NASDAQ OMX Copenhagen A/S
Nikolaj Plads 6
1007 Copenhagen K
Anouncement 18 / 2008 04. November 2008 CVR no. CVR no. 15701315

Interim report - Third quarter of 208

 

Summary: SP Group generated a loss before tax and minority interests of DKK 3.8m in the first nine months of 2008. In the third quarter, revenue fell by DKK 7m relative to Q3 2007 to DKK 204m and EBIT fell by DKK 9.2m to DKK 0.4m. Overall, the Group generated revenue of DKK 656m and a loss before tax and minority interests of DKK 5.8m in the first nine months of the year. The new revenue forecast provides for a slight drop in revenue relative to last year. The Group lowers its full-year forecast for 2008 to the range of a DKK 15m profit to a DKK 15m loss before tax and minority interests.

The Supervisory Board of SP Group A/S has today considered and approved the interim report for the three months ended 30 September 2008. Highlights of the interim report:

  • The financial results for the nine months to 30 September 2008 and the full-year 2008 forecast have been severely impacted by the widespread turmoil in the capital markets, the commodity markets and the general economic downturn.
  • The Q3 revenue was DKK 204m, a DKK 7m fall relative to the year-earlier period. For the nine months to 30 September, revenue fell by 1.4% to DKK 656m. Adjusted for operations acquired, divested and shut down, the decline for the 9M reporting period was about 8%.
  • EBITDA was DKK 11.4m in Q3, down by 35% relative to the same period of last year. For the 9M period, EBITDA fell by 29%.
  • EBIT was DKK 0.4m against DKK 9.6m in Q3 2007. The 9M EBIT was DKK 13.4m against DKK 36.1m in the year-earlier period.
  • The Group incurred a loss before tax and minority interests of DKK 3.8m in the third quarter as against a DKK 5.6m profit in Q3 2007. For the year to date, the accumulated loss was DKK 5.8m.
  • The injection moulding business, SP Moulding and SP Medical, suffered a downturn in sales and earnings.
  • The Polyurethane business area reported a minor setback in sales, but kept the Q3 EBIT unchanged. Both EBIT and sales declined in the first nine months of the year.
  • The Vacuum Forming business area reported improvements in revenue and EBITDA, but the progress fell short of expectations. The 9M revenue improved due to the acquisition of DKI Form.
  • The Accoat coating business experienced a slight sales improvement and largely unchanged earnings in the third quarter relative to the same period of last year. Sales and EBIT declined in the nine-month reporting period.
  • The Q3 cash flows from operating activities were negative by DKK 11.8m, which was DKK  18.0m less than in Q3 2007. In the first nine months of the year, cash flows were positive by DKK 7.4m, which was DKK 30.7m less than in 9M 2007. The Group spent a total of DKK 54.9m on investments and acquisitions and DKK 10.9m on reducing non-current liabilities.
  • The new revenue forecast provides for a slight drop in revenue relative to last year. The Group lowers its full-year forecast for 2008 to the range of a DKK 15m profit to a DKK 15m loss before tax and minority interests. The forecast is subject to the uncertainty caused by the turmoil in the currency and commodity markets and the level of business activity.

          Read the entire report here

 

 

Med venlig hilsen

 
   

Niels K. Agner
Bestyrelsesformand

Frank Gad
Adm. direktør

 

 

Incase of any discrepancies, the Danish version shall prevail.

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