Schouw & Co. interim report H1 2012

Company announcement No. 8/2012, August 16, 2012

28 pages

Interim report – First half year of 2012

Highlights Good performance supporting the upgraded guidance from the Q1 2012 interim report. Revenue improved by 24% to DKK 6,130 million, driven by improvements in all of our businesses. EBIT more than doubled to DKK 333 million. Profit before tax improved to DKK 186 million. The full-year EBIT forecast is maintained at the range of DKK 720-800 million. Schouw & Co. will be reviewing the financial statements for the six months to June 30, 2012 online and will be hosting a teleconference (in Danish) for analysts, the media and other interested parties on

T H U R S D A Y , A U G U S T 1 6 , 2 0 1 2 A T 1 5 . 3 0

The presentation will be webcast. A link to the presentation is available at the Schouw & Co. website, www.schouw.dk, where the presentation will also be available for subsequent viewing. Those wishing to attend the teleconference are invited to call tel. +45 3271 4767. Questions relating to the above should be directed to Jens Bjerg Sørensen, President, on tel. +45 8611 2222.

Contents Financial highlights .............................................. 2 Interim report ...................................................... 3 Business areas ...................................................... 6 Management statement .................................... 18 Income statement .............................................. 19 Cash flow statement .......................................... 20 Balance sheet ..................................................... 21 Statement of changes in equity ......................... 23 Notes to the financial statements ..................... 24

Aktieselskabet Schouw & Co.

Chr. Filtenborgs Plads 1 DK-8000 Aarhus C

CVR no.: 63965812

Tel. +45 8611 2222 www.schouw.dk

[email protected]

This is a translation of Schouw & Co.’s Interim Report for the six months ended June 30, 2012. The original Danish text shall be controlling for all purposes, and in case of discrepancy, the Danish wording shall be applicable.

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Consolidated financial highlights Amounts in DKK million January 1 – June 30

GROUP SUMMARYQ2 2012 Q2 2011 YTD 2012 YTD 2011 2011 TOTAL

Revenue 3,211.8 2,762.1 6,130.5 4,949.5 11,929.0

Operating profit before depriciation (EBITDA) 297.1 220.3 553.5 348.0 1,049.3

EBIT before goodwill impairment 186.3 125.1 332.9 156.6 653.1

Operating profit (EBIT) 186.3 125.1 332.9 156.6 646.3

Profit/(loss) after tax in associates 0.8 (12.2) (0.5) (23.5) (26.0)

Profit from divestments 0.0 0.0 0.0 0.0 1.9

Value adjustment of financial investments** (78.0) (466.4) (90.0) (285.1) (556.2)

Net financials before value adjustment of financial investments (30.2) (24.2) (55.9) (41.6) (107.2)

Profit before tax 78.8 (377.7) 186.5 (193.6) (41.2)

Tax on profit (17.3) 80.6 (46.7) 24.6 (30.8)

Profit for the period 61.5 (297.1) 139.8 (169.0) (72.0)

Share of equity attributable to shareholders of Schouw & Co. 4,294.9 3,986.1 4,294.9 3,986.1 4,196.1

Minority interests 6.6 48.2 6.6 48.2 33.9

Total equity 4,301.5 4,034.3 4,301.5 4,034.3 4,230.0

Total assets 10,330.1 9,736.3 10,330.1 9,736.3 9,900.5

Net interest-bearing debt (NIBD) 2,872.8 3,018.0 2,872.8 3,018.0 2,744.6

Working capital 2,377.5 2,072.8 2,377.5 2,072.8 2,146.8

Other financial data

Average number of employees 3,361 3,275 3,364 3,228 3,287

Cash flows from operating activities 211.0 73.0 251.2 (121.9) 418.8

Investments in property, plant and equipment 154.4 128.3 221.3 327.4 564.4

Depreciation of property, plant and equipment 97.1 78.2 192.3 157.9 324.6

Return on equity (%) * 5.7 (1.5) 5.7 (1.5) (1.7)

ROIC (%) * 16.2 11.8 16.2 11.8 13.8

Equity ratio (%) 41.6 41.4 41.6 41.4 42.7

EBITDA margin (%) 9.3 8.0 9.0 7.0 8.8

EBIT margin (%) 5.8 4.5 5.4 3.2 5.4

NIBD/EBITDA * 2.3 3.4 2.3 3.4 2.6

Per share data

Earnings per share (of DKK 10) 2.61 (12.61) 5.91 (7.12) (3.07)

Net asset value per share (of DKK 10) 182.40 169.93 182.40 169.93 178.62

Share price at end of period (of DKK 10) 118.50 136.00 118.50 136.00 92.50

Price/net asset value 0.65 0.80 0.65 0.80 0.52

Market capitalisation 2,790.2 3,190.1 2,790.2 3,190.1 2,173.0

The financial ratios have been calculated in accordance with “Recommendations & ratios 2010”, issued by the Danish Society of Financial Analysts. * Annualised over the latest 12 months.** Value adjustment consists of value adjustments and dividends from the holdings of shares in Vestas and Lerøy.

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Interim report – first half year of 2012 Financial performance

The companies of the Schouw & Co. Group had a good first half year overall. Each company is reviewed separately elsewhere in this report. Consolidated revenue was up by 24% from DKK 4,949 million in H1 2011 to DKK 6,130 mil-lion in H1 2012. Most of the improvement originated from BioMar, but all of the Group's wholly owned companies reported revenue improvements. EBIT more than doubled from DKK 157 million in H1 2011 to DKK 333 million in H1 2012. Like the revenue improve-ment, the stronger earnings were driven mainly by Bio-Mar, but Fibertex Nonwovens, Hydra-Grene and Martin also contributed. Xergi, the pro rata consolidated joint venture, reported H1 revenue in line with last year, but with a slight drop in earnings. Consolidated EBIT for the first half of 2012 matched the expectations used to upgrade the full-year EBIT guidance at the release of the Q1 interim report, and the improve-ment is generally considered to be highly satisfactory. The Group's results from associates, which are stated after tax, improved to break even from a loss of DKK 23 million in H1 2011, when the performance was adversely affected by writedowns on venture investments in Incuba. The H1 2012 profit before tax was affected by a negative value adjustment on financial investments of DKK 90 mil-lion, as compared with a negative value adjustment of DKK 285 million in H1 2011.

The Group’s other financial items increased from an ex-pense of DKK 42 million in H1 2011 to an expense of DKK 56 million in H1 2012. The increase was due to a number of different factors, including higher average net interest-bearing debts in BioMar and Fibertex Nonwovens and a negative effect from foreign exchange adjustments. This reduced the consolidated loss before tax from DKK 194 million in H1 2011 to a profit of DKK 186 million in H1 2012. Liquidity and capital resources During 2010 some of the Group’s businesses began to refocus their strategies for expansion after a period of relative caution. As a result, the Group has stepped up investments in strategic capacity expansion in 2011 and in 2012 to date, and will be making additional investments to expand capacity during the rest of 2012 and in 2013, tak-ing necessary measures and responding to profitable op-portunities. Still, it is important to emphasise that optimis-ing the use of capital in accordance with market develop-ments is a constant priority for Schouw & Co. Operating activities resulted in a cash inflow of DKK 251 million in H1 2012, compared with an outflow of DKK 122 million in H1 2011. In H1 2012, we applied DKK 221 million for investments in property, plant and equipment and DKK 60 million for other investments. In H1 2011, the corre-sponding investment amounts were DKK 327 million and DKK 204 million, part of which was due to Fibertex Nonwovens acquiring a French business. The Group reduced its consolidated net interest-bearing debt from DKK 3,018 million at June 30, 2011 to DKK 2,873 million at June 30, 2012, and a further reduction is ex-pected in the period until the end of the year. The Group’s working capital tie-up increased by 15% from DKK 2,073 million at June 30, 2011 to DKK 2,377 million at June 30, 2012. This higher capital tie-up is the caused by the growth in consolidated revenue. Measured relative to the revenue of the preceding 12-month period, working capital has been reduced from 20% at June 30, 2011 to 18% at June 30, 2012.

Q2 2012 Q2 2011 ChangeRevenue 3,211.8 2,762.1 449.7 EBITDA 297.1 220.3 76.8 EBIT 186.3 125.1 61.2 Value adj. fin. investment (78.0) (466.4) 388.4 Profit before tax 78.8 (377.7) 456.5

YTD 2012 YTD 2011 ChangeRevenue 6,130.5 4,949.5 1,181.0 EBITDA 553.5 348.0 205.5 EBIT 332.9 156.6 176.3 Value adj. fin. investment (90.0) (285.1) 195.1 Profit before tax 186.5 (193.6) 380.1

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Financial investments Schouw & Co. holds 4,000,000 shares in Vestas Wind Sys-tems, equal to 1.96% of the share capital, and 1 million shares in Lerøy Seafood Group, equal to 1.83% of the share capital. Combined, the financial investments made a negative contribution of DKK 90 million to the consolidated financial items in H1 2012. In H1 2011, the effect was negative at DKK 285 million. The contribution from financial investments in H1 2012 included dividends received in respect of the shares in Lerøy of DKK 6.9 million.

