Interim report - First half year of 2011

Interim report – First half year of 2011 Summary:

SP Group generated profit before tax and minority interests of DKK 15.7 million in H1 2011 as against DKK 13.0 million in H1 2010. Revenue was up by 13.7% to DKK 478.7 million and EBITDA improved by 6.8% from DKK 42.8 million to DKK 45.7 million as the positive trend in revenue and earnings achieved in 2010 has continued into 2011. Full-year guidance upgraded: Full-year 2011 profit before tax and minority interests is now expected to be DKK 30–35 million.

The Board of Directors of SP Group A/S has today considered and approved the interim report for the six months ended 30 June 2011. Highlights of the interim report:

The H1 2011 revenue was up by DKK 57.7 million to DKK 478.7 million, equal to a 13.7% improvement over the year-earlier period. In Q2 2011, revenue grew by 4.9%.
EBITDA was DKK 45.7 million in H1 2011, compared with DKK 42.8 million in H1 2010. EBITDA was DKK 20.0 million in Q2 2011 and DKK 25.7 million in Q1 2011.
EBIT was DKK 24.2 million in H1 2011, compared with DKK 20.7 million in H1 2010. EBIT was DKK 9.4 million in Q2 2011 and DKK 14.8 million in Q1 2011.
Net financial items were an expense of DKK 8.6 million in H1 2011, a DKK 0.9 million fall relative to H1 2010. The figure breaks down into a Q1 expense of DKK 4.8 million and a Q2 expense of DKK 3.8 million.
SP Group incurred a H1 2011 profit before tax and minority interests of DKK 15.7 million as against DKK 13.0 million in H1 2010. The figure breaks down into a Q2 profit of DKK 5.6 million and a Q1 profit of DKK 10.1 million.
The coating business (Accoat) reported a DKK 3.9 million drop in revenue to DKK 63.5 million in H1 2011. EBITDA fell to DKK 4.0 million from 8.1 million in H1 2010.
The Plastics businesses (SP Moulding, SP Medical, Tinby, TPI, Ergomat and Gibo Plast) reported a decent combined revenue improvement to DKK 421.5 million and a substantial increase in EBITDA to DKK 48.3 million in H1 2011 against DKK 40.9 million in the year-earlier period.
There was a cash outflow from operating activities of DKK 14.0 million, as compared with a cash inflow of DKK 22.0 million in H1 2010.
The full-year 2011 profit before tax and minority interests is now expected to be DKK 30–35 million, after commissioning costs for four new production units in China, Brazil, Denmark and Poland respectively. We now expect full-year revenue in excess of DKK 900 million, but the market outlook remains unclear.

CEO Frank Gad said: “We are pleased to see that our customers are buying more products from us and that our earnings have continued to improve. However, global economic growth has lost momentum. Fortunately, our customers in the medical devices, cleantech and food industries, accounting for more than 80% of our consolidated revenue, continue to perform well.”

Read the entire report here

Best regards

Niels K. Agner

Chairman of the Supervisory Board

Frank Gad

Chief Executive Officder

undefined

Incase of any discrepancies, the Danish version shall prevail.