Elektroimportøren AS — Interim / Quarterly Report 2020

Feb 11, 2021

AS

Quarterly report Q4 2020

elektroimportoren

QuarterlyreportQ42020 #elektroimportoren

To our shareholders

2020 started off with business as usual. Coming into middle of March we experienced a rapid decrease in customer traffic due to the first lock down of Norwegian schools and workplaces. We had to swiftly adapt to the situation and took immediate action to reduce costs and inventory. From April the situation again was turned around and we saw increased customer traffic and demand of our products. Following up with a summer where vacation became "staycation" we continued to see higher demand from old and new customers.

Going into autumn and winter we managed to keep a positive momentum on sales. Good campaign management together with focus on our omnichannel customer journey enabled us to finish off the year at a high.

Elektroimportøren have had a year of improved performance across all categories, customer groups and sales channels. We have made a lot of new customers, and increased loyalty with our existing customers.

None of this would have been possible without the excellent work from our people. Throughout the year they have shown that they are able to rapidly adapt to new circumstances and whilst doing so, staying focused on what matters the most, keeping our customers happy.

Yours sincerly Andreas Niss CEO

Summary of key financials • Total like for like growth of 38 % driven by 37,1 % in physical stores and 42,9 % online. • Gross Margin ended up at 39,6 % which is a significant improvement from last year (37,3 %), mainly driven by better campaign and price management. • Increase in operational efficiency OPEX to sales ratio at 24,6 % (26,4 %). • Adjusted EBITDA of 67,7 MNOK (34,1 MNOK). Significant increase in adjusted EBITDA margin 15 % (10,9 %). • Strong financial position at year end with 94,1 MNOK in positive cash and revolving credit facility of 120 MNOK (unused).

• Revenue of 451.7 MNOK (311.8 MNOK) up 44.9%.
• Online share of business 13.7% (13.9%).
• B2C share of business 58.2% (59.5%) B2B share of business 41.8% (40.5%)
• Total like for like growth of 38% driven by 37% in physical stores and 43% online.
• Gross Margin ended up at 39.6% which is a significant improvement from last year (37.3%), mainly driven by better campaign and price management.
• Increase in operational efficiency OPEX to sales ratio at 24.6% (26.4%).
• Adjusted EBITDA of 67.7 MNOK (34.1 MNOK). Significant increase in adjusted EBITDA margin 15% (10.9%).
• Strong financial position at year end with 94 MNOK in positive cash and revolving credit facility of 120 MNOK (unused).
• The board of Elektroimportøren will propose an ordinary dividend of NOK 2.41 per share for 2020 to the general meeting (with payments in August and December)

• The board of directors proposes dividend of NOK 2,41 per share.

• Brand awareness increased from 64 % in Q4 2019 to 75 % in Q4 2020.

• B2C share of business 58,2 % (59,5 %) B2B share of business 41,8 % (40,5 %)

• Revenue of 451,7 MNOK (311,8 MNOK) up 44,9 %.

• Online share of business 13,7 % (13,9 %).

Like for Like growth %

Revenue, MNOK

Summary of Q4

• We have seen a positive development in all product categories with extraordinary growth within EV (Electrical Vehicle) chargers.
• Week 48, the week finishing off with Black Friday Weekend, had a great development this year with total sales growing with 45% both online and in stores and improved gross margin versus last year.
• Number of customers visiting our stores increased with 24% versus Q4 2019 and together with an increase in average basket size and slightly increased conversion rate this enabled a good LFL growth in our stores. Online customer visits increased with 50%.
• In November we opened Elektroimportøren store number 23 at Jærhagen shoppingcenter in Klepp, and relocation of our store at Lade in Trondheim.
• Extending our Autostore solution and by that doubling our capacity.
• In October we launched an application for contactless purchase to enable business and consumer customers to conduct their purchases digitally while getting advise and help from in-store personnel.
• We launched new delivery methods in southern Norway enabling home deliveries within 2 hours from purchase.
• Spoton, Elektroimportørens digital turnkey solution for installation, was launched in 9 stores, now available in 13 stores.
• Brand awareness increased from 64% in Q4 2019 to 75% in Q4 2020.

