Annual report 2013

Summary: In 2013, SP Group realised a profit before tax and non-controlling interests of DKK 50.2 million, which is an increase of 20.6% compared to 2012. EPS increased by 22.2%. Revenue decreased from DKK 1,108.5 million in 2012 to DKK 1,102 million in 2013, corresponding to a decrease of 0.6%. In Q4 2013, the Company realised a profit before tax and non-controlling interests of DKK 13.8 million.

Annual report 2013

The Board of Directors of SP Group has today discussed and approved the annual report for 2013, which is enclosed in its entirety.

Q4 2013

In Q4 2013, SP Group traded for approx. DKK 289.2 million, which was a slight increase compared to the same period the year before.
EBITDA amounted to DKK 29.8 million, which is a decrease of 1.5% compared to the same period the year before.
Profit before tax and minority interests improved by DKK 0.5 million reaching DKK 13.8 million, corresponding to 3.5%.
In Q4, cash flows from operating activities amounted to DKK 31.9 million. Cash flows from investing and financing activities amounted to a negative DKK 32.8 million. The change in cash and cash equivalents was therefore negative by DKK 0.9 million.

2013

Revenue decreased by 0.6% to DKK 1,102.1 million compared to 2012.
Sales to the health care industry increased by 9.1% and now account for 38.1% of revenue.
Foreign sales increased by 8.1% and now account for 50.1% of revenue.
EBITDA increased to DKK 114.2 million from DKK 104.6 million in 2012.
EBIT increased to DKK 65.3 million from DKK 58.1 million in 2013.
Profit before tax and non-controlling interests was improved by DKK 8.6 million, totalling DKK 50.2 million.
Diluted earnings per share increased by 22.2% to DKK 18.74 per share.
Cash flows from operating activities were positive, amounting to DKK 66.9 million.
Net interest-bearing debt increased by DKK 34.6 million to DKK 430.0 million at the end of 2013.
The Board of Directors proposes distribution of dividends of DKK 3.00 per share (2012: DKK 2.50) to the Company's general meeting.
A new share buy-back programme of DKK 8.0 million will be initiated.

Follow-up on previously published expectations

Profit for the year corresponds to the most recently published expectations of DKK 45-50 million published on 4 November 2013.
Revenue amounted to DKK 1,102.1 million, which is slightly lower than the most recently published expectations.
Cash flows were negatively affected by reduced sale of selected debt and adversely affected by inventory adjustments.
NIBD/EBITDA amounted to 3.8, corresponding to the most recently published expectations (between 3 and 4).

Outlook for 2014

Global economy is also expected to grow in 2014, 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, particularly in the health care, cleantech, food-related and oil and gas industries. These new solutions 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 somewhat higher level than in 2013.
Financial expenses are expected to be realised at a lower level than in 2013.
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 2013 are expected for 2014, but the market prospects for the year are still uncertain.

CEO Frank Gad says: '2013 was our best year so far in terms of operating profit. We expect to perform even better in 2014 if the global economy continues its positive development.'

Read the entire report here

Incase of any discrepancies, the Danish version shall prevail.

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