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Schouw & Co profit before tax nearly triples in 2013
Mar '14
Schouw & Co. released the Annual Report for 2013. Revenue was DKK 11.6 billion and operating profit (EBIT) was DKK 685 million, which was exactly at the top end of the most recent guidance range.
This was a year of significant events for the Schouw & Co. Group. Combined with operating results remaining at an attractive level, our profit after tax was exceptional at DKK 1,368 million in 2013, compared to DKK 498 million in 2012.
CEO in Schouw & Co., Jens Bjerg Sørensen says: "2013 saw Schouw & Co. becoming a more focused company." He continues: "The divestment of Martin was closed and we have merged Grene with Dutch company Kramp giving Schouw & Co. a 20% stake in what is clearly Europe's largest distributor of spare parts and accessories to the agricultural sector.
In addition, we have sold the shares in Norwegian fish farmer Lerøy, ended a 20-year involvement in the wind turbine industry by the divestment of our shares in Vestas, and sold a property."
The significant events of 2013 and the positive cash flows from operating activities have had the effect that Schouw & Co.'s net interest-bearing debt stands at close to zero at the beginning of 2014. Our ambition is first of all to apply the Group's resources for profitable growth as well as both organic and acquisitive expansion.
"We will maintain our strategy to consolidate the Schouw & Co. conglomerate in 2014, investing in all of our portfolio companies so they can each grow profitably and build on their leading positions. Also, we will remain alert to any investment opportunities that could help create long-term value for Schouw & Co.," says Jens Bjerg Sørensen.

Schouw & Co

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