Q3 2023
Report
Solar A/S
CVR no. 15 90 84 16
We are a leading
European sourcing and
services company.
Who we are
Installation Industry Trade
Denmark
Sweden
Norway
Poland
Other
1
33
16
4
3
%
%
%
%
%
%
Groups
Brands
Share of 2022 revenue
Share of 2022 revenue
ProductsSegments
Markets
The Netherlands
24
20
1) Including eliminations
Share of 2022 revenue
58
%
33
%
9
%
Electrical
Concepts
Heating & Plumbing
Other brands
Climate & Energy
73
%
23
%
17
%
77
%
10
%
2Solar A/S
Q3 2023
Our purpose
We improve construction,
building operation and industry
processes with a commitment to
sustainability and productivity.
For our customers. With our
partners. For a better world.
Contents
Management review
Financial highlights 4
Business update 5
Financial review 9
Our segments 11
Guidance 2023 13
Shareholder information 14
Consolidated financial statements Q3
Statement of comprehensive income 14
Balance sheet 15
Cash flow statement 16
Statement of changes in equity 17
Notes 19
Section 1 – Basis for preparation 19
Section 2 – Income statement 21
Section 3 – Invested capital 25
Quarterly information 27
Statement 31
Striving for operational
excellence
We continually invest in optimising our
business including our warehouses.
Automation goes hand in hand with
improved customer service, improved
working environment and not at least
reduced climate impact.
Page 5
Our 2030 CO
2
e targets
approved by SBTi
Having our targets approved by SBTi
is a great acknowledgement of our
ambitions. It endorses how we will
contribute to reducing CO
2
e and
confirms our ambitious commitment
to the Paris Agreement.
Page 6
3Solar A/S
Q3 2023
Q3 Financial Messages
• Q3 EBITDA of DKK 187m is in line with our expectations.
• Our cost containment initiatives continue to deliver.
• We reconfirm our EBITDA guidance of approx.
DKK 900m for 2023.
• The revenue development we saw in Q3 was generally in
line with our expectations, with residential heat pump sales
in Denmark being the only negative deviation.
Financial
highlights
Q3 Q1-Q3 Year
Consolidated (DKK million) 2023 2022 2023 2022 2022
Revenue 2,965 3,266 9,871 10,179 13,863
Earnings before interest, tax, depreciation and amortisation (EBITDA)
187 301 681 849 1,175
Earnings before interest, tax and amortisation (EBITA) 132 250 517 704 978
Earnings before interest and tax (EBIT) 114 231 444 655 909
Earnings before tax (EBT) 93 225 383 635 858
Net profit for the period 71 176 293 491 660
Balance sheet total 6,265 5,937 6,265 5,937 5,901
Total equity 1,910 1,764 1,910 1,764 1,931
Interest-bearing liabilities, net 1,480 1,205 1,480 1,205 1,074
Cash flow from operating activities 190 -14 369 -226 16
Net investments in property, plant and equipment -76 -25 -135 -145 -167
Employees
Number of employees (FTE's), end of period 3,005 3,042 3,005 3,042 3,043
Average number of employees (FTE's) 3,049 2,992 3,049 2,992 3,019
Financial ratios (%, unless otherwise stated)
Adjusted organic growth -4.7 14.0 0.5 13.3 12.9
Gross profit margin 21.5 24.1 22.5 23.3 23.4
EBITDA margin 6.3 9.2 6.9 8.3 8.5
EBITA margin 4.5 7.7 5.2 6.9 7.1
Net working capital (end of period NWC)/revenue (LTM) 16.6 16.1 16.6 16.1 15.9
Gearing (net interest-bearing liabilities/EBITDA), no. of times 1.5 1.1 1.5 1.1 0.9
Return on equity (ROE) 25.5 38.6 25.5 38.6 34.0
Equity ratio 29.7 29.7 29.7 29.7 32.7
Share ratios (DKK)
Earnings per share outstanding (EPS) 9.72 24.10 40.12 67. 23 90.37
In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”.
4Solar A/S
Q3 2023
Striving for operational excellence
Tickets to growth
Over the past five years, we have carried out major
investments in our warehouses in Denmark, Norway
and the Netherlands. We have:
• Added 18,600 sq.m. of warehouses.
• Merged two warehouses in the Netherlands.
• Installed three AutoStores, totalling 210,000 boxes
and 215 robots.
• Installed four automated cable cutters.
• Replaced nine manually-operated forklifts with
self-driven AGVs.
• Set up three high-capacity ThermoNova heat pumps.
• Added 2,736 solar panels.
These investments, which include a substantial
reduction of the noise level and installing adjustable
workstations, have improved the work environment and
lowered energy consumption significantly.
Reaping the benefits
In addition, the investments generated increased
internal efficiencies and not least significant customer
value and even higher quality.
Our merged warehouses have improved our control
systems and hourly production has increased.
Moreover, by rethinking packaging we also have
succeeded in reducing the use of small plastic bags by
80% and our move towards recycling has resulted in
more than 90% of materials now being recyclable.
All these improvements have benefited our customers
as they are left with significantly less waste and we
have almost reached 100% correct packed customer
orders.
By installing heat pumps and solar panels, we continue
our journey toward net zero emission in 2030.
Future opportunities
We continue to see opportunities for further automa-
tion across our markets. We have decided to invest in a
new modern warehouse in Kumla, Sweden, which is
expected to come on stream in late 2026. The two
existing warehouses in Halmstad and Örebro will be
divested. The net investment will amount to approx.
DKK 400m.
With these investments we are well-positioned for
future growth and reduction of our climate impact.
We continually invest in
optimising our business
including our warehouses.
Automation goes hand in
hand with improved
customer service,
improved working
environment and not at
least reduced climate
impact.
Business update
5Solar A/S
Q3 2023
Our 2030 CO
2
e
targets approved
by SBTi
Sustainability
Having our targets approved by SBTi is a
great acknowledgement of our ambitions.