* DKK 2.7 million of this change has been recognised directly

in equity under exchange rate adjustments. Schouw & Co. shares Schouw & Co.’s share capital comprises 25,500,000 shares with a nominal value of DKK 10 each for a total nominal share capital of DKK 255,000,000. Each share carries one vote, for a total of 25,500,000 voting rights. Schouw & Co. shares appreciated by 28.1% during the first half year of 2012, from DKK 92.50 per share at December 31, 2011 to DKK 118.50 per share at June 30, 2012. Treasury shares At December 31, 2011, the company held 2,008,363 treas-ury shares, equal to 7.88% of the share capital, and during the first half of 2012, Schouw & Co. used 54,000 treasury shares for the Group’s share incentive scheme. According-ly, the company held 1,954,363 treasury shares at June 30, 2012, equal to 7.66% of the share capital. The portfolio of treasury shares is recognised at DKK 0. On April 11, 2012, the shareholders in general meeting renewed the authority permitting Schouw & Co. to acquire and hold up to 20% of the company’s shares until April 1, 2017. Events after the balance sheet date Other than as set out elsewhere in this interim report, Schouw & Co. is not aware of events occurring after June 30, 2012 which are expected to have a material impact on the Group's financial position or outlook.

Outlook Overall, the companies of the Schouw & Co. Group report-ed very good financial results in the first quarter of 2012 relative to previous years, and the good performance of the quarter made us upgrade our full-year profit guidance in the Q1 interim report. Most of our companies reported a Q2 2012 performance in line with the expectations that formed the basis for the FY profit upgrade. For Fibertex Nonwovens, the Q2 2012 performance has further fuelled expectations for the full-year results. For BioMar, Fibertex Personal Care, Hydra-Grene and Martin, the FY profit expectations remain within the guid-ed ranges, while Grene has now modified its expectations to the level originally guided at the beginning of the year. The profit guidance for other businesses includes Xergi, which continues to expect to improve both revenue and earnings in 2012. As always, the full-year results will depend strongly on the results of the second half of the year, which is the high season for the Schouw & Co. Group. Nevertheless, the good performance of the first half of 2012 supports our view that the Group's businesses generally stand well prepared to address the challenges and opportunities that the second half of the year will bring. Overall, therefore, Schouw & Co. expects to generate consolidated revenue of just over DKK 13 billion in 2012. The revenue may change quite substantially due to chang-es in raw materials prices, without necessarily having any notable effect on profit. The FY 2012 EBIT forecast is also unchanged at the range of DKK 720–800 million, which is a further step up from the substantial EBIT improvement to DKK 646 million in 2011 from DKK 369 million in 2010. Forecast

* Before the effects of financial investments.

VESTASAt Jun. 30,

2012At Dec. 31,

2011Change

Number of shares held 4,000,000 4,000,000 0Price (DKK) 32.42 62.00 (29.58)Market va lue (DKKm) 129.7 248.0 (118.3)

LERØYAt Jun. 30,

2012At Dec. 31,

2011Change

Number of shares held 1,000,000 1,000,000 0Price (NOK) 106.00 84.00 22.00Exchange rate DKK/NOK 98.68 95.88 2.80Market va lue (DKKm) * 104.6 80.5 24.1

EBIT (DKK mi l l ion) After Q2 After Q1 Origina lBioMar 400-420 400-420 360-380Fibertex Personal Care 145-155 145-155 145-155Fibertex Nonwovens 25-35 20-30 15-25Grene 80-90 85-95 80-90Hydra-Grene 65-75 65-75 60-70Martin 25-35 25-35 20-30Others (10-20) (10-20) (10-20)Tota l EBIT 720-800 720-800 660-740Associates (10) (10) (10)Financia ls* (120) (120) (120)Profi t before tax* 590-670 590-670 530-610

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Accounting policies The interim report is presented in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies. Other than as set out below, the accounting policies are unchanged from those applied in the annual report for 2011. Effective from January 1, 2012, Schouw & Co. implement-ed amendments to IFRS 7 and IAS 12. The implementation did not affect recognition or measurement. Reference is made to Annual Report 2011, which contains a full description of the accounting policies.

Judgments and estimates The preparation of interim reports requires Management to make accounting judgments and estimates that affect the application of accounting policies and recognised as-sets, liabilities, income and expenses. Actual results may differ from these judgments. The most significant estimates are unchanged from De-cember 31, 2011, and the most significant judgment un-certainty related thereto is the same as that used in pre-paring the Annual Report 2011. Roundings and presentation The amounts appearing in this interim report have gener-ally been rounded to one decimal place using standard rounding principles. Accordingly, some additions may not add up.

Financial calendar for 2012 November 8, 2012 Release of Q3 2012 interim report

The company will provide detailed information on its website, www.schouw.dk, and through company announce-ments about contacts and times for the webcast and the teleconference to be held in connection with the release of the Q3 2012 interim report.

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BioMar Wholly owned BioMar is the world’s third-largest manufacturer of quality feed for the fish farming industry. The company divides its operations into three geographical regions: the North Sea (Norway and Scotland), the Americas (Chile) and Continen-tal Europe. Financial performance BioMar reported very strong growth for the H1 2012 peri-od, even with the growth rate falling from the first to the second quarter. Revenue was up by 31% from DKK 2,697 million in H1 2011 to DKK 3,527 million in H1 2012, driven by a similar increase in volumes as average prices were largely unchanged. The strong improvement was mainly driven by continued market growth in BioMar's two largest markets, Chile and Norway. The first part of the year is traditionally BioMar's low sea-son and with the fair amount of production capacity avail-able, the strong top-line improvement had a strong bot-tom-line effect. Combined with the otherwise strong effi-ciency, this served to lift EBIT from DKK 57 million in H1 2011 to DKK 163 million in H1 2012. The improvement derived mainly from Chile and Continental Europe, and only to a limited extent from the North Sea region. The working capital tie-up increased from DKK 588 million at June 30, 2011 to DKK 837 million at June 30, 2012, mainly due to the immediate effect of the higher revenue and because fewer customers than previously are accept-ing cash rebates. Adjusted for the payment of intra-group dividends of DKK 150 million in the first quarter of 2012, net interest-bearing debt actually fell by DKK 128 million; net interest-bearing debt amounted to DKK 776 million at June 30, 2012, compared with DKK 755 million at June 30, 2011. Business development Growth rates were very high in both Norway and Chile, but they did in fact weaken as the six-month period wore on, and growth is expected to be at a much more moderate level in the second half-year. In Norway, the market may even be flat. With salmon prices remaining relatively low, the general fish farming industry is under pressure, not least the Chile-an fish farmers, many of whom have weak capitalisation. In addition, the production of coho (Pacific salmon) in Chile has been stepped up considerably relative to de-mand, logically depressing prices. The effects of this im-balance are amplified by the higher raw materials prices and the resultingly higher feed costs. All of this results in a challenging situation in Chile in the intermediate term, but does not change the forward-looking view of Chile as a very attractive market. Overall, therefore, BioMar expects a shift in the market for salmon feed from recent years' strong growth to a period of stability in the overall market. Although this may impact growth opportunities in the short term, it is in BioMar's

best interest if the salmon market is in a healthy balance, because that enables the company's customers to strengthen their earnings. The Norwegian market remains very competitive, one of the effects being that BioMar has opted not to accept the terms of a contract renewal set by one of the company's largest customers. As a result, BioMar's market share is expected to be below normal in the second half of 2012. The overall markets of Continental Europe are expected to be relatively stable in the upcoming period. The drop in prices of single-portion trout in the early summer is the most notable change, and this has combined with the higher prices of raw materials to put the segment under a certain amount of pressure. On the other hand, sea bass and sea bream prices have been at acceptable levels so far, and as these are the main species for fish farmers in southern Europe, BioMar has managed to maintain a fair business volume in the region despite the general eco-nomic instability there. BioMar has come very close to full capacity utilisation in Chile and the work of planning capacity expansion contin-ues, but the timing will obviously depend on market de-velopments. At the present time, the other markets still have sufficient capacity. The new factory in Costa Rica was officially inaugurated on July 23, 2012 in a ceremony attended by Costa Rica's Pres-ident and four cabinet ministers. The factory has started up a moderate level of production, and capacity will be lifted gradually during the second half of 2012. Outlook After strong year-on-year improvements in revenue and earnings in H1 2012, BioMar is expected to generate reve-nue in the second half of the year that will be more in line with H2 2011. At the same time, the more competitive market is expected to bring more pressure on earnings. Against this background, BioMar maintains its most recent full-year revenue forecast of approximately DKK 8 billion. The full-year EBIT forecast is also unchanged in the range of DKK 400-420 million. As always, the revenue guidance depends strongly on how prices of raw materials develop, and with the upcoming period clearly being BioMar's high season even relatively small fluctuations may have a material impact on the full-year results.

