Elektroimportøren AS — Earnings Release 2023

May 3, 2023

Elektroimportøren: First quarter 2023 results

Elektroimportøren: First quarter 2023 results

Revenue of NOK 383 million (367) up 4.1%. Total like-for-like sales have been reduced with 3.2%. B2B sales increased with 1.4% compared to last year while B2C sales increased with 14.5%. B2B share of total sales was 50% (53%). Total sales of Spoton NOK 9 million (6). Overall Gross margin percentage of 35.7% (37.6%). Opex to sales ratio of 27.5% (25.3%). Reported EBITDA of 32 MNOK (43 MNOK). EBITDA margin percentage is 8.2% (11.7%).

Comments from CEO Andreas Niss:

“We had a slow start in the first two weeks of the year ending up with January coming in behind last year on sales. February was flat and March started off with good growth but we got a hit from the ban of Easee sales in Sweden making March also come in below last year.

It has been exciting to see that sales of solar products have shown to be even better than we hoped for, SpotOn continues to grow, and we are now ready to open our first store in Sweden.

Sales of energy saving product and smart home devices continues to show good growth compared to last year. EV chargers got a big hit on sales ending up with a decline of over 30 percent for the quarter.

Throughout the quarter we have been working on getting ready for our first store opening in Sweden. Our new employees have gone through sales and product trainings and have spent some time in Norway learning from their Norwegian colleagues.

We have also conducted trainings both for our employees and our B2B customers on sales and mounting of solar products. Calculating new projects in the right way and making sure that solar panels are mounted correctly are key to being successful in the solar market.

Market conditions are more challenging than they have been over the last two years, but we see that our concept stands strong and that our new growth initiatives are developing good. We do however see the need for further improvement of our profitability, so we need to look at further cost reductions to achieve increased profitability.

I would like to thank all our hard working and dedicated colleagues for their effort in making sure that our customers get the best possible customer service in the most professional way.”

The quarterly report and presentation are available at: https://www.elektroimportoren.no/investor

You are invited to join us for a physical meeting at ABG offices at Ruseløkkveien 26 in Oslo. Please inform ABG of your attendance by e-mail to kjersti.syversen@abgsc.no

If you cannot join our physical meeting, you are invited to join a live webcast today at 09.00. Link to webcast is available at: https://teams.microsoft.com/l/meetup-join/19%3ameeting_OWM1NzU2OWUtYmFjYi00MTU2LWE4ZTMtMzc0YmE5ODlhN2Ew%40thread.v2/0?context=%7B%22Tid%22%3A%22853e8b83-4054-4eb9-8b26-ec6513dd213d%22%2C%22Oid%22%3A%22ba1f21a1-74d5-4d4a-8b8f-2f06d0c71a75%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a