ESG Report 2022

Contents
Contents
Statutory report on corporate responsibility pursuant to section 99a of the Danish Financial Statements Act
This ESG report constitutes the Schouw & Co. Group’s report on corporate responsibility for the 2022 financial year provided in accordance with section 99a of the Danish Financial Statements Act.  
The report’s statutory sections also include our reports on diversity, see section 107d the Danish Financial Statements Act, gender composition of management, see section 99b of the Financial  
Statements Act, and data ethics, see section 99d of the Financial Statements Act.
This publication is a translation of the Danish ESG Report 2022. The original Danish text shall be decisive for all purposes and in case of any discrepancy, the Danish wording shall be applicable.
ESG at Schouw & Co.
03	 Overview
04	 A word from the CEO
05	 Schouw & Co.’s business model
06	 Strategy, active ownership and 
responsible conduct
07	 ESG Highlights in 2022
08	 Group actions and results 
09	 Our Board of Directors and  
Executive Management
Businesses
11	 Overview
12	 BioMar
18	 GPV
24	 HydraSpecma
30	 Borg Automotive
36	 Fibertex Personal Care
42	 Fibertex Nonwovens
Data overview
50	 Environmental reporting
52	 Social reporting
54	 Governance reporting
Statutory reporting
58	 Section 99a Policies and risk  
assessment
61	 Section 99b and section 107d 
Diversity
62	 Section 99d Data ethics
63	 Responsible approach to tax
64	 EU Taxonomy reporting
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Schouw & Co.
Contents

Overview
At Schouw & Co., we are responsible long-term owners generating growth through transformation. We build businesses of the 
future by putting people first.
35
year track record of making 
successful transformations 
and long-term investments
145 
year history as an 
industrial business
 15,000
Our purpose 
ESG highlights
13% reduction in  
CO2e emissions
LTI rate reduced by 27%
          In what was a highly unusual year, Schouw & Co. 
managed to generate solid growth, while also 
investing heavily to build a  
stronger foundation for the future
Jens Bjerg Sørensen, President and CEO
skilled and  
dedicated  
employees  
at the end  
of 2022
+16%
ANNUAL GROWTH AVERAGE
80factories in 32 countries*
REVENUE, DKKBN
32.6
2022
  BioMar 
  GPV 
  HydraSpecma 
  Borg Automotive 
  Fibertex Personal Care 
  Fibertex Nonwovens
Strong portfolio of six 
leading industrial 
B2B businesses 
headquartered in Denmark
THREE SIGNIFICANT ACQUISITIONS
 
BioMar acquired aquaculture tech 
business AQ1 in the second quarter of 
2022
 
GPV gained control of Swiss-based 
EMS business Enics early in the fourth 
quarter
 
In the fourth quarter,HydraSpecma 
announced agreement to acquire  
Ymer Technology’s wind division
+35%
EBITDA
2.3
DKKBN
REVENUE
32.6 
DKKBN
* at March 2023
18.3
2018
20.9
2019
21.3
2020
24.2
2021
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Schouw & Co.
Contents

Although 2022 will be remembered as a year full of uncertainty and  
geopolitical instability, it was also a year when we at Schouw & Co.  
accelerated developments in the area of ESG. We have made very satis-
factory progress as we managed to deliver solid reductions in greenhouse 
gas emissions from our in-house production and, not least, because our 
portfolio companies, with dedicated efforts towards occupational safety, 
managed to reduce lost-time injury frequency rates substantially. 
Solid  
momentum  
A word from the CEO
Schouw & Co. has a long history of being a 
responsible and reliable company, develop-
ing and transforming strong Danish indus-
trial businesses through active ownership. 
Taking our responsibility seriously also means 
acknowledging that we have a considerable 
impact through our businesses. A large part 
of our Group’s operations consists in the pro-
cessing of raw materials, which requires high 
consumption of energy and resources. Also, 
a number of our businesses employ manual 
labour, and occupational safety is therefore 
of paramount importance. However, our 
impact also extends to securing work for some 
15,000 employees round the world, being a 
responsible taxpayer, manufacturing products 
that make a difference in society and contrib-
uting to the green transition by reducing our 
climate impact and resource consumption.
The energy crisis and the sharply rising energy 
costs have affected a number of our business-
es significantly and naturally brought about 
challenges. But it has also sparked renewed 
focus on the green transition and, in particular, 
on strengthening renewable energy technolo-
gies. Several Schouw & Co. businesses par-
ticipate in these developments, and we have a 
solid foundation for strengthening our position 
going forward.
Last year, we set a clear direction with the 
introduction of responsibility as part of our 
strategy and by announcing our 2030 ESG 
ambitions, including targets to reduce GHG 
emissions from in-house production by 35% 
and to reduce the total LTI frequency rate to 
less than three. I am very pleased to report 
that we are on the right track, with a GHG 
emissions reduction of 13% from 2021 to 
2022, and that our LTI frequency rate was 
reduced to 4.7, from 6.4 incidents per mil-
lion working hours in 2021. Moreover, we 
increased the share of renewable electric-
ity from 10% in 2021 to 21% in 2022, which 
demonstrates that our businesses take their 
responsibility seriously and put words into 
action.
Growth is a goal anchored in the Schouw & 
Co. organisation, both organic and acquisi-
tive. In 2022, we made some significant and 
transformative acquisitions, but it is likewise 
very important to future-proof our competitive 
strength and dedicate adequate resources 
to invest in innovation, sustainability and 
resilience. All of the Group’s businesses take 
responsibility and have a structured approach 
to strengthening ESG activities. In this report, 
you can read much more about how we do it.
We have not only created a strong foundation 
and set the direction. We have also gained 
solid momentum and taken some important 
steps towards reaching our goals. 
 
Jens Bjerg Sørensen, President and CEO
Aarhus, 3 March 2023
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Schouw & Co.

Business model
VALUES
Schouw & Co. has a long-term investment horizon. We invest in Danish industrial businesses with an international 
perspective and the potential to grow and evolve. We believe in long-term value creation through active ownership.
Since 1988, the cornerstone of our strategy at 
Schouw & Co. has been to own and operate 
a portfolio of businesses in different indus-
tries. Schouw & Co. implements investments 
at various levels, but always for the purpose 
of generating the best return in a reliable and 
trustworthy manner. 
Our aim is to consistently be a relevant and 
meaningful owner and to challenge and develop 
our businesses. Our strong managements have 
full operational responsibility and play an active 
role in long-term value creation.
Shareholders of Schouw & Co. gain exposure to 
businesses and investment opportunities that 
would not otherwise be available in the market. 
Long-term and 
visionary
 
As owners, we willingly  
take risks and invest to  
future-proof our 
businesses with due 
consideration for the risk 
involved.
Results are created 
by people
 
We generate earnings 
and returns on a par with 
the best, but always in a 
decent and trustworthy 
manner.
Making  
every penny count
 
We have an industrial 
mindset and view 
operational streamlining 
as the foundation for 
greater efficiency and 
competitive strength.
  A relevant owner
 
As owners, we know that 
change is necessary and 
we continually adapt, 
but we always safeguard 
Schouw & Co.’s 
reputation and values.
Patient,  
but demanding
 
We exercise an engaging 
and consistent ownership 
approach through 
and together with the 
current management 
team, supporting them 
in exercising their full 
operational responsibility.
Schouw & Co. as an active owner
 
When exercising ownership of a business, Schouw & Co. will always be guided by an intention to create value in a decent and 
trustworthy manner. Our aim is to consistently be a relevant and meaningful owner and to challenge and develop our businesses.  
We do not believe that micromanagement and unnecessary reporting and intervention create long-term value.
LONG-TERM OWNERSHIP
1988
2002
2005
2016
2017
Schouw & Co.’s long-term 
ownership is illustrated by the 
fact that its portfolio businesses 
have on average been part of 
the portfolio for 18 years. 
Year in which company 
became part of the portfolio
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Schouw & Co.

Strategy, active ownership and responsible conduct
Strategic goals
We pursue strategic goals, at both group and portfolio company level. As part of these goals, we have an impact target to guide our 
ESG efforts and to be reflected in our responsibility wheel.
Produce 
 responsibly
Promote  
innovation 
Protect  
workers
G ROW T H
Significant 
growth every 
year
E A R N I N G S
On a par with 
the best
R E T U R N
ROIC  
> 15%
L E V E R AG E 
NIBD/EBITDA 
preferably 
1-2.5x
As an active owner, Schouw & Co. lays down the general framework for the Group’s companies, creating 
long-term value through active and inspirational ownership. This serves to set a clear strategic direction 
and firm targets for our ESG efforts. 
I M PAC T
Innovative 
products  
and responsible  
production
D I V I D E N D
Constant or  
rising dividends
Diversified 
portfolio
Openness
Financial 
versatility
Active and 
developing 
ownership
Profitable 
growth
Future-proofing
Efficient use 
of capital
Strategy wheels
Our strategy is based on three ‘wheels’ that reflect the Group’s modus operandi and our mindset. We use a responsibility wheel to highlight our strategic prioritisation of ESG and 
responsible conduct.
CONGLOMERATE STRATEGY
RESPONSIBILITY
ACTIVE AND DEVELOPING OWNERSHIP
Produce responsibly 
The companies of the Schouw & Co. Group are required to 
manufacture their products efficiently in terms of resource 
consumption and climate impact. 
 
Protect workers 
All employees of the Schouw & Co. Group must be able to go to 
work and return home safely every day – anywhere in the world. 
 
Promote innovation 
Our companies assume a responsibility for ensuring strong 
governance and compliance, and they allocate resources for 
the development of sustainable solutions.
STRATEGIC GOALS AT GROUP LEVEL
STRATEGIC GOALS AT COMPANY LEVEL
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Schouw & Co.

ESG Highlights 2022
Promote innovation 
and strong  
governance
Protect workers and 
ensure attractive 
places to work 
Produce efficiently 
and responsibly 
CURRENT STATUS OF 2030 AMBITIONS
Reduce greenhouse gas emissions 
by 35% (scopes 1+2)
Transition to 100% renewable 
electricity
Calculate a baseline for scope 3 
by 2025
2021
2021
2022
2022
Achieve high employee satisfac-
tion in all group companies
Strengthen our diversity mindset 
Achieve an LTI frequency rate 
below 3 at group level
Improve governance procedures
Invest in and facilitate innovation 
for sustainability
Strengthen ESG reporting and 
taxonomy alignment
Schouw & Co.’s responsibility wheel sets out the Group’s targets going forward to 2030 in the three focal areas. 
In 2022, the Group gained solid momentum and achieved a number of milestones, demonstrating that responsibility 
is taken seriously.
Women in management
Women in top management
A M B I T I O N S  FO R  2 0 3 0
A M B I T I O N S  FO R  2 0 3 0
A M B I T I O N S  FO R  2 0 3 0
  Scope 1 (1000 tonnes of CO2e)    
  Scope 2 (1000 tonnes of CO2e)
21%
renewable electricity in the 
Group
4.7
incidents per million working 
hours, against 6.4 in 2021
D I V E RS I T Y
3
companies have ongoing  
scope 3 baseline projects
269
DKK million paid in income tax
First reporting on the EU Taxonomy, with 
close to 2% of revenue currently eligible.
LOST-TIME INJURY (LTI) FREQUENCY RATES
25% 30% 12% 15%
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Schouw & Co.
185
-17%
2021
2022
2030 
targets
2020
213
223
145

Group
2022 was a year of great turbulence and uncertainty. Few people had predicted war in Europe, an energy crisis and  
inflation of such magnitude. That said, it was also a year of further developments within climate, energy, biodiversity and 
social responsibility. Important international agreements were concluded, the long-awaited update of the EU Directive on 
Non-Financial Reporting was adopted, and the energy crisis put unprecedented focus on energy.
Schouw & Co. has a decentralised corporate 
structure, under which initiatives and pro-
cesses, also in the ESG area, are anchored in 
and driven by the individual Group companies. 
The Group ESG strategy from 2021 entails 
selected projects that are being coordinated 
across at Group level.
Group-wide Power Purchase Agreement 
In 2022, we launched a Group-wide project to 
increase the share of renewable electricity by 
way of a Power Purchase Agreement (PPA). 
A PPA enables the establishment of a new 
renewable energy source, for example solar or 
wind farms. Such an agreement is quite com-
plex, so in 2022 we worked on examining the 
implications of signing a PPA and obtaining 
concrete offers. It is still too soon to conclude 
whether we will enter an agreement and if so, 
what type of project will be pursued.  
New EU reporting standards underway
In 2022, the revision of the Non-Financial 
Reporting Directive (NFRD), in Denmark 
known as section 99a of the Danish Financial 
Statements Act, was adopted under the name 
Corporate Sustainability Reporting Directive 
(CSRD). An important element of the new 
directive, which will take effect on 1 January 
2024 for listed companies, is the require-
ment of a double materiality assessment. All 
companies of Schouw & Co. have previously 
conducted materiality assessments, which will 
be updated in the course of 2023.
Since 2020, Schouw & Co. has structured the 
Group’s ESG reporting with inspiration from 
Nasdaq’s ESG Guide, but with the introduc-
tion of statutory standards at EU level, we 
launched a Group project in 2022 to imple-
ment the new European Sustainability Report-
ing Standards (ESRS). The first step is to 
conduct a gap analysis and afterwards update 
the Group’s reporting manual and reporting 
tools accordingly.
Recalculation scheduled for 2023
From 2022, mobile combustion is included in 
our greenhouse gas (GHG) reporting. In our 
reporting for 2020 and 2021, it was omit-
ted on grounds of materiality, but to ensure 
compliance with the GHG Protocol, mobile 
combustion has now been included. For more 
information, please refer to the data section on 
page 49. 
Company acquisitions are a key driver of the 
growth strategy of Schouw & Co. In 2021 
Borg Automotive acquired SBS Automotive, in 
2022 GPV doubled in size after the combina-
tion with EMS company Enics, and from 1 
February 2023, the Wind Division of Ymer 
Technology will be part of HydraSpecma. Fol-
lowing these significant structural additions, 
Group policy is to recalculate emissions in the 
base year. However, the recalculation will not 
be made until 2023. As part of this process, 
mobile combustion will also be included in the 
base year.
As the focus on GHG emissions increases, 
so does the focus on a company’s total value 
chain emissions (scope 3). These include 
emissions by a company’s suppliers and 
from the use, processing and disposal of the 
company’s products. The Group’s six portfolio 
companies all manufacture products that 
are used in further processing and produc-
tion by their customers before becoming end 
products that are sold to consumers. Moreo-
ver, their value chains are very different, with 
great variations in raw materials and climate 
footprint, which makes scope 3 calculations a 
complex task.
In collaboration with their customers, all 
Group companies have launched or complet-
ed various initiatives to uncover value chain 
elements, such as life cycle assessments 
(LCAs) or Environmental Product Declarations 
(EPDs). 
In 2022, BioMar published a scope 3 cal-
culation, while HydraSpecma and Fibertex 
Personal Care have launched projects for 
calculating their respective scope 3 emissions. 
The ambition is for all Group companies to 
calculate a baseline for scope 3 by 2025.
Knowledge sharing 
Initiatives have been launched through a newly 
established Schouw & Co. ESG Academy cov-
ering various ESG themes, to ensure the shar-
ing of knowledge and best practice between 
Group companies. 
AC T I O N S  A N D  R E S U LT S
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Schouw & Co.

Our Board of Directors and Executive Management
President  
and CEO 
Jens Bjerg Sørensen 
 
Born 1957.  
Appointed in 2000. 
Vice President 
Peter Kjær 
 
Born 1956.  
Appointed in 1993.
Business graduate, Niels Brock  
Business College, Business diploma  
(HD), Marketing economics,  
Copenhagen Business School,  
IEP – Insead Executive Programme, 
Insead, France. 
BSc, Electronic Engineering,  
Engineering College of Aarhus,  
Business diploma (HD), Marketing 
 Economics, Aarhus School of  
Business, MBA from IMD, Lausanne, 
Switzerland.
Chairman
Jørgen Dencker Wisborg 
 
Born 1962. Elected to the 
Board in 2009. Current term 
expires in 2025.
Board member 
Agnete Raaschou-Nielsen
 
Born 1957. Elected to the 
Board in 2012. Current term 
expires in 2024.
Deputy Chairman 
Kenneth Skov Eskildsen
 
Born 1973. Elected to the 
Board in 2018. Current term 
expires in 2026.
Board member 
Hans Martin Smith
 
Born 1979. Elected to the 
Board in 2017. Current term 
expires in 2025.
Board member 
Kjeld Johannesen
 
Born 1953. Elected to the 
Board in 2003. Current term 
expires in 2023.
Board member 
Søren Stæhr
 
Born 1967. Elected to the 
Board in 2022. Current term 
expires in 2026.
MSc, Aarhus School of Business and LEAP, 
Leadership Programme, Insead, France. Profes-
sional board member with special expertise in 
management and sales as well as in strategy, 
business development, financial reporting, 
treasury and finance. Member of the company’s 
audit committee and chairman of the company’s 
nomination and remuneration committee.  
Independence as a board member
Jørgen Dencker Wisborg is not considered to be 
independent, having served more than 12 years 
on the Board.
PhD, University of Copenhagen and a profes-
sional board member. Ms Raaschou-Nielsen 
has special expertise in business development 
and acquisitions, macroeconomics, emerging 
markets, as well as international production, 
sales and marketing. Chairman of the com-
pany’s audit committee.
Independence as a board member
Agnete Raaschou-Nielsen is considered to be 
independent.
Business training from Aarhus Business College 
and managing director of Givesco A/S. Mr 
Eskildsen has special expertise in international 
business relations, accounting and econom-
ics as well as sales and production, including 
specifically in foods. Member of the company’s 
nomination and remuneration committee. 
Independence as a board member
Kenneth Skov Eskildsen is not considered to be 
independent due to his affiliation with the main 
shareholder Givesco A/S.
MSc (Economics), Aarhus University and CFO 
of Vestas Wind Systems A/S. Mr Smith has 
special expertise in finance, business devel-
opment, strategy, M&A, capital markets and 
investor relations. Member of the company’s 
audit committee.
Independence as a board member
Hans Martin Smith is considered to be inde-
pendent.
Business diploma (HD), Marketing economics, 
Copenhagen Business School and a profes-
sional board member. Mr Johannesen has 
special expertise in management, production 
and sales as well as in strategy, business devel-
opment and international business relations. 
Member of the company’s nomination and 
remuneration committee. 
Independence as a board member
Kjeld Johannesen is not considered to be 
independent, having served more than 12 years 
on the Board.
LL.M., Aarhus University and Master of Laws, 
King’s College, London. Attorney and partner of 
Gorrissen Federspiel Law Firm. Special expertise 
in structuring and organising international trade, 
M&A transactions and investments, in establish-
ing and operating joint ventures, consortia and 
the like, and expertise in ESG-related matters.
Independence as a board member
Søren Stæhr is not considered to be independent 
due to his affiliation with the main shareholder 
and his affiliation to a law firm which acts as an 
adviser to the company.
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Schouw & Co.