Financials

Alternative Performance Measures Alternative Performance Measures

(Amounts in NOK million)	Q4 2020	Q4 2019	2020	2019
Revenue	451,7	311,8	1 314,9	964,1
COGS	-272,76	-195,5	-792,4	-588,2
Gross Profit	179,0	116,4	522,6	375,9
Gross margin (%)	39,6 %	37,3 %	39,7 %	39,0 %
Operating expenses in sales channels	-63,9	-54,5	-225,9	-190,4
Other operating expenses	-47,4	-27,8	-134,9	-97,0
OPEX	-111,3	-82,3	-360,8	-287,5
OPEX to sales margin	-24,6 %	-26,4 %	-27,4 %	-29,8 %
Adjusted EBITDA	67,7	34,1	161,8	88,2
Adjusted EBITDA margin (%)	15,0 %	10,9 %	12,3 %	9,1 %
Adjustments	-7,0	-4,3	-7,0	-11,3
EBITDA reported	60,7	29,9	154,8	76,9
EBITDA reported margin (%)	13,4 %	9,6 %	11,8 %	8,0 %
Depreciation	-7,1	-2,5	-23,3	-19,0
Adjusted EBIT	60,6	31,6	138,5	69,1
Adjusted EBIT margin (%)	13,4 %	10,1 %	10,5 %	7,2 %
Adjustments	-7,0	-4,3	-7,0	-11,3
Amortisation intangible assets	-2,5	-2,5	-9,8	-9,8
EBIT reported	51,1	24,9	121,7	48,1
EBIT reported margin (%)	11,3 %	8,0 %	9,3 %	5,0 %
Net financial expenses	-3,4	-2,7	-14,4	-14,9
Profit before tax	47,8	22,2	107,3	33,1
Net Income	36,8	16,7	81,6	23,5
Liabilities to financial institutions	- 205,0	-205,0	-205,0	-205,0
Leasing liabilities (Autostore)	- 20,6	-11,5	-20,6	-11,5
Cash	94,1	-31,3	94,1	-31,3
Net interest bearing debt	- 131,6	-247,8	-131,6	-247,8

Financial review

and B2C customer segments.

Revenues

Gross margin

price managemen.

Revenue growth % Adjusted EBITDA margin (%)

Financial review

and B2C customer segments.

Normally Q4 is the busiest period of the year when it comes to sales. This is also the case for this year. Elektroimportøren have had a strong development in sales and profitability in the period.

Total revenue for Q4 was 451,7 MNOK (311,8 MNOK), 44,9% growth. All growth is organically. Like for like growth in physical stores was 32,9%, while growth in Online sales channel was 38,1% (collect in store is reported as part of sales in physical stores). We had a positive development in both B2B

Gross margin for Q4 was 39,6%, a significant improvement compared to Q4 2019 (+2,3% point). The positive development compared to last year is driven mainly by improved campaign planning and

-06-

Normally Q4 is the busiest period of the year when it comes to sales. This is also the case for this year. Elektroimportøren have had a strong development in sales and profitability in the period.

Revenues

Total revenue for Q4 was 451,7 MNOK (311,8 MNOK), 44,9% growth. All growth is organically. Like for like growth in physical stores was 32,9%, while growth in Online sales channel was 38,1% (collect in store is reported as part of sales in physical stores). We had a positive development in both B2B

Gross margin for Q4 was 39,6%, a significant improvement compared to Q4 2019 (+2,3% point). The positive development compared to last year is driven mainly by improved campaign planning and

Gross margin

price managemen.

Financial review Financial review

Normally Q4 is the busiest period of the year when it comes to sales. This is also the case for this year. Elektroimportøren have had a strong development in sales and profitability in the period. Normally Q4 is the busiest period of the year when it comes to sales. This is also the case for this year. Elektroimportøren have had a strong development in sales and profitability in the period.

Revenues

Revenues

Total revenue for Q4 was 451.7 MNOK (311.8 MNOK), a growth of 45%. Like for like growth in physical stores was 33%, while growth in Online sales channel was 38% (collect in store is reported as part of sales in physical stores). We had a positive development in both B2B and B2C customer segments. Total revenue for Q4 was 451,7 MNOK (311,8 MNOK), 44,9% growth. All growth is organically. Like for like growth in physical stores was 32,9%, while growth in Online sales channel was 38,1% (collect in store is reported as part of sales in physical stores). We had a positive development in both B2B and B2C customer segments.

