Solar A/S
LEI: 21380031XTLI9X5MTY92
Industrivej Vest 43, DK-6600 Vejen, Denmark
Tel. +45 79 30 00 00
CVR no. 15 90 84 16
www.solar.eu
SOLAR DELIVERED AN EBITDA
INCREASE OF DKK 60M IN Q3
In October, revenue and EBITDA guidance were revised upwards by DKK 200m and
DKK 75m to DKK 12.3bn and DKK 900m, respectively, see announcement no. 18.
CEO Jens Andersen says:
"Nine months into 2021, we continue to see progress in our Core+ strategy with
all four strategic focus areas – Industry, Concepts, Trade and Climate & Energy –
delivering strong financial results.
In Q3, we delivered an EBITDA increase of DKK 60m, leading to a margin increase
of 1.5 percentage points driven by strong market demand and one-off price
effects.
Furthermore, we are preparing an update of our 2023 financial targets as these
have already been met.
I want to thank my colleagues for their continued efforts and dedication that have
resulted in 12 straight quarters of EBITDA growth.”
Q3 key financial messages
• With 8.8% organic growth, we realised stronger growth rates than anticipated in all
markets.
• One-off price effects resulted in an impact of approx. DKK 50m on gross profit.
• Return on invested capital (ROIC) more than doubled.
Financial highlights (DKK million)
Q3 2021
Q3 2020
Q1-Q3 2021
Q1-Q3 2020
Revenue
2,872
2,618
8,974
8,408
EBITDA
237
177
652
446
Cash flow from operating activities
-38
142
225
381
Financial ratios (%)
Organic growth adj. for number of working days
8.8
-4.8
5.4
-0.8
EBITDA margin
8.3
6.8
7.3
5.3
Net working capital, end of period/revenue
(LTM)
13.0
11.9
13.0
11.9
Gearing (NIBD/EBITDA), no. of times
0.5
1.2
0.5
1.2
Return on invested capital (ROIC)
23.6
11.7
23.6
11.7
4 November 2021
Announcement no. 19 2021
Solar A/S
LEI: 21380031XTLI9X5MTY92
Industrivej Vest 43, DK-6600 Vejen, Denmark
Tel. +45 79 30 00 00
CVR no. 15 90 84 16
www.solar.eu
4 November 2021
Announcement no. 19 2021
Audio webcast and teleconference today
The presentation of Quarterly Report Q3 2021 will be made in English on 4 November
2021 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be
available at www.solar.eu. Participation will be possible via a teleconference.
Teleconference call-in numbers:
DK: tel. +45 787 232 51
UK: tel. +44 333 300 9032
US: tel. +1 631 913 7422 – PIN 89070906#
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
FACTS ABOUT SOLAR
Solar is a leading European sourcing and services company mainly within electrical,
heating & plumbing and climate & energy solutions. Our core business centres on
product sourcing, value-adding services and optimisation of our customers’ businesses.
We facilitate efficiency improvement and provide digital tools that turn our customers
into winners. We drive the green transition and provide best in class solutions to ensure
sustainable use of resources.
Solar Group is headquartered in Denmark, generated revenue of approx. DKK 11.5bn in
2020 and has approx. 2,900 employees. Solar is listed on Nasdaq Copenhagen and
operates under the short designation SOLAR B. For more information, please visit
www.solar.eu.
Disclaimer
This announcement was published in Danish and English today via Nasdaq
Copenhagen. In the event of any inconsistency between the two versions, the Danish
version shall prevail.
Solar A/S
CVR no. 15 90 84 16
Q3
2021
MANAGEMENT REVIEW
3 Financial highlights
4 Business update
8 Financial review
11 Guidance
12 Shareholder information
CONTENTS
FINANCIAL STATEMENTS
14 Statement of comprehensive income
15 Balance sheet
16 Cash flow statement
17 Statement of changes in equity
19 Notes
24 Quarterly figures
27 Statement by the Executive Board and
the Board of Directors
A DIGITAL COMPANY
>60%
e-business share
OUR MARKETS
Denmark, Norway,
Sweden, the Netherlands,
Poland & the Faroe Islands
OUR 2021-2023 STRATEGY IS ENTITLED CORE+
AND HAS FOUR STRATEGIC FOCUS AREAS
TRADE
CLIMATE
& ENERGY
INDUSTRYCONCEPTS
SOLAR Q3 2021
2
MANAGEMENT’S REVIEW
Q3 FINANCIAL MESSAGES
• With 8.8% organic growth, we realised stronger
growth rates than anticipated in all markets.
• The growth was supported by our four strategic
focus areas Concepts, Industry, Climate & Energy
and Trade.
• One-o price eects resulted in an impact of
approx. DKK 50m on gross profit.
• Return on invested capital (ROIC) increased to
23.6% from 11.7%.
Q3 Q1-Q3 Year
Consolidated (DKK million)
2021
2020
2021 2020 2020
Revenue 2,872
2,618
8,974
8,408
11,465
Earnings before interest, tax, depreciation and amortisation (EBITDA)
237
177
652
446
637
Earnings before interest, tax and amortisation (EBITA) 192 132 515 310 455
Earnings before interest and tax (EBIT) 179 115 475 262 248
Earnings before tax (EBT) 159 109 438 307 300
Net profit for the period 124 83 372 254 222
Balance sheet total 5,117 4,922 5,117 4,922 4,607
Equity 1,784 1,688 1,784 1,688 1,696
Interest-bearing liabilities, net 450 726 450 726 128
Cash flow from operating activities -38 142 225 381 813
Net investments in property, plant and equipment -51 1 -90 -16 -25
Employees
Number of employees (FTE), end of period 2,897
2,891
2,897
2,891
2,864
Average number of employees (FTEs) 2,890
2,979
2,890
2,979
2,935
Financial ratios (% unless otherwise stated)
Organic growth adjusted for number of working days 8.8
-4.8
5.4
-0.8
-2.0
Gross profit margin 23.0 21.5 22.3 20.8 21.0
EBITDA margin 8.3 6.8 7. 3 5.3 5.6
EBITA margin 6.7 5.0 5.7 3.7 4.0
Net working capital (end of period NWC)/revenue (LTM) 13.0 11.9 13.0 11.9 9.7
Gearing (net interest-bearing liabilities/EBITDA), no. of times 0.5 1.2 0.5 1.2 0.2
Return on equity (ROE) 19.7 18.9 19.7 18.9 13.5
Equity ratio 34.9
34.3
34.9
34.3
36.8
Share ratios (DKK)
Earnings per share outstanding (EPS) 16.98 11.37 50.94 34.80 30.42
In general, financial ratios are calculated in accordance with the Danish Finance Society’s ”Recommendations & Financial Ratios”.
