No. 12 2022 In Q2, Solar delivered strong performance in all markets
Solar increased its guidance for 2022 EBITDA to DKK 1.1bn from DKK 975m. Moreover, we increased revenue guidance to DKK 13.45bn compared to our previous guidance of DKK 13.25bn. See announcement no. 11 2022.
CEO Jens Andersen says:
“We delivered a strong Q2 EBITDA growth driven by our four strategic focus areas, Concepts, Industry, Climate & Energy and Trade, supported by a positive development in all markets.
We posted double-digit adjusted organic growth in our two main segments Installation and Industry reaching 11% and 18%, respectively.
Within Climate & Energy, we see continued high demand, and green solutions will remain an important growth component.”
Q2 key financial messages
- Adjusted organic growth amounted to 12.4% up from 8.6%.
- EBITDA increased by DKK 56m to DKK 267m.
- One-off price effects resulted in an impact of approx. DKK 45m on gross profit compared to DKK 30m in Q2 2021.
| Financial highlights (DKK million) | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 |
| Revenue | 3,451 | 3,098 | 6,913 | 6,102 |
| EBITDA | 267 | 211 | 548 | 415 |
| Cash flow from operating activities | -10 | 351 | -212 | 263 |
| Financial ratios (%) | ||||
| Organic growth adj. for number of working days | 12.4 | 8.6 | 12.9 | 3.8 |
| EBITDA margin | 7.7 | 6.8 | 7.9 | 6.8 |
| Net working capital, end of period/revenue (LTM) | 14.1 | 10.9 | 14.1 | 10.9 |
| Gearing (NIBD/EBITDA), no. of times | 1.1 | 0.4 | 1.1 | 0.4 |
| Return on invested capital (ROIC) | 25.5 | 21.0 | 25.5 | 21.0 |
Audio webcast and teleconference today
The presentation of Quarterly Report Q2 2022 will be made in English on 11 August 2022 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. +45 787 232 51
UK: tel. +44 333 300 9268
US: tel. +1 646 722 4904
Contacts
CEO Jens Andersen – tel. +45 79 30 02 01
CFO Michael H. Jeppesen – tel. +45 79 30 02 62
IR Director Dennis Callesen – tel. +45 29 92 18 11
FACTS ABOUT SOLAR
Solar is a leading European sourcing and services company mainly within electrical, heating and plumbing, ventilation and climate and energy solutions. Our core business centres on product sourcing, value-adding services and optimisation of our customers’ businesses.
We facilitate efficiency improvement and provide digital tools that turn our customers into winners. We drive the green transition and provide best in class solutions to ensure sustainable use of resources.
Solar Group is headquartered in Denmark, generated revenue of approx. DKK 12.4bn in 2021 and has approx. 2,900 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 Danish and English today via Nasdaq Copenhagen. In the event of any inconsistency between the two versions, the Danish version shall prevail.
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