43 JOTUN GROUP SHARES HELD BY SUBSIDIARIES (SHARE CAPITAL AND FACE VALUE IN NOK THOUSAND) SHARE NO. OF FACE STAKE COMPANY CITY COUNTRY CURRENCY CAPITAL SHARES VALUE % Jotun Powder Coatings AS Jotun Bulgaria EOOD Sofia Bulgaria EUR 3 – 3 100.00 Jotun Czech a.s. Usti nad Labem Czech Republic CZK 128 000 12 800 128 000 100.00 Jotun Powder Coatings LLL Cairo Egypt EGP 5 270 5 90.00 Jotun India Private Ltd. Mumbai India INR 4 227 790 6 860 000 151 355 3.58 PT Jotun Powder Coatings Indonesia Jakarta Indonesia IDR 30 343 803 114 950 28 826 613 95.00 Jotun Kenya Limited Nairobi Kenya KES 176 000 2 200 8 800 5.00 Jotun Powder Coatings (Malaysia) Sdn. Bhd. Kuala Lumpur Malaysia MYR 1 950 1 950 003 1 950 100.00 Jotun Mexico, S.A. de C.V. Veracruz Mexico MXN 11 392 1 114 1.00 Jotun Powder Coatings Pakistan (Pvt) Ltd Lahore Pakistan PKR 1 050 984 103 898 434 1 039 003 98.86 Jotun Paints (HK) Ltd. Jotun Coatings (Zhangjiagang) Co. Ltd. Zhangjiagang China CNY 217 858 – 217 858 100.00 Jotun (Shanghai) Management Co., Ltd. Shanghai China CNY 12 252 – 12 252 100.00 Jotun Coatings (Taiwan) Ltd company Taipei China TWD 30 000 30 000 000 30 000 100.00 Jotun B.V. Jotun (Deutschland) Gmbh Hamburg Germany EUR 614 1 200 102 16.67 Jotun Hellas Ltd. Glyfada Greece EUR 343 297 9 2.60 Jotun (Malaysia) Sdn.Bhd. Jotun Bangladesh Ltd Dhaka Bangladesh BDT 225 655 1 23 0.01 Jotun Myanmar Services Company Limited Yangon Myanmar MMK 1 302 500 50 13 025 1.00 Jotun Myanmar Company Limited Yangon Myanmar MMK 5 035 589 1 504 0.01 Jotun Singapore Pte Ltd P.T. Jotun Indonesia Jakarta Indonesia IDR 104 223 850 1 500 573 231 1 The voting interest corresponds to the share interest. 19 CONTINGENT LIABILITIES Contingent liabilities are not recognised in the annual accounts. A contingent liability is a present obligation that arises from past events but is not recognised because it is not probable (less likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. DISPUTES AND CLAIMS Jotun Group is, through its on-going business, involved in disputes and claims cases in connection with the company’s operational activities. Provisions have been made to cover the expected outcome of disputes insofar as negative outcomes are likely and reliable estimates can be made. In evaluating the size of the provisions, expected insurance cover is taken into account separately. Jotun acknowledges the uncertainty of the disputes, but believes that these cases will be resolved without significant impact on the Group’s financial position. ENVIRONMENTAL MATTERS The Jotun Group is through its operation exposed to environmental and pollution risk. A number of production facilities and product storage sites have been inspected regarding environmental conditions in the soil. For clean-up projects where implementation is considered to be probable and for which reliable estimates have been done, provisions are made accordingly. Due to uncertainties inherent in the estimation process, it is possible that such estimates could be revised in the near term. In addition, conditions which could require future expenditures may be determined to exist for various sites. The amount of such future costs is not determinable due to the unknown timing and extent of corrective actions which may be required. All of Jotun’s activities are carried out in accordance with local laws and regulations and Jotun HSE requirements. These laws and regulations are subject to changes, and such changes may require that the Group makes investments and/or incurs costs to meet more stringent emission standards or to take remedial actions related to e.g. soil contamination.
Jotun Annual Report 2016
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