Jotul Holdings SA Interim financial report for the half-year ended 30 June 2020 Interim Management Report 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 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 first half-year in brief In the first half of 2020, the Jotul Group reached a consolidated profit of MNOK -68.5 (H1 2019: MNOK -46.9). The operating result totaled MNOK -60.1 in H1 2020 (H1 2019: MNOK 16.7). The 2020 total comprehensive loss for the half-year was MNOK -52.3 (H1 2019: MNOK -54.1). Sales for the period declined by 6% (MNOK 360.4 in H1 2020 vs. MNOK 383.6 in H1 2019), mainly driven from an unseasonal warm weather and low energy prices as well as initial start-up capacity from the new production facility in Poland. In addition, the COVID-19 impact in the second quarter contributed to a decline of approximately 8%, significantly less than previously anticipated. The decline in sales derives with no large variations from the main markets, with the exception of North America which saw a decline of approximately 18%. Order intake in the period is slightly down, with approximately 10%, with the exception for the East European and North American which have seen a recovery towards end of Q2 and in line with order intake of last year. The negative impact of the COVID-19 pandemic is less than initially anticipated, and we have seen higher activities mainly in the European markets, particularly towards end May following the ease in restrictions of movements. The North American market on the other hand has continued to be suppressed through-out Q2 following imposed restrictions. However, towards the end of Q2 the market shows a recovery and the month of June with an order intake of 5% above last year. 1
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