Elmera Group Asa · OSL:ELMRA
Elmera Group Asa — Fjordkraft — Q1 2021 Earnings Presentation
28 slides from Elmera Group Asa's earnings presentation, May 12, 2021
Slide 1: Q1 2021 Presentation
Q1 2021 PRESENTATION Rolf Barmen (CEO) Ole Johan Langenes (Acting CFO) 12th May
Slide 2: Q1 2021 Highlights
Q1 2021 HIGHLIGHTS Rolf Barmen (CEO)
Slide 3: Highlights first quarter 2021
Highlights first quarter 2021 Unfavourable market dynamics affecting the quarter Key Highlights # of deliveries (end of period) 1 Δ in # of deliveries (QoQ) • 6% YoY increase in net revenue and 9% YoY decrease in EBIT adj. versus a historically strong Q1 in 2020 1 005 857 -20 717 • Unfavourable mark
Slide 4: Business Review
BUSINESS REVIEW Rolf Barmen (CEO)
Slide 5: Update on Covid-19 and dialogue with the Consumer Authority (CA)
Update on Covid-19 and dialogue with the Consumer Authority (CA) • Impact from Covid-19 • The Norwegian Government is planning that the next step in the reopening process will take place in the second part of May, dependant on number of reported cases and the vaccination progress • Until reopening,
Slide 6: Market development
Market development Key highlights in Q1 2021 Weekly elspot prices (NOK/kWh)2 • Significant and rapid increase in elspot prices in January negatively affecting margins • Colder than last year in two out of three months1 - Jan: -3.3°C below normal (7.3°C colder than 2020) - Feb: -2.0°C below normal (4
Slide 7: Segment development - Consumer
Segment development - Consumer Key highlights in Q1 2021 # of electricity deliveries1 (‘000) • Organic decrease of 19,150 deliveries in Q1 2021 800 • Negative one-off effect from the termination of the Eidsiva brand, shut down of physical distribution and 600 negative media attention driving the dev
Slide 8: Segment development - Business
Segment development - Business Key highlights in Q1 2021 # of electricity deliveries1 (‘000) • Organic growth of 1,899 deliveries in Q1 2021 120 • Volume growth of 44% YoY, driven by M&A and 80 increased volume per delivery 104 107 109 • Avg. volume per delivery increasing 5% YoY 40 79 81 24,416 kWh
Slide 9: New Growth Initiatives & Nordic
New Growth Initiatives & Nordic Key highlights in Q1 2021 # of Mobile subscribers1 (‘000) • Growth of 2,280 mobile subscribers in Q1 2021 • Fjordkraft will transition from using eRate’s service 120 provider platform to their new MVNO platform (mobile virtual network operator) 80 132 135 118 122 • Th
Slide 10: Financial Review
FINANCIAL REVIEW Ole Johan Langenes (Acting CFO)
Slide 11: Net revenue development
Net revenue development Change in adj. net revenue (NOKm) Adj. net revenue LTM (NOKm) +6% 2 000 600 +13% 40 1 600 -50 30 7 400 1 200 481 469 510 800 1 543 1 572 1 387 1 427 1 452 200 400 0 0 Q1 20 Consumer Business NGI Nordic Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 • Net revenue growth of 6% YoY, driven
Slide 12: EBIT adj. development
EBIT adj. development Change in adj. EBIT (NOKm) Adj. EBIT LTM (NOKm) 300 -9% 800 +15% 50% 40% 200 -78 4 22 600 39% 40% 41% 39% 37% 31 30% 400 238 100 215 588 608 586 20% 194 547 572 200 Adj. EBIT Adj. EBIT 10% margin: 49% margin: 42% 0 0 0% Q1 20 Consumer Business NGI Nordic Q1 21 Q1 20 Q2 20 Q3 20
Slide 13: Segment overview
Segment overview Consumer segment Business segment Adj. net revenue (NOKm) Adj. net revenue (NOKm) 400 -14% 400 300 300 +28% 200 362 200 309 312 100 230 205 100 108 122 138 75 72 0 0 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Adj. EBIT (NOKm) Adj. EBIT (NOKm) 200 52% 60% 200 65% 80%
Slide 14: Segment overview cont.
Segment overview cont. Nordic segment New Growth Initiatives Adj. net revenue (NOKm) Adj. net revenue (NOKm) 400 400 300 300 200 200 +65% 100 40.5 100 17.9 11.5 9.9 7.5 15.1 19.0 0 0 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Adj. EBIT (NOKm) Adj. EBIT (NOKm) 200 53% 60% 180 150 130
Slide 15: NWC development
NWC development Net working capital1 (NOKm) 800 • Net working capital (NWC) is increasing to 542 NOKm at quarter-end Q1 2021 700 192 600 • In addition to seasonality and increased prices and volumes, NWC was impacted by quarter-end 500 during Easter public holidays, which affected the timing of cust
Slide 16: Net cash development
Net cash development Change in net cash Q-o-Q (NOKm) - ( 344) ( 200) ( 400) ( 802) OpFCF1 before tax and change in NWC («Cash EBIT adj.»): NOK 197m ( 600) (626) (15) (53) ( 800) (22) 265 (1 000) (1 200) Net cash 31.12.20 Change in NWC EBITDA adj. CAPEX ex. M&A Payments to obtain Non-cash NWC Net cas
Slide 17: Outlook for 2021-2023
Outlook for 2021-20231 Targeting high-single digit net revenue growth. 2021 expected above double digit due to acquisitions in 2020 Group Targeting a sustainable EBIT margin of 36-38% Ambition to act as a consolidator in a fragmented market Growth Targeting mid-single digit annual net revenu
Slide 18: Fjordkraft
C) Fjordkraft Mer for pengene
Slide 19: Appendix
Appendix — ler for pengene
Slide 20: Profit and Loss Account
PROFIT AND LOSS ACCOUNT | Quarterly Presentation | Q1 2021 20
Slide 21: Adjusted EBIT reconciliation
ADJUSTED EBIT reconciliation | Quarterly Presentation | Q1 2021 21
Slide 22: Adjusted EBIT reconciliation cont.
ADJUSTED EBIT reconciliation cont. | Quarterly Presentation | Q1 2021 22
Slide 23: Balance Sheet
BALANCE SHEET | Quarterly Presentation | Q1 2021 23
Slide 24: Balance Sheet
BALANCE SHEET | Quarterly Presentation | Q1 2021 24
Slide 25: Cash Flow
CASH FLOW | Quarterly Presentation | Q1 2021 25
Slide 26: Cash Flow
CASH FLOW | Quarterly Presentation | Q1 2021 26
Slide 27: Forward-looking statements
FORWARD-LOOKING STATEMENTS This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements with respect to Fjordkraft’s expectations and plans, strategy, management’s objectives, future performance, costs, revenue, earnings and other t
Slide 28: For more information: Fjordkraft's Investor Relations
For more information: Fjordkraft’s Investor Relations Morten A. W. Opdal +47 970 62 526 morten.opdal@fjordkraft.no