Interim report - First quarter of 2015

Summary: SP Group generated profit before tax and non-controlling interests of DKK 14.0 million in Q1 2015, against DKK 7.2 million in Q1 2014. Revenue improved by 12.6% year on year to DKK 307.3 million and EBITDA rose to DKK 32.4 million from DKK 24.1 million. We maintain the FY 2015 guidance announced in the 2014 Annual Report. We continue to expect a slight increase in profit before tax and non-controlling interests in 2015 relative to 2014 (DKK 51.5 million) and slightly higher revenue than in 2014 (DKK 1,165 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 2015.

Highlights of the interim report:

The Q1 2015 revenue was up by DKK 34.3 million to DKK 307.3 million, or by 12.6% relative to the yearearlier period.
Earnings before depreciation, amortisation and impairment losses (EBITDA) for Q1 2015 were DKK 32.4 million, as against DKK 24.1 million in Q1 2014. Earnings were adversely affected by the costs related to acquiring Sander Tech ApS (DKK 0.3 million), integrating Scanvakuum ApS (DKK 0.3 million) and starting up SP Extrusion A/S (DKK 0.8 million).
Earnings before interest and tax (EBIT) came to DKK 17.1 million in Q1 2015, against DKK 10.8 million in Q1 2014.
Net financials were an expense of DKK 3.1 million in Q1 2015, a DKK 0.4 million improvement on Q1 2014 resulting from slightly lower interest rates, interest margins and exchange rate adjustments.
Profit before tax and non-controlling interests was DKK 14.0 million in Q1 2015, as against DKK 7.2 million in Q1 2014.
Earnings per share (diluted) were DKK 5.26 in Q1 2015, an 89.2% improvement from DKK 2.78 in Q1 2014.
The Coating business (Accoat) reported a DKK 6.2 million drop in revenue in Q1 2015 and a fall in EBITDA to DKK 1.8 million from DKK 5.2 million in Q1 2014.
The Plastics businesses (SP Moulding, Sander Tech, SP Medical, Tinby, TPI, Ergomat, Gibo Plast, SP Extrusion and Bröderna Bourghardt) reported an aggregate revenue improvement of DKK 40.9 million. EBITDA improved by 48.2% to DKK 33.2 million in Q1 2015 from DKK 22.4 million in Q1 2014.
There was a cash inflow from operating activities of DKK 25.2 million in Q1 2015, against DKK 0.1 million in Q1 2014.
Net interest-bearing debt (NIBD) amounted to DKK 470.4 million at 31 March 2015, against DKK 459.1 million at 31 March 2014. At 31 December 2014, NIBD was DKK 467.2 million.
We continue to expect a slight increase in profit before tax and non-controlling interests in 2015 relative to 2014 (DKK 51.5 million) and slightly higher revenue than in 2014 (DKK 1,165 million), but market prospects remain unclear.

CEO Frank Gad said: “The first quarter of 2015 marks our best quarter ever in terms of both the top and bottom lines, despite many challenges in our markets, notably for our coating activities.”

Read the entire report here

Incase of any discrepancies, the Danish version shall prevail.

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