It endorses how we will contribute to
reducing CO
2
e and confirms our
ambitious commitment to the Paris
Agreement. It also reflects the dedication
and hard work of our employees.
We believe that through commitment and
collaboration, we can change how we
think and act. We want to play a part in
driving change and be an enabler in the
green transition.
Mette Bredkjær,
Director Sustainability, Solar
Solar's target
Solar is committed to the target of becoming net-zero in scope 1 and 2 and to
reducing our emissions by 25% across the value chain (scope 3) by 2030. This
means that by 2030, Solar's energy consumption and company vehicles will emit
zero greenhouse gases into the atmosphere, and our total emissions covering
suppliers’ and customers' impact on our products will be reduced by 25%.
SBTi
The Science Based Targets
initiative (SBTi) is the world's most
ambitious sustainability
collaboration.
Through this, companies commit to
reducing their emissions of
greenhouse gases in line with the
Paris Agreement.
Biodiversity at Solar A/S, Vejen.
Photo by Jacob Schultz, JFM
6Solar A/S
Q3 2023
*Price effects: Price increases above normal level related to goods on stock.
Q3 EBITDA of DKK 187m
on par with expectations
Q3 2023
Revenue
As expected, Q3 saw declining growth. Revenue
decreased to DKK 3.0bn (DKK 3.3bn) and adjusted
organic growth at group level amounted to -4.7%
(14.0%). MAG45 delivered positive adjusted organic
growth.
Revenue from Climate & Energy, one of our strategic
focus areas, amounted to around DKK 295m (DKK
325m) and did not reach the expected growth rates in
Q3. Sales of high-capacity ThermoNova industrial heat
pumps delivered the expected growth rates while heat
pump sales for the residential market were disappoint-
ing. The slowdown in Denmark seen in March continued
in Q3. The new subsidy scheme for residential heat
pumps was implemented late Q3.
The Industry and Trade segments delivered adjusted
organic growth of 0% and 9% respectively, while the
Installation segment delivered adjusted organic growth
of -10%, see page 9.
A significant portion of the decrease in the Installation
segment can be accounted for by the lack of heat
pump sales. Our assessment is that we maintain
market share within Installation and Industry.
Gross profit
The gross profit margin decreased to 21.5% (24.1%).
By way of comparison, one-off price effects in Q3
2022 improved the underlying gross profit margin by
approx. 2 percentage points while one-off price effects
were negligible in Q3 2023. More than half the
remaining decline in gross profit margin relates to
Climate & Energy products, particularly solar panels.
External operating costs and staff costs
External operating costs and staff costs amounted to
15.2% (14.8%) of revenue.
Several measures were initiated in Q1, including cost
containment, process improvements and staff
reduction to reduce the impact of cost inflation. These
initiatives became effective in Q2 as total external
operating costs and staff costs declined. Despite the
impact of inflation, costs declined in Q3 compared to
previous quarters and last year.
Loss on trade receivables
We conduct efficient credit management, including in the
currently unpredictable market conditions. As a result, our
loss on trade receivables decreased to DKK 2m (DKK 7m).
Although growth declined in Q3
as expected, our assessment is
that we maintain market share
overall. Our cost containment
initiatives continue to deliver.
(Figures in brackets are figures from the
corresponding period in 2022)
Gross profit margin
adj. for one-off price effects
*
Percentage
DKKm
EBITDA adj. for one-off price effects*
Q1
22.5
22.1
22.4
21.6
22.1
21.7
Q2 Q3 Q4
21.5
23
22
21
20
2023
2022
Q1 Q2 Q3 Q4
350
300
250
200
150
100
50
0
246
214
222
236
256
255
187
2023
2022
Financial review
7Solar A/S
Q3 2023
EBITDA
EBITDA of DKK 187m (DKK 301m) was on par with
expectations. When adjusted for one-off price effects
in Q3 2022, the underlying EBITDA margin amounted
to 6.3% (7.2%).
The results from the individual markets are given on
page 24.
Depreciation and write-down
Depreciation and write-down on property, plant and
equipment increased to DKK 55m (DKK 51m). The
expansion of the central warehouse in Vejen, Denmark
and the implementation of AutoStore were completed
in Q4 2022 and the investment is now being
depreciated.
Financials
Net financials amounted to DKK -21m (DKK -6m) and
were negatively affected by increased debt and
interest rates.
Earnings before tax
Earnings before tax decreased to DKK 93m (DKK
225m) where Q3 2022 was positively affected by
one-off price effects of DKK 65m.
Net profit
Net profit totalled DKK 71m (DKK 176m).
Q1-Q3 2023
Revenue
As expected, we saw declining growth in Q1-Q3.
Adjusted organic growth at group level amounted to
0.5% (13.3%), and revenue declined to DKK 9.9bn
(DKK 10.2bn).
Gross profit
Gross profit amounted to DKK 2.2bn (DKK 2.4bn) and
gross profit margin amounted to 22.5% (23.3%).
However, adjusted for one-off price effects the
underlying gross profit margin improved by approx.
0.2 percentage points.
External operating costs and staff costs
External operating costs and staff costs amounted to
15.6% (15.0%).
Several measures were initiated in Q1-Q3, including
cost containment, process improvements and staff
reduction to reduce the impact of cost inflation. These
initiatives became effective in Q2 as overall external
operating costs and staff costs declined. Despite the
impact of inflation, costs declined in Q3 compared to
previous quarters and last year.
EBITDA
EBITDA of DKK 681m (DKK 849m) was as expected.
When adjusted for one-off price effects, the underlying
EBITDA amounted to DKK 646m (DKK 704m)
corresponding to an underlying EBITDA margin of
6.5% (6.9%).
The results from the individual markets are shown on
page 24.
Amortisation and impairment of intangible assets
Amortisation and impairment of intangible assets
amounted to DKK -164m (DKK -145m) as an impair-
ment loss on Højager Belysning of DKK 20m was
recognised in Q1-Q3 2023.
Financials
Net financials amounted to DKK -61m (DKK -19m) and
were negatively affected by increased debt and
interest rates.