Our businesses 
Schouw & Co.’s business model is to own a diversified portfolio of  
companies operating in various industries. While there are no operational 
synergies between the companies, managing matters such as financing 
centrally provides major financial benefits. All portfolio companies hold  
a leading position in their industry or niche. 
11	
Overview
12	
BioMar
18	
GPV
24	
HydraSpecma
30	
Borg Automotive
36	
Fibertex Personal Care
42	
Fibertex Nonwovens
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Businesses
Schouw & Co.

BioMar
One of the world’s 
largest manufacturers 
of quality feed for the 
fish and shrimp farming 
industries. The core busi-
ness areas are feed for 
salmon and trout as well 
as sea bass, sea bream 
and shrimp.
Schouw & Co.’s biggest 
company
Economic developments 
have only a limited effect 
on fish and shrimp farming 
Aquaculture is sustainable 
food production
Electronics increasingly 
being integrated in  
industrial products
Strong growth through 
significant acquisitions
Substantial global  
presence in Asia, Europe 
and North America
The portfolio’s oldest 
member
Solutions that combine  
hydraulics and electrification
Major supplier to the global 
wind turbine industry
Business model based on 
the circular economy
A remanufactured product 
requires 90% fewer raw 
materials than a new product
Products for cars powered 
by combustion engines or 
electric motors
Not very sensitive to  
economic fluctuations
Growth in Asia driven  
by growing middle class
Most innovative supplier  
in the industry
Special-purpose materials 
with innovative applications
Launching products based 
on organic cotton
New investments to have an 
effect from 2023
GPV
One of Europe's leading 
EMS businesses. Manu-
facturer of electronics, 
mechanics, cable har-
nessing and mechatron-
ics. Serves leading global 
customers in various 
segments.
Fibertex  
Personal Care
One of the world’s largest 
manufacturers of spunmelt 
nonwovens for the personal 
care industry. Mainly sells 
products for baby diapers, 
sanitary towels and incon-
tinence products.
HydraSpecma
Market-leading specialist 
within hydraulic solutions 
and components.  
Customer base of major 
OEM manufacturers and 
the aftermarket.
Fibertex  
Nonwovens
A leading global manufac-
turer of special-purpose 
nonwovens. Sells products 
for a wide range of applica-
tions, including for cars, 
the construction industry 
and for filtration solutions.
Our businesses
Borg Automotive
Europe’s largest inde-
pendent auto­motive 
remanufacturing com-
pany. Sells to distribu-
tors and OE customers 
for almost all car makes.
WHOLLY OWNED
WHOLLY OWNED
WHOLLY OWNED
80%-OWNED
WHOLLY OWNED
WHOLLY OWNED
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BioMar
Revenue performance (DKKm)
2022
2021
2020
2019
2018
17,861
10,328
11,180
11,649
13,300
We are innovators  
dedicated to an efficient 
and sustainable global 
aquaculture 
BioMar is one of the world’s largest manufacturers of quality feed for the fish and 
shrimp farming industries. The core business areas are feed for salmon, trout, shrimp, 
sea bass and sea bream. Innovation is an integral part of BioMar’s business model, 
coupled with a focus on sustainability, which forms a key aspect of global aquaculture 
today. 
Market
Fish is a central element of global food 
production, but increased demand due to 
population growth and uncontrolled fishing 
have put fish stocks under severe pressure in 
many parts of the world. Projections indicate 
that the global population will exceed nine 
billion by 2050, and global food production 
would have to increase by 70% to keep up 
with the corresponding expected income 
development, particularly in the developing 
countries. 
Aquaculture plays a key role in the future 
food supply, as fish farming is the only way 
to secure a more sustainable approach to 
increasing the supply of fish and avoid over-
fishing the oceans. There is a global need for 
healthy and sustainable sources of protein, 
and according to FAO, the UN Food and Agri-
culture Organization, the global production 
of fish in 2030 is expected to be 15% higher 
than the current output. Already, more than 
50% of the world’s fish and shrimp are raised 
in aquaculture, which is the fastest growing 
food production industry. 
Feed plays a very significant role in aqua­
culture, being the predominant factor 
in determining the nutritive content and 
thereby the state of health of a fish. Feed is 
also a major factor in the climate impact of 
fish and shrimp farming, as feed ingredients 
have the greatest climatic impact. Thus, new 
raw materials and product development are 
essential when it comes to producing healthy 
and sustainable fish for human consumption. 
For many years, BioMar has been a leader 
in product development and the work on 
new innovative ingredients. With its custom-
ised products for a broad range of species 
combined with a presence in Europe, Latin 
America and Asia, BioMar has a strong, 
central position in the market. 
Geography
Head office in Aarhus, Denmark. Manufactur-
ing facilities in Denmark, Norway, Scot-
land, France, Spain, Greece, Turkey, Chile, 
Ecuador, Costa Rica, Vietnam, China and 
Australia. 
Ownership – past and present
BioMar was founded in 1962. In 2005, 
Schouw & Co. took a 68.8% majority interest 
in BioMar, then a listed company. BioMar 
became a wholly-owned subsidiary following 
a merger in 2008.
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BioMar
Schouw & Co.

Procurement at BioMar comprises a range 
of raw materials, both marine and vegeta-
ble ingredients, such as fish oil and fish 
meal, soy beans, rapeseed oil and wheat 
protein. All these components are subject 
to stringent requirements and must be 
responsibly sourced. To ensure com­
pliance, most products are certified.
Procured raw materials are processed 
at BioMar’s factories worldwide using 
specially developed recipes which typically 
include an extrusion process, and turned 
into feed. 
Finished feed products are transported to 
customers using BioMar’s own or external 
logistics solutions, either by land or on 
specially designed feed-carrier vessels.
Feed is sold to fish and shrimp farmers 
worldwide and to distributors. Very often, 
BioMar collaborates closely with custom-
ers on applying feed concepts for optimum 
feed utilisation, efficiency and sustainable 
farming. The choice of feed solution and the 
handling of the feed are essential factors 
both financially and in terms of the sustain-
ability of the farmed fish and shrimp ending 
on consumers’ plates.
R AW  M AT E R I A L S  A N D  P RO C U R E M E N T
P RO C E SS I N G
LO G I ST I C S
C U STO M E RS
BioMar’s value chain
BioMar manufactures feed for fish and shrimp using specially developed 
recipes. Both marine and vegetable raw materials as well as new innovative 
ingredients such as microalgae are processed by extrusion, and the feed is 
sold worldwide to the fish and shrimp farming industry.
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BioMar
Schouw & Co.

Enable people
 
100,000 by 2030 
 
BioMar aims to directly engage 
100,000 people in capacity-building  
initiatives by 2030.
Climate action
 
1/3 by 2030 
 
BioMar aims to reduce its total  
feed GHG footprint by one third  
by 2030*
*Baseline 2020
•  Reduction in scope 1 and 2 
GHG emissions of 7.6% from 
2021 to 2022
•  Published a scope 3 baseline 
•  More than 44,000 people 
directly involved in projects 
and initiatives 
•  23% of raw materials are 
circular or restorative 
•  Updated Policy for Respon-
sible Pay
M I L E STO N E S  I N  2022
Circular and restorative
 
50% by 2030 
 
BioMar feeds will be 50%
 circular and/or restorative 
by 2030
BioMar’s ambitions for 2030
BioMar’s strategic work on sustainability is based on the strategy launched in 2021. 
Significant milestones were achieved in 2022, demonstrating solid momentum,  
with GHG emissions reduction, 23% circular or restorative raw materials and more 
than 44,000 people involved through projects and initiatives.
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BioMar
Schouw & Co.

Energy crisis and electrification
BioMar consumes a lot of energy, as the dry-
ing process during the production of fish feed 
requires high temperatures. The company 
mainly uses gas for the drying processes, 
with the plants traditionally converted to 
use natural gas, which emits a lower level of 
greenhouse gases (GHG) during combus-
tion compared with other types of fossil fuel. 
As a result, BioMar was severely affected by 
the supply and energy crisis experienced in 
Europe in 2022. To secure its gas supply and 
avoid massive price fluctuations at several 
production facilities, including in Denmark, 
the company had to switch to liquid petroleum 
gas (LPG), which in turn meant an increase in 
the company’s emissions. 
In spite of this, BioMar reduced its scope 1 
emissions, as the increase resulting from the 
change to LPG was offset by the full-year 
effect of the change from diesel to gas in Chile 
in 2021 that caused lower emissions. In total, 
BioMar’s scope 1 emissions were reduced 
from 64,805 to 59,056 tonnes of CO2e in 
2022. A fall of close to 9%, which should be 
seen in relation to a modest rise in feed pro-
duction in 2022 compared with 2021.
With uncertainty over energy supply and ener-
gy prices remaining high, BioMar is making 
strategic efforts to reduce its dependence on 
gas and to seek out alternative energy sourc-
es. Hence, the company reached an important 
milestone in 2022 with the installation of its 
first electric boiler system, which offers greater 
flexibility and is part of a large-scale and very 
ambitious electrification programme. Another 
project has been launched to pave the way for 
the first 100% electrified production at one of 
the company’s production plants in 2025.
Renewable electricity and the 1.5 
degree target
An important part of the work in 2022 was to 
submit the company’s climate targets to the 
Science Based Target Initiative (SBTi) to have 
them verified as being in alignment with the 
1.5 degree pathway and thus also the Paris 
Agreement. The targets are awaiting final 
verification, but the trend in BioMar’s scope 
1 and scope 2 emissions already follows the 
SBTi guidelines. 
BioMar is in the process of switching to more 
renewable energy sources, and prompted 
by the increased electricity costs, focus is 
on optimisation and energy efficiency where 
possible. As a consequence of the increase in 
activity and in volumes produced, BioMar’s 
scope 2 electricity consumption increased, 
but since renewable power now represents 
35%, total GHG emissions in 2022 were 
reduced from 72,403 tonnes of CO2e to 
66,918 tonnes of CO2e, down by 7.6%.
Scope 3 and climate footprint of raw 
materials
In mid-2022, BioMar published a scope 3 
baseline for the first time in its Sustainability 
Report for 2021. More than 95% of BioMar’s 
GHG emissions derives from raw materials. In 
2022, the war in Ukraine gave rise to consider-
able challenges as Ukraine has traditionally 
been one of the world’s key suppliers of agri-
cultural commodities such as wheat, rape and 
vegetable oils. These commodities are all used 
in the production of feeds for aquaculture, and 
given the supply challenges BioMar has had 
to change suppliers in certain areas, which in 
several cases has led to an increase in GHG 
emissions. This emphasises the importance 
of focusing on alternative ingredients that can 
serve to reduce the environment and climate 
impact. 
For example, BioMar has long been working 
on the use of microalgae as a fish feed ingredi-
ent, and at the end of 2022, BioMar had 
sold more than 2 million tonnes of fish feed 
containing omega-3 from marine algae, which 
implies a considerable reduction in emissions. 
However, BioMar is not only focused on cli-
mate impact. Under the name BioSustain, Bio-
Mar includes various environmental themes 
in the calculation of feed impact through a 
life-cycle assessment (LCA). This means that, 
in addition to climate impact, products are 
measured against factors such as water con-
sumption, biodiversity and deforestation, giv-
ing customers valuable and useful knowledge 
of the environmental impact and reduction 
options for specific feeds.
Circular and restorative raw materials 
through innovation
BioMar’s 2030 ambition is for 50% of feed 
raw materials to be circular or restorative. 
Circular raw materials are defined as either by-
products or waste streams, while restorative 
raw materials are defined as raw materials that 
have a net positive environmental impact from 
being produced. In 2022, circular and restora-
tive raw materials represented 23%, well on 
the way towards the target of 50%. 
Environment
2022 proved a particularly turbulent and challenging year for BioMar’s environmental and climate work. 
The war in Ukraine and the ensuing energy crisis in Europe posed considerable challenges, but BioMar 
nonetheless managed to gain further momentum and achieve significant milestones.
AC T I O N S  A N D  R E S U LT S 
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BioMar

The 2030 target is for 100,000 people to be 
involved each year in projects and initiatives 
that engage their local communities or build 
competencies. In 2022, more than 44,000 
people participated in various programmes 
together with customers, suppliers and other 
stakeholders. One example is a project in 
Ecuador where the focus is on more respon-
sible shrimp farming in collaboration with the 
non-profit Earthworm Foundation. One pro-
ject theme was to support the training of local 
people, enabling them to become qualified for 
shrimp farming, thereby obviating the need for 
hiring external labour and offering more jobs 
to local workers instead.
   
Human rights and a living wage
The theme of a living wage is central to 
BioMar’s overall 2030 social ambition. The 
aim is for all wages to be on a level with or 
higher than the defined living wage in the area 
where the people are employed. Maintaining 
a decent standard of living is a challenge in 
many places, so a living wage is not just a min-
imum wage, but rather a wage that enables 
people to have a fair basic standard of living.
To this end, BioMar began mapping wages 
across the organisation in 2021, compar-
ing wage levels with a calculated living wage 
for each individual country. Based on these 
preparatory efforts, the company’s Policy 
for Responsible Pay was updated in 2022, to 
include upskilling and other areas, as part of 
the continued work to ensure a living wage for 
all employees.
Regarding human rights in a broader sense, 
various initiatives are ongoing, and BioMar is 
a member of the Nordic Business Network for 
Human Rights, which has worked to promote 
the introduction of human rights due diligence 
legislation at EU level – now seemingly set 
to become a reality with the adoption of the 
Corporate Sustainability Due Diligence Direc-
tive (CSDD). 
Diversity
BioMar is an international company with a 
high degree of diversity across the organisa-
tion. Traditionally, the fish farming and feed 
production industries have been characterised 
by male overrepresentation, also internation-
ally. BioMar is firmly committed to equal 
opportunities for promotion internally in the 
organisation, and progress is measured by 
promotions and management positions by 
gender and other parameters. As an example 
of the diversity activities, BioMar in Norway 
implemented a number of initiatives to ensure 
that women feel included and encouraged 
to apply for positions with the company. The 
branding material was changed, and a con-
scious focus placed on ensuring that female 
talent was hand-picked to join application pro-
cesses. Today, the gender balance is changing 
in the organisation. The figures for 2022 show 
progress towards more equal representation, 
with the share of women in top management 
up from 8% to 11%, and up from 20% to 22% 
in general management positions. Naturally, 
the focus on diversity also factors in para­
meters other than gender.
Lost-time injury (LTI) frequency rate
BioMar’s LTI frequency rate rose marginally 
in 2022 to 5.6 incidents per million working 
hours, against 5.3 in 2021. This is an unfor-
tunate development, and causes are moni-
tored continuously, and preventive measures 
launched. The incidents recorded were gener-
ally of a less serious nature, but the trend was 
unsatisfactory. 
Social
With BioMar’s overriding objective of enabling people, a positive difference can be made 
by sharing knowledge, training and creating development opportunities for people through 
global and local initiatives. At the same time, focus is on addressing human rights issues 
such as a living wage and diversity.
AC T I O N S  A N D  R E S U LT S 
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BioMar

Employees trained in anti-corruption
In 2021, BioMar set up a new system for 
online training in anti-corruption, fair compe-
tition and good business ethics for relevant 
employees across the organisation, and the 
internal Code of Conduct, ’The Right Way’, 
was updated. As a result, 2022 was the first 
year when data was reported on the total 
number of employees who formally confirmed 
their compliance with the updated internal 
guidelines set out in the company’s Code of 
Conduct. Already in the first year, 100% of all 
relevant employees formally confirmed their 
compliance with the internal guidelines.
Supplier due diligence
In BioMar’s case, the most significant envi-
ronmental impacts relate to the raw materials 
sourced and used in the production of fish 
feed. Accordingly, the best way to influence 
and support transformation and thereby 
ensure raw materials with a smaller environ-
ment and climate footprint, as well as greater 
social responsibility in production, is through 
the raw materials sourced. Vegetable and 
marine ingredients are under constant devel-
opment, and BioMar is among the frontrun-
ners of the industry. In 2022, the company 
updated its Responsible Sourcing Policy 
and Supplier Code of Conduct. Suppliers 
must meet strict requirements, for instance 
to maintain high food safety standards, 
have energy management systems in place, 
provide relevant protective equipment and 
Governance
BioMar updated several of its important internal policies and procedures in 2022,  
including its Responsible Sourcing Policy and the Supplier Code of Conduct. 
AC T I O N S  A N D  R E S U LT S 
various other requirements. Again in 2022, 
all BioMar’s­ suppliers signed the company’s 
Code of Conduct. 
Joana Amaral, product manager, Marine Fish Hatcheries
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BioMar

GPV
Revenue performance (DKKm)
2022
2021
2020
2019
2018
1,218
2,856
2,887
3,191
5,923
Accomplish more  
– sustainably
Electronics play an ever more prominent 
role in our society, whether in everyday 
life or in industry and manufacturing. In 
these sectors, the integration of electron-
ics, increased data usage and increased 
automation will serve to make everyday 
life easier, optimise manufacturing pro-
cesses, reduce resource consumption and 
increase quality of life. In the production of 
advanced electronics, increased spe-
cialisation results in a tendency for many 
businesses to focus on their core services 
and to outsource the manufacturing of 
electronics to dedicated EMS partners 
such as GPV. 
GPV’s market is in the high-mix seg-
ment, which is generally characterised by 
highly complex manufacturing processes. 
GPV supplies many different products to 
customers in the mentioned market segments  
in which electronics play an increasingly 
im­portant role. Many of these products provide 
direct or indirect support for the green transi-
tion, and that makes GPV a preferred partner 
to companies that choose to outsource their 
production. 
Geography
Head office in Vejle, Denmark. Manufac­turing 
facilities at 19 locations, in Denmark, Sweden, 
Finland, Estonia, Switzerland, Germany,  
Austria, Slovakia, Sri Lanka, Thailand,  
Malaysia, China and Mexico. 
Ownership – past and present
GPV was founded in 1961 and became a 
part of the Schouw & Co. Group in 2016. The 
company has subsequently expanded through 
mergers with a number of complementary 
GPV is a leading European EMS (Electronics Manufacturing Services) business. 
GPV manufactures electronics, mechanics, cable harnessing and mechatronics 
(combination of electronics, mechanical technology and software) for its range  
of international customers. GPV’s solutions are used in customer end products,  
in the market segments of Industrials, BuildingTech, Transportation, Measure-
ment & Control, CleanTech, MedTech and HighTech Consumer. 
businesses, and today, GPV is the second-
largest European-headquartered EMS  
company, Schouw & Co. holds an 80%  
ownership interest in GPV. 
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GPV

GPV sources electronic components 
and plastic parts as well as steel, cop-
per, aluminium etc. from a wide range of 
suppliers. Sourcing is based on customer 
product specifications. 
Materials and components form part of 
different types of production processes, 
depending on customer needs. Typically, 
during a design and test phase, GPV offers 
to provide specialist knowledge. Generally, 
GPV’s production areas are the produc-
tion of electronics, mechanics and cable 
harnessing.
GPV offers complete box-build solutions 
involving assembly and testing of electronics, 
mechanics and cables, so customers can skip 
this process while being assured that their 
finished products comply with all quality and 
functionality standards. GPV typically provide 
electric modules or finished products.
Thanks to its global presence, GPV is able 
to manufacture products close to where 
the customers are, ensuring efficient logis-
tics solutions and delivering quickly and 
true to order. GPV organises freight and 
logistics, making use of external partners,  
if customers so wish.
GPV serves more than 300 international 
customers in various segments including 
industry, measuring instruments, con-
struction and transport.
PROCUREMENT
PROCESSING
ASSEMBLY
LOGISTICS
CUSTOMERS
GPV’s value chain
GPV serves its customers through a global production setup where customers typically choose  
to outsource part or all of their production of electronic, mechanical or cable harnessing products.  
GPV offers solutions based on a life-cycle perspective that may involve design and engineering, 
testing, production, aftersales and complete box-build solutions.
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GPV

