Schouw & Co A/s · OMXCOP:SCHO
Schouw & Co A/s — H1 2017 Earnings Presentation
16 slides from Schouw & Co A/s's earnings presentation, Aug 17, 2017
Slide 1: First half of 2017 Investor presentation
First half of 2017 Investor presentation AUGUST 2017 CEO JENS BJERG SØRENSEN | IR KASPER OKKELS
Slide 2: Our value proposition
2017H1 interim report 17.08.2017 2 Our value proposition 1 Diversified portfolio 2 Leading B2B businesses 25 6,500 2 countries with employees major long-term production shareholders 3 Active/long-term ownership 4 Europe based, global outlook 5 ROIC focused 6 Financially strong
Slide 3: Highlights in first half of 2017
2017H1 interim report 17.08.2017 3 Highlights in first half of 2017 Revenue DKK Return on Invested Capital NIBD/EBITDA 7.7bn Growth 25% // 2016H1: 6.1bn 19.6% ROIC incl. goodwill 16.1% 0.6x NIBD increases due to acquisitions, higher activity, Both organic and acquisitive growth ROIC remains comforta
Slide 4: Strong H1 report on the P/L side
2017H1 interim report 17.08.2017 4 Strong H1 report on the P/L side Revenue (DKKm) EBIT (DKKm, after PPA) Comments +12.0% ▪ Revenue grows 25% due to solid +25.3% 30 increase in volume in BioMar and 329 7,706 2 effect from acquisitions 11 417 ▪ Borg included from 2017Q2 and GPV 247 consolidated from
Slide 5: NWC increase but solid ROIC figures
2017H1 interim report 17.08.2017 5 NWC increase but solid ROIC figures Net Working Capital (DKKm) ROIC (percentage) Comments ROIC excl. goodwill ROIC incl. goodwill +18.0% ▪ NWC increases mainly due to effect 38.3 from Borg Automotive 2,353 2 45 ▪ Generally, increase in NWC reflects higher level of
Slide 6: NIBD development reflects high activity
2017H1 interim report 17.08.2017 6 NIBD development reflects high activity Development in NIBD DKKbn 0.9 0.1 0.6 0.3 0.5 1.1 0.6 1.1 1.2 0.02 -1.0 NIBD CF Investments Sale of NIBD CF Acquisition Investments Dividends Other NIBD 30 Jun operations in 2016H2 Kramp 31 Dec operations of Borg and in 2017H
Slide 7: BioMar: Strong salmon but fierce competition
2017H1 interim report 17.08.2017 7 BioMar: Strong salmon but fierce competition Q2 and H1 comments Q2 revenue (DKKm) H1 NWC (% of LTM rev.) +4.6% ▪ Volume increases 28% H1, driven by increase in -6.4 2,230 2,273 Strong market shares and growth in salmon markets 1,901 1,837 1,900 13.2 13.8 financial
Slide 8: Fibertex Personal Care: Soft H1 but solid outlook
2017H1 interim report 17.08.2017 8 Fibertex Personal Care: Soft H1 but solid outlook Q2 and H1 comments Q2 revenue (DKKm) H1 NWC (% of LTM rev.) +5.9% +2.9 ▪ Flat spunbond volume but revenue increase 494 18.5 421 433 16.8 following increase in polypropylene prices 392 404 15.7 14.6 H1 as ▪ Negative
Slide 9: Fibertex Nonwovens: Progress but uncertainty
2017H1 interim report 17.08.2017 9 Fibertex Nonwovens: Progress but uncertainty Q2 and H1 comments Q2 revenue (DKKm) H1 NWC (% of LTM rev.) +11.0% -1.1 ▪ Modest 8% increase in H1 revenue partly driven by Stable Q 374 31.9 30.5 29.8 30.9 increase in raw material prices 328 362 28.5 but more ▪ Still s
Slide 10: HydraSpecma: Integration and streamlining
2017H1 interim report 17.08.2017 10 HydraSpecma: Integration and streamlining Q2 and H1 comments Q2 revenue (DKKm) NWC (% of LTM revenue) ▪ Revenue at 2016 level with 2% increase in H1 +38.5% 38.8 37.1 -10.7 ▪ Stable development in most segments, however, 466 457 32.2 28.0 28.1 Solid Q1, softer dema
Slide 11: Borg: Good start of the new business in the portfolio
2017H1 interim report 17.08.2017 11 Borg: Good start of the new business in the portfolio Q2 and H1 comments Q2 revenue (DKKm) NWC (% of LTM revenue) ▪ Borg consolidated from beginning of 2017Q2 248 Good 225 23.2 financials ▪ Revenue 10% above 2016 level and EBIT before in its first PPA 27% higher t
Slide 12: GPV: Strong momentum
2017H1 interim report 17.08.2017 12 GPV: Strong momentum Q2 and H1 comments Q2 revenue (DKKm) NWC (% of LTM revenue) +14.4% ▪ GPV consolidated from beginning of 2016Q2 287 22.4 20.8 ▪ Revenue up ~30% with strong order intake 219 218 Strong financials ▪ EBIT significantly above 2016 ▪ Seamless integr
Slide 13: Outlook updated and maintained
2017H1 interim report 17.08.2017 13 Outlook updated and maintained 2017 updated 2017 2016 Comments DKK million guidance after Q1 actual BioMar 510-550 510-550 581 ▪ Fibertex Personal Care and GPV Fibertex Personal Care 250-270 230-260 246 raises its EBIT guidance for 2017FY Fibertex Nonwovens 80-100
Slide 14: Strong position in global growth industries
2017H1 interim report 17.08.2017 14 Strong position in global growth industries Global GDP growth (2015-20) ~3.5% Fish feed Hygiene Industrial Hydraulics Auto rema- EMS spunbond nonwovens nufacturing Volume (m tonnes) Volume (m tonnes) Volume (m tonnes) Value (USD bn) Value (USD bn) Value (USD bn) ~
Slide 15: Sustainable long-term EBIT targets
2017H1 interim report 17.08.2017 15 Sustainable long-term EBIT targets Fibertex Fibertex Borg BioMar HydraSpecma GPV Personal Care Nonwovens Automotive 6% 12% 9% 10% +10% 7% Return on Invested Capital 15% Note: Pre-PPA EBIT targets. Borg Automotive long-term EBIT target subject to change as the comp
Slide 16: Strategic opportunities
2017H1 interim report 17.08.2017 16 Strategic opportunities Growing global Hygiene awareness Consolidation and demand for in Asia’s growing leverage on scale farmed fish middle class and investments Scale from inte- Global green agenda Value-creating gration of recently and active ownership growth a