Solar A/s Class B · OMXCOP:SOLAR_B
Solar A/s Class B — Shareholder Meeting (March 2022)
30 slides from Solar A/s Class B's shareholder meeting presentation, Mar 18, 2022
Slide 1: Solar A/S Annual General Meeting
Solar A/S Annual General Meeting 18 March 2022
Slide 2: Agenda
AGENDA 1. Election of chair of the meeting 2. The Board of Directors’ report 3. Approval of Annual Report 4. Allocation of profits 5. Proposals from the Board of Directors 6. Approval of Remuneration Report 7. Proposal for the Board of Directors’ remuneration 8. Election of members to the Board of D
Slide 3: The Board of Directors' report
The Board of Directors’ report JENS BORUM, CHAIRMAN OF THE BOARD 3
Slide 4: Strong EBITDA performance – EBITDA margin increased to 7.4%
The Board of Directors’ report Strong EBITDA performance – EBITDA margin increased to 7.4% 2021 2020 Revenue DKK million 12,354 Revenue DKK million 11,465 EBITDA DKK million 911 EBITDA DKK million 637 EBITDA Margin 7.4 EBITDA Margin 5.6 4
Slide 5: From 2017-2021, EBITDA increased by DKK 549m
THE BOARD OF DIRECTORS’ REPORT FROM 2017-2021, EBITDA INCREASED BY DKK 549M EBITDA 2017-2021 EBITDA margin 2017-2021 DKK million DKK million 362* 379* 538 637 911 1.000 8% 7.4% 900 7% 800 6% 5.6% 700 5% 4.6% 600 500 4% 3.3%* 3.4%* 400 3% 300 2% 200 100 1% 0 0% 2017 2018 2019 2020 2021 2017 2018 2019
Slide 6: Follow-up on 2021
THE BOARD OF DIRECTORS’ REPORT FOLLOW-UP ON 2021 Continued digitalisation Better than expected • Big data project making us able to recommend alternative • Strong growth rates in Installation, Industry and Trade products during shortage of goods due to COVID-19 • Increased concept share • Implementa
Slide 7: Set an ambition of net-zero in 2030 for scope 1 & 2
THE BOARD OF DIRECTORS’ REPORT SET AN AMBITION OF NET-ZERO IN 2030 FOR SCOPE 1 & 2 Net-zero Net-zero in 2030 in 2030 7
Slide 8: Shareholder return of 133%
THE BOARD OF DIRECTORS’ REPORT SHAREHOLDER RETURN OF 133% • In 2021, we distributed dividends of DKK 28.00 in Solar’s share price increased from 360 to 795 in 2021 ordinary dividend per share, corresponding to a total of DKK 204m. 900 • In addition, we distributed DKK 15.00 in extraordinary 2021 800
Slide 9: 2022 EBITDA of DKK 850m and revenue of DKK 12,750m
THE BOARD OF DIRECTORS’ REPORT 2022 EBITDA OF DKK 850M AND REVENUE OF DKK 12,750M Guidance 2022 EBITDA DKK million • Revenue guidance of approx. DKK 12.75bn, 1000 corresponding to an organic growth of approx. 3%. 911 -115 900 51 850 • The Better Business project is expected to reduce 800 3 799 reven
Slide 10: We increased our ambitions
We increased our ambitions JENS ANDERSEN, CEO 10
Slide 11: Solar's Strategy 2021-2023: Core+
THE BOARD OF DIRECTORS’ REPORT SOLAR’S STRATEGY 2021-2023: CORE+ 11
Slide 12: Solar's updated ambitions
THE BOARD OF DIRECTORS’ REPORT SOLAR'S UPDATED AMBITIONS 12
Slide 13: Financial statements 2021
Financial statements 2021 MICHAEL H. JEPPESEN, CFO MICHAEL H. JEPPESEN, CFO 13 13
Slide 14: EBITDA increase
FINANCIAL STATEMENTS 2021 EBITDA INCREASE Revenue EBITDA EBT DKK million DKK million DKK million 11,465 12,354 637 911 300 622 12.600 950 700 900 12.300 600 850 12.000 500 800 750 400 11.700 700 300 11.400 650 200 600 11.100 100 550 10.800 500 0 2020 2021 2020 2021 2020 2021 14
Slide 15: Revenue increased by DKK 889m to DKK 12.4bn
FINANCIAL STATEMENTS 2021 REVENUE INCREASED BY DKK 889M TO DKK 12.4BN Organic growth increased to 5.9% Organic growth adjusted Solar Group for number of working days 2021 2020 • Adjusted organic growth for Installation amounted to around 3% 10% 8.8% Revenue, DKK million 12,354 11,465 8.6% driven by
Slide 16: 43% EBITDA increase corresponding to DKK 274m
FINANCIAL STATEMENTS 2021 43% EBITDA INCREASE CORRESPONDING TO DKK 274M EBITDA margin increased to 7.4% Development in EBITDA margin Solar Group 2021 2020 • The improvement of EBITDA was supported by our four strategic 8% Revenue, DKK million 12,354 11,465 0.3% 0.0% 7.4% focus areas Concepts, Indust
