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26-10-2017 07:50:14

No. 18 2017 Quarterly Report Q3 2017

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LEI: 21380031XTLI9X5MTY92                                                                                        

Q3

EBITA was in line with expectations and we

see a positive trend in organic growth. We reconfirm our guidance for operational EBITA. However, non-recurring costs will, among other things, be impacted by severance pay with regard to the change in CEO.

CEO Jens Andersen says:

"Our core business saw an improved performance in Q3 and we keep improving net working capital. We have a strong platform in the core business, and we will continue to develop and optimise this in order to increase competitiveness and make us an even more attractive sourcing and services company. While strengthening focus on the core business, we are continuing our digital journey with introducing digital solutions and cooperation with partners within digital construction and services."

Financial highlights

(DKK million)

Q3 2017

Q3 2016

Q1-Q3

2017

Q1-Q3

2016

Revenue 2,773 2,595  8,630 8,062  
EBITA 87 67 186 176  
Net financials* -4 -9 60 -26  
Earnings before tax 62 44 191 109  
Cash flow from operating activities 9 -7 -284 -218  

Financial ratios (%)

         
Organic growth adj. for number of working days 8.5 3.1 6.8 0.9  
EBITA margin 3.1 2.6 2.2 2.2  
Net working capital, period-end/revenue (LTM) 12.0 12.2 12.0 12.2  
Net working capital, average/revenue (LTM)** 10.4 10.9 10.4 10.9  
Gearing (NIBD/EBITDA), no. of times 2.1 1.4 2.1 1.4  
Return on invested capital (ROIC) 7.0 7.5 7.0 7.5  

* Fair value adjustment of BIMobject AB is recognised in the income statement as financial income.

** Calculated as an average of the past four quarters' inventories, trade receivables and trade payables.

 

Q3 2017 revenue

  • Organic growth increased to 8.5% from 3.1% in Q3 2016 adjusted for the number of working days.

Q3 2017 EBITA

  • EBITA was in line with expectations.

  • EBITA for the core business was up by more than a third or DKK 25m in Q3, while our related business diluted EBITA by DKK 10m compared to DKK 5m in Q3 2016.

2017 outlook

  • We now expect revenue of approx. DKK 11.7bn, corresponding to organic growth of approx. 6%. Our previous expectations were revenue above DKK 11.4bn, corresponding to organic growth above 3%.

  • We expect an operational EBITA of DKK 345m, which is unchanged. Also unchanged, we expect to spend approx. DKK 25m on innovation and business development. Compared to  previously announced, costs related to structural changes are expected to increase with approx. DKK 15m to a total of DKK 35m. The increase is among other things due to severance pay with regard to the change in CEO announced in October. Thus, we expect an EBITA of approx. DKK 285m, down from DKK 300m.

             

EBITA overview

DKK million

Guidance 2017

 

Actual 2016

Operational EBITA 345 302
Innovation and business development -25 -20
Non-recurring costs -35 -15
Positive one-offs 0 11

EBITA

285

278

Audio webcast and teleconference today

The presentation of the Quarterly Report Q3 2017 will be made in English on 26 October 2017 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at www.solar.eu. Participation will be possible via a teleconference.

Teleconference call-in numbers:

DK: tel. +45 354 455 83

UK: tel. +44 203 194 0544

US: tel. +1 855 269 2604

Yours faithfully

Solar A/S

Jens Andersen

Contacts:

CEO Jens Andersen - tel. +45 79 30 02 01

CFO Michael H. Jeppesen - tel. +45 79 30 02 62

Director, Stakeholder Relations Charlotte Risskov Kræfting - tel. +45 40 34 29 08

Enclosure: Quarterly Report Q3 2017, pages 1-32.

Facts about

Solar

Solar Group is a leading sourcing and services company. Our core business centres on product sourcing, value-adding services and optimisation of our customers' businesses.

Being a sourcing and services company, we focus on each individual customer. We always strive to understand our customers' unique and genuine needs in order to provide relevant, personal and value-adding services, turning our customers into winners.

Solar Group is headquartered in Denmark, generated revenue of approximately DKK 11.1bn in 2016 and has more than 3,000 employees. Solar is listed on Nasdaq Copenhagen and operates under the short designation SOLAR B. For more information, please visit www.solar.eu.

Disclaimer

This announcement was published in English and Danish today via Nasdaq Copenhagen. In the event of any inconsistency between the two versions, the English version shall prevail.

fb201718 Solar Quarterly Report Q3 2017


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Solar A/S via Globenewswire

Vedhæftet fil: 822075.pdf

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