Earnings before tax
Earnings before tax were down to DKK 383m (DKK
635m) whereas Q1-Q3 2022 was positively impacted
by one-off price effects of DKK 145m.
Net profit
Net profit came to DKK 293m (DKK 491m).
Cash flow
Net working capital calculated as an average of the
previous four quarters amounted to 16.7% (13.1%) of
revenue. Net working capital at the end of Q1-Q3 2023
amounted to 16.6% (16.1%).
Cash flow from operating activities totalled DKK 369m
(DKK -226m). Changes in inventories had an impact of
DKK 59m (DKK -366m).
Changes in receivables had a DKK -116m (DKK -571m)
impact on cash flow affected by lower growth levels in
September 2023, while changes in non-interest-
bearing liabilities affected cash flow by DKK -90m
(DKK -47m).
Total cash flow from investing activities amounted
to DKK -318m (DKK -211m). The acquisition of
ThermoNova in Q1-Q3 2023, see note 3.1, had an
impact of DKK -111m. In Q1-Q3 2022, the investment in
the expansion and upgrade of our central warehouse in
Denmark affected cash flow by DKK -117m, while the
acquisition of Højager Belysning A/S had an impact of
DKK -24m.
Financial review - continued
Cash flow from financing activities amounted to DKK
24m (DKK 70m), mainly affected by dividend
distributions of DKK -329m (DKK -658m) and by the
change in current interest-bearing debt of DKK 309m
(DKK 820m).
As a result, total cash flow amounted to DKK 75m
(DKK -367m).
Net interest-bearing liabilities amounted to DKK
1,480m (DKK 1,205m).
As at 30 September 2023, gearing was 1.5 (1.1) times
EBITDA. Calculated as an average, our gearing was 1.4
(0.7) times EBITDA. Our gearing target is 1.5-3.0 times
EBITDA.
As at 30 September 2023, Solar had undrawn credit
facilities of DKK 892m (DKK 605m).
Invested capital
Invested capital for the Solar Group totalled DKK
3,366m (DKK 2,923m). ROIC amounted to 16.9%
(25.3%).
Activities with a Solar equity interest of less than 50%
and activities attributable to non-controlling interests
are not included in the ROIC calculation. Invested
capital only includes operating assets and liabilities.
Key risks and mitigation
The commercial and financial risks relating to our
activities are detailed in Solar’s 2022 Annual Report.
No additional material risks have been identified but
we continue to monitor the situation closely.
8Solar A/S
Q3 2023
Our Trade segment
saw growth in Q3
Installation
Our Installation segment covers the installation of
electrical, heating and plumbing products.
Installation revenue for Q3 amounted to DKK 1,603m
(DKK 1,883m), which corresponds to overall adjusted
organic growth of around -10% (13%) related to the
electrical as well as the heating and plumbing
business. All main markets saw negative growth.
Segment profit amounted to DKK 157m (DKK 251m),
which corresponds to a segment profit margin of 9.8%
(13.3%).
Industry
This segment covers the industry, offshore and marine
industries as well as utilities and infrastructure.
Industry also includes MAG45 and ThermoNova.
Industry revenue for Q3 amounted to DKK 1,080m
(DKK 1,112m). This corresponds to overall adjusted
organic growth of around 0% (17%). Solar Norge saw
positive growth while MAG45 posted double-digit
growth.
Segment profit amounted to DKK 171m (DKK 196m).
This corresponds to a segment profit margin of 15.8%
(17.6%).
Trade
Our Trade segment covers special sales and other
small areas. It also includes Solar Polaris and Højager
Belysning.
Revenue from Trade for Q3 increased to DKK 282m
(DKK 271m), which corresponds to overall adjusted
organic growth of around 9% (9%) supported by
strong growth for Solar Danmark, and Solar Sverige.
Segment profit amounted to DKK 28m (DKK 36m),
which corresponds to a segment profit margin of 9.9%
(13.3%).
Segment profit includes items that are directly
attributable to the individual segment and items
that can be reliably allocated to the individual
segment.
Segment profit does not include non-allocated
costs of DKK 169m (DKK 182m) in Q3, which
cover income and costs related to joint group
functions and to costs that cannot be reliably
allocated to the individual segment.
Detailed segment information is given on page
22.
Our segments Q3
Segment profit Overview business segmentsSegment revenue
DKKmDKKm
Installation Installation
Industry Industry
Trade Trade
1,603 157
1,080 171
282 28
Q3
Revenue Segment profit Segment margin %
DKK million 2023 2022 2023 2022 2023 2022
Installation
1,603 1,883 157 251 9.8 13.3
Industry 1,080 1,112 171 196 15.8 17.6
Trade
282 271 28 36 9.9 13.3
Solar Group 2,965 3,266 356 483 12.0 14.8
Q3 2023 Q3 2023
9Solar A/S
Q3 2023
Positive growth for our
Industry and Trade segments in Q1-Q3
Installation
Installation revenue for Q1-Q3 amounted to DKK
5,529m (DKK 5,946m), which corresponds to overall
adjusted organic growth of around -3% (11%) related
to the electrical business as well as the heating and
plumbing business. Solar Norge saw positive growth in
the segment.
Segment profit decreased to DKK 621m (DKK 751m),
which corresponds to a segment profit margin of
11.2% (12.6%).
Industry
Industry revenue for Q1-Q3 increased to DKK 3,426m
(DKK 3,377m). This corresponds to overall adjusted
organic growth of around 4% (18%) related primarily
to MRO and Marine & Offshore. MAG45 posted
double-digit growth and growth was also seen in Solar
Norge and Solar Sverige.
Segment profit decreased to DKK 578m (DKK 591m).
This corresponds to a segment profit margin of 16.9%
(17.5%).
Trade
Revenue from Trade increased to DKK 916m (DKK
856m), which corresponds to overall adjusted organic
growth of around 9% (13%) primarily supported by
strong growth for Solar Nederland, and Solar Danmark.
