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Jotul Holdings SA - Financial report for the period from 1 January to 31 March 2021

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YTD Q1 2021, the Jotul Group reached a consolidated profit of MNOK -10.1 (Q1 2020: MNOK -25.3). The operating result totaled MNOK 7.3 in YTD Q1 2021 (Q1 2020: MNOK -45,2). The total comprehensive loss for YTD Q1 2021 was MNOK -9.0 (Q1 2020: MNOK 5.1). 

The sharp increase in order intake in Q4 2020, led to a higher than usual backlog at the end of 2020, which contributed to strong revenue growth in the first quarter of the year. Revenue for the period increased by 48% to MNOK 300.5 YTD Q1 2021 from MNOK 203.0 in YTD Q1 2020. The Manufacturing Agreement entered in 2020 with Aico, related to pellets stoves, contributed with MNOK 30 to the total revenue of MNOK 300.5 in Q1 2021. 

In line with recent trends in the market and strong demand across all product segments, the order intake was up from MNOK 237 in Q1 2020 to MNOK 389 in Q1 2021. Total order book at the end of Q1 2021 was MNOK 208 compared to MNOK 65 in Q1 2020. 

The strong demand can be seen in all markets, particularly the Nordics, Germany and France. Home improvements continues to be a key driver, following the continued travel restrictions caused by the pandemic, and in addition the cold winter in most European markets has also contributed positively to higher revenues. Furthermore, the German market has seen strong demand following requirements to phase out older stoves to meet future new standards in terms of efficiency and lower emissions. The North American markets have seen a stronger order intake compared to Q1 2020, both for the gas and the wood segments, however, shortages in the labour market and disruption in supply chain due to Covid-19, resulted in revenues in line with last year (Q1 2020). 

The manufacturing operations in Poland improved sharply in terms of output capacity towards the end Q4 2020, which had directly been impacted by the country’s lock-down policies. During the first quarter of this year the operations reached expected production output levels, even with continuing high absence rates and disruption in supply chain due to Covid-19. 

We expect that the Covid-19 pandemic will still impact the business related to supply-chain and logistics in the coming months, however, with the accelerated roll-out of the vaccination programs, both in Europe and in North America, we do not anticipate further setbacks as seen in Q4 2020 with retail-shops being closed. 

EBITDA (Earnings before interests, taxes, depreciation, and amortizations: Operating Result less Depreciations) was MNOK 25.4 YTD Q1 2021 (Q1 2020: MNOK -26.7). This contains effect of non-recurring items of MNOK 9.7 YTD Q1 2021 (Q1 2020: MNOK 21.1). Adjusted EBITDA (net of non-recurring items) was MNOK 35.1 YTD Q1 2021 (Q1 2020: MNOK -5.6). 

In Q1 2021 non-recurring cost of MNOK 9.7 is primarily related to the Polish operation. The Group’s capital investments in Q1 2021 amounted to MNOK 8.7 compared to MNOK 19,8 in Q1 2020. The investments in Q1 2021 are mainly related to product development to be in forefront of upcoming legal requirements in terms of efficiency and lower emission levels. 

YTD Q1, the net cash flow from operating activities was MNOK -6.1 compared to MNOK -21,4 in Q1 2020. The net cash-flow in Q1 2021 was at MNOK -22.9 (Q1 2020 MNOK -50.7). Cash and cash equivalent as per Q1 2021 was MNOK 47.3. Available Revolving Credit Facility (less ancillary facilities of MNOK 21) as per Q1 2021 was MNOK 54 giving total available liquidity of MNOK 101.3 by end Q1 2021. As of Q1 2021, the Group had an average of 582 full-time employees (Q1 2020: an average of 533 full-time employees). The increase is related to the manufacturing of pellets stoves for Aico in Poland.

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