JOTUN GROUP
51
Shares held by subsidiaries and associated companies
(SHARE CAPITAL AND FACE VALUE IN THOUSAND)
Company City Country Currency Share No. of Face Stake
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 Rep. 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 134 567 653 215 260 57 917 918 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 26 414 15 414 154 0.01
Jotun Powder Coatings Pakistan (Pvt) Ltd Lahore Pakistan PKR 1 050 984 103 898 434 1 039 003 98.86
Jotun Paints (HK) 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. Co. Taipei China 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 596 846 1 60 0.01
Jotun Myanmar Services Company Limited Yangon Myanmar MMK 1 302 500 1 302 13 025 1.00
Jotun Myanmar Company Limited Yangon Myanmar MMK 15 995 987 1 191 1 600 0.01
Jotun Singapore Pte Ltd
P.T. Jotun Indonesia Jakarta Indonesia IDR 134 567 653 1 500 403 703 0.30
20 Contingent liabilities
Contingent liabilities are possible obligations that are not
reflected in the annual accounts. This is either because it is not
probable that significant financial outlays 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 ongoing 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 in cases where negative
outcomes are likely and reliable estimates can be made. In
evaluating the size of the provisions, expected insurance cover
is considered 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.
A lawsuit related to a claim in the Fort Hills oil sands mining
project in Alberta, Canada, has been served against Jotun A/S
and Chokwang Jotun Ltd, where Fort Hills Energy LP is seeking
CAD 182 million (NOK 1.2 billion) in damages. The numbers
are undocumented. In addition, reservations are made from
the plaintiff for any potential additional costs. These possible
records are to be proven at trial.
Jotun contests the customer’s claim, and 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, further expenditures may arise as
conditions at various sites has yet to be determined. 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.