Q3 EBITDA is in line with our expectations. We reconfirm our 2023 revenue guidance of
CEO
"Our Q3 results are on par with our expectations, and we have set a clear direction towards our second-best result ever. The revenue development we saw in Q3 was generally in line with our expectations, with residential heat pump sales in
As we continue to optimise our business for future growth, we will invest in a new, modern warehouse in Kumla,
Q3 key financial messages
- Q3 EBITDA of
DKK 187m is in line with our expectations. - Our cost containment initiatives continue to deliver.
- 2023 guidance reconfirmed.
Financial highlights (DKK million) | Q3 2023 | Q3 2022 | Q1-Q3 2023 | Q1-Q3 2022 |
Revenue | 2,965 | 3,266 | 9,871 | 10,179 |
EBITDA | 187 | 301 | 681 | 849 |
Cash flow from operating activities | 190 | -14 | 369 | -226 |
Financial ratios (%) | ||||
Organic growth adj. for number of working days | -4.7 | 14.0 | 0.5 | 13.3 |
EBITDA margin | 6.3 | 9.2 | 6.9 | 8.3 |
Net working capital, end of period/revenue (LTM) | 16.6 | 16.1 | 16.6 | 16.1 |
Gearing (NIBD/EBITDA), no. of times | 1.5 | 1.1 | 1.5 | 1.1 |
Return on invested capital (ROIC) | 16.9 | 25.3 | 16.9 | 25.3 |
Revenue guidance
We reconfirm our revenue guidance of
In the wake of substantial price increases in 2022, we delivered positive growth 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. This will partly be offset by the expected strong growth within Climate & Energy supported by the Danish subsidy scheme for residential heat pumps.
EBITDA guidance
We reconfirm our EBITDA guidance of approx.
We saw substantial positive one-off price effects in 2022. We expect this to normalise in 2023, which means that no major one-off price effects are included in our guidance.
General assumption
Due to the heightened geopolitical and macroeconomic uncertainty, our market outlook is characterised by greater unpredictability.
Audio webcast and teleconference today
The presentation of the Quarterly Report Q3 2023 will be conducted in English on
To access the webcast:
https://edge.media-server.com/mmc/p/orcr5r7v
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/BI820f7eb358934d3aad616293dfdd0c18
Contacts
CEO
CFO
IR Director
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.
Disclaimer
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.
Attachments
- No. 11 2023 Quarterly Report Q3 2023
- Solar Q3 2023
SOLA -2023-09-30-en
© OMX, source