Interim report - First half year of 2015

Summary: SP Group generated profit before tax and non-controlling interests of DKK 34.2 million in H1 2015, against DKK 21.2 million in H1 2014. Relative to the year-earlier period, revenue was up by 9.5% to DKK 627.7 million and EBITDA improved 28.7 % to DKK 70.0 million from DKK 54.4 million. Full-year 2015 guidance upgraded: We now expect profit before tax and non-controlling interests of about DKK 70.0 million (previous guidance: DKK 65.0 million) on revenue of around DKK 1.3 billion (previous guidance: DKK 1,250-1,300 million).

The Board of Directors of SP Group A/S today considered and approved the interim report for the six months ended 30 June 2015.

Highlights of the interim report:

The H1 2015 revenue was up by DKK 54.7 million to DKK 627.7 million, a 9.5% improvement on the yearearlier period.
Profit before depreciation, amortisation and impairment losses (EBITDA) for H1 2015 was DKK 70.0 million, as against DKK 54.4 million in H1 2014. Earnings were adversely affected by the costs of acquiring and integrating Sander Tech ApS (DKK 1.0 million), integrating Scanvakuum ApS (DKK 0.3 million) and starting up SP Extrusion A/S (DKK 1.4 million).
Profit before net financials (EBIT) came to DKK 38.7 million in H1 2015, against DKK 27.4 million in H1 2014.
Net financials were an expense of DKK 4.5 million in H1 2015, a DKK 1.6 million improvement on H1 2014 resulting from slightly lower interest rates, interest margins and exchange rate adjustments.
Profit before tax and non-controlling interests was DKK 34.2 million in H1 2015, as against DKK 21.2 million in H1 2014.
Earnings per share (diluted) were DKK 12.57 in H1 2015, a 59.7% improvement from DKK 7.87 in H1 2014.
In our coating business (Accoat), revenue fell by DKK 16.4 million to DKK 72.5 million in H1 2015, and EBITDA fell to DKK 6.6 million in H1 2015 from DKK 10.7 million in H1 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 71.9 million to DKK 559.8 million. EBITDA improved by 39.4% to DKK 68.6 million in H1 2015 from DKK 49.2 million in H1 2014.
There was a cash inflow from operating activities of DKK 80.8 million in H1 2015, against DKK 21.5 million in H1 2014.
Net interest-bearing debt (NIBD) amounted to DKK 400.5 million at 30 June 2015, against DKK 467.9 million at 30 June 2014. At 31 December 2014, NIBD was DKK 467.2 million. NIBD was lifted by DKK 43.0 million of the proceeds from a capital increase carried out on 24 June 2015.
SP Group acquired Ulstrup Plast A/S effective on 1 July 2015.
We now expect profit before tax and non-controlling interests of about DKK 70.0 million (previous guidance: DKK 65.0 million) on revenue of around DKK 1.3 billion (previous guidance: DKK 1,250-1,300 million).

Statement by CEO Frank Gad: “The second 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.

The first six months of 2015 was also our best half-year period to date.“

Read the entire report here

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