NASDAQ OMX Copenhagen A/S
Nikolaj Plads 6
1007 Copenhagen K
Anouncement 47/ 2013 22. August 2013 CVR no. CVR no. 15701315

Interim report – First half year of 2013

SP Group generated profit before tax and non-controlling interests of DKK 21.2 million in H1 2013, against DKK 17.9 million in H1 2012. Revenue was down by 2.1% year on year to DKK 536.8 million, and EBITDA was up by 8.7% to DKK 53.0 million from DKK 48.8 million. EPS jumped 28.6% to DKK 8.46. We maintain the FY 2013 guidance announced in the 2012 Annual Report: We continue to expect a slight increase in profit before tax and non-controlling interests in 2013 relative to 2012 (DKK 41.6 million) and slightly higher revenue than in 2012 (DKK 1,109 million), but market prospects remain unclear. 

The Board of Directors of SP Group A/S today considered and approved the interim report for the six months ended 30 June 2013. 

Highlights of the interim report: 

  • The H1 2013 revenue was down by DKK 11.4 million to DKK 536.9 million, or by 2.1%, relative to the year-earlier period. Sales outside Denmark were up by 6.4%, while sales in the Danish market were down by 9.3% due to a drop in the number of large projects.  Revenue fell by 0.9% in the second quarter.
  • Earnings before depreciation, amortisation and impairment losses (EBITDA) for H1 2013 were DKK 53.0 million, as against DKK 48.8 million in H1 2012. EBITDA was better than we had expected at the beginning of the year. EBITDA was DKK 28.3 million in Q2 2013, a 22.6% improvement on Q2 2012. 
  • Earnings before interest and tax (EBIT) came to DKK 27.5 million in H1 2013, against DKK 25.0 million in H1 2012. EBIT was DKK 15.6 million in Q2 2013, a 41.0% improvement on Q2 2011. 
  • Net financials were an expense of DKK 6.3 million in H1 2013, a DKK 0.7 million improvement on H1 2012. 
  • Profit before tax and non-controlling interests was DKK 21.2 million in H1 2013, as against DKK 17.9 million in H1 2012. The Q2 2013 profit was DKK 11.8 million, a 56.0% improvement on Q2 2012.  
  • Earnings per share (diluted) came to DKK 8.46 in H1 2013, against DKK 6.58 in H1 2012. This marked an increase of 28.6%. 
  • The Coating business (Accoat) reported a DKK 2.9 million drop in H1 2013 revenue and a fall in EBITDA to DKK 11.8 million from DKK 16.5 million in H1 2012. Revenue and earnings were affected by a drop in the the number of major projects relative to last year's historical high. 
  • The Plastics businesses (SP Moulding, SP Medical, Tinby, TPI, Ergomat and Gibo Plast) reported a slight overall revenue set-back. Their EBITDA for H1 2013 was DKK 45.8 million, down from DKK 40.0 million in H1 2012. The Plastics businesses reported a good second quarter with improvements in both revenue and earnings. 
  • There was a cash inflow from operating activities of DKK 26.1 million in H1 2013, against DKK 18.0 million in H1 2012.  
  • Net interest-bearing debt (NIBD) amounted to DKK 408.5 million at 30 June 2013, against DKK 382.1 million at 30 June 2012. At 31 December 2012, NIBD was DKK 395.4 million. 
  • We continue to expect a slight increase in profit before tax and non-controlling interests in 2013 relative to 2012 (DKK 41.6 million) and slightly higher revenue than in 2012 (DKK 1,109 million), but market prospects remain unclear. 

CEO Frank Gad said: “We are pleased to see 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 more here

 

 

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

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