Solar A/S

Quarterly Report Q3 2020

Solar delivered an EBITA increase of more than 25% in Q3, leading to an increased EBITA guidance of DKK 435m and supporting our target of minimum 4% core EBITA margin.

CEO Jens Andersen says:
“I want to thank our passionate and skilled employees, who continue to perform at a very high level even in times of uncertainty. They have helped to deliver 8 consecutive quarters of year over year growth in EBITA. 

We confirm our 2020 EBITA guidance of DKK 435m and revenue guidance of DKK 11,300m. We owe this to our gross profit margin initiatives, efficiency gains and cost containment.” 

Key financial messages

• Gross profit margin increased in 4 consecutive quarters.
• One-off income relating to an extraordinary price increase positively affected gross profit by approx. DKK 10m.
• 2020 guidance: Revenue of DKK 11,300m and EBITA of DKK 435m.

Financial highlights (DKK million)*	Q3 2020	Q3 2019	Q1-Q3 2020	Q1-Q3 2019
Revenue	2,618	2,777	8,408	8,602
EBITA	132	105	310	245
Cash flow from operating activities	142	144	381	-5
Financial ratios (%)
Organic growth adj. for number of working days	-4.8	6.3	-0.8	5.8
EBITA margin	5.0	3.8	3.7	2.8
Net working capital, period-end/revenue (LTM)	11.9	12.6	11.9	12.6
Gearing (NIBD/EBITDA), no. of times	1.2	2.2	1.2	2.2
* Due to the divestment of our Norwegian training business, STI, in Q1 2019, 2019 and 2020 figures in this announcement relate to our continuing operations.

Q3 2020 Revenue