DKK millionQ2 2012 Q2 2011

YTD 2012

YTD 2011

2011 total

Volume (1000 t) 237 187 432 326 889 Revenue 1,912 1,563 3,527 2,697 7,269 - of which North Sea 842 734 1,536 1,229 3,734 - of which Americas 591 418 1,274 819 1,880 - of which Continental Europe 479 411 717 649 1,655 Direct production costs (1,480) (1,235) (2,752) (2,129) (5,774) Gross profit 432 328 775 568 1,495

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BioMar Amounts in DKK million January 1 – June 30

Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 total

INCOME STATEMENT

Revenue 1,912.3 1,563.0 3,527.2 2,697.0 7,268.8

Gross profi t 273.8 198.9 472.1 313.3 925.1

EBITDA 149.4 93.9 238.7 116.8 486.9

Depreciation 38.1 29.6 75.5 59.5 125.3


Value adjustment of shares in Lerøy 18.8 (31.6) 28.4 (58.7) (99.8)

Financia l i tems, net (13.0) (7.7) (25.8) (10.9) (36.8)

Profit before tax 117.1 25.0 165.8 (12.3) 225.0

Tax on profi t (19.8) (15.6) (27.9) (12.9) (83.4)Profit for the period 97.3 9.4 137.9 (25.2) 141.6

CASH FLOW

Cash flows from operating activi ties 74.4 36.8 (11.2) (170.0) 133.4

Cash flows from investing activi ties (46.6) (40.0) (62.9) (95.9) (200.0)

Cash flows from financing activi ties (79.5) 69.1 (3.0) 274.5 109.5

BALANCE SHEET

Intangible assets * 339.0 312.2 339.0 312.2 335.5

Property, plant and equipment 1,096.2 1,012.0 1,096.2 1,012.0 1,076.3

Other non-current assets 47.0 55.9 47.0 55.9 59.8

Cash and cash equiva lents 362.7 402.4 362.7 402.4 439.8

Other current assets 2,547.1 2,024.5 2,547.1 2,024.5 2,149.3Total assets 4,392.0 3,807.0 4,392.0 3,807.0 4,060.7

Equity 1,587.3 1,299.4 1,587.3 1,299.4 1,568.7

Interest-bearing debt 1,139.1 1,157.2 1,139.1 1,157.2 992.2

Other credi tors 1,665.6 1,350.4 1,665.6 1,350.4 1,499.8Total liabilities and equity 4,392.0 3,807.0 4,392.0 3,807.0 4,060.7

Average number of employees 838 754 825 743 761

FINANCIAL KEY FIGURES

EBITDA margin 7.8% 6.0% 6.8% 4.3% 6.7%

EBIT margin 5.8% 4.1% 4.6% 2.1% 5.0%

ROIC (annual i sed) 26.0% 20.0% 26.0% 20.0% 22.1%

Working capi ta l 837.3 588.1 837.3 588.1 640.1

Net interest-bearing debt 776.4 754.8 776.4 754.8 552.3

* Excluding goodwill on consolidation in the parent company Schouw & Co. of DKK 430.2 million.

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Fibertex Personal Care Wholly owned Fibertex Personal Care is among the world's five largest manufacturers of spunbond/spunmelt nonwovens for the personal care industry, manufacturing mainly nappies, sanitary towels and incontinence products. Financial performance Fibertex Personal Care lifted revenue by 10% from DKK 639 million in H1 2011 to DKK 704 million in H1 2012. The improvement was driven by the operations in Malaysia, as volumes produced have increased following the launch of a new production line in the autumn of 2011. Revenue from Europe was in line with last year, as higher selling prices were offset by a corresponding fall in volumes. EBIT for H1 2012 was DKK 55 million, unchanged from H1 2011. The main reason why earnings were unchanged despite the higher revenue were the rising costs of raw materials (selling prices are only adjusted in the subse-quent quarter), higher depreciation charges due to the commissioning of the new production line in Malaysia and the generally strong price competition, especially in Eu-rope. Fibertex increased its working capital tie-up from DKK 217 million at June 30, 2011 to DKK 253 million at June 30, 2012, mainly due to higher prices of raw materials and the increase in business activity. Net interest-bearing debt increased from DKK 558 million at June 30, 2011 to DKK 650 million at June 30, 2012, in part due to the investment in added production capacity in Malaysia and the payment of DKK 100 million in intra-group dividends. Business development Fibertex Personal Care has production facilities in Denmark and Malaysia and is well-renowned for its service, quality and innovation in both Europe and Asia. It is extremely important to the company's customers that they have very reliable supplies as well as sufficient flexi-bility in their sourcing of nonwovens, allowing them to respond to volume fluctuations in the market. The market is generally very demanding in terms of products and product performance, and product quality is a huge priori-ty. The latest production line in Malaysia was successfully installed in September 2011, and the products manufac-tured on the line have been tested and approved by the

relevant customers. Fibertex Personal Care now has three state of the art, super-efficient production lines at the factory located in Nilai, close to Kuala Lumpur. Fibertex Personal Care has announced plans for a further extension of the facility in Malaysia, which will increase capacity by about 30% in 2014. The previous expansion project included preparations for this upcoming extension, which is expected to help Fibertex Personal Care share in the expected growth in the Asian markets. The central location in Malaysia gives the facility a solid platform for making competitive shipments to all of south-east Asia. The project for the new line is now underway. Construc-tion will start in the third quarter of 2012 and is scheduled for completion in the fourth quarter of 2013. The an-nouncement of this new extension was very well received in the market, and going forward the Malaysian factory will have a very competitive production platform from which to supply not only quality products but also substan-tial volumes of specialty products. Increasing the share of specialty products is a constant priority for Fibertex Personal Care, including supersoft products, products with high performance leakage barri-ers, light-weight products as well as the print products that Fibertex can deliver through its partly-owned business Innowo Print in Germany. Outlook Fibertex Personal Care sees Europe as a market with lim-ited growth opportunities and resulting strong price pres-sure. Asia is a growing market where price competition is also a factor, but where growing demand absorbs the surging supply in the region. The company also expects to sell the full capacity of the latest production line in Malay-sia by the end of 2012. Fibertex Personal Care now expects revenue of around DKK 1.5 billion in 2012. EBIT will inherently depend on how prices of raw materials develop during the rest of the year, but in the present situation the company retains its EBIT guidance in the DKK 145–155 million range.

DKK millionQ2

2012Q2

2011YTD

2012YTD

20112011 total

Revenue 349 326 704 639 1,314 - of which Denmark 189 190 386 385 796 - of which Malaysia 160 136 318 254 518

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Fibertex Personal Care Amounts in DKK million January 1 – June 30

Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 total

INCOME STATEMENT

Revenue 349.0 326.0 703.5 639.3 1,313.7

Gross profi t 42.6 52.8 102.8 102.9 238.1

EBITDA 49.1 52.4 115.6 105.2 242.8

Depreciation 30.3 22.2 60.1 49.2 94.4



Profit before tax 16.0 26.9 47.6 49.3 139.9

Tax on profi t (8.3) (6.1) (20.5) (11.1) (36.3)Profit for the period 7.7 20.8 27.1 38.2 103.6

CASH FLOW

Cash flows from operating activi ties 51.4 60.9 127.9 98.5 148.7



BALANCE SHEET


Property, plant and equipment 988.4 873.9 988.4 873.9 944.2



Other current assets 441.5 388.7 441.5 388.7 443.5Total assets 1,588.1 1,391.9 1,588.1 1,391.9 1,554.9

Equity 577.2 540.9 577.2 540.9 633.5

Interest-bearing debt 662.7 575.5 662.7 575.5 599.1

Other credi tors 348.2 275.5 348.2 275.5 322.3Total liabilities and equity 1,588.1 1,391.9 1,588.1 1,391.9 1,554.9



EBITDA margin 14.1% 16.1% 16.4% 16.5% 18.5%

EBIT margin 5.4% 9.3% 7.9% 8.8% 11.3%

ROIC (annual i sed) 13.0% 15.4% 13.0% 15.4% 13.7%

Working capi ta l 253.1 217.0 253.1 217.0 284.4



10

Fibertex Nonwovens Wholly owned Fibertex Nonwovens is among Europe's leading manufac-turers of nonwovens, i.e. non-woven textiles used for a number of different industrial purposes. Effective May 2011, Fibertex Nonwovens acquired a ma-jority interest in French nonwovens manufacturer Thar-reau Industries, which is recognised in Fibertex Nonwovens' financial statements as from the date of ac-quisition. Effective January 1, 2012, the French company changed its name to Fibertex Nonwovens S.A. In June 2012, Fibertex Nonwovens increased its ownership interest in the French company by 9.1 percentage points, bringing it to 98.8% at June 30. The company has launched the formal process of compulsorily redeeming the remain-ing shares and expects to achieve sole ownership in the autumn of 2012. Financial performance Fibertex Nonwovens generated revenue of DKK 493 million in H1 2012, compared with DKK 325 million in H1 2011. The improvement was attributable to greater business activity, higher selling prices for the original Fibertex Nonwovens and, obviously, the acquisition of the French business, which generated H1 2012 revenue of DKK 226 million (as compared with the recognised H1 2011 revenue of DKK 77 million). EBIT was DKK 22 million as compared with a DKK 10 million loss in H1 2011. The improvement was due both to an EBIT improvement in the original Fibertex Nonwovens and the profit contribution from the acquired French business. Working capital at June 30, 2012 was unchanged from June 30, 2011, whereas the net interest-bearing debt increased by DKK 13 million due in part to the recent ac-quisition of shares in the French company worth DKK 31 million. Business development The earnings improvement of H1 2012 was driven by a positive sales performance and margin improvements in largely all business areas. Enhanced earnings on big vol-ume contracts, increased sales of high-value products as well as a generally good output capacity were main com-ponents of the improvement. However, demand remains subdued and was affected by the economic instability in Europe, especially in the second quarter. Activity levels have dropped relative to last year in the automotive and a number of industrial sectors. By launching new products and by lifting sales to geographical markets outside Europe, Fibertex Nonwovens has won

market share, successfully offsetting the effects of the general downturn. In addition, Fibertex Nonwovens is increasingly reaping the benefits of the structural investments made in recent years, which have reduced the company's general cost base and enhanced its competitive strength. Fibertex Nonwovens has thoroughly modernised and ex-panded its production platforms, launching new and im-proved products. Most recently, a large production line was installed at the factory in the Czech Republic, increas-ing the facility's capacity for high-value products to the auto industry, for example. Fibertex Nonwovens has worked to align its operations to the market situation, preparing to capitalise on the poten-tial of the growing product segments and geographical growth markets. Following the acquisition of the French business, which manufactures specialist products for the automotive in-dustry and for industrial applications, Fibertex Nonwovens has further strengthened its potential to become Europe's leading manufacturer of industrial nonwovens. The company is maintaining its sales strategy and the dedicated efforts to expand sales in order to achieve high capacity utilisation and future earnings. As part of that process, the company has built a solid portfolio of new projects, consisting of products for the auto industry and products that will be sold in new geographical markets with shipments gradually beginning during 2012. Outlook Fibertex Nonwovens expects to maintain the high level of business activity in the months ahead. In most industrial markets, demand seems to have stabilised at current lev-els, but the market remains jittery, and the relatively high level of raw materials prices will put earnings under pres-sure. Fibertex Nonwovens expects to generate FY 2012 revenue of just over DKK 900 million, in line with the most recent guidance, while the EBIT forecast is raised to the DKK 25–35 million range.