Revenues bridge Q4 2019 to Q4 2020

Gross margin Gross margin

Gross margin for Q4 was 39,6%, a significant improvement compared to Q4 2019 (+2,3% point). The positive development compared to last year is driven mainly by improved campaign planning and Gross margin for Q4 was 39.6%, a significant improvement compared to Q4 2019 (+2.3% point). The positive development compared to last year is driven mainly by improved campaign planning and price management.

price managemen. Gross margin (%)

Operating expenses in sales channels

department and the B2B organization.

Other operating expenses

Adjusted EBITDA

cost control.

We had two more stores compared to last year.

significantly higher than in an average year.

total revenue compared to last year for these costs.

Operating expenses in sales channels includes employee benefit expenses, rent for physical stores,

Even though we increased costs to 63,9 MNOK from 54,5 MNOK last year, we have a significant improvement measured as percentage of costs. Sales growth in Q4 was 44,9%, while costs increased

Other operating expenses include marketing activities, distribution costs, head office functions, non

warehouse. As Elektroimportøren have had an extraordinary profit growth during 2020 compared to

Excluding bonuses to employees we have an improvement in efficiency measured as percentage of

Adjusted EBITDA for Q4 was 67,7 MNOK increasing from 34,1 MNOK in 2019. Main drivers for this positive development a significant increase in revenue, improvement in gross margin, and good cost

sales channel costs and bonuses to management and employees in head office and central

bonuses to store employees and other store costs. They also include costs for online store

Operating expenses in sales channels

department and the B2B organization.

with 13,6%. We had two more stores compared to last year.

Other operating expenses was 47,4 MNOK an increase from 27,8 MNOK.

last year, the bonuses are significantly higher than in an average year.

total revenue compared to last year for these costs.

Operating expenses in sales channels includes employee benefit expenses, rent for physical stores,

Even though we increased costs to 63,9 MNOK (54,5 MNOK), we have a significant improvement measured as percentage of costs. Sales growth in Q4 was 44,9%, while costs increased with 13,6%.

Other operating expenses include marketing activities, distribution costs, head office functions, and bonuses to management and employees in head office and central warehouse. As Elektroimportøren

Other operating expenses

Excluding bonuses to employees we have an improvement in efficiency measured as percentage of

Adjusted EBITDA for Q4 was 67,7 MNOK increasing from 34,1 MNOK in 2019. Main drivers for this positive development are a significant increase in revenue, improvement in gross margin, and good

Adjusted EBITDA

EBITDA reported

control.

have had an extraordinary profit growth during 2020 compared to last year, the bonuses are

bonuses to store employees and other store costs. They also include costs for online store

Other operating expenses was 47,4 MNOK an increase from 27,8 MNOK.

Operating expenses in sales channels

Operating expenses in sales channels includes employee benefit expenses, rent for physical stores, bonuses to store employees and other store costs. They also include costs for online store department and the B2B organization.

Even though we increased costs to 63.9 MNOK (54.5 MNOK), we have had a significant improvement incosts measured as percentage. Sales growth in Q4 was 44.9%, while costs increased with 13.6%. We had two more stores compared to last year.

Other operating expenses

Other operating expenses was 47.4 MNOK an increase from 27.8 MNOK.

Other operating expenses include marketing activities, distribution costs, head office functions, and bonuses to management and employees in head office and central warehouse. As Elektroimportøren have had an extraordinary profit growth during 2020 compared to last year, the bonuses are significantly higher than in an average year.

Excluding bonuses to employees we have an improvement in efficiency measured as percentage of total revenue compared to last year for these costs.

Adjusted EBITDA

Adjusted EBITDA for Q4 was 67.7 MNOK increasing from 34.1 MNOK in 2019. Main drivers for this positive development are a significant increase in revenue, improvement in gross margin, and good cost control.

EBITDA reported

Reported EBITDA was 61.3 MNOK, up from 29.9 MNOK last year.

Adjustments

We have made some adjustments as we believe Adjusted EBITDA gives a more accurate picture of the underlying development of the business.

