Page 56

Jotun Annual Report 2014

54 JOTUN A/S Note 4 OTHER OPERATING EXPENSES AND FINANCE INCOME/COSTS Other operating expenses (NOK thousand) Manufacturing costs 61 486 88 116 Warehouse costs 19 924 32 237 Transport costs 50 389 45 498 Sales costs 158 802 112 372 Research and development 115 170 93 433 General and administrative 112 031 63 571 Royalty costs 33 476 26 131 Other 96 430 53 398 Total 647 709 514 756 (NOK thousand) Net finance income Interest income 1 849 2 289 Interest income on loan to Group companies 69 052 54 820 Net realised foreign currency gain 5 783 7 336 Net unrealised foreign currency gain 82 516 52 612 Other financial income 17 333 8 206 Total finance income 176 533 125 263 Finance cost Interest costs -58 934 -49 028 Write down of financial fixed assets -90 000 -140 000 Other financial costs -3 171 -7 811 Total finance costs -152 105 -196 839 Total net finance income/cost(-) 24 428 -71 576 Jotun Powder Coatings (N) AS had net NOK 3 million in financial income in 2013. 2014 2014 2013 2013 Other operating expenses amounted to NOK 40 million for Jotun Powder Coatings (N) AS in 2013, and was primary related to manufacturing and sales costs. From 01.01.2014 production facility was closed down in Jotun Powder Coatings (N) AS and the costs are now mainly sales related. Jotun A/S presents its income statement based on nature of the item of income and expense. “Other operating expenses” comprise all operating expenses that are not related to cost of goods sold, employee payrolls and capital cost in the form of depreciation. The main items of other operating expenses have been grouped in the table above. The item “Research and development” consists of cost from projects in a research phase and development costs related to cancelled projects. The item “Other” mainly consist of technical service cost, claims and change in cost of conversion.


Jotun Annual Report 2014
To see the actual publication please follow the link above