Elektroimportøren AS — Earnings Release 2022

Feb 15, 2023

Elektroimportøren: Fourth quarter 2022 results

Elektroimportøren: Fourth quarter 2022 results

Total sales in the fourth quarter were NOK 502 million, which is up 9.4% from NOK 460 million last year driven by the acquisition of Elbutik. Gross profit for the quarter was NOK 187 million (NOK 186 million last year) resulting in a gross margin of 37.3% (40.5%). EBITDA for the fourth quarter ended at NOK 70 million compared to NOK 77 million in Q4 last year.

“In the fourth quarter we managed to grow despite tougher market conditions and a record Q4 from 2021 to beat. A solid execution of Black week and a good ending of the year made this quarter our best quarter ever in sales and 2022 another year of continuous growth for Elektroimportøren,” said Andreas Niss, CEO of Elektroimprotøren.

“2022 has been an exciting year for us. We have made our first acquisition and by doing so entered the Swedish market. We have continued to develop our industry leading service offering through the development of Spoton as well as launching new Namron products into the market and our store portfolio have grown from 25 to 27 stores in Norway,” said Andreas Niss, CEO of Elektroimprotøren.

Number of visitors into Elektroimportøren stores was slightly down compared to last year but the company managed to keep the average basket and conversion rate just above last year. Smart home products, heating and Spoton represent the categories with the highest growth.

Elektoimportøren sees an increasing demand in products that can help our customers save energy. Throughout the quarter the company has continued to work with the expansion of its energy saving product assortment. This includes products like heating pumps, smart home solutions and solar panels. Sales of solar panels in Norway have started in first quarter 2023 and the offering has been well received by the market. Elektroimportøren sees great potential in taking a strong position in this growing solar market going forward.

Elektroimportøren has a clear strategy for continued growth including Spoton, solar and new stores in both Norway and Sweden. Given these growth initiatives the board of directors will propose an ordinary dividend of NOK 0.5 per share for the year 2022. The board believes that reinvesting most of the profit in the business will provide the greatest benefit for the company and its stakeholders at this time. The long-term dividend policy is not changed.

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“I would like to send my greatest thanks to all colleagues who through their hard work, passion and determination makes sure that we, as we develop as a company, stay true to our mission of delivering the best customer experience in the most professional way,” said Andreas Niss, CEO of Elektroimprotøren.

The quartely report and presentation is available at www.elektroimportoren.no/investor.

You are invited to join a live webcast today at 09.00. Link to webcast is available at www.elektroimportoren.no/investor.