Revenue and EBITA for 2016 were on par with our expectations. The Board of Directors will propose 2016 dividends distribution of DKK 12 per share at the annual general meeting, equal to a payout ratio of 70%. Audio webcast and teleconference today at 14:00 CET.
CEO Anders Wilhjelm says:
"We are pleased with our organic growth in Q4 and the continued positive development in net working capital. 2016 EBITA was, as expected, impacted by costs from growth initiatives and non-recurring costs, as we want to invest in future growth and operational excellence. In Solar, we remain focused on productivity improvement and digitalisation - both in relation to our customers and to Solar. With more than half of our business being online, digitalisation is the norm in Solar. We embrace it and focus our activities and solutions on improving customer experience, simplifying and facilitating customer routines, and reducing waste and inefficiency."
|Q4 2016||Q4 2015||
|Earnings before tax||79||66||188||201|
|Cash flow from operating activities||437||524||219||331|
|Financial ratios (%)|
|Organic growth adj. for number of working days||4.3||1.5||1.8||5.2|
|Net working capital, period-end/revenue (LTM)||9.0||9.3||9.0||9.3|
|Net working capital, average/revenue (LTM)**||10.7||11.8||10.7||11.8|
|Gearing (NIBD/EBITDA), no. of times||0.1||-0.5||0.1||-0.5|
|Return on invested capital (ROIC)||7.5||8.5||7.5||8.5|
* Due to our divestment of the assets of Solar Deutschland GmbH, 2015 and 2016 figures in this announcement relate to our continuing operations.
** Calculated as an average of the past four quarters' inventories, trade receivables and trade payables.
|Innovation and business development||-25||-20|
Audio webcast and teleconference today
The presentation of Annual Report 2016 will be made in English on 10 February 2017 at 14:00 CET. The presentation will be transmitted as an audio webcast and accessible via www.solar.eu. Participation will be possible via a teleconference.
Teleconference call-in numbers:
DK: tel. +45 354 455 83
UK: tel. +44 203 194 0544
US: tel. +1 855 269 2604
CEO Anders Wilhjelm - tel. +45 79 30 02 01
CFO Michael H. Jeppesen - tel. +45 79 30 02 62
Director, Stakeholder Relations Charlotte Risskov Kræfting - tel. +45 40 34 29 08
Enclosures: Annual Report 2016, pages 1-130 + Q4 2016 Quarterly information, pages 1-10. Please see Annual Report 2016 for comments on Q4 2016.
Facts about Solar
Solar Group is a leading European 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 some 3,000 employees. Solar has been listed on Nasdaq Copenhagen since 1953, and operates under the short designation SOLAR B. For more information, please visit www.solar.eu .
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.