55 JOTUN A/S 4 OTHER OPERATING EXPENSES AND FINANCE INCOME/COSTS OTHER OPERATING EXPENSES (NOK THOUSAND) 2016 2015 Manufacturing costs 63 653 64 653 Warehouse costs 17 975 15 362 Transport costs 41 659 43 692 Sales costs 165 097 196 934 Research and development 191 775 179 352 General and administrative 113 010 148 137 Royalty costs 41 132 57 029 Other 218 229 28 287 Total 852 530 733 444 Jotun A/S presents its income statement based on the nature of the item of income and expense. “Other operating expenses” comprise all operating expenses that are not related to cost of goods sold, employee payrolls and capital cost in the form of depreciation. The main items of other operating expenses have been grouped in the table above. The item “Research and development” consists of cost from projects in a research phase and development costs related to cancelled projects. The item “Other” mainly consists of claims, technical service cost, and change in cost of conversion. The increase from last year is mainly caused by high claims provisions in 2016. (NOK THOUSAND) 2016 2015 NET FINANCE INCOME Interest income 5 090 5 520 Interest income on loan to group companies 98 416 100 326 Other financial income 15 702 12 637 Total 119 208 118 483 FINANCE COST Interest costs –50 271 –58 914 Net realised foreign currency loss –15 155 –12 516 Net unrealised foreign currency loss –6 331 –43 248 Write down of financial fixed assets –376 000 –127 500 Other financial costs –2 958 –2 322 Total –450 715 –244 500 Total net finance income / cost (–) –331 507 –126 016
Jotun Annual Report 2016
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