No. 11 Solar increases 2022 EBITDA guidance to DKK 1.1bn

Solar increases its guidance for 2022 EBITDA to DKK 1.1bn from DKK 975m. Moreover, we increase revenue guidance to DKK 13.45bn compared to our previous guidance of DKK 13.25bn.

CEO Jens Andersen says: "We delivered a strong Q2 EBITDA growth driven by our four strategic focus areas, Concepts, Industry, Climate & Energy and Trade, supported by a positive development in all markets.

The increased 2022 guidance is due to a higher impact from price effects in July than anticipated and a continued strong performance in all markets supported by a greater focus on electrification.”  

 

 Q2 key financial messages

  • Adjusted organic growth amounted to 12.4% up from 8.6%.
  • EBITDA increased by DKK 56m to DKK 267m
  • One-off price effects resulted in an impact of approx. DKK 45m on gross profit compared to DKK 30m in Q2 2021.
Financial highlights (DKK million) Q2 2022 Q2 2021 H1 2022 H1 2021
Revenue 3,451 3,098 6,913 6,102
Gross profit 790 681 1,590 1,339
EBITDA 267 211 548 415
EBITA 218 166 454 323
EBIT 202 153 424 296
Financial ratios (%)        
Organic growth adj. 12.4 8.6 12.9 3.8
Gross profit margin 22.9 22.0 23.0 21.9
EBITDA margin 7.7 6.8 7.9 6.8
Return on invested capital (ROIC) 25.5 21.0 25.5 21.0

Guidance 2022

 (DKK million) Updated guidance Latest guidance
Revenue 13,450 13,250
EBITDA 1,100 975

Revenue guidance

We now expect revenue at DKK 13.45bn, corresponding to an organic growth of approx. 9%. The Better Business project is an integral part of our strategic focuses in the Core+ strategy and is expected to reduce revenue by DKK 200m compared to 2021. Adjusted for this, we expect organic growth of approx. 11%.

EBITDA guidance

We expect EBITDA to amount to DKK 1.1bn, of which DKK 200m can be attributed to one-off price effects. Previous guidance included DKK 80m in one-off price effects.

General assumption

The guidance for 2022 assumes that the Russian invasion of Ukraine and sanctions imposed by the European Union and other international bodies will not have any significant knock-on effects e.g. leading to significant drop in market activities.

Contacts

CEO Jens Andersen - tel. +45 79 30 02 01 CFO Michael H. Jeppesen - tel. +45 79 30 02 62 IR Director Dennis Callesen - tel. +45 29 92 18 11

Attachment

  • No. 11 2022 Solar increases 2022 guidance
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