interim report - First half year of 2012

Summary: SP Group generated a 14.1% improvement in profit before tax and non-controlling interests to DKK 17.9 million in H1 2012, against DKK 15.7 million in H1 2011. Relative to the H1 2011 period, revenue was up by 14.5% to DKK 548.3 million and EBITDA improved by 6.7% from DKK 45.7 million to DKK 48.8 million. In other words, the positive trend in revenue and earnings achieved in 2011 has continued into 2012. Full-year guidance upgraded and guidance range narrowed. Full-year 2012 profit before tax and non-controlling interests is now expected to be DKK 40-45 million (previous guidance: more than DKK 35 million).

The Board of Directors of SP Group A/S today considered and approved the interim report for the six months ended 30 June 2012.
Highlights of the interim report:

The H1 2012 revenue was up by DKK 69.6 million to DKK 548.3 million, a 14.5% improvement on the year-earlier period. In Q2 2012, revenue grew by 22.4%.
EBITDA was DKK 48.8 million in H1 2012, compared with DKK 45.7 million in H1 2011. EBITDA was DKK 23.1 million in Q2 2012, a 15.6% improvement on Q2 2011.
EBIT was DKK 25.0 million in H1 2012, compared with DKK 24.2 million in H1 2011. EBIT was DKK 11.1 million in Q2 2012, a 17.9% improvement on Q2 2011.
Net financial items were an expense of DKK 7.1 million in H1 2012, a DKK 1.5 million improvement on H1 2011. An expense of DKK 3.5 million was recorded for Q2 2012.
SP Group posted a H1 2012 profit before tax and non-controlling interests of DKK 17.9 million as against DKK 15.7 million in H1 2011. The Q2 2012 profit was DKK 7.6 million, a 34.6% improvement on Q2 2011.
Earnings per share (diluted) came to DKK 6.58, a 26.3% improvement from DKK 5.21 in H1 2011.
The coating business (Accoat) reported a DKK 28.3 million revenue improvement to DKK 91.8 million for H1 2012 and an EBITDA improvement to DKK 16.5 million from DKK 4.0 million in H1 2011.
The Plastics businesses (SP Moulding, SP Medical, Tinby, TPI, Ergomat and Gibo Plast) reported a DKK 37.3 million revenue improvement to DKK 458.8 million. EBITDA fell to DKK 40.0 million from 48.3 million in H1 2011.
There was a cash inflow from operating activities of DKK 18.0 million in H1 2012, as compared with a cash outflow of DKK 14.0 million in H1 2011.
Net interest-bearing debt amounted to DKK 382.1 million at 30 June 2012 against DKK 405.0 million at 30 June 2011.
Full-year 2012 profit before tax and non-controlling interests is now expected to be DKK 40–45 million and a full-year revenue in the range of DKK 1,050–1,100 million, but the market outlook remains unclear. The previous guidance was for profit before tax and non-controlling interests of more than DKK 35 million on revenue of more than DKK 975 million.

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 even with global economic growth remaining weak. Fortunately, our customers in the medical devices, cleantech and food-related 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

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