & Co.’s business model 10 Active ownership 11 Management’s report 12 Outlook 15 Quarterly financial highlights 16 Our focus for 2020 18 Risks 19 Schouw & Co. Annual Report 2019 05 / 110 2019 Highlights We continued recent years’ growth strategy in 2019. During the year, we invested more than DKK 1 billion to expand output capacity and acquire businesses and grew revenue by 15%. At DKK 1.4 billion, cash flows from operating activities were DKK 573 million higher than in 2018 (including IFRS effects). SIGNIFICANT EVENTS Q1 Q2 Q3 Q4 2019 2019 2019 2019 • Fibertex Nonwovens acquires newly-built • Fibertex Personal Care begins print facility • Borg Automotive streamlines • BioMar completes construction of new spunlace capacity in South Carolina, USA. operations in North Carolina, USA. business by trimming operations salmon feed factory in Australia. • HydraSpecma opens new factory site in • BioMar announces full ownership of formerly in Belgium. • GPV successfully completes integration Stargard, Poland. 50%-owned joint venture Alitec Pargua in • BioMar teams up with a Norwegian fish of CCS. • Borg Automotive remanufactures first brake Chile. farmer to launch an app providing full • BioMar’s second factory in 50%-owned joint calipers at its new factory in Lublin, Poland. • Fibertex Nonwovens performs strategic traceability of raw materials for salmon. venture in China completed. • HydraSpecma achieves highest certifica- review and confirms potential for • HydraSpecma Sweden announces decision • GPV opens new 2,300 m2 warehouse in tion as a Danfoss premium distributor in long-term value creation. to build new and bigger facilities outside Bangkok, Thailand. 2 Gothenburg. Denmark. • HydraSpecma opens new 3,200 m distribu- • Six people graduate Schouw & Co.’s • BioMar expands shrimp feed production by tion centre in Tampere, Finland. • BioMar completes capacity expansion at Accelerated Growth talent development 25,000 tonnes in Ecuador. • BioMar decides to expand shrimp feed factory in Brande, Denmark. programme. • BioMar announced commercial break- capacity in Ecuador by 40,000 tonnes. • HydraSpecma acquires minor hydraulics through with fish feed with a high content of company to strengthen local expertise omega-3 from algae. in Finland. 21% 10% 17% 12% Quarterly revenue growth (year-on-year) Quarterly revenue growth (year-on-year) Quarterly revenue growth (year-on-year) Quarterly revenue growth (year-on-year) +99 DKKm +163 DKKm +161 DKKm +150 DKKm Improvement in cash flows from operating activities Improvement in cash flows from operating activities Improvement in cash flows from operating activities Improvement in cash flows from operating activities Schouw & Co. Annual Report 2019 06 / 110 Financial highlights and key ratios Revenue DKK billion 20.9 18.3 GROUP SUMMARY (DKKm) 2019* 2018 2017 2016 2015 17.0 14.4 12.6 REVENUE AND INCOME Revenue 20,946 18,253 17,032 14,369 12,566 Operating profit before depreciation (EBITDA) 1,951 1,579 1,568 1,472 1,214 Depreciation and impairment losses 802 532 475 434 383 EBIT 1,149 1,047 1,093 1,038 831 2015 2016 2017 2018 2019 Profit/loss after tax in associates and joint ventures 50 70 42 566 86 Gains on equity divestments 29 9 0 0 0 Net financials -79 -40 -30 -27 -46 Profit before tax 1,149 1,086 1,105 1,578 871 Operating profit before depreciation (EBITDA) Profit for the year 906 796 875 1,339 645 DKK million Cash flows 1,951 Cash flows from operating activities 1,410 837 763 1,598 1,171 1,472 1,568 1,579 Cash flows from investing activities -1,043 -1,360 -2,763 -395 -569 1,214 Of which investment in property, plant and equipment -774 -685 -809 -830 -354 Cash flows from financing activities -421 623 818 -925 -324 Cash flows for the year -54 100 -1,181 277 278 IFRS 16 Invested capital and financing The Annual Report 2019 reflects 2015 2016 2017 2018 2019 Invested capital (ex. goodwill) 10,510 8,831 7,337 5,416 4,464 the effects of IFRS 16, the ac- Total assets 18,777 16,940 14,389 12,273 10,516 counting standard for recognis- Working capital 3,738 3,441 2,505 1,727 1,598 ing lease liabilities, which we Cash flows from operating activities Net interest-bearing debt (NIBD) 3,298 2,425 1,275 -1,028 -511 implemented effective from 1 Share of equity attributable to shareholders of Schouw & Co. 9,519 8,652 8,317 7,797 6,656 DKK million Non-controlling interests 2 7 15 18 21 January 2019. 1,598 Total equity 9,521 8,659 8,332 7,814 6,677 1,410 The implementation of IFRS 16 1,171 Financial data has resulted in the recognition of 837 EBITDA margin (%) 9.3 8.7 9.2 10.2 9.7 lease assets and a similar lease 763 EBIT margin (%) 5.5 5.7 6.4 7.2 6.6 liability of DKK 910 million effec- EBT margin (%) 5.5 6.0 6.5 11.0 6.9 tive from 1 January. Also, EBITDA Return on equity (%) 10.0 9.4 10.9 18.6 10.2 improved by DKK 208 million, Equity ratio (%) 50.7 51.1 57.9 63.7 63.5 2015 2016 2017 2018 2019 ROIC excluding goodwill (%) 12.3 14.5 17.6 20.2 18.3 EBIT improved by DKK 14 million, ROIC including goodwill (%) 10.0 11.3 13.8 16.6 15.1 and cash flows from operating NIBD/EBITDA ratio 1.7 1.5 0.8 -0.7 -0.4 activities improved by DKK 182 Return on invested capital Average no. of employees 9,683 7,174 6,087 4,108 2,382 million in 2019 relative to the year ROIC excluding goodwill (%) before.
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