FINANCIAL HIGHLIGHTS
SOLAR Q3 2021
3
MANAGEMENT’S REVIEW
While the two previous quarters centered on the three
strategic focus areas Industry, Concepts and Trade,
this report will focus on the remaining focus area
Climate & Energy.
Caring for the environment is important to
Solar and to our customers. Environmental
regulations are becoming stricter and
national and supranational goals to reduce
CO2 emissions have been announced. Our
Climate and Energy strategic focus area
ensures that our customers have access to the
correct assortment and receive the relevant
training, guidance and technical support.
Climate & Energy comprises a diverse customer
base that includes industrial enterprises, public
buildings and private home installations.
We are seeing growth in Climate & Energy
and employ many advanced technologies to
support energy eciency, including Solar panels,
heat pumps, EV Chargers and ventilation.
CLIMATE & ENERGY
IS A GROWING
FOCUS AREA
Our starting point in 2021 was DKK 600m of
our total revenue deriving from Climate and
Energy, and our aim is to deliver CAGR of 5%
until 2023. In Q3, we are on track to deliver the
targets presented in the 2020 Annual Report.
Based on our expertise and customer
requirements, we have divided Climate and
Energy into four main areas: Solar panels,
heat pumps, EV Chargers and ventilation.
BUSINESS UPDATE - CLIMATE AND ENERGY
Alongside a wide assortment
of sustainable solutions we
oer training and guidance
to our customers.
SOLAR Q3 2021
4
MANAGEMENT’S REVIEW
As well as selling solar panels, our subsidiary
Solar Polaris provides experts who can advise
customers on the new technology and oer
customised photovoltaic systems. Part of this
area also covers energy storage.
Solar oers innovative technology, such as the
SunDryve parking space, which enables vehicles
to remain dry. Moreover, solar panels generate
electricity for EV chargers. This technology is
installed both at Solar locations and at several
customers.
Replacing gas and oil boilers with heat pumps
oers customers a substantial reduction in
energy consumption along with financial savings.
Solar oers a wide range of known brands in
addition to our own Solar Plus range.
We oer solutions where the heat pump can be
used as both the primary heat source as well as
a supplement to already installed solutions - one
of our ways to support the transition towards a
more sustainable consumption of energy.
The market for electric vehicles and consequently
EV chargers continues to grow. This is proving
to be an important area for our customers and is
high on the political agenda.
There is, therefore, substantial business potential
for contractors within this market. To provide
our customers with the best assortment, we
collaborate with well-known sellers while also
continuing to oer our own Solar Plus products.
Stronger focus on a better indoor climate and
energy savings means that ventilation is another
key area. Our oering applies to industrial and
manufacturing companies as well as schools and
private homes.
It has been proved that the right indoor climate
can improve sleep, learning ability and alleviate
allergies.
BUSINESS UPDATE - CLIMATE AND ENERGY
SOLAR PANELS HEAT PUMPS EV CHARGERS VENTILATION
SOLAR Q3 2021
5
MANAGEMENT’S REVIEW
NEW ROOFTOP WITH
INTEGRATED SOLAR
PANELS GENERATES
GREEN ELECTRICITY
The Swedish Kinds diocese has installed ‘Building-
Applied Photovoltaics’ (BAPV) supplied by Solar.
As well as generating electricity, the solar panels
also serve as roof tiles.
A while ago, the diocese identified the need to
replace the roof of the church hall in the parish
of Kalv. Instead of opting for the usual concrete
roof tiles, it was decided to take an innovative
and green approach.
"As part of this project, we wanted to explore our
options for installing rooop solar panels. The aim
being to generate energy as opposed to just using
it. Investing in solar energy also benefits society and
shows that the Church of Sweden is proactive," says
Lars Redegard, Property Manager for Kinds diocese.
Lars Redegard and Kinds diocese initiated a
feasibility study to determine whether installing
solar panels was a realistic option, what the cost
might be and the return on the investment over
time. The feasibility study produced a positive
outcome and it was decided to integrate solar
panels (Building-Applied Photovoltaics, BAPV). As
well as generating electricity, the solar panels also
serve as roof tiles.
"BAPV is an aesthetic solution as this is a good
deal more attractive than solar panel add-ons
over existing roofing. Plus, as I see it, not having
other roofing under the solar panels is a huge
advantage. In my opinion, fitting solar panels over
an old roof is chasing your tail because you're
still going to have to maintain the conventional
roof underneath," Lars Redegard explains.
Installing solar panels that look like conventional
roof shingles or other roofing material does away
with the notion that solar panels make a building
less aesthetically appealing. Not surprisingly, demand
for building-integrated and building-applied solar
panels has seen a sharp increase in recent years.
Lars Redegard, originally an architect himself, is
also pleased with the result:
"Our project has undeniably aroused a great deal
of interest. Many people have contacted us to ask
what the roofing material actually is simply be-
cause they see it as attractive. And I'm with them
on that", Lars Redegard says.
The next move is to decide if any of the other 120
properties in Kinds diocese are to be retrofitted
with building-applied photovoltaics. The district
churches are particularly suitable for solar panels
as they generally have wide roofs facing south,
which is ideal for generating solar power. The
diocese is currently looking into this.
Kinds diocese
SWEDEN
Situated on the border between
the counties of Västra Götaland,
Jönköping and Halland, Kinds
diocese comprises 30 churches
and 120 buildings.
BUSINESS UPDATE - CLIMATE AND ENERGY
Our project has undeniably
aroused a great deal of
interest. Many people
have contacted us to ask
what the roofing material
actually is simply because
they see it as attractive
SOLAR Q3 2021
6
MANAGEMENT’S REVIEW
WAREHOUSE VEJEN
EXPANSION WITH
A GREEN MINDSET
A major expansion and optimisation of the warehouse
at Solar’s head oce in Vejen is underway, applying a broad
portfilio of our Climate & Energy products.
Solar’s warehouse expansion in Vejen is beginning
to take shape. DKK 250 million has been earmarked
for the expansion, automatisation and improve-
ment of the warehouse at the head oce. Some
11,000 sq.m. will be added, and the new halls will
comprise a semi-automatic picking system - all
with strict focus on reducing energy consumption.
The expansion project will also include a high-bay
warehouse for pallet handling and a building for
an AutoStore robot-controlled picking system to
handle 108,000 boxes. The system is more energy
ecient than the previous systems and will mean
a significant reduction in electricity consumption.
