23 JOTUN GROUP Jotun Jotun Jotun Powder Jotun Red Sea Jotun Yemen Jotun Abu Coatings Powder 2014 Paints Saudia Paints U.A.E. Dhabi Saudia Arabia Coatings (NOK THOUSAND) Co. Ltd. Co. Ltd. Ltd. Ltd. (LLC) Ltd. (LLC) Co. Ltd. U.A.E. Ltd. (LLC) Non–current assets 48 133 306 186 6 447 110 627 47 163 59 210 71 748 Current assets 105 120 606 051 4 413 622 169 260 466 178 470 167 433 Total assets 153 253 912 236 10 860 732 795 307 630 237 680 239 182 Equity 81 815 624 431 604 540 162 191 148 165 450 113 647 Non–current liabilities 19 855 42 026 5 938 19 571 842 15 714 4 258 Current liabilities 51 584 245 779 4 319 173 063 115 640 56 516 121 276 Total equity and liabilities 153 253 912 236 10 860 732 795 307 630 237 680 239 182 Revenues – 1 250 182 698 1 258 535 448 325 277 157 346 733 Profit /loss (–) for the year 8 378 263 817 –332 239 235 85 161 14 921 38 110 JOINT VENTURES Joint ventures are investments in which the Group has joint control over the companies together with other partners. This type of collaboration is based on specific agreements (see note 1 for further details). Jotun Group has the following investments in joint ventures (all the joint ventures are limited liability companies): Jotun COSCO Jotun COSCO ENTITY Chockwang Marine Coatings Marine Coatings (NOK THOUSAND) Jotun Ltd. (Qingdao) Co. Ltd. (H.K.) Ltd. Total Country South Korea China China Figures bases on ownership 50.0% 50.0% 50.0% Balance at 1 January 2015 291 213 189 908 277 978 759 100 Net profit / loss (–) during the year 36 830 47 089 69 470 153 388 Exchange differences 29 293 25 666 55 628 110 588 Dividend –37 350 – –70 296 –107 646 Balance at 31 December 2015 319 986 262 663 332 781 915 430 A summary of the financial information on the individual joint ventures as of 2015 and 2014, based on 100 per cent figures: Jotun COSCO Jotun COSCO 2015 Chockwang Marine Coatings Marine Coatings (NOK THOUSAND) Jotun Ltd. (Qingdao) Co. Ltd. (H.K.) Ltd. Non-current assets 329 090 630 742 802 548 Current assets 946 017 1 336 076 415 757 Total assets 1 275 106 1 966 818 1 218 305 Equity 639 972 525 327 1 003 835 Non-current liabilities 68 072 462 255 – Current liabilities 567 062 979 236 214 470 Total equity and liabilities 1 275 106 1 966 818 1 218 305 Revenues 1 545 643 2 327 061 854 443 Profit /loss (–) for the year 73 659 94 178 138 940 Jotun COSCO Jotun COSCO 2014 Chockwang Marine Coatings Marine Coatings (NOK THOUSAND) Jotun Ltd. (Qingdao) Co. Ltd. (H.K.) Ltd. Non-current assets 229 116 574 116 652 874 Current assets 895 491 981 086 234 750 Total assets 1 124 607 1 555 202 887 624 Equity 582 427 379 816 843 500 Non-current liabilities 120 080 363 188 – Current liabilities 422 100 812 197 44 124 Total equity and liabilities 1 124 607 1 555 202 887 624 Revenues 1 045 606 1 508 354 507 269 Profit /loss (–) for the year 52 553 46 262 60 181
Jotun - Annual Report 2015
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