Overview of adjustments made
MNOK	Q4 2020	Q4 2019	2020	2019
Refurbishment of Alnabru store	0,0	-3,0	0,0	-10,0
Write down of inventory	-6,0	0,0	-6,0	0,0
Tax refund	0,0	0,1	0,0	0,1
Costs in relation to listing on Euronext growth	-1,0	0,0	-1,0	0,0
Cost of sales from 2018	0,0	-1,4	0,0	-1,4
Total adjustments	-7,0	-4,3	-7,0	-11,3

Net financial expenses

Net financial expenses for Q4 2020 includes fees for renewal of loan agreements with 3.2 MNOK.

Tax expenses

We have not yet calculated split between deferred tax and payable tax, so net tax expense has been classified as payable taxes.

Liquidity and borrowings

Elektroimportøren has during December 2020 renewed loan agreement with DNB including a long-term loan with 205 MNOK, and a revolving credit facility with 120 MNOK.

Consolidated statement of profit and loss

Note Amounts in nok 1000	04 2020	Q4 2019	2020	2019
	Unaudited	Unaudited	Unaudited	Audited
Revenue	451,734	311,844	1,314,938	964,160
Cost of goods sold	-278,759	-196,875	-798,357	-589,669
Employee benefits expenses	-70,811	-52,195	-218,910	-176,144
Depreciation and amortisation expenses	-9,549	-4,975	-33,118	-28,843
Other operating expenses	-41,467	-32,874	-142,837	-121,108
Total operating expenses	-400,587	-286,920	-1,193,221	-915,764
Operating profit	51,147	24,924	121,717	48,396
Net financial income (+)/expenses (-)	-3,362	-2,668	-14,446	-14,926
Profit before tax	47,785	22,257	107,271	33,470
Income tax expense	-10,958	-5,549	-25,666	-9,628
Net profit (loss) for the period	36,828	16,708	81,605	23,842
Earning per share (EPS)	1.78	0.81	3.94	1.15

Consolidated statement of financial position Consolidated statement of financial position

Amounts in nok 1000	Note	Q4 2020	Q4 2019	2020	2019
		Unaudited	Audited	Unaudited	Audited
Goodwill		123 376	131 864	123 376	131 864
Other intangible assets		6 585	7 906	6 585	7 906
Total intangible assets		129 961	139 770	129 961	139 770
Fixtures and fittings, office machinery and equipment		142 808	124 519	142 808	124 519
Inventory		207 047	204 555	207 047	204 555
Trade receivables		50 974	40 572	50 974	40 572
Other receivables		21 408	21 922	21 408	21 922
Cash and bank deposits		94 050	895	94 050	895
Total current assets		373 479	267 944	373 479	267 944
Total assets		646 248	532 233	646 248	532 233

Amounts in nok 1000	Note	Q4 2020	Q4 2019	2020	2019
Amounts in nok 1000	Note	Q4 2020	Q4 2019	2020	2019
		Unaudited Unaudited	Audited Audited	Unaudited Unaudited	Audited Audited
Share capital		13 011	13 011	13 011	13 011
Share capital		13 011	13 011	13 011	13 011
Other Equity		112 870	81 265	112 870	81 265
Other Equity		112 870	81 265	112 870	81 265
Total Equity		125 881	94 276	125 881	94 276
Total Equity		125 881	94 276	125 881	94 276
Deferred tax		676	676	676	676
Deferred tax		676	676	676	676
Lease liabilities (Autostore)		20 625	9 469	20 625	9 469
Lease liabilities		20 625	9 469	20 625	9 469
Other long term liabilities		0	30 000	0	30 000
Other long term liabilities		0	30 000	0	30 000
Liabilities to financial institutions		185 000	185 455	185 000	185 455
Liabilities to financial institutions		185 000	185 455	185 000	185 455
Total long term liabilities		206 301	225 600	206 301	225 600
Total long term liabilities		206 301	225 600	206 301	225 600
Liabilitites to financial institutions		20 000	52 202	20 000	52 202
Liabilitites to financial institutions		20 000	52 202	20 000	52 202
Trade payable		111 298	90 948	111 298	90 948
Trade payable		111 298	90 948	111 298	90 948
Tax payable		25 666	7 990	25 666	7 990
Tax payable		25 666	7 990	25 666	7 990
Dividends payable		50 000	0	50 000	0
Dividends payable		50 000	0	50 000	0
Public duties payable		43 404	30 455	43 404	30 455
Public duties payable		43 404	30 455	43 404	30 455
Other short term liabilities		63 698	30 762	63 698	30 762
Othershort term liabilities		63 698	30 762	63 698	30 762
Total short term liabilities		314 066	212 357	314 066	212 357
Total short term liabilities		314 066	212 357	314 066	212 357
Total Equity and Liabilities		646 248	532 233	646 248	532 233
Total Equity and Liabilities		646 248	532 233	646 248	532 233

