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No. 1 2020 Annual Report 2019

1 2020    ·    6. February, 2020

2019 group results were largely on par with guidance. At the Annual General Meeting, the Board of Directors will propose 2019 dividends distribution of DKK 14 per share.

CEO Jens Andersen says:
"In 2019, our core business achieved the best financial result in a decade with a significant EBITA increase. As a clear indicator of value creation, ROIC from core business was almost 11%.

Once again we generated a strong cash flow, allowing us to pay out dividends of more than DKK 100m to our shareholders.

Entering 2020, we are well-positioned to benefit from the green transition. We are experiencing continuous growth within climate and energy and see obvious green business opportunities ahead of us.”

Financial highlights
(DKK million)*
Q4 2019 Q4 2018

Revenue 3,077 3,009 11,679 11,098
EBITA 115 109 360 327
Earnings before tax 73 54 120 237
Cash flow from operating activities 305 327 300 224
Financial ratios (%)        
Organic growth adj. for number of working days 2.6 2.5 4.9 2.2
EBITA margin 3.7 3.6 3.1 2.9
Net working capital, period-end/revenue (LTM) 11.0 9.8 11.0 9.8
Gearing (NIBD/EBITDA), no. of times 1.7 1.2 1.7 1.2
* 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.

2019 Revenue

  • Adjusted organic growth amounted to 4.9% (2.2%).

2019 EBITA

  • The results for core business were on par with our expectations, while results for related business were disappointing.
  • EBITA from core business increased by DKK 31m to DKK 379m.
  • EBITA from related business was up at DKK -19m (DKK -21m). Our strategic review of MAG45 is ongoing.

BIMobject AB valuation

• Based on the share price on 31 December 2019, the BIMobject value amounted to DKK 139m. In 2019, Solar thus identified a need for write-down of DKK 86m. In 2018, we reversed the write-down of DKK 59m on BIMobject originally recognised in 2017.

Dividends distribution

  • At the Annual General Meeting, the Board of Directors will propose dividends distribution of DKK 14.00 per share.

2020 outlook

  • We expect revenue of approx. DKK 11.8bn equal to an organic growth of approx. 1%.
  • We expect an EBITA of approx. DKK 400m including one-off costs of DKK 30m related to SAP eWM implementations.
  • Consequently, we expect to deliver an operating EBITA of approx. DKK 430m.
  • Please see the detailed distribution in the table below.
Guidance 2020
DKK million
Related business Solar
Revenue 11,200 600 11,800
EBITA 400 0 400

Audio webcast and teleconference today
The presentation of Annual Report 2019 will be made in English on 6 February 2020 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. +45 781 501 08
UK: tel. +44 333 300 9032
US: tel. +1 646 722 4956

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: Annual Report 2019, pages 1-150, including Q4 2019 quarterly information.

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 11.7bn in 2019 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