EBITDA was DKK 11.4m in Q3, down by 35% relative to the same period of last year. For the 9M period, EBITDA fell by 29%.

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1 NASDAQ OMX Copenhagen A/S Nikolaj Plads Copenhagen K Announcement No. 18/ November 2008 CVR No Interim report third quarter of 2008 Summary: SP Group generated a loss before tax and minority interests of DKK 3.8m in the first nine months of In the third quarter, revenue fell by DKK 7m relative to Q to DKK 204m and EBIT fell by DKK 9.2m to DKK 0.4m. Overall, the Group generated revenue of DKK 656m and a loss before tax and minority interests of DKK 5.8m in the first nine months of the year. The new revenue forecast provides for a slight drop in revenue relative to last year. The Group lowers its full-year forecast for 2008 to the range of a DKK 15m profit to a DKK 15m loss before tax and minority interests. The Supervisory Board of SP Group A/S has today considered and approved the interim report for the three months ended 30 September Highlights of the interim report: The financial results for the nine months to 30 September 2008 and the full-year 2008 forecast have been severely impacted by the widespread turmoil in the capital markets, the commodity markets and the general economic downturn. The Q3 revenue was DKK 204m, a DKK 7m fall relative to the year-earlier period. For the nine months to 30 September, revenue fell by 1.4% to DKK 656m. Adjusted for operations acquired, divested and shut down, the decline for the 9M reporting period was about 8%. EBITDA was DKK 11.4m in Q3, down by 35% relative to the same period of last year. For the 9M period, EBITDA fell by 29%. EBIT was DKK 0.4m against DKK 9.6m in Q The 9M EBIT was DKK 13.4m against DKK 36.1m in the year-earlier period. The Group incurred a loss before tax and minority interests of DKK 3.8m in the third quarter as against a DKK 5.6m profit in Q For the year to date, the accumulated loss was DKK 5.8m. The injection moulding business, SP Moulding and SP Medical, suffered a downturn in sales and earnings. The Polyurethane business area reported a minor setback in sales, but kept the Q3 EBIT unchanged. Both EBIT and sales declined in the first nine months of the year. The Vacuum Forming business area reported improvements in revenue and EBITDA, but the progress fell short of expectations. The 9M revenue improved due to the acquisition of DKI Form. The Accoat coating business experienced a slight sales improvement and largely unchanged earnings in the third quarter relative to the same period of last year. Sales and EBIT declined in the nine-month reporting period. The Q3 cash flows from operating activities were negative by DKK 11.8m, which was DKK 18.0m less than in Q In the first nine months of the year, cash flows were positive by DKK 7.4m, which was DKK 30.7m less than in 9M The Group spent a total of DKK 54.9m on investments and acquisitions and DKK 10.9m on reducing non-current liabilities. The new revenue forecast provides for a slight drop in revenue relative to last year. The Group lowers its full-year forecast for 2008 to the range of a DKK 15m profit to a DKK 15m loss before tax and minority interests. The forecast is subject to the uncertainty caused by the turmoil in the currency and commodity markets and the level of business activity. Niels K. Agner Chairman Frank Gad Chief Executive Officer SP Group A/S, Snavevej 6-10, DK-5471 Søndersø, Denmark, 1 / 9

2 Interim report third quarter of 2008 More information: CEO Frank Gad Phone: SP Group A/S, Snavevej 6-10, 5471 Søndersø, Danmark, 2 / 9

3 Interim report third quarter of 2008 Statement by the Supervisory Board and the Executive Board The Supervisory Board and the Executive Board have today considered and approved the interim report of SP Group A/S for the nine months ended 30 September The interim report is presented in accordance with IAS 34 Interim financial reporting as adopted by the EU and additional Danish disclosure requirements for the interim reports of listed companies. We consider the accounting policies applied to be appropriate to the effect that the interim report gives a true and fair view of the Group s assets, liabilities and financial position at 30 September 2008 and of the results of the Group s operations and cash flows for the three months ended 30 September In our opinion, the management s report gives a true and fair view of developments in the activities and financial position of the Group, the results for the period and of the Group s financial position in general and gives a fair description of significant risk and uncertainty factors that may affect the Group. The interim report is unaudited. Søndersø, 4 November 2008 Executive Board Frank Gad Chief Executive Officer Jørgen Hønnerup Nielsen Chief Financial Officer Supervisory Board Niels K. Agner Chairman Erik P. Holm Deputy Chairman Erik Christensen Hans W. Schur Poul H. Jørgensen Employee representative Karen Marie Schmidt Employee representative SP Group A/S, Snavevej 6-10, 5471 Søndersø, Danmark, 3 / 9

