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Kurs & Likviditet

Kursutveckling och likviditet under dagen för detta pressmeddelande

Kalender

2024-08-15 Kvartalsrapport 2024-Q2
2024-04-22 Ordinarie utdelning LUMI 0.00 NOK
2024-02-15 Bokslutskommuniké 2023
2023-11-09 Kvartalsrapport 2023-Q3
2023-11-01 Extra Bolagsstämma 2023
2023-08-16 Kvartalsrapport 2023-Q2
2023-05-10 Kvartalsrapport 2023-Q1
2023-04-24 Årsstämma 2023
2023-04-24 Ordinarie utdelning LUMI 0.00 NOK
2023-02-17 Bokslutskommuniké 2022
2022-11-02 Kvartalsrapport 2022-Q3
2022-08-17 Kvartalsrapport 2022-Q2
2022-05-10 Kvartalsrapport 2022-Q1
2022-04-28 Årsstämma 2022
2022-04-27 Ordinarie utdelning LUMI 1.00 NOK
2022-04-26 Årsstämma 2022
2022-02-17 Bokslutskommuniké 2021
2021-12-14 Extra Bolagsstämma 2021
2021-11-04 Kvartalsrapport 2021-Q3
2021-08-25 Kvartalsrapport 2021-Q2
2021-05-11 Kvartalsrapport 2021-Q1

Beskrivning

LandNorge
ListaEuronext Growth Oslo
SektorTjänster
IndustriAllmänna tjänster
Lumi Gruppen är verksamma inom utbildningsektorn. Inom koncernen erbjuds ett brett utbud av privatundervisning runtom den norska hemmamarknaden. Verksamheten drivs via flera skolor och undervisning erbjuds till elever inom varierande åldrar. Störst verksamhet återfinns inom Norden. Bolaget grundades år 1989 och har sitt huvudkontoret i Oslo, Norge.
2022-08-17 07:30:00
Revenue stable at NOK 134 million for the second quarter (+0.2 per cent)
o Sonans with growth in online revenue while campus revenue is 20 per cent below
last year
o Oslo Nye Høyskole (ONH) with 20 per cent growth in revenues

EBIT at NOK 38.5 million for the second quarter (-19.1 per cent)
o Cost programme implemented, but lower average price per student from online
shift affects margins
o Full-year effect of ramp-up in costs related to new programmes at Oslo Nye
Høyskole

Sonans - Cost reductions totalling NOK 60-65 million to reflect lower campus
volumes and online shift
o Online sales in combination with the new offering "Live" shows double digit
growth
o Challenging market conditions with campus sales 43 per cent below last year's
intake as of week 31
o Additional cost measures to be implemented starting from Q3 2022

Oslo Nye Høyskole
o Performance better than the overall market development in the autumn student
intake
o Bachelor and master's programme with 9 per cent growth as of week 31 for the
school year 2022/2023

Significant cost measures under implementation as a response to challenging
markets

During the intake cycle for the school year 2022/2023 the decline in students
that have signed up for private candidate courses at Sonans has accelerated and
as of week 31 total sales are approximately 30 per cent behind last year's
student intake. For Oslo Nye Høyskole, the total number of signed contracts is
slightly behind last year as of week 31, but bachelor and master's contracts are
up by a strong 9 per cent.

SONANS
The decline in sales for the school year 2022/2023 at Sonans is mainly affecting
campus with a 43 per cent decline compared to last year as of week 31. Online
sales combined with the new offering "Live" show a double-digit growth of 14 per
cent in the same period. The student intake for this school year will be
completed by 15 September 2022.
The current market development for Sonans is mainly a consequence of fewer
students without a place of admission in higher education. The total number of
applicants to higher education in Norway fell by 12.6 per cent for the student
intake autumn 2022, resulting in applicants without a study programme offer are
down almost 43 per cent versus 2021.

Lumi Gruppen has already implemented several revenue and cost measures in Sonans
to improve margins and reduce the cost base in response to the changes in market
conditions. In February 2022, Lumi Gruppen announced, among other, price
increases for online courses and annual cost savings totalling NOK 26 million.
The Group will now execute on additional efficiency measures aiming to
significantly mitigate the effect of the decline in sales and they are expected
to show an impact starting in Q3 2022.
Measures for Sonans will include, among others, rightsizing of the organisation,
improved classroom efficiency, reduced administrative costs including group
functions and improved marketing efficiency. Total new annual cost savings add
up to around NOK 35-39 million in addition to the already announced cost
measures of NOK 26 million. The target is to reduce the cost base for Sonans for
the school year 2022/2023 with approximately NOK 60-65 million.