AutoStore has already been installed at Solar’s
warehouse in Norway and the Netherlands with
great success.
"A substantial part of our electricity consumption
will be covered by solar cells on the roof,” says
Lars Goth, Senior Vice-President at Solar. “Addi-
tional charging stations for electric cars will be
installed in the car parks and we’re replacing nat-
ural gas with heat pumps to supply the heating.”
Solar is also collaborating with Vejen municipali-
ty to create biodiversity on the land around the
buildings. The result will be untouched nature,
wild flowers and space for animals.
Digital improvements for customers
The building project is part of Solar’s digital
journey whereby customers will be able to access
products faster and easier. More than 80% of
orders from Danish customers arrive via the web-
shop – more than 60% at group level.
"The increased capacity and the recent roll-out
of the SAP eWM warehouse management system
in all Solar’s warehouses will ensure that Solar
can continue to increase its product range and
provide high quality deliveries. It will also provide
the opportunity to develop more standard logis-
tics solutions which will increase our customers’
productivity and can be ordered digitally,” says
Lars Goth.
The new warehouse in Vejen is expected to be
completed in the spring of 2022.
Warehouse
Vejen, DENMARK
The warehouse expansion includes
11,000 sq.m., an AutoStore solution with
125 robots and solar panels that will
provide the majority of energy used.
Furthermore, we collaborate with Vejen
municipality to create biodiversity on our
surrounding land.
BUSINESS UPDATE - WAREHOUSE EXPANSION
SOLAR Q3 2021
7
MANAGEMENT’S REVIEW
Q3 EBITDA exceeded expectations.
We delivered an EBITDA increase
of 34%. The main drivers behind
the DKK 60m EBITDA increase are
adjusted organic growth of 8.8%
supported by our four strategic
focus areas, combined with one-o
price eects, which positively
impacted gross profit.
Q3 2021
REVENUE
In Q3, adjusted organic growth at group level
amounted to 8.8% (-4.8%). All entities saw
positive adjusted organic growth. Revenue
increased to DKK 2.9bn (DKK 2.6bn).
Solar’s overall adjusted organic growth for Instal-
lation amounted to around 4%, driven by Solar
Danmark, Solar Sverige, Solar Norge and Solar
Polska. Our Core+ strategy continues to focus on
the Better Business project, which aims to supply
the right products to the right customers.
All entities saw positive growth in the Industry
segment, primarily within MRO and OEM. Overall,
organic growth within this segment amounted to
around 13%.
The Trade segment also delivered two-digit
growth rates in Q3.
GROSS PROFIT
Gross profit margin increased to 23.0% (21.5%)
which, combined with revenue growth, resulted in
a gross profit increase of DKK 97m. One-o price
eects resulted in a positive impact of approx. DKK
50m on gross profit compared to DKK 10m in Q3
2020. The net impact of price eects corresponded
to a gross profit margin improvement of approx.
1.4 percentage points.
EBITDA
EBITDA increased to DKK 237m (DKK 177m) and
exceeded our expectations.
The EBITDA margin increased to 8.3% (6.8%).
We succeeded in increasing EBITDA by DKK 60m
due to a combination of a high Q3 growth level
- supported by our four strategic focus areas
Concepts, Industry, Climate & Energy and Trade -
and positive one-o price eects.
The results of the individual countries are given
on page 21.
FINANCIALS
Net financials amounted to DKK -20m (DKK -10m).
In Q3, a previously positive fair value adjust-
ment of DKK 10m on our financial investments
was reversed. In addition, a negative fair value
adjustment of DKK 9m was performed, amount-
ing to a total negative impact of DKK 19m on net
financials.
Q3 EBITDA INCREASED BY DKK 60M TO DKK 237M
AND EXCEEDED OUR EXPECTATIONS
(Figures in brackets are figures from the corresponding period in 2020)
Our comments on core and related business as well as
disclosures in the note, Segment information, should be
regarded as supplementary information. Information on
the following segments - Installation, Industry and Trade
- is included in the note, Segment information.
FINANCIAL REVIEW
GROSS PROFIT MARGIN
%
EBITDA
DKKm
=
23.0
237
Q2Q1 Q3 Q4
0
2021
50
100
150
200
250
2020
Q2Q1 Q3 Q4
19
2021
20
21
22
23
2020
24
SOLAR Q3 2021
8
MANAGEMENT’S REVIEW
INCOME TAX
Income tax amounted to DKK 66m (DKK 53m).
In Q2 2021, we received a ruling from the Danish
Tax Authorities approving a reduction in Danish
taxable income in 2012 with a tax loss of DKK 74m
related to divested activities. The tax value of the
loss amounts to approx. DKK 19m, see the 2020
Annual Report, note 19 for additional information.
NET PROFIT
Net profit increased to DKK 372m (DKK 254m).
CASH FLOWS
Net working capital calculated as an average of
the previous four quarters amounted to 11.0%
(11.9%) of revenue. Net working capital at the
end of Q3 2021 was 13.0% (11.9%).
In Q1-Q3, cash flow from operating activities
totalled DKK 225m (DKK 381m). Changes in
non-interest-bearing liabilities had an impact of
DKK 231m (DKK -41m), while changes in invento-
ries and changes in receivables had a DKK -174m
(DKK 91m) and a DKK -450m (DKK -62m) impact
on cash flow respectively. The inventory level was
aected by price increases but also by the deci-
sion to ensure delivery performance during a pe-
riod with potential shortage of goods. Cash flow
from receivables was aected by the increased
growth level in Q3 2021. As at 30 September 2021,
COVID-19 financial support packages amounted
to DKK 114m and positively aected cash flow
from non-interest-bearing debt.
Cash flow from investing activities totalled DKK
-138m (DKK -51m). The disposal of a property in
Denmark had a positive impact of DKK 18m while
EARNINGS BEFORE TAX
Earnings before tax were up at DKK 159m (DKK
109m).
DKK million
Q3
2021
Q3
2020
Year
2020
Earnings before tax 159 109 300
Impact due to market value
changes in BIMobject:
Impairment on associates 0 -7 -104
Earnings before tax, adjusted
for impact from associates 159 102 196
Impairment loss,
other intangible assets 0 0 10
Impairment loss, goodwill
and customer lists 0 0 129
Adjusted earnings before tax 159 102 335
NET PROFIT
Net profit came to DKK 124m (DKK 83m).
