As a consequence of the divestment of the assets in Solar Deutschland GmbH, the stated figures for 2014 and 2015 in this announcement relate to the continuing operations.
With organic growth of 4.6%, the Solar Group’s revenue for Q1 2015 was in the uppermost part of the interval of our expectations, and EBITA was in the upper part. We maintain our expectations for the full year but we now expect revenue and EBITA for 2015 in the upper part of the interval.
CEO Anders Wilhjelm says:
”We are pleased about a reasonable start to the year with growth in basically all our markets and strengthened earnings. As there are still uncertainties about the development in the Danish and Norwegian markets, we, however, remain cautious in relation to our market expectations. Solar’s focus is still on profitable growth as well as the internal transformation of the company.”
|
Select key figures (DKK million) |
Q1 2015 |
Q1 2014 |
Year 2014 |
| Revenue | 2,645 | 2,585 | 10,252 |
| EBITA | 60 | 38 | 117 |
| Earnings before tax | 40 | 11 | -122 |
| Cash flow from operating activities | -183 | -172 | 187 |
| Select key ratios (%) | |||
| Organic growth | 4.6 | 3.8 | 0.4 |
| EBITA margin | 2.3 | 1.5 | 1.1 |
| Year-end net working capital/revenue (LTM) | 12.7 | 12.2 | 10.8 |
| Average net working capital/revenue (LTM)* | 12.4 | 12.5 | 12.4 |
* Calculated as an average of the last four quarters’ inventories, debtors and creditors.
Q1 2015 revenue
- The group's total revenue was in the uppermost part of the interval of our expectations.
-
Organic growth amounted to 4.6% against 3.8% in Q1 2014. Adjusted for the number of working days, organic growth amounted to 5.8% against 2.1% in Q1 2014.
Q1 2015 EBITA
- EBITA was in the upper part of the interval of our expectations.
- A part of the selling price for the sale of Aurora Group in 2013 was variable. In Q1, an adjustment of the variable part of the selling price of DKK 2m was made, while an adjustment of DKK -3m was made in Q1 2014.
-
Furthermore, Q1 2014 EBITA was affected by Solar 8000 costs of DKK 5m.
Expectations for 2015
- We maintain our expectations for 2015 of revenue between DKK 10.0-10.3bn and EBITA between DKK 200-250m. We now expect revenue and EBITA to be in the upper part of the interval.
-
For Solar in total, we expect organic growth in 2015 to be between approximately 0% and 2.5%.
Q1 presentation – audio webcast and teleconference today
The presentation of Quarterly Report Q1 2015 will be transmitted online on Thursday 7 May 2015 at 11:00 CET. The presentation will be transmitted as audio webcast and will be accessible via www.solar.eu. It will be possible to make comments and ask questions via teleconference.
Teleconference numbers:
DK: tel. +45 354 455 83
UK: tel. +44 203 194 0544
US: tel. +1 855 269 2604
Yours faithfully
Solar A/S
Anders Wilhjelm
Appendix: Quarterly Report Q1 2015 pages 1-22
Facts about Solar
Solar A/S is a listed company and one of Northern Europe’s leading sourcing and services companies, mainly within electrical, heating, plumbing and ventilation technologies. Solar offers products, knowledge and solutions.
The Solar Group, which is based in Denmark, employs around 3,000 employees. Solar is listed on Nasdaq Copenhagen with the short designation SOLAR B and has been listed since 1953. For more information, please visit: www.solar.eu.
Disclaimer
This announcement was published in Danish and English today via Nasdaq Copenhagen. In case of any discrepancy between the two versions, the Danish version shall prevail.