4 Interim report third quarter of 2008 FINANCIAL HIGHLIGHTS AND KEY RATIOS DKK 000 (key ratios excepted) Q Q Income statement 9M M 2007 FY 2007 Revenue 203, , , , ,687 Earnings before depreciation/amortisation and impairment losses (EBITDA) 11,421 17,817 45,043 63,097 72,914 Depreciation/amortisation and impairment losses -11,029-8,179-31,600-27,010-38,348 Earnings before interest and tax (EBIT) 392 9,638 13,443 36,087 34,566 Net financials -4,208-4,048-19,280-9,793-13,365 Profit before tax and minority interests -3,816 5,590-5,837 26,294 21,201 Profit/loss for the period -2,862 4,192-4,378 21,754 15,904 - of which attributable to SP Group A/S -3,380 3,354-5,921 19,081 12,577 Earnings per share (DKK) Diluted earnings per share (DKK) Balance sheet Non-current assets 416, , ,064 Total assets 734, , ,251 Equity 165, , ,040 Equity including minority interests 176, , ,949 Investments in property, plant and equipment (excluding acquisitions) 7,700 8,808 29,061 32,274 48,893 Net interest-bearing debt (NIBD) 395, , ,330 Cash flows Cash flows from: - operating activities -11,824 6,249 7,403 38,117 53,623 - investing activities -7,700-8,808-54,864-36,747-52,198 - financing activities -2,402-1,860-10,939-6,698 9,662 Change in cash and cash equivalents -21,926-4,419-58,400-5,328 11,087 Average number of employees 1, Key ratios EBITDA margin (%) EBIT margin (%) Profit before tax and minority interests as a percentage of revenue Equity ratio including minority interests (%) Market price, end of period (DKK per share) Net asset value per share, end of period (DKK) Market price/net asset value, end of period Number of shares, end of period 2,024,000 2,000,000 2,000,000 Accounting policies: The Group s interim report for the three months ended 30 September 2008 has been prepared in accordance with IAS 34 Interim Financial Reporting and additional Danish disclosure requirements for interim reports. The application of IAS 34 means that the presentation is limited relative to the presentation of a full annual report and that the valuation principles are in accordance with the International Financial Reporting Standards (IFRS). The accounting policies are unchanged from the policies applied in the Annual Report for The financial ratios have been calculated on the basis of Recommendations & Financial Ratios 2005, issued by the Danish Society of Financial Analysts. SP Group A/S, Snavevej 6-10, 5471 Søndersø, Danmark, 4 / 9