Consolidated statement of cash flow

Amounts in nok 1000	Note	Q4 2020	Q4 2019	2020	2019
		Unaudited	Unaudited	Unaudited	Audited
Cash flow from operations
Profit before income taxes		47 785	22 257	107 271	33 470
Taxes paid		-1 974	778	-7990	-8 ਰੇਤਰ
Depreciation and amortisation		ਰੇ ਟੈਸਰ	4 975	33 118	28 573
Change in inventory		6 204	-3 372	-2471	-27 209
Change in trade debtors		10 881	7 183	-13 545	-12 919
Change in trade creditors		-19 498	5 186	24472	-9352
Change in other provisions and receivables		13 909	3 513	45 494	39016
Net cash flow from operations		દર્શ જરૂર	40 521	186 349	42 646
Cash flow from investments
Net capital expenditures		-22 412	-17 558	-41570	-46634
Net cash flow from investments		-22 412	-17 558	-41 570	-46 634
Cash flow from financing
Repayment of shareholder debt		-30 000	0	-30 000	0
Repayment of revolving credit facility		0	-2 069	-32 202	0
Repayment of term loans		0	-20 000	0	-20 000
Leasing autostore		10 579		10579	0
Net cash flow from financing		-19 421	-22 069	-51 623	-20 000
Cash and cash equivalents at the beginning of the period		69 027		894	24882
Net change in cash and cash equivalents		25 023	894	93 156	-23 988
Cash and cash equivalents at the end of the period		94 050	894	94 050	894

Operational Cashflow

Operational Cashflow for Q4 is better than expected and better than we usually see during a normal year. Main reason for this is deliveries from our suppliers that was postponed from 2020 into 2021.

Exit kicker -30 000 0 -30 000 0 Repayment of revolvning credit facility 0 -2 069 -32 202 0 Repayment of Term loans 0 -20 000 0 -20 000 Leasing autostore 10 579 10 579 0 Net cash flow from financing -19 421 -22 069 -51 623 -20 000

Net Capital expenditure -22 412 -17 558 -41 570 -46 634 Net cash flow from investments -22 412 -17 558 -41 570 -46 634

Amounts in nok 1000 Note Q4 2020 Q4 2019 2020 2019

Consolidated statement of cash flows

Profit before income taxes 47 785 22 257 107 271 33 470 Taxes paid -1 974 778 -7 990 -8 933 Depreciation and amortisation 9 549 4 975 33 118 28 573 Change in inventory 6 204 -3 372 -2 471 -27 209 Change in trade debtors 10 881 7 183 -13 545 -12 919 Change in trade creditors -19 498 5 186 24 472 -9 352 Change in other provisions and receivables 13 909 3 513 45 494 39 016 Net cash flow from operations 66 856 40 521 186 349 42 646

Cash flow from operation

Cash flow from investments

Unaudited Unaudited Unaudited Audited

Consolidated statement of changes in equity Cash and cash equivalents at the beginning of the period 69 027 894 24 882 Net change in cash and cash equivalents 25 023 894 93 156 -23 988 Cash and cash equivalents at the end of the period 94 050 894 94 050 894 Consolidated statement of changes in equity

Amounts in nok 1000	Paid in	Other	Total
	Equity	Equity	Equity
January 1st. 2019	13 011	57 423	70 434
Profit for the period 2019	0	23 842	23 842
Balance at 31st. December 2019	13 011	81 265	94 276
Balance at 1st. January 2020	13 011	81 265	94 276
Profit for the period 2020	0	81 605	81 605
Dividend	0	-50 000	-50 000
Balance at 31st. December 2020	13 011	112 870	125 881

Events after the period and outlook

We started January with a successful campaign following the relocation of our store at Lade in Trondheim. After new covid-19 restrictions late January, we had to close our store in Ski and partly close Alnabru and Moss. We managed to adopt quickly to the new situation and we have through digital solutions and increased on site deliveries managed to keep these three stores running at a healthy pace. January ended somewhat higher in turnover than expected.

