Jotul AS announces publication of its audited consolidated annual financial statements for 2023

The Jøtul Group (representing Jøtul AS together with its subsidiaries) is one of the three largest suppliers of fireplaces in Europe and a significant player in North America. The company, with a history dating back to 1853 through its legacy as one of Norway’s oldest companies, distributes stand-alone stoves, inserts, frames and accessories for fireplaces. The Group’s main brands are Jøtul, Scan and Ravelli. The Jøtul fireplaces are manufactured from cast iron and appear timeless and robust, with Norwegian origins. The Scan fireplaces are manufactured from plated steel and are characterized by modern Danish design, while the Ravelli pellets stoves are characterized by Italian design and technology. The head office is based in Norway. Manufacturing takes place through own production in Norway, Poland, France and the USA, in addition to a range of bought-in products. The products are sold through one of the most wide-reaching global networks in the industry, consisting of own sales companies and distributors. The products reach the end consumers through specialty shops, and in Norway also through building materials retail chains.

The group is headquarters in Norway and has subsidiaries in Poland, France, Italy, United States, Denmark, United Kingdom and in Spain. There were no changes in the Group legal structure in 2023. Jøtul AS owns 100% interest in all its subsidiaries and all such subsidiaries are included in the consolidated financial statements embedded in this report.

The Group’s revenue reduced in 2023 with 2.5%, to MNOK 1,574.8 compared to MNOK 1,614.5 in 2022. The downturn is driven by weakening demand, especially in the second half of the year, driven mainly by unfavourable market dynamics following a couple of peak years, and a certain level of overstocking in the industry.

The operating result of the year totaled MNOK 122.2 in 2023 (2022: MNOK 175.2). The 2023 total comprehensive income for the year was MNOK 57.3 (2022: MNOK 179.2).

EBITDA (Earnings before interests, taxes, depreciation, and amortizations: Operating Result less Depreciations) was MNOK 211.2 in 2023 (2022: MNOK 250.7). This contains the effect of non-recurring items of MNOK 25.2 (2022: MNOK 26.3) which relate mainly to the shareholder’s monitoring fees, alongside restructuring related expenses and some one-off strategic consultancy expenses. Adjusted EBITDA (adjusted Earnings before interests, taxes, depreciation and amortization: Operating result less Depreciations and non-recurring items) was MNOK 236.4 in 2023 (2022: MNOK 276.9).

For further information, please contact:

Jøtul AS
Adrian Postolache
Group CFO
Tel: +47 458 79 680
E-mail: adrian.postolache@jotul.no

The information was submitted for publication, through the agency of the contact person set out above, at 18:00 CEST on 24 June 2024.

Attachment

• 2023 Annual Report - Jotul AS Group