Segment profit amounted to DKK 111m (DKK 116m),
which corresponds to a segment profit margin of
12.1% (13.6%).
Segment profit includes items that are directly
attributable to the individual segment and items
that can be reliably allocated to the individual
segment.
Segment profit does not include non-allocated
costs of DKK 629m (DKK 609m) in Q1-Q3,
which cover income and costs related to joint
group functions and to costs that cannot be
reliably allocated to the individual segment.
Detailed segment information is given on page
23.
Our segments Q1-Q3
Segment profit Overview business segmentsSegment revenue
DKKmDKKm
Installation Installation
Industry Industry
Trade Trade
5,529 621
3,426 578
916 111
Q1-Q3
Revenue Segment profit Segment margin %
DKK million 2023 2022 2023 2022 2023 2022
Installation
5,529 5,946 621 751 11.2 12.6
Industry 3,426 3,377 578 591 16.9 17.5
Trade
916 856 111 116 12.1 13.6
Solar Group 9,871 10,179 1,310 1,458 13.3 14.3
Q1-Q3 2023 Q1-Q3 2023
10Solar A/S
Q3 2023
We reconfirm our EBITDA guidance
of DKK 900m for 2023
General assumptions
Due to the heightened geopolitical and macroeconom-
ic uncertainty (ref. page 28 of the Annual Report
2022), our market outlook is characterised by greater
unpredictability.
As expected, cost and wage inflation increased during
H1. During Q3, we saw, as expected, a slowdown in cost
and wage inflation and we anticipate this trend to
persist for the rest of 2023.
We have implemented, and will continue to implement,
mitigating measures, including cost containment,
process improvements and the necessary staff
reductions to ensure that the expected impacts from
cost and wage inflation remain well below general price
increases.
Over the past years, we have experienced substantial
price increases from our suppliers. As expected, this
has now normalised to pre-Covid levels. Solar panels
are the main exception where substantial price
reductions have been introduced. Solar, however, has a
proven track record of strong price management.
Our 2023 guidance does not include any significant
restructuring costs.
Market outlook for Solar's segments
Overall, we expect markets to be negative in all
countries for the remainder of 2023. This will become
even more evident as the roll-over effects from price
increases in 2022 wear off. In general, we expect all
segments to show weaker growth in Q4 compared to
Q1-Q3 2023.
Installation
We expect negative growth for the new construction
sector in 2023. The green transition is still expected to
deliver strong growth rates despite the disappointing
development in Q3. The newly introduced government
support for heat pumps for residential buildings in
Denmark is expected to deliver strong growth in the
remaining part of 2023. Nevertheless, we still expect the
installation market to be stagnant or negative.
Industry
The guidance assumes that sales to Marine/Offshore will
continue to grow, albeit at a slower pace, whereas we
expect all other sub-segments to be stagnant or negative.
Overall, we expect the industry market to be stagnant.
Trade
We expect modest growth for special sales in 2023,
which is the Trade segment's primary activity.
Financial outlook 2023
Revenue guidance
We reconfirm our revenue guidance of DKK 13,500m,
corresponding to unchanged adjusted organic growth
of approx. 0%.
In the wake of substantial price increases in 2022, we
delivered positive growth in H1, whereas we expect
negative growth in H2.
Adjusted for price increases, mainly roll-over effects
from 2022, we expect negative growth in all main
segments. This will partly be offset by the expected
strong growth within Climate & Energy supported by
the Danish subsidy scheme for residential heat pumps.
EBITDA guidance
We reconfirm our EBITDA guidance of approx. DKK
900m, which corresponds to an EBITDA margin of
approx. 6.7%.
We saw substantial positive one-off price effects in
2022. We expect this to normalise in 2023, which
means that no major one-off price effects are included
in our guidance.
* Including one-off income of DKK 112m
Guidance 2023
We reconfirm our revenue
guidance of DKK 13,500m
and EBITDA guidance of
DKK 900m.
EBITDA
DKKm
2019
2020
2021*
2022
One-offs
2022
538
637
911
1,175
-215
* including one-off income of DKK 112m
Inflation
catch-up
Guidance
2023
-60
900
11Solar A/S
Q3 2023
Share and webcast information
Total shareholder return
The total shareholder return of the Solar B share
during the holding period 1 January 2023 - 30
September 2023 was -16.1% including the DKK 45.00
ordinary dividend that was paid out in March 2023.
Audio webcast
The presentation of the Quarterly Report Q3 2023 will
be conducted in English on 2 November 2023 at 11:00
CET. The presentation will be transmitted as an audio
webcast and will be available at:
Shareholder information
Solar’s share capital is divided
into nominal value DKK 90
million A shares and nominal
value DKK 646 million B
shares.