DKK millionQ2

2012Q2

2011YTD

2012YTD

20112011 total

Revenue 245 205 493 325 726 - of which Denmark 63 63 132 125 226 - of which Czech Republic 70 65 135 123 240 - of which France 112 77 226 77 260

11

Fibertex Nonwovens Amounts in DKK million January 1 – June 30

Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 total

INCOME STATEMENT

Revenue 244.7 204.8 493.4 324.5 726.5

Gross profi t 47.6 28.4 100.2 47.2 122.2

EBITDA 25.6 6.3 54.6 13.0 45.6

Depreciation 16.2 13.7 32.3 23.2 52.7

Operating profit (EBIT) 9.4 (7.4) 22.3 (10.2) (7.1)

Profi t from associates (1.4) (1.6) (2.7) (3.2) (5.9)



Tax on profi t (1.2) 1.5 (3.7) 2.9 7.3Profit for the period 1.1 (9.8) 6.4 (15.2) (18.9)

CASH FLOW

Cash flows from operating activi ties 25.1 (32.2) 19.0 (30.7) 12.4


Cash flows from financing activi ties 22.0 271.6 43.8 273.9 285.3

BALANCE SHEET





Other current assets 428.7 417.4 428.7 417.4 388.7Total assets 1,096.6 1,094.0 1,096.6 1,094.0 1,057.9

Equity 332.5 388.4 332.5 388.4 355.9


Other credi tors 163.9 158.0 163.9 158.0 146.3Total liabilities and equity 1,096.6 1,094.0 1,096.6 1,094.0 1,057.9



EBITDA margin 10.5% 3.1% 11.1% 4.0% 6.3%

EBIT margin 3.8% -3.6% 4.5% -3.1% -1.0%

ROIC (annual i sed) 3.4% neg. 3.4% neg. neg.

Working capi ta l 296.3 295.9 296.3 295.9 272.0



12

Grene Wholly owned Grene is a leading supplier of spare parts and accessories for the agricultural sector in the Nordic region, Poland and Russia. In Denmark, Grene is also a supplier of technical articles, electrical products and services for industry. Financial performance Grene lifted revenue by 3% from DKK 665 million in H1 2011 to DKK 686 million in H1 2012. The revenue im-provement was driven by the businesses in Denmark, Poland and Russia, but the advance was held back by fall-ing exchange rates, especially in the PLN/DKK cross. EBIT improved from DKK 44 million in H1 2011 to DKK 48 million in H1 2012, because a DKK 4 million VAT receivable in Russia that had previously been written off was recog-nised during the period. The companies' overall operating performance was unchanged, as an improvement by Grene Denmark was offset by a similar setback in the other companies. The working capital tie-up at June 30, 2012 was largely unchanged from June 30, 2011, whereas the net interest-bearing debt was reduced slightly from DKK 484 million at June 30, 2011 to DKK 478 million at June 30, 2012. Business development Grene reported a somewhat volatile revenue performance for the first half of 2012. After improving in the first quar-ter, revenue only just reached the year-earlier figure in the second quarter. Sales are always to some degree influ-enced by the weather, but this reporting period was marked by a general mood of hesitation and reluctance in the agro market. Grene has begun a large expansion of its warehouse facili-ties in Denmark. The project is in two phases, phase 1 involving a building extension of 3,250 m2 currently under construction. Phase 2, comprising new inventory man-agement software and an extension of the automated warehouse in the existing building complex, will be imple-mented over a period of about 18 months. The overall investment scope for the project amounts to around DKK 50 million. At the turn of the year, the Swedish business became the first unit to install Grene's new ERP system. Implementa-tion of the system in Sweden proved to be a bit of a chal-lenge, but it was a useful experience that allowed Grene to make some appropriate changes. Implementation of the system at Grene in Norway has progressed entirely accord-ing to plan, and Grene is now ready to implement the system in Denmark at around the turn of the year 2012–2013.

Grene demerged the Polish organisation into two units effective January 1, 2012. One now runs the wholesale operations, mirroring the Grene operations in other coun-tries, while the other operates Grene's some 90 retail outlets spread across Poland. The de-merger of the Polish operations has been a success, and indications are that the move will generate the expected dynamics and added focus on the two distinct business activities. There has been a general slowdown in the industry activi-ties, which are mainly conducted in Denmark. The revenue performance largely mirrors the estimated market devel-opments. Outlook The European market is currently undergoing change, with international players consolidating their operations and new partnerships being formed. Grene monitors the situa-tion carefully and is preparing to meet the international competition in existing markets and to pursue new busi-ness opportunities available in central and eastern Europe. The general market expectations for the Agro business were not quite met in the second quarter of 2012, and the outlook for the second half of the year is one of uncertain-ty. Price competition is attracting special attention, as it may impact the full-year performance. The industry seg-ment is expected to continue to see subdued demand in the second half of 2012. In light of the good start to the year, Grene upgraded its FY 2012 revenue forecast in the Q1 interim report to approx-imately DKK 1.4 billion and its FY EBIT forecast to DKK 85-95 million. The downbeat performance in the second quarter and the uncertain outlook for the second half of the year has in-creased the risk of the actual FY revenue falling short of the latest guidance. Accordingly, Grene lowers its 2012 guidance to the original forecast of revenue up to DKK 1.4 billion and EBIT in the range of DKK 80-90 million.

DKK millionQ2

2012Q2

2011YTD

2012YTD

20112011 total

Revenue 358 358 686 665 1,307 - of which Industry 60 61 126 126 254 - of which Agro 298 297 560 539 1,053 - in Denmark 76 74 153 146 290 - in Poland 127 132 242 240 460 - in Sweden 42 45 79 81 158 - in Norway 25 25 45 41 80 - in Finland 11 10 16 16 34 - other Agro 17 11 25 15 31

13

Grene Amounts in DKK million January 1 – June 30

Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 total

INCOME STATEMENT

Revenue 357.6 357.5 686.4 664.7 1,307.1

Gross profi t 116.9 119.2 223.3 217.4 442.6

EBITDA 38.4 36.8 63.4 59.3 118.8

Depreciation 7.9 7.7 15.4 15.2 29.9

Impairment 0.0 0.0 0.0 0.0 2.0





CASH FLOW

Cash flows from operating activi ties 11.8 10.0 6.1 (16.9) 48.4


Cash flows from financing activi ties 9.8 7.3 40.6 43.9 (8.5)

BALANCE SHEET

Intangible assets 48.6 39.8 48.6 39.8 43.2




Other current assets 677.9 665.7 677.9 665.7 574.8Total assets 1,069.9 1,034.0 1,069.9 1,034.0 931.0

Equity 317.4 282.3 317.4 282.3 285.3


Other credi tors 235.2 226.0 235.2 226.0 168.5Total liabilities and equity 1,069.9 1,034.0 1,069.9 1,034.0 931.0



EBITDA margin 10.7% 10.3% 9.2% 8.9% 9.1%

EBIT margin 8.5% 8.1% 7.0% 6.6% 6.6%

ROIC (annual i sed) 12.8% 10.7% 12.8% 10.7% 12.5%

Working capi ta l 441.5 439.0 441.5 439.0 392.7


14

Hydra-Grene Wholly owned Hydra-Grene is a specialised trading and engineering com-pany whose core business is trading and producing hy-draulic components and systems development for industry as well as providing related consulting services. Financial performance Hydra-Grene boosted revenue by 39% from DKK 214 mil-lion in H1 2011 to DKK 299 million in H1 2012. The im-provement was mainly driven by stronger demand from the wind turbine industry. Sales to other industry custom-ers grew marginally in the first half of 2012 after the strong year-on-year improvement recorded in the first half of 2011. EBIT improved from DKK 30 million in H1 2011 to DKK 42 million in H1 2012. The improvement was a direct result of the revenue improvement. The overall working capital tie-up increased from DKK 189 million at June 30, 2011 to DKK 234 million at June 30, 2012, due to the increase in business activity and neces-sary stock building. Adjusted for the payment of intra-group dividends of DKK 50 million in the first half of 2012, net interest-bearing debt had dropped slightly at June 30, 2012 compared to June 30, 2011. Business development Hydra-Grene had a good first half of 2012, reporting im-proved sales to the wind turbine industry as well as a small improvement in sales to other industry customers. Hydra-Grene is still involved in a number of large devel-opment projects for the wind turbine industry that en-hance its opportunities to expand sales to this segment. The company consistently works to develop its production capacity by implementing advanced equipment, so as to keep the manual labour component in production at a minimum. Sales to China's wind turbine industry are generally per-forming as expected, in spite of the generally subdued demand in China. Hydra-Grene manufactures a number of relatively simple components in China, while the more complex valve systems, which are produced at advanced

