49
JOTUN GROUP
SHARES HELD BY SUBSIDIARIES
(SHARE CAPITAL AND FACE VALUE IN 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
P.T. Jotun Indonesia Jakarta Indonesia IDR 134 567 653 114 950 – 43.04
Jotun Kenya Limited Nairobi Kenya KES 382 000 2 200 19 100 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 (HKL) 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 Taiwan 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 352 852 1 35 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 8 796 026 1 880 0.01
Jotun Singapore Pte Ltd
P.T. Jotun Indonesia Jakarta Indonesia IDR 134 567 653 1 500 740 122 0.30
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.
PRODUCT LIABILITY CLAIMS AND DISPUTES
Jotun Group is, through its on-going business, involved in
product liability claims cases and disputes in connection with the
Group’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.
Jotun Group expects that a lawsuit will be served against Jotun
A/S and Chokwang Jotun Ltd. in the near future. This lawsuit
is related to a claim in the Fort Hills oil sands mining project in
Alberta, Canada. This is a large and complex project where there
are many uncertainties, and we will contest the customer’s claim.
As a result of this position, no provision has been performed for a
negative outcome of a lawsuit.
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 company make investments and/or incurs costs
to meet more stringent emission standards or to take remedial
actions related to e.g. soil contamination.