Solar A/s Class B · OMXCOP:SOLAR_B
Solar A/s Class B — FY2010 Earnings Presentation
15 slides from Solar A/s Class B's earnings presentation, Mar 10, 2011
Slide 1: Annual Report 2010
2010 ANNUAL REPORT REVENUE & EBITA MET EXPECTATIONS EBT MORE THAN DOUBLED COMPARED TO 2009 Flemming H. Tomdrup, Group CEO Michael H. Jeppesen, Group CFO Copenhagen, 10 March 2011
Slide 2: Agenda
AGENDA Update on strategy #1 in Technical Wholesale The results we achieved in Q4 2010 The results we achieved in 2010 The results we expect in 2011 Possible acquisition 2 Annual Report 2010 © SOLAR 2011
Slide 3: Update on Strategy #1 in Technical Wholesale
UPDATE ON STRATEGY #1 in Technical Wholesale Positive organic growth after eight quarters of negative growth Objectives 2010-2012 Actual 2010 Management agenda Organic growth of 2.2% in Q4 2010 and Organic growth* 0-3% (4.8%) 7.6 % in December EBITA margin* 4-5% 3.5% Margin up from 2.5% in 2009 Impa
Slide 4: Refreshed Group Strategy 2010-2015
REFRESHED GROUP STRATEGY 2010-2015 Strong focus on execution of company programmes Growth Group Company Programmes • Technical wholesaler 2010-2012 • Climate & energy / Blue Energy • To reach its financial objectives, Solar is • Utility & infrastructure continuing its Company Programmes • Facility m
Slide 5: Positive Organic Growth in Q4 2010
POSITIVE ORGANIC GROWTH IN Q4 2010 Positive organic growth at group level – first time since Q3 2008 Organic growth Q4 2010 Q4 2009 % 5 Revenue € m 397.7 379.9 0 Revenue growth 4.7% (7.9%) -5 Organic growth 2.2% (10.1%) -10 -15 -20 Q1 Q2 Q3 Q4 FY 2009 2010 5 Annual Report 2010 © SOLAR 2011
Slide 6: Positive Organic Growth – First Time Since 2008
POSITIVE ORGANIC GROWTH – FIRST TIME SINCE 2008 Denmark and Sweden are drivers of the positive growth at group level Q4 2010 € million Revenue Organic growth Positive growth in Denmark despite Solar Danmark A/S 98.0 12.5% a harsh winter. Solar Sverige AB 85.9 3.3% Strong economic growth in Solar Nor
Slide 7: Gross Profit Margin Up in Q4
GROSS PROFIT MARGIN UP IN Q4 by 0.5 percentage points compared to Q4 2009 Gross profit margin Q4 2010 Q4 2009 % 22.0 Revenue € m 397.7 379.9 21.5 Revenue growth 4.7% (7.9%) 21.0 Organic growth 2.2% (10.1%) 20.5 Gross profit € m 84.2 78.6 20.0 Gross profit margin 21.2% 20.7% 19.5 Q1 Q2 Q3 Q4 FY • Val
Slide 8: Improved Gross Margin and Lower Staff Cost
IMPROVED GROSS MARGIN AND LOWER STAFF COST are drivers of an EBITA improvement of 1.3 percentage points EBITA margin % 0.1 0.0 4.3 4.5 0.7 4.0 Q4 2010 Q4 2009 0.0 3.5 0.2 0.3 Revenue € m 397.7 379.9 3.0 3.0 Revenue growth 4.7% (7.9%) 2.5 2.0 Organic growth 2.2% (10.1%) 1.5 Gross profit € m 84.2 78.6
Slide 9: Minor Decrease in Net Interest-Bearing Debt
MINOR DECREASE IN NET INTEREST-BEARING DEBT Acquisitions of Agat-System and Hanestrom/Melitta Net working capital Net interest-bearing debt € million % of revenue € million No. of times 330 23 280 3.5 X 310 22 260 3.3 X Acquisition of Acquisition of Vegro and Eltomont 240 3.1 X 290 21 Vegro and Elto
Slide 10: Cash Flow from Operating Activities Q4
CASH FLOW FROM OPERATING ACTIVITIES contributed with € 11.8m in Q4 Cash flow Cash flow from operating activities € million € million 40 20 11,8 (5.3) 35 0,3 0,1 32,0 5,1 (2.1) 15 30 (11.1) 4,4 11,8 25,1 9,3 25 10 6,2 20 5 15 10 0 5 ry t. j. it r. es s or ad of ti e e to l op ab am pr en ili & ab iv
Slide 11: Despite Negative Growth, EBITA Was Up in 2010
DESPITE NEGATIVE GROWTH, EBITA WAS UP IN 2010 due to improved gross margin and cost control EBITA margin % 4.0 0.2 0.0 0.1 0.0 3.5 2010 2009 3.5 0.3 3.0 0.4 Revenue € m 1,401.5 1,431.4 2.5 2.5 Revenue growth (2.1%) (4.6%) 2.0 Organic growth (4.8%) (12.1%) 1.5 Gross profit € m 299.8 295.9 1.0 2009 CO
Slide 12: Cash Flow from Operating Activities 2010
CASH FLOW FROM OPERATING ACTIVITIES contributed with € 46.6m in 2010 Cash flow Cash flow from operating activities € million € million 90 60 46.6 (32.1) 80 24.9 46.6 50 19.0 (1.3) (3.9) 70 (16.7) 60 40 50 (13.8) 30 24.6 40 (0.2) 31.5 32.0 30 20 20 10 10 0 0 2009 Operating Investing Financing Other 2
Slide 13: Guidance 2011 on Revenue Impacted by Exchange Rate Adjustments
GUIDANCE 2011 ON REVENUE IMPACTED BY exchange rate adjustments (SEK, NOK and PLN) Revenue € million EBITA € million 1800 80 Increased earnings and cash flow take 1600 centre stage, achievable through 70 1400 60 • Solar 8000 1200 50 1000 • Value realisation 800 40 30 • Acquisitions 600 20 400 • The e
Slide 14: Possible Acquisition
POSSIBLE ACQUISITION Solar has initiated negotiations for the acquisition of four wholesalers Solar A/S has initiated negotiations for the acquisition of all the shares in the enterprises Conelgro B.V. in the Netherlands Claessen ELGB in Belgium GFI Gesellschaft für Installationstechnik mbH in Germa
Slide 15: Annual Report 2010
2010 ANNUAL REPORT REVENUE & EBITA MET EXPECTATIONS EBT MORE THAN DOUBLED COMPARED TO 2009 Flemming H. Tomdrup, Group CEO Michael H. Jeppesen, Group CFO Copenhagen, 10 March 2011