Jotul AS Annual report for the year ended 31 December 2021 The year in brief – Jøtul AS standalone On June 1 st , Jøtul AS 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 revenue in 2021 increased with 29.3%, to MNOK 823.3 compared to MNOK 636.4 in 2020, 64.0% of all Jøtul AS revenues are with external customers, the remaining 36.0% being sales to subsidiaries. External revenue grew with 27.5% in 2021 vs 2020. All direct markets of Jotul AS show strong demand, in particular the Nordics and Germany. 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. In 2021, the Jøtul AS reached a operating result of MNOK 83.9 (2020: MNOK -2.7). The pretax result totaled MNOK 48.8 in 2021 (2020: MNOK -34.7). The company does not pay income tax due to accumulated loss carried forward position. 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 based direct parent of Jøtul AS) the new bond was issued by the Norwegian parent company Jøtul AS. The bond loan matures in October 2024. Cash and cash equivalent as per 31 December 2021 was MNOK 14.0. Available RCF (less ancillary facility of MNOK 21.9) was MNOK 36.8 giving a total available liquidity of MNOK 50.8. In 2021, Jotul AS had an average of 159 full-time employees (2020: 160), including 10 temporary/seasonal full-time employees (2020: 5). 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 in Norway and in all other direct markets, and with the gradual removal of central government sanitary restrictions, 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 AS experienced substantial increase of raw material prices during 2021. In addition, starting from Q4 2021, the Kråkerøy melting plant 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. 5 | Annual Report Jøtul AS
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