More safety, more focus on next 
gen 
LTIFR < 1 in 2025
Develop KPIs for welfare and next 
gen impact
More renewable energy, less 
scrap, and less resource con-
sumption 
 
Reduce emission intensity by 50% 
(scopes 1+2) in 2025*
*Baseline 2020
  More capacity utilisation, 
more recycling, and more sus-
tainable supply 
Develop KPI for capacity utilisation 
Develop recycling business and 
sustainable supply KPIs
•  LTI frequency rate reduced 
to 0.7 incidents per million 
working hours 
•  Emission intensity reduced 
by 29% from 2021 to 2022 
•  EcoVadis silver medal 
awarded to the entire 
organisation  
•  ISO 27001 certification in     
cyber security
 
 
MILESTONES IN 2022
GPV’s ambitions for 2030
GPV has set targets under the mantra ‘Accomplish more - sustainably’ and achieved very 
good progress in 2022, with a 29% reduction in emission intensity and the LTI frequency 
rate more than halved.
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GPV

Energy savings pay off
Rising energy prices have further increased 
the focus on energy efficiency and energy sav-
ings. GPV introduced a series of energy-cen-
tric initiatives, including internal energy audits, 
an energy awareness campaign, replace-
ment of compressors and the installation of 
energy-saving lighting. Combined with other 
projects, these initiatives have led to reduced 
energy consumption in Sri Lanka, Slovakia, 
Estonia and other countries. At the production 
facilities in Aars, Denmark, it is now possible 
to utilise surplus heat from a compressor for 
heating, which was previously prohibited by 
legislation. This alone has reduced energy 
consumption by some 74 MWh annually. 
Similar measures have been implemented in 
China with corresponding improvements in 
energy consumption. 
The combination of GPV and Enics, com-
pleted on 3 October, added another seven 
production units to the total production setup. 
Naturally, this had a significant impact on 
both energy consumption and GHG emis-
sions. The inclusion of mobile combustion in 
2022 also implied an increase in both direct 
energy consumption and GHG emissions. 
Absolute energy consumption thus increased 
considerably, but energy intensity, i.e. energy 
consumption relative to revenue, which in this 
context is a better indicator of developments 
from 2021 to 2022, showed a decrease from 
8.6 MWh per DKK million to 7.1 MWh per 
DKK million.
GHG emissions 
The same applies to GHG emissions, with 
absolute GHG emissions in 2022 increas-
ing to 14,080 tonnes of CO2e from 9,860 
tonnes of CO2e in 2021, mainly due to the 
business combination and the inclusion of 
mobile combustion. In line with the Group’s 
recalculation policy, business changes of this 
scale prompt a recalculation of the base year 
for the targets, but as the combination was 
completed late in 2022, the base year recal-
culation will not be made until 2023. 
As with the company’s energy consumption, 
focusing on emission intensity will provide a 
more accurate view. This is also the metric 
used for GPV’s target of a 50% reduction by 
2025. In 2020, which is the base year for the 
target, emission intensity was 3.19 tonnes 
of CO2e per DKK million in revenue, while 
in 2022 emission intensity had decreased 
to 2.38 tonnes of CO2e per DKK million, a 
reduction of 29%. This is before the recalcu-
lation, however, which will include the new 
production units and will be made in 2023. 
Some of the decrease was due to rising 
prices, which increased revenue without any 
major increase in activity, but it is nonetheless 
an indication that the company is headed in 
the right direction.
Solar power projects and renewable 
energy
In order to continue this trend and attain the 
target, GPV in 2022 concluded the ten-
der process for solar panel systems at the 
production units in Thailand and Sri Lanka. 
The projects were adopted in 2021 and are 
expected to be put into operation in 2023. 
Also during 2022, solar panels were installed 
and put into operation on the roof of one of 
the production units in Switzerland, and the 
system is expected to generate around 320 
MWh of renewable energy annually. However, 
the full effect will not be seen until 2023. 
The solar panel systems will have a significant 
impact on GHG emissions overall, especially 
the ones that will be installed in countries 
where the public energy supply is based on a 
high proportion of fossil fuels.  In addition to 
Environment
In 2022, GPV once again doubled its size after the combination with Swiss-based EMS company Enics.  
The combined company now has 19 production units in 13 countries and more than 8,000 employees.  
While causing a significantly larger footprint, the combination also provides a better opportunity utilise capacity 
and to create integrated solutions for customers. 
ACTIONS AND RESULTS 
solar panels, GPV has also installed charging 
points for electric cars and scooters, which 
are becoming increasingly common in both 
Europe and Asia. 
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GPV

One.New.Leader serves to create a common 
foundation for the integration of Enics and to 
highlight commonalities and emphasise how 
few differences there are between the two 
businesses. The programme was launched on 
3 October 2022 and will continue into 2023 
as part of the integration process, where there 
is considerable focus on creating a common 
framework and understanding among all 
employees.
Pro-active initiatives on near-misses 
produce results
Safety at work is a top priority for GPV. The 
very ambitious target is an LTI frequency rate 
of less than one incident per million working 
hours by 2025. By 2022, the frequency rate 
was already reduced to 0.7 incidents per mil-
lion working hours. 
Occupational safety requires a sustained 
effort and focus to ensure the right culture, 
so this work will continue in order to support 
the long-term target. A key element behind 
the results was the continued effort in 2022 to 
register near-misses and the establishment of 
regular reporting procedures in this area. The 
work is based on the so-called Bradley Curve, 
focusing more on safety as being linked to the 
corporate culture and on engaging employ-
ees. Registration of near-misses in particular 
plays a large role in this respect, as it offers 
a more proactive approach to occupational 
safety, thus minimising the risk of actual acci-
dents occurring.
Joint GPV engagement survey
In 2022, prior to the combination with Enics, 
GPV conducted an employee engage-
ment survey across the organisation. With 
a response rate of 89% and an overall score 
of 76 out of 100, the result was satisfactory, 
illustrating that GPV is viewed as an attractive 
workplace across national borders. 
In addition to the high level of employee 
engagement, the survey also provided insight 
into specific areas where individual produc-
tion units can focus on improvements. Going 
forward, the survey will also include the new 
production units added as the integration of 
Enics progresses.
Human rights and working conditions
In 2021, GPV updated its general risk assess-
ment within human rights, its primary internal 
focus being on the production facilities in Sri 
Lanka, Thailand and Mexico. With the new 
production facilities, the primary focus has 
been expanded to include China and Malaysia. 
At all these production sites, extra attention is 
given to compliance with fundamental human 
rights, the ILO conventions and local legisla-
tion such as Thai Labour Law. 
In Thailand, initiatives in 2022 included the 
establishment of a welfare committee, which 
is tasked with focusing on employee welfare 
and identifying potential areas for improve-
ment in relation to fundamental human rights 
and internal working conditions. 
The political and economic situation in 
Sri Lanka was characterised by great 
uncertainty and turbulence during 2022, 
with soaring inflation, political instabil-
ity and shortages of essentials such as 
food, medicine and fuel. With more than 
1,000 employees in the country, GPV took 
responsibility for helping them through 
the crisis. In practice, this was done by 
offering employees monthly “relief pack-
ages” with food and other necessities and 
setting up a shuttle bus scheme so that 
they could save fuel. In addition to wage 
rises to keep up with inflation, employees 
were offered extraordinary interest-free 
loans to help them through the worst 
periods.
Case: Pro-active initiative for 
employees and local commu-
nity in Sri Lanka
Social
In the social area, major changes typically occur when two companies with each their own approach, 
culture and values are combined and have to work as one. This was elaborated on in the integration  
programme under the slogan One.New.Leader.
AC T I O N S  A N D  R E S U LT S 
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GPV

New ESG governance structure at GPV
With increasing focus on sustainability and 
ESG, ensuring the right governance structure 
is important for the work. An overall Sustain-
ability Road Map will be developed in the 
course of 2023, including an extended double 
materiality assessment, which will form the 
basis of GPV’s work in the ESG area in future.
New certification in cyber and 
information security
Cyber security remained a major focus area 
in 2022 at GPV. This risk area has generally 
gained increasing attention from the company 
as the threat of attacks and fraud has esca-
lated and become more evident. At the end of 
2022, GPV completed the process of being 
certified to the ISO 27001 standard for cyber 
and information security. The certification is 
documentation that GPV’s risk management 
system meets the high standards of efficient 
information security management and that 
customers can rely on GPV as a trustworthy 
business partner.
Development and training of 
employees
GPV acquired an e-learning system in 2021, 
which was implemented in the course of 
2022. The system is used to train employees 
in areas such as cyber security, anti-corrup-
tion and general business ethics based on 
GPV’s internal Code of Conduct. The system 
is used in connection with onboarding and 
the regular training of existing employees. 
Again in 2022, 100% of all relevant employees 
received training. 
Supplier management and Code of 
Conduct
The electronics industry faced major sup-
ply chain challenges in 2022 as well. Supply 
disruptions and shortage of components 
were persistent problems, requiring extensive 
flexibility among all parties in the value chain. 
To GPV, this meant having to use new suppli-
ers, often at short notice, to be able to secure 
supplies to its customers. In light of this, it is 
considered satisfactory that the number of 
suppliers having signed the company’s Code 
of Conduct remained stable at 62% in 2022. 
However, lifting this percentage will be a prior-
ity as pressure on the value chain hopefully 
eases. 
Governance
GPV further stepped up its focus on ESG in 2022 and 
established a fixed governance structure for this area.  
In addition, the company obtained certification in cyber 
security.
AC T I O N S  A N D  R E S U LT S 
As part of a more comprehensive environ-
mental agenda, GPV supports employee 
initiatives that involve local community 
engagement while having an environ-
mental aim. In 2022, the production units 
in Mexico and Sri Lanka participated in 
initiatives to assist in reforestation. In 
Mexico, employees have participated in 
the reforestation of the natural reserve 
called El Centinela Forest. In the project 
Cases: Reforestation and support for local communities
in Sri Lanka, mangroves were planted in the  
Kalpitiya lagoon. Mangroves are a type of 
tree that binds large amounts of CO2, while 
counteracting erosion along the coasts 
where they are planted. More than 1700 
mangrove trees were planted during the 
project, which was a collaboration between 
local authorities, employees of GPV in Sri 
Lanka and the local Bio Conservation Soci-
ety Sri Lanka.
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GPV

Revenue performance (DKKm)
2022
2021
2020
2019
2018
2,005
2,123
1,977
2,315
2,536
HydraSpecma
Making Power  
& Motion green 
Hydraulic solutions, i.e. the use of liquid 
under­ pressure, are the basic tools in the 
Power & Motion business area. Transmis-
sion of extreme power is essential in a 
broad range of technical applications, such 
as contractors’ equipment and cranes, in 
agriculture and forestry and in other areas 
where heavy machinery can generate pow-
er and motion. In mobile hydraulic solu-
tions, power is typically generated by diesel 
engines, and their systems use a number 
of different components, such as hoses, 
fittings and valves. Increasingly, focus is 
on electrification of power generation in an 
attempt to limit the use of fossil fuels and 
to reduce climate impact. HydraSpecma 
supplies entire electric solutions as well as 
hybrid solutions in which certain parts of a 
system are electrified.
HydraSpecma supplies complete cus-
tomised solutions and systems as well as 
components to the entire “Power & Motion” 
segment. The business serves a broad range 
of different industries, ranging from the wind 
turbine sector to the vehicle and shipping 
industries, and is a supplier to large OEM 
customers as well as to the aftermarket. 
HydraSpecma is present in international 
markets with a broad product range in order 
to be close to its customers and able to  
supply the needed products and services 
fast and efficiently.
Geography
Head office in Skjern, Denmark. Facilities in 
Denmark, Sweden, Finland, Norway, Poland, 
the UK, the Netherlands, China, India, the 
USA and Brazil.
Ownership – past and present
Hydra-Grene A/S was founded as an inde-
pendent business in 1974 and has been 
a wholly-owned part of the Schouw & Co. 
Group since 1988. Specma AB was founded 
in 1918 and has formed part of HydraSpecma 
since 2016. In 2023, HydraSpecma acquired 
the wind division of Swedish industrial group 
Ymer Technology, strengthening its position 
as a system developer and supplier to the 
wind turbine segment.
HydraSpecma is a market-leading specialist supplier of hydraulic solutions  
and components to the aftermarket and OEMs with roots in the Nordic regions.  
HydraSpecma generates value through its production and by fast delivery of hydraulic 
and electric solutions and products, by having the most comprehensive product  
range in the market and by providing technical advisory services. The products form 
part of wind turbines, lorries, contractors’ equipment and agricultural machinery. 
Contents
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ESG data overview
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Schouw & Co.
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HydraSpecma

RAW MATERIALS AND PROCUREMENT
FABRICATION
LOGISTICS
CUSTOMERS
HydraSpecma’s value chain
HydraSpecma sources a wide range of components and materials, processing  
them for system solutions and components in the Power & Motion segment.  
Solutions are often combined with electrification and used in a variety of industries, 
including for wind turbines, construction equipment, agriculture and other forms  
of stationary or vehicular equipment.
HydraSpecma sources and stocks a 
range of components and materials so as 
always to be able to serve its customers. 
Materials typically include steel and alu-
minium for further processing, hoses and 
pipes as well as a wide range of hydraulic 
and electrical components.
Materials and components may be worked 
into made-to-order hydraulic blocks, 
fittings for complete hose solutions or 
customised piping. Processed products 
are often combined with procured com­
ponents to produce complete system  
solutions, whether fully hydraulic, fully 
electric or hybrid solutions.
A key aspect of HydraSpecma’s business 
model is service and logistics solutions so 
customers around the world can be served 
quickly and efficiently. Hydra­Specma 
offers day-to-day delivery in Denmark, 
Sweden and Finland, for example. Inter­
nationally, HydraSpecma’s approach is  
“In the region – For the region”.
HydraSpecma supplies solutions and 
components to a wide range of industries 
as well as many global leaders in wind tur-
bines, construction equipment, trucking, 
the agricultural sector and other forms of 
vehicular or stationary equipment.
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HydraSpecma

Attractive place to work with 
high employee satisfaction and 
strong safety culture 
 
LTIFR < 2 
 
Employee satisfaction rate five 
points above industry benchmark
Active effort on climate in-
house and in the value chain 
 
Reduce emission intensity by 50% 
by 2030 (scopes 1+2)*
 
Reduce emission intensity by 45% 
by 2030 (scope 3)*
*Baseline 2020
Responsible supply chain 
management and robust due 
diligence system 
 
Team up with suppliers and cus-
tomers to promote sustainability  
 
All contracted suppliers have 
signed Code of Conduct
•   Improved collection of 
GHG emissions data in new 
system
 
•  23% reduction in LTI  
frequency rate, down from 
7.9 to 6.1 incidents per  
million working hours
•  Commenced mapping of 
scope 3 emissions
•  Updated environmental 
policy
•  9% renewable electricity 
•  60% of suppliers signed 
Code of Conduct
MILESTONES IN 2022
HydraSpecma’s ambitions for 2030
‘Our Future – our responsibility’ is the mantra that pervades HydraSpecma’s work with 
sustainability. In 2022, the company implemented a new system for improved data  
collection and reporting of GHG emissions, and reduced the LTI frequency rate by 23%.
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Schouw & Co.
HydraSpecma

New factory in Poland targets zero-
emission operations
Another major investment is the construction 
of a new production unit in Poland to serve 
both new and existing customers in Europe. 
The factory will be equipped with solar panel 
installations on the roof as well as heat pumps 
to ensure that the power and heating used by 
the factory is generated by 100% renewable 
energy sources and thereby with zero GHG 
emissions from operations. 
New system and structure change the 
determination of GHG data
The work of measuring and reporting on GHG 
emissions is still fairly new, and the meth-
ods, structures and processes are updated 
regularly as more experience is gained. This 
is very much the case with HydraSpecma. An 
important initiative by HydraSpecma was the 
establishment of a system for collecting data 
and reporting on GHG emissions, which in the 
longer term can also be used for recording 
other types of ESG data. By implementing this 
system, HydraSpecma will gain more trans-
parency in its ESG data, and data collection 
will be more efficient. However, it also meant 
reassessing some of the company’s data col-
lection procedures and including a number of 
production and sales units as well as elements 
not previously considered, including mobile 
combustion. This has resulted in a much-
improved data basis, but also a substantial 
increase in the emission figures for 2022 
compared with 2021. 
The company reported total emissions of 
1,906 tonnes of CO2e in 2021, and in 2022 
the new calculations showed total emis-
sions of 4,443 tonnes of CO2e. Much of the 
increase was due to the inclusion of a number 
of production units whose emissions data 
were previously based on estimates, a larger 
number of reporting points, including process 
emissions and mobile combustion, as well as 
more specific emission factors. 
It is important to emphasise that a preliminary 
recalculation for 2021 shows that GHG emis-
sions with the new improved data collection 
method totalled about 5,500 tonnes of CO2e, 
which would probably have caused 2022 
emissions to represent a decrease. A complete 
recalculation of HydraSpecma’s GHG emis-
sions in the base year will be made in 2023 in 
connection with the Group-wide recalculation 
and the inclusion of Ymer Technology’s Wind 
Division. Accordingly, the figures will provide 
a truer view and better illustrate the path 
towards the target of a 50% reduction of GHG 
emissions, as the current calculation shows a 
rise from 0.82 tonnes of CO2e per DKK million 
to 1.59 tonnes of CO2e per DKK million due to 
the improved data collection. 
Mapping scope 3
Besides significantly improving scope 1 and 
scope 2 data quality, the new system will allow 
for the collection of data on scope 3, i.e. emis-
sions in the company’s value chain. Mapping 
value chain emissions is a major task for the 
company that has a very extensive catalogue 
of different components and item numbers 
that are sold and used in many different appli-
cation areas. This requires a reasonably uni-
form approach, which the system is intended 
to help ensure. It will also facilitate continuous 
data collection. HydraSpecma expects to have 
calculated a baseline for scope 3 in 2023.
Updated environmental policy
In 2022, HydraSpecma updated its environ-
mental policy, detailing themes and subjects 
in focus when dealing with environmental 
awareness and footprint reductions. The 
environmental policy defines the company’s 
position on different environmental areas, 
including water quality, waste management 
and climate impacts resulting from GHG 
emissions as well as the general handling of 
environment and climate issues in the organi-
sation, including governance and manage-
ment responsibility.
Electrification and hybrid solutions
As a system supplier, HydraSpecma is tak-
ing on more responsibility for solutions that 
increasingly combine electric and hydraulic 
elements. Also, HydraSpecma can supply 
fully electrified solutions incorporating the 
company’s knowhow and experience within 
power & motion. The so-called BladeMover is 
an excellent example of this. It is designed to 
move turbine blades over short distances, and 
where the machine was previously driven by a 
diesel engine, it is now fully electrified. 
Environment
HydraSpecma launched a number of long-term initiatives and made investments in the climate and environment 
areas in 2022. Firstly, the company acquired the Wind Division of Swedish industrial group Ymer Technology, whose 
core business is the cooling and conditioning of wind turbine nacelles. With the acquisition, HydraSpecma has 
strengthened its position as a system supplier to the wind turbine segment. 
AC T I O N S  A N D  R E S U LT S 
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Contents
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ESG data overview
Schouw & Co.
HydraSpecma

