23 JOTUN GROUP Jotun Jotun Jotun Powder Jotun Red Sea Jotun Yemen Jotun Abu Coatings Powder 2015 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 60 840 421 960 4 159 131 199 62 504 73 370 75 751 Current assets 101 388 738 174 1 374 708 962 293 477 176 194 190 211 Total assets 162 228 1 160 134 5 532 840 161 355 981 249 563 265 962 Equity 109 496 743 766 156 702 798 244 262 186 670 176 916 Non-current liabilities 20 389 61 344 5 376 25 214 1 691 8 690 2 416 Current liabilities 32 343 355 024 – 112 149 110 028 54 204 86 631 Total equity and liabilities 162 228 1 160 134 5 532 840 161 355 981 249 564 265 962 Revenues – 1 738 455 – 1 661 656 620 368 278 212 463 132 Profit /loss (–) for the year 16 180 376 567 –550 368 073 134 259 –9 276 72 360 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 as of 1 January 2016 319 986 262 663 332 781 915 430 Net profit / loss (–) during the year 35 033 41 129 52 700 128 863 Exchange differences –12 673 –23 169 –3 409 –39 251 Items charged to equity 1 991 – – 1 991 Dividend –53 700 – –198 557 –252 257 Balance as of 31 December 2016 290 637 280 623 183 515 754 776 A summary of the financial information on the individual joint ventures as of 2016 and 2015, based on 100 per cent figures: Jotun COSCO Jotun COSCO 2016 Chockwang Marine Coatings Marine Coatings (NOK THOUSAND) Jotun Ltd. (Qingdao) Co. Ltd. (H.K.) Ltd. Non-current assets 371 171 509 917 384 665 Current assets 668 224 698 804 392 063 Total assets 1 039 395 1 208 721 776 728 Equity 581 274 561 247 695 464 Non-current liabilities 87 377 51 665 – Current liabilities 370 744 595 810 81 264 Total equity and liabilities 1 039 395 1 208 721 776 728 Revenues 1 377 064 1 742 966 659 176 Profit /loss (–) for the year 70 067 82 258 105 400 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 Annual Report 2016
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