Annual report 2008/

Today the Supervisory Board of SP Group considered and adopted the Annual Report 2008, which is attached in its entirety. The annual report features the following main items:

2008

Revenue fell 0.7% to DKK 863.7 million. Adjusted for acquisitions and divestments revenue fell
7.5%
Sales abroad grew 4.9%, now amounting to 43.8% of revenue
Sales to medico customers grew 11.7%, now amounting to just under 25% of revenue
The sale of the Group’s own brands amounted unchanged to DKK 140 million
EBITDA fell to DKK 60.3 million
The financial expenses increased to DKK 31.9 million as a result of the higher debt, a higher
interest level, higher margins and losses on foreign exchange rate fluctuations. In the past two
weeks of 2008, CHF increased from 470 to 497. Due to this and the fluctuations of PLN and USD
the result declined DKK 10 million
Profit/loss before tax and minority interests was a loss amounting to DKK 14.9 million Cash flow from operations was as expected positive amounting to DKK 35.4 million

2009

The recession in a number of countries combined with the financial turmoil results in difficult performance conditions
2009 is assumed to become a particularly challenging year for the manufacturing industries in general
A number of new products and solutions to customers, particularly in the Health Care, energy, environmental and food-related industries are expected to create growth and earnings, which to some extent may compensate for the decline in sales to other industries
Capacity has been significantly adjusted during 2008 and in the first months of 2009 reducing costs
New investments have been significantly curbed
Changes in the Group’s activities, costs of raw material and energy, currency conditions and business trends may affect these expectations

For further information, please take contact to Chief Executive Officer Frank Gad.

Download the entire report here

Med venlig hilsen

Niels K. Agner Bestyrelsesformand	Frank Gad Adm. direktør

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Incase of any discrepancies, the Danish version shall prevail.