5 Interim report third quarter of M and Q3 PERFORMANCE REVIEW The past five quarters have been marked by growing turmoil in the capital markets, falling equity prices, significantly widened credit spreads and weaker economic growth. The financial crisis continued to spread in the third quarter of 2008 as a profound lack of confidence in the international financial system left the international debt markets in a state of dysfunction. The aggravated financial turmoil triggered a severe increase in funding costs. The crisis has led to bankruptcies and collapses in the international financial sector, and several financial institutions both in the USA and in Europe have been merged or taken over. At the beginning of the fourth quarter, a number of national governments have established plans to restore confidence in the financial system. These developments have, and have had, a severe negative impact on our customers as well as SP Group s sales and revenue. SP Group continued to intensify marketing efforts towards existing and potential customers in the third quarter, aiming to reduce the effects of weakening demand in a number of markets. The Group achieved a steady inflow of new customers and continues the active approach to develop and market a number of new solutions to the energy, medical devices and other industries which the company believes to have a growth potential. In an effort to create new solutions, we have signed an agreement with Telene to market and manufacture Telene s products in Denmark. Telene is a rigid, impact-resistant plastic material. Rising electricity, oil and raw materials prices as well as rising interest rates had a negative impact on earnings. The SP Group continues the efforts to optimise the business under the current market conditions by making production more efficient, aligning capacity and through tight cost management. With effect from 1 January 2008, SP Group increased its ownership interest in TPI Polytechniek from 70% to 80%. Gibo Plast took over DKI Form effective 2 January 2008 and is in the process of integrating the two companies. The integration process is progressing to plan. With effect from 1 April, SP Group sold the property in Sønderborg which became vacant when SP Moulding relocated its injection moulding activities at year-end In addition, Accoat sold a property in Helsingør effective 1 May which became vacant when the guidewire production was relocated to Poland in The properties were sold at a total price of just over DKK 14m, which covers the book values, sales costs and vacancy costs until the take-over date. As previously announced, the production of license plates ceased at the end of February. SP Group has submitted a tender bid for the future production of license plates. The Complaints Board for Public Procurement has decided in favour of SP Group, ordering SKAT, the Danish tax authorities, to rescind the contract SKAT previously entered into with a German license plate manufacturer. SKAT has not complied with the Complaints Board s decision, and as a result the case is pending before the courts. FINANCIAL PERFORMANCE REVIEW The 9M revenue amounted to DKK 656m against DKK 665m for the year-earlier period, equal to a drop of 1.5%. When adjusted for the acquisition and divestment of enterprises, revenue declined by about 8%. Sales to the medical devices industry, which is a key focus area for SP Group, increased by 1.8% relative to the corresponding period of last year to DKK 139.0m, equal to one-fifth of the consolidated revenue. Another focus area is the sale of products under own brands from Ergomat (ergonomic workplace equipment), SP Medical (guidewires) and TPI (ventilation equipment), and sales in this field rose by about 1.1% to DKK 106.8m. The improvement was driven by Ergomat s higher sales of ergonomic mats and SP Medical s increased sales of guidewires. TPI reported a fall in sales of stable ventilation equipment. The Group continues to become more and more international, and now generates 43.9% of revenue from outside Denmark as against 41.3% in the same period of last year. International sales rose by 4.9%. The Group s Danish customers export a large part of the products they buy from SP Group as a part of their own products. At the end of the first half-year, SP Group expected a slowdown in the third quarter relative to expectations at the start of the year. However, the slowdown proved to be more pronounced than anticipated. The drop in sales combined with rising costs relating to electricity, raw materials and wages thus reduced the consolidated EBITDA performance to DKK 11.4m for the third quarter and to DKK 45.0m for the nine-month reporting period, equal to an EBITDA margin of 6.9%. Earnings before interest and tax (EBIT) came to DKK 13.4m in the 9M period against DKK 36.1m in the year-earlier period. SP Group A/S, Snavevej 6-10, DK-5471 Søndersø, Denmark, 5 / 9

6 Interim report third quarter 2008 The decline was due to higher costs, a poorer product mix and lower capacity utilisation. The EBIT margin was 2.0%. Net financials amounted to a DKK 19.3m expense in 9M 2008 against an expense of DKK 9.8m a year earlier. The increase was partly attributable to a higher interest-bearing debt, partly to the abovementioned unrealised exchange loss of DKK 5.8m on a CHF loan and to the higher level of interest rates. The loss before tax and minority interests amounted to DKK 5.8m for the nine months to 30 September as against a profit of DKK 26.3m for the corresponding period of last year. Total assets increased from DKK 690m last year to DKK 734m due to the acquisition of DKI Form and the purchase of two machines previously held under operating leases. Net interest-bearing debt rose from DKK 334m to DKK 396m as a result of the acquisition of DKI Form, an additional 10% of TPI and two machines previously held under operating leases. We remain strongly focused on reducing the interest-bearing debt from the current level by increasing the cash flow from operating activities and selling an additional two properties. Cash flows Cash flows from operating activities amounted to DKK 7.4m in the 9M period. In the nine months to 30 September, investments and acquisitions amounted to DKK 54.8m, the vast majority of which related to the previously mentioned company acquisitions and purchases of machines previously held under operating leases. Two properties were sold at a total price of DKK 14.0m. DKK 13.4m was applied to repay long-term debt and equity was increased by DKK 2.5m through a warrant programme. Accordingly, the net change in cash and cash equivalents of the reporting period was an outflow of 58.4m. Equity Changes in equity since 1 January 2008: Acquisition of company Change in ownership, minority interests 0 0-2,729-2,159 Recognition of sharebased payment 1, , Exchange rate adjustments Profit/loss for the period (after tax) -5,921 19,081-4,378 21,754 Equity at end of period (after tax) 165, , , ,035 The company s share capital has been increased by DKK 2.4m at a price of per share. The capital increase was implemented with effect from 8 April by CEO Frank Gad exercising warrants to subscribe 24,000 new shares. As a result, SP Group s share capital now amounts to DKK 202.4m. OUTLOOK FOR THE REST OF 2008 After a disappointing third quarter, achieving the previous full-year profit guidance does not seem realistic given the above-normal uncertainty caused by the financial crisis, the exchange rate situation, the high raw materials prices and the severe global economic downturn. As a result, SP Group now expects a slight drop in revenue instead of the previous guidance of 0%-7% growth. The full-year forecast for 2008 is lowered to the range of a DKK 15m profit to a DKK 15m loss before tax and minority interests from the previous forecast range of a DKK 0-30m profit. The revised forecast is based on the SP Group s current operations and market conditions. Changes in business activities, raw materials and power prices, exchange rates and general economic trends may have an impact on expectations. Forward looking statements This interim report contains forward-looking statements reflecting management s current perception of future trends and financial performance. Statements relating to 2008 and the following years are inherently subject to uncertainty and SP Group s actual results may thus differ from expectations. Factors that may cause actual results to differ from expectations include, but are not limited to, changes in SP Group s activities, raw materials prices, foreign exchange and economic conditions. Equity attributable to parent company shareholders Equity including minority interests This interim report does not constitute an invitation to buy or sell shares in SP Group A/S. DKKm Equity at beginning of period (after tax) 167, , , ,075 Share issue 2, ,400 0 Share premium account SP Group A/S, Snavevej 6-10, 5471 Søndersø, Danmark, 6 / 9

