Solar Group Presentation

Transcription

1 Solar Group Presentation Michael H. Jeppesen, Group CFO 9 January 2013, SEB Enskilda Nordic Seminar

2 Agenda 1 Solar s business areas 2 Our value drivers: Growth, EBITA margin and NWC 3 The results we expect in 2012 and Group strategy #1 in Technical Wholesale Financial objectives 2

3 Solar s business areas are within: Electrical - HVAC&R - Plumbing - Renewable Energy Marine & Installation Cables Offshore Lighting Industry Communication Security Ventilation Heating, Water & Sanitation Renewable energy

4 Solar delivers products and solutions to customers within: Residential and Commercial Buildings Industry Marine and Offshore Utility and Infrastructure Public Sector

5 Organic growth of -0.1% in Q3 when adjusted for working days - revenue developed as expected Organic growth Q Q Revenue m Revenue growth % Organic growth %

6 Strong growth in Denmark due to solar panels The Dutch and German markets are decreasing Market update In Denmark, we saw increased business opportunities within renewable energy and energy efficiency. Our market position in Norway was improved again. Solar Nederland s results were negatively impacted by changes to the customer mix and pricing pressure in the much declining market. Overall, our Dutch enterprises held their market positions. million Revenue Org. growth Denmark % Sweden % Norway % The Netherlands % Other % Group % 6

7 Normalised EBITA of 13.9m in Q EBITA margin Q Q Revenue m Revenue growth % Organic growth % Gross profit m Gross profit margin EBITA m EBITA margin Solar 8000 costs of 1.1m in Q and 1.3m in Q

8 Gearing unchanged at 2.2 Adjusted for acquisitions in Sep 2011, NWC was 14.7% Net working capital (NWC) Net interest-bearing debt (NIBD) Acquisition of Vegro and Eltomont Acquisition of operations from Otra Acquisition of enterprises in NL, BE, DE, AU 8

9 Guidance 2012: Revenue 1,710m, EBITA 44m 2012 expectations: Expected Solar 8000 implementation costs of approx. 7m and restructuring costs of approx. 2m. We expect low growth. For the year, revenue expectations equal organic growth of approximately 1%. Net working capital at approx. 14% on average. 9

10 Guidance 2013: Revenue 1,720-1,770m, EBITA 42-51m 2013 expectations: Expected Solar 8000 implementation costs of approx. 4m and restructuring costs of approx. 2m. The lower expectation level equals a no-growth scenario, while the upper expectation level equals positive organic growth of some 3%. Net working capital below 14% on average. 10

11 Group strategy #1 in Technical Wholesale We aim at creating operational excellence Enterprises / functions Our strategy will ensure that we as a group: Strengthen our position as one of Northern Europe s leading technical wholesalers within electrical, plumbing and ventilation products, Day-to-day operations Company programmes Local projects Profit more from our business model which offers competitive logistics, product and service solutions, Benefit maximally from daily operations by utilising our employees strong individual skills to create high-performance teams, Are seen by customers as their preferred technical wholesaler, In time become one of the most profitable enterprises within our industry. 11

12 Group strategy #1 in Technical Wholesale Group company programmes Blue Energy Sales Excellence People Development Solar Way Local strategic projects 12

13 Group strategy #1 in Technical Wholesale Strategic direction focuses on three areas Business Acumen It s all about: Digitalisation Standardisation Simplification Operations People 13

14 Group strategy #1 in Technical Wholesale Short-term financial objectives Financial ratios Period Financial objectives EBITA margin % ROIC excl. amortisation 2015 >14% NWC/revenue LTM 2015 <13% Equity ratio % Gearing (NIBD/EBITDA) x Dividend yield (PAT) % Short-term financial objectives Prerequisites: Average growth exceeding 3% for this period and stabilisation of the Dutch market in Long-term financial objectives EBITA margin of 5-6%. Prerequisites: Average growth exceeding 4%. 14