Jotul AS announces publication of its audited consolidated annual financial statements for 2023
June 24 2024 - 12:00PM
Jotul AS announces publication of its audited consolidated annual
financial statements for 2023
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.
The group is headquarters in Norway and has subsidiaries in
Poland, France, Italy, United States, Denmark, United Kingdom and
in Spain. There were no changes in the Group legal structure in
2023. Jøtul AS owns 100% interest in all its subsidiaries and all
such subsidiaries are included in the consolidated financial
statements embedded in this report.
The Group’s revenue reduced in 2023 with 2.5%, to MNOK 1,574.8
compared to MNOK 1,614.5 in 2022. The downturn is driven by
weakening demand, especially in the second half of the year, driven
mainly by unfavourable market dynamics following a couple of peak
years, and a certain level of overstocking in the industry.
The operating result of the year totaled MNOK 122.2 in 2023
(2022: MNOK 175.2). The 2023 total comprehensive income for the
year was MNOK 57.3 (2022: MNOK 179.2).
EBITDA (Earnings before interests, taxes, depreciation, and
amortizations: Operating Result less Depreciations) was MNOK 211.2
in 2023 (2022: MNOK 250.7). This contains the effect of
non-recurring items of MNOK 25.2 (2022: MNOK 26.3) which relate
mainly to the shareholder’s monitoring fees, alongside
restructuring related expenses and some one-off strategic
consultancy expenses. Adjusted EBITDA (adjusted Earnings before
interests, taxes, depreciation and amortization: Operating result
less Depreciations and non-recurring items) was MNOK 236.4 in 2023
(2022: MNOK 276.9).
For further information, please contact:
Jøtul AS Adrian Postolache Group CFO Tel: +47
458 79 680 E-mail: adrian.postolache@jotul.no
The information was submitted for publication, through the
agency of the contact person set out above, at 18:00 CEST on 24
June 2024.
- 2023 Annual Report - Jotul AS Group