Page 66

Jotun Annual Report 2014

64 JOTUN A/S Note 15 FUNDING AND BORROWINGS Cash flow from Jotun’s operations has seasonal cycles. Through the winter and spring there is a substantial build up of working capital as a preparation for the summer sales season. This is an expected cyclical movement and is taken in to account when planning the financing. Other drivers for the liquidity development are the invest-ments in new factories around the world. Investments within the Jotun Group are financed mostly from Jotun A/S and the cash flows are predictable as the financing for each project is planned well in beforehand. Jotun A/S received NOK 860 million in dividends in 2014, compared to NOK 530 million in 2013. It was received NOK 50 million in Group contribution in 2014, compared to NOK 42 million in 2013. In 2014 Jotun increased the long term financing by establishing two new bonds with a total of NOK 700 million. Carrying amount (NOK thousand) 3 1 . 1 2 . 2 0 1 4 31.12.2013 Non-current interest-bearing liabilities Bonds 1 300 000 600 000 Bank debt (NIB), unsecured 898 660 729 596 Total non-current liabilities 2 198 660 1 329 596 Current interest-bearing liabilities Certificate loans 200 000 750 000 Other current interest-bearing liabilities (cash pool) 267 224 425 884 Total current liabilities 467 224 1 175 884 Total interest-bearing liabilities 2 665 884 2 505 480 Interest-bearing receivables Non-current interest-bearing receivables 1 875 700 1 765 437 Current interest-bearing receivables 225 150 211 657 Cash and cash equivalents 639 962 432 553 Total interest-bearing receivables 2 740 812 2 409 647 Net interest-bearing receivables/liabilities(-) 74 928 -95 833 Of the non-current bonds NOK 600 million are due for payment in 2016, NOK 300 million in 2019 and the remaining NOK 400 million is due for payment in 2021. Jotun has a USD 120 million long term loan with Nordic Investment Bank (NIB) which will be paid by installments of USD 10 million twice a year from 2018 until 2024.The non-current interest-bearing receivables consists mainly of intercompany loans to subsidaries, joint ventures and associated companies. The current interest-bearing receivables consists mainly of intercom-pany receivables. Jotun Powder Coatings (N) AS had no interest-bearing debt per 31.12.2013, but they had interest-bearing receivables of NOK 128 million connected to cash pool per 31.12.2013. See Group`s note 14 for further information about funding and borrowings, including loan covenants.


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