NASDAQ OMX Copenhagen A/S GlobeNewswire https://cns.omxgroup.com Announcement no. 13 2015 Contacts: CEO Anders Wilhjelm – tel. +45 79 30 02 01 CFO Michael H. Jeppesen – tel. +45 79 30 02 62 Stakeholder Relations Manager Charlotte Risskov Kræfting – tel. +45 40 34 29 08 Quarterly Report Q1 2015 As a consequence of the divestment of the assets in Solar Deutschland GmbH, the stated figures for 2014 and 2015 in this announcement relate to the continuing operations. Solar A/S Executive Board Industrivej Vest 43 DK – 6600 Vejen Denmark Tel. + 45 79 30 00 00 www.solar.eu Ref.: AW/crk CVR no.: 15 90 84 16 7 May 2015 With organic growth of 4.6%, the Solar Group’s revenue for Q1 2015 was in the uppermost part of the interval of our expectations, and EBITA was in the upper part. We maintain our expectations for the full year but we now expect revenue and EBITA for 2015 in the upper part of the interval. CEO Anders Wilhjelm says: ”We are pleased about a reasonable start to the year with growth in basically all our markets and strengthened earnings. As there are still uncertainties about the development in the Danish and Norwegian markets, we, however, remain cautious in relation to our market expectations. Solar’s focus is still on profitable growth as well as the internal transformation of the company.” Q1 2015 2,645 60 40 -183 4.6 2.3 12.7 12.4 Q1 2014 2,585 38 11 -172 3.8 1.5 12.2 12.5 Year 2014 10,252 117 -122 187 0.4 1.1 10.8 12.4 Select key figures (DKK million) Revenue EBITA Earnings before tax Cash flow from operating activities Select key ratios (%) Organic growth EBITA margin Year-end net working capital/revenue (LTM) Average net working capital/revenue (LTM)* * Calculated as an average of the last four quarters’ inventories, debtors and creditors. Q1 2015 revenue The group's total revenue was in the uppermost part of the interval of our expectations. Organic growth amounted to 4.6% against 3.8% in Q1 2014. Adjusted for the number working days, organic growth amounted to 5.8% against 2.1% in Q1 2014. Q1 2015 EBITA EBITA was in the upper part of the interval of our expectations. A part of the selling price for the sale of Aurora Group in 2013 was variable. In Q1, an adjustment of the variable part of the selling price of DKK 2m was made, while an adjustment of DKK -3m was made in Q1 2014. Furthermore, Q1 2014 EBITA was affected by Solar 8000 costs of DKK 5m. Page 1 of 2
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