Q4-21: Increased profitability despite B2C headwind

09 Feb 2022 06:45 CET

Sandefjord, 9 February 2022: In the fourth quarter of 2021, the Komplett Group
improved the adjusted EBIT margin to 3.6 per cent, up from 3.4 per cent one year
earlier. The B2B and the Distribution segments delivered record quarterly
revenues and operating results, while the B2C segment was impacted by a softer
market, component shortages and supply constraints in key categories which led
to a revenue decline in this segment of 12 per cent from Q4 2020. In a two-year
perspective, B2C revenues showed a 17 per cent increase.

Total revenue for the Group in the fourth quarter was NOK 3 292 million, a four
per cent reduction from the fourth quarter of 2020. On a two-year basis, the
Group's fourth quarter revenues grew by 35 per cent. Even with decline in total
revenue the operating result remained at NOK 118 million, the same as the fourth
quarter in 2020.

The board of directors are proposing a dividend per share of NOK 2.90.

For 2021 in total, the Group increased revenues to NOK 11 billion, corresponding
to a 12 per cent growth from the year before. On a two-year basis annual
revenues increased with 46 per cent. Both the B2B and the Distribution segments
passed significant milestones in yearly revenues, with B2B surpassing NOK 1.5
billion and Distribution surpassing NOK 3 billion.

"Overall, there is positive momentum in the ecommerce market, and, despite
headwind from supply chain constraints and components shortage, we saw a 12 per
cent revenue growth in 2021. This growth was primarily driven by strong progress
across the B2B and Distribution segments. In the B2C segment, revenues fell back
in the fourth quarter following a period of record-high demand. This segment,
specifically the gaming and components categories, has been most hit by the
aforementioned supply chain challenges," says CEO Lars Olav Olaussen.

"We continued to strengthen our cost leadership position throughout 2021. The
Group's highly scalable business model and increased business efficiency
resulted in operating costs of 9.7 per cent of revenues for 2021, corresponding
to an improvement of 0.9 percentage points from 2020," Lars Olav Olaussen adds.

This translated into a 41 per cent adjusted EBIT growth for the full year 2021,
corresponding to an adjusted EBIT margin increase of 0.7 percentage points.

"Looking ahead, we anticipate the online migration to continue, and we are well
positioned to continue to increase our share of the market. While the underlying
drivers of our business remain strong, we expect the ongoing supply chain
constraints to continue to impact market dynamics also in 2022, especially
within gaming and components. Our exposure is however balanced by the natural
hedge of our multi-channel business model.

Supported by our strong commercial execution and efficient, scalable business
model, we will continue to capitalise on our position as the leading Nordic
online-first retailer," Lars Olav Olaussen adds.

Please find enclosed the interim report for the fourth quarter and the
presentation material.

A presentation of the fourth quarter results will be held by CEO Lars Olav
Olaussen and CFO Krister Pedersen 9 February 2022 at 09:00 CET at Felix
Conference Centre, Aker Brygge, Oslo. In addition to the physical presentation
in Oslo, the event will be live streamed.
Please use the following link to register and view the webcast:
https://events.webcast.no/viewer-registration/nIYzmINK/register

Questions to the speakers will be addressed towards the end of the presentation.

A recorded version of the webcast will be available shortly after the webcast
has concluded.

For further inquiries, please contact:

Kristin Hovland, Head of Communication
+47 98 65 28 60
Kristin.Hovland@komplett.com
Per Christian Brander, Head of Investor Relations
+47 40 63 63 49
PerChristian.Brander@komplett.com
About Komplett ASA
Komplett Group is a leading online-first electronics and IT products retailer,
operating in Norway, Sweden and Denmark. Serving customers in the B2C, B2B and
distribution markets, the Group is deeply focused on delivering best in class
customer experience, built through decades of knowhow, expertise and deep
customer commitment. Komplett Group operates an efficiency and scalable business
model that supports costs leadership and enables a competitive product offering.

More information:
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552979_Komplett_ASA_Q4_21_Interim_Report.pdf
552979_Komplett_ASA_Q4_21_Presentation.pdf