Brief: Solar buys Dutch integrated supply company

Solar A/S

01/02/2016 12:57

Feb 1 (Reuters) - Solar A/S  SOLARb.CO  
    * Acquires MAG45, a Dutch integrated supply company from Varova Investments 
    * Acquisition price for MAG45 on net debt-free basis is fixed amount of 60 million Danish 
crowns ($8.75 million) and variable amount (earn out) of 160 million crowns at most 
    * Says expected total price, including earn-out, will be about 100 million crowns on a net 
debt-free basis of which 80 million crowns will be paid at closing  
    * Acquisition is financed via withdrawals from Solar's cash resources 
    * MAG45 revenue in 2015 was about 330 million crowns 
    * Prelim 2015 EBITA for Solar is 296 million crowns, prelim group revenue is 10.59 billion 
crowns  
    * Says does not expect market growth or organic revenue growth in 2016, sees EBITA to 
remain at 2015 levels less positive one-off seen in 2015 
    * Says expected FY 2016 EBITDA is 8 million - 10 million Danish crowns, when normalised for 
acquisition and integration costs 
    * 2016 EBITA expectation is based on expected revenue of about 340 million crowns 
    * Impact of MAG45 on revenue is expected to be in range of 310 million crowns but limited on 
EBITA 
 
Source text: http://bit.ly/1VC0yqO 
     
Further company coverage:  SOLARb.CO  
 
($1 = 6.8596 Danish crowns) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;))