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No. 15 2019 Quarterly Report Q2 2019

15 2019    ·    8. August, 2019

Q2 revenue was slightly above our expectations and EBITA was on par with expectations. We reconfirm our outlook for 2019 EBITA of DKK 365m.

CEO Jens Andersen says:
"We continue to see growth in all our markets and improve earnings. In H1, we delivered organic growth of almost 6% and increased EBITA by 12% compared to H1 2018. At the same time, we have strengthened our position within heating and plumbing, and climate and energy in the Swedish market by a successful and swift integration of our newly acquired business activities. We have a continued keen focus on optimising our organisation to match changing business requirements.” 

Financial highlights
(DKK million)*
Q2 2019Q2 2018H1
Earnings before tax561049113
Cash flow from operating activities-17-41-149-80
Financial ratios (%)    
Organic growth adj. for number of working days5.
EBITA margin2.
Net working capital, period-end/revenue (LTM)12.910.712.910.7
Gearing (NIBD/EBITDA), no. of times2.
* 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.

Q2 2019 Revenue

  • Revenue was slightly above our expectations.
  • Adjusted organic growth amounted to 5.6% (1.6%).

Q2 2019 EBITA

  • EBITA was on par with our expectations.
  • EBITA from core business was up at DKK 66m (DKK 62m) driven by improvements in Solar Nederland, Solar Danmark and Solar Norge.
  • EBITA from related business was unchanged at DKK -6m (DKK -6m).

BIMobject valuation

• Based on the share price on 30 June, the BIMobject value amounted to DKK 203m. Therefore, Solar reversed DKK 29m of the write-down recognised in Q1 2019. The initial purchase price amounted to DKK 171m.

2019 outlook

  • We expect total revenue of at least DKK 11.6bn corresponding to organic growth of at least 2% and EBITA of approx. DKK 365m.
  • For core business, we expect revenue of at least DKK 10.95bn corresponding to an organic growth of at least 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 10,950
At least

Audio webcast and teleconference today
The presentation of Quarterly Report Q2 2019 will be made in English on 8 August 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 Q2 2019, 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 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