No. 8 2023 Quarterly Report Q1 2023
02 5월 2023 - 2:59PM
No. 8 2023 Quarterly Report Q1 2023
Q1 EBITDA AMOUNTED TO DKK
280M
Q1 revenue and EBITDA are in line with our expectations. We
confirm our 2023 EBITDA guidance of DKK 900m.
CEO Jens Andersen
says:"Our Q1 results are
in line with our expectations.
The top line
is driven by strong
performance in Norway and the
Netherlands, while
EBITDA is supported
by improvements in all our four
strategic focus areas.
Within Climate & Energy we continue to make good
progress and reached
almost DKK 400m in revenue
in Q1 albeit a slowdown
in Denmark.
In Q1, we acquired 51% of the
shares in
ThermoNova
A/S, a Danish
manufacturer of high-capacity heat pumps,
which will further strengthen our product
offering.
Despite currency headwinds
we confirm our 2023 EBITDA guidance of DKK
900m, but
decrease our
2023 revenue guidance to DKK
13,500m.”
Q1 key financial
messages
- Revenue increased by DKK 0.2bn to DKK
3.7bn
- EBITDA margin reached 7.7%
- 2023 guidance: Revenue of DKK 13,500m
and EBITDA of DKK 900m
Financial highlights (DKK million) |
Q1 2023 |
Q1 2022 |
Revenue |
3,656 |
3,462 |
EBITDA |
280 |
281 |
Cash flow from operating activities |
101 |
-202 |
Financial ratios (%) |
|
|
Organic growth adj. for number of working days |
6.7 |
13.6 |
EBITDA margin |
7.7 |
8.1 |
Net working capital, end of period/revenue (LTM) |
16.7 |
14.0 |
Gearing (NIBD/EBITDA), no. of times |
1.3 |
0.6 |
Return on invested capital (ROIC) |
23.2 |
26.5 |
Revenue guidanceDue to currency headwinds, we
decrease our revenue guidance to DKK 13.5bn compared to our
previous guidance of DKK 13.7bn, corresponding to an unchanged
adjusted organic growth of approx. 0%.
In the wake of substantial price increases in 2022, the majority
of growth for 2023 is projected to take place in H1 whereas we
expect negative growth in H2.
Adjusted for price increases, mainly roll-over effects from
2022, we expect negative growth in all main segments, which will
only partly be offset by the expected strong growth within Climate
& Energy.
EBITDA guidanceDespite currency headwinds, we
expect unchanged EBITDA of approx. DKK 900m, which corresponds to
an EBITDA margin of approx. 6.7%.
In 2022, we saw substantial positive one-off price effects. We
expect this to normalise in 2023, which means that no major one-off
price effects are included in our guidance.
General assumptionDue to the heightened
geopolitical and macroeconomic uncertainty, our market outlook is
characterised by greater unpredictability, particularly for H2.
Audio webcast and teleconference todayThe
presentation of Quarterly Report Q1 2023 will be made in English on
2 May 2023 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. +45 787 684 90UK: tel. +44 203 769 6819US: tel. +1 646
787 0157 PIN 392423
ContactsCEO Jens Andersen - tel. +45 79 30 02
01CFO Michael H. Jeppesen - tel. +45 79 30 02 62IR Director Dennis
Callesen - tel. +45 29 92 18 11
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 13.9bn in 2022 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.
DisclaimerThis 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.
- No. 8 2023 Quarterly Report Q1 2023
- Solar Q1 2023
- SOLA-2023-03-31-en
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