Elmera Group Asa · OSL:ELMRA
Elmera Group Asa — Q1 2022 Earnings Presentation
23 slides from Elmera Group Asa's earnings presentation, May 5, 2022
Slide 1: Quarterly presentation Q1 2022
Quarterly presentation Q1 2022 ROLF BARMEN (CEO) BIRTE STRANDER (CFO)
Slide 2: The Elmera Group
The “Elmera Group” Electricity retail Electricity related service companies Mobile service provider Quarterly presentation | Q1 2022 2
Slide 3: Highlights Q1 2022
Highlights Q1 2022 • Group net revenue of 484 NOKm and EBIT adj. of 160 NOKm in the quarter – in line with trading update • Loss of 20k electricity deliveries in the quarter – however, the trend at the end of the quarter was fairly stable • All time high financial performance in the Business segment
Slide 4: Market development Q1 2022: High prices, warm weather
Market development Q1 2022: High prices, warm weather Weekly elspot prices (NOK/kWh)1 • Elspot prices remain at a very high level. Nordic prices are currently determined by oil & gas prices and the weather – the former highly 2,5 affected by the ongoing war in Ukraine 2,0 • Temperatures have been wa
Slide 5: Key figures: deliveries and volume per segment
DELIVERIES AND VOLUME PER SEGMENT Key figures Consumer segment Business segment Nordic segment Deliveries (thousands) 736 726 726 692 663 109 111 112 111 115 161 167 166 171 177 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Volume (TWh) 3,7 2,6 2,6 2,1 2,1
Slide 6: New Growth Initiatives
New Growth Initiatives • Alliance volume 1,404 GWh in Q1 2022, a decrease of 16% YoY due to mild weather • Stable development in number of Extended Alliance deliveries from last quarter • Number of mobile subscribers Q1 2022 was 154 thousand, a decrease of 6 thousand from last quarter • Strong custo
Slide 7: Regulatory update: We are prepared, support proposals and focus on our important role
Regulatory update: We are prepared, support proposals and focus on our important role Regulatory: Proposal from the Norwegian Government on changes in marketing, rating and billing legislation. Many aspects in the proposal are already handled through the certification Trygg Strømhandel (“Safe electr
Slide 8: Regulatory update: We are prepared, support proposals and focus on our important role
Regulatory update: We are prepared, support proposals and focus on our important role Our important role in the value chain: Efficiency – We operate our part of the value chain, with billions of data transactions every year, the most efficient way in the best functioning market in Europe Innovation
Slide 9: Upcoming operational activities Q2
Upcoming operational activities Q2 • Market campaign on smart charging, also including fixed price customers • Further develop the product portfolio in the Consumer segment • Increase telemarketing efforts in the Business segment across the Norwegian brands (Fjordkraft, TrøndelagKraft, Gudbrandsdal
Slide 10: Financial review Q1 2022
Financial review Q1 2022 BIRTE STRANDER (CFO)
Slide 11: Group net revenue adj. and EBIT adj.
Group net revenue adj. and EBIT adj. Group Net revenue adj. (NOKm) Group EBIT adj. (NOKm) (47) 23 7 (8) (45) 10 3 (23) 510 484 484 215 160 160 Q1 21 Consumer Business NGI Nordic Q1 22 Q1 21 Consumer Business NGI Nordic Q1 22 • Group net revenue adj. decrease 5% YoY – 20% YoY decrease in volume is th
Slide 12: Net revenue and EBIT adj. by segment
Net revenue and EBIT adj. by segment Consumer segment Business segment Net revenue adj. (NOKm) Net revenue adj. (NOKm) 400 400 Consumer: 300 300 • 29% YoY decrease in volume 200 200 (22% decrease in avg. volume per 312 317 delivery) the main driver for the 240 265 100 229 100 reduction in net revenu
Slide 13: Net revenue and EBIT adj. by segment
Net revenue and EBIT adj. by segment Nordic segment New Growth Initiatives segment Net revenue adj. (NOKm) Net revenue adj. (NOKm) 50 100 Nordic: 25 40 75 • No under-hedging in the quarter 35 31 32 • The peak/off-peak price 0 50 differences continue to affect the segment negatively -25 -44 25 19 19
Slide 14: NWC and net cash position – Cash EBIT adj. ~ EBIT adj.
NWC and net cash position – “Cash EBIT adj.” ~ EBIT adj. Net cash (NOKm) Net working capital (NOKm) Net interest-bearing debt (NOKm) (9) (56) 223 (41) 117 509 «Cash EBIT adj.» in the quarter: NOK 158m - 17 ( 513) 522 - 538 Q1 2021 Q4 2021 Q1 2022 Net cash Change in NWC EBITDA adj. CAPEX ex. Payments
Slide 15: Organic financial targets 2022-2023
Organic financial targets 2022-2023 Targeting a net revenue in the area of NOK 1,600-1,650m for 2022 and 2023 Group EBIT adj. in the area of NOK 500-550m for 2022 and 2023. 2022 expected in the lower end of the interval (EBIT adj. margin in the area of 30-34%) Cap.ex Targeted to be in the area
Slide 16: Q&A
Q&A ElmeraGroup
Slide 17: Appendix
Appendix a Elmera Group
Slide 18: Adjusted EBIT reconciliation
Adjusted EBIT reconciliation Quarterly presentation | Q1 2022 18
Slide 19: Profit and Loss account
Profit and Loss account Quarterly presentation | Q1 2022 19
Slide 20: Balance sheet
Balance sheet Quarterly presentation | Q1 2022 20
Slide 21: Balance sheet
Balance sheet Quarterly presentation | Q1 2022 21
Slide 22: Cash flow
Cash flow Quarterly presentation | Q1 2022 22
Slide 23: Cash flow
Cash flow Quarterly presentation | Q1 2022 23