Annual Report 2023
Annual General Meeting
Quarterly Report Q1 2024
Quarterly Report Q2 2024
Quarterly Report Q3 2024
Shareholders according to section 55
of the Danish Companies Act
Share
Capital
Votes
The Fund of 20th December, Vejen,
Denmark
17.0% 60.5%
Nordea Funds Ltd., Helsinki, Finland 10.4% 5.0%
Shareholders with more than 5% of
shares or votes
Financial calendar 2024
The Solar share
www.solar.eu
08
Feb
15
Mar
02
May
08
Aug
31
Oct
A share B share
Shares 900,000 6,460,000
Nominel value (DKK) 100 100
Votes per share 10 1
Treasury shares - 56,813
Stock Exchange -
Nasdaq Copenhagen
Stock Exchange
Ticker symbol Solar B
Share price 30 Sep (DKK) 475 475
Market Cap 30 Sep (DKKm) 428 3,069
12
Solar A/S
Q3 2023
Contents
Q3 Q1-Q3 Year
DKK million 2023 2022 2023 2022 2022
Revenue 2,965 3,266 9,871 10,179 13,863
Cost of sales -2,328 -2,480 -7,650 -7,803 -10,618
Gross profit 637 786 2,221 2,376 3,245
Other operating income and costs 0 0 1 1 0
External operating costs -81 -89 -298 -276 -386
Staff costs -367 -389 -1,228 -1,230 -1,656
Loss on trade receivables -2 -7 -15 -22 -28
Earnings before interest, tax, depreciation and amortisation
(EBITDA)
Depreciation and write-down on property, plant and equipment -55 -51 -164 -145 -197
Earnings before interest, tax and amortisation (EBITA) 132 250 517 704 978
Amortisation and impairment of intangible assets -18 -19 -73 -49 -69
Earnings before interest and tax (EBIT) 114 231 444 655 909
Share of net profit from associates 0 0 0 -1 -1
Financial income 12 15 43 37 53
Financial expenses -33 -21 -104 -56 -103
Earnings before tax (EBT) 93 225 383 635 858
Income tax -22 -49 -90 -144 -198
Net profit for the period 71 176 293 491 660
Attributable to:
Shareholders of Solar A/S 71 176 293 491 660
Non-controlling interests 0 0 0 0 0
Net profit for the period 71 176 293 491 660
Earnings in DKK per share outstanding (EPS) 9.72 24.10 40.12 67.23 90.37
Diluted earnings in DKK per share outstanding (EPS-D) 9.69 24.03 40.00 67.01 90.05
Statement of comprehensive income
Q3 Q1-Q3 Year
DKK million 2023 2022 2023 2022 2022
Net profit for the period 71 176 293 491 660
Other income and costs recognised:
Items that can be reclassified for the income statement
Foreign currency translation adjustments of foreign subsidiaries 27 -20 -36 -48 -51
Fair value adjustments of hedging instruments before tax 3 10 3 35 36
Tax on fair value adjustments of hedging instruments
-1 -2 -1 -8 -8
Other income and costs recognised after tax 29 -12 -34 -21 -23
Total comprehensive income for the period
Attributable to:
Shareholders of Solar A/S 100 164 259 470 637
Non-controlling interests 0 0 0 0 0
Net profit for the period 100 164 259 470 637
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
Income statement Other comprehensive income
14Solar A/S
Q3 2023
Contents
Balance sheet
30.09 31.12
DKK million 2023 2022 2022
Equity and liabilities
Share capital 736 736 736
Reserves -215 -179 -181
Retained earnings 1,340 1,207 1,047
Proposed dividends for the financial year 0 0 329
Equity attributable to shareholders of Solar A/S 1,861 1,764 1,931
Non-controlling interests 49 0 0
Total equity 1,910 1,764 1,931
Interest-bearing liabilities 437 114 293
Lease liabilities 290 242 274
Provision for deferred tax 140 125 133
Other provisions 10 10 9
Non-current liabilities 877 491 709
Interest-bearing liabilities 875 857 556
Lease liabilities 119 106 117
Trade payables 1,864 2,029 1,902
Income tax payable 65 107 63
Other payables 524 564 604
Prepayments 14 3 2
Other provisions 17 16 17
Current liabilities 3,478 3,682 3,261
Liabilities 4,355 4,173 3,970
Total equity and liabilities 6,265 5,937 5,901
Consolidated
30.09 31.12
DKK million 2023 2022 2022
Assets
Intangible assets 335 176 173
Property, plant and equipment 1,027 961 963
Right-of-use assets 400 341 383
Deferred tax asset 9 12 9
Investments in associates 5 4 4
Other non-current assets 33 51 32
Non-current assets 1,809 1,545 1,564
Inventories 2,178 2,184 2,248
Trade receivables 1,939 2,031 1,859
Income tax receivable 33 3 13
Other receivables 14 10 9
Prepayments 51 50 42
Cash at bank and in hand 241 114 166
Current assets 4,456 4,392 4,337
Total assets 6,265 5,937 5,901
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
15Solar A/S
Q3 2023
Contents
Cash flow statement
Q3 Q1-Q3 Year
DKK million 2023 2022 2023 2022 2022
Investing activities
Purchase of intangible assets -26 -12 -71 -42 -59
Purchase of property, plant and equipment -76 -25 -136 -145 -167
Disposal of property, plant and equipment 0 0 1 0 0
Acquisition of subsidiaries and activities* 0 0 -111 -24 -24
Acquisition of associates 0 0 -1 0 0
Other financial investments 0 0 0 0 1
Cash flow from investing activities -102 -37 -318 -211 -249
Financing activities
Repayment of non-current interest-bearing debt -2 -2 -7 -6 -12
Raising of non-current interest-bearing liabilities 0 0 150 0 185
Change in current interest-bearing debt -72 97 309 820 519
Instalment on lease liabilities -35 -29 -99 -86 -116
Dividends paid to shareholders of Solar A/S 0 0 -329 -658 -658
Cash flow from financing activities -109 66 24 70 -82
Total cash flow -21 15 75 -367 -315
Cash at bank and in hand at the beginning of period 262 99 166 481 481
Cash at bank and in hand at the end of period 241 114 241 114 166
*In the comparative figures a minor reclassification has been made.
Consolidated
Q3 Q1-Q3 Year
DKK million 2023 2022 2023 2022 2022
Net profit for the period 71 176 293 491 660
Depreciation, write-down and amortisation 73 70 237 194 266
Changes to provisions and other adjustments 6 -6 -3 -18 -18
Share of net profit from associates 0 0 0 1 1
Financials, net 21 6 61 19 50
Income tax 22 49 90 144 198
Financial income, received 6 3 15 9 15
Financial expenses, settled -27 -9 -69 -23 -43
Income tax, settled -14 -10 -108 -59 -155
Cash flow before working capital changes 158 279 516 758 974
Working capital changes
Inventory changes 116 -207 59 -366 -433
Receivables changes 9 -76 -116 -571 -394
Non-interest-bearing liabilities changes -93 -10 -90 -47 -131
Cash flow from operating activities 190 -14 369 -226 16
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
16Solar A/S
Q3 2023
Contents
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
Equity
attributable to
Shareholders
of Solar A/S
Non
controlling
interests Total equity
2023
Equity as at 1 January 736 -9 -172 1,047 329 1,931 0 1,931
Foreign currency translation adjustments of foreign subsidiaries -36 -36 -36
Fair value adjustments of hedging instruments before tax 3 3 3
Tax on fair value adjustments -1 -1 -1
Net income recognised in equity via other comprehensive income
in the statement of comprehensive income
Net profit or loss for the period 293 293 0 293
Comprehensive income 0 2 -36 293 0 259 0 259
Distribution of dividends (DKK 45.00 per share) -329 -329 -329
Non-controlling interests on acquisition of subsidiary 0 49 49
Transactions with the owners 0 0 0 0 -329 -329 49 -280
0
Equity as at 30 September 736 -7 -208 1,340 0 1,861 49 1,910
1. Reserves for hedging transactions and reserves for foreign currency translation adjustments are recognised in the balance sheet as a total amount under reserves.