Marius Mardari, project engineer (L), and Simon Andreasen, 3D CAD designer (R), Skjern, Denmark 
New systems facilitate efforts to 
ensure good working conditions
With the establishment in 2021 of a system to 
measure employee satisfaction, HydraSpecma 
focused in 2022 on working with the data and 
insights gained to draw up targeted initiatives 
in relevant areas. One of the focus areas has 
been to work more actively with the company’s 
feedback culture. The system is both flexible 
and dynamic and enables the company to 
regularly measure whether employees experi-
ence any real improvements.
HydraSpecma also implemented a new HR 
system in all countries in 2022. It provides 
transparency and more equal treatment 
of employees, while ensuring systematic 
onboarding, improved data and generally 
facilitating the work of implementing changes 
in the organisation.
Lost-time injury (LTI) frequency rate
Thanks to a strong focus and various initia-
tives, HydraSpecma’s LTI frequency rate fell by 
nearly 23% from 7.9 in 2021 to 6.1 incidents 
per million working hours in 2022, thus 
continuing the positive trend recorded from 
2020 to 2021. However, as HydraSpecma has 
a very ambitious target of a frequency rate of 
less than 2, measures and improvements are 
still needed to meet the target by 2030. To this 
end, the company will intensify its efforts in 
2023 with initiatives including increased  
monitoring and ongoing registration.
Diversity
Like the other Schouw & Co portfolio busi-
nesses, HydraSpecma has further stepped up 
its focus on inclusion and diversity. Responsi-
bility is anchored in People & Culture, which 
has launched concrete initiatives. Initially, the 
gender composition of management will be 
measured, but here diversity has a broader 
definition and includes age, seniority, national-
ity and various other parameters. 
Social
The work with insights gained from the regular measurement of employee satisfaction continued in 2022,  
and a new HR system was implemented which will facilitate a number of tasks. The company’s positive trend 
also continued with a reduction in the LTI frequency rate.
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Schouw & Co.
HydraSpecma

Supplier relations activities were rendered 
difficult by the coronavirus and global supply 
chain disruptions, with reliability of supply  
and ability to supply having top priority.  
Nevertheless, efforts are being intensified, for 
instance in relation to scope 3 as described 
under environmental factors.
Due diligence
HydraSpecma currently uses a variety of 
ESG-related parameters when screening 
suppliers, including risk assessments in rela-
tion to human rights, and this work is being 
continuously strengthened. The goal is that 
all major suppliers should have signed a code 
of conduct, and again in 2022 60% of all 
HydraSpecma’s suppliers signed. Given the 
company’s very large number of suppliers, 
reaching 100% poses a real challenge, but 
resources have been allocated to this area 
going forward. Expectations are that addi-
tional resources, combined with supply chain 
recovery, will lead to more improvements in 
this area in 2023.
Implementation of local whistleblower 
scheme
HydraSpecma is working on several fronts 
in relation to business ethics, and in 2022 
the company implemented a separate 
whistleblower scheme in Sweden that covers 
local conditions and complements the joint 
whistleblower scheme which Schouw & Co. 
implemented across the Group. GDPR and 
ongoing activities related to business ethics 
Governance
One of HydraSpecma’s ambitions towards 2030 is increased collaboration with suppliers. The process of 
mapping targets and initiatives is ongoing, and suppliers are involved to a much higher degree in creating 
change and mutual improvements that extend beyond the individual businesses. 
AC T I O N S  A N D  R E S U LT S 
were on HydraSpecma’s agenda in 2022. 
The company also had considerable focus on 
cyber security and implemented a number of 
concrete initiatives during the year. 
In 2022, HydraSpecma announced the acquisition of the Wind Division of Ymer Tech-
nology producing, among other things, cooling solutions for wind turbine nacelles.
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HydraSpecma

Revenue performance (DKKm)
2022
2021
2020
2019
2018
958
918
871
1.368
1.815
Borg 
    Automotive
We give new life to  
vehicles by providing 
sustainable automotive 
solutions
has been a part of the Schouw & Co. Group 
since April 2017. Growth through acquisi-
tions is part of the strategy. Borg Automotive 
acquired the Spanish business TMI in  
2020 and added the trading company SBS 
Automotive in 2021.
Borg Automotive is Europe's largest independent automotive remanufacturing  
business. The company’s principal business activity is to remanufacture defective­ 
parts, such as brake callipers, turbochargers, starters and alternators, and to sell 
them in the B2B market in a circular business model. Borg Automotive offers a full 
product range by also supplying new products to complement remanufactured items. 
Borg Automotive has a strong market position, and remanufacturing is a business area 
offering a wide range of environmental and resource benefits.
With about 250 million cars on the European 
roads and an average age of more than 11 
years, there is a great need to ensure spare 
parts for a continuously growing fleet. The 
proportion of electric and hybrid cars on the 
roads is increasing as society transitions 
towards low-emission vehicles, but these 
also need spare parts. About half of the items 
in Borg Automotive’s product range can be 
used whether a vehicle has an electric motor 
or a combustion engine. The transition is in 
progress, both in the industry at large and at 
Borg Automotive.
Borg Automotive offers a broad product 
range. Most of the products have been  
remanufactured, which means parts pro-
duced on the basis of an existing product 
that have less of an environmental impact 
and in a process requiring fewer resources 
and materials. The company’s business 
model applies a return system combined 
with remanufacturing and is a good example 
of a circular business model.
Geography
Headquartered in Silkeborg, Denmark.  
Production/distribution facilities in Poland, 
the UK, Spain and Germany.
Ownership – past and present
Borg Automotive was founded in 1975 and 
Businesses
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Borg Automotive

The consumer gets spare parts 
replaced and can continue driving the 
vehicle.
Consumer brings car to garage. 
The garage orders remanufactured spare 
parts from distribution link.
Sale of remanufactured spare parts to 
distribution link.
The process involves a minor 
degree of waste, as a small  
proportion of parts cannot be 
remanufactured.
Distributor returns defective spare 
parts to Borg Automotive.
Borg Automotive also keeps stock 
by sourcing defective spare parts in 
order to meet demand at all times.
Remanufacturing brings new 
life to defective spare parts.
INPUT
DISTRIBUTION LINK
AT THE GARAGE
REPLACING SPARE PARTS
REMANUFACTURING
Borg Automotive’s value chain
Most of Borg Automotive’s revenue derives from remanufacturing based on recycling  
of end-of-life spare parts, which is combined with a return system that supports the 
products’ role in a circular economy. This is combined with newly procured products  
to be able to offer a complete range. 
The product range is supplemented 
by newly procured products to be 
able to offer a complete range.
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Borg Automotive
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Contents

Caring for  
the employees 
 
Increase employee satisfaction by 
5% over the next five years  
Reduce LTIFR by 30% by 2025*
*Baseline 2020
Effort to limit climate impact 
of in-house production  
 
Reduce GHG emissions from 
in-house production by 30% by 
2030* 
*Baseline 2020
Circular products,  
saving CO2 emissions 
 
Be able to quantify  the CO2 savings 
of remanufactured products 
•  Implemented annual 
employee satisfaction survey
•  Installed solar panels at  
factory in Poland
•  2.6% reduction in scope 2 
emissions 
•  New e-learning platform  
for business ethics and  
anti-corruption training
MILESTONES IN 2022
Borg Automotive’s ambitions for 2030
With its circular business model, Borg Automotive focuses on climate and the environment.  
The upward trend in GHG emissions softened despite higher growth rates, and the company  
is mapping emissions from products. Increasing employee satisfaction is another focal area, 
and annual employee satisfaction surveys are introduced in 2022.
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Borg Automotive
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Contents

Decoupling electricity consumption 
and growth
For Borg Automotive electricity consumption 
is the primary cause of GHG emissions, and 
strong business growth in recent years has 
previously also equalled a strong increase in 
electricity consumption. However, this trend 
was reversed in 2022 when Borg Automotive 
succeeded in decoupling growth in revenue 
from growth in scope 2 electricity consump-
tion, achieving a slight reduction from 8,314 
MWh in 2021 to 8,105 MWh in 2022 despite 
higher business activity. Altogether, energy 
consumption rose to 12,293, up from 11,408 
MWh in 2021, mainly due to the inclusion of 
mobile combustion.
GHG emissions in focus
As a direct consequence of the reduction in 
electricity consumption, Borg Automotive 
also succeeded in turning the trend of rising 
scope 2 GHG emissions. Despite business 
growth and major acquisitions, the company 
reduced scope 2 emissions by 2.6%, while its 
total emissions increased by 4.5% from 2021 
to 2022, which was satisfactory considering 
the fact that mobile combustion accounts for 
about 7% of total emissions. Looking at emis-
sion intensity, this figure dropped from 3.21 
CO₂e per DKK million to 2.53 CO₂e per DKK 
million, an impressive fall of 21%. As regards 
the company’s target of a 30% reduction in 
absolute emissions, the base year has not yet 
been recalculated following the acquisitions of 
TMI and SBS Automotive and the inclusion of 
mobile combustion. The recalculation of the 
base year will be made in 2023 as part of the 
Group-wide recalculation and will provide a 
better view of the company’s progress against 
the target.
Solar panel projects to unlock further 
reduction potential
An increased proportion of renewable energy 
will contribute further to the downward trend, 
and efforts to ensure more renewable energy 
gained momentum in 2022 with the decision 
to install solar panels at the two production 
facilities in Poland. The solar panels will gener-
ate about 100 MWh annually and contribute 
to reducing emissions from the company’s 
operations. 
In 2022, Borg Automotive started building a 
new head office at Funder, Silkeborg, and the 
building will be equipped with solar panels 
and a heat pump to be able to use the power 
for both electricity and heating purposes. The 
solar panels will be able to supply an esti-
mated 80% of the energy consumption in the 
new building.
Reduction of hazardous waste
Borg Automotive’s production mostly involves 
manual processes without strong chemicals 
or use of large amounts of energy and water, 
so remanufacturing therefore poses limited 
environmental challenges compared with the 
manufacture of original spare parts. 
Nonetheless, the company has been focused 
on reducing hazardous waste. Besides the 
health and safety aspects, it also makes 
good sense financially. One of the initiatives 
launched concerns the refilling of spray cans, 
which would normally end up as hazardous 
waste. In addition, the installation of new CNC 
machines has resulted in a reduction of metal 
waste. 
Life-cycle assessment project
A very important priority for Borg Automo-
tive is to be able to document, by means 
of life-cycle assessment, the reduction of 
resources and greenhouses gases achieved 
with remanufactured products compared to 
newly manufactured products. The focus is on 
avoided emissions related to a given product 
compared to the alternative newly manufac-
tured product which would typically be used 
instead. Independent external parties are in 
charge of calculations and documentation for 
the project, which is coming to a close. Borg 
Automotive expects to publish the LCA results 
for the remanufactured products vs. newly 
manufactured products in the course of 2023, 
documenting the environmental benefits 
achieved by remanufacturing spare parts. 
Environment
In 2022, Borg Automotive elaborated and further specified its strategy and action plan for all locations to achieve 
the ESG ambitions towards 2030. Concurrently, the company launched several significant initiatives,  
including a major LCA project to document the climate and resource impact of its products.
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Borg Automotive
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Schouw & Co.
Contents

New structured process to measure 
employee satisfaction
Employee wellbeing is a top priority for Borg 
Automotive. As part of the overall 2030 target, 
a new structured process has been launched 
to measure employee satisfaction. From 2023, 
employee satisfaction will be measured annu-
ally to ensure continuous follow-up. 
Active effort to reduce occupational 
injuries
In the base year 2020, the LTI frequency 
rate was 12.0 incidents per million working 
hours, while in 2021 it had been reduced to 
10.3 incidents. In 2022, the rate rose again, 
amounting to 12.1 incidents per million work-
ing hours. As the target of a 30% LTI frequency 
rate reduction by 2025 implies a rate of less 
than 8.4 incidents per million working hours, 
the situation in 2022 is regarded as unsatis-
factory. The incidents recorded were of a less 
serious nature, partly due to the introduction 
of rotation shifts at certain units so that some 
employees were working at new stations 
compared to what they were used to. Focus 
on preventive work will nonetheless increase 
further.
ISO 45001 certification
As part of the company’s preventive occupa-
tional safety activities, the production facilities 
in the UK was certified to the ISO 45001 
standard in 2022, and the certification of the 
occupational health and safety management 
system has further encouraged an active 
approach to employee health and safety.  
Employee initiatives across the 
business
The unit in the UK went from bronze to silver 
accreditation by Investors in People, an exter-
nal organisation that assesses companies, 
­during a two-day audit, against a range of 
social benchmarks related to culture, engage-
ment and in-house competencies. 
Another main initiative for employees was 
the construction of a brand-new building, 
complete with a canteen, changing rooms 
and common rooms at the production unit in 
Poland, improving the physical environment  
for employees. 
Monika Augustyniak, electro-mechanical technician, Zduńska Wola, Poland
Social
As production processes at Borg Automotive are mostly manual, employee welfare is a key focus area.  
Occupational health and safety as well as employee wellbeing are a top priority. A sustained effort is required,  
and activities in this area will be ramped up further going forward.
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Borg Automotive
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E-learning platform for anti-corruption 
training
The implementation of an e-learning plat-
form in Borg Automotive has resulted in more 
training of employees within business ethics, 
competition law, including anti-corruption, and 
it covers both new and existing employees. 
This ensures that all relevant employees receive 
training and understand what is required of 
them and what will not be accepted. Therefore, 
as of 2022, Borg Automotive is now able to 
report the proportion of relevant employees 
having confirmed their compliance with the 
company’s anti-corruption policy. In 2022 
the share is 99%, which is highly satisfactory, 
as this was the first year it was included as a 
reporting item.
Suppliers and value chain
Supplier audits were challenged once again 
due to the coronavirus situation, and the pro-
portion of suppliers that formally confirmed 
adherence to the company’s Code of Conduct 
was therefore 86% in 2022. As regards its 
value chain, Borg Automotive was awarded a 
bronze sustainability rating across the organi-
sation again in 2022 by EcoVadis. EcoVadis 
assesses companies’ performance within 
various social, environmental and governance 
areas and presents proposals for improvement 
that can be incorporated into future efforts.
Digitalisation and enhanced focus  
on IT security
In 2022, Borg Automotive focused strongly 
on upgrading IT security measures and on 
IT awareness to ensure that employees have 
the required skills to handle risks. In addition, 
Israel Mina, assembly operator, Pamplona, Spain
Governance
For Borg Automotive 2022, like 2021, was characterised by the integration of acquisitions 
and ensuring good governance structures across the organisation. Systems for handling 
anti-corruption, business ethics and responsible supply chain management are also being 
integrated on a continuous basis.
AC T I O N S  A N D  R E S U LT S 
digitalisation and implementation of new IT 
systems also provides opportunities for opti-
mising business operations further to achieve 
even greater efficiency. 
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Borg Automotive
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Contents

Revenue performance (DKKm)
2022
2021
2020
2019
2018
2,454
2,187
2,183
2,118
2,249
Fibertex 
Personal Care
Sustainable is Possible. 
We reimagine, reduce and 
reuse to enable  
future fit solutions for 
our industry
Geography
Head office in Aalborg, Denmark. Nonwovens 
manufacturing facilities in Denmark and 
Malaysia and printing facilities in Germany, 
Malaysia and the USA.
Ownership – past and present
Fibertex was founded in 1968 and acquired 
by Schouw & Co. in 2002. The Personal Care 
activities have been a part of Fibertex since 
1998 and were hived off as an independent 
portfolio business directly under Schouw & 
Co. in 2011.
Diapers, sanitary towels and incontinence 
products are typical necessities, that is, 
ar­ticles that are difficult to do without. In 
other words, demand for the products is 
relatively stable, and they are used all over 
the world. The general economic develop-
ments and gains in standards of living are the 
factors creating growth and expanding the 
market. Growth is strongest in Asia, where 
the adoption of disposable diapers manufac-
tured from nonwoven materials is significant-
ly lower than in Europe and the USA. Asia is 
also experiencing the biggest improvements 
in income and standards of living, and a 
significant increase in the use of nonwovens 
is expected in the region.
Nonwovens is a type of non-woven material 
made from plastics. It has a broad range of 
applications and is characterised by being 
light and soft, and it can be manufactured 
using less resources, including at lower 
costs, than other corresponding materials.
Among the world's ten largest manufacturers 
of nonwovens for personal care, Fibertex  
Personal Care has a global market share of 
over 5%. The company operates manufac-
turing facilities in Europe and Asia, as well 
as specialised print production facilities in 
Europe, Asia and the USA. The business 
stands out as a leader in innovation with 
a great focus on sustainability, including 
through the use of certified, reused and  
bio-based materials, the adoption of which 
 is expected to increase going forward.
Fibertex Personal Care is among the world's largest manufacturers of spunmelt  
nonwovens for the personal care industry, manufacturing mainly diapers, sanitary  
towels and incontinence products. Operations also include printing on nonwovens for 
the personal care industry. Both business areas offer customised solutions, and the 
products are subject to tough requirements in terms of safety, health and comfort.
Contents
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Fibertex Personal Care

Fibertex Personal Care procures polymer 
granulates, primarily polypropylene (PP) 
for its production units in Denmark and 
Malaysia.
The raw materials are processed by extru-
sion (heating) into long fibres, which are 
then sprayed onto a fast-moving belt where 
they are fused together by heat treatment 
to form a thin piece of nonwovens. 
The rolls of nonwovens are then cut and 
wrapped.
The finished rolls of nonwovens, with or 
without print, are shipped to customers 
through external logistics solutions via air, 
sea or road.
Fibertex Personal Care supplies multina-
tional customers in the hygiene industry 
with own brands and/or private labels. 
Customers use the nonwovens combined 
with other components to manufacture­ 
baby diapers, sanitary towels and incon-
tinence products. The products are dis-
tributed to consumers via supermarkets, 
public institutions or online distribution 
channels.
RAW MATERIALS AND PROCUREMENT
PROCESSING
LOGISTICS
PRINT
CUSTOMERS
In addition to printing on its own nonwovens, 
Fibertex Personal Care also offers to print on 
the products of other nonwovens manufac-
turers under its Innowo Print brand. 
Fibertex Personal Care has a relatively simple value chain, in which polymer granulates  
undergo an extrusion process to form thin pieces of nonwovens. They are used by  
multinational customers as materials in diapers, sanitary towels and incontinence products.  
Fibertex Personal Care’s value chain
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Fibertex Personal Care

Aspire to a future-proof  
organisation
 
Engage and develop our skills in  
a diverse and inclusive corporate 
culture – while working on  
occupational health and safety. 
Reduce GHG emissions 
 
Achieve zero emission from energy 
use in operations.
Enable customers to reduce their 
products’ GHG footprint by 25% 
through material innovation.
Responsible business  
principles
 