7 Interim report third quarter 2008 HIGHLIGHTS BY SEGMENT: INJECTION MOULDING (SP Moulding and SP Medical) DKK Revenue 108, , , ,104 EBITDA 2,648 5,560 22,150 23,127 EBIT -3, ,974 5,779 Average no. of employees M highlights The Q3 revenue fell by DKK 15.1m. Exports by a number of customers to markets outside Europe have been hard hit by the weak US dollar and this has an adverse effect on sales. There is a continued strong inflow of new medical devices customers as well as new customers in other industries. The two Polish factories and the Chinese factory continue their strong performances, and all three are now generating positive earnings and producing more jobs. The 9M revenue fell by DKK 31.7m. As expected, the production of license plates ceased at the end of February. The Q3 EBIT fell by DKK 3.2m due to weaker business activity and rising energy, transport and payroll costs. Q3 The 9M EBIT fell by DKK 1.8m. Another clean room at the factory in Karise, Denmark and a white room at the factory in Poland were established in the nine-month reporting period. These production units will be run in by the end of this year. The company will also invest in additional robots and various energy-efficient equipment. The guidewire sales performance progressed as planned, and SP Medical is working to scale up marketing efforts in a number of markets, including the USA, which is the world s largest market for guidewires. Production at the factory in Poland has been temporarily shut down due to a fire. The company is working hard to overcome the problems caused by the fire. The incident did not result in personal injury. 9M customers and new customers. Earnings are expected to improve, but they are still not expected to be satisfactory. POLYURETHANE (Tinby, Ergomat, TPI Polytechniek) Q3 9M DKK Revenue 41,871 43, , ,555 EBITDA 8,076 8,139 20,207 27,142 EBIT 6,291 6,276 14,820 21,914 Average no. of employees M highlights The Q3 revenue declined by DKK 1.3m as a result of weaker sales of stable ventilation equipment by TPI Polytechniek. In spite of the weak US dollar, Ergomat managed to win substantial orders for ergonomic mats in the USA and Canada from two of the world s largest car factories. Ergomat sales to Europe are performing reasonably despite difficult market conditions. The 9M revenue fell by DKK 6.0m. The Q3 EBIT was unchanged at DKK 6.3m. The 9M EBIT fell by DKK 7.1m due to the lower business activity, the poorer product mix and the higher costs resulting in part from the strong appreciation of the Polish zloty. Tinby has signed a multi-year agreement with a major wind turbine manufacturer for the supply of PUR components globally from the factories in Poland and Denmark. Tinby will begin to market and sell Telene products to SP Group customers. Core target groups are the energy and automotive industries. Telene is a light, rigid and high-impact-resistant plastic material particularly well-suited for large workpieces. Revenue and earnings are expected to fall in 2008 relative to TPI s sales are impacted by the very low meat prices and high feed prices affecting the agricultural end-customers. The full-year revenue is expected to drop relative to 2007 due to the ceasing of license plate production and to another major customer having reorganised its global supply chain. To this should be added the negative effects of the economic crisis. The decline is expected to be partly offset by sales to other SP Group A/S, Snavevej 6-10, 5471 Søndersø, Danmark, 7 / 9

