JOTUN A/S
Non-current interest-bearing debt
Bonds 1 400 000 1 000 000
Bank debt Nordic Investment Bank (NIB), unsecured 723 274 835 204
Total 2 