Announcement 12019 · 7. February, 2019
LEI: 21380031XTLI9X5MTY92
Our core business delivered growth and EBITA above the 2017 level. Also our related business delivered growth, but did, however, dilute earnings. The Board of Directors will propose 2018 dividends distribution of DKK 14 per share at the Annual General Meeting.
CEO Jens Andersen says:
“In 2018, we had to adjust our expectations. However, our core business delivered the best EBITA since 2010. Furthermore, our guidance for 2019 confirms that we expect continuous improvement of our business in order to reach our 2020 financial targets. Digitalisation, the green transition and urbanisation benefit our business and we aim to provide best in class solutions to ensure sustainable and responsible use of resources. In 2019, Solar will celebrate its 100th anniversary. For all these years, Solar has been adapting to change and challenging the industry and we will keep doing just that.”
Financial highlights (DKK million)* | Q4 2018 | Q4 2017 | 2018 | 2017 |
Revenue | 3,009 | 2,967 | 11,098 | 11,061 |
EBITA | 109 | 90 | 327 | 310 |
Earnings before tax | 54 | -50 | 237 | 176 |
Cash flow from operating activities | 327 | 279 | 224 | 7 |
Financial ratios (%) | ||||
Organic growth adj. for number of working days | 2.5 | 7.1 | 2.2 | 7.0 |
EBITA margin | 3.6 | 3.0 | 2.9 | 2.8 |
Net working capital, period-end/revenue (LTM) | 9.8 | 9.7 | 9.8 | 9.7 |
Gearing (NIBD/EBITDA), no. of times | 1.2 | 1.3 | 1.2 | 1.3 |
* Due to the divestments of our Austrian and Belgian business activities, GFI GmbH and Claessen ELGB NV, and the planned divestment of our Norwegian training business, STI, 2017 and 2018 figures in this announcement relate to our continuing operations. |
2018 Revenue
2018 EBITA
Dividends distribution
2019 outlook
Guidance 2019 DKK million | Core business | Related business | Solar Group |
Revenue | 10,700 | 650 | 11,350 |
EBITA | 370 | -5 | 365 |
Financial targets
Audio webcast and teleconference today
The presentation of Annual Report 2018 will be made in English on 7 February 2019 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: Annual Report 2018, pages 1-146, including Q4 2018 quarterly information.
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 more than DKK 11bn in 2018 and has approx. 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 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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