Q1-Q3 2021
REVENUE
In Q1-Q3, adjusted organic growth at group level
increased to 5.4% (-0.8%) and revenue was up at
DKK 9.0bn (DKK 8.4bn). Adjusted for the Better
Business impact, the organic growth was approx.
7%.
Solar’s overall adjusted organic growth for In-
stallation amounted to around 3% while Industry
showed growth of around 8%. The trade segment
delivered two-digit growth rates in Q1-Q3. We saw
positive adjusted organic growth in all entities
apart from Solar Nederland, which, however,
showed positive adjusted organic growth in Q3.
GROSS PROFIT
Gross profit increased by DKK 251m with contin-
uous improvement in the gross profit margin,
which increased to 22.3% (20.8%) in Q1-Q3 2021.
One-o price eects resulted in a positive
impact of approx. DKK 80m on gross profit
compared to DKK 10m in Q1-Q3 2020. The net
impact corresponded to a gross profit margin
improvement of approx. 0.8 percentage points.
In addition, we saw continuous positive devel-
opment in concept sales. This, together with
the Better Business project, is part of the Core+
strategy and focuses on increasing the gross
profit margin
EBITDA
EBITDA increased by DKK 206m to DKK 652m, cor-
responding to an EBITDA margin of 7.3% (5.3%)
of revenue. All entities saw substantial improve-
ments in EBITDA, with Solar Danmark making a
significant contribution.
The results of the individual countries are shown
on page 22.
IMPAIRMENT ON ASSOCIATES
Impairment on associates was DKK 0m (DKK
80m).
In Q1-Q3 2020, this mainly related to reversal of
a previously performed BIMobject write-down of
DKK 85m as the market value of Solar’s share-
holding on 30 September 2020 increased to DKK
214m.
In Q4 2020, we divested our shareholding in BIM-
object for a total cash consideration of DKK
237m. The shares were acquired at DKK 172m in
H1 2017.
FINANCIALS
Net financials amounted to DKK -37m (DKK -24m)
negatively aected by DKK 14m due to the early
redemption of an interest swap. A similar, positive
amount is reported under other comprehensive
income.
Net financials were positively aected by DKK
13m owing to interest compensation relating to
a ruling by the Danish Tax Authorities, see section
on income tax on this page. In addition, net finan-
cials were negatively aected by DKK 19m due to
a fair value adjustment.
EARNINGS BEFORE TAX
Earnings before tax were up at DKK 438m (DKK
307m) and when adjusted - as illustrated in the
table below - earnings before tax were up at DKK
438m (DKK 227m).
DKK million
Q1-Q3
2021
Q1-Q3
2020
FY
2020
Earnings before tax 438 307 300
Impact due to market value
changes in BIMobject:
Impairment on associates 0 -80 -104
Earnings before tax, adjusted
for impact from associates 438 227 196
Impairment loss,
other intangible assets 0 0 10
Impairment loss, goodwill
and customer lists 0 0 129
Adjusted earnings before tax 438 227 335
FINANCIAL REVIEW
SOLAR Q3 2021
9
MANAGEMENT’S REVIEW
NET INTEREST-BEARING DEBT
DKKm
DKK -71m related to investment in the expansion
and upgrade of our central warehouse in Den-
mark, cf. page 7 in this report.
Cash flow from financing activities amounted
to DKK -265m (DKK -230m), mainly aected by
ordinary and extraordinary dividend distributions
totalling DKK 314m (DKK 102m).
Consequently, total cash flow totalled DKK -178m
(DKK 100m).
Net interest-bearing liabilities were down at DKK
450m (DKK 726m).
As at 30 September 2021, gearing was 0.5 (1.2)
times EBITDA. Calculated as an average, our
gearing was 0.4 (1.5) times EBITDA. Our gearing
target is 1.5-3.0 times EBITDA. The Board of Direc-
tors continuously assesses the capital structure in
relation to our target and the need for capital.
As at 30 September 2021, Solar had undrawn cred-
it facilities of DKK 279m (DKK 520m).
INVESTED CAPITAL
Invested capital for the Solar Group totalled DKK
2,185m (DKK 2,132m). ROIC amounted to 23.6%
(11.7%). ROIC for core business amounted to
25.0% (13.4%).
Activities with a Solar equity interest of less than
50% and discontinued activities are not included
in the ROIC calculation. Invested capital only
includes operating assets and liabilities.
KEY RISKS AND MITIGATION
Like other international companies, Solar is af-
fected by both global trends and local conditions
in the markets where we operate.
The COVID-19 pandemic has impacted the entire
world and Solar is also aected by the challenges
this has brought about.
Solar has adopted a range of initiatives to limit
the risk of infection, safeguard the health of em-
ployees, preserve business continuity and protect
earnings.
Commercial and financial risks relating to our ac-
tivities are detailed in Solar’s 2020 Annual Report.
FINANCIAL REVIEW
RELATED BUSINESS
Revenue from related business amounts to
approx. 5% of our total revenue.
In Q3 2021, we continued to see positive
development. MAG45 saw adjusted organic
growth of 22.9% (1.5%) and EBITDA of DKK
8m (DKK 1m). MAG45, therefore, delivered ad-
justed organic growth of 16.6% (-0.2%) and
EBITDA of DKK 21m (DKK 8m) for Q1-Q3 2021.
We are continuing the strategic review of
MAG45.
Related business (MAG45 and Solar Polaris)
showed adjusted organic growth of 15.6%
(-0.2%) while EBITDA was up at DKK 21m
(DKK 7m) in Q1-Q3 2021.
31 December 2020
Operating activities
-128
-132 -6
-314
49
-144 -45
0
225
Leasing & misc.
CAPEX
30 September 2021
Other investments
Dividends
Oth. fin. activities
200
100
0
-100
-200
-300
-400
-500
SOLAR Q3 2021
10
MANAGEMENT’S REVIEW
GUIDANCE FOR 2021 WAS REVISED UPWARDS TO
REVENUE OF DKK 12.3BN AND EBITDA OF DKK 900M
On 15 October, Solar upgraded
its EBITDA guidance for 2021
by DKK 75m to DKK 900m. 2021
revenue was revised upwards
to a total of DKK 12.3bn, up by
DKK 0.2bn, and corresponding to
organic growth of approx. 6%,
see announcement no. 18 2021.
MARKET OUTLOOK FOR SOLAR’S
SEGMENTS
Overall, we expect Installation, Industry, and
Trade to continue to deliver growth in Q4 2021
across all our markets.
Installation
We expect the Installation market to continue
to show growth compared to 2020, positively
aected by electrification, which is one of the
important megatrends.