Slide 17: EBT increased by DKK 322m
FINANCIAL STATEMENTS 2021 EBT INCREASED BY DKK 322M EBT EBT Solar Group 2021 2020 • EBT increased by DKK 322m. 300 622 EBITDA, DKK million 911 637 • As ratio of revenue, EBT amounted to 5.0% against 2.6% in 2020. EBITDA margin 7.4 5.6 • In 2020, EBT was affected by special 700 items, which had a DKK
Slide 18: Balance sheet total increased e.g. due to increased NWC
FINANCIAL STATEMENTS 2021 BALANCE SHEET TOTAL INCREASED E.G. DUE TO INCREASED NWC Balance sheet total increased by Balance sheet total increased Gearing reduced by 0.2 times DKK 698m and gearing reduced EBITDA DKK mia. • Balance sheet total amounted to NIBD DKK million Gearing, no. of times 6,0 DKK
Slide 19: Allocation of profits. Proposed dividend of DKK 329m
FINANCIAL STATEMENTS 2021 ALLOCATION OF PROFITS. PROPOSED DIVIDEND OF DKK 329M Dividend Retained earnings Dividend per share DKK million. DKK million DKK 204+ 28+ 102 102 110 329 31 -38 18 202 14 14 15 45 350 250 50 300 200 40 250 150 30 200 100 150 20 50 100 10 50 0 0 -50 0 2018 2019 2020 2021 2018
Slide 20: Proposals from the Board of Directors
Proposals from the Board of Directors BO HOLSE, CHAIR OF THE MEETING 20
Slide 21: Authorisations to the Board of Directors
PROPOSALS FROM THE BOARD OF DIRECTORS AUTHORISATIONS TO THE BOARD OF DIRECTORS Extraordinary dividend • The Board of Directors proposes that the company’s Board of Directors be authorised in the period until the next annual general meeting to decide to distribute extraordinary dividend of up to DKK
Slide 22: Approval of Remuneration Report
APPROVAL OF REMUNERATION REPORT Approval of the company’s Remuneration Report 2020 • Indicative vote on the Remuneration Report regarding remuneration of the Board of Directors and the Executive Board in 2020. 22
Slide 23: Proposal for Directors' remuneration
PROPOSAL FOR THE BOARD OF DIRECTORS’ REMUNERATION Proposal for the Board of Directors’ remuneration • The Board of Directors proposes that the fee for members of the Board of Directors in 2022 be unchanged DKK 200,000. • The chairman of the Board of Directors will receive triple remuneration, and th
Slide 24: Election of members to the Board: Nomination committee proposes
ELECTION OF MEMBERS TO THE BOARD OF DIRECTORS THE NOMINATION COMMITTEE PROPOSES New election of Katrine Borum (born 1981) • Fourth generation of the founding family and grew up with Solar being an important part of the family’s history and activities. She always took an interest and wanted to engage
Slide 25: Re-election of the current members of the Board
ELECTION OF MEMBERS TO THE BOARD OF DIRECTORS THE NOMINATION COMMITTEE PROPOSES Re-election of the current members of the Board of Directors Michael T. Andersen Morten Chrone Peter Bang Louise Knauer Jesper Dalsgaard 25
Slide 26: Election of auditor
ELECTION OF AUDITOR The Board of Directors proposes re-election of Deloitte, Statsautoriseret Revisionspartnerselskab as new auditor for the company in accordance with the recommendation from the audit committee. • The audit committee has not been influenced by third parties and is not subject to an
Slide 27: Authorisation to the chair of the meeting
PROPOSALS FROM THE BOARD OF DIRECTORS CHAIR OF THE MEETING Authorisation to the chair of the meeting • The Board of Directors proposes that the general meeting authorises the chair of the general meeting (with a right of substitution) to file and register the adopted resolutions with the Danish Busi
Slide 28: Any other business
ANY OTHER BUSINESS 28
Slide 29: Welcome to the new employee representatives
ANY OTHER BUSINESS WELCOME TO THE NEW EMPLOYEE REPRESENTATIVES Rune Jesper Nielsen Denise Goldby Michael Kærgaard Ravn
Slide 30: Chairman resigns
ANY OTHER BUSINESS CHAIRMAN RESIGNS Jens Borum • 1982 - Member of the Board of Directors • 1990 – Chairman of the Board of Directors 30