Consolidated
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
17Solar A/S
Q3 2023
Contents
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
Equity
attributable to
Shareholders
of Solar A/S
Non
controlling
interests Total equit y
2022
Equity as at 1 January 736 -37 -121 1,045 329 1,952 0 1,952
Foreign currency translation adjustments of foreign subsidiaries -48 -48 -48
Fair value adjustments of hedging instruments before tax 35 35 35
Tax on fair value adjustments -8 -8 -8
Net income recognised in equity via other comprehensive income
in the statement of comprehensive income
Net profit or loss for the period 491 491 491
Comprehensive income 0 27 -48 491 0 470 0 470
Distribution of dividends (DKK 45.00 per share) -329 -329 -329
Distribution of extraordinary dividends (DKK 45 per share) -329 -329 -329
Transactions with the owners 0 0 0 -329 -329 -658 0 -658
Equity as at 30 September 736 -10 -169 1,207 0 1,764 0 1,764
1. Reserves for hedging transactions and reserves for foreign currency translation adjustments are recognised in the balance sheet as a total amount under reserves.
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
– Continued
18Solar A/S
Q3 2023
Contents
Basis for preparation
Section 1
01
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
1.1 Accounting policies
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
19Solar A/S
Q3 2023
Contents
Basis for preparation
01
1.1 Accounting policies
The financial 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.
On 1 March 2023 Solar acquired 51% of
ThermoNova A/S, see note 3.1. Solar
recognises non-controlling interests in an
acquired entity either at fair value or at the
non-controlling interest’s proportionate
share of the acquired entity’s net identifiable
assets. This decision is made on an
acquisition-by-acquisition basis. For the
non-controlling interests in ThermoNova
A/S, Solar decided to recognise the
non-controlling interests at its proportionate
share of the acquired net identifiable assets.
The accounting items of subsidiaries are
included in full in the consolidated financial
statements. Non-controlling interests’ share
in the results and equity of subsidiaries is
included in the Group’s profit/loss and
equity but an allocation is shown separately
in the consolidated income statement,
statement of other comprehensive income,
balance sheet and statement of changes in
equity respectively.
Solar’s segment information is based on the
customers’ affiliation with the segments.
ThemoNova’s revenue and results are
included the operating segment Industry.
Apart from the above-mentioned addition
regarding non-controlling interests and the
effect of new IAS/IFRS standards
implemented during the period, the
accounting policies remain unchanged from
the Annual Report 2022, which contains a
full description of these on pages 50-52 as
well as of relevant, supplementary notes.
In the financial 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
An additional standard together with
amendments and improvements to existing
standards have become effective in the
period. 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 2023 and to be implemented
in coming accounting periods are not
expected to have significant impact on
Solar's accounting policies.
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
1.1 Accounting policies
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
20Solar A/S
Q3 2023
Contents
Income statement
Section 2
02
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
2.1 Segment information
Section 3 – Invested capital
Quarterly information
Statement
21Solar A/S
Q3 2023
Contents
Income statement
02
2.1 Segment information
Solar’s business segments are Installation, Industry and Trade and are based on the customers’
affiliation with the segments. Installation covers installation of electrical, and heating and plumbing
products, while Industry covers industry, offshore 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
DKK million Installation Industry Trade Total
Q3 2023
Revenue 1,603 1,080 282 2,965
Cost of sales -1,282 -815 -231 -2,328
Gross profit 321 265 51 637
Direct costs -62 -37 -10 -109
Earnings before indirect costs 259 228 41 528
Indirect costs -102 -57 -13 -172
Segment profit 157 171 28 356
Non-allocated costs -169
Earnings before interest, tax, depreciation and amortisation (EBITDA) 187
Depreciation and amortisation -73
Earnings before interest and tax (EBIT) 114
Financials, net incl. share of net profit from associates
and impairment on associates -21
Earnings before tax (EBT) 93
DKK million Installation Industry Trade Total
Q3 2022
Revenue 1,883 1,112 271 3,266
Cost of sales -1,440 -827 -213 -2,480
Gross profit 443 285 58 786
Direct costs -67 -33 -8 -108
Earnings before indirect costs 376 252 50 678
Indirect costs -125 -56 -14 -195
Segment profit 251 196 36 483
Non-allocated costs -182
Earnings before interest, tax, depreciation and amortisation (EBITDA) 301
Depreciation and amortisation -70
Earnings before interest and tax (EBIT) 231
Financials, net incl. share of net profit from associates
and impairment on associates -6
Earnings before tax (EBT) 225
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
2.1 Segment information
Section 3 – Invested capital
Quarterly information
Statement
attributable to the individual segment and any items that can be reliably allocate to the individual
segment. Non-allocated costs refer to income and costs related to joint group functions and costs,
which can not be reliably allocated to the individual segment. Assets and liabilities are not included
in segment reporting.