Industry
The guidance is based on the assumption that
sales to OEM and MRO will continue to deliver
strong grow rates compared to 2020. Infrastruc-
ture and Marine Oshore are expected to remain
at least at current levels for the rest of the year.
Trade
We expect continued growth in Special Sales,
which is the Trade segment’s primary activity.
FINANCIAL OUTLOOK 2021
Revenue guidance
We expect revenue of DKK 12.3bn, corresponding
to organic growth of approx. 6%.
The Better Business project is an integral part of
the Core+ strategy and is expected to reduce rev-
enue by DKK 200m compared to 2020. Adjusted
for this, we expect organic growth of approx. 8%.
EBITDA guidance
Supported by increased demand, we expect our
strategic focus areas to deliver continuous im-
provements in earnings, resulting in an EBITDA of
DKK 900m, of which DKK 100m can be attributed
to one-o price eects.
Investments
As announced on 11 February 2021, we have
initiated an expansion and upgrade of our central
warehouse in Denmark. The investment is expect-
ed to total approx. DKK 250m and to be finalised
in 2022, see also page 7 in this quarterly report.
GUIDANCE 2021
EBITDA
DKKm
* not adjusted for IFRS16 impact
** including one-o income of DKK 106m
2018*
2017*
2019
2020
Guidance 2021 Feb.
Guidance increase
Guidance 2021 April
650
637
538
379
362
100
1,000
900
850
800
750
700
650
600
550
500
450
400
350
300
75
75
725
Guidance 2021 July
Guidance increase
Guidance 2021 Oct**
825
900
Guidance increase
=
SOLAR Q3 2021
11
MANAGEMENT’S REVIEW
SHARE AND WEBCAST
INFORMATION
Solar’s share capital is divided
into nominal value DKK 90 million
A shares and nominal value DKK
646 million B shares.
Holdings of 5%
or more of share capital
Share
capital
in %
Votes
in %
The Fund of 20th December,
Vejen, Denmark 17.0 60.5
Nordea Funds Ltd., Helsinki,
Finland 10.4 5.0
Investeringsforeningen Nordea
Invest, Copenhagen, Denmark 5.0 2.4
DISTRIBUTION OF SHARE CAPITAL
AND VOTES IN % BASED ON THE
LATEST PUBLIC INFORMATION*
FINANCIAL CALENDAR 2022
1 January - 10 February IR quiet period
10 February Annual report 2021
18 March Annual General Meeting
1 April - 5 May IR quiet period
5 May Quarterly Report Q1 2022
1 July - 11 August IR quiet period
11 August Quarterly Report Q2 2022
1 October - 3 November IR quiet period
3 November Quarterly Report Q3 2022
The A shares are not listed. The B shares are
listed on Nasdaq Copenhagen under the ID code
DK0010274844, and are designated SOLAR B. They
form part of the MidCap index and MidCap on
Nasdaq Nordic.
The share capital includes 900,000 A shares and
6,460,000 B shares. Solar’s portfolio of treasury
shares totals 56,813 B shares or 0.8% of share
capital.
A shares have 10 votes per share amount of DKK
100, while B shares have 1 vote per share amount
of DKK 100.
TOTAL SHAREHOLDER RETURN
The total shareholder return on the Solar B share
during the holding period 1 January 2021 - 30
September 2021 was DKK 314 (87%) as DKK 43.00
was paid out in dividend and the increase in
share price amounted to DKK 271 in the first 9
month of 2021.
AUDIO WEBCAST
The presentation of the Q3 2021 Quarterly Report
will be conducted in English on 4 November 2021
at 11:00 CET. The presentation will be transmitted
as an audio webcast and will be available at :
SHAREHOLDER INFORMATION
WWW.SOLAR.EU
* Following its sale of Solar shares on 12 October
2021, RWC Asset Management LLP’s ownership is
below 5%, see announcement no. 17 2021.
SOLAR Q3 2021
12
MANAGEMENT’S REVIEW
Solar A/S
CVR no. 15 90 84 16
CONSOLIDATED
FINANCIAL
STATEMENTS
Q3 2021
13
STATEMENT OF COMPREHENSIVE INCOME
Income statement
Q3 Q1-Q3 Year
DKK million 2021 2020 2021 2020 2020
Revenue 2,872 2,618 8,974 8,408 11,465
Cost of sales -2,212 -2,055 -6,975 -6,660 -9,060
Gross profit 660 563 1,999 1,748 2,405
Other operating income and costs 1 0 7 10 8
External operating costs -69 -60 -212 -213 -288
Sta costs -351 -321 -1,127 -1,084 -1,465
Loss on trade receivables -4 -5 -15 -15 -23
Earnings before interest, tax, depreciation
and amortisation (EBITDA)
Depreciation and write-down on property,
plant and equipment
-45 -45 -137 -136 -182
Earnings before interest, tax and amortisation (EBITA) 192 132 515 310 455
Amortisation and impairment of intangible assets -13 -17 -40 -48 -207
Earnings before interest and tax (EBIT) 179 115 475 262 248
Share of net profit from associates 0 -3 0 -11 -12
Impairment and gain from divestment of associates 0 7 0 80 104
Financial income 10 4 32 19 24
Financial expenses -30 -14 -69 -43 -64
Earnings before tax (EBT) 159 109 438 307 300
Income tax -35 -26 -66 -53 -78
Net profit for the period 124 83 372 254 222
Earnings in DKK per share outstanding (EPS) 16.98 11.37 50.94 34.80 30.42
Diluted earnings in DKK per share outstanding (EPS-D) 16.93 11.36 50.82 34.78 30.38
Other comprehensive income
Q3 Q1-Q3 Year
DKK million 2021 2020 2021 2020 2020
Net profit for the period 124 83 372 254 222
Other income and costs recognised:
Items that can be reclassified for the income statement
Foreign currency translation adjustments of foreign
subsidiaries
-3 -10 8 -52 -22
Fair value adjustments of hedging instruments before tax 3 2 26 -5 7
Tax on fair value adjustments of hedging instruments
-1 -1 -6 1 -1
Other income and costs recognised aer tax -1 -9 28 -56 -16
Total comprehensive income for the period
14
SOLAR Q3 2021 FINANCIAL STATEMENTS
BALANCE SHEET
30.09 31.12
DKK million 2021 2020 2020
ASSETS
Intangible assets 159 300 157
Property, plant and equipment 865 816 818
Right-of-use assets 307 276 288
Deferred tax asset 3 10 3
Investments in associates 5 217 2
Other non-current assets 54 76 71
Non-current assets 1,393 1,695 1,339
Inventories 1,708 1,537 1,531
Trade receivables 1,721 1,474 1,271
Income tax receivable 14 11 13
Other receivables 9 11 8
Prepayments 46 39 41
