Jotul AS Annual report for the year ended 31 December 2021 Consolidated Management Report of the Board of Directors Business 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 1 st , the Group 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 1 st , 2021. The year in brief – Jøtul Group The revenue in 2021 increased 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. All markets show strong demand, in particular the Nordics, Germany and France. Home improvement spending continues to be a strong driver, in addition to the sharp increase in electricity and gas prices across all markets, which confirms wood burning as an important heating alternative and contributes to sustained strong revenues. The total order book at the end 2021 was MNOK 231 compared to MNOK 122 at the end of Q4 2020. In 2021, the Jøtul Group reached a consolidated operating income of MNOK 1,273.0 (2020: MNOK 911.5). 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- 3 | Annual Report Jøtul AS
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