processing centres, are still being manufactured in Den-mark. Sales to India's wind turbine industry are also performing as expected, and Hydra-Grene India recently established small-scale production of simple components. Sales to the US market improved in the first half of 2012. The entire wind turbine industry is waiting anxiously for a possible PTC (Production Tax Credit) extension, which is extremely important for the future sales potential in the US market. However, even if the PTC is extended before the end of 2012, a slowdown of activity in the US market should be expected in 2013. Outlook From the start of the year, Hydra-Grene anticipated sub-stantial fluctuations in sales during 2012. This still applies, but the level of activity in the wind turbine industry is expected to remain high over the next few months. On the other hand, sales are expected to be relatively sluggish in the fourth quarter of 2012. For other industry customers, from which Hydra-Grene is currently seeing relatively small order inflows, sales are expected to be lower than in the first half of 2012, but aftermarket sales are still expected to improve. Sales to the wind turbine industry as well as to other in-dustry customers are marked by fierce price competition which, combined with the strongly fluctuating demand during the year, makes it difficult to optimise costs. Hydra-Grene has postponed the implementation of a new ERP system from 2012 to 2013, but the preparatory process to optimise a number of business procedures and processes continues, and this will inherently put a temporary strain on the company's resources. Encouraged by the high level of activity in the first half of 2012, Hydra-Grene maintains its FY 2012 forecast of reve-nue of just over DKK 500 million despite the prospects of a drop in sales in the second half of the year. The full-year EBIT forecast is maintained at the range of DKK 65-75 million.

15

Hydra-Grene Amounts in DKK million January 1 – June 30

Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 total

INCOME STATEMENT

Revenue 145.2 109.0 298.5 214.5 465.5

Gross profi t 44.5 36.8 92.9 71.4 155.5

EBITDA 21.9 17.5 48.1 34.8 80.5

Depreciation 3.7 2.5 6.3 5.2 11.3


Profi t from associates 0.0 0.0 0.0 0.0 0.4

Financia l i tems, net 0.1 (1.2) (1.7) (3.7) (3.1)



CASH FLOW

Cash flows from operating activi ties 0.3 (3.2) 9.2 11.2 29.8


Cash flows from financing activi ties 3.1 (7.2) 3.7 (11.3) (23.8)

BALANCE SHEET





Other current assets 302.5 236.2 302.5 236.2 279.3Total assets 427.3 353.9 427.3 353.9 397.5

Equity 166.5 157.0 166.5 157.0 186.3


Other credi tors 81.8 58.9 81.8 58.9 85.7Total liabilities and equity 427.3 353.9 427.3 353.9 397.5



EBITDA margin 15.1% 16.1% 16.1% 16.2% 17.3%

EBIT margin 12.5% 13.8% 14.0% 13.8% 14.9%

ROIC (annual i sed) 26.1% 22.4% 26.1% 22.4% 24.1%

Working capi ta l 233.7 188.7 233.7 188.7 205.7


16

Martin Wholly owned Martin is the world’s leading manufacturer of computer-controlled effect lighting, which is sold to the entertain-ment and experience industries in most parts of the world. Martin is also a significant manufacturer of smoke ma-chines. Financial performance In terms of earnings, Martin achieved the positive expecta-tions expressed for the first half of 2012, making substan-tial progress in all financial ratios relative to the year-earlier period. As expected, in the second quarter, Martin lost a bit of the revenue momentum from the first quarter when the company executed a big backlog of orders for its new LED product, the MAC Aura. On the other hand, the order book grew by an additional DKK 68 million in the second quarter to a historic high of DKK 151 million, mainly driven by the launch of Martin's latest big product innovation, the MAC Viper, which will ship in considerable volumes from early in the second half of 2012. As a result, this will have a significant impact on both sales and earnings during the rest of the year. Martin reported H1 2012 revenue of DKK 426 million, a 3% increase from DKK 415 million in H1 2011. On the other hand, the inflow of new orders in the first half improved by more than 20% year on year. As expected, the earnings margins have improved consid-erably relative to last year, strengthening earnings and lowering the break-even point. Martin reports an EBITDA improvement of almost 70% to DKK 42 million for H1 2012 from DKK 25 million in H1 2011. At the same time, depre-ciation charges were almost DKK 10 million lower, lifting EBIT to DKK 13 million compared with an EBIT loss of a similar amount in H1 2011. There was a cash inflow from operations of DKK 70 million, compared with a cash outflow of DKK 32 million in H1 2011. A reduction in working capital complemented the stronger earnings in generating the positive performance. As a result, net interest-bearing debt fell by DKK 50 million relative to June 30, 2011. Business development As predicted in the Q1 interim report, the novelty of the MAC Aura faded in the second quarter, resulting in lower revenue from what was clearly Martin's best selling prod-uct in the first six months of 2012.

In the European region, the UK market is rather stagnant and performing well below the other European markets. The French market is offering some compensation for the shortages in the UK, and despite the economic turmoil in southern Europe, sales in Spain have shown good signs since Martin took over direct distribution there a year ago. Sales through the European sales subsidiaries moved a bit higher overall in the first half of 2012. The US operations generated a 17% improvement relative to H1 2011, the main driver being investments made by the major rental companies. The Russian market, last year's primary growth locomotive, failed to meet expecta-tions in the first half of 2012, because that market became virtually paralysed in connection with the general elections in the spring. However, the Russian market is expected to recover in the second half of 2012. Progress was also discernible in the Asian market, which is mainly driven by sales in Japan, and that market appears to have regained its strength from before the natural dis-aster in the spring of 2011. The average number of employees was 498 during the first half of 2012, against 618 in H1 2011 and 599 in the 2011 financial year. The lower headcount of 120 employees relative to H1 2011 was mainly due to the closure of the factory in China (90 employees) and the reduced work-force at the factory in Frederikshavn, Denmark where the growing production of LED products reduced the man-hour requirement, as the new technology involves sub-stantially fewer manual assembly processes. Outlook Overall, Martin is facing a challenging market in the second half of 2012 fraught with uncertainty and extremely com-petitive with prices as its key parameter. Nevertheless, Martin stands very well prepared to meet the competition. Its historically high order backlog, a num-ber of exciting product launches in the pipeline and a substantially improved cost structure after the many fun-damental adjustments make the company very competi-tive. As a result, Martin retains the FY 2012 forecast of revenue of approximately DKK 875 million. The full-year EBIT fore-cast is also unchanged in the range of DKK 25-35 million.

17

Martin Amounts in DKK million January 1 – June 30

Q2 2012 Q2 2011 YTD 2012 YTD 2011 2011 total

INCOME STATEMENT

Revenue 202.4 209.7 425.7 415.3 854.8

Gross profi t 58.1 49.5 120.5 90.9 205.0

EBITDA 17.5 15.4 42.3 25.2 80.7

Depreciation 13.5 19.3 28.9 38.4 73.4

Impairment 0.6 0.0 0.6 0.0 5.3

Operating profit (EBIT) 3.4 (3.9) 12.8 (13.2) 2.0

Profi t from associates 0.9 (1.4) 0.9 (0.2) 0.4



Tax on profi t (1.5) 1.4 (4.1) 2.7 0.3Profit for the period 0.4 (8.3) 3.2 (16.1) (19.0)

CASH FLOW

Cash flows from operating activi ties 37.1 (6.4) 70.4 (32.4) (5.0)



BALANCE SHEET





Other current assets 469.0 455.3 469.0 455.3 507.3Total assets 794.0 775.1 794.0 775.1 834.4

Equity 182.0 167.7 182.0 167.7 177.8


Other credi tors 152.3 110.3 152.3 110.3 161.1Total liabilities and equity 794.0 775.1 794.0 775.1 834.4



EBITDA margin 8.6% 7.3% 9.9% 6.1% 9.4%

EBIT margin 1.7% -1.9% 3.0% -3.2% 0.2%

ROIC (annual i sed) 13.4% 1.8% 13.4% 1.8% 9.4%

Working capi ta l 331.1 349.1 331.1 349.1 363.5


18

Management statement The Board of Directors and the Executive Management of Aktieselskabet Schouw & Co. today considered and approved the interim report for the period January 1–June 30, 2012. The interim report, which has been neither audited nor reviewed by the company’s auditors, was prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as adopted by the EU and Danish disclosure requirements for interim reports of listed companies. In our opinion, the interim report gives a true and fair view of the Group’s assets and liabilities and financial position at June 30, 2012 and of the results of the Group’s operations and cash flows for the period January 1–June 30, 2012. Furthermore, in our opinion the Management’s report includes a fair review of the development and performance of the business, the results for the period and of the Group’s financial position in general and describes the principal risks and uncertainties that it faces. Aarhus, August 16, 2012

EXECUTIVE MANAGEMENT Jens Bjerg Sørensen Peter Kjær President

BOARD OF DIRECTORS Jørn Ankær Thomsen Erling Eskildsen Niels K. Agner Erling Lindahl Chairman Deputy Chairman Kjeld Johannesen Jørgen Wisborg Agnete Raaschou-Nielsen

19

Income and comprehensive income statement Amounts in DKK million January 1 – June 30

