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FINANCIAL INFO
WORKING CAPITAL
Working capital increased to NOK 5 467 million as of 31
December 2017 from NOK 4 852 million the previous year. The
increase is mainly tied to the sharp increase in raw material prices.
NET INTEREST BEARING DEBT
The net interest bearing debt for the Group was NOK 2 029
million at year-end 2017 compared to NOK 1 523 million as of
31 December 2016, and net interest bearing debt relative to the
operating profit before amortisation and depreciation (EBITDA)
was 1.1 (2016: 0.7). The Group’s main sources of financing
are loans in the Norwegian bond market and loans from the
Group’s relationship banks. At year-end 2017, Jotun A/S had
NOK 1 000 million in long-term bonds and NOK 987 million
in USD bank debt, of which NOK 152 million was short-term,
outstanding. External borrowing in the subsidiaries is primarily
short-term and through local banks.
Jotun A/S has NOK 800 million of long-term credit lines. This
committed funding serves as a back stop for certificate loans as
well as a strategic reserve for short-term financing of the Group.
At year end these credit lines, in addition to a short-term credit
line of NOK 100 million, were all unused.
SHAREHOLDER EQUITY
Total equity including non-controlling interests amounted to NOK
8 254 million (2016: NOK 8 035 million). The increase in total
equity is due to the net effect of profit for the year of NOK 798
million, other comprehensive income of NOK –21 million relating
to currency translation effects, and dividend payments of in total
NOK 557 million. The equity ratio was at 53 per cent at the end
of the year, and remained unchanged compared to 2016.
The proposed dividend for Jotun A/S for 2017 amounting to
NOK 428 million will not be recognised in equity until finally
declared in 2018.
CASH FLOW
Operating activities in 2017 resulted in a net cash flow of NOK
1 097 million (2016: NOK 2 027 million). The reduction from
2016 is mainly due to an increase in working capital and lower
profit.
WORKFORCE
In 2017, Jotun Group had on average 6 976 full-time equivalents
related to its on-going business in Jotun A/S and its subsidiaries
(2016: 6 909 average full-time equivalents). Including employees
in joint ventures and associates, Jotun had in total 9 789
employees at year end 2017 (2016: 9 819 employees).