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Jøtul Group - Interim financial report for the half-year ended 30. June 2022

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In the first half of 2022, the Jotul Group reached a consolidated profit of MNOK 15.2 (H1 2021: loss of MNOK 54.1). The operating profit totaled MNOK 65.4 in H1 2022 (H1 2021: loss of MNOK 1.2). The 2022 total comprehensive profit for the half-year was MNOK 25.2 (H1 2021: loss of MNOK 56.2).

Sales for the period increased by 29% (MNOK 736.5 in H1 2022 vs. MNOK 570.3 in H1 2021), mainly driven by strong demand across all product segments. All key markets continue to show consistent growth, particularly the Nordics, Germany and France. Home improvement spending continues to be a key driver, enhanced and accelerated by the sharp increase in electricity and gas prices, which confirms wood and pellets burning as an important heating alternative and contributes to sustained strong revenues.

The order intake in the period is significantly up, with approximately 36%, overperforming in all key markets, most notably in France, Norway and Germany. The total order book at the end of June 2022 was MNOK 382.6 compared to MNOK 204.6 at the end of June 2021.

Despite the very high demand from the market, the ability to deliver to such demand is under pressure due to the fact that some suppliers of components are struggling to meet such growth. Jøtul is working on establishing new sourcing and on insourcing some components.

Jøtul Group experienced substantial increase of raw material prices during 2021 and in the first half of 2022. In addition, the cost of energy increased significantly, in particular the electricity in Norway. These major and extraordinary inflationary developments are for the most part compensated with selling prices increases, however there is a partial unfavorable timing effect. Throughout the second quarter of 2022, the Group observed that the prices of certain materials have started to stabilize.

EBITDA (Earnings before interests, taxes, depreciations and amortizations: Operating result less Depreciations) was MNOK 103.0 in the first six months of 2022 (H1 2021: MNOK 35.8). This contains effect of non-recurring items of MNOK 16.5 (H1 2021: MNOK 20.2). Adjusted EBITDA (net of non-recurring items) was MNOK 119.5 in H1 2022 (H1 2021: MNOK 56.1).

In the first half of 2022 the non-recurring costs relate mainly to the finalization of the restructuring project in AICO, alongside the shareholder’s monitoring fees.

The Group’s capital investments in the first half of 2022 amounted to MNOK 19.5 (H1 2021: MNOK 16.7). These investments are mainly related to product development to ensure that the Group remains at the forefront in terms of innovative products with high efficiency and low emission levels. Additionally, in 2022 the Group started working on the implementation of its next generation ERP platform.

In the first six months of 2022, the Group had an average of 728 full-time equivalent employees (H1 2021: an average of 702 full-time employees). The increase is driven by the increase in activity at the facility in Poland, alongside the addition of AICO Italy from June 2021.

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