June 29, 2022

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Fjordkraft manager with half a million bonus after halving stock price and customer journey

Fjordkraft manager with half a million bonus after halving stock price and customer journey

The development of the Fjordkraft stock on the Oslo Stock Exchange was a chapter of grief. After hitting a price peak of NOK 82 per share in September 2020, the stock has fallen on the stock exchange. On Monday, the company was trading at NOK 23 per share.

This corresponds to a fall of about 72 percent from the summit.

The company, which makes its living by reselling electricity to businesses and households, has not been able to take advantage of extremely high energy prices. exactly the contrary.

The company has lost significant sums on failed fixed-price contracts in Finland and Sweden and has had a number of unfortunate episodes with the Consumer Council, which believes customers have been treated poorly.

Despite the poor operational development, senior manager Rolf Barmen will receive a bonus of half a million crowns for 2021, according to the company’s annual report published on Monday.

Barmen’s total compensation, including vested retirement rights, was NOK 5.4 million last year. In addition, he owns shares worth just over 1 million kroner, as well as 200,000 unused stock options.

Barmen, who has been a senior manager at Fjordkraft Group since 2013, did not want to comment on the matter following an inquiry from the DN.

losing customers

Fjordkraft, which has now changed its name to Elmera Group, has long been riding on good customer growth and promising future prospects, and in 2020 the company achieved the best result ever. But then it turned around.

Tougher competition, new technology and changing consumption patterns have contributed to the company’s declining growth. In addition, large fluctuations in electricity prices have made a significant impact on profit.

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Many customers in Fjordkraft’s Nordic market fell when the company made the business decision to end the company’s price-matching service in the fourth quarter, Fjordkraft CEO Rolf Barmin told TDN Direkt earlier this year.

comfortable stock

When asked if the company is concerned about customer leaks in the North, or if there are signs that customers are becoming less loyal, Barmen replied:

– In the Nordic region, we have good customer growth, while the number of customers has decreased somewhat in the private market in Norway. Usually, customer exchange activity increases with the rise in electricity prices, and now the market is in a very high price situation. In addition, we made a business decision to discontinue our price-matching service and many customers who left us at 4 have used the service, he said.

Thomas Nielsen, manager of First Veritas equity fund, has long been investing heavily in the company he describes as a “quality company.”

After long periods of disappointing news from the company with subsequent price losses, Nielsen got its A loss of 16 million Norwegian kronerwhen he diluted all shares in the company earlier this year.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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