
EARNINGS BEFORE TAX
Earnings before tax were up at DKK 279m (DKK
198m) and when adjusted - as illustrated in the
table below - earnings before tax were up at DKK
279m (DKK 125m).
DKK million
H1
2021
H1
2020
FY
2020
Earnings before tax 279 198 300
Impact due to market value
changes in BIMobject:
Impairment on associates 0 -73 -104
Earnings before tax, adjusted
for impact from associates 279 125 196
Impairment loss,
other intangible assets 0 0 10
Impairment loss, goodwill
and customer lists 0 0 129
Adjusted earnings before tax 279 125 335
NET PROFIT
Net profit increased to DKK 248m (DKK 171m).
CASH FLOWS
Net working capital calculated as an average of
the previous four quarters amounted to 10.8%
(11.9%) of revenue. Net working capital at the
end of Q2 2021 was 10.9% (11.9%).
In H1, cash flow from operating activities totalled
DKK 263m (DKK 239m). Changes in inventories
and changes in non-interest-bearing liabilities had
a DKK 24m (DKK 85m) and a DKK 315m (DKK 17m)
impact on cash flow respectively, while changes
in receivables had an impact of DKK -433m (DKK
-91m). Cash flow from receivables was aected
shareholding in BIMobject increased to DKK
204m. Hence the reversal of a previously
performed write-down amounted to DKK 97m.
In Q4 2020, we divested our shareholding in
BIMobject for a total cash consideration of DKK
237m. The shares were acquired at DKK 172m in
H1 2017.
FINANCIALS
Net financials amounted to DKK 3m (DKK -6m).
Interest compensation related to a ruling from the
Danish Tax Authorities amounts to DKK 11m with
a positive impact on net financials in Q2 2021, see
section on income tax.
EARNINGS BEFORE TAX
Earnings before tax were up at DKK 156m (DKK
153m) and when adjusted, earnings before tax
total DKK 156m (DKK 56m), as illustrated below.
DKK million
Q2
2021
Q2
2020
Year
2020
Earnings before tax 156 153 300
Impact due to market value
changes in BIMobject:
Impairment on associates 0 -97 -104
Earnings before tax, adjusted
for impact from associates 156 56 196
Impairment loss,
other intangible assets 0 0 10
Impairment loss, goodwill
and customer lists 0 0 129
Adjusted earnings before tax 156 56 335
INCOME TAX
Income tax amounted to DKK -8m (DKK -12m).
In June, we received a ruling from the Danish
Tax Authorities approving a reduction in Danish
taxable income in 2012 with a tax loss of DKK 74m
related to divested activities. The tax value of the
loss amounts to approx. DKK 19m, see the 2020
Annual Report, note 19 for additional information.
NET PROFIT
Net profit came to DKK 148m (DKK 141m).
H1 2021
REVENUE
In H1, adjusted organic growth at group level
increased to 3.8% (0.0%) and revenue was up at
DKK 6.1bn (DKK 5.8bn).
Solar’s overall adjusted organic growth for In-
stallation amounted to around 2% while Industry
showed growth of around 6%. We saw positive
adjusted organic growth in all entities apart from
Solar Nederland.
GROSS PROFIT
Gross profit increased by DKK 154m with contin-
uous improvement in the gross profit margin,
which increased to 21.9% (20.5%) in H1 2021.
OTHER INCOME
Other income amounted to DKK 6m (DKK 10m)
including profit from the disposal of a property
in Denmark of DKK 3m and one-o compensation
of DKK 3m.
In Q1 2020, other income primarily included the
outcome of a settlement with the former share-
holder of MAG45, which amounted to DKK 7m.
EBITDA
EBITDA increased by DKK 146m to DKK 415m cor-
responding to an EBITDA margin of 6.8% (4.6%)
of revenue. All entities saw substantial improve-
ments in EBITDA, with Solar Danmark, Solar
Norge and Solar Nederland making a significant
contribution.
The results of the individual countries are shown
on pages 23-24.
IMPAIRMENT ON ASSOCIATES
Impairment on associates was DKK 0m (DKK
73m).
In H1 2020, the market value of Solar’s sharehold-
ing in BIMobject increased to DKK 204m. Hence
the reversal of a previously performed write-down
amounted to DKK 73m.
FINANCIALS
Net financials amounted to DKK -17m (DKK -14m)
negatively aected by DKK 14m due to the early
redemption of an interest swap. A similar, positive
amount is reported under other comprehensive
income.
Furthermore, net financials were positively aect-
ed by DKK 11m regarding interest compensation
related to a ruling by the Danish Tax Authorities,
see Q2 financials on this page.
Adjusted for these items, net financials total an
unchanged DKK -14m.
FINANCIAL REVIEW
SOLAR Q2 2021
11
MANAGEMENT’S REVIEW