Note Q2 2012 Q2 2011 YTD 2012 YTD 20112011

TOTAL

1 Revenue 3,211.8 2,762.1 6,130.5 4,949.5 11,929.0Cost of sa les (2,624.8) (2,271.4) (5,010.9) (4,097.0) (9,827.9)Gross profit 587.0 490.7 1,119.6 852.5 2,101.1

Other operating income 7.6 6.1 10.9 13.3 22.8Dis tribution costs (290.5) (256.3) (562.0) (483.7) (1,040.4)

2 Adminis trative expenses (117.8) (115.0) (235.3) (224.9) (427.5)Goodwi l l impairment 0.0 0.0 0.0 0.0 (6.8)Other operation expenses 0.0 (0.4) (0.3) (0.6) (2.9)Operating profit (EBIT) 186.3 125.1 332.9 156.6 646.3

Profi t from associates 0.8 (12.2) (0.5) (23.5) (26.0)Profi t from divestments 0.0 0.0 0.0 0.0 1.9Financia l income 31.3 18.3 49.5 16.8 40.7Financia l expenses (139.6) (508.9) (195.4) (343.5) (704.1)Profit before tax 78.8 (377.7) 186.5 (193.6) (41.2)

Tax on profi t (17.3) 80.6 (46.7) 24.6 (30.8)Profit for the period 61.5 (297.1) 139.8 (169.0) (72.0)

Attributable to:Shareholders of Schouw & Co. 61.5 (297.1) 139.0 (168.8) (72.3)Minori ty interests 0.0 0.0 0.8 (0.2) 0.3Profit for the period 61.5 (297.1) 139.8 (169.0) (72.0)

3 Earnings per share (DKK) 2.61 (12.61) 5.91 (7.12) (3.07) 3 Di luted earnings per share (DKK) 2.61 (12.57) 5.90 (7.09) (3.06)

Comprehensive incomeExchange rate adjustment of foreign subs idiaries etc. 61.1 (23.0) 53.7 (89.2) 9.4Value adjustment of hedging instruments transferred to cost of sa les 0.0 14.8 (5.4) 25.3 10.6Value adjustment of hedging instruments transferred to financia ls 1.5 2.9 3.1 5.7 10.3Value adjustment of hedging instruments recognised during the period (6.3) (26.2) (6.5) (41.5) (19.2)Other comprehens ive income from associates (0.3) (0.3) (0.2) 0.1 (1.0)Other adjustment on equity 0.0 (2.6) 0.0 (2.6) (2.7)Tax on other comprehens ive income 1.2 2.3 2.4 2.8 (0.8)Other comprehensive income after tax 57.2 (32.1) 47.1 (99.4) 6.6

Profi t for the period 61.5 (297.1) 139.8 (169.0) (72.0)Total recognised comprehensive income 118.7 (329.2) 186.9 (268.4) (65.4)

Attributable to:Shareholders of Schouw & Co. 118.7 (329.2) 186.1 (268.2) (64.5)Minori ty interests 0.0 0.0 0.8 (0.2) (0.9)Total recognised comprehensive income 118.7 (329.2) 186.9 (268.4) (65.4)

20

Statements of cash flows Amounts in DKK million January 1 – June 30

Q2 2012 Q2 2011 YTD 2012 YTD 20112011

TOTAL

Profi t before tax 78.8 (377.7) 186.5 (193.6) (41.2)Adjustment for operating i tems of a non-cash nature, etc.Depreciation and impairment losses 110.8 95.2 220.5 191.4 403.0Other operating i tems, net 14.8 (16.9) (4.6) (33.4) 14.3Provis ions 1.1 1.0 (0.2) 2.8 8.3Income from investments in associates after tax (0.8) 12.2 0.5 23.5 26.0Financia l income (31.3) (18.3) (49.5) (16.8) (40.7)Financia l expenses 139.6 508.9 195.4 343.5 704.1Cash generated from operations (operating activities) before change in working capital 313.0 204.4 548.6 317.4 1,073.8

Changes in working capi ta l (47.3) (84.6) (213.8) (362.2) (428.3)Cash generated from operations (operating activities) 265.7 119.8 334.8 (44.8) 645.5

Interest income received 17.2 4.0 30.5 21.2 21.3Interest expenses pa id (40.6) (26.1) (79.0) (58.9) (136.0)Cash flows from ordinary activities 242.3 97.7 286.3 (82.5) 530.8

Income tax pa id (31.3) (24.7) (35.1) (39.4) (112.0)Cash flows from operating activities 211.0 73.0 251.2 (121.9) 418.8

Purchase of intangible assets (17.4) (14.6) (31.3) (18.4) (56.5)Purchase of property, plant and equipment (154.4) (128.3) (221.3) (327.4) (564.7)Sa le of property, plant and equipment 0.2 5.0 0.5 8.0 27.3Acquis i tion of enterprises 0.0 (207.0) 0.0 (207.0) (207.2)Acquis i tion of minori ty interests in subs idiaries (30.9) 0.0 (30.9) 0.0 (16.3)Acquis i tion of associates (1.7) 0.0 (1.7) 0.0 (5.0)Divestment of subs idiaries 0.0 0.0 0.0 0.0 2.6Loan to associates (0.1) (0.7) (0.8) (3.7) (2.8)Purchase of securi ties 0.0 (2.6) (0.1) (2.6) (5.5)Sa le of securi ties 1.6 14.2 5.0 20.2 25.0Cash flows from investing activities (202.7) (334.0) (280.6) (530.9) (803.1)

Debt financing:Repayment of non-current l iabi l i ties (130.5) (74.6) (156.0) (92.5) (196.3)Proceeds from incurring non current financia l l iabi l i ties 8.6 202.4 15.2 236.1 280.7Increase (repayment) of bank overdrafts 132.4 358.5 217.0 694.9 527.5Shareholders :Additional minori ty shareholders , net 0.5 1.4 0.5 1.4 (0.2)Dividend pa id (94.2) (70.8) (94.2) (71.4) (71.4)Purchase / sa le of treasury shares , net 0.0 (64.3) 4.1 (69.1) (69.0)Cash flows from financing activities (83.2) 352.6 (13.4) 699.4 471.3

Cash flows for the period (74.9) 91.6 (42.8) 46.6 87.0Cash and cash equiva lents at January 1 573.5 406.4 541.3 451.6 451.6Value adjustment of cash and cash equiva lents 0.2 (0.1) 0.3 (0.3) 2.7

Cash and cash equivalents at June 30 498.8 497.9 498.8 497.9 541.3

21

Balance sheet Amounts in DKK million

NoteAT JUN. 30,

2012AT DEC. 31,

2011AT JUN. 30,

2011AT DEC. 31,

2010

Goodwi l l 954.7 948.2 931.0 904.0Completed development projects 79.3 73.7 107.4 98.4Development projects in progress 42.4 49.1 38.1 30.1Other intangible assets 76.3 71.0 32.2 42.8Intangible assets 1,152.7 1,142.0 1,108.7 1,075.3

Land and bui ldings 1,473.2 1,460.9 1,266.5 1,249.7Leasehold improvements 6.5 6.7 9.1 10.1Plant and machinery 1,394.1 1,470.0 1,050.2 1,029.7Other fixtures , tools and equipment 119.9 125.7 93.4 98.5Assets under construction, etc. 235.0 89.9 649.4 399.0Property, plant and equipment 3,228.7 3,153.2 3,068.6 2,787.0

Equity investments in associates 62.3 62.7 67.2 94.14 Securi ties 152.1 274.7 506.0 736.9

Deferred tax 212.9 217.1 146.6 134.1Receivables 137.8 159.6 106.1 112.5Other non-current assets 565.1 714.1 825.9 1,077.6

Total non-current assets 4,946.5 5,009.3 5,003.2 4,939.9

Inventories 1,951.4 1,855.9 1,889.5 1,505.45 Receivables 2,797.6 2,391.5 2,156.8 1,799.8

Income tax receivable 28.5 17.5 63.0 4.9Construction contracts 2.4 4.1 3.4 8.3

4 Securi ties 104.9 80.9 122.5 190.0Cash and cash equiva lents 498.8 541.3 497.9 451.6Total current assets 5,383.6 4,891.2 4,733.1 3,960.0

Total assets 10,330.1 9,900.5 9,736.3 8,899.9

22

Balance sheet Amounts in DKK million

NoteAT JUN. 30,

2012AT DEC. 31,

2011AT JUN. 30,

2011AT DEC. 31,

2010

6 Share capi ta l 255.0 255.0 255.0 255.0Hedge transaction reserve (35.1) (28.5) (32.5) (24.7)Exchange adjustment reserve 181.1 127.4 24.1 113.3Reta ined earnings 3,893.9 3,740.2 3,739.5 3,971.5Proposed dividend 0.0 102.0 0.0 76.5Share of equity attributable to the parent company 4,294.9 4,196.1 3,986.1 4,391.6

Minori ty interests 6.6 33.9 48.2 3.5Total equity 4,301.5 4,230.0 4,034.3 4,395.1

Deferred tax 125.3 127.6 117.7 73.1Pens ions and s imi lar l iabi l i ties 40.6 37.3 34.8 33.6

7 Credit ins ti tutions 882.0 1,021.7 1,152.0 967.7Other l iabi l i ties 81.0 87.7 46.4 51.4Non-current liabilities 1,128.9 1,274.3 1,350.9 1,125.8

