Q3 2022 quarterly presentation


Link to Q3 2022 quarterly presentation (3 November 2022 at 08.00 CET)

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- 3.50
- 0.72 NOK
11/28/2022 4:30:00 PM
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28 Apr 2022 publisert 12:23

Change of company name

On April 26 the General Meeting passed the resolution of changing the company's name from Fjordkraft Holding ASA to Elmera Group ASA.

Elmera Group ASA (former Fjordkraft Holding ASA) is the ultimate parent company in a diversified business. Fjordkraft AS is a subsidiary of Elmera Group ASA.

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Elmera Group ASA: Q3 2022 results
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
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