22Solar A/S
Q3 2023
Contents
Income statement
02
2.1 Segment information – continued
DKK million Installation Industry Trade Total
Q1-Q3 2023
Revenue 5,529 3,426 916 9.871
Cost of sales -4,358 -2,557 -735 -7,650
Gross profit 1,171 869 181 2,221
Direct costs -201 -113 -29 -343
Earnings before indirect costs 970 756 152 1,878
Indirect costs -349 -178 -41 -568
Segment profit 621 578 111 1,310
Non-allocated costs -629
Earnings before interest, tax, depreciation and amortisation (EBITDA) 681
Depreciation and amortisation -237
Earnings before interest and tax (EBIT) 444
Financials, net incl. share of net profit from associates
and impairment on associates -61
Earnings before tax (EBT) 383
DKK million Installation Industry Trade Total
Q1-Q3 2022
Revenue 5,946 3,377 856 10,179
Cost of sales -4,614 -2,515 - 674 -7, 803
Gross profit 1,332 862 182 2,376
Direct costs -203 -98 -27 -328
Earnings before indirect costs 1,129 764 155 2,048
Indirect costs -378 -173 -39 -590
Segment profit 751 591 116 1,458
Non-allocated costs -609
Earnings before interest, tax, depreciation and amortisation (EBITDA) 849
Depreciation and amortisation -194
Earnings before interest and tax (EBIT) 655
Financials, net incl. share of net profit from associates
and impairment on associates -20
Earnings before tax (EBT) 635
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
2.1 Segment information
Section 3 – Invested capital
Quarterly information
Statement
23Solar A/S
Q3 2023
Contents
Income statement
02
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q3 2023
Denmark 974 -9.6 92 9.4 863
Sweden 513 -2.3 28 5.5 217
Norway 468 0.1 30 6.4 216
The Netherlands 668 -8.4 23 3.4 408
Poland 105 -7.9 3 2.9 44
Other markets 237 16.3 11 4.6 61
Solar Group 2,965 -4.7 187 6.3 1,809
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q1-Q3 2023
Denmark 3,118 -5.5 269 8.6 863
Sweden 1,801 -0.3 120 6.7 217
Norway 1,546 8.8 110 7.1 216
The Netherlands 2,387 0.8 136 5.7 408
Poland 302 -9.9 7 2.3 44
Other markets 717 17.9 39 5.4 61
Solar Group 9,871 0.5 681 6.9 1,809
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q3 2022
Denmark 1,084 14.6 123 11.3 742
Sweden 590 7.3 66 11.2 172
Norway 536 16.5 45 8.4 217
The Netherlands 739 18.2 52 7.0 325
Poland 110 2.5 6 5.5 36
Other markets 207 14.6 9 4.3 53
Solar Group 3,266 14.0 301 9.2 1,545
DKK million Revenue
Adjusted
organic growth EBITDA
EBITDA
margin
Non-current
assets
Q1-Q3 2022
Denmark 3,283 12.2 331 10.1 742
Sweden 1,976 9.3 167 8.5 172
Norway 1,617 15.3 136 8.4 217
The Netherlands 2,366 15.5 167 7.1 325
Poland 330 15.8 18 5.5 36
Other markets 607 18.0 30 4.9 53
Solar Group 10,179 13.3 849 8.3 1,545
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 128 of Annual Report 2022 or on www.solar.eu. The below allocation has
been made based on the products’ place of sale.
2.1 Segment information – continued
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
2.1 Segment information
Section 3 – Invested capital
Quarterly information
Statement
24Solar A/S
Q3 2023
Contents
Invested capital
Section 3
03
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
3.1 Acquisition of subsidiaries
Quarterly information
Statement
25Solar A/S
Q3 2023
Contents
Invested capital
03
3.1 Acquisition of subsidiaries
On 1 March 2023, Solar A/S acquired 42.5%
of the shares of ThermoNova A/S, a Danish
manufacturer of high-capacity heat pumps.
The acquisition price is made up of a fixed
amount of DKK 111m and a variable amount,
which will total DKK 10m at the most.
The variable amount is related to the required
expansion of the production capacity.
Simultaneous Solar A/S subscribed new issued
shares for DKK 50m in ThermoNova A/S. In total
Solar A/S owns 51% of the shares.
The acquisition had an insignificant impact on
Solar's Q3 YTD 2023 revenue and EBITDA and
is expected to have an insignificant impact on
Solar's full year 2023 revenue and EBITDA. If
the acquisition had occurred on 1 January 2023
the impact on Solar’s full year 2023 revenue and
EBITDA would have been insignificant as well.
Fair value at the date of acquisition (DKK million)
Customer-related intangible assets 42
Property, plant and equipment 1
Inventories 19
Trade receivables 12
Cash 53
Provision for deferred tax -9
Other non-current liabilities, non-interest-bearing -1
Current liabilities, non-interest-bearing -16
Net assets 101
Non-controlling interest of acquired new assets -49
Acquired net assets 52
Goodwill 122
Total consideration 174
Cash acquired -53
Deferred consideration -10
Net cash used in aqusition 111
Transaction costs related to the acquisition
totalled DKK 5m. These have been recognised
as part of external operating costs in the income
statement.
The fair value of the customer related
assets is based on the multi-period excess
earningsmethod (MEEM). The fair value has
been calculated as the net present value (NPV)
of the future net cash-flow derived from the
sale to the customers minus a fair return on the
assets used to generate the sale. An interest
rate of 10% has been applied.
The main factors leading to the recognition of
goodwill are:
• the presence of certain intangible assets, such
as the assembled workforce and knowhow,
which do not qualify for separate recognition
• expected synergies within sale which result in
Solar being prepared to pay a premium.
The goodwill recognised will not be deductible
for tax purposes.
For the non-controlling interests in ThermoNova
A/S, the group decided to recognise the
noncontrolling interests at its proportionate
share of the acquired net identifiable assets.
See page 20 for Solar’s accounting policies for
business combinations.
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
3.1 Acquisition of subsidiaries
Quarterly information
Statement
2022
On 1 March 2022, Solar acquired the shares in
the lighting company Højager Belysning A/S in
Denmark.
