Solar A/S: Quarterly report Q3 2009

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

Q3 revenue, results and cash flow from operating activities met expectations, and debt reduction was very satisfactory in Q1-Q3. Furthermore, we are adjusting expectations for revenue and EBITA for the financial year 2009.

Q3 2009 highlights:
•  Revenue was € 333.7m (349.4).
•  Organic growth was -14.1% (4.7).
•  EBITA was € 9.6m (18.4).

 Q1-Q3 2009 highlights:
•  Revenue totalled € 1,051.5m (1,087.7).
•  Organic growth totalled -12.9% (7.3).
•  EBITA totalled € 24.7m (48.6).
•  Earnings before tax totalled € 16.1m (37.6).
•  Cash flow from operating activities totalled € 93.9m (31.4).  
•  Interest-bearing debt, net, was reduced to € 167.3m from € 229.0 at the end of 2008.  

Restructuring costs impacted results negatively by € 1.3m in Q3 and € 4.1m in Q1-Q3.

Solar adjusts its 2009 expectations for revenue to between € 1,400m and € 1,420m against previous announcements of € 1,365m to € 1,430m. EBITA is adjusted to between € 32m and € 36m, up from € 30m to € 38m. We expect to expense approximately € 5.1m under special items in Q4 2009 in connection with the integration plan for Solar Nederland B.V. and Vegro B.V., cf. company announcement no. 20. Moreover, the sale of activities in Solar Suomi Oy is expected to result in costs of approximately € 1.5m which we also expect to expense under special items in Q4 2009, cf. company announcement no. 21.

We expect revenue between € 1,360m and € 1,400m and EBITA between € 46m and € 53m in 2010. Of EBITA, € 3m represent expected Solar 8000 implementation costs.

Solar aims at creating continued growth through value-adding acquisitions, and the coming years are expected to provide such opportunities. Solar evaluates its capital structure on an ongoing basis to ensure that it has the financial means necessary to implement its strategy without being dependent on financing and support from its banks.
The authorisation granted in its articles of association to issue new B shares in conjunction with Solar’s treasury shares provides Solar with the opportunity to strengthen its balance sheet.  

Yours faithfully
Solar A/S

Flemming H. Tomdrup

Solar A/S
Industrivej Vest 43
DK - 6600 Vejen
+45 76 96 12 00
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