Going into 2021 we expected a year of modest growth, with the highest growth rate expected in Q1. We still expect higher growth in the 1st quarter compared to Q2 – Q4. We also expect the good development of EV chargers to continue in 2021. Even though gross margins in this category are lower than our average margins it gives a good contribution to our bottom line and drives sales of other products where we enjoy higher margins. Throughout the year we will continue to focus on further developing our omnichannel customer journey, strengthen our position within the B2B market and seek for possibilities to open new stores in attractive areas.

Oslo, February 10 2021 The board of Elektroimportøren AS

Amund Skarholdt

Robert Ingberg Iversen

Gaute Gillebo

Ronny Blomseth Kjersti Helen Krokeide Hobøl

Fredrik Toft Bysveen

-014-

Notes and Definitions

Notes

Note 1 Corporate information

Elektroimportøren AS and its subsidiaries (the Group) operating activities are related to the resale of electro materials, lighting, heating and ventilation, cables and wires as well as smarthome products in Norway through physical stores and online business.

All amounts in the financial statements are presented in NOK 1000' unless otherwise stated

Due to rounding's there may be smaller differences in the summation columns.

Note 2 Basis of preparation and accounting policies

These financial statements for the fourth quarter of 2020 have been prepared in accordance with NGAAP, consistent with those applied in the preparation of the annual financial statements for the year ended 31st. of December 2019.

There have not been any changes in accounting principles over the last year.

The Group accounts for business combinations using the acquisition method when control is transferred to the group. The consideration transferred in the acquisition is measured at fair value, as are the net assets acquired. Any goodwill that arises will be amortised.

Note 3 Estimates, judgements and assumptions

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.

In preparing these interim financial statements the significant judgements made by the management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31st. December 2019.

Note 4 Loans and borrowings

In December 2020 Elektroimportøren AS renewed the financing structure with DNB, increasing the Revolving credit facility. At 31st. December Elektroimportøren has the following borrowing facilities;

(Amounts in 1000 NOK)	Unlised	Total Facility	pension plans.
Term Ioan A	205 000	205 000
Revolving Credit Facility	–	120 000
	205 000	325 000

The facilities have a three year long maturity, and term loan A have yearly installments with 20 MNOK.

The facilities are secured by inventory, receivables and operating equipment in Elektroimportøren AS.

Note 5 Related party transactions

The Groups related parties transactions includes key management, members of the board and majority shareholders. None of the Bord members have been granted loans or guarantees in the current year. Also none of the Group Board members are included in the Group's bonus or

Definitions

Like-fo-like revenue are revenues from stores that were in operation from the start of last fiscal year all through the end of the current reporting period.

Revenue growth represents the growth in revenue for the current reporting period compared to the comparative period the previous year. Revenue growth is an important key figure for Elektroimportøren AS, and the user of financial statements as it ilustrates the underlying organic revenue growth.

Gross profit is defined as revenue minus the cost of goods sold (COGS). The gross profit represents sales revenue that the group retains after incurring the direct costs associated with the purchase and distribution of costs (including distribution costs to central warehouse and net distribution costs to our online customers.

Gross margin is defined as Gross profit divided by Revenue. The gross margin reflects the percentage margin of the sales revenue that the Group retains after incurring the direct costs associated with the purchase and the distribution of the goods. As such this is an important KPI for Elektroimportøren.

Operating expenses in sales channels includes employee benefit expenses, rent costs and other operating expenses in Physical stores, B2B organization and our Online operation.

OPEX to sales margin is the sum of Operating expenses in sales channels and Other operating expenses divided by Revenue. The OPEX to revenue margin measures operating cost efficiency as percentage of Revenue and is an important KPI for Elektroimportøren.

