Slide 1: First quarter results 2022
First quarter results 2022 Lars Olav Olaussen, CEO Krister Pedersen, CFO 28 April 2022
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Komplett ASA (the “Company”) solely for information purposes. The presentation does not constitute an invitation or offer to acquire, purchase or subscribe for securities. This presentation includes forward-looking statements which are based on our c
Slide 3: Highlights for the quarter: Improved competitive advantage
Highlights for the quarter: Improved competitive advantage o Successful combination with NetOnNet making Komplett the leading online first electronics retailer in the Nordic region o Sustained solid top-line growth in B2B and Distribution segments of 20.5 per cent and 19.8 per cent respectively o B2
Slide 4: Combination with NetOnNet successfully completed
Combination with NetOnNet successfully completed ✓ Proven scalability ✓ Attractively positioned ✓ Material value creation ✓ Superior cost positions ✓ Complementary strengths ✓ Cost synergies expected at ✓ Strengthened competitiveness ✓ Stronger together NOK >200m p.a. An online-first consumer electr
Slide 5: New executive management following combination with NetOnNet
New executive management following combination with NetOnNet Lars Olav Olaussen Susanne Holmström Anders Torell Martin Klafstad CEO MD NetOnNet, MD Webhallen MD Komplett Deputy CEO Roger Sandberg Kristin Torgersen Krister Pedersen Trine Lise Jensen Chief Procurement Chief HR Officer Chief Financial
Slide 6: Softer market conditions in B2C - strong platform for value creation
Softer market conditions in B2C - strong platform for value creation B2C Nordic electronics market o More consumer spending has moved from goods to services GfK Consumer Channels LTM YoY growth in sales value in local currency (%)1 o Trade has partly returned from e-commerce to 25% physical retail a
Slide 7: Solid revenue growth across B2B and Distribution
Solid revenue growth across B2B and Distribution o Natural hedge from multi-segment business Revenue growth model o Stable revenue despite headwind in B2C and +14% following record-strong 31 per cent growth in Q1 2021 2 627 2 606 2 005 1 753 o Double-digit top-line growth in B2B and Distribution Q1-
Slide 8: Gross margin
Gross margin Gross profit and gross margin o Gross margin impacted by softer market conditions in B2C, higher inventory levels and increased share 363 of campaigns across the industry, adding pressure 275 308 on sales price 223 o Gross profit increased across B2B and Distribution 12.7% 13.7% 13.8% 1
Slide 9: EBIT margin
EBIT margin EBIT (adj.) and EBIT margin (adj.) (%) 93 o EBIT* decline mainly driven by volume decline in B2C and pressure on gross margin 33 37 o Currency effects had an estimated net negative 14 3.5% 1.7% 1.4% impact of NOK 17 million on EBIT 0.8% o Negative EBIT impact of NOK 4 million related to
Slide 10: B2C: Well-positioned in a tougher market
B2C Well-positioned in a tougher market o Revenue decline following a period of unmatched 1 573 growth 1 230 1 343 1 096 o Competitive market with heightened price campaign activity pressuring prices down 13.1% 14.8% 15.9% 13.9% o EBIT decline as a result of lower revenue base, Q1-19 Q1-20 Q1-21 Q1-
Slide 11: B2B: Sustained growth and good cost control
B2B Sustained growth and good cost control o 20.5 per cent operating revenue increase driven by 435 core product categories such as phones, monitors 361 and PCs 286 312 o Gross margin decline is a result of product mix, 16.3% 16.8% 18.2% 16.7% negative currency effects and increased price pressure o
Slide 12: Distribution: Growth and efficiency
Distribution Growth and efficiency 825 o Another period of record-high operating 689 revenue driven by new distribution agreements, 460 366 product launces and organic growth 7.8% 8.1% 6.3% 5.6% o Gross profit amounted to NOK 46 million, and Q1-19 Q1-20 Q1-21 Q1-22 was mainly driven by increased sal
Slide 13: Financial performance
Financial performance Krister Pedersen, CFO
Slide 14: Profit and loss
Profit and loss o Revenues declined 0.8 per cent in the first quarter o Higher cost of goods sold driven by sales growth in Q1 2022 Q1 2021 FY 2021 B2B and Distribution, combined with lower gross Operating revenue 2 606 2 627 11 043 margin and negative currency effects EBIT (adj.) 37 93 388 o Adjust
Slide 15: Cash flow & working capital
Cash flow & working capital Cash flow Q1 2022 Q1 2021 FY 2021 o Cash flow from operating activities amounted to negative NOK 158 million, a result of increased net Net cash from operating activities -158 -155 65 working capital, driven by decreased trade payables Net cash used in investing activitie
Slide 16: Financial position
Financial position 784 418 316 o The inventory is still too high and the accounts 182 payable is too low Q1 2021 Q1 2022 o The liquidity reserve was NOK 316 million at the end of the first quarter compared with NOK 418 NIBD Liquidity million one year earlier o Net interest-bearing debt was NOK 784 m
Slide 17: Summary and outlook
Summary and outlook Lars Olav Olaussen, CEO
Slide 18: Key takeaways
Key takeaways o Solid progress on strategic initiatives o New packaging line will reduce plastic use by 17 tonnes annually o Combination with NetOnNet made Komplett the leading online-first electronics retailer in the Nordic region o Sustained top line performance due to multi-channel business model
Slide 19: Komplett Group
( KOMPLETT’GROUP
Slide 20: Alternative Performance Measures (APMs)
Alternative Performance Measures (APMs) 20
Slide 21: Pro forma figures
KOMPLETT’GROUP == net Pro forma figures KOMPLETT’GROUP 21
Slide 22: Komplett + NetOnNet pro forma key figures
Komplett + NetOnNet pro forma key figures Key figures Q1 2022 Key figures Q1 2021 Pro forma Pro forma Group Komplett NetOnNet Adjustment Group Komplett NetOnNet Adjustment Amounts in NOK million Q1 2022 Q1 2022 Q1 2022 Q1 2022 Amounts in NOK million Q1 2021 Q1 2021 Q1 2021 Q1 2021 Operating revenue
Slide 23: Komplett + NetOnNet pro forma IFRS P&L
Komplett + NetOnNet pro forma IFRS P&L Q1 2022 Q1 2021 Incl IFRS Incl IFRS Pro forma Pro forma Group Komplett NetOnNet Adjustment Group Komplett NetOnNet Adjustment Amounts in NOK million Q1 2022 Q1 2022 Q1 2022 Q1 2022 Amounts in NOK million Q1 2021 Q1 2021 Q1 2021 Q1 2021 Revenues from sale of goo
Slide 24: Komplett Group
( KOMPLETT’GROUP