Interim report - First quarter of 2013

Summary: SP Group generated profit before tax and non-controlling interests of DKK 9.4 million in Q1 2013, against DKK 10.3 million in Q1 2012. Revenue was down by 2.5% year on year to DKK 260.6 million and EBITDA fell to DKK 24.7 million from DKK 25.7 million. We maintain the FY 2013 guidance announced in the 2012 Annual Report: We continue to expect a slightly higher profit before tax and non-controlling interests in 2013 than in 2012 (DKK 41.6 million) and a slightly higher level of business activity than in 2012 (DKK 1,109 million), but market prospects remain unclear.

The Board of Directors of SP Group A/S has today considered and approved the interim report for the three months ended 31 March 2013.

Highlights of the interim report:

The Q1 2013 revenue was down by DKK 6.7 million to DKK 260.6 million, or by 2.5%, relative to the yearearlier period. This year, Easter was in March, while in 2012 it was in April. This year's winter in Europe was unusually long and cold, impacting construction of new farm animal housing and residential housing in the quarter. Business activity in the quarter turned out to be higher than expected at the beginning of the year. At 30 April, our year-to-date revenue was in line with the revenue for the first four months of 2012.
Earnings before depreciation, amortisation and impairment losses (EBITDA) for Q1 2013 were DKK 24.7 million, as against DKK 25.7 million in Q1 2012. EBITDA was better than we had expected at the beginning of the year. At 30 April, year-to-date EBITDA was slightly ahead of EBITDA for the first four months of 2012.
Earnings before interest and tax (EBIT) were DKK 11.9 million in Q1 2013 (Q1 2012: DKK 13.9 million).
Net financials were an expense of DKK 2.5 million in Q1 2013, a DKK 1.0 million improvement on Q1 2012.
Profit before tax and non-controlling interests was DKK 9.4 million in Q1 2013, as against DKK 10.3 million in Q1 2012. At 30 April, the year-to-date profit was slightly ahead of the figure for the first four months of 2012.
Earnings per share (diluted) came to DKK 3.55 in Q1 2013, against DKK 3.85 in Q1 2012.
The Coating business (Accoat) reported a DKK 1.3 million increase in Q1 2013 revenue and a fall in EBITDA to DKK 5.9 million from DKK 7.5 million in Q1 2012.
The Plastics businesses (SP Moulding, SP Medical, Tinby, TPI, Ergomat and Gibo Plast) reported an overall revenue set-back. Their EBITDA for Q1 2013 was DKK 20.9 million, down from DKK 21.9 million in Q1 2012, in part due to the long winter and Easter falling in March.
There was a cash inflow from operating activities of DKK 2.9 million in Q1 2013 (Q1 2012: DKK 1.6 million).
Net interest-bearing debt amounted to DKK 407.1 million at 31 March 2013, against DKK 373.3 million at 31 March 2012. End 2012 NIBD amounted to DKK 395.4 million.
We continue to expect a slightly higher profit before tax and non-controlling interests in 2013 than in 2012 (DKK 41.6 million) and a slightly higher level of business activity than in 2012 (DKK 1,109 million), but market prospects remain unclear.

CEO Frank Gad said: “2012 was our best year to date in terms of profit and cash flows from operations. We continue to expect that we can do even better in 2013, if the global economy improves.”

Read the entire report here

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

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