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Jotun - Annual Report 2015

50 JOTUN A/S STATEMENT OF CHANGES IN EQUITY (NOK THOUSAND) NOTE SHARE CAPITAL OTHER EQUITY TOTAL EQUITY Equity at 1 January 2014 102 600 3 309 765 3 412 365 Dividends 14 –513 000 –513 000 Merger with Jotun Powder Coatings (N) AS –49 469 –49 469 Profit of the period 845 724 845 724 Other comprehensive income 3 403 3 403 Equity at 31 December 2014 102 600 3 596 423 3 699 022 Dividends 14 –513 000 –513 000 Dividend not recognised in statement of 134 224 134 224 comprehensive income Profit for the period 904 791 904 791 Other comprehensive income –2 805 –2 805 Equity at 31 December 2015 102 600 4 119 632 4 222 233 In 2015 Jotun A/S received dividend from Jotun Powder Coatings AS. NOK 134 million of the dividend was related to Jotun Powder Coatings AS profit on sales of shares in Jotun Powder Coatings (N) AS to Jotun A/S in 2014. The amount was recognised in statement of comprehensive income for Jotun Powder Coatings AS in 2014, and therefore recognised directly in other equity in Jotun A/S in 2015. ACCOUNTING POLICIES The financial statements for Jotun A/S have been prepared in accordance with simplified IFRS pursuant to section 3-9 of the Norwegian Accounting Act. This mainly implies that the financial statements are presented in accordance with IFRS and the notes are presented in accordance with the requirements of the Norwegian Accounting Act. The accounting policies for the Group therefore also apply to Jotun A/S, see summary of significant accounting policies in Group statement. In the process of applying Jotun A/S’ accounting policies, management has made judgements, estimates and assumptions which may have significant effect on the amounts recognised in the financial statements. Shares in subsidiaries, joint ventures and associated companies are incorporated using the cost method of accounting, and are consequently within the scope of impairment testing. Impairment tests are made when objective evidence indicates that a loss event has occurred after initial recongnition. The value in use of the investment is calculated based on future net cash flows. Key assumptions related to the cash flow analysis are sales and profit development, discount rate and terminal value. For more information about accounting policies see Jotun Group.


Jotun - Annual Report 2015
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