Take responsibility through  
comprehensive requirements and 
strong governance procedures in 
our businesses and in the value 
chain we are a part of.
•  31% reduction in GHG  
emissions from operations
•  17% renewable electricity
•  260 tonnes of ISCC Plus 
certified nonwovens sold
•  2,300 MWh renewable  
electricity generated by own 
solar panel plant
•  E-learning programme in 
cyber security completed
MILESTONES IN 2022
Fibertex Personal Care’s ambitions for 2030
Under its slogan ‘Sustainable is Possible’, Fibertex Personal Care has developed ambitious 
ESG targets. In 2022, the company reduced GHG emissions from in-house production 
by 31% and sold 260 tonnes of nonwovens from certified bio- or circular plastics.
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Fibertex Personal Care

In Denmark alone, energy optimisation pro-
jects delivered an overall reduction, estimated 
at up to 2,500 MWh annually, or 5% of the 
facility’s total energy consumption. The com-
pany mainly uses electricity in the manufac-
turing process, but also a certain amount of 
natural gas, so prompted by surging prices in 
2022, a system will be installed in 2023 that 
makes it possible to switch between electricity 
and natural gas. This ensures more flexibility 
and improved reliability of supply, while poten-
tially reducing GHG emissions.
More renewable energy 
Fibertex Personal Care has introduced a host 
of other initiatives to reduce GHG emissions. 
In 2021, a solar panel system was put into 
operation at the factory in Nilai, Malaysia, 
and in 2022, the installation of a second solar 
panel system commenced – this time at the 
factory in Sendayan, Malaysia. The system will 
be operational in 2023 and will be able to gen-
erate about 2,100 MWh annually, so the two 
systems together will subsequently be able to 
generate an aggregate 4,500 MWh annually, 
equal to about 4.5% of the total electricity 
consumption by the sites in Malaysia. Energy 
consumption in the production of nonwovens 
is high, however, so these on-site installations 
have to be supplemented by additional sup-
plies of renewable energy. In 2022, renewable 
energy certificates (RECs) were purchased, 
which guarantee that renewable energy is 
delivered elsewhere to the electricity grid 
corresponding to approximately 30% of the 
annual consumption of the production units in 
Malaysia.
Emission reduction of 31%
The energy supply in Malaysia is predomi-
nantly based on coal, and since more than 
half of Fibertex Personal Care’s production 
takes place in Malaysia, the impact on total 
GHG emissions is substantial. Fibertex Per-
sonal Care’s total GHG emissions decreased 
considerably in 2022, down from 84,314 
tonnes in 2021 to 58,118 tonnes of CO₂e in 
2022, or by 31%, as a result of the change to 
renewable electricity. The decrease reflects 
the company’s journey towards zero emis-
sions from energy consumption for produc-
tion by 2030.
Fibertex Personal Care produced about 
126,500 tonnes of nonwovens in 2022, which 
was a fall on the year before. A lower level of 
activity made it difficult to maintain efficient 
operations and, as a result, energy intensity, 
i.e. energy consumption per tonne of nonwo-
vens produced, rose from 1.35 MWh/tonne to 
1.37 MWh/tonne. 
Emission intensity, on the other hand, meas-
ured per tonne of nonwovens produced, 
dropped markedly due to the increased 
amount of renewable energy and came to 0.46 
tonnes of CO2e per tonne of nonwovens pro-
duced in 2022, against 0.60 tonnes of CO2e 
per tonne in 2021. 
First major orders for ISCC Plus 
certified products
With a plastic-based product, there is a strong 
focus on sustainability when sourcing raw 
materials and the impact throughout the value 
chain. Back in 2019, Fibertex Personal Care 
gained ISCC Plus certification, the first manu-
facturer of nonwovens in the world to do so. 
ISCC is short for International Sustainability 
and Carbon Certification, and ISCC Plus is an 
ambitious supply chain certification ensur-
ing increased use of recycled and bio-based 
materials. 
Efforts to commercialise products with the 
certification have been ongoing since 2020, 
and in 2022, the first large orders for an aggre-
gate 260 tonnes were delivered. Apart from 
the work on using more certified recycled and 
bio-based materials, Fibertex Personal Care 
started a project to prepare an overall baseline 
for its scope 3 emissions, which is expected to 
be completed in the course of 2023.
Waste reduction and product  
optimisation
Waste reduction is a high priority for Fibertex 
Personal Care, and the conditions for using 
waste either for its own production of new 
products or for recycling through external 
business partners are good. A large-scale 
waste reduction programme was launched 
in 2019 at the Danish factory and has since 
resulted in a reduction in discarded waste 
volumes of no less than 40%, thus benefiting 
both resource consumption and earnings. 
Efforts are also made to minimise the amount 
of new plastics used by the factories relative 
to the amount of finished goods produced. 
Downgauging is an example of this, which 
means reducing the consumption of raw 
materials per square metres of nonwovens 
without compromising product properties. 
Today, lightweight products are produced, 
using for example 10 grammes of raw material 
per square metres of finished product, and if 
this can be reduced merely to 9 grammes of 
raw material per square metres, total resource 
consumption will be significantly reduced, 
which will in turn cause a solid reduction in 
scope 3 emissions.
.
Environment
2022 was a year of turbulence and uncertainty. Fibertex Personal Care consumes a large amount of energy  
and was therefore considerably affected by the energy crisis. Consequently, the company focused on optimising 
its energy consumption, for instance by smarter energy use without compromising product quality. 
AC T I O N S  A N D  R E S U LT S 
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Fibertex Personal Care

Work is ongoing across the organisation, 
involving all employees, so as to position the 
company for future requirements. In 2022, the 
company worked on concrete actions plans 
and targets as well as policies and procedures. 
New ELM system
To ensure the consistent treatment onboard-
ing of all new employees as well as good 
processes when employees leave (offboard-
ing), Fibertex Personal Care has developed 
and implemented its own enterprise learning 
(ELM) system. That way, department manag-
ers and the HR department have a tool for 
creating more dialogue about the processes 
and focusing on effective onboarding to retain 
new employees and boost their productivity 
and engagement. The system has facilitated 
GDPR compliance and contributed to greater 
transparency, better task management and 
improved digitalisation for the company in 
relation to its employees.
Employee health
Fibertex Personal Care has for several years 
offered local health insurance and health 
checks to its employees at all production sites 
and has, in the past few years, introduced 
a more holistic approach and preventive 
measures. Employees in Malaysia have had 
extensive health insurance, as public services 
in this area are limited. Until 2019 this was 
an isolated employee benefit that included 
doctors’ visits, examinations and medical 
expenses up to a certain limit. 
In 2022, the company introduced a new and 
comprehensive health programme, AIA Vital-
ity, consisting of three elements: a general 
health check, information on healthy exercise, 
dietary and sleeping habits and rewards for 
achievements.
Continuous audit process
A third-party audit was conducted in 2022 
as a follow-up on the audit in late 2021. Once 
again, the audit was conducted according 
to the recognised SMETA (SEDEX Mem-
bers Ethical Trade Audit) audit format, which 
covers all aspects of supplier and supply-
chain responsibility including environmental 
protection, occupational health and safety, 
labour conditions and business ethics. In this 
connection, certain risks were identified with 
Social
In the social area, the overall ambition of Fibertex Personal Care is to strengthen and develop the 
organisation so the company will be capable of handling future requirements to work in accordance 
with a sustainable and inclusive mindset.
AC T I O N S  A N D  R E S U LT S 
Helle Rønne Petersen, laboratory technician, Aalborg Denmark
business partners in 2021. These have now 
been addressed and the observations were 
closed in connection with the follow-up audit 
in 2022.
Diversity
In the diversity area, Fibertex Personal Care 
prepared a new diversity policy, setting a 
target of at least 25% women in the top man-
agement body and 40% at other management 
levels by 2025. 
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Fibertex Personal Care

Cases: Fighting food waste at the factory in Malaysia
Malaysia’s population is growing rapidly 
and is already close to 33 million people. 
A growing population means increasing 
waste volumes, and total waste volumes 
now amount to more than 38,000 tonnes/
day, food waste alone accounting for 
17,000 tonnes/day. These figures are 
expected to rise in the coming years. 
To be part of the solution to this problem, 
Fibertex Personal Care installed its own 
composting plant at the factory in Malay-
sia, so that food waste is no longer taken 
to a waste disposal site, but converted to 
compost that can be used for growing a 
variety of crops. The composted soil was 
initially given to employees for their own 
use, but a number of partnerships were 
soon established with local farmers and 
gardeners, who now receive soil free of 
charge for growing crops and planting 
trees.
Focus on cyber security 
2022 was characterised by an extensive 
revision of the company’s Code of Conduct 
for employees. GDPR and business ethics 
are covered in the updated Code of Conduct 
and have also been included as themes in 
a common e-learning system, which will be 
introduced in 2023. A new initiative, a cyber 
security e-learning programme, was com-
pleted by all relevant employees and dealt with 
the risks related to phishing and other types of 
online crime.
Supplier chain 
In relation to its suppliers, Fibertex Personal 
Care’s due diligence system consists of a 
Supplier Code of Conduct that addresses 
relevant themes related to human rights, child 
labour, forced labour, etc. The share of suppli-
ers who signed the Code of Conduct in 2022 
increased to 99%, from 95% in 2021, which is 
highly satisfactory considering the supplier-
base. 
As a result of the SMETA audits conducted in 
2021 and 2022, certain risks at external busi-
ness partners relating to social issues in the 
supplier chain were identified and remedied. 
EcoVadis silver medal
In 2021, Fibertex Personal Care registered its 
five production units on the EcoVadis collabo-
ration platform, and they all received their first 
ratings in 2022. EcoVadis is an independent 
assessment agency that evaluates, rates and 
ranks companies’ sustainability performance 
on a global basis, with all members receiv-
ing an annual performance rating. Fibertex 
Personal Care’s units all received impressive 
silver medals for their corporate responsibility 
performance. The ratings came with a cata-
logue of improvements which the company 
will consider in its future efforts. 
Governance
In the governance area, Fibertex Personal Care has 
been working with GDPR and business ethics in general, 
and also increased its focus on cyber security in 2022.
AC T I O N S  A N D  R E S U LT S 
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Fibertex Personal Care

Revenue performance (DKKm)
2022
2021
2020
2019
2018
1,574
1,705
1,791
1,814
2,060
Fibertex 
Nonwovens
We pioneer and 
innovate the way  
industries work  
with nonwovens and  
performance materials
Market  
In cars, the material contributes to reduc-
ing weight and thereby reducing carbon 
emissions, but nonwovens is also used as 
an acoustic fabric, as it absorbs sound and 
thereby increases comfort. Through innova-
tion and new products, the use of nonwovens 
in cars has increased significantly in recent 
years, and today, many new cars contain 
about 30 square metres of nonwovens. 
Nonwovens are also used in construction, 
contributing to prolonging the life of roads 
and bridges, and as filtration solutions,  
because the material can be used to con-
struct energy-efficient liquid and air filter 
solutions in cars, for industrial filtration and 
 in ventilation systems, for example.  
Fibertex Nonwovens is among the world’s leading manufacturers of specialised  
nonwovens. Nonwovens is fibre sheets produced on high-tech processing facilities  
with various purpose-specific post-processings. The processed materials have a  
broad range of different applications, including, among other things, in cars, in the  
construction industry and for filtration solutions. They are also used in the healthcare  
sector as disposable wipes, for example.
In the disposable wipes segment, nonwovens 
form part of products for industrial cleaning 
and as part of disinfection solutions for  
the healthcare sector, for which Fibertex 
Nonwovens supplies a number of products, 
including special-purpose disinfectant wipes. 
Customers demand sustainable solutions, 
and thanks to new technology, Fibertex 
Nonwovens is able to produce wipes from 
non-synthetic fibre, replacing the use of  
synthetic fibre. Recently, Fibertex Nonwovens 
has launched a range of products based  
on organic cotton for use in, for example, 
sanitary towels and skin care products.  
Fibertex Nonwovens increasingly manufac-
tures circular solutions, and the company 
aims to increase the proportion of recycled 
plastics in production, which means using 
much fewer resources and lowering green-
house gas emissions substantially. 
Geography
Head office in Aalborg, Denmark. Produktion 
i Danmark, Frankrig, Tjekkiet, Tyrkiet, USA, 
Sydafrika og Brasilien.
 
Ownership – past and present
Fibertex was founded in 1968 and acquired 
by Schouw & Co. in 2002. The company 
previously included the Personal Care activi-
ties, which were hived off as an independent 
portfolio company in 2011. 
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Fibertex Nonwovens

RAW MATERIALS AND PROCUREMENT
PRODUCTION
LOGISTICS
CUSTOMERS
Fibertex Nonwovens’ value chain
Fibertex Nonwovens manufactures special-purpose nonwovens produced on high-tech 
processing facilities. Nonwovens have a broad range of applications, for which the material 
provides unique properties, and it can form part of an end product or be integrated in a  
customer’s manufacturing process.
Fibertex Nonwovens produces non-
wovens from fibres made from various 
materials, such as polypropylene, viscose, 
recycled and new polyester and cotton. 
The company uses additives to give the 
materials certain unique properties.
Fibertex Nonwovens applies three main 
technologies in manufacturing nonwovens 
for high-tech processing facilities: needle 
punch, spunlace and thermal bonding. 
In the needle punch process, fibres are 
carded, intertangled and needled together, 
while the spunlace technology uses high-
speed jets of water to entangle the fibres. 
Thermal bonding is a process to melt the 
fibres together. In addition, nonwovens can 
also be put through various post-process-
ings, including heat, impregnation, coating 
and lamination. 
Fibertex Nonwovens uses external part-
ners to transport finished materials to 
customers.
Fibertex Nonwovens’ products can be 
used in many different applications, e.g. 
for cars, filtration, composites, wipes and 
for construction, and are sold to many dif-
ferent customer groups worldwide. 
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Fibertex Nonwovens

Fibertex Nonwovens’ ambitions for 2030
Fibertex Nonwovens is working systematically and actively to deliver on its ESG targets. In 2022, 
the company succeeded in reducing the LTI frequency rate by close to 50%, in cutting down total 
GHG emissions, and in growing the share of renewable electricity. 
Nurture the well-being  
of employees in a highly  
motivational environment
 
Support individual development 
and focus on diversity  
Secure a healthy and safe  
environment through knowledge 
sharing and the implementation  
of best practices
Benchmark for environmental 
footprint reductions 
 
 
 
Reduce cradle to gate GHG  
emissions by 20%* 
Increase sustainable** content  
by 25%*
 
*Baseline 2020 
**Defined as recycled, bio-based or 
biodegradable
 Innovate to facilitate  
sustainability
 
Develop next-level products to  
create sustainable solutions 
Establish closed loop systems with 
suppliers and customers through 
strong partnerships
•  LTI frequency rate nearly 
halved
•  8% reduction in total GHG 
emissions 
•  13% renewable electricity
•  ISO 45001 certification of 
facility in Turkey
•  New system for supplier 
screening and risk assess-
ment
•  Introduction of disinfectant 
wipes from non-synthetic 
materials 
MILESTONES IN 2022
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Fibertex Nonwovens

Environment
Production of nonwovens is a resource-intensive process, in terms of both raw materials and energy.  
Accordingly, Fibertex Nonwovens was affected by the rising costs of energy, freight and materials in 2022.  
The energy crisis, prompted by the war in Ukraine, further escalated the situation.
AC T I O N S  A N D  R E S U LT S 
Energy-saving projects 
Amid the energy crisis and surging prices, 
various options have been explored to 
increase production line capacity without a 
corresponding rise in energy consumption. 
One example was the completion of a capacity 
upgrade project in 2022 concerning a produc-
tion line at the facility in North America, with 
an estimated capacity increase of 60-80%. At 
full utilisation of the production line, this could 
deliver a reduction in energy consumption 
of up to 25-35% per unit produced. Fibertex 
Nonwovens also introduced a large-scale 
energy-saving project, and all production 
units were screened for initiatives to achieve a 
reduction in energy consumption. 
One example of an initiative already launched 
in the production unit in Denmark is a project 
to ensure more efficient transmission of heat 
from the heat rollers to the products during 
production. With this efficiency upgrade, 
an energy-intensive part of the production 
process can now be left out without compro-
mising product properties. At the production 
line concerned, it has resulted in estimated 
annual savings of 530 MWh, equal to 17% of 
the total energy consumption of the produc-
tion line. Fibertex Nonwovens is now assess-
ing what other lines may have a similar savings 
potential.
While production ran efficiently with high utili-
sation rates early in the year, demand plunged 
in the second half, causing lower efficiency 
and, by extension, lower utilisation of energy in 
operations. Energy intensity per tonne of non-
wovens produced rose slightly from 2.17 to 
2.26 MWh per tonne of nonwovens produced. 
Fibertex Nonwovens is highly dependent on 
having as few stoppages as possible and a 
high level of capacity utilisation to be able 
to operate with minimum energy consump-
tion in production. As the volumes produced 
were slightly lower in 2022, absolute energy 
consumption dropped to 156,766 MWh, from 
160,938 MWh in 2021.
More renewable energy leads to lower 
GHG emissions
Fibertex Nonwovens has started the transition 
towards more renewable energy. In Brazil, the 
the company acquired International Renew-
able Energy Certificates (I-RECs) correspond-
ing to all of the electricity use at the site, 
resulting in a total share of renewable electric-
ity purchased of 13%. Combined with the 
decrease in energy consumption, this change 
led to a reduction in total GHG emissions for 
Fibertex Nonwovens from 40,434 to 37,142 
tonnes of CO2e, equivalent to 8%. 
To keep up the momentum, preliminary 
surveys were made in 2022 for the installa-
tion of solar panel systems at a number of the 
European production sites. Clarification will 
follow in the course of 2023. 
Waste and spillage
With continuous production processes, spill-
age and waste management are important 
environmental parameters. In 2022, a project 
was completed that resulted in even better 
sorting of production waste than previously, 
allowing the waste to be returned to the sup-
plier for regranulation and used as recycled 
material in its own production of fibres. 
Previously, the share of this type of waste 
sent for regranulation was 4-5%, but thanks 
to improved waste sorting, this share may be 
increased to 6-8% going forward. 
Emissions in the value chain
Fibertex Nonwovens’s production involves 
significant emissions related to electric-
ity consumption, but the full picture of both 
impact and reduction potential only emerges 
when factoring in the broader value chain; for 
example, by switching to recycled material 
or by cutting down the aggregate amount of 
plastics in the end product. 
In 2022, Fibertex Nonwovens launched a 
project with the Danish Technological Institute 
intended to produce so-called Environmental 
Product Declarations (EDP) for a number of 
product groups. This includes making specific 
life-cycle assessments, and thus ­neutral 
documentation of the products’ climate and 
environmental impacts.
New water treatment plant to reduce 
water consumption
Fibertex Nonwovens applies three main 
technologies in manufacturing nonwovens: 
needle punch, spunlace and thermal bond-
ing. Spunlacing is a process that employs 
high-speed jets of water to entangle fibres, so 
the company’s water consumption in relation 
to this is substantial. It increased in 2022 due 
to falling demand, because the water tanks 
are emptied at each production stop and then 
refilled, which occurred more frequently in 
2022 than in previous years.
At the French production site, it was decided 
in 2022 to install a new water treatment plant, 
which will improve water treatment and poten-
tially also reduce water consumption going 
forward. The plant is scheduled to be installed 
in 2023. 
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Fibertex Nonwovens

Social
In 2022, Fibertex Nonwovens focused systematically on reducing the 
number of occupational injuries in order to deliver on its commitment  
to strengthen employee health and safety. An effort that has produced 
results already and which will continue in the coming years.
AC T I O N S  A N D  R E S U LT S 
LTI frequency rate nearly halved
A top priority for Fibertex Nonwovens in 2022 
was to bring down the lost-time injury (LTI) 
frequency rate. The company has worked hard 
on measures to reduce the number of injuries 
and associated absence. The sustained focus 
and hard work are clearly reflected in the LTI 
frequency rate, which was reduced from 19.0 
incidents per million working hours in 2021 
to 9.9 incidents in 2022. This is close to a 
50% reduction and extremely positive, though 
efforts to further reduce the frequency rate will 
continue.
Driving this positive trend were several 
initiatives, including extensive and improved 
knowledge sharing and the implementation 
of best practice in the area. Focus has been 
on corporate culture and mindset, to ensure 
that safety is embedded in all activities, as 
well as on preventive work. Moreover, the LTI 
frequency rate is reviewed for all production 
units as part of the management evaluation 
so management is involved and all employees 
can clearly see it is a high-priority area.
ISO 45001 certification in Turkey
As a further initiative in the field of occupa-
tional health and safety, Fibertex Nonwovens 
obtained certification of its occupational 
health and safety management system to the 
ISO 45001 standard for the production unit 
in Turkey. Working with culture and mindset is 
an ongoing focus area to ensure that safety is 
embedded in all activities. 
Human rights
Fibertex Nonwovens supports and respects 
internationally recognised human rights, 
including the Ten UN Global Compact prin-
ciples, which are an important part of the 
company’s commitment to social responsibil-
ity and key to its relations with employees, 
business partners and general society. For 
this purpose, Fibertex Nonwovens has a Code 
of Conduct for its employees and a Supplier 
Code of Conduct addressing external busi-
ness partners. 
Heightened focus on diversity
Fibertex Nonwovens is an international busi-
ness where diversity activities are ongoing, but 
in 2022 the company stepped up its efforts to 
secure equal opportunities for all employees 
regardless of their background. This resulted 
in the preparation of a diversity policy, includ-
ing targets, for implementation in 2023. The 
share of women in senior management has 
already been increased to 16% in 2022, from 
11% in 2021.The increase was due to a new 
appointment. 
 
