Elmera Group ASA

Earnings Release • Aug 30, 2018

Fjordkraft Holding ASA: Q2 results

Fjordkraft Holding ASA: Q2 results

Highlights Q2 2018

- Adjusted net revenue of 242 NOKm, representing 18% YoY growth

- 15% YoY growth in number of electricity deliveries, of which 3 % organic

- Adjusted EBIT of 78 NOKm, up 4% YoY

- Significant drop in NWC, as volume is seasonally lower and effects from last quarter normalise

- Acquisition of Oppdal Everk's customer portfolio - closing expected October 1st

- The increase in net revenue is due to both improved margins and a 15% YoY growth in number of deliveries. This proves Fjordkraft's success in distribution, product management and margin improvement, and is in line with our strategy, says CEO Rolf Barmen.

The warmer than normal weather affects electricity consumption, and average volume per delivery in the second quarter decreased by 5% YoY in the Consumer segment and 4% YoY in the Business segment. Still, total volume in the quarter increased by 8% YoY, as a result of the 15% YoY growth in number of electricity deliveries.

-Elspot prices in the second quarter of 2018 have been higher than normal, and we can see an increase in customer enquiries because of the price level. We are very pleased with our organic growth in the current market situation, says Barmen.

The results will be presented at 08:00 CEST by CEO Rolf Barmen and CFO Birte Strander. The presentation will take place at Felix Konferansesenter, Bryggetorget 3, 0125 Oslo. The presentation will be held in English and will be webcasted at investor.fjordkraft.no.

For further queries, please contact:

Morten A. W. Opdal, Head of Controlling and Investor Relations, +47 970 62 526

Fjordkraft is the number one brand for electricity retailing in the Norwegian consumer market and the number two brand in the business market. Fjordkraft supplies electricity to an estimated more than 1.3 million people through ca. 600,000 delivery points in households, businesses and public entities across Norway.