Interim report - Third quarter of 2015

Summary: SP Group generated profit before tax and non-controlling interests of DKK 55.3 million in 9M 2015, a 3.9% increase from DKK 38.4 million in 9M 2014. Relative to the year-earlier period, revenue was up by 0.5% to DKK 962.8 million and EBITDA was up by 33.0% to DKK 112.8 million from DKK 84.8 million. Fullyear 015 guidance upgraded: We now expect profit before tax and non-controlling interests of about DKK 75 illion (previous guidance DKK 70 million) on revenue of around DKK 1.3 billion (previous guidance around DKK .3 billion).

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

Highlights of the interim report:

The 9M 2015 revenue was up by DKK 91.7 million to DKK 962.8 million, equal to a 10.5% improvement on the year-earlier period. Q3 revenue was up by 12.4 % year-on-year to DKK 335.2 million including company acquisitions.
Profit before depreciation, amortisation and impairment losses (EBITDA) for the 9M 2015 period was DKK 112.8 million, as against DKK 84.8 million in 9M 2014. Company acquisitions contributed DKK 7.4 million to EBITDA, whereas the costs of acquiring or integrating businesses (DKK 2.0 million) and the costs of starting up SP Extrusion A/S (DKK 2.0 million) both detracted from EBITDA. EBITDA for Q3 2015 was DKK 42.9 million, compared with DKK 30.4 million in Q3 2014.
Profit before net financials (EBIT) came to DKK 63.1 million in 9M 2015, against DKK 45.0 million in 9M 2014. EBIT for Q3 2015 was DKK 24.4 million, compared with DKK 17.6 million in Q3 2014.
Net financials were an expense of DKK 7.8 million in 9M 2015, a DKK 1.2 million deterioration relative to 9M 2014 due to exchange rate adjustments.
Profit before tax and non-controlling interests was DKK 55.3 million in 9M 2015, as against DKK 38.4 million in 9M 2014. The Q3 2015 profit before tax and non-controlling interests was DKK 21.1 million against DKK 17.2 million in Q3 2014.
Earnings per share (diluted) was DKK 19.31 in 9M 2015, a 38.2% improvement from DKK 13.97 in 9M 2014.
In our coating business (Accoat), revenue fell by DKK 19.4 million to DKK 106.8 million in 9M 2015, and EBITDA fell to DKK 10.1 million in 9M 2015 from DKK 13.5 million in 9M 2014.
The Plastics businesses (SP Moulding, Sander Tech, Ulstrup Plast, SP Medical, Tinby, TPI, Ergomat, Gibo Plast, SP Extrusion and Bröderna Bourghardt) reported an aggregate revenue improvement of DKK 111.4 million to DKK 861.6 million. EBITDA improved by 40.2% to DKK 110.6 million in 9M 2015 from DKK 78.8 million in 9M 2014.
There was a cash inflow from operating activities of DKK 116.3 million in 9M 2015, against DKK 50.9 million in 9M 2014.
Net interest-bearing debt (NIBD) amounted to DKK 430.1 million at 30 September 2015, against DKK 454.3 million at 30 September 2014. At 31 December 2014, NIBD was DKK 467.2 million. NIBD was lifted by DKK 5.0 million of the proceeds from a capital increase carried out on 24 June 2015 and the acquisition of Ulstrup Plast A/S effective 1 July 2015.
We now expect profit before tax and non-controlling interests of about DKK 75 million (previous guidance about DKK 70 million) on revenue of around DKK 1.3 billion (previous guidance around DKK 1.3 billion).

Statement by CEO Frank Gad: “The third 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 nine months of 2015 were also our best nine-month period to date.“

Read the entire report here

Incase of any discrepancies, the Danish version shall prevail.

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