Elmera Group Asa · OSL:ELMRA
Elmera Group Asa — Q2 2024 Earnings Presentation
27 slides from Elmera Group Asa's earnings presentation, 2024
Slide 1: Quarterly presentation Q2 2024
Quarterly presentation Q2 2024 ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)
Slide 2: Highlights Q2 2024
Highlights Q2 2024 ROLF BARMEN (CEO)
Slide 3: Group and segment highlights Q2 2024
GROUP A solid quarter with growth in net revenue YoY. Group OPEX adj. increase YoY driven by IAC bankruptcy. Refinancing of existing credit and guarantee facilities complete. The migration to the Elmera IT platform is progressing as scheduled. CONSUMER BUSINESS Volume decrease YoY due to higher-than
Slide 4: Financial review Q2 2024
Financial review Q2 2024 HENNING NORDGULEN (CFO)
Slide 5: Key financials Q2 2024
Key financials Q2 2024 Net revenue adj. NOK 389m (NOK 376m) and EBIT adj. NOK 106m (NOK 106m). LTM Net revenue adj. NOK 1 762m (NOK 1 705m) and LTM EBIT adj. NOK 546m (NOK 452m). YoY improvements from the Consumer, Business and NGI segments, primarily due to cost reductions and improved margins in B
Slide 6: Market development
Market development Weekly elspot prices (NOK/kWh)1 Monthly supplier changes in Norway (‘000)2 1,4 120 1,2 100 1,0 80 0,8 60 0,6 40 0,4 0,2 20 0,0 - 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 1 2 3 4 5 6 7 8 9 10 11 12 2023 2024 2024 2023 2022 2021 Sources: 1) Weekly system prices in NOK from
Slide 7: Consumer segment
Consumer segment Deliveries (‘000) Net revenue adj. (NOKm) • Strong margins in the quarter – 841 821 810 810 replicating net revenue from Q2 250 763 900 Tusener 200 800 ’23 despite decline in volume and 700 600 deliveries. 150 500 265 678 674 667 667 661 100 211 400 • Decrease in number of deliverie
Slide 8: Business segment
Business segment Deliveries (‘000) Net revenue adj. (NOKm) 140 200 568 557 549 546 554 600 120 500 • Stable development in deliveries 150 100 400 QoQ. 80 127 127 127 127 128 100 174 300 • Volume sold decreased 5% YoY 60 161 40 115 123 200 due to higher temperatures. 50 96 20 100 • Volume sold LTM in
Slide 9: Nordic segment
Nordic segment Deliveries (‘000) Net revenue adj. (NOKm) 70 222 250 140 206 213 • Growth of approx. 500 deliveries 60 120 177 164 200 in the quarter - first quarter with 100 50 150 customer growth since the phase 80 40 65 out strategy was initiated. 60 131 128 125 30 59 60 100 116 116 51 40 20 38 •
Slide 10: New Growth Initiatives
New Growth Initiatives Volume sold Alliance (TWh) Net revenue adj. (NOKm) 2 5 70 172 185 200• Stable development in mobile Tusener 3,9 157 180 3,7 60 147 subscribers. 3,6 3,5 3,4 4 160 50 118 140 120• Volume sold decreased by 10%, 1 3 40 100 driven by mild weather. 2 30 58 80 1,1 1,1 1 20 41 46 40 6
Slide 11: NWC and net cash position
NWC and net cash position Net working capital (NOKm)1 Net cash (NOKm)1 - ( 200) 800 700 ( 400) ( 820) ( 865) (22) (37) 600 170 (31) ( 600) (1 181) 500 (251) ( 800) «Cash EBIT adj.» in the 400 quarter: NOK 111m (45) 738 532 300 (1 000) 551 200 (1 200) 100 205 (1 400) - Net cash Change in EBITDA CAPEX
Slide 12: Credit risk development
Credit risk development Invoice settlement B2B after 30 days • Elmera utilise a model based and methodical approach to 97,4 % 97,7 % 97,2 % 98,0 % 97,9 % 97,9 % 96,9 % 98,0 % 97,1 % 98,0 % granting and monitoring credit, including internal and external scoring data, categorising customers in risk cl
Slide 13: Long-term financing secured
Long-term financing secured Facility Current limits (NOKm) New limits (NOKm) • Committed term sheet entered into on 8 July 2024. Guarantee Facility 2,250 2,000 • Bank syndicate with DNB, Danske Bank, Swedbank and new bank, Sparebanken Vest. Overdraft Facility 1,300 1,500 • Tenor 3 years with 1+1 yea
Slide 14: Net financial cost
Net financial cost NOKm 60 50 7 40 3 0 30 32 20 19 20 1 14 6 10 14 15 16 15 15 - 0 - 10 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Interest expense long-term debt and RCF Interest expense SEAS Other net finance • Interest expenses related to long-term debt and revolving credit facility (“RCF”) are stab
Slide 15: Outlook
Outlook ROLF BARMEN (CEO) —= Elmera Group
Slide 16: Financial targets 2024-2025
Financial targets 2024-2025 ▪ Net revenue growth in all segments in 2024 and 2025. ▪ Stable nominal opex adj., in line with 2023, for 2024 and 2025. P&L ▪ EBIT adj. in the area of NOK 550-600m for 2024 and 2025 with a positive development throughout the period. ▪ Target pay-out ratio of at least 80%
Slide 17: Key investment highlights
Key investment highlights 1 Operating in the attractive Nordic electricity retailing market with a stable demand profile and growth opportunities from increased electrification. A comprehensive product offering, including risk mitigation products and other value-added services, empowering customers
Slide 18: Q&A
Q&A ElmeraGroup
Slide 19: Appendix
Appendix
Slide 20: Adjusted EBIT reconciliation
Adjusted EBIT reconciliation Quarterly presentation | Q2 2024 20
Slide 21: Profit and Loss account
Profit and Loss account Quarterly presentation | Q2 2024 21
Slide 22: Balance sheet
Balance sheet Quarterly presentation | Q2 2024 22
Slide 23: Balance sheet
Balance sheet Quarterly presentation | Q2 2024 23
Slide 24: Cash flow
Cash flow Quarterly presentation | Q2 2024 24
Slide 25: Cash flow
Cash flow Quarterly presentation | Q2 2024 25
Slide 26: Rolf Barmen (CEO) and Henning Nordgulen (CFO)
• Rolf Barmen (CEO) • Henning Nordgulen (CFO)
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 Elmera Group’s expectations and plans, strategy, management’s objectives, future performance, costs, revenue, earnings and other