50 JOTUN A/S STATEMENT OF CHANGES IN EQUITY (NOK THOUSAND) NOTE SHARE CAPITAL OTHER EQUITY TOTAL EQUITY Equity as of 1 January 2015 102 600 3 596 423 3 699 023 Dividends 14 –513 000 –513 000 Dividend not recognised in statement of 134 224 134 224 comprehensive income Profit of the year 904 791 904 791 Other comprehensive income –2 805 –2 805 Equity as of 31 December 2015 102 600 4 119 633 4 222 232 Dividends 14 –513 000 –513 000 Profit for the year 947 961 947 961 Other comprehensive income –2 659 –2 659 Equity as of 31 December 2016 102 600 4 551 936 4 654 536 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 the 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 recognition. 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 2016
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