OSLO NYE HØYSKOLE
In a market with a 12.6 per cent drop in the number of applicants for higher
education in Norway, Oslo Nye Høyskole (ONH) continues to perform better than
the market. The growth in applicants to ONH has led to a 6 per cent increase in
the number of signed contracts for bachelor students and 9 percent increase when
including the master's programme. The primary driver behind this development has
been the launch of new programmes well adapted to students' needs and areas of
focus.
As of week 31, the total number of signed contracts at ONH for the school year
2022/2023 are 6 per cent behind last year. However, despite the decline in
signed contracts, revenue will continue to grow in the second half of 2022 due
to the rollover effect from an additional bachelor cohort together with a higher
share of new sales on multiyear programmes with a higher value per student.

OUTLOOK
A school year normally commences in August and is completed in June the
following year where the autumn intake constitutes approximately 70 per cent of
total annual school year sales. Consequently, the autumn student intake 2022
will also affect revenues for the first half 2023 for Lumi Gruppen and result in
significant lower revenues for the school year 2022/2023. This will put pressure
on margins and liquidity for the Group and, as stated above, additional measures
will be taken to mitigate the consequences of this.
Longer term, Lumi Gruppen believes that the market will normalise as the
underlying fundamentals for the education sector are still strong when excluding
post-Covid effects. The need for higher education in Norway is still high and
Lumi Gruppen is well positioned as a market leading provider of private
education. Through a combination of high student satisfaction and a unique
learning concept, the Company has stablished a competitive edge and is well
positioned to exploit the market opportunities in the new normal post-Covid.

Financial results
Revenues increased by 0.2 per cent to NOK 134.4 million in Q2 2022, compared to
NOK 134.1 million in Q2 2021. Revenue was positively impacted by a significant
increase in the number of students at Oslo Nye Høyskole (ONH), with NOK 7.7
million in higher sales for the quarter corresponding to 20.0 per cent growth.
For Sonans, online sales have been strong at NOK 28.9 million for the quarter
and the online revenue share increased from 23% in Q2 2021 to 33% in Q2 2022.
The increase is in part driven by the new commercial terms for online from 1
January 2022. For campus, volumes are unchanged from Q1 and ended at NOK 59.1
million compared to NOK 73.7 million in Q2 2021.
Adjusted total operating expenses increased by 10.4 per cent to NOK 81.2 million
in Q2 2022, compared to NOK 73.5 million in Q2 2021. The increase is explained
by the investments made for new programmes at Oslo Nye Høyskole together with
higher bad debt and marketing expenses for Sonans.

For Sonans, cost measures were implemented with effect from January 2022 to
compensate for lower campus volumes and the online shift. The measures are
expected to contribute with NOK 10-12 million this financial year. For Q2 2022,
Sonans had savings of NOK 4.7 million related to personnel costs and total
savings for personnel cost were NOK 7.3 million as of 2H 2022. In addition to
these cost measures, it has been decided to close three campuses from the school
year 2022/2023. This will give an additional NOK 7 million in savings in 2022
and NOK 14 million annually from 2023.

Adjusted EBIT ended at NOK 38.5 million, a decrease of 19.1 per cent compared to
the same period last year. Reported EBIT ended at NOK 30.7 million, a decrease
of 28.6 per cent compared to the same period last year. The deviation between
adjusted EBIT and reported EBIT is explained by the non-recurring items.
Profit was NOK 19.6 million in Q2 2022 compared to NOK 29.0 million in Q2 2021.

Second quarter report and presentation material
Please see attached the second quarter report and Q2 Presentation for further
information. The quarterly report, presentation materials with key figures will
also be available on the company's website at
https://lumiinvestor.com/reports-presentations/

Presentation and webcast
CEO Erik Brandt and CFO Martin Prytz will present the company's results on
Wednesday 17 August at 09:00. The presentation will be held without physical
participants on Teams and the presentation will be held in English and
transferred via live webcast.

Please follow this link to attend:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_OTVlNzlhNDMtMmM5Zi00NjIzL
WI4NGItYjM5N2FlYjIyOTNh%40thread.v2/0?context=%7B%22Tid%22%3A%22853e8b83-4054-4e
b9-8b26-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

The link to the webcast will be available on the company's website:
https://lumiinvestor.com/

It will be possible to ask questions via the web.

Contact information
Martin Prytz,
CFO and Head of Investor Relations
E-mail: IR@lumigruppen.no
Mobile: +47 480 14 078

About Lumi:
Lumi Gruppen is a leading Norwegian education provider founded in 1989. Today,
Lumi Gruppen consists of two main divisions: Sonans and Oslo Nye Høyskole.
Sonans is the market leader in Norway within private candidate exam preparation
courses, and Oslo Nye Høyskole offers high quality bachelor's degrees within
health, social sciences, psychology and business and administration, both on
campus and online.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.