NASDAQ OMX Copenhagen A/S
Nikolaj Plads 6
1007 Copenhagen K
Anouncement 01 / 2010 30. March 2010 CVR no. CVR no. 15701315

Annual report 2009

The Supervisory Board of SP Group today considered and approved the annual report for 2009, which is attached.

Q4 2009

  • SP Group generated revenue of DKK 181.7m in Q4 2009, which was 13% less than in the same period of last year.
  • EBITDA improved to DKK 20.6m from DKK 15.3m in the year-earlier period.
  • EBIT improved to DKK 9.3m from 3.5m in Q4 2008.
  • Profit before tax and minority interests improved by DKK 15.0m to DKK 6.0m from a loss of DKK 9.0m in Q4 2008.
  • Cash flows from operating activities were DKK 13.7m. The cash flows for investing activities were DKK 9.5m, and the Group raised long-term debt in the net amount of DKK 1.6m. Accordingly, overall cash flows improved by DKK 5.9m.
  • As expected, a long-term loan of DKK 12.0m was not finalised in the fourth quarter due to the excessively slow digital property registration process. The loan was finalised in early 2010, strengthening the capital resources.

FY 2009

  • Revenue fell to DKK 681.9m, a 21% drop from 2008.
  • Sales to the medical devices industry rose by 6% and now make up 33% of revenue.
  • EBITDA fell to DKK 40.2m from DKK 60.3m in 2008.
  • EBIT fell to a loss of DKK 1.0m from a DKK 17.0m profit in 2008.
  • The loss before tax and minority interests improved by DKK 0.3m to a DKK 14.5m loss.
  • Cash flows from operating activities were an inflow of DKK 45.3m, a DKK 10.0m improvement from 2008.
  • Net interest-bearing debt was reduced by DKK 16.5m to DKK 376.9m at 31 December 2009.

Outlook for 2010

  • The global recession is expected to be gradually replaced by moderate growth, albeit from a low level.
  • We believe that the inventory reduction carried out in all parts of the value chain is coming to an end.
  • As a result, we expect a moderate growth performance to replace the severe drop in business activity.
  • Nevertheless, 2010 will be a challenging year for the manufacturing industries in general, given the abundant excess capacity relative to demand.
  • A number of new products and solutions intended for customers in the healthcare, clean-tech and food industries are expected to contribute to growth and earnings.
  • We have sharply reduced SP Group’s capital expenditure, and we expect to make fewer investments in 2010 than we did last year. The largest single investment will be made in the medical devices operations.
  • Depreciation/amortisation charges are expected to be in line with 2009.
  • Financial expenses are expected to be in line with 2009.
  • A slight profit and a small improvement in the level of activity is expected for 2010, but it is still premature to quantify the improvements, as market prospects remain unclear.

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

Download the entire report here

 

Best regards

 
   

Niels K. Agner

Chairman of the Supervisory Board

Frank Gad

Chief Executive Officder

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Incase of any discrepancies, the Danish version shall prevail.

 

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