Solar A / S

News aus der Elektroindustrie

Solar from Denmark took over the HVAC business segment of Onninen AB in Sweden;

Solar from Denmark took over the HVAC business segment of Onninen AB in Sweden; this was previously agreed with the parent company Kesko from Finland. The purchase price amounts to 45 m DKK (6 m EUR).

The acquisition now strengthens the heating, plumbing, and air conditioning activities of Solar in Sweden, and has an impact on the year-end forecast for 2019. Solar now expects sales of at least 11.6 bn DKK (1.6 bn EUR).

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Solar A/S from Denmark achieved sales of 11,098 m DKK (1,487 m EUR) in 2018, 0.3% more than in 2017.

Solar A/S from Denmark achieved sales of 11,098 m DKK (1,487 m EUR) in 2018, 0.3% more than in 2017.

EBIT amounted to 234 m DKK (31 m EUR), the net profit was 133 m DKK (18 m EUR).

The Group employs 2,941 people. Solar is one of the leading electrical wholesalers in Scandinavia, celebrating its 100th anniversary in 2019.

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RWC Asset Management LLP acquired an additional...

RWC Asset Management LLP acquired an additional share package and now owns a 15% stake in Solar A / S.

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Despite having to accept lower sales in some markets in the second quarter, Denmark's Solar remains on track..........

Despite having to accept lower sales in some markets in the second quarter, Denmark's Solar remains on track..........

for full-year 2018, partly because initiatives have been taken to address the situation.

In the second quarter of 2018, sales reached DKK 2,744 m (EUR 368 m), an increase of 2.2% over the same period of the previous year. For the half-year it amounts to DKK 5,572 m (EUR 747.5 m), here it is only an increase of 0.9%.

Profit (EBITA) in the first half of 2018 reached DKK 118 m (EUR 15.8 m) and was only slightly higher than in the same period of the previous year.                                                                                                                                                                                                                                                        

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Solar has published the figures for 2017 earlier than planned, as the expected profit (EBITA) of DKK 285 m (EUR 38.3 m) will now only amount to DKK 264 m (EUR 35.5 m).

Solar has published the figures for 2017 earlier than planned, as the expected profit (EBITA) of DKK 285 m (EUR 38.3 m) will now only amount to DKK 264 m (EUR 35.5 m).

The result was that Solar has decided to write down assets amounting to DKK 97 million (EUR 13 m). These are mainly goodwill, customer lists and other intangible assets.

Sales are expected to be DKK 11.7 bn (EUR 1.6 bn), an increase of 6.3% over the previous year. 

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Solar from Kolding, one of Scandinavia’s leading electrical wholesalers, generated a turnover of DKK 10,587 m (EUR 1,419 m) in 2015;.............

Solar from Kolding, one of Scandinavia’s leading electrical wholesalers, generated a turnover of DKK 10,587 m (EUR 1,419 m) in 2015;.............

which represents an increase of 3.26% against the prior year’s figure of DKK 10,252 m (EUR 1,374 m). Pre-tax profits rose to DKK 201 m (EUR 27 m) Mio. DKK (27 Mio. EUR), compared with a paltry DKK 117 m (EUR 15.7 m) in the prior year. Organic growth rose from 0.4% to 5.2%. There are a total of approx. 2,900 employees on the payroll.

The concept of Fastbox delivery has really taken off in Denmark, so that now it is also being introduced in the Netherlands, Sweden and Norway.  Fastbox delivery means that Solar delivers goods within one hour, so that the customer does not waste valuable time collecting goods and in addition does not have to maintain an unnecessarily large inventory. In this way the customers’ productivity and profitability are improved.

With regard to acquisitions Solar definitely has the financial strength to carry them out, but they must generate synergies, with existing customers being offered additional products and services such as in the takeover of MAG45 in Netherlands in February of this year.
MAG45 is domiciled in Eindhoven /NL and is a leading logistics and procurement company in the MRO business.

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February has started with a real blockbuster for the electrical wholesale trade, arousing correspondingly great excitement in the sector.

February has started with a real blockbuster for the electrical wholesale trade, arousing correspondingly great excitement in the sector.

To clarify matters it must be said that the deal between the Danish company Solar A/S and Sonepar, as already reported, only involves the sale of the German business – including GFI, which was taken over by Solar end of 2011 and has already been integrated into Solar Germany for a considerable time.

GFI-Elektro in Austria is not involved, and the company with its headquarters in Vienna and branches in Graz, Innsbruck, Klagenfurt, Linz and Wolfurt remains in the ownership of Solar A/S in Denmark.

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The Danish company Solar A/S wants to sell its German business to Sonepar – complete with staff, buildings, stock inventory and debts.

The Danish company Solar A/S wants to sell its German business to Sonepar – complete with staff, buildings, stock inventory and debts.

The takeover is still to be approved by the relevant authorities, but it is planned to conclude it by the end of April at the latest.

The German business has already been a loss-maker for years, according to Anders Wilhjelm, the Solar Group’s CEO, and in the end the conclusion has been reached that the best solution is to sell it. And Sonepar’s offer made sense, especially as the staff and customer services were preserved.

Solar Germany GmbH made a turnover of DKK 932 m (EUR 125.2 m) in 2014, and the EBITA stood at minus DKK 50 m (EUR 6.7 m).

The Solar Group as a whole generated a turnover of DKK 11.2 bn (EUR 1.51 bn) in 2014 and an EBITA of DKK 67 m (EUR 9 m). The company numbers 3,260 employees, 362 of them in Germany.

The sale raises speculation as to whether this is perhaps only Sonepar’s entry, aimed at taking over the complete business. After all, Sonepar already made an attempt years ago to take over Solar Denmark. At that time at least it was possible to fend off the hostile takeover bid. We wonder how it would turn out today?

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Sonepar is going to overtake Solar GmbH in Germany as per end of April 2015. Details to this deal tomorrow morning.

Sonepar is going to overtake Solar GmbH in Germany as per end of April 2015. Details to this deal tomorrow morning.

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