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Fibertex Nonwovens

Fibertex Nonwovens is working continuously 
with new innovative solutions within non­wovens. 
2022 saw the launch of the first pro­duct using 
a new patented technology – Fibertex QUAT-
Release™. Thanks to this technology, it is now 
possible to produce disinfectant wipes based 
on viscose, which is a bio-based material and an 
alternative to the synthetic fibres normally used. 
Until now, natural fibres could not be used in the 
dis­infectant wipe market due to the binding of 
the quat compound in the disinfecting agent to 
the natural materials. 
This binding prevents the release of the agent 
and markedly reduces the disinfecting effect, 
which is why disinfectant wipes have been 
produced from synthetic materials only. With 
the new QUATRelease™ technology, Fibertex 
Nonwovens has discovered the formula for 
producing bio-based disinfectant wipes that 
can release much larger amounts of the dis-
infecting agent to the surface than alternative 
bio-based materials. 
Case: Wipes from bio-based 
fibres 
Governance
A new global system for supplier evaluation and a new common  
e-learning system were introduced as part of ongoing efforts  
to ensure a common framework and uniform structures and  
processes across the organisation.
AC T I O N S  A N D  R E S U LT S 
Anti-corruption guidelines
Fibertex Nonwovens has an internal Code of 
Conduct applying to employees that covers 
general business ethics and guidelines for 
fighting corruption. In 2022, it was decided 
to update the internal Code of Conduct. This 
will take place in 2023 and be implemented 
across the organisation. Also, the company 
changed its e-learning system, integrating 
the former separate system into the common 
system already used across the organisation. 
Again in 2022, 100% of relevant employees 
formally confirmed their compliance with the 
guidelines.
Responsible supply chain management
A new global system for supplier evaluation 
that includes ESG ratings of suppliers was 
introduced in 2022, thus ensuring a follow-up 
on the requirements laid down in the Supplier 
Code of Conduct. The system ensures that 
all production units apply the same method 
and provides an overall risk assessment of 
suppliers based on a common systematic 
approach. The risk assessment and the asso-
ciated rating are based on a large number 
of ESG parameters against which suppliers 
are screened, and thus also covers general 
human rights, labour rights, environmental 
aspects and general governance. This is a 
central element of general due diligence in 
the supplier chain. 
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Our businesses
Statutory reporting
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Schouw & Co.
Contents

ESG data overview
ESG 
Data overview
At Schouw & Co., ESG reporting is an area that is constantly evolving as both Schouw & Co.’s 
and general reporting practices gradually mature. In 2020, the Group introduced a new  
common frame of reference inspired by Nasdaq’s ESG Reporting Guide 2.0 and defined a  
common set of performance indicators across the E, S and G criteria. Until the new common 
EU reporting standard is introduced, these performance indicators will serve as the basis  
for Schouw & Co.’s ESG reporting.
50	
Environmental reporting 2022
52	
Social reporting 2022 
54	
Governance reporting 2022
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Environmental reporting 2022
BioMar
GPV
HydraSpecma
Borg 
Automotive
Fibertex 
Personal Care
Fibertex 
Nonwovens
       Group
 
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Revenue (DKKm) 
17,861
13,300 
5,923
3,191
2,536
2,315
1,815
1,368
2,454
2,249
2,060
1,814
32,637
24,219
Alternative business-specific output scaling factor (tonnes)
Feed 
n/a
n/a
n/a
n/a 
n/a
n/a
Nonwovens and print 
Nonwovens and fibre
n/a
n/a
1,497,143
1,480,026
n/a
n/a
n/a
n/a
n/a
n/a
126,546
140,910
69,254
75,254
n/a
n/a
Total greenhouse gas emissions (tonnes CO2e) 
66,918
72,403 
14,080
9,860 
4,443
1,906
4,594
4,395 
58,118
84,314
37,142
40,434
185,340
213,331
  Scope 1 (tonnes CO2e) 
59,056
64,805 
1,417
773
602
363 
931
634 
5,015
4,288
12,966
13,174 
80,014
84,036
  Scope 2 market-based (tonnes CO2e) 
7,862
7,598 
12,663
 9,087
3,841
1,544
3,663
3,761 
53,104
80,026 
24,177
27,260
105,326
129,295
  Scope 2 location-based (tonnes CO2e) 
25,423
25,258
12,974
9,270
3,441
1,544
3,672
3,761
69,446
80,026
25,353
27,260
140,329
147,148
  Total greenhouse gas emissions per DKK million revenue
3.75
5.44
2.38
3.19
1.59
0.8
2.53
3.21
23.68
37.49
18.03
22.29
5.7
8.8
  Total greenhouse gases per alternative scaling factor
0.04
0.05
n/a
n/a
n/a
n/a
n/a
n/a
0.46
0.60
0.54
0.54
n/a
n/a
Total energy consumption (MWh)
407,030
417,265 
42,049
27,402
12,346
14,637
12,293
11,408
172,939
190,175
156,766
163,398
803,745
824,506
  Direct energy consumption, scope 1 (MWh)
260,753
282,448 
5,698
3,243
1,711
1,713
4,187
3,094
22,737
23,223
63,494
64,513
358,688
378,235
Indirect energy consumption, scope 2 (MWh)
146,277
134,817 
36,351
24,158
10,635
12,924
8,105
8,314
150,202
166,952
93,271
98,885
445,058
446,271
  Total energy consumption per DKK million revenue (MWh)
22.79
31.37
7.10
8.59
4.87
6.32
6.77
8.34
70.47
84.56
76.10
90.08
24.63
34.0
  Total energy consumption per alternative scaling factor (MWh)
0.27
0.28
n/a
n/a
n/a
n/a
n/a
n/a
1.37
1.35
2.26
2.17
n/a
n/a
Share of renewable electricity
35%
33%
7%
4%
9%
0% 
0%
 0%
17%
0% 
13%
0% 
21%
10%
Total water consumption (m3)
596,682
662,133 
112,268
97,534 
13,276
10,813 
22,667
 21,916
170,987
188,933 
261,126
181,907 
1,177,187
1,163,416 
The company adheres to a formal environmental 
policy
The company adheres to a specific waste, energy 
and/or recycling policy
The company uses a recognised energy manage-
ment system
n/a
n/a
The Board of Directors monitors and/or manages 
climate-related risks
Senior management monitors and/or manages 
climate-related risks
Parent company included in Group 
figures
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Statutory reporting
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ESG data overview

Environmental reporting 2022 
Comments 
Energy consumption 
2022 was a year of great uncertainty and 
turbulence, especially with respect to energy, 
as the war in Ukraine accelerated the rise in 
energy costs. Several of the businesses have 
launched energy-efficiency measures which, 
combined with lower volumes produced by 
the Fibertex businesses, resulted in a 2.5% 
decrease in the Group’s total energy con-
sumption, down from 824,506 MWh in 2021 
to 803,745 MWh in 2022. 
GHG emissions
The Group's total scope 1 and 2 GHG emis-
sions fell by 13% from 213,331 tonnes of CO₂e 
in 2021 to 185,340 tonnes of CO₂e in 2022. 
The reduction was due to a number of initia-
tives and factors. Firstly, the share of electricity 
purchased from renewable sources in Fibertex 
Personal Care increased significantly to 17% 
in 2022, primarily in Malaysia, where energy 
supply involves particularly high emissions. 
Scope 2 emissions of this company were 
reduced by 34%. BioMar also reported lower 
GHG emissions, which were achieved through 
a reduction of scope 1 emissions, mainly due 
to the change from diesel to natural gas in 
Chile and general efficiency improvements 
in its use of gas. GHG emissions of the other 
businesses increased in 2022, partly as a 
result of GPV’s acquisition of Enics. Further-
more, mobile combustion is now included 
in the calculation, which accounts for a not 
insignificant share in Borg Automotive and 
HydraSpecma. 
Alternative business-specific output scaling 
factor: Three Group companies apply an alternative 
business-specific output scaling factor to express 
production volumes. For these companies, the factor 
is calculated on the basis of actual volumes produced, 
including sub-processes, which the companies use in 
their own processes and not on the basis of volumes 
sold. This is because energy consumption, and by 
extension GHG emissions, are determined by the 
volumes produced.
Energy consumption and GHG emissions
Scope 1: Reporting on scope 1 energy consumption 
and greenhouse gases is based on the GHG Protocol. 
Scope 1 covers direct emissions from owned or con-
trolled sources, typically from combustion of gas, die-
sel or the like. Consumption data have been collected 
across the companies. For all large sites, figures were 
calculated based on data on purchases. Consumption 
figures are multiplied by emission factors obtained 
using the GHG Protocol calculation tool for stationary 
and mobile combustion and then translated into CO2 
equivalents using GWP factors. 
The 2022 figures now include mobile combustion. 
In accordance with IFRS, vehicles owned and leased 
vehicles capitalised in the balance sheet are included 
in scope 1. The companies collect consumption data 
on the basis of either fuel consumption or distance, if 
no data is available on the former. Energy consump-
tion is calculated on the basis of the lower combustion 
value and added to total scope 1 consumption. The 
GHG Protocol calculation tool for mobile combustion 
is then used to translate the consumption into CO₂ 
equivalents. For hybrid and electric vehicles, electricity 
consumption data are collected, the figure is multiplied 
by emission factors for the vehicle’s country of regis-
tration and the result added to scope 2 consumption.
Scope 2: Reporting on scope 2 energy consumption 
and emissions is based on the definition set out in the 
GHG Protocol. Scope 2 covers indirect emissions from 
electricity, district heating or cooling purchased from 
other sources. Consumption data is gathered for the 
businesses from energy bills and similar documents 
for the purpose of calculating the energy consumption. 
For minor, less significant sales units, consumption is 
estimated based on an OECD standard factor per FTE, 
which is added to the data reported.
The Group reports according to both the market-
based and the location-based approaches. The 
market-based approach reflects emissions from 
the purchase of energy and is linked to the financial 
products and agreements on which the purchases 
are based. These are verified against the quality 
criteria of the GHG Protocol described in the Scope 
2 Guidance. The location-based approach is based 
on the actual grid to which factories are connected 
and mainly uses the latest IEA emission factors, while 
more specific regional emission factors are obtained 
for some sites. The market-based approach is used 
for calculation purposes and in relation to targets.
Energy intensity and emission intensity: Energy 
intensity is a measure of energy consumption relative 
to a measure of activity. Two different scaling factors 
are applied. Energy intensity based on revenue is 
defined as total energy consumption in scopes 1+2 in 
MWh divided by DKK million of revenue. Energy inten-
sity based on alternative scaling factors is applied 
for three Group companies where it is meaningful to 
measure the ratio of energy consumption to volumes 
produced. Here, total energy consumption in scopes 
1+2 in MWh is divided by the volumes produced, and 
the intensity measure thus shows energy consump-
tion per tonne of volumes produced.
The same applied to emission intensity, where total 
GHG emission in tonnes of CO2e (market-based) are 
divided by either total DKK million of revenue or the 
alternative scaling factor in tonnes. The unit for emis-
sion intensity is thus tonnes of CO2e per DKK million 
of revenue or tonnes of CO2e per tonne of volumes 
produced.
Share of renewable energy The share of renew-
able energy is calculated as the share of purchased 
energy (scope 2) if satisfactory certificates matching 
an emission factor of 0 for the specific electricity 
consumption are available. 
 
Water consumption: Water consumption data 
are gathered from sites through meter readings and 
invoices. For minor sites that are not considered sig-
nificant, consumption is estimated using a standard 
factor per FTE. 
HydraSpecma reported markedly higher GHG 
emissions for 2022, a large part of the expla-
nation being an improved data basis and more 
precisely calculated emissions from several 
production units. 
In 2023, a recalculation will be made of the 
base year (2020) as a result of the significant 
additions, including mobile combustion, and 
this will provide a better basis of comparison 
against the targets. However, in 2022 the 
Group had reduced emissions by an aggre-
gate 17% since 2020, which is the base year 
for the target of a 35% reduction by 2030. This 
percentage is expected to increase following 
the recalculation.
Share of renewable electricity
In 2022, the share of renewable electricity 
increased to 21%, up from 10% in 2021. The 
primary reason was the purchases of renew-
able energy certificates (RECs) by Fibertex 
Personal Care in Malaysia, Fibertex Nonwo-
vens in Braxil and HydraSpecma in Denmark.
Water consumption
Total water consumption increased by 1%. 
Fibertex Nonwovens’ consumption of water 
grew substantially, up by 44% due to less effi-
cient production, as stoppages or prolonged 
downtime require water tanks to be refilled 
when production is resumed. At Group level, 
a large part of this increase was offset by a 
reduction in BioMar, whose water consump-
tion was nearly 10% lower than in 2021. 
Accounting policies
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Statutory reporting
ESG data overview
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ESG data overview

Social reporting 2022 
BioMar
GPV
Hydra Specma 
Borg 
Automotive
Fibertex 
Personal Care
Fibertex 
Nonwovens
       Group
 
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Employees
Average no. of employees (FTEs)
1,532
1,445
5,498
3,878
1,269
1,192
2,111
1,848
781
777
1,069
1,055
12,278
10,210
CEO total compensation relative to FTE average total compensation at group level 
62.4
60.0
Male average compensation relative to female average compensation
1.0
0.9
1.6
1.6
1.1
1.1
1.3
1.2
0.8
0.8
1.6
1.3
1.7
1.6
Employee turnover, full-time employees 
12%
10%
45%
41%
15%
12%
24%
14%
24%
13%
16%
14%
29%
23%
Employee turnover, part-time employees
16%
11%
2%
9%
3%
24%
4%
6%
12%
18%
15%
25%
3%
11%
Proportion of female employees 
22%
21%
59%
61%
21%
22%
37%
36%
16%
16%
24%
23%
41%
39%
Proportion of female employees in managerial positions
22%
20%
41%
34%
16%
16%
33%
26%
22%
25%
23%
23%
30%
25%
Proportion of female employees in senior management and executive-level positions
11%
8%
21%
17%
11%
11%
0%
0%
27%
25%
16%
11%
15%
12%
Proportion of part-time employees
3%
2%
20%
7%
3%
3%
3%
2%
2%
2%
1%
1%
11%
4%
Proportion of temporary workers (e.g. consultants or contractors) 
6%
7%
5%
4%
7%
18%
3%
3%
0%
0%
1%
1%
4%
6%
Health and safety
Number of fatalities
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Lost time injury frequency rate (LTIFR) (number per million working hours)
5.8
 5.3
0.7
2.0
6.1
7.9
12.1
10.3
9.1
7.0
9.9
19.0
4.7
6.4
Company follows a policy against discrimination and sexual harassment 
Company follows a health & safety policy
Company follows a policy against child and forced labour
The policy against child and forced labour also applies to suppliers and vendors
Company follows a human rights policy 
The human rights policy also covers suppliers and vendors
Parent company included in 
Group figures
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ESG data overview

Social reporting 2022 
Comments 
Lost time injury frequency rate
For the Group as a whole, the LTI frequency 
rate fell significantly from 6.4 incidents in 2021 
to 4.7 incidents per million working hours in 
2022. A large part of the reduction derived 
from Fibertex Nonwovens and GPV, both hav-
ing halved their frequency rate, which is very 
positive. In 2022, GPV had already achieved 
its 2025 target of less than 1 incident per mil-
lion working hours, while also HydraSpecma 
reduced the frequency rate quite considerably 
in 2022, to 6.1 from 7.9 in 2021.
Regrettably, the other companies reported 
increases in their LTI frequency rates. The 
incidents recorded were generally of a less 
serious nature, but additional measures have 
nonetheless been taken, including knowledge 
sharing concerning best practice between the 
companies.
Gender diversity at management level
The Group registers the gender composition 
in management and generally aims to improve 
the gender balance in order to utilise talent 
and skills in the best possible way. It is there-
fore positive to note that the proportion of the 
underrepresented gender, which at Group 
level is women, increased in 2022. The posi-
tive trend was recorded both in the share of 
women in management in general, which rose 
from 25% to 30%, and in the upper-most tiers 
of management, which rose from 12% to 15%. 
Accounting policies 
Full-time equivalents (FTEs): FTEs are calcu-
lated according to the principles used in financial 
reporting as the monthly average number of FTEs 
during the year.
LTIFR and fatalities: The total number of acci-
dents, defined as on-the-job accidents that result in 
an employee being absent from work for at least one 
day, not including the day of the accident. The LTI 
frequency rate is calculated per million working hours. 
Fatalities are defined as deaths caused by accidents 
on the job or during the performance of work related 
to the employment relationship. Figures are calculat-
ed based on working hours and number of accidents 
reported by the Group’s companies for the year.
CEO compensation relative to average com-
pensation at group level: Compensation paid to 
the CEO of Schouw & Co. compared with the average 
compensation paid to the employees of the Group is 
measured at group level only and based on data from 
the annual report.
Male average compensation relative to female 
average compensation: The average compensa-
tion paid to male employees compared with the  
average compensation paid to female employees.  
The average compensation is calculated based on  
the employees’ total salaries broken down by men  
and women.
 
