Interim Report - third quarter of 2009

Summary: SP Group incurred a loss before tax and minority interests of DKK 1.0m in Q3 2009 as against a DKK 3.8m loss in Q3 2008. Revenue fell by DKK 42.3m relative to Q3 2008 to DKK 161.5m and EBITDA was up by 7% from DKK 11.4m to DKK 12.3m. In other words, the Q3 2009 operating profit improved not only relative to the year-earlier period, but also by a substantial margin relative to the first two quarters of the year. However, the recession continues to impact the entire Group, and we remain fully committed to tight cost management and to making capacity adjustments.

The Supervisory Board of SP Group A/S has today considered and approved the interim report for the three months ended 30 September 2009. Highlights of the interim report:

Revenue fell by DKK 42.3m (20.8%) in Q3 2009 relative to the year-earlier period to DKK 161.5m. In both the first and the second quarters, revenue fell by about 25%. Overall, revenue dropped to DKK 500.2m in the first nine months of the year.
EBITDA for Q3 was DKK 12.3m, up from DKK 11.4m in Q3 2008. Accordingly, EBITDA improved strongly on both the second and first quarters, in which EBITDA was DKK 6.1m and 1.2m, respectively.
EBIT was DKK 2.5m in Q3 2009, as against DKK 0.4m in Q3 2008. EBIT was a loss of DKK 4.4m in Q2 and a loss of DKK 8.5m in Q1.
Net financial items were a DKK 3.6m loss in Q3 2009, a DKK 0.6m improvement on Q3 2008. For the first nine months of the year, net financials were a loss of DKK 10.2m, which was an improvement of DKK 9.1m on the previous year.
SP Group incurred a Q3 loss before tax and minority interests of DKK 1.0m as against a DKK 3.8m loss in Q3 2008. In Q2, the loss amounted to DKK 6.8m, and in Q1 the loss was DKK 12.7m.
The injection moulding businesses, SP Moulding and SP Medical, reported an earnings improvement despite a drop in revenue. EBITDA was a profit and it improved in the third quarter relative to the first half year.
The Polyurethane business area reported a revenue decline in the third quarter. The Q3 EBITDA was a profit.
The Vacuum Forming business area incurred a drop in revenue. The Q3 EBITDA was a loss.
The coating business, Accoat, reported an increase in revenue in the third quarter. The Q3 EBITDA improved once again in the third quarter and was a profit.
There was a cash inflow from operating activities of DKK 15.3m, against a cash outflow of DKK 11.8m in Q3 2008. Cash flows from operating activities in the 9M period amounted to DKK 31.6m, equal to a DKK 24.2m improvement on 9M 2008.
We continue to expect a loss in 2009 but a profit in 2010.

Read the entire report here

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

Med venlig hilsen

Niels K. Agner Bestyrelsesformand	Frank Gad Adm. direktør

undefined

Incase of any discrepancies, the Danish version shall prevail.