Annual report 2012

The Board of Directors of SP Group has today discussed and approved the annual report for 2012, which is enclosed in its entirety.

Q4 2012

In Q4 2012, SP Group sold for approx. DKK 285.9 million, which was 14.2% more than in the same period the year before.
EBITDA increased to DKK 30.3 million from DKK 24.4 million in the same period the year before, corresponding 24.0%.
Profit before tax and minority interests improved by DKK 4.7 million reaching DKK 13.3 million, corresponding to 54.1%
In Q4, cash flows from operating activities amounted to DKK 60.6 million. Cash flows from investing and financing activities amounted to a negative DKK 22.0 million. The change in cash and cash equivalents was therefore positive by DKK 38.6 million.

2012

Revenue increased by 13.5% to DKK 1,108.5 million compared to 2011.
Sales to cleantech customers increased by 54.2% and now account for 34.1% of revenue.
Foreign sales now account for 46.1% of revenue.
EBITDA increased to DKK 104.6 million from DKK 96.5 million in 2011.
EBIT increased to DKK 58.1 million from DKK 52.8 million in 2011.
Profit before tax and non-controlling interests was improved by DKK 7.3 million, totalling DKK 41.6 million.
Diluted earnings per share increased by 38.1% to DKK 15.34 per share.
Cash flows from operating activities were positive and amounted to DKK 100.1 million, which is an increase of DKK 33.2 million compared to 2011.
Net interest-bearing debt increased by DKK 40.4 million to DKK 395.4 million at the end of 2012.
The Board of Directors proposes distribution of dividends of DKK 2.50 per share (2011: DKK 2.00) to the Company's general meeting.

Follow-up on previously published expectations

Profit for the year corresponds to the most recently published expectations of DKK 40-45 million published on 2 November 2012.
Revenue amounted to DKK 1,108.5 million, which slightly exceeds the most recently published expectations.
Cash flows from operating activities exceed investments and instalments on long-term loans for the year as announced.
Cash flows were positively affected by inventory adjustments and sale of selected debt.

Outlook for 2013

Global economy is also expected to grow in 2013, but it is still fragile.
In the neighbouring markets in Europe, a low growth rate is expected in the economy in general.
A number of countries still have very large deficits on public finances and a large debt.
SP Group will launch a number of new products and solutions to customers, especially in health care, cleantech and food-related industries. These are expected to contribute to both growth and earnings.
The largest single investment is expected to be made in the medical device activities.
Depreciation and amortisation are expected to be realised at a higher level than in 2012.
Financial expenses are expected to be realised at a slightly lower level than in 2012.
Strict cost control, early capacity adjustment and continued strong focus on risk management, cash management and capital management provide a good basis for the Group in the future.
A slightly larger profit before tax and non-controlling interests and a level of activity slightly higher than in 2012 are expected for 2013, but the market prospects for the year are still uncertain.

CEO Frank Gad says: '2012 was our best year so far in terms of both profit and cash flows from operating activities. We expect to perform even better in 2013 if the global economy continues its positive development.'

Read the report here

In case of any discrepancies, the Danish version shall prevail.

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