8 Interim report third quarter 2008 VACUUM FORMING (Gibo Plast) COATINGS (Accoat) Q3 9M Q3 9M DKK Revenue 28,648 17,057 99,235 59,734 EBITDA , EBIT -1,258-1,273-2,035-1,665 Average no. of employees DKK Revenue 27,849 27,349 80,172 92,026 EBITDA 3,413 3,731 9,579 19,276 EBIT 2,117 2,447 6,412 15,904 Average no. of employees M highlights Effective 1 January 2008, the Group acquired the entire share capital of DKI Form A/S at a cost price of DKK 20.4m. The Q3 revenue improved by DKK 11.6m to DKK 28.6m. The 9M revenue rose by DKK 39.5m, mainly as a result of the acquisition of DKI Form. The company sells a large part of its production to customers in the automotive industry (cars, buses, lorries, contractors equipment and agricultural vehicles). The Q3 EBIT was unchanged. The 9M EBIT fell by DKK 0.4m to a loss of DKK 2.0m, partly as a result of expensed integration costs related to DKI Form. Out of the Group s 9M loss, an expense of DKK 0.4m, excluding integration costs, was attributable to DKI Form A/S. The integration of DKI Form is progressing according to plan. A joint IT platform will be implemented this year, and the company continues to apply lean principles in the efforts to optimise the interaction between the two production units at Skjern and Spentrup in Denmark and to improve capacity utilisation. In this connection, the facility at Skjern has been approved for production of large plastic components for Volvo and Toyota. In addition, we have purchased a large vacuum machine and a CNC machine for the production of skylight windows and dome skylights. For the full year, we forecast higher revenue and a drop in earnings as compared with Due to the weaker customer activity, we have now lowered our revenue forecast by a substantial margin. In August, Gibo Plast put the property at Spentrup up for sale, which it took over when acquiring DKI Form. Going forward, Gibo plans to rent its premises as it already does at Skjern. 9M highlights The Q3 revenue rose by DKK 0.5m relative to the year-earlier period. The 9M revenue was DKK 11.8m below the figure for the nine months to 30 September 2007, which was an extraordinarily busy period. A couple of projects were postponed by customers, causing revenue to fall short of projections. Accoat was affected by a small fire which fortunately did not cause personal injury. It did, however, result in the loss of a week s production output, extraordinary costs and quite a bit of equipment damage. Customers were not affected by the fire. The Q3 EBIT fell by DKK 0.3m due a change in the product mix and a drop in activity. The 9M EBIT fell by DKK 9.5m to DKK 6.4m. Accoat has stepped up its marketing efforts towards customers in the oil and gas industry in the USA, Russia and Norway, winning new jobs for future delivery. In 2008, for example, the company will supply drill pipe coatings to two international oil companies. A number of customers in the medical devices and chemical industries are increasingly demanding Accoat s services for friction reduction and corrosion protection. Accoat has acquired a large blast cleaner that will increase capacity and improve efficiency in the pretreatment of large steel pieces. Moreover, the company has approved plans to further increase its oven capacity and acquire a phosphatising plant that will be used for coating jobs for customers in the oil and gas industry. For the full year, the company now expects revenue and earnings to be lower than in 2007, as a number of customers have either postponed or abandoned projects because of the financial crisis. SP Group A/S, Snavevej 6-10, 5471 Søndersø, Danmark, 8 / 9

9 Interim report third quarter 2008 About SP Group SP Group manufactures moulded plastic components as well as coatings. SP Group is a leading supplier of plastic manufactured products for the manufacturing industries in Denmark and has increasing exports and growing production from own factories in China and Poland. SP Group has subsidiaries in Denmark, Sweden, Germany, the Netherlands, Poland, the USA, Canada and China. SP Group is listed on NASDAQ OMX Copenhagen and had some 1,000 employees at 31 October SP Group s four business areas have the following activities: Injection Moulding Polyurethane Vacuum Forming Coatings SP Group A/S, Snavevej 6-10, 5471 Søndersø, Danmark, 9 / 9