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Jotul Holdings SA - Annual report and the report of the Réviseur d’Entreprises Agréé for the year ended 31 December 2020

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The revenue in 2020 declined by 6.1%, to MNOK 905.5 compared to MNOK 961.1 in 2019. The decline is less than initially anticipated at the outbreak of the COVID-19 pandemic in March 2020. In the second half of 2020 we have seen a strong recovery the market, fueled by high activities in the home improvement segments and also towards the year-end with a cold season and high electricity cost. The order backlog as per 31 December 2020 was MNOK 122, up by MNOK 93 compared to 2019. In 2020, the Jotul Group reached a consolidated operating income of MNOK 911.5 (2019: MNOK 973.9). The 2020 total comprehensive loss for the year was MNOK -125.7 (2019: MNOK -85.7). The operating result of year totaled MNOK -65 in 2020 (2019: MNOK -27.4). In addition to the furlough schemes launched in Norway and USA, the negative impact is mainly linked to the delay in the ramp-up the production in new production facilities in Poland. The lock down and travel restrictions caused delays in tuning the production, which initially was intended to be supported by staff from the previous production sites of Norway and Denmark during the first half of the year. in Q1-Q2. In general Poland has been severely hard hit by the pandemic, and we have seen a shortage of staff and very high absence rates. The shortage of staff has been compensated with a temporary hiring effort, which has also resulted in low efficiency and lower output. The low efficiency and high scrap rates have resulted in lower margin. However, we have seen clear improvements in terms of output towards the end of the year, though not been able to compensate the strong market demand, resulting in a backlog of MNOK 122 as per 31 December 2020.

EBITDA (Earnings before interests, taxes, depreciation, and amortizations: Operating Result less Depreciations) was MNOK 18.9 for 2020 (2019: MNOK 57.3). This contains effect of non-recurring items of MNOK 63.5 (2019: MNOK 79.1) that are related to relocation cost, mainly incurred in the beginning of 2020, and productivity (low efficiency) cost related to the Polish operations. Adjusted EBITDA (adjusted Earnings before interests, taxes, depreciation and amortizations: Operating result less Depreciations and non-recurring items) was MNOK 82.4 in 2020 (2019: MNOK 136.3). In June 2020, the Company performed a re-financing, following the outbreak of the COVID-19, to ensure financial strength during pandemic. The re-financing constituted of a capital injection by shareholders, a waiver of interest payments on the secured bond and conversion of interest to PIK bonds up and including Q1 2021. As well as an increase of the Revolving Credit Facility (RCF) with Nordea Bank until 31 January 2021. Cash and cash equivalent as per 31 December 2020 was MNOK 70.3. Available RCF (less ancillary facility of MNOK 21) was MNOK 84 giving a total available liquidity of MNOK 154.3 by end of 2020. As per February 2021 the RCF was reduced by MNOK 30 to MNOK 75 (including ancillary facilities). In 2020, Jotul Group had an average of 532 full-time employees (2019: 538). The COVID-19 pandemic, which impacted most economies by the end of March 2020, has been a challenge for the Group particularly with regards to establish the new operations in Poland. Furlough schemes were implemented in Jøtul AS during the beginning of Q2 and in USA towards end of May and through-out June, this to mitigate financial impacts. In addition, we have also had temporary production stoppage in Poland due to COVID-19. The very high absence rate in Poland has been compensated by temporary staffing efforts. Precautions, with respect to HSE has been implemented at all our units, working closely with local authorities, and following country by country recommendations and regulations imposed. We have accommodated for home office and safety aspects such as face mask and to ensure distance keeping. 

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