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.
The Solar Group’s Q2 2015 revenue and EBITA were better than expected.
We raise our expectations for both revenue and EBITA for the full year.
CEO Anders Wilhjelm says:
”Solar saw growth in all markets in the second quarter. We are pleased about our business’ continued momentum and raise our expectations for 2015. At the same time, we work determinedly on increasing our profitability and strengthening our customers’ businesses – we want to make our customers winners. In the Netherlands, we have now completed a business consolidation, so that all customers have the benefit of full access to Solar’s products and services as well as one comprehensive network of branches. At the same time, the entire integration in the Netherlands is a really great example of how we have succeeded to reduce internal complexity.”
|
Select key figures (DKK million) |
Q2 2015 |
Q2 2014 |
H1 2015 |
H1 2014 |
| Revenue | 2,674 | 2,476 | 5,319 | 5,061 |
| EBITA | 48 | 0 | 108 | 38 |
| Earnings before tax | 30 | -24 | 70 | -13 |
| Cash flow from operating activities | 58 | -75 | -125 | -247 |
| Select key ratios (%) | ||||
| Organic growth | 9.4 | -3.4 | 7.0 | 0.1 |
| EBITA margin | 1.8 | 0.0 | 2.0 | 0.8 |
| Period-end net working capital/revenue (LTM) | 12.4 | 13.3 | 12.4 | 13.3 |
| Average net working capital/revenue (LTM)* | 12.0 | 12.4 | 12.0 | 12.4 |
* Calculated as an average of the last four quarters’ inventories, debtors and creditors.
Q2 2015 revenue
- The group’s revenue exceeded our expectations.
- Organic growth amounted to 9.4% against -3.4% in Q2 2014. Adjusted for the number of working days, organic growth amounted to 10.1% against -2.3% in Q2 2014.
Q2 2015 EBITA
- EBITA for the group exceeded our expectations.
- Q2 2014 EBITA was affected by restructuring costs of DKK 10m and Solar 8000 costs of DKK 8m.
Expectations for 2015
-
We raise our expectations for 2015, for which we now expect revenue between
DKK 10.5-10.8bn against the previous DKK 10.0-10.3bn and EBITA between DKK 240-290m against the previous DKK 200-250m. - For Solar in total we expect organic growth between approximately 4% and 7% in 2015.
Q2 presentation – audio webcast and teleconference today
The presentation of Quarterly Report Q2 2015 will be transmitted online on Tuesday 11 August 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 Q2 2015 pages 1-23
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, had revenue of approximately DKK 10.3bn in 2014 and currently 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.
