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No. 12 2019 Quarterly Report Q1 2019

12 2019    ·    8. May, 2019

Q1 revenue above expectations and EBITA as expected. Our outlook for 2019 revenue is now at least DKK 11.35bn and we confirm our outlook for 2019 EBITA of DKK 365m.

CEO Jens Andersen says:

"We are pleased to see growth across our markets and we continue to improve our earnings. Furthermore, we execute on acquisitions and divestments in line with our strategy to shape a business based on profitable growth. We work dedicatedly on our three strategic focus areas in order to achieve our 2020 financial targets, and at the same time, we are driving the green transition to deliver new business opportunities.” 

Financial highlights
(DKK million)*
Q1 2019Q1 2018
Cash flow from operating activities-132-39224
Financial ratios (%)   
Organic growth adj. for number of working days5.84.52.2
EBITA margin2.72.42.9
Net working capital, period-end/revenue (LTM)11.810.39.8
Gearing (NIBD/EBITDA), no. of times2.51.71.2
* Due to the divestments of our Austrian and Belgian business activities, GFI GmbH and Claessen ELGB NV, in 2018, and the divestment of our Norwegian training business, STI, in Q1 2019, 2018 and 2019 figures in this announcement relate to our continuing operations.

Q1 2019 Revenue

  • Revenue was above our expectations.
  • Adjusted organic growth amounted to 5.8% (4.5%).

Q1 2019 EBITA

  • EBITA was on par with our expectations.
  • EBITA from core business was up at DKK 81m (DKK 74m) even though Solar Sverige’s performance was below Q1 2018 level and thus remained unchanged compared to Q2-Q4 2018.
  • EBITA from related business was up at DKK -1m (DKK -5m).

BIMobject valuation

• Based on the share price on 31 March, the value of BIMobject amounted to DKK 178m. Therefore, Solar identified a need for write-down of DKK 57m. In Q1 2018, we reversed a write-down on BIMobject AB of DKK 59m, which was originally recognised in Q4 2017.

2019 outlook

  • We expect total revenue of at least (previously approx.) DKK 11.35bn corresponding to organic growth of at least (previously approx.) 2% and EBITA of approx. DKK 365m.
  • For core business, we expect revenue of at least (previously approx.) DKK 10.7bn corresponding to an organic growth of at least (previously approx.) 1.5% and EBITA of approx. DKK 370m.
  • For the related business, we expect revenue of approx. DKK 650m corresponding to an organic growth of approx. 15% and EBITA of approx. DKK -5m.
Guidance 2019
DKK million
Related businessSolar
RevenueAt least 10,700
At least

Audio webcast and teleconference today
The presentation of Quarterly Report Q1 2019 will be made in English on 8 May 2019 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at 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

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 Q1 2019, pages 1-28.

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

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.



Charlotte Risskov KræftingDirector, Stakeholder Relations