7 Current portion of non-current debt 269.4 282.7 207.4 185.47 Credit ins ti tutions 2,236.7 2,004.3 2,176.8 1,457.0

Construction contracts 10.4 10.4 4.4 0.6Trade payables and other payables 2,331.3 2,055.7 1,936.5 1,691.1Income tax 43.7 34.9 19.9 40.2Provis ions 8.2 8.2 6.1 4.7Current liabilities 4,899.7 4,396.2 4,351.1 3,379.0

Total liabilities 6,028.6 5,670.5 5,702.0 4,504.8

Total liabilities and equity 10,330.1 9,900.5 9,736.3 8,899.9

8 Notes without reference

23

Statement of changes in equity Amounts in DKK million

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Equity at January 1, 2012 255.0 (28.5) 127.4 3,740.2 102.0 4,196.1 33.9 4,230.0

Other comprehensive income for the periodExchange rate adjustment of foreign subsidiaries - - 53.7 - - 53.7 0.0 53.7Value adjustment of hedging instruments transferred to cost of sales - (5.4) - - - (5.4) 0.0 (5.4)Value adjustment of hedging instruments transferred to financials - 3.1 - - - 3.1 0.0 3.1Value adjustment of hedging instruments recognised during the period - (6.5) - - - (6.5) 0.0 (6.5)Other comprehensive income from associates - (0.2) - 0.0 - (0.2) 0.0 (0.2)Tax on other comprehensive income - 2.4 - 0.0 - 2.4 0.0 2.4

Profit for the period - - - 139.0 - 139.0 0.8 139.8Total recognised comprehensive income - (6.6) 53.7 139.0 - 186.1 0.8 186.9Transactions with the owners:

Share-based payment, net - - - 2.8 - 2.8 0.0 2.8Dividend distributed - - - 7.8 (102.0) (94.2) 0.0 (94.2)Addition/disposal of minority interests - - - - - 0.0 (28.1) (28.1)Treasury shares bought/sold - - - 4.1 - 4.1 - 4.1

Transactions with the owners for the period 0.0 0.0 0.0 14.7 (102.0) (87.3) (28.1) (115.4)

Equity at June 30, 2012 255.0 (35.1) 181.1 3,893.9 0.0 4,294.9 6.6 4,301.5

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Equity at January 1, 2011 255.0 (24.7) 113.3 3,971.5 76.5 4,391.6 3.5 4,395.1

Other comprehensive income for the periodExchange rate adjustment of foreign subsidiaries - - (89.2) - - (89.2) 0.0 (89.2)Value adjustment of hedging instruments transferred to cost of sales - 25.3 - - - 25.3 - 25.3Value adjustment of hedging instruments transferred to financials - 5.7 - - - 5.7 - 5.7Value adjustment of hedging instruments recognised during the period - (41.5) - - - (41.5) 0.0 (41.5)Other comprehensive income from associates - (0.1) - 0.2 - 0.1 0.0 0.1 Other adjustment on equity - - - (2.6) - (2.6) 0.0 (2.6)Tax on other comprehensive income - 2.8 - 0.0 - 2.8 0.0 2.8

Profit for the period - - - (168.8) - (168.8) (0.2) (169.0)Total recognised comprehensive income - (7.8) (89.2) (171.2) - (268.2) (0.2) (268.4)Transactions with the owners:

Share-based payment, net - - - 2.6 - 2.6 0.0 2.6Dividend distributed - - - 5.7 (76.5) (70.8) (0.6) (71.4)Addition/disposal of minority interests - - - - - 0.0 45.5 45.5Treasury shares bought/sold - - - (69.1) - (69.1) - (69.1)

Transactions with the owners for the period 0.0 0.0 0.0 (60.8) (76.5) (137.3) 44.9 (92.4)

Equity at June 30, 2011 255.0 (32.5) 24.1 3,739.5 0.0 3,986.1 48.2 4,034.3

24

Notes Amounts in DKK million

NOTE 1 - Segment reporting

Total reportable segments YTD 2012 BioMarFibertex

Personal CareFibertex

Nonwovens Grene Hydra-Grene Martin Total

External revenue 3,527.2 691.3 489.9 682.7 282.6 425.6 6,099.3Intra-group revenue 0.0 12.2 3.5 3.7 15.9 0.1 35.4Segment revenue 3,527.2 703.5 493.4 686.4 298.5 425.7 6,134.7Depreciation 75.5 60.1 32.3 15.4 6.3 28.9 218.5Impairment 0.0 0.0 0.0 0.0 0.0 0.6 0.6EBIT 163.2 55.5 22.3 48.0 41.8 12.8 343.6Segment assets 4,822.2 1,636.2 1,128.6 1,069.9 427.3 794.0 9,878.2of which goodwill 746.3 72.4 77.6 11.5 0.0 47.0 954.8Equity investments in associates 0.0 0.0 18.2 0.0 1.7 10.1 30.0Segment liabilities 2,804.7 1,010.9 764.1 752.5 260.8 612.0 6,205.0Cash flows from operating activities (11.2) 127.9 19.0 6.1 9.2 70.4 221.4Cash flows from investing activities (62.9) (86.9) (43.5) (39.1) (12.7) (22.4) (267.5)Cash flows from financing activities (3.0) (39.1) 43.8 40.6 3.7 (35.8) 10.2Capital expenditure (67.7) (87.0) (11.1) (39.1) (12.7) (22.8) (240.4)Average number of employees 825 367 509 911 219 498 3,329

Total reportable segments YTD 2011 BioMarFibertex

Personal CareFibertex

Nonwovens Grene Hydra-Grene Martin Total

External revenue 2,697.0 623.7 321.8 663.0 198.3 415.2 4,919.0Intra-group revenue 0.0 15.6 2.7 1.7 16.2 0.1 36.3Segment revenue 2,697.0 639.3 324.5 664.7 214.5 415.3 4,955.3Depreciation 59.5 49.2 23.2 15.2 5.2 38.4 190.7EBIT 57.3 56.0 (10.2) 44.1 29.6 (13.2) 163.6Segment assets 4,237.1 1,440.0 1,126.1 1,034.0 353.9 775.1 8,966.2of which goodwill 715.6 72.4 77.8 11.5 0.0 47.0 924.3Equity investments in associates 0.0 0.0 19.1 0.0 1.4 9.0 29.5Segment liabilities 2,507.6 851.0 705.6 751.7 196.9 607.4 5,620.2Cash flows from operating activities (170.0) 98.5 (30.7) (16.9) 11.2 (32.4) (140.3)Cash flows from investing activities (95.9) (185.8) (206.3) (26.1) (1.2) (14.2) (529.5)Cash flows from financing activities 274.5 83.7 273.9 43.9 (11.3) 47.8 712.5Capital expenditure (114.2) (186.8) (7.7) (17.6) (2.1) (17.3) (345.7)Average number of employees 743 328 405 906 189 618 3,189

Schouw is an industrial conglomerate consisting of a number of sub-groups operating in various industries and independently of the other sub-groups. The group management monitors the financial developments of all material sub-groups on a regular basis. Based on management control and financial management, Schouw has identified six reporting segments, which are BioMar, Fibertex Personal Care, Fibertex Nonwovens, Grene, Hydra-Grene and Martin.

Included in the reporting segments are revaluations of assets and liabilities made in connection with Schouw & Co.'s acquisition of the segment in question and consolidated goodwill arising as a result of the acquisition. The operational impact of depreciation/amortisation and write-downs on the above revaluations or goodwill is also included in the profit presented for the reporting segment.

All transactions between segments were made on an arm’s length basis.

25


NOTE 1 - Segment reporting (continued)

YTD 2012 YTD 2011

Reconciliation of segment revenue:Revenue from reporting segments 6,134.7 4,955.3Revenue from non-reporting segments 23.6 22.9Revenue from the parent company 10.0 9.8Group elimination (37.8) (38.5)Group revenue 6,130.5 4,949.5

Reconciliation of EBIT:EBIT from reporting segments 343.6 163.6Revenue from non-reporting segments (4.8) (2.7)EBIT from the parent company (5.9) (4.3)EBIT 332.9 156.6

Reconciliation of segment assets:Assets from reporting segments 9,878.2 8,966.2Revenue from non-reporting segments 483.6 752.3Assets from the parent company 3,381.1 3,630.1Group elimination (3,412.8) (3,612.3)Assets 10,330.1 9,736.3

Reconciliation of segment liabilities:6,205.0 5,620.2

Revenue from non-reporting segments 25.0 29.2Liabilities from the parent company 302.0 485.8Group elimination (503.4) (433.2)Liabilities 6,028.6 5,702.0

NOTE 2 - Share based payment

Share option programme

Outstanding options Management Other TotalStrike price in

DKK (2)Fair value in DKK

per option (3)Fair value in total

in DKK millions (3)Can be exercised

fromCan be exercised

toGranted in 2008 1) 36,000 144,000 180,000 224.85 37.83 6.8 March 2010 March 2012Granted in 2009 36,000 86,000 122,000 78.61 21.27 4.7 March 2011 March 2013Granted in 2010 34,000 148,000 182,000 125.53 24.38 4.4 March 2012 March 2014Granted in 2011 55,000 184,000 239,000 151.61 25.80 6.2 March 2013 March 2015Outstanding options at December 31, 2011 161,000 562,000 723,000Granted in 2012 55,000 184,000 239,000 155.83 24.24 5.8 March 2014 March 2016Expired (share options granted in 2008) -36,000 -144,000 -180,000Exercised (from the share options granted in 2009) -12,000 -42,000 -54,000Outstanding options at June 30, 2012 168,000 560,000 728,000

3) At the date of grant

2012 grant 2011 grant 2010 grant 2009 grantExpected volatility 34.50% 33.75% 37.41% 56.54%Expected term 48 mths 48 mths 48 mths 48 mthsExpected dividend per share DKK 3 DKK 3 DKK 3 DKK 3Risk-free interest rate 4.00% 3.00% 4.00% 4.00%

The expected volatility is calculated on the basis of 12 months historical volatility based on average prices. If the optionholders have not excercised their share options within the period specified, the share options will lapse without any compensation to the holders. Exercise of the share options is subject to the holders being in continuing employment during the above-mentioned periods. If the share option holder leaves the company's employ before the date of acquiring the right, the holder may in some cases have a right to exercise the share options early during a four-week period following Schouw & Co.'s next following profit announcement. In the event of early exercise, the number of share options will be reduced proportionately.

