Solar continued the positive development in Q2 2007 with revenue growth of 30%
to € 333.6m and earnings before tax of € 13.0m. This revenue growth is the
result of a continued high activity level in all markets.
Main figures for Q2 2007:
• Revenue improved by 30% to € 333.6m
• Organic revenue growth amounted to 18%
• EBITA improved by 39% to € 15.9m
Main figures for H1 2007:
• Revenue improved by 28% to € 653.0m
• Organic revenue growth amounted to 18%
• EBITA improved by 41% to € 33.4m
• Earnings before tax improved by 12% to € 28.8m
Please note that earnings before tax for H1 2006 were affected by profit from
the sale of property of € 2.9m and that earnings before tax for H1 2007 were
affected by amortisation of € 2.7m. Adjusted for this, earnings before tax
improved by 38% in H1 2007.
Expectations for 2007 remain unchanged at revenue of € 1,360m and earnings
before tax of € 72m. Earnings before tax are affected by amortisation of
intangible assets of € 6.1m.
CEO Flemming H. Tomdrup says:
"The high level of growth experienced in Q1 has continued in Q2 with growth of
30%, including 18% organic growth. Thus, revenue in H1 reached more than € 650m
and earnings before tax amounted to € 28.8m. Adjusted for profit from the sale
of property in 2006 and amortisation in 2007, this corresponded to an increase
of 38% compared to the same period last year.
The declining activity within Danish housing construction is offset by growth
in other areas in the domestic market and continued high growth abroad where
Solar collects 2/3 of its consolidated revenue. Therefore, we maintain our
expectations for 2007 of revenue of € 1,360m and earnings before tax of € 72m."
Yours faithfully,
SOLAR A/S
Jens Borum
Appendix: Quarterly report Q2 2007, 16 pages
The full announcement is available at www.solar.eu.