Cash at bank and in hand 226 155 404
Current assets 3,724 3,227 3,268
Total assets 5,117 4,922 4,607
30.09 31.12
DKK million 2021 2020 2020
EQUITY AND LIABILITIES
Share capital 736 736 736
Reserves -167 -235 -195
Retained earnings 1,215 1,187 951
Proposed dividends for the financial year 0 0 204
Equity 1,784 1,688 1,696
Interest-bearing liabilities 122 201 199
Lease liabilities 207 184 189
Provision for pension obligations 1 1 0
Provision for deferred tax 104 99 98
Other provisions 12 12 12
Non-current liabilities 446 497 498
Interest-bearing liabilities 243 401 41
Lease liabilities 104 95 103
Trade payables 1,861 1,648 1,693
Income tax payable 75 48 21
Other payables 591 537 544
Prepayments 3 2 2
Other provisions 10 6 9
Current liabilities 2,887 2,737 2,413
Liabilities 3,333 3,234 2,911
Total equity and liabilities 5,117 4,922 4,607
15
SOLAR Q3 2021 FINANCIAL STATEMENTS
CASH FLOW STATEMENT
Q3 Q1-Q3 Year
DKK million 2021 2020 2021 2020 2020
Net profit of continuing operations for the period 124 83 372 254 222
Depreciation, write-down and amortisation 58 62 177 184 389
Impairment and gain from divestment of associates 0 -7 0 -80 -104
Changes to provisions and other adjustments 4 -4 2 -13 -3
Share of net profit from associates 0 3 0 11 12
Financials, net 20 11 37 25 40
Income tax 35 26 66 53 78
Financial income, received 16 2 19 5 7
Financial expenses, settled -8 -12 -41 -30 -47
Income tax, settled 12 1 -14 -16 -65
Cash flow before working capital changes 261 165 618 393 529
Working capital changes
Inventory changes -198 6 -174 91 126
Receivables changes -17 29 -450 -62 173
Non-interest-bearing liabilities changes -84 -58 231 -41 -15
Cash flow from operating activities -38 142 225 381 813
Q3 Q1-Q3 Year
DKK million 2021 2020 2021 2020 2020
Investing activities
Purchase of intangible assets -14 -12 -42 -36 -50
Purchase of property, plant and equipment -51 -6 -108 -24 -33
Disposal of property, plant and equipment 0 7 18 8 8
Acquisition of associates 0 0 -3 -2 -2
Divestment of associates 0 3 0 3 240
Other financial investments 0 0 -3 0 -1
Cash flow from investing activities -65 -8 -138 -51 162
Financing activities
Repayment of non-current interest-bearing debt -55 -2 -77 -7 -252
Raising of non-current interest-bearing liabilities 0 53 0 53 53
Change in current interest-bearing debt 161 -138 210 -84 -205
Instalment on lease liabilities -29 -29 -86 -90 -121
Dividends distributed 0 0 -314 -102 -102
Sale of treasury shares 0 0 2 0 0
Cash flow from financing activities 77 -116 -265 -230 -627
Total cash flow -26 18 -178 100 348
Cash at bank and in hand at the beginning of period 252 138 404 56 56
Foreign currency translation adjustments 0 -1 0 -1 0
Cash at bank and in hand at the end of the period 226 155 226 155 404
Cash at bank and in hand at the end of the period
Cash at bank and in hand 226 155 226 155 404
Cash at bank and in hand at the end of the period 226 155 226 155 404
16
SOLAR Q3 2021 FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN EQUITY
DKK million
Share
capital
Reserves
for hedging
transactions
1
Reserves for
foreign
currency
translation
adjustments
1
Retained
earnings
Proposed
dividends Total
2021
Equity as at 1 January 736 -60 -135 951 204 1,696
Foreign currency translation adjustments of foreign subsidiaries 8 8
Fair value adjustments of hedging instruments before tax 26 26
Tax on fair value adjustments -6 -6
Net income recognised in equity via other comprehensive income in the statement of comprehensive income 0 20 8 0 0 28
Net profit for the period 372 372
Comprehensive income 0 20 8 372 0 400
Distribution of dividends (DKK 28.00 per share) -204 -204
Distribution of extraordinary dividends (DKK 15.00 per share) -110 -110
Sale of treasury shares 2 2
Transactions with the owners 0 0 0 -108 -204 -312
Equity as at 30 September 736 -40 -127 1,215 0 1,784
1. Reserves for hedging transactions and reserves for foreign currency translation adjustments are recognised in the balance sheet as a total amount under reserves.
17
SOLAR Q3 2021 FINANCIAL STATEMENTS
– continued
STATEMENT OF CHANGES IN EQUITY
DKK million
Share
capital
Reserves
for hedging
transactions
1
Reserves for
foreign
currency
translation
adjustments
1
Retained
earnings
Proposed
dividends Total
2020
Equity as at 1 January 736 -66 -113 933 102 1,592
Foreign currency translation adjustments of foreign subsidiaries -52 -52
Fair value adjustments of hedging instruments before tax -5 -5
Tax on fair value adjustments 1 1
Net income recognised in equity via other comprehensive income in the statement of comprehensive income 0 -4 -52 0 0 -56
Net profit for the period 254 254
Comprehensive income 0 -4 -52 254 0 198
Distribution of dividends (DKK 14.00 per share) -102 -102
Transactions with the owners 0 0 0 0 -102 -102
Equity as at 30 September 736 -70 -165 1,187 0 1,688
1) Reserves for hedging transactions and reserves for foreign currency translation adjustments are recognised in the balance sheet as a total amount under reserves.
18
SOLAR Q3 2021 FINANCIAL STATEMENTS
NOTES
Segment information
Solar’s business segments are Installation, Industry and Trade and are based on the customers’ aliation with
the segments. Installation covers installation of electrical, and heating and plumbing products, while Industry
covers industry, oshore and marine, and utility and infrastructure. Trade covers special sales and other small
areas. The three main segments have been identified without aggregation of operating segments. Segment
income and costs include any items that are directly attributable to the individual segment and any items that
can be reliably allocated to the individual segment. Non-allocated costs refer to income and costs related to
joint group functions. Assets and liabilities are not included in segment reporting.