1) The number of options has been adjusted for bonus share issue in 20082) At exercise after four years (at the latest possible moment)

A total of 54,000 options relating to the 2009 grant were exercised in the first half of 2012. The exercise of these options produced cash proceeds to the Group of DKK 4.1 million.

The company has an incentive programme for the Management and senior managers, including the executive management of subsidiaries. The programme entitles participants to acquire shares in Schouw & Co. at a price based on the officially quoted price at around the time of grant plus a calculated rate of interest (4%) from the date of grant until the date of exercise.

Reconciliation of revenue, profit before tax, assets and liabilities

Liabilities from reporting segments

The following assumptions were applied in calculating the fair value of outstanding share options at the date of grant:

26


NOTE 3 - Earnings per share (DKK) Q2 2012 Q2 2011 YTD 2012 YTD 2011

Share of the profit for the period attributable to shareholders of Schouw 61.5 (297.1) 139.0 (168.8)

Average number of shares 25,500,000 25,500,000 25,500,000 25,500,000 Average number of treasury shares (1,954,363) (1,940,083) (1,977,319) (1,787,253)

Average number of outstanding shares 23,545,637 23,559,917 23,522,681 23,712,747

Average dilutive effect of outstanding share options 24,541 78,983 24,202 78,983

Diluted average number of outstanding shares 23,570,178 23,638,900 23,546,883 23,791,730

Earnings in Danish kroner per share of DKK 10 2.61 (12.61) 5.91 (7.12)Diluted earnings in Danish kroner per share of DKK 10 2.61 (12.57) 5.90 (7.09)

NOTE 4 - SecuritiesAT JUN. 30,

2012AT DEC. 31,

2011AT JUN. 30,

2011AT DEC. 31,

2010

Financial investments Shares in Vestas (non-current securities) 129.7 248.0 478.0 704.4 Shares in Lerøy (current securities) 104.6 80.5 121.6 189.3Financial investments in total 234.3 328.5 599.6 893.7Other securities 22.7 27.1 28.9 33.2Securities in total 257.0 355.6 628.5 926.9

Securities measured at fair value:

Non-current assetsCost at January 1 347.3 353.2 353.2 353.9Foreign exchange adjustment 0.8 0.0 (0.6) 1.8Additions 0.1 5.5 2.6 2.0Disposals (5.0) (11.4) (6.3) (4.5)Cost at end period 343.2 347.3 348.9 353.2Adjustments at January 1 (72.6) 383.7 383.7 940.4Foreign exchange adjustment (0.1) 0.1 0.0 (0.1)Disposals on divestment 0.0 0.3 0.0 0.0Adjustments recognised in the income statement for the period (118.4) (456.7) (226.6) (556.6)Adjustments at end period (191.1) (72.6) 157.1 383.7Carrying amount of non-current assets at end period 152.1 274.7 506.0 736.9

Current assetsCost at January 1 160.7 159.8 159.8 6.5Foreign exchange adjustment 4.5 0.9 5.4 5.2Additions 0.0 0.0 0.0 148.1Cost at end period 165.2 160.7 165.2 159.8Adjustments at January 1 (79.8) 30.2 30.2 (5.8)Foreign exchange adjustment (1.9) (0.1) (4.6) 0.0Dividend (6.9) (9.6) (9.6) 0.0Adjustments recognised in the income statement for the period 28.3 (100.3) (58.7) 36.0Adjustments at end period (60.3) (79.8) (42.7) 30.2Carrying amount of current assets at end period 104.9 80.9 122.5 190.0

Carrying amount at end period 257.0 355.6 628.5 926.9

At june 30, 2012, the company held 4,000,000 shares in Vestas recognised at a price of DKK 32.42 per share. At DKK 129.7 million, the fair value of the holding corresponded to the market price at june 30, 2012. The original acquisition cost of the shares in Vestas is DKK 313.4 million. At june 30, 2012, the company held 1,000,000 shares in Lerøy recognised at a price of NOK 106.00 per share (DKK 104.60 per share). At DKK 104.6 million, the fair value of the holding corresponded to the market price at june 30, 2012. The original acquisition cost of the shares in Lerøy is DKK 148.1 million. Management regularly monitors changes in the fair value of the company's financial investments. Holdings are recognised at fair value and value adjustments are recognised in the income statement as a financial income or expense. The same method of recognition was applied for the 2011 financial year.

27


NOTE 5 - Receivables

Trade receivables

At June 30, 2012 Not due 1-30 days 31-90 days >91 days TotalTrade receivables not considered to be impaired 2,223.7 217.8 68.6 57.5 2,567.6Trade receivables individually assessed to be impaired 21.6 11.9 8.2 217.4 259.1Trade receivables in total 2,245.3 229.7 76.8 274.9 2,826.7Impairment losses on trade receivables (0.7) (3.8) (2.8) (224.5) (231.8)Trade receivables net 2,244.6 225.9 74.0 50.4 2,594.9

Proportion of the total receivables which is expected to be settled 91.8%Impairment percentage 0.0% 1.7% 3.6% 81.7% 8.2%

Reconciliation to the balanceTrade receivables - net 2,594.9Other receivables - current 180.6Accruals and deferred income 22.1Total current receivables 2,797.6

At June 30, 2011 Not due 1-30 days 31-90 days >91 days TotalTrade receivables not considered to be impaired 1,660.6 160.1 40.4 58.7 1,919.8Trade receivables individually assessed to be impaired 0.5 22.6 13.1 228.7 264.9Trade receivables in total 1,661.1 182.7 53.5 287.4 2,184.7Impairment losses on trade receivables (0.1) (12.4) (10.1) (207.7) (230.3)Trade receivables net 1,661.0 170.3 43.4 79.7 1,954.4

Proportion of the total receivables which is expected to be settled 89.5%Impairment percentage 0.0% 6.8% 18.9% 72.3% 10.5%

Reconciliation to the balanceTrade receivables - net 1,954.4Other receivables - current 180.7Accruals and deferred income 21.7Total current receivables 2,156.8

NOTE 6 - Share capital

Treasury shares Number

of shares Nominal

value Cost

Percentage of share

capital

1,623,275 16,232,750 184.3 6.37%

Movements in H1 2011 Bought 536,750 5,367,500 76.2 2.10% Share option programme (98,000) (980,000) (9.2) -0.38% Group employee share scheme (18,552) (185,520) (1.7) -0.07%

2,043,473 20,434,730 249.6 8.02%

Movements in H2 2011 Group employee share scheme (35,110) (351,100) (3.4) -0.14%

2,008,363 20,083,630 246.2 7.88%

Movements in H1 2012 Share option programme (54,000) (540,000) (5.4) -0.22%

1,954,363 19,543,630 240.8 7.66%

Due between

At June 30, 2012, the share capital consisted of 25,500,000 shares with a nominal value of DKK 10 each. All shares rank equally.

Due between

Schouw & Co. has been authorised by the shareholders in general meeting to acquire up to 5,100,000 treasury shares, equal to 20.0% of the share capital. The authorisation is valid until april 1, 2017.

January 1, 2011

June 30, 2012

December 31, 2011

June 30, 2011

28


NOTE 8 - Related party transactionsUnder Danish legislation, Givesco A/S, Svinget 24, DK-7323 Give, members of the Board of Directors, the Management Board and senior management as well as their family members are considered to be related parties. Related parties also comprise companies in which the individuals mentioned above have material interests. Related parties also comprise subsidiaries and associates, in which Schouw & Co. has a controlling influence, as well as members of the Board of Directors, Management Board and senior management in our subsidiaries and associates.

The management share option programmes are described in note 2.

The Group has at June 30, 2012 a receivable of DKK 11.4 million from Incuba A/S. At the same time last year the Group had a total receivable of DKK 11.5 million. The Group has received management fee of DKK 30 thousand (2011: DKK 49 thousand) and received interests of DKK 456 thousand (2011: DKK 412 thousand) from Incuba A/S.

Other than that there were no other related party transactions.

At the end of the first half of 2012 and 2011 the Group's debt divided by currency was as shown below:

The average effective rate of interest was 3.1% at June 30, 2012 (June 30, 2011: 3.4%).

NOTE 7 - Interest-bearing debt

DKK 30%

PLN 3%EUR 38%

MYR 5%

NOK 14%

CZK 7% Other 3%

June 30, 2011

DKK 29%

PLN 4%

EUR 37%

MYR 5%

NOK 15%

CZK 6%USD 2% Other 2%

June 30, 2012

Documents

Schouw & Co. interim report H1 2012