Elmera Group Asa · OSL:ELMRA
Elmera Group Asa — Q1 2024 Earnings Presentation
25 slides from Elmera Group Asa's earnings presentation, 2024
Slide 1: Quarterly presentation Q1 2024
Quarterly presentation Q1 2024 ROLF BARMEN (CEO) HENNING NORDGULEN (CFO)
Slide 2: Highlights Q1 2024
Highlights Q1 2024 ROLF BARMEN (CEO)
Slide 3: Group and segment highlights
GROUP Strong financial results in all segments. Adjusted operating expenses were stable QoQ and reduced by NOK 16m YoY, in line with guidance. Dividend of NOK 2.3 per share was distributed 6 May 2024. CONSUMER BUSINESS Volume growth YoY. Volume sold, number of deliveries and profitability were stabl
Slide 4: Financial review Q1 2024
Financial review Q1 2024 HENNING NORDGULEN (CFO)
Slide 5: Key financials Q1 2024
Key financials Q1 2024 Net revenue adj. NOK 550m (NOK 534m) and EBIT adj. NOK 230m (NOK 198m). LTM Net revenue adj. NOK 1 749m (NOK 1 748m) and LTM EBIT adj. NOK 545m (NOK 485m). YoY improvements from the Consumer, Nordic and NGI segments, primarily due to cost reductions and improved margins in Nor
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) 250 913 1 000 841 821 810 900 • Tusener 763 Volume sold increased 8% YoY, 200 800 700 driven by an 11% increase in avg. 150 600 volume per delivery due to lower 276 265 500 684 678 674 667 667 100 175 211 400 temperatures. 159 300 50 200 • V
Slide 8: Business segment
Business segment Deliveries (‘000) Net revenue adj. (NOKm) 140 200 570 568 557 549 546 600 120 500 • Volume sold and deliveries were 150 100 400 stable YoY. 80 128 127 127 127 127 100 176 174 300 • Volume sold LTM increased 6% 60 161 40 115 200 YoY. 50 96 20 100 • Net revenue and EBIT adj. stable 0
Slide 9: Nordic segment
Nordic segment Deliveries (‘000) Net revenue adj. (NOKm) 70 222 250 160 • Decrease in volume and number Tusener 206 140 60 177 164 200 of deliveries due to phase-out of 120 50 145 100 150 non-strategic legacy fixed price 40 80 65 contracts with price and volume 134 30 59 60 100 60 131 128 125 116 50
Slide 10: New Growth Initiatives
New Growth Initiatives Volume sold Alliance (TWh) Net revenue adj. (NOKm) • Net revenue adj. and EBIT adj. growth driven by improved COGS 2 5 70 172 200 in Mobile after the network Tusener 4,1 3,9 157 180 3,7 60 147 3,6 3,5 4 160 migration. 50 119 118 140 1 3 40 120• Mobile EBIT adj. improved by 100
Slide 11: NWC and net cash position
NWC and net cash position Net working capital (NOKm)1 Net cash (NOKm)1 1 000 ( 569) 800 600 (1 181) 900 400 738 «Cash EBIT adj.» in the (754) quarter: NOK 240m 200 (15) (40) (58) 295 (40) - -17 - 200 Q1 2023 Q4 2023 Q1 2024 Net cash Change in EBITDA adj. CAPEX ex. Payments to Net interest Non-cash N
Slide 12: Net financial cost
Net financial cost NOKm 60 50 7 40 3 0 30 32 20 19 20 1 6 10 14 15 16 15 - Q2 2023 Q3 20223 Q4 2023 Q1 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 stable from quarter to q
Slide 13: Outlook
Outlook ROLF BARMEN (CEO) —= Elmera Group
Slide 14: Key development initiatives
Key development initiatives Increase penetration in the Business and Nordic segments Revenue growth Revise product strategy in the Consumer segment Improve cost efficiency Cost efficiency Pursue accretive acquisitions Strengthen contribution from the NGI segment New business Develop new revenue stre
Slide 15: An updated outlook will be presented on our Capital Markets Day
An updated outlook will be presented on our Capital Markets Day. 5 June 2024, 09:00 CET at Hotel Continental, Oslo. The event will also be webcasted. Agenda: State of the union – Rolf Barmen (CEO) Financial outlook – Henning Nordgulen (CFO) Consumer segment –Magnar Øyhovden (CEO Fjordkraft AS) Busin
Slide 16: Q&A
Q&A ElmeraGroup
Slide 17: Appendix
Appendix
Slide 18: Adjusted EBIT reconciliation
Adjusted EBIT reconciliation Quarterly presentation | Q1 2024 18
Slide 19: Profit and Loss account
Profit and Loss account Quarterly presentation | Q1 2024 19
Slide 20: Balance sheet
Balance sheet Quarterly presentation | Q1 2024 20
Slide 21: Balance sheet
Balance sheet Quarterly presentation | Q1 2024 21
Slide 22: Cash flow
Cash flow Quarterly presentation | Q1 2024 22
Slide 23: Cash flow
Cash flow Quarterly presentation | Q1 2024 23
Slide 24: Rolf Barmen (CEO), Henning Nordgulen (CFO)
• Rolf Barmen (CEO) • Henning Nordgulen (CFO)
Slide 25: 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