DKK million Installation Industry Trade Total
Q3 2021
Revenue 1,677 953 242 2,872
Cost of sales -1,318 -718 -176 -2,212
Gross profit 359 235 66 660
Direct costs -62 -27 -7 -96
Earnings before indirect costs 297 208 59 564
Indirect costs -112 -51 -12 -175
Segment profit 185 157 47 389
Non-allocated costs -152
Earnings before interest, tax,
depreciation and amortisation (EBITDA) 237
Depreciation and amortisation -58
Earnings before interest and tax (EBIT) 179
Financials, net incl. share of net profit from
associates and impairment on associates -20
Earnings before tax (EBT) 159
No single customer makes up more than 10% of the total revenue.
DKK million Installation Industry Trade Total
Q3 2020
Revenue 1,595 836 187 2,618
Cost of sales -1,272 -636 -147 -2,055
Gross profit 323 200 40 563
Direct costs -52 -22 -6 -80
Earnings before indirect costs 271 178 34 483
Indirect costs -114 -38 -11 -163
Segment profit 157 140 23 320
Non-allocated costs -143
Earnings before interest, tax,
depreciation and amortisation (EBITDA) 177
Depreciation and amortisation -62
Earnings before interest and tax (EBIT) 115
Financials, net incl. share of net profit from
associates and impairment on associates
-6
Earnings before tax (EBT) 109
No single customer makes up more than 10% of the total revenue.
19
SOLAR Q3 2021 FINANCIAL STATEMENTS
DKK million Installation Industry Trade Total
Q1-Q3 2021
Revenue 5,376 2,857 741 8,974
Cost of sales -4,266 -2,16 4 -545 -6,975
Gross profit 1,110 693 196 1,999
Direct costs -183 -87 -24 -294
Earnings before indirect costs 927 606 172 1,705
Indirect costs -358 -155 -37 -550
Segment profit or loss 569 451 135 1,155
Non-allocated costs -503
Earnings before interest, tax,
depreciation and amortisation (EBITDA) 652
Depreciation and amortisation -177
Earnings before interest and tax (EBIT) 475
Financials, net
-37
Earnings before tax (EBT) 438
DKK million Installation Industry Trade Total
Q1-Q3 2020
Revenue 5,151 2,609 648 8,408
Cost of sales - 4,136 -2,002 -522 -6,660
Gross profit 1,015 607 126 1,748
Direct costs -176 -73 -17 -266
Earnings before indirect costs 839 534 109 1,482
Indirect costs -397 -125 -36 -558
Segment profit 442 409 73 924
Non-allocated costs -478
Earnings before interest, tax,
depreciation and amortisation (EBITDA) 446
Depreciation and amortisation -184
Earnings before interest and tax (EBIT) 262
Financials, net
45
Earnings before tax (EBT) 307
Segment information – continued
NOTES
20
SOLAR Q3 2021 FINANCIAL STATEMENTS
Geographical information
Solar A/S primarily operates on the Danish, Swedish, Norwegian and Dutch markets. In the below table, Other
markets covers the remaining markets, which can be seen in the group companies overview available on page
137 of Annual Report 2020 or on www.solar.eu. The below allocation has been made based on the products’
place of sale.
Segment information – continued
NOTES
DKK million Revenue
Adjusted
organic
growth % EBITDA
EBITDA
margin %
Non-current
assets
Q3 2021
Denmark 970 10.0 109 11.2 1,800
Sweden 589 8.4 43 7.3 213
Norway 462 6.4 44 9.5 179
The Netherlands 635 1.2 27 4.3 343
Poland 125 46.6 6 4.8 28
Other markets 11 11.7 0 0.0 4
Eliminations -87 - 0 0.0 -1,220
Core business 2,705 8.1 229 8.5 1,347
Several markets
(MAG45) 164 22.9 8 4.9 46
Other markets 3 -26.0 0 0.0 0
Related business 167 21.7 8 4.8 46
Solar Group 2,872 8.8 237 8.3 1,393
DKK million Revenue
Adjusted
organic
growth % EBITDA
EBITDA
margin %
Non-current
assets
Q3 2020
Denmark 872 2.1 88 10.1 2,087
Sweden 537 -13.5 27 5.0 316
Norway 419 -5.5 38 9.1 163
The Netherlands 624 -5.1 19 3.0 358
Poland 90 -15.9 4 4.4 29
Other markets 9 23.8 1 11.1 5
Eliminations -69 - 0 0.0 -1,315
Core business 2,482 -5.1 177 7.1 1,643
Several markets
(MAG45) 133 1.5 1 0.8 52
Other markets 3 -14.0 -1 -33.3 0
Related business 136 1.0 0 0.0 52
Solar Group 2,618 -4.8 177 6.8 1,695
21
SOLAR Q3 2021 FINANCIAL STATEMENTS
Segment information – continued
NOTES
DKK million Revenue
Adjusted
organic
growth % EBITDA
EBITDA
margin %
Non-current
assets
Q1-Q3 2021
Denmark 2,977 10.3 294 9.9 1,800
Sweden 1,918 3.8 110 5.7 213
Norway 1,401 2.8 117 8.4 179
The Netherlands 2,075 -3.1 93 4.5 343
Poland 329 34.3 14 4.3 28
Other markets 33 16.8 3 9.1 4
Eliminations -252 - 0 0.0 -1,220
Core business 8,481 4.8 631 7.4 1,347
Several markets
(MAG45) 482 16.6 21 4.4 46
Other markets 11 -15.2 0 0.0 0
Related business 493 15.6 21 4.3 46
Solar Group 8,974 5.4 652 7. 3 1,393
DKK million Revenue
Adjusted
organic
growth % EBITDA
EBITDA
margin %
Non-current
assets
Q1-Q3 2020
Denmark 2,683 2.7 221 8.2 2,087
Sweden 1,786 -3.3 75 4.2 316
Norway 1,324 -4.1 78 5.9 163
The Netherlands 2,130 0.0 54 2.5 358
Poland 263 -11.7 8 3.0 29
Other markets 28 22.3 3 10.7 5
Eliminations -230 - 0 0.0 -1,315
Core business 7,98 4 -0.9 439 5.5 1,643
Several markets
(MAG45) 412 -0.2 8 1.9 52
Other markets 12 - 0.1 -1 -8.3 0
Related business 424 -0.2 7 1.7 52
Solar Group 8,408 -0.8 446 5.3 1,695
22
SOLAR Q3 2021 FINANCIAL STATEMENTS
NOTES
Accounting policies
The quarterly report for Solar A/S has been prepared in accordance with IAS 34 “Presentation of interim
reports” as approved by the EU and additional Danish disclosure requirements for quarterly reports of listed
companies.