Employee turnover: Employee turnover is defined 
as the share of employees leaving their jobs as a 
result of dismissal, resignation, internal job changes, 
old-age retirement, being employed with another 
company or death during the year out of the total 
average number of employees for the year. Figures are 
reported to the parent company at the end of the year.
Proportion of women in managerial positions: 
We measure the proportion of women forming part of 
the general group of staff, the proportion of women in 
managerial positions and the proportion of women in 
senior management and executive-level positions.
Managers are defined as persons having managerial 
responsibilities, while the uppermost tier of man-
agement is defined as persons in executive-level or 
senior management positions. These figures are also 
reported to the parent company at the end of the year.
Proportion of part-time employees and tempo-
rary workers: Part-time employees: employees who 
work less than full time. Temporary workers: employ-
ees who are not employed by us, but over and for 
whom we have operational control and have employ-
ment responsibility. They include temporary workers 
in production, summer staff, etc. These figures are 
also reported to the parent company at the end of the 
year. 
For BioMar, Fibertex Personal Care and 
Fibertex Nonwovens, the changes related to 
ordinary employee turnover or new appoint-
ments, while for GPV, it was also a result of 
the change in the management composition 
following the combination with Enics, which 
caused an increase in the share of women in 
management.
Employee turnover
The employee turnover rate generally 
increased at Group level, mainly driven by 
capacity adjustments and a labour market 
characterised by fierce competition for labour. 
This was particularly the case for GPV, which 
recorded a high employee turnover rate of 
45% in 2022. The rate also increased at Fiber-
tex Personal Care and Borg Automotive, both 
of which made certain capacity adjustments 
during the year. For the Group as a whole, the 
employee turnover rate rose from 22% to 29%.
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Contents
Statutory reporting
ESG data overview
Businesses
Schouw & Co.
ESG data overview

Governance reporting 2022
BioMar
GPV
Hydra 
Specma
Borg 
Automotive
Fibertex 
  Personal Care
Fibertex 
Nonwovens
Parent company
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Board of Directors
 
  Proportion of women on the Board of Directors
20%
20%
17%
0%
0%
0%
0%
0%
0%
0%
0%
0%
17%
17%
  Proportion of women on board committees* 
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
17%
33%
  Proportion of independent board members*
40%
40%
67%
50%
33%
17%
67%
67%
0%
0%
0%
0%
33%
33%
CEO is barred from serving as board chair
    Group
Whistleblower system
Total number of cases reported
10
5
Cases falling within the scope of the system
4
4
Cases leading to remedial/preventive action
2
0
Cases referred to an external body
0
1
The company adheres to a data protection policy
Suppliers are required to comply with a code of conduct
n/a
n/a
Proportion of suppliers which formally have confirmed their compliance with a code of conduct
100%
100%
62%
62%
60%
60%
86%
86%
99%
95%
92%
90%
n/a
n/a
The company adheres to a policy on anti-corruption and business ethics 
Proportion of relevant workforce which formally has confirmed its compliance with the policy
100%
-
100%
100%
100%
100%
99%
-
100%
100%
100%
100%
n/a
n/a
The company intends to release a sustainability report or an ESG report**
The company includes ESG data in statutory reporting
The company is focused on selected UN SDGs
Corporate income taxes paid (DKKm)
269
381
* Only includes members elected by the shareholders as calculated at the end of the year
** All businesses are subject to the Group’s ESG report
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ESG data overview

Governance reporting 2022
Comments 
Boards of Directors
Schouw & Co. has set a target of having at 
least one female shareholder elected board 
member elected on the Boards of Directors of 
the Group companies in the Danish reporting 
class C. BioMar achieved the target in 2021, 
recording 20% female representation. GPV 
achieved the target in 2022 with the establish-
ment of the new Board of Directors following 
the combination with Enics, bringing female 
representation to 17%. Also in 2022, one of the 
shareholder-elected members of the parent 
company’s board of directors was replaced, 
but the new member did not belong to the 
underrepresented gender, so the company’s 
Board of Directors is still composed of six 
members, of whom one was a women, cor-
responding to 17%. 
Responsible supply chain management
All Group companies generally work with 
due diligence systems. All companies have a 
Supplier Code of Conduct and measures the 
proportion of suppliers having confirmed their 
compliance with the Code of Conduct. For 
several of the Group companies, 2022 was a 
turbulent year with severe pressure on supply 
chains. The primary focus was therefore on 
securing supplies to customers and, con-
sequently, the proportion of suppliers that 
signed the Code of Conduct did not progress 
as much as in previous years. Considering the 
significant challenges faced, the stable devel-
opment is considered to be positive.
Accounting policies 
Board of Directors 
Diversity:  Proportion of female relative to male 
shareholder-elected board members for the ultimate 
portfolio businesses and the parent company. The 
figure was calculated at 31 December 2021. As there 
are no board committees in any of the businesses, the 
number of committee seats occupied by women is 
reported for the parent company only.
Independence as a board member: The number 
of independent board members (defined based on 
the definitions set out in the Recommendations for 
Corporate Governance) relative to the total number of 
members in the businesses and in the parent com-
pany.
Proportion of suppliers having formally  con-
firmed their compliance with a code of conduct: 
Measured according to the value of purchases from 
the suppliers. Approval is obtained if a supplier has 
signed the businesses’ own code of conduct or has 
its own policy or code of conduct which is consistent 
with the requirements of the businesses’ codes of 
conduct.
Anti-corruption: Measured on the size of the 
relevant workforce, i.e. typically management, sales, 
procurement and others with external-facing roles 
who have formally confirmed their compliance with 
the policy. Registration takes place by the individual 
businesses, which then report the data to the parent 
company.
Whistleblower scheme: The scheme applies to 
and data are reported for the Group as a whole. Data 
are classified as the total number of reports, cases 
falling within the scope of the system, cases that have 
resulted in preventive/corrective action and cases 
referred to external bodies. Reporting is based on 
the calendar year. Cases being reported during the 
calendar year will be included, but if they remain open 
in the following year, they will not be reported as pre-
ventive/corrective action or as having been referred to 
external bodies until the following year.
Data protection: Schouw & Co. has a group-wide 
data protection policy, which all businesses are 
required to comply with.
ESG reporting: All businesses are covered by the 
Group’s ESG report, which fulfils the requirements of 
the Danish Financial Statements Act.
UN Sustainable Development Goals: The ESG 
report includes data on whether the Group’s compa-
nies have committed to selected SDGs as part of their 
sustainability and ESG efforts. 
Corporate income tax paid: The corporate income 
tax paid for the year is reported. For more information 
on accounting policies for tax purposes, see Schouw 
& Co.’s Annual Report. 
Anti-corruption training
All Group companies are now able to report 
on the proportion of relevant employees that 
have confirmed their compliance with the 
policy on business ethics and anti-corruption. 
For the first time, both Borg Automotive and 
BioMar were able to report on this. At BioMar, 
100% of the relevant workforce had confirmed 
their compliance with the policy, while for Borg 
Automotive the proportion was 99%. 
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ESG data overview

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Statutory reporting

58	
Risk assessment and policies (section 99a)
61	
Diversity (section 99b)
62	
Data ethics (section 99d)
63	
Responsible approach to tax
64	
EU Taxonomy
Risk assessment
Schouw & Co. has performed a general risk assessment that applies to the Group as a whole. In relation to drafting the general 
strategic ESG framework, all portfolio businesses were required to prepare a materiality assessment on ESG themes. The risk 
assessment was included which is consistent with the categories defined in section 99a. The materiality assessments will  
be updated during 2023 and aligned with the upcoming requirements laid down in the CSRD and will consequently include  
double materiality assessments.
Policies
The Group updated its internal policies in 2021 and 2022. The policies address the areas that, based on the materiality assess-
ment, is consider to be material.  The updating of the policies led to a change in the overall structure: The Policy on 
corporate responsibility now provides a general framework embracing each of the three areas E, S and G: 
E: Environmental and climate policy; S: Human rights policy, Diversity policy, Employment policy and 
Occupational health and safety policy;  G: Policy on anti-corruption and business ethics.
 Statutory
      reporting 
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Statutory reporting

Risk assessment and policies
THEME
RISK ASSESSMENT
KEY POLICY POINTS
Environment and 
climate in general
   As the some of our portfolio businesses are extensively involved in large-scale processing  
of raw materials, our risks in terms of negative environmental and climate impacts are  
substantial. 
   The main environmental risks identified in the process referred to above are energy  
consumption, and by extension also greenhouse gas (GHG) emissions, as well as the  
environmental impact of raw materials consumed.
   Schouw & Co. invests in companies extensively involved in large-scale processing of raw 
materials, which have a major climate and environmental impact both during production and 
throughout the value chain. It is therefore essential that we take responsibility for this and 
seek to protect the environment and climate by reducing our negative impact.
   We have an obligation both to reduce our negative environmental footprint and to focus on 
sustainable business models that will support the green transition of society.
Energy consumption 
and greenhouse gas 
(GHG) emissions
   The Group generally has high energy consumption as a number of the portfolio busi-
nesses operate in the processing industry. The companies use both purchased energy 
(scope 2) and direct combustion of fuels (scope 1) to varying degrees. This, combined 
with a number of factory sites in various parts of the world, amounts to substantial GHG 
emissions, contributing to global warming. 
   The use of energy must be made as efficient as possible, and efforts must be made to 
increase the share of renewable energy in our overall energy consumption. 
   GHG emissions must be continuously reduced, and portfolio businesses must set reduction 
targets, at least for scopes 1 and 2, going forward to 2030.
Natural resources 
   Several of the raw materials sourced also involve significant environmental impacts.
   This applies mainly to the marine and vegetable raw materials used in fish feed production 
and various types of plastic granules used in nonwovens production, which have a high 
climate impact. The production of various electronic components may also involve both 
water and climate risks in the value chain.
   The use of natural resources must be optimised and rendered as efficient as possible.  
Life cycle considerations should be factored in whenever meaningful.
   Biodiversity must be protected as much as possible, and we must ensure sound manage-
ment of our ecological impact, e.g. in relation to raw materials and other input materials.
Waste
    Risks related to waste vary across the Group. Minimising waste is an important business 
aspect in the processing industry, and in the production of plastic products, recycled 
plastics are used where possible according to customer specifications, financial  
considerations, etc. 
   Electronics production may involve hazardous waste, which is sought minimised.
   Waste volumes are to be reduced, and circular principles implemented whenever meaningful.
Water consumption
   The Group’s water consumption is considerable, as water is used in a number of process-
es in BioMar and Fibertex Nonwovens, among others. Water stress may occur in certain 
areas, but this is generally not the case, and all regulatory approvals are complied with. 
   The water consumption must be monitored, managed and, where possible, reduced, for 
instance through water recovery or similar initiatives.
Chemicals,  
hazardous  
substances, etc.
   Risks related to the use of chemicals, hazardous substances, environmental accidents 
and contamination are generally considered to be relatively low, although hazardous 
waste may occur, for instance in connection with electronics production and hydraulics. 
These risks are offset to some extent by the fact that all our portfolio businesses employ 
environmental management systems in various ways and are generally certified to external 
standards. 
   Chemicals must be used responsibly, and due diligence processes must be in place to 
prevent contamination of the surrounding environment. Hazardous waste must be handled 
correctly and safely.
Governance  
and communication
   Our portfolio businesses generally handle communication on environmental issues 
themselves. 
   Schouw & Co.’s policies set forth various requirements for their overall governance  
principles, and they report to the parent company at least annually.
   Significant environmental factors are monitored continuously by the companies and com-
municated annually through our external ESG reporting. External stakeholders are involved 
through the companies’ materiality assessment and in other relevant contexts.
   The boards of directors of the parent company and of our portfolio businesses review our 
environmental and climate performance at least annually.
E N V I RO N M E N T  (E )
Environmental and climate policy
Statutory reporting
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Statutory reporting

Risk assessment and policies
S O C I A L  (S )
THEME
RISK ASSESSMENT
KEY POLICY POINTS
Human rights
   In Europe, human rights are generally protected by national and other legislation, and the 
risk of violation of fundamental human rights in this region is therefore deemed to be low. 
However, as the Group generally has an international presence, including in countries 
characterised as high-risk countries, this is an issue we need to take into account. 
   Our companies all have a business model that seeks to ensure that they apply the same 
high standards in all locations where they operate and that they implement processes to 
prevent the risks. 
   In respect of certain companies, it is likely that significant risks may occur in connection with 
the value chains, which is why we are strongly focused on making clear demands on business 
partners and suppliers.
   Regardless of which country we operate in, we endeavour to observe human rights and to 
treat our employees with dignity and respect. 
   We support and respect the protection of internationally proclaimed human rights as set out 
in the UN Universal Declaration of Human Rights and in the declarations and recommenda-
tions of the ILO.
   We expect each of our companies to have due diligence processes in place for managing and 
preventing any negative impact on human rights, including due diligence processes aimed at 
external business partners such as suppliers.
Social factors and 
labour rights in 
general
   Schouw & Co. has a strong focus on the Group’s employees.
   Accordingly, we are exposed to reputational risk in the event the principles and values we 
adhere to do not filter through to companies in the Group. 
   Generally, occupational health and safety in settings with varying degrees of manual 
labour also involves a risk.
   Moreover, the skills of our employees are decisive in order for us to deliver the quality and 
responsibility standards we strive for.
   At Schouw & Co., we believe that results are created by people.  We have a long history of 
giving a high priority to our employees’ safety and well-being, and watching out for them is 
a fundamental aspect of our group culture. Accordingly, we are exposed to reputational risk 
in the event the principles and values we adhere to do not filter through to companies in the 
Group. 
Child labour, work-
ing hours, right 
to organise and 
discrimination
   Generally, the risk of violation of ILO conventions is assessed as fairly significant given our 
presence in a number of countries where national legislation cannot always be expected 
to respect these principles or where they may sometimes be disregarded in common 
practice. In light of this, the issue is addressed in the Group’s policies and practices, which 
are generally based on high standards
   The risk is therefore deemed to be higher in relation to external suppliers, who are consequently 
required to comply with our high standards, and due diligence processes are in place to follow 
up on their compliance.
   Schouw & Co. does not tolerate forced or compulsory labour. We do not permit the use of 
forced labour or labour which is otherwise compulsory or performed involuntarily or under 
threat of punishment.
   We observe all applicable laws, rules and relevant agreements on working hours, overtime 
work, leave and minimum rest periods.
   We seek to eliminate all forms of discrimination in employment. We support equal and fair 
opportunities for everyone, and we do not tolerate discrimination based on race, ethnic origin, 
religion, gender, age or disability.
   We do not tolerate child labour. We do not employ children under the age of 15 or children 
who are subject to compulsory school attendance, unless there are exceptional circumstances 
that make it fully justifiable and even then only to a very limited extent.
   We respect our employees’ freedom of association and right to organise and bargain collec­
tively.
Employment Policy
Human rights policy
ESG Report 2022
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Statutory reporting
Contents
ESG data overview
Businesses
Schouw & Co.

