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Wednesday, 31 January 2018

No. 3 2018 Solar A/S enters into agreements concerning divestment of the groups' Austrian and Belgian business activities

Solar A/S    

Published: 13:00 CET 31-01-2018 /GlobeNewswire /Source: Solar A/S / : SOLAR B /ISIN: DK0010274844

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.



fb201803 Divestment



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Solar A/S, Industrivej Vest 43, Vejen 6600, Denmark
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