Apart from the eect of new IAS/IFRS standards implemented during the period, the accounting policies
remain unchanged from the Annual Report 2020, which contains a full description of these on pages 58-60 as
well as of relevant, supplementary notes.
In the quarterly report, income tax has been calculated on the basis of pre-tax profits at the expected average
tax rate.
New accounting standards implemented during the period
No additional standards have become eective in the period, only amendments and improvements to existing
standards. These changes have no impact on Solar’s accounting policies.
New accounting standards to be implemented in coming accounting periods
New or amended standards issued as at 30 September 2021 and to be implemented in coming accounting
periods are not expected to have significant impact on Solar's accounting policies.
23
SOLAR Q3 2021 FINANCIAL STATEMENTS
Consolidated
QUARTERLY FIGURES
Q1 Q2 Q3 Q4
Income statement (DKK million) 2021 2020 2021 2020 2021 2020 2020 2019
Revenue
3,004 3,045 3,098 2,745 2,872 2,618 3,057 3,077
Earnings before interest, tax, depreciation and amortisation (EBITDA)
204 142 211 127 237 177 191 161
Earnings before interest, tax and amortisation (EBITA)
157 97 166 81 192 132 145 115
Earnings before interest and tax (EBIT)
143 82 153 65 179 115 -14 75
Financials, net
-20 -8 3 -6 -20 -10 -16 -10
Earnings before tax (EBT)
123 45 156 153 159 109 -7 73
Net profit or loss for the quarter
100 30 148 141 124 83 -32 58
Balance sheet (DKK million)
Non-current assets
1,342 1,636 1,385 1,735 1,393 1,695 1,339 1,756
Current assets
3,500 3,349 3,569 3,267 3,724 3,227 3,268 3,234
Balance sheet total
4,842 4,985 4,954 5,002 5,117 4,922 4,607 4,990
Equity
1,619 1,441 1,661 1,614 1,784 1,688 1,696 1,592
Non-current liabilities
498 455 457 457 446 497 498 503
Current liabilities
2,725 3,089 2,836 2,931 2,887 2,737 2,413 2,895
Interest-bearing liabilities, net
461 1,077 329 845 450 726 128 921
Invested capital
2,011 2,332 1,921 2,178 2,185 2,132 1,760 2,297
Net working capital, end of period
1,344 1,432 1,280 1,383 1,568 1,363 1,109 1,280
Net working capital, average
1,300 1,411 1,274 1,391 1,325 1,365 1,322 1,386
24
SOLAR Q3 2021 FINANCIAL STATEMENTS
QUARTERLY FIGURES
Consolidated – continued
Q1 Q2 Q3 Q4
Cash flows (DKK million) 2021 2020 2021 2020 2021 2020 2020 2019
Cash flow from operating activities
-88 -43 351 282 -38 142 432 305
Cash flow from investing activities
-10 -25 -63 -18 -65 -8 213 -48
Cash flow from financing activities
-71 84 -271 -198 77 -116 -397 -264
Net investments in intangible assets
-13 -12 -15 -12 -14 -12 -14 -9
Net investments in property, plant and equipment
8 -13 -47 -4 -51 1 -9 -39
Acquisition and divestment of subsidiaries and operations, net
0 0 0 0 0 0 0 0
Financial ratios (% unless otherwise stated)
Revenue growth
-1.3 3.0 12.9 -4.3 9.7 -5.7 -0.6 2.3
Organic growth
-2.2 2.6 10.6 -1.7 8.8 -4.8 0.0 1.6
Organic growth adjusted for number of working days
-0.6 1.4 8.6 -1.6 8.8 -4.8 -2.1 2.6
Gross profit margin
21.9 20.5 22.0 20.5 23.0 21.5 21.5 20.5
EBITDA margin
6.8 4.7 6.8 4.6 8.3 6.8 6.2 5.2
EBITA margin
5.2 3.2 5.4 3.0 6.7 5.0 4.7 3.7
EBIT margin
4.8 2.7 4.9 2.4 6.2 4.4 -0.5 2.4
Net working capital (end of period NWC)/revenue (LTM)
11.8 12.2 10.9 11.9 13.0 11.9 9.7 11.0
Net working capital (average NWC )/revenue (LTM)
11.4 12.0 10.8 11.9 11.0 11.9 11.5 11.9
Gearing (net interest-bearing liabilities/EBITDA), no. of times
0.7 1.9 0.4 1.5 0.5 1.2 0.2 1.7
Return on equity (ROE)
17.6 7.5 18.2 13.6 19.7 18.9 13.1 4.1
Return on invested capital (ROIC)
16.6 9.0 21.0 10.2 23.6 11.7 13.8 8.3
Adjusted enterprise value/earnings before interest, tax and amortisation (EV/EBITA)
7.6 6.3 7.0 6.0 7.6 6.2 5.8 7.9
Equity ratio
33.4 28.9 33.5 32.3 34.9 34.3 36.8 31.9
25
SOLAR Q3 2021 FINANCIAL STATEMENTS
QUARTERLY FIGURES
Consolidated – continued
Q1 Q2 Q3 Q4
Share ratios (DKK unless otherwise stated) 2021 2020 2021 2020 2021 2020 2020 2019
Earnings per share outstanding (EPS)
13.70 4.11 20.27 19.32 16.98 11.37 -4.38
7.95
Intrinsic value per share outstanding
221.68 197.44 227.43 221.15 244.28 231.29 232.38
218.13
Share price
480.82 204.50 541.47 255.05 632.86 301.43 353.70
297.31
Share price/intrinsic value
2.17 1.04 2.38 1.15 2.59 1.30 1.52
1.36
Employees
Number of employees (FTE's), end of period
2,901 3,052 2,899 2,934 2,897 2,891 2,864
3,041
Average number of employees (FTE's)
2,897 3,057 2,889 3,024 2,890 2,979 2,935
3,039
Definitions
Organic growth Revenue growth adjusted for enterprises acquired and sold o and any exchange rate changes. No adjustments have been made for number of working days.
Net working capital Inventories and trade receivables less trade payables.
ROIC Return on invested capital calculated on the basis of operating profit or loss less tax calculated using the eective tax rate.
In general, financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”.
26
SOLAR Q3 2021 FINANCIAL STATEMENTS
STATEMENT BY THE EXECUTIVE BOARD
AND THE BOARD OF DIRECTORS
EXECUTIVE BOARD
BOARD OF DIRECTORS
27
SOLAR Q3 2021 FINANCIAL STATEMENTS
