The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Emil Haargaard - Carnegie - Analyst
: Yes, thank you for taking my questions. I have a couple of questions, so I will take them one by one. I think I'll start off with a question to [get] asked
when you came with in connection with the Q2 report regarding a possible several listing of BioMar because this has for obvious reasons attracted
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MARCH 06, 2025 / 9:30AM, SCHO.CO - Q4 2024 Schouw & Co A/S Earnings Call
some attention. So any flavor and comments you could provide on that. And if possible, a timeline on when you expect to have a final decision on
the outcome of this evaluation would be much appreciated.
Question: Emil Haargaard - Carnegie - Analyst
: Okay, so can you say should we expect a decision before the summer, or can it be any specific on that part?
Question: Emil Haargaard - Carnegie - Analyst
: All right. That's fair. So the next question is also on BioMar. So as you mentioned, BioMar delivered a very strong performance throughout 2024,
with the EBITDA margin at the upper end of your long-term ambition of the [7%] to 9%. And you're guiding implicitly for an EBITDA margin of 9.2%
for 2025. So is this ambition now a bit conservative or do you still see this range as the, we say, sustainable level in the longer term?
Question: Emil Haargaard - Carnegie - Analyst
: Okay. And as mentioned that in 2024, BioMar, you had a very strong focus on profitability and maybe less on volume growth. So will you be more
aggressive on volume growth now that you have entered into long-term contracts, especially in Norway and improved profitability within these?
Question: Emil Haargaard - Carnegie - Analyst
: Okay, so just a quick follow up on this because, as you mentioned, the guidance, you're implying revenue in line with 2024. So if you expect volume
growth, does this imply that you expect raw material prices to decrease slightly in 2025, or how should we view this?
Question: Emil Haargaard - Carnegie - Analyst
: Makes sense. And then just one last question on BioMar and then I will jump back in the line. So I'm curious to hear your thoughts on Mowi's
announcement a few days ago regarding the initiation of a strategic review of their integrated feed division, because from a geographical perspective,
it seems that there could be potential synergies for BioMar based on the location of Mowi's factory in Norway and the location of your two factories,
and adding more capacity in Mowi's Norway could significantly strengthen your position in the Norwegian market.
But I assume Mowi would require a long-term contract to secure feed for their farming operations, which might, and [might you be] make this less
attractive, of course, depending on the contract's terms. So could you provide some insights into your view on this and potentially the implications
for the market if the strategic review results in the sale.
Question: Emil Haargaard - Carnegie - Analyst
: That's clear. Thank you very much. I will jump back in the line.
Question: Emil Haargaard - Carnegie - Analyst
: Yes, thank you. A few extra questions from my side this time on GPV. So tariffs is, of course, an important topic these days. And if I remember
correctly, and please correct me if I'm wrong, the US accounts for just above DKK500 million of GPV's revenue, with around DKK100 million of this
amount currently coming from the Mexico plant. So I assume the impact from tariffs on GPV's performance will not be material, but could you
quantify or provide some sensitivity on the expected impact on margins? And also, any tariffs included in your current guidance, both for GPV and
for the other companies where this might be relevant?
Question: Emil Haargaard - Carnegie - Analyst
: Understood. Thank you. A question also on this one-off cost that you expect for 2025. Are there any specific quarters you expect these to materialize
in just to have an understanding of the phasing.
Question: Emil Haargaard - Carnegie - Analyst
: And just one last question from my side, maybe on synergies from the integration of Enics, can you provide just a general update on the progress
and where you're currently at in terms of the DKK100 million that you expected in synergies?
Question: Emil Haargaard - Carnegie - Analyst
: Okay. And is it possible to quantify how much of the total synergies that you have harvested so far?
Question: Emil Haargaard - Carnegie - Analyst
: Yeah. That's clear. Thank you very much. That was all for me.
Question from the chat saying: can you comment on defense exposure?
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