Q3 was characterised by improved earnings and strong organic growth. On that basis and our expectations to Q4, we adjust 2022 guidance to a revenue of
CEO
"Q3 was another strong quarter delivering high organic growth and improved earnings. Our strategic focus area Climate & Energy supported the strong performance by delivering an organic growth of slightly more than 100% in Q3. We expect Climate & Energy to reach a 2022 revenue of approximately
We have successfully diversified our business during the last years thereby making us less dependent on new construction. The annual revenue from project sales, which is mainly related to new construction, is expected to be around
Based on our strong Q3 performance and our Q4 expectations, we adjust 2022 guidance to a revenue of
Q3 key financial messages
- Adjusted organic growth amounted to 14.0% up from 8.8% with Climate & Energy delivering adjusted organic growth of 103%.
- EBITDA increased by
DKK 64m toDKK 301m - One-off price effects resulted in an impact of approx.
DKK 65m on gross profit compared toDKK 50m in Q3 2021.
Financial highlights (DKK million) | Q3 2022 | Q3 2021 | Q1-Q3 2022 | Q1-Q3 2021 |
Revenue | 3,266 | 2,872 | 10,179 | 8,974 |
EBITDA | 301 | 237 | 849 | 652 |
Cash flow from operating activities | -14 | -38 | -226 | 225 |
Financial ratios (%) | ||||
Organic growth adj. for number of working days | 14.0 | 8.8 | 13.3 | 5.4 |
EBITDA margin | 9.2 | 8.3 | 8.3 | 7.3 |
Net working capital, end of period/revenue (LTM) | 16.1 | 13.0 | 16.1 | 13.0 |
Gearing (NIBD/EBITDA), no. of times | 1.1 | 0.5 | 1.1 | 0.5 |
Return on invested capital (ROIC) | 25.3 | 23.6 | 25.3 | 23.6 |
Guidance 2022
(DKK million) | Adjusted guidance | Latest guidance |
Revenue | 13,700 | 13,450 |
EBITDA | 1,170 | 1,100 |
Revenue guidance
We now expect revenue at
EBITDA guidance
We expect EBITDA to amount to
General assumption
The guidance for 2022 assumes that the Russian invasion of
Audio webcast and teleconference today
The presentation of Quarterly Report Q3 2022 will be made in English on
Teleconference call-in numbers:
DK: tel. +45 787 232 50
US: tel. +1 646 722 4957
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. 17 2022 Quarterly Report Q3 2022
SOLA -2022-09-30-en
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