In Q1 2008, Solar continued the positive development with revenue of € 360.8m
and organic growth of 6.7%. Adjusted for number of working days, organic growth
amounted to 11%.
For Q1 2008, the following can be highlighted:
• Revenue increased by 13% to € 360.8m
• Organic growth amounted to 6.7%
• EBITA amounted to € 15.3m
• EBITA in % of revenue amounted to 4.2%
• Earnings before tax were € 11.8m
• Net profit for the period was € 8.3m
It should be noted that the fact that Easter fell in March in 2008 compared to
April in 2007 had a negative effect on revenue and earnings for Q1 2008.
Furthermore, increasing freight costs had a negative effect on the EBITA margin
of 0.5 percentage points compared to 2007. In addition, earnings before tax
were affected by an increase in amortisation of € 0.5m. Revenue and earnings
for Q1 2008 were at the expected level.
For 2008, Solar still expects revenue of € 1,500m and EBITA of € 86m.
CEO Flemming H. Tomdrup says:
”In Q1, Solar realised revenue growth of 13%, of which 6.7% was organic growth.
Adjusted for number of working days, organic growth amounted to 11% in Q1. As
expected, growth was more moderate than in 2007, but still at a satisfactory
level. Net profit for the period was negatively affected by rapidly increasing
freight costs and the fact that Easter fell in March this year against April in
2007.
In spite of the many negative reports concerning construction, Solar, however,
expects to realise revenue of € 1,500m and EBITA of € 86m for the entire 2008
through strong focus on business development and geographical expansion in
existing markets.”
Yours faithfully,
Solar A/S
Jens Borum
Enclosure: Quarterly report Q1 2008 pages 1-16 + cover
