Q1 EBITDA AMOUNTED TO
Q1 revenue and EBITDA are in line with our expectations. We confirm our 2023 EBITDA guidance of
CEO
"Our Q1 results are inline with our expectations. The topline isdriven by strong performance in
Within Climate & Energy we continue to make good progress and reachedalmost
In Q1, we acquired 51% of the shares in ThermoNova A/S,aDanish manufacturer of high-capacity heat pumps, which will further strengthen our product offering.
Despite currency headwinds we confirm our 2023 EBITDA guidance of
Q1 key financial messages
- Revenue increased by
DKK 0.2bn toDKK 3.7bn - EBITDA margin reached 7.7%
- 2023 guidance: Revenue of
DKK 13,500m and EBITDA ofDKK 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 guidance
Due to currency headwinds, we decrease our revenue guidance to
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 guidance
Despite currency headwinds, we expect unchanged EBITDA of approx.
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 assumption
Due to the heightened geopolitical and macroeconomic uncertainty, our market outlook is characterised by greater unpredictability, particularly for H2.
Audio webcast and teleconference today
The presentation of Quarterly Report Q1 2023 will be made in English on
Teleconference call-in numbers:
DK: tel. +45 787 684 90
US: tel. +1 646 787 0157 PIN 392423
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. 8 2023 Quarterly Report Q1 2023
- Solar Q1 2023
SOLA -2023-03-31-en
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