26Solar A/S
Q3 2023
Contents
Quarterly figures
Consolidated
Q1 Q2 Q3 Q4
Income statement (DKK million) 2023 2022 2023 2022 2023 2022 2022 2021
Revenue
3,656 3,462 3,250 3,451 2,965 3,266 3,684 3,380
Earnings before interest, tax, depreciation and amortisation (EBITDA)
280 281 214 267 187 301 326 259
Earnings before interest, tax and amortisation (EBITA)
226 236 159 218 132 250 274 212
Earnings before interest and tax (EBIT)
209 222 121 202 114 231 254 197
Financials, net
-20 -5 -20 -8 -21 -6 -31 -11
Earnings before tax (EBT)
189 217 101 193 93 225 223 184
Net profit or loss for the quarter
145 168 77 147 71 176 169 159
Balance sheet (DKK million)
Non-current assets
1,756 1,487 1,761 1,557 1,809 1,545 1,564 1,415
Current assets
4,858 4,088 4,556 4,122 4,456 4,392 4,337 3,890
Balance sheet total
6,614 5,575 6,317 5,679 6,265 5,937 5,901 5,305
Total equity
1,759 1,808 1,810 1,600 1,910 1,764 1,931 1,952
Non-current liabilities
737 453 894 506 877 491 709 435
Current liabilities
4,118 3,314 3,613 3,573 3,478 3,682 3,261 2,918
Interest-bearing liabilities, net
1,530 617 1,558 1,122 1,480 1,205 1,074 -37
Invested capital
3,263 2,377 3,342 2,675 3,366 2,923 2,978 1,866
Net working capital, end of period
2,347 1,791 2,265 1,856 2,253 2,186 2,205 1,259
Net working capital, average
2,149 1,475 2,251 1,619 2,268 1,773 2,010 1,363
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
28Solar A/S
Q3 2023
Contents
Quarterly figures
Q1 Q2 Q3 Q4
Cash flows (DKK million) 2023 2022 2023 2022 2023 2022 2022 2021
Cash flow from operating activities
101 -202 78 -10 190 -14 242 558
Cash flow from investing activities
-162 -99 -54 -75 -102 -37 -38 -53
Cash flow from financing activities
171 -37 -38 41 -109 66 -152 -250
Net investments in intangible assets
-20 -16 -25 -14 -26 -12 -17 -16
Net investments in property, plant and equipment
-30 -59 -29 -61 -76 -25 -22 -35
Acquisition and divestment of subsidiaries and operations, net
-111 -24 0 0 0 0 0 0
Financial ratios (% unless otherwise stated)
Revenue growth
5.6 15.2 -5.8 11.4 -9.2 13.7 9.0 10.6
Organic growth
8.3 15.4 -2.2 11.7 -6.2 14.0 10.9 9.1
Adjusted organic growth
6.7 13.6 -1.0 12.4 -4.7 14.0 12.0 7.1
Gross profit margin
23.2 23.1 22.7 22.9 21.5 24.1 23.6 22.9
EBITDA margin
7.7 8.1 6.6 7.7 6.3 9.2 8.8 7.7
EBITA margin
6.2 6.8 4.9 6.3 4.5 7.7 7.4 6.3
EBIT margin
5.7 6.4 3.7 5.9 3.8 7.1 6.9 5.8
Net working capital (end of period NWC)/revenue (LTM)
16.7 14.0 16.3 14.1 16.6 16.1 15.9 10.2
Net working capital (average NWC )/revenue (LTM)
15.3 11.5 16.2 12.3 16.7 13.1 14.5 11.0
Gearing (interest-bearing liabilities,net/EBITDA), no. of times
1.3 0.6 1.4 1.1 1.5 1.1 0.9 0.0
Return on equity (ROE)
35.0 31.9 32.7 35.1 25.5 38.6 35.7 28.4
Return on invested capital (ROIC)
23.2 26.5 20.5 25.5 16.9 25.3 25.5 24.6
Enterprise value/earnings before interest, tax and amortisation (EV/EBITA)
5.7 7.5 5.7 6.3 6.2 5.2 5.7 7.8
Equity ratio
25.9 32.4 27.9 28.2 29.7 29.7 32.7 36.8
Consolidated – Continued
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
29Solar A/S
Q3 2023
Contents
Quarterly figures
Consolidated – Continued
Q1 Q2 Q3 Q4
Share ratios (DKK unless otherwise stated) 2023 2022 2023 2022 2023 2022 2022 2021
Earnings per share outstanding (EPS)
19.85 23.00 10.54 20.13 9.72 24.10 23.14 21.77
Intrinsic value per share outstanding
234.14 247. 56 241.13 219.08 254.82 241.54 264.41 267. 28
Share price
553.54 749.19 506.42 597.09 476.27 492.34 622.62 795.05
Share price/intrinsic value
2.36 3.03 2.10 2.73 1.87 2.04 2.35 2.97
Employees
Number of employees (FTE's), end of period
3,085 2,996 3,063 2,995 3,005 3,042 3,043 2,936
Average number of employees (FTE's)
3,042 2,932 3,058 2,956 3,049 2,992 3,019 2,908
Definitions
Adjusted organic growth Revenue growth adjusted for enterprises acquired and divested and any exchange rate changes. In addition 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 effective tax rate.
In all material aspects financial ratios are calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios”.
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
30Solar A/S
Q3 2023
Contents
Executive Board
Board of Directors
Statement by the Executive Board
and the Board of Directors
Consolidated financial statements Q3
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes
Section 1 – Basis for preparation
Section 2 – Income statement
Section 3 – Invested capital
Quarterly information
Statement
32Solar A/S
Q3 2023
Tel. +45 7 9 30 00 00
CVR no. 15908416
LEI 21380031XTLI9X5MTY92
http://www.linkedin.com/company/solar-as
ESEF data
Name of reporting entity or other means of identification Solar A/S
Domicile of entity Denmark
Legal form of entity A/S
Country of incorporation Denmark
Address of entity's registered office Industrivej V est 43, 6600 V ejen
Principal place of business Europe
Description of nature of entity's operations and principal business Sourcing and services company
Name of parent entity Solar A/S
Name of ultimate parent of group F und of 20th December