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Jøtul Group - Annual report and Independent auditor’s report for the year ended 31 December 2021

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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.

On June 1st, Jøtul AS acquired the Italian pellet stove company AICO S.p.A. (AICO), which owns and distributes the Ravelli pellet stoves brand. Both the acquirer and the acquired company were owned by the same ultimate shareholder before this transaction. The financial statements of AICO are included in the consolidation accounts of the Group starting from June 1st, 2021.

The Group’s revenue increases in 2021 with 40.1%, to MNOK 1,269.0 compared to MNOK 905.5 in 2020, 30.6% being organic growth and 9.5% being acquisition growth. The year-on-year organic growth is mainly driven by the strong recovery following an initial contraction in the first phase of the Covid-19 pandemic, in addition to like-for-like market expansion, while the acquisition growth is represented by AICO S.p.A.

The operating result of the year totaled MNOK 34.8 in 2021 (2020: MNOK -44.6). The 2021 total comprehensive loss for the year was MNOK -29.5 (2020: MNOK -120.0).

EBITDA (Earnings before interests, taxes, depreciation, and amortizations: Operating Result less Depreciations) was MNOK 121.4 in 2021 (2020: MNOK 25.1). This includes the effect of non-recurring items totaling MNOK 35.4 (2020: MNOK 57.3). Adjusted EBITDA (adjusted Earnings before interests, taxes, depreciation and amortization: Operating result less Depreciations and non-recurring items) was MNOK 156.9 in 2021 (2020: MNOK 82.4).

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