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No. 2 2021 Annual Report 2020

Announcement 2 2021    ·    11. February, 2021

In 2020, we achieved a strong EBITA, which exceeded our expectations. At the Annual General Meeting, the Board of Directors will propose a 2020 dividend distribution of DKK 28 per share.

CEO Jens Andersen says:
"In 2020, our three-year strategic period came to an end. During this period, we successfully managed to increase EBITA by DKK 145m to DKK 455m and exceeded our target of 4% EBITA margin for our core business.

We conclude the strategic period by proposing dividend payment of DKK 204m in total.  

We are very pleased with the progress and results delivered in 2020, and with the launch of our new strategy - CORE+ - that will set new standards for the period from 2021 to 2023.

Finally, I want to thank our dedicated and skilled employees. Together, we succeeded in delivering strong results despite the challenges brought about by COVID-19.

We have become stronger as a company and as a group.”

Financial highlights
(DKK million)
Q4 2020Q4 2019

Earnings before tax-773300120
Cash flow from operating activities432305813300
Financial ratios (%)    
Organic growth adj. for number of working days-2.12.6-2.04.9
EBITDA margin6.
EBITA margin4.
Net working capital, period-end/revenue (LTM)9.711.09.711.0
Gearing (NIBD / EBITDA), no. of times0.

2020 revenue

  • Adjusted organic growth amounted to -2.0% (4.9%), partly due to a declining demand caused by COVID-19 and partly due to our Better Business initiatives.

2020 EBITA

  • The results for our core business exceeded our expectations with EBITA being up by DKK 56m to DKK 456m compared to the original guidance.
  • Focus on strategic suppliers and concept sale, project Better Business and Operational excellence were stronger than expected. See the follow-up on page 8 in Annual Report 2020.

Dividend distribution

  • At the Annual General Meeting, the Board of Directors will propose dividend distribution of DKK 28.00 per share, corresponding to a payout ratio of 92%.

2021 outlook

  • We expect revenue of approx. DKK 11,550m equal to an organic growth of approx. 0%.
  • Better Business initiatives are expected to reduce revenue by DKK 200m. The adjusted organic growth amounts to approx. 2%.
  • We expect an EBITDA of approx. DKK 650m, corresponding to an EBITA of DKK 465m.

See the remaining assumptions on page 9 in Annual Report 2020.

Introduction of our new CORE+ strategy

With CORE+ we will be building on the solid foundation of our core. The new strategy focuses on four areas: Concepts, Climate & Energy, Industry and Trade. Areas in which we have a solid track record and see further opportunities for profitable growth in the years to come.

Our ambitions for the strategic period from 2021 to 2023 can be found on page 17 in Annual Report 2020. 

Audio webcast and teleconference today
The presentation of Annual Report 2020 will be made in English on 11 February 2021 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at Participation will be possible via teleconference.

Teleconference call-in numbers:

DK: tel. +45 823 331 94
UK: tel. +44 333 300 9264
US: tel. +1 833 526 8384

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


Enclosure: Annual Report 2020, pages 1-155, including Q4 2020 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 11.5bn in 2020 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

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.



Dennis CallesenInvestor Relations Director