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2018-01-31 13:00 CET
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No. 3 2018 Solar A/S enters into agreements concerning divestment of the groups' Austrian and Belgian business activities

LEI: 21380031XTLI9X5MTY92

Solar A/S has signed an agreement with the French Sonepar Group concerning the divestment of all shares in GFI GmbH, Austria.

Simultaneously, we have made an asset deal with Sonepar concerning the divestment of the assets in Claessen ELGB NV in Belgium. After this, there will be no more activities in the company.

In 2017, the companies generated a loss of DKK 35m in total.

We have concluded that divestment of the Austrian and Belgian businesses is the best solution for the customers and the employees as well as for Solar. The divestments are fully in line with our strategy on profitable growth.

CEO Jens Andersen explains the reason behind the divestments:
"Our Austrian and Belgian businesses have been loss-making in recent years and we do not consider it realistic that we will obtain a profit in the near future that can counterbalance the invested capital. Therefore, we believe that the two businesses are best served with another owner with a stronger local presence."

Finalisation of the transactions is subject to usual conditions, including approval by relevant authorities. A clarification of this is expected before the end of Q2 2018. If the agreements are approved, they will entail a loss of approx. DKK 47m.

The divestments are expected to free up capital of DKK 70m.

GFI GmbH and Claessen ELGB NV will be presented as discontinuing activities in the consolidated accounts.

Financial highlights and financial ratios for the Solar Group (announced 12 January 2018), GFI GmbH and Claessen ELGB NV (discontinuing activities) and the Solar Group (continuing activities), 2017 and 2016*
 


DKK million
2017, announced 12 Jan. 2018 Discontinuing activities 2017, cont. activities
Revenue 11,769 664 11,105
EBITA 264 -31 295
Amortisation -169 0 -169
EBIT 95 -31 126
Net profit of associates -11 - -11
Impairment  related to associates -59 - -59
Net profit before financial income and expenses 25 -31 56
Financial income and expenses, net 68 -2 70
Net profit before tax 93 -33 126
Tax - -2 -25
Profit from continuing activities - - 101
Loss from discontinuing activities - -35 -35
Write-down to fair value - -47 -47
Net profit or loss for the year - -82 19

* The stated 2017 figures are subject to finalisation of audit.

  


DKK million

2016
Discontinuing activities 2016, cont. activities
Revenue 11,072 652 10,420
EBITA 278 -34 312
Amortisation -56 0 -56
EBIT 222 -34 256
Net profit of associates - - -
Impairment related to associates - - -
Net profit before financial income and expenses 222 -34 256
Financial income and expenses, net -34 -1 -33
Net profit before tax 188 -35 223
Tax -63 0 -63
Profit from continuing activities 125 - 160
Loss from discontinuing activities - -35 -35
Write-down to fair value - - -
Net profit or loss for the year 125 -35 125

Annual Report 2017 will be published on 9 February 2018.

Yours faithfully,
Solar A/S

Jens Andersen

Contacts:
CEO Jens Andersen - tel. +45 79 30 02 01

CFO Michael H. Jeppesen - tel. +45 79 30 02 62

SVP Supply Chain & MD Austria Lars Goth - tel. +45 79 30 02 80

Facts about Solar
Solar Group is a leading sourcing and services company. Our core business centres on product sourcing, value-adding services and optimisation of our customers' businesses.

Being a sourcing and services company, we focus on each individual customer. We always strive to understand our customers' unique and genuine needs in order to provide relevant, personal and value-adding services, turning our customers into winners.

Solar Group is headquartered in Denmark, generated revenue of approximately DKK 11.1bn in 2016 and has more than 3,000 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 English and Danish today via Nasdaq Copenhagen. In the event of any inconsistency between the two versions, the English version shall prevail.

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