Solar A/s Class B · OMXCOP:SOLAR_B
Solar A/s Class B — FY2015 Earnings Presentation
13 slides from Solar A/s Class B's earnings presentation, Feb 24, 2016
Slide 1: 2015 Annual Report
2015 Annual Report Anders Wilhjelm, CEO Michael H. Jeppesen, CFO 24 February 2016, Copenhagen
Slide 2: Agenda
Agenda 1 The results we achieved in Q4 2015 and FY 2015 2 Outlook 2016 and dividends distribution 3 CEO update 4 Q&A
Slide 3: Organic growth of 3.2% in Q4 2015 vs 3.8% in Q3 2015
Organic growth of 3.2% in Q4 2015 vs 3.8% in Q3 2015 Organic growth Q4 2015 Q4 2014 12% Revenue, DKK million 2,819 2,773 10% Revenue growth, % 1.6 0.3 8% Organic growth, % 3.2 2.2 6% 4% 2% 0% -2% -4% -6% Q1 Q2 Q3 Q4 FY 2014 2015 3
Slide 4: Growth in most of our markets in Q4 2015
Growth in most of our markets in Q4 2015 Segment and market update DKK million Q4 2015 Q4 2015 The installation segment: Revenue Org. growth In Q4, we saw adjusted organic growth of approx. Denmark 732 1.4% 3% as growth in this sector in our remaining markets Sweden 687 12.0% offset downwards trends
Slide 5: EBITA amounted to DKK 99m in Q4, up DKK 102m vs Q4 2014
EBITA amounted to DKK 99m in Q4 and was up by DKK 102m compared to Q4 2014 EBITA margin, continuing operations Q4 2015 Q4 2014 4.0% 1.1% 3.5% Revenue, DKK million 2,819 2,773 3.0% 2.2% 0.2% Revenue growth, % 1.6 0.3 2.0% Organic growth, % 3.2 2.2 1.0% 0.0% -0.1% -0.6% 0.7% Gross profit, DKK million
Slide 6: EBITA was up DKK 179m at DKK 296m compared to FY 2014
EBITA was up DKK 179m at DKK 296m compared to FY 2014 EBITA margin, continuing operations FY 2015 FY 2014 3% 0.5% 2.8% Revenue, DKK million 10,587 10,252 1.2% 0.0% Revenue growth, % 3.3 -2.0 2% 1.1% -0.4% 0.4% Organic growth, % 5.2 0.4 1% Gross profit, DKK million 2,199 2,169 0% Gross profit margin
Slide 7: Cash flow at DKK 472m in Q4 2015
Cash flow at DKK 472m in Q4 2015 Cash flow Cash flow, operating activities DKK DKK million million 800 600 247 524 700 524 -19 -30 -3 0 639 500 600 400 500 400 300 229 300 200 200 167 100 30 -12 100 -7 37 0 0 Q3 2015 Oper. Inv. act. Fin. act. Disc. Other Q42015 Net Depr. & Tax & Inv. Rec. Liab. Oper
Slide 8: Net working capital at 11.8% on average in Q4 2015
Net working capital at 11.8% on average in Q4 2015 against 12.4% in Q4 2014 Net working capital average (NWC) Net interest-bearing debt (NIBD) DKK No. of DKK million times 900 2.0 million 1,600 14.0% 700 1.5 1,500 13.5% 500 1.0 1,400 13.0% 300 0.5 1,300 12.5% 1,200 12.0% 100 0.0 1,100 11.5% -100 -0.
Slide 9: Outlook 2016 and dividends distribution
Outlook 2016 and dividends distribution • We expect neither market growth nor organic revenue growth in 2016. • We expect EBITA to remain at 2015 levels less the positive one-off of DKK 9m from a change in pension plans in the Netherlands that we saw in 2015. • The MAG45 acquisition’s impact on reve
Slide 10: Sales development 2015 and sales trends 2016
Sales development 2015 and sales trends 2016 We expect neither market growth nor organic revenue growth in 2016 Installation Industry 2015 2016E 2015 2016E H1 H2 H1 H2
Slide 11: CEO update: 2015 priorities and final review
CEO update 2015 priorities and final review • Maintain focus on short-term strategy; profitable growth • Complete German divestment • Consolidate Dutch activities ( ) • Strengthen sourcing capabilities and optimise product offers • Strengthen digital platform • Improve service offers ( ) • Continue
Slide 12: CEO update: 2016 priorities
CEO update 2016 priorities • Maintain focus on short-term strategy; profitable growth Engagement of customers (product choice, services, behaviour) Engagement of suppliers (product and supplier alternatives, win/win relations) Operational excellence • Strengthen digital front-end • Strengthen
Slide 13: Questions & answers
Questions & answers Q&A Solar is a leading European sourcing and services company, operating primarily within the electrical, heating and plumbing, and ventilation technology sectors. Our core business centres on product sourcing, value-adding services and optimisation of our customers’ businesses.