EBITDA is earnings before tax, interests, depreciation and write down of fixed assets and amortisation of intangible assets.

Adjusted EBITDA is defined as EBITDA less items defined as other income and expenses not considered as part of ordinary operations. EBITDA and adjusted EBITDA are important key figures for Elektroimportøren, and considered useful to the users of financial statements when evaluating operational profitability.

EBITDA margin is EBITDA divided by total Revenue. The adjusted EBITDA margin is Adjusted EBITDA divided by total Revenue. These performance measures are important key figures for Elektroimportøren, and are considered useful to the users of financial statements when evaluating operational efficiency.

EBIT (earnings before interest and tax) is operating profit.

EBIT margin is EBIT divided by Total revenue.

Net capital expenditure represent the cash flow from the investment spending in fixtures and fittings, machinery and other intangibles less sales proceeds for such assets.

Net inome is profit (loss) for the period.

Adjusted EBITDA is defined as EBITDA less items defined as other income and expenses not considered as part of ordinary operations. EBITDA and adjusted EBITDA are important key figures for Elektroimportøren, and considered useful to the users of financial statements when

EBITDA margin is EBITDA divided by total Revenue. The adjusted EBITDA margin is Adjusted

Elektroimportøren, and are considered useful to the users of financial statements when

evaluating operational profitability.

evaluating operational efficiency

EBIT (earnings before interest and tax) is operating profit

Appendix – historical figures per Quarter 2019 and 2020 EBIT margin is EBIT divided by Total revenue Net capital expenditure represent the cash flow from the investment spending in fixtures and fittings, machinery and other intangibles less sales proceeds for such assets Net inome is profit (loss) for the period Appendix – historical figures per Quarter 2019 and 2020

Alternative Performance Measures Alternative Performance Measures

(Amounts in NOK million)	Q1 2020	Q2 2020	Q3 2020	Q4 2020	2020
Revenue	256,7	271,9	334,6	451,7	1 314,9
COGS	- 157,2	-163,6	-198,8	-272,8	-792,4
Gross Profit	99,5	108,3	135,8	179,0	522,6
Gross margin (%)	38,8 %	39,8 %	40,6 %	39,6 %	39,7 %
Operating expenses in sales channels	-55,5	-44,0	-62,6	-63,9	-225,9
Other operating expenses	-28,3	-23,6	-35,6	-47,4	-134,9
OPEX	-83,7	-67,6	-98,2	-111,3	-360,8
OPEX to sales margin	-32,6 %	-24,9 %	-29,3 %	-24,6 %	-27,4 %
Adjusted EBITDA	15,7	40,7	37,7	67,7	161,8
Adjusted EBITDA margin (%)	6,1 %	15,0 %	11,3 %	15,0 %	12,3 %
Adjustments	0,0	0,0	0,0	-6,4	-6,4
EBITDA	15,7	40,7	37,7	61,3	155,4

(Amounts in NOK million)	Q1 2019	Q2 2019	Q3 2019	Q4 2019	2019
Revenue	217,3	194,1	240,8	311,8	964,1
COGS	- 130,4	-117,0	-145,4	-195,5	-588,2
Gross Profit	87,0	77,1	95,5	116,4	375,9
Gross margin (%)	40,0 %	39,7 %	39,6 %	37,3 %	39,0 %
Operating expenses in sales channels	-48,8	-37,0	-50,2	-54,5	-190,4
Other operating expenses	-24,5	-20,6	-24,1	-27,8	-97,0
OPEX	-73,2	-57,6	-74,3	-82,3	-287,4
OPEX to sales margin	-33,7 %	-29,7 %	-30,9 %	-26,4 %	-29,8 %
Adjusted EBITDA	13,7	19,5	21,1	33,8	88,5
Adjusted EBITDA margin (%)	6,3 %	10,0 %	8,8 %	10,8 %	9,2 %
Adjustments	0,0	-2,0	-5,0	-4,3	-11,3
EBITDA	13,7	17,5	16,1	29,6	77,2

AS Quarterly report Q4 2020

Q UA RT E R LY R E P O RT Q 4 2 0 2 0 ELEKTROIMPORTØREN AS

elektroimportoren

QuarterlyreportQ42020 #elektroimportoren

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