Risk assessment and policies
S O C I A L  (S )
THEME
RISK ASSESSMENT
KEY POLICY POINTS
Occupational health 
and safety
   As Schouw & Co. has several companies that operate in the processing industry and/
or with various levels of manual labour, there are risks related to occupational health and 
safety. The processes are not usually high-risk, but accidents may occur, and it is therefore 
important that we address the health and safety of our employees.
   Schouw & Co. acknowledges that, as a responsible company, we must safeguard our 
employees’ occupational health and safety. Personal safety is always given top priority. No 
matter how serious, work-related illness or accidents are basically always unacceptable, as 
less serious incidents could point to a risk of more serious incidents. 
   The Group’s portfolio businesses must make continual efforts to improve the occupational 
health and safety and minimise work-related risks. Our fundamental approach to occupa-
tional health and safety must be reflected in all portfolio businesses.
Diversity
   As an international conglomerate, there is a natural diversity among the Group’s nearly 
15,000 employees, and it is important that we respect this. On the other hand, there is a 
risk that not all members of the Group comply with our policies and principles.
   When it comes to gender diversity, for example, the Group companies are obviously 
operating in fairly male-dominated industries with an unequal gender distribution in nearly 
all cases both generally and at the companies’ management levels. This involves the risk 
that we lose the skills and talent of individuals who are not afforded the right opportunities. 
At the same time, recruiting people will become harder if we appear to be out of step with 
society.
   Schouw & Co. is built on the fundamental view that results are created by people. In that 
context, Schouw & Co. considers diversity a strength that can make a positive contribution 
to growth, risk management and value creation for the Group. In addition, diversity of skills 
and backgrounds is seen as a factor that can contribute to enhancing the quality of the work 
performed by management and the interaction in and between the company’s manage-
ment levels. 
   Having a presence in more than 30 countries across the globe, the Group has a diverse 
workforce and access to talent. We must be aware of any structures that pose a challenge 
to equal access and opportunities and proactively seek to eliminate them. This will increase 
our access to talent and offer competitive advantages.
THEME
RISK ASSESSMENT
KEY POLICY POINTS
General business 
ethics
   Schouw & Co. is founded on strong values and has a long history and tradition. Our 
corporate culture is generally characterised by integrity, but since we operate internation-
ally across several different companies, there is a risk that not everyone adheres to these 
values. However, this is countered by an approach whereby we invest in companies that 
operate according to the same fundamental values and apply the same approach to their 
locations internationally to ensure high standards across the Group.
   Over the years, Schouw & Co. has built a reputation as a company maintaining a high de-
gree of integrity and ethical conduct. Based on our fundamental values, we are committed 
to a high degree of ethical integrity in the way we conduct business.
Anti-corruption
   Generally, our portfolio businesses do not have much contact with public authorities and 
the sectors they operate in do not involve a high risk of corruption. However, the busi-
nesses have a presence in several countries characterised as high-risk countries, and it is 
therefore important that employees are aware of our guidelines and trained in understand-
ing them.
   Schouw & Co. combats all forms of corruption, including bribery and facilitation payments.
   We strive to ensure that all relevant employee groups are trained in good business ethics on 
a regular basis, including anti-corruption.
Policy on anti-corruption and 
business ethics
Occupational health and 
safety policy
Diversity Policy
G OV E R N A N C E  (G)
Contents
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Statutory reporting
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Statement on diversity
pursuant to sections 99b and 107d of the Danish Financial Statements Act
Diversity at Schouw & Co. 
Schouw & Co. is an international group with 
a natural level of diversity. In order to benefit 
as much as possible from the competencies 
and talent available, Schouw & Co. prioritises 
ensuring diversity throughout the Group and 
ensuring increased representation of diversity 
at all management levels of the Group. Schouw 
& Co. updated its diversity policy in December 
2022, which is available on the website: www.
schouw.dk/en/cg. The purpose of this policy 
is to increase and safeguard value creation in 
Schouw & Co. by focusing on increasing the 
relevant diversity in the company and at its 
management levels. In accordance with the 
updated requirements laid down in section 
99b of the Danish Financial Statements Act 
and section 139c of the Danish Companies 
Act, which come into force in 2023, similar 
policies were adopted for all the Group’s sub-
sidiaries subject to these provisions.
As set out in Schouw & Co.’s diversity policy, 
the purpose of the company’s targets and 
efforts on diversity is to ensure a corporate 
culture that supports diversity. It is important 
that no barriers of opinion or assumption 
(whether or not deliberate) exist that would 
restrict diversity or counteract equal employ-
ment or career opportunities, regardless of 
seniority, age, gender, ethnicity etc. The com-
pany wants relevant diversity to be reflected 
at all levels of the organisation and considers 
diversity a strength that makes a positive 
contribution to growth, risk management and 
value creation. 
Policy for increasing the proportion of 
the underrepresented gender
The policy specifies the Group’s responsibility 
to work for a higher degree of gender diversity 
in management. Schouw & Co. wants to be 
an attractive and stimulating workplace that 
attracts and retains the most qualified employ-
ees, and we want equal career opportunities 
for all employees – regardless of gender. 
Among other things, the policy specifies that 
recruitment and appointment procedures 
support an inclusive culture for both genders 
and that when appointing managers, we must 
strive to always have at least one of each gen-
der among the final candidates. 
Targets for the gender composition of 
management
The appendix to the policy specifies targets 
laid down by the Board of Directors for the 
proportion of the underrepresented gender at 
management levels:
As a long-term goal, Schouw & Co. wants to achieve 
equal gender distribution on the company’s Board of 
Directors and its other management levels. An equal 
gender distribution is considered to be each gender 
making up at least 40 per cent of the individual man-
agement layers. Furthermore, the company’s Board 
of Directors has defined short-term targets for the 
shareholder-elected proportion of the underrepre-
sented gender on the company's Board of Directors: 
• Targets in per cent for the underrepresented 
gender on the Board of Directors: Our goal is 
for the proportion of the underrepresented gender 
on the Board of Directors of Schouw & Co. to be at 
least two out of a maximum of seven shareholder-
elected members of the Board of Directors, cor-
responding to a representation of at least 28.57%. 
• Targets in per cent for the underrepre-
sented gender at the company’s other 
management levels: Our goal is for the 
proportion of the underrepresented gender at the 
company’s other management levels to be at least 
33.33% by 2025.
In 2022, one of the shareholder-elected 
members was replaced, but as the new mem-
ber did not belong to the underrepresented 
gender, the company’s Board of Directors at 
31 December 2022 was still composed of six 
members, one of whom is a woman. 
A target has also been set for the Group that 
all of its Danish reporting class C compa-
nies should have at least one female board 
member elected by the shareholders in 
general meeting by 2025. The Group has eight 
companies in the relevant Danish reporting 
class. They relevant companies are: BioMar 
Group A/S, BioMar A/S, GPV Group A/S, GPV 
International A/S, HydraSpecma A/S, Borg 
Automotive A/S, Fibertex Personal Care A/S, 
Fibertex Nonwovens A/S.
BioMar Group A/S achieved the target of 
one female board member in 2021, while 
GPV Group A/S, a newly founded company 
in 2022, achieved the target when the board 
was established, with one woman out of six 
shareholder-elected members. The other 
companies have no shareholder-elected 
women on the board, and thus did not meet 
the target in 2022. In some of the companies, 
there were no changes on the board of direc-
tors during the year, and where changes were 
made, they did not increase the proportion of 
females. From 2023, the subsidiaries adopt 
their own diversity policies and targets in 
accordance with the updated requirements of 
the Danish Financial Statements Act and the 
Danish Companies Act.
2022
2021
2020
2019
2018
2022
2021
2020
2019
2018
Management
All employees
  Parent company Schouw & Co. 
17%
17%
20%
20%
20%
35%
40%
43%
43%
38%
  BioMar
22%
20%
20%
20%
22%
22%
21%
21%
20%
20%
  GPV
41%
34%
34%
34%
32%
59%
61%
60%
62%
55%
  HydraSpema
16%
16%
17%
17%
18%
21%
22%
22%
23%
23%
  Borg Automotive
33%
26%
16%
16%
14%
37%
36%
35%
38%
35%
  Fibertex Personal Care
22%
25%
34%
34%
32%
16%
16%
17%
16%
15%
  Fibertex Nonwovens 
23%
23%
20%
20%
26%
24%
23%
23%
23%
24%
Proportion of women among staff and management
ESG Report 2022
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ESG data overview
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Statutory reporting

Statement on data ethics
pursuant to section 99d of the Danish Financial Statements Act
Description of the company’s policy  
on data ethics
Schouw & Co. adopted a policy on data 
ethics in 2021 as part of its general internal 
guidelines. The policy is available on the 
Group’s website at www.schouw.dk/en/cg and 
sets out requirements of maintaining a high 
standard of data integrity, which is consid-
ered essential in order to ensure the trust of 
business partners, employees and the general 
public. Furthermore, the policy recognises 
the Group’s responsibility in relation to data 
collection and data processing, including the 
responsibility for ensuring that technical and 
organisational measures support the ethically 
responsible use of data. The purpose of the 
policy is also to express expectations for the 
Group’s companies.
As data work can be very context-specific, the 
policy does not provide a specific descrip-
tion of the procedures and measures to be 
introduced by the Group’s companies with 
a view to ensuring compliance with the data 
ethics values. The policy serves to provide 
guidance on the Group’s general view on data 
ethics issues, while the day-to-day work on 
data ethics and data security takes place in 
the Group’s companies, which are responsi-
ble for integrating the policy guidelines into 
day-to-day operations and implementing the 
data ethics framework and targets laid down 
by Schouw & Co. Each individual company 
decides what new technology to integrate. 
The companies of Schouw & Co. are char-
acterised by a relatively low level of data 
complexity. They operate exclusively in B2B 
markets and process a limited amount of 
personally identifiable data. Such process-
ing typically takes place in connection with 
the collection of data that are relevant and 
required in an employment law context. Other 
types of data are collected and used in a 
more business-specific context and always 
in compliance with the Group’s principles for 
responsible data use. 
When processing data in general, the compa-
nies are expected to comply with the Group’s 
policy on data ethics and the fundamental 
principles stated therein: responsible conduct, 
purpose limitation, data minimisation, lawful-
ness, fairness, transparency, accuracy, integ-
rity, confidentiality and storage limitation. 
Actions and initiatives during the year
Cybercrime and unauthorised access to data 
pose a continuous risk to the Group’s compa-
nies. They are therefore expected to ensure 
the implementation of adequate security levels 
in and around the systems and technologies 
used for data storage and processing. Securi-
ty measures must be implemented at both the 
technical and the organisational levels, and 
the required security level is determined on 
the basis of a risk assessment of the specific 
processing activity and the technology applied 
to process the data.
Cyber and data security was a focus area for 
several of the Group’s companies in 2022. 
Some of them have hired external consultants 
to help test their resilience against differ-
ent types of attacks and provided employee 
awareness training, for instance concerning 
phishing and how to act to ensure responsi-
ble handling of data. Several companies also 
worked on implementing new IT systems with 
heightened focus on data security, including 
HR systems for handling employee data and 
CRM systems for handling customer data.
In 2022, GPV was certified to ISO 27001, 
which is an information security standard 
setting out requirements for a company’s 
policies, procedures and guidelines, including 
requirements for employee skills in this area, 
so the company  now has documented high 
standards in the area of information security. 
Data security is an issue of increasing priority 
among all Group companies, with each of 
them being responsible for ensuring correct 
and secure handling of data, as Group-wide IT 
systems exist only to a limited extent. 
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Responsible approach to tax
Schouw & Co. takes the general approach 
that tax should be paid in the countries where 
earnings are generated. Through its presence 
in more than 30 countries, Schouw & Co. 
contributes significantly to local communi-
ties and national institutions through its tax 
payments. In this way, the Group contributes 
positively and specifically to several of the UN 
Sustainable Development Goals, including 
goal 11 (Sustainable Cities and Communi-
ties) and goal 16 (Peace, Justice and Strong 
Institutions).
Tax policy of Schouw & Co.
The Schouw & Co. Group takes a responsible 
approach to tax, which has been specified in 
the Group’s tax policy. The policy is available 
on the Group’s website at www.schouw.dk/en/
cg. The policy applies to all group companies, 
all of which are required to comply with both 
national and international tax legislation. The 
tax policy covers all types of direct and indirect 
taxes. The Executive Management of Schouw 
& Co. is responsible for implementing the tax 
policy, whereas the Group’s tax function is 
charged with ensuring that the tax rules are 
complied with.
The policy stipulates that the Schouw & Co. 
Group may not take part in activities in low-tax 
countries or tax havens on the EU blacklist. 
Furthermore, the Group may not participate 
in tax structures with high risk or the like that 
may involve reputational risk. As the Group 
conducts transactions across national bor-
ders, Schouw & Co. is under an obligation to 
ensure that such transactions are completed 
on an arm’s length basis in accordance with 
the OECD Transfer Pricing Guidelines and 
local tax rules. 
Taxes in 2022
Corporate income tax paid primarily covers 
tax paid for the current year or prior years. 
Most of the tax paid by the Group in 2022 
consisted of income tax paid on account in 
respect of 2022. Total tax paid declined from 
DKK 381 million in 2021 to DKK 269 million in 
2022. This lower figure was due to a number 
of factors, including tax refunded in 2022 as 
the tax paid on-account in 2021 exceeded the 
actual amount payable, and a tax payment of 
DKK 16 million made by the Group in 2021 in 
connection with a closed tax case. For detailed 
information, see note 24 in Schouw & Co.’s 
Annual Report.
 
In 2022, BioMar acquired Australian aqua-
culture tech business AQ1, including a minor 
subsidiary in Panama. Panama is on the EU’s 
list of non-cooperative jurisdictions. The 
company has a few employees, who provide 
customer support to the parent company 
AQ1’s customers in Central America against 
payment from the parent company. The com-
pany’s costs are covered by AQ1 plus a small 
margin, and it has no external revenue. The 
Group’s ownership of the company in Panama 
is therefore deemed to be within the scope of 
the policy. 
Exhaustive presentation of income taxes paid by country
In addition to the countries listed, the Group has activities in Estonia, the Netherlands, Panama, Portugal, South  
Africa and Vietnam, in which countries the Group paid no income tax in 2022 in accordance with local tax legislation.
-15
-5
5
15
25
35
45
55
65
USA
Chile
Russia
Japan
Norway
Austria
Turkey
India
England
Slovakia
Finland
The Czech Republic
Mexico
Poland
Spain
Costa Rica
Brazil
Scotland
Sweden
Sri Lanka
Belgium
Greece
Germany
Thailand
Switzerland
France
China
Malaysia
Australia
Ecuador
Denmark
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Statutory reporting

EU Taxonomy reporting
pursuant to Regulation (EU) 2020/852 of the European Parliament and of the Council
The purpose of the Taxonomy Regulation and 
the associated delegated acts is to establish 
a common framework for classifying envi-
ronmentally sustainable economic activities.  
Companies reporting on corporate respon-
sibility under the Non-Financial Report-
ing Directive must disclose whether their 
economic activities are eligible under the tax-
onomy and whether they are in alignment with 
the criteria of the taxonomy. Companies must 
report both on revenue, CapEx and OpEx.
Article 9 of the EU Taxonomy Regulation 
defines six climate and environmental objec-
tives. In order for economic activities to be 
considered taxonomy-aligned, they must 
contribute substantially to at least one of the 
objectives and must not have do significant 
harm (DNSH) to the other objectives. Only two 
delegated acts for climate change have been 
adopted, while delegated acts for the remain-
ing four objectives are outstanding.
Assessment of eligibility and alignment
Being a diversified conglomerate, the Schouw 
& Co. Group is widely exposed to various differ-
ent sectors, including in particular aquaculture, 
electronics manufacturing and the production 
of nonwovens. It had been expected that dele-
gated acts would be adopted for the remaining 
environmental objectives in the course of 2022, 
in which both electronics and nonwovens were 
described, but these are currently in draft ver-
sions only. Accordingly, the economic activities 
of Schouw & Co. are still in very limited degree 
taxonomy eligible. 
Revenue
Only close to 2% of the Group’s total revenue 
is currently taxonomy-eligible. The Group only 
has activities matching category 3.1 Manu-
facture of renewable energy technologies, i.e. 
the production of components used in wind 
turbines, primarily at HydraSpecma. 3.1 is an 
enabling activity, for which the only techni-
cal screening criterion is that the production 
concerns renewable energy technologies. 
Accordingly, the Group finds that all the 
related revenue is aligned with the require-
ment of contributing substantially to the 
objective. The Group also finds that significant 
procedures are in place to ensure that both 
the Do No Significant Harm (DNSH) criteria 
are satisfied, including certified environmental 
management systems, and that the Minimum 
Safeguards criteria, including due diligence 
in the area of human rights, are satisfied 
according to the Final Report on Minimum 
Safeguards (Oct 2022). 
OpEx
Taxonomy-eligible OpEx currently relates to 
the eligible revenue, and accordingly a very 
small proportion of the Group’s total taxonomy 
OpEx in this case as well. This means that 
aligned OpEx is related to the maintenance 
costs of the assets that manufacture renew-
able energy technologies.
CapEx
Taxonomy-eligible CapEx, on the other hand, 
represents a larger share due to the Group’s 
additions of assets related to the following 
categories: 7.1 Construction of new buildings, 
and 7.6 Installation, maintenance and repair  
of renewable energy technologies. 
In practical terms, this means in Schouw & 
Co.’s case that additions of new buildings, 
including through acquisitions, and instal-
lation of solar panels and heat pumps at the 
production units are included as eligible,  
resulting in close to 16% of the Group’s CapEx 
being eligible. In the Group’s view, the only 
activities that are in alignment are activities 
under 7.6 and the part of CapEx that is related 
to eligible revenue, i.e. 3.1, which is CapEx 
related to production for wind turbines.
Regarding 7.6, the primary activity is the 
installation of solar panels, see point 7.6 (a), 
and there is only one DNSH criterion related 
to climate change adaptation under 7.6. Fur-
thermore, the related minimum safeguards are 
considered to be in place in the form of Codes 
of Conduct and supplier screening. However, 
this only amounts to just under 1% alignment. 
As for additions of new buildings related to 
7.1, which also include all additions related to 
acquisitions, there is currently no documenta-
tion to show that they are in alignment with the 
requirements for buildings as described in the 
technical screening criteria in 7.1 and these 
activities are therefore not aligned. 
Accounting policies
Revenue: The Group’s revenue is specified 
in note 2 to the financial statements and is in 
alignment with point 1.1.1 of the supplement-
ing Annex 1 of the European Commission of 6 
July 2021. 
CapEx: Defined as additions of property, 
plant and equipment and intangible assets as 
specified in notes 10 and 11 to the financial 
statements and considered to be in alignment 
with the definition set out in point 1.1.2 of 
Annex 1. 
OpEx: Defined on the basis of point 1.1.3 of 
Annex 1 and related exclusively to building 
renovation, repair and maintenance as well as 
other direct costs related to building assets. 
Double counting: As no environmental 
objectives are included other than the two 
climate objectives, and on the basis of the rela-
tively few areas that are taxonomy-eligible, no 
risk of double counting is deemed to exist. 
Total (DKK million)
Eligible
Eligible (%)
Aligned
Aligned (%)
Revenue
32,637
594
1.8%
594
1.8%
Taxonomy CapEx
2,366
374
15.8%
20
0.9%
Taxonomy OpEx
427
8
1.9%
8
1.9%
Contents
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Statutory reporting

Transitional activity
Enabling activity
Taxonomy-aligned  
proportion in 2022
Minimum safeguards
Biodiversity and  
ecosystems
Pollution
Circular economy
Water and marine 
resources
Climate change  
adaptation
Climate change  
mitigation
Biodiversity and  
ecosystems
Pollution
Circular economy
Water and marine 
resources
Climate change  
adaptation
Climate change  
mitigation
Proportion, %
Absolute (DKKm) 
EU Taxonomy reporting
Economic activity
A. REVENUE, TAXONOMY-ELIGIBLE
A.1:  Taxonomy-aligned
3.1 Manufacture of renewable energy technologies
594
1.8%
J
-
J
J
J
J
J
J
1.8%
J
A.1  Revenue, taxonomy-aligned
594
1.8%
1.8%
A.2  Eligible but not aligned
0
0.0%
Total (A.1+A.2)
594
1.8%
B. REVENUE, TAXONOMY NON-ELIGIBLE
Revenue, non-eligible activities
32,043
98.2%
Total revenue (A+B)
32,637
100%
A. CAPEX, TAXONOMY-ELIGIBLE
A.1:  Taxonomy-aligned
         3.1 Manufacture of renewable energy technologies
8
0.4%
J
- 
J
J
J
J
J
J
0.4%
J
         7.6 Installation, maintenance and repair of renewable energy technologies
12
0.5%
J
-
J
n/a
n/a
n/a
n/a
J
0.5%
A.1: CapEx, taxonomy-aligned
20
0.9%
0.9%
A.2  Eligible but not aligned
         7.1. Construction of new buildings
353
14.9%
N
-
-
-
-
-
-
-
Total (A.1+A.2)
374
15.8%
B. CAPEX, TAXONOMY NON-ELIGIBLE
CapEx, non-eligible activities
1,991
84.2%
Total CapEx (A+B)
2,366
100%
A. OPEX, TAXONOMY-ELIGIBLE
A.1:  Taxonomy-aligned
         3.1 Manufacture of renewable energy technologies
8
1.9%
J
J
J
J
J
J
J
J
1.9%
J
A.1  OpEx, taxonomy-aligned
8
1.9%
1.9%
A.2: OpEx, eligible but not aligned
0
0.0%
Total (A.1+A.2)
8
1.9%
B. OPEX, TAXONOMY NON-ELIGIBLE
OpEx, non-eligible activities
419
98.1%
Total OpEx (A+B)
427
100%
K P I  OV E RV I E W
Substantial contribution
Do No Significant Harm
Revenue
CapEx
OpEx
Contents
Statutory reporting
ESG data overview
Businesses
Schouw & Co.
ESG Report 2022
Schouw & Co.
65 / 66
Statutory reporting

BioMar
www.biomar.com
GPV
www.gpv-group.com
HydraSpecma
www.hydraspecma.com
Borg Automotive
www.borgautomotive.com
Fibertex Personal Care 
www.fibertexpersonalcare.com
Fibertex Nonwovens
www.fibertex.com
RELEVANT LINKS
To know more about our portfolio businesses, go to their respective websites

A K T I E S E L S K A B E T  S C H O U W  &  C O .
ESG REPORT PUBLISHED  
IN MARCH 2023 BY AKTIESELSKABET  
SCHOUW & CO.
EDITOR: KASPER SCHMIDT 
PHOTOS: ALLAN TOFT, RUNE SLETTEMÅES,  
JESPER LARSEN, KRISTIAN BLOND MØLLER,  
LARS JUST, JOACHIM WICHMANN.
DESIGN AND PRODUCTION: OTW A/S

Aktieselskabet Schouw & Co.
Chr. Filtenborgs Plads 1      DK-8000 Aarhus C
T +45 86 11 22 22      www.schouw.dk
schouw@schouw.dk      CVR no. 63965812