As at 24 April 2013, Solar A/S divested the subsidiary Aurora Group Danmark A/S. The stated figures for 2013 and 2014 in this announcement, therefore, relate to the continuing operations.
Q2 revenue for the Solar Group matched our expectations, while EBITA was in the low range of our expectations. Our expectations for revenue and EBITA for 2014 are changed.
As the Board of Directors of Solar A/S has processed the quarterly report and guidance earlier than planned, the publication of Quarterly Report Q2 2014 has been moved forward.
CEO Anders Wilhjelm says:
“Most of our enterprises generated negative growth in Q2, and we see a historically weak Danish market, which is disappointing to us. It gives us an unfavourable effect of our geographical mix. In spite of the dropping top line, we still expect group EBITA to grow compared to 2013, however at a lower level than earlier stated. In general, we do not see any vast changes to the group’s overall market conditions in 2015.”
|Select financial highlights||
||~ DKK million|
|Earnings before tax||-5.5||-2.1||-6.5||-9.9||-41||-16||-49||-74|
|Cash flow from operating act||-12.5||8.1||-34.0||-23.5||-93||60||-254||-175|
|Select key figures||%||%|
|Net working capital/rev.*||13.0||14.0||13.0||14.0||13.0||14.0||13.0||14.0|
* Calculated as an average of the last four quarters’ inventories, debtors and creditors.
Q2 2014 revenue:
Q2 2014 EBITA:
Net working capital:
Expectations for 2014:
Q2 presentation – video webcast and teleconference
The presentation of Quarterly Report Q2 2014 will be transmitted online from NASDAQ OMX Copenhagen Wednesday 20 August at 11.00 CET and will be accessible via www.solar.eu. Teleconference numbers are available here:
Participants from Denmark: tel. +45 32 72 80 18
Participants from the UK: tel. +44 145 255 5131
Participants from the USA: tel. +1 866 682 8490
International participants: tel. +44 (0) 145 255 5131
Attachment: Quarterly Report Q2 2014 pages 1-22
Facts about Solar
Solar A/S is a listed company and one of Northern Europe’s leading sourcing and services companies within electrical, heating, plumbing and ventilation products. Solar offers products, knowledge and solutions.
In 2013, the Solar Group, which is based in Denmark, generated revenue totalling
€ 1,531.5m, equating DKK 11.4bn. The group currently has some 3,300 employees. Solar is listed on NASDAQ OMX Copenhagen with the short designation SOLAR B and has been listed since 1953.
For more information, please visit: www.solar.eu.
This announcement was published in Danish and English today via NASDAQ OMX Copenhagen. In case of any discrepancy between the two versions, the Danish version shall prevail.