Jotul AS Annual report for the year ended 31 December 2021 recurring items totaling MNOK 35.4 (2020: MNOK 57.3) due mainly to Covid-19-related delays to the start-up of manufacturing related to AICO, inefficiencies related to the finalization of the transfer of manufacturing operations to Poland, the shareholder’s monitoring fees, and refinancing transaction fees. 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). In October 2021, the Jøtul Group successfully refinanced its senior secured bond issued in 2018 with a new senior secured bond maturing in 2024. Unlike the previous bond, which had been issued by Jotul Holdings S.à r.l.,(Luxembourg) the new bond was issued by the Norwegian parent company Jøtul AS. Following the change of issuer, the Group decided to simplify its legal structure, deconsolidate the old parent, Jotul Holdings SA, and establish the new Group consolidation level at Jøtul AS. This report is prepared at the new Group level, including the comparable data. Cash and cash equivalent as per 31 December 2021 was MNOK 108.3. Available RCF (less ancillary facility of MNOK 21.9) was MNOK 36.8 giving a total available liquidity of MNOK 145.1. In 2021, Jotul Group had an average of 758 full-time employees (2020: 533), including 136 temporary/seasonal full-time employees (2020: 22). The manufacturing operations in Poland improved sharply in terms of output capacity towards the end of 2020, following several months with significant impact linked to Covid-19 pandemic disruptions, and continued to improve throughout 2021. In 2021 the total output of complete units from our Polish factory increased by 82% compared with 2020. The manufacturing operations are now considered mature, including the AICO production line ramped-up in Poland during the past 12 months. The management continues working on further efficiency improvements and optimizations. The management expects that in the coming months the Covid-19 pandemic and the post- pandemic rebound will still impact the business in terms of supply-chain and logistics, and potentially with isolated cases of infections and quarantine-related inefficiencies at our facilities. However, with the considerable progress in terms of vaccination roll-out, and with the gradual removal of restrictions both in Europe and North America, setbacks like those seen in 2020 and to a certain extent during early 2021 related to infection outbreaks or trade interruptions due to lockdowns, are not expected. Jøtul Group experienced substantial increase of raw material prices during 2021. In addition, starting from Q4 2021, the Group also experienced significant increases in the cost of energy. These increases are for the most part compensated with price increases on our products but have a negative timing effect. 4 | Annual Report Jøtul AS
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