Elmera Group ASA: Q3 2022 results

03 Nov 2022 07:00 CET

Q3 Highlights:
-Strong financial results across all reporting segments. Group net revenue of
424 NOKm (+15% YoY) and EBIT adj. of 121 NOKm (+33% YoY).
-Customer growth of 3.5k deliveries in the Consumer segment in the quarter. The
trend was positive trough the quarter – and has accelerated so far in Q4.
-Positive volume effect from fixed price contracts in the Nordic segment has
offset negative effects from profile costs in the quarter.
-Business matrix organisation fully implemented. High activity across brands and
borders and all-time high pipeline Q422 and Q123.
-More than 400.000 customers and alliance partners’ customers now use the
group’s mobile apps.


Strong quarter in a challenging market

The third quarter of 2022 was a strong quarter for Elmera Group. The Group’s net
revenue adj. was 424 NOKm, a growth of 15% YoY, while EBIT adj. was 121 NOKm in
the quarter, an increase of 33% YoY. Electricity prices have been high, but also
very volatile, driven by the geopolitical situation in combination with reduced
nuclear power generation and weak hydrology. The peak/off-peak price differences
and area price differences are still significant and continue to impact profile
costs in the Nordic segment, but positive volume effects offset the negative
impact from profile costs in the segment this quarter.

In the Consumer segment, the positive trend in customer development continues
from the last quarters, and in Q3 the growth was 3 500 deliveries. The sales
activity was also high across the brands in the Business segment, and the
pipeline for the next quarters is at an all-time high level. Solar panel
solutions continue to be in high demand, and the sales capacity has been
increased to meet the increased demand.

The interest expense for credit related to electricity purchase from Statkraft
Energi AS, the Group’s main supplier of electrical power, has in previous
reporting been recorded in Direct cost of sales. From this quarterly report and
going forward the interest compensation will be reported in Interest expense.
Comparable figures have been adjusted accordingly. Further details can be found
in the appendix to the quarterly presentation.


Please find attached the quarterly report and quarterly presentation.


Results Presentation: Time: 3 November 2022 at 08.00 CET
The presentation will be webcasted live at:
https://channel.royalcast.com/landingpage/hegnarmedia/20221103_1/

For queries, please contact: Morten A. W. Opdal, Head of Group Accounting,
Reporting and IR, +47 970 62 526

More information:
Access the news on Oslo Bors NewsWeb site

574589_Quarterly Presentation Q3 2022.pdf
574589_Quarterly Report Q3 2022.pdf