The Solar Group wants to focus on its core business area. Consequently, an agreement has been entered into on the disposal of the subsidiary Aurora Group Danmark A/S. Final completion of this disposal is subject to approval by relevant authorities.
Solar A/S has entered into an agreement with Deltaco AB on the disposal of 100% of the shares of Aurora Group Danmark A/S. Deltaco is a leading Nordic distributor and supplier of IT products.
Basis of the disposal
The Solar Group wants to focus on its core business area, which is wholesaling of electrical, heating and plumbing, and ventilation products.
Background information on Aurora Group Danmark A/S
Aurora Group Danmark A/S is one of Scandinavia’s leading distributors of accessories for consumer electronics and operates in Denmark, Sweden, Norway and Finland. The enterprise has been part of the Solar Group since 1986.
Financial highlights of the Solar Group and Aurora Group Danmark A/S
| FY 2012 | ||
| Key financial ratios (€ million) | Solar Group | Aurora Group Danmark A/S |
| Revenue | 1,700.9 | 62.0 |
| EBITA | 38.0 | 2.8 |
| Balance sheet total | 767.4 | 31.2 |
| Equity | 294.8 | 6.7 |
| Key financial ratios (%) | ||
| Organic growth | 0.1 | 4.4 |
| EBITA margin | 2.2 | 4.4 |
| Net working capital (NWC year-end) / revenue (LTM) | 12.6 | 20.8 |
| Employees | ||
| Average number of employees (FTE) | 3,596 | 92 |
Usual conditions
Final completion of the disposal is subject to the usual conditions, including approval by relevant authorities. Clarification is expected by the end of April 2013.
Financial consequences
An account will be given of the financial consequences of the expected completion of the disposal.
Yours faithfully
Solar A/S
Flemming H. Tomdrup
Solar facts
Solar A/S was established in 1919 and listed on the Copenhagen Stock Exchange in 1953. Solar is one of Northern Europe’s leading technical wholesalers within electrical, heating, plumbing and ventilation products. The group, based in Kolding, Denmark, has subsidiaries in Denmark incl. the Faroe Islands, Sweden, Norway, the Netherlands, Belgium, Germany, Poland and Austria. Solar also owns Aurora Group, a leading Scandinavian distributor of accessories for consumer electronics that operates in Denmark, Sweden, Norway and Finland. In 2012, Solar Group revenue totalled € 1,700.9m, equating DKK 12.7bn. The group has approximately 3,600 employees.
For more information, please visit: www.solar.eu.
Disclaimer
This announcement was published today in Danish and English via NASDAQ OMX Copenhagen. In the event of any discrepancy between the Danish and English versions, the Danish version shall prevail.
