Jotul Holdings SA Annual report for the year ended 31 December 2019 Consolidated Management Report of the Board of Directors Business The Jotul Group (representing Jotul Holdings SA 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 and Scan. 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. The head office is based in Luxembourg. Manufacturing takes place through own production in Norway, Poland, France, Denmark (terminated in 2019) 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. The year in brief The Company acquired Jøtul AS (the acquired business) on 28 February 2018 and therefore the elements comprised in the statement of comprehensive income generated by the acquired business are consolidated in the financial statements comparatives and in this report only for the period from 28 February 2018 to 31 December 2018. For comparative figures of 2018, 12 months unaudited 2018 report is used in addition to the comparative figures that are in line with the consolidated financial statements (shown in parenthesis as “2018 full year”). In 2019, the Jotul Group reached a consolidated operating income of MNOK 974 (2018: MNOK 785; 2018 full year: MNOK 912). The 2019 total comprehensive loss for the year was MNOK 85,7 (2018: MNOK -47,2; 2018 full year: MNOK -53) . The operating result of year totaled MNOK -24,1 in 2019 (2018: MNOK -9,1; 2018 full year: MNOK -10,0). The negative impact is mainly due to a higher reallocation cost of production facilities from Norway and Denmark to Poland as well as low productivity in the transition period of production. Sales volumes were also negatively impacted due to unseasonal warm weather and low energy prices in 2019. EBITDA (Earnings before interests, taxes, depreciations and amortizations: Operating result less Depreciations) was MNOK 57,3 (2018: MNOK 36,1; 2018 full year: MNOK 33,6). In 2019, the Group had an average of 536 full-time employees (2018: an average of 522 full-time employees). In January 2019, Jøtul Group performed a successful tap issue of MNOK 90 to finance the project of relocate the production from Denmark and Norway (only casting process to remain in Norway) to Poland. The project was finalized Q1 2020 in accordance with this timeline. 1 For Identification Purposes Only
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