Jøtul AS announces delayed publication of audited consolidated annual financial statements
01 May 2024 - 6:00AM
Jøtul AS announces delayed publication of audited consolidated
annual financial statements
Jøtul AS announces delayed publication
of audited consolidated annual financial statements
In January 2024, Jøtul AS (the
"Company") issued senior secured floating rate
bonds (ISIN NO0013106666) (the "Bonds"). As
previously communicated in a press release dated 14 December 2023,
the fourth quarter of 2023 developed weaker than expected and
despite expectations of some recovery, the negative trend persisted
into the first quarter of 2024.
In light of the aforementioned developments, the
Company may breach the financial covenants in its financing
agreements. The Company is currently in negotiations with the
provider of its revolving credit facility and will enter into
discussions with certain existing holders of the Bonds. The Company
aims to find a long-term solution with the support of the holders
of the Bonds, the provider of the revolving credit facility and the
majority owner.
The Company’s publication of its audited
consolidated financial statements for the financial year ended 31
December 2023 (the "Financial Statements") which
were to be published and made available no later than 30 April 2024
pursuant to the terms and conditions of its Bonds, will be
delayed.
The Financial Statements are expected to be
published after a contemplated written procedure for the Bonds in
respect of waiving and/or amending the applicable financial
covenants which needs to be approved by the requisite majority of
holders of the Bonds.
This is information which Jøtul AS is obliged to
make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact person set out above, at 22:00 CEST on 30 April
2024.
For further information, please contact:
Jøtul ASNils Agnar BrunborgTel:
+47 906 05 578E-mail: Nils.Brunborg@jotul.no
Jøtul is one of the world’s oldest producers of
stoves, inserts and fireplaces. Building on a proud Norwegian
heritage, Jøtul combines fine craftsmanship with the art of coping
with the cold for 170 years. Jøtul is headquartered in Fredrikstad,
Norway and features five prominent brands Jøtul. Scan, Ild, Ravelli
and Atra and proudly sells to 45 countries around the world.
- Jotul Group - Press Release re delayed reporting