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Jotun Annual Report 2016

64 JOTUN A/S DIVIDENDS PAID AND PROPOSED DECLARED AND PAID DURING THE YEAR 2016 2015 Dividends on ordinary shares: Final dividend for 2015: 1 500 NOK per share (2014: 1 500 NOK per share) 513 000 513 000 PROPOSED FOR APPROVAL AT THE ANNUAL GENERAL MEETING (NOT RECOGNISED AS A LIABILITY AT 31 DECEMBER): 2016 2015 Dividends on ordinary shares: Final dividend for 2016: NOK 1 500 per share (2015: NOK 1 500 per share) 513 000 513 000 15 FUNDING AND BORROWINGS Cash flow from Jotuns operations has seasonal cycles. Through the winter and spring there is a substantial build up of working capital in preparation for the summer sales season. This is an expected cyclical movement and is taken into account when planning the company’s financing. Other drivers for the liquidity development are the investments in new factories around the world. Investments within the Jotun Group are financed mostly from Jotun A/S and the cash flows are predictable as the financing for each project is planned well in advance. Jotun A/S received NOK 1 547 million in dividends from Jotun Group in 2016, compared to NOK 1 097 million in 2015. (NOK THOUSAND) 31.12.2016 31.12.2015 NON-CURRENT INTEREST-BEARING LIABILITIES Bonds 1 000 000 1 000 000 Bank debt (NIB), unsecured 1 035 624 1 056 744 Total non-current liabilities 2 035 624 2 056 744 CURRENT INTEREST-BEARING LIABILITIES Certificate loans 300 000 200 000 Other current interest-bearing liabilities (cash pool) 289 945 206 804 Total current liabilities 489 945 506 804 Total interest-bearing liabilities 2 525 569 2 563 548 INTEREST-BEARING RECEIVABLES Non-current interest-bearing receivables 2 510 921 2 364 843 Current interest-bearing receivables 108 405 256 395 Cash and cash equivalents 660 469 231 087 Total interest-bearing receivables 3 279 795 2 852 324 Net interest-bearing receivables / liabilities (–) 754 226 288 777 Of the non-current bonds, NOK 600 million is due for payment in 2019 and the remaining NOK 400 million is due for payment in 2021. Jotun has a USD 120 million long term loan from the Nordic Investment Bank (NIB) which will be repaid through installments of USD 10 million twice a year from 2018 until 2024. The non-current interest-bearing receivables consist mainly of intercompany loans to subsidaries, joint ventures and associated companies. The current interest-bearing receivables consist mainly of Jotun subsidiaries drawings in the Group`s cash pool. See Group`s note 15 for further information about funding and borrowings, including loan covenants.


Jotun Annual Report 2016
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