(2009 figures in brackets)
In Q2, revenue and results met expectations. Once again, Solar turned out
positive cash flow from operating activities, and gross profit still developed
positively. Expectations for 2010 revenue and EBITA are maintained.
Q2 2010 highlights:
• Revenue amounted to € 338.2m (344.6).
• Gross profit amounted to 21.4% (21.0).
• Organic growth amounted to -5.2% (-17.2).
• EBITA amounted to € 9.4m (7.5).
H1 2010 highlights:
• Revenue amounted to € 667.5m (717.8).
• Gross profit amounted to 21.5% (20.8).
• Organic growth amounted to -9.9% (-12.3).
• EBITA amounted to € 15.4m (15.1).
• Earnings before tax amounted to € 8.4m (9.6).
• Cash flow from operating activities amounted to € 18.4m (61.9).
• Net interest-bearing debt was reduced to € 105.4m (191.4).
Results include restructuring costs pertaining to staff reductions, totalling €
0.1m for Q2 and € 1.4m for H1, which did not originally figure in expectations
for 2010.
During Q2, the group saw considerable improvement of market conditions in most
markets. As this upward trend continues, we expect H2 to produce positive
organic growth for the first time since late 2008.
Solar will maintain its expectations for revenue between € 1,360m and € 1,400m
and EBITA between € 46m and € 53m.
Best regards,
Solar A/S
Flemming H. Tomdrup
Enclosure: Quarterly report Q2 2010 pages 1-19 + cover
