No. 8 2024 Q1 EBITDA on par with expectations
May 02 2024 - 1:58AM
No. 8 2024 Q1 EBITDA on par with expectations
Q1 revenue and EBITDA are in line with our expectations. We
confirm our 2024 EBITDA guidance of DKK 600m.
CEO Jens Andersen says:"As expected,
all segments showed negative growth in Q1 2024, with March
performing slightly better than January and February.
In April, Solar Danmark’s growth almost edged into
positive territory. As a result of Solar Danmark winning more
projects compared to the same period last year, we remain confident
this positive development will continue for the rest of
2024.
Consequently, we confirm our 2024 EBITDA guidance of DKK
600m.”
Q1 key financial messages
- Q1 EBITDA is on par with
expectations.
- Net working capital at the end of the
quarter continued to fall.
- 2024 EBITDA guidance of DKK 600m
confirmed.
Adjusted organic growth reflects an adjustment for the early
timing of Easter when compared to Q1 2023. However, the effect from
the working days leading up to Easter, which traditionally see
lower business activities, has not been adjusted in the organic
growth.
|
Financial highlights (DKK million) |
Q1 2024 |
Q1 2023 |
|
Revenue |
3,030 |
3,656 |
|
EBITDA |
88 |
280 |
|
Cash flow from operating activities |
7 |
101 |
|
Financial ratios (%) |
|
|
|
Organic growth adj. for number of working days |
-15.4 |
6.7 |
|
EBITDA margin |
2.9 |
7.7 |
|
Net working capital, end of period/revenue (LTM) |
15.1 |
16.7 |
|
Gearing (NIBD/EBITDA), no. of times |
2.1 |
1.3 |
|
Return on invested capital (ROIC) |
8.5 |
23.2 |
GuidanceWe confirm our revenue guidance of DKK
12,500m and EBITDA guidance of DKK 600m.
General assumptionOur 2024 guidance is still
impacted by an unpredictable market outlook due to heightened
geopolitical and macroeconomic tension. However, we expect a
recovery in the macroeconomic situation towards the end of the
year.
We have implemented, and will continue to implement, mitigating
measures, including cost containment, process improvements and the
necessary staff reductions.
Audio webcast and teleconference todayThe
presentation of Quarterly Report Q1 2024 will be made in English on
2 May 2024 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 teleconference.
Access to the
webcast:https://edge.media-server.com/mmc/p/acg7dj7n
To participate by telephone, and thus have the
possibility to ask questions:Register in advance of the
teleconference using the link below. Upon registering, each
participant will be provided with a Dial In Number, and a unique
Personal
PIN:https://register.vevent.com/register/BI4beb31a6765242ba8fa435a1e948423f
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 13.0bn in 2023 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 2024 Quarterly Report Q1 2024
- Solar Quarterly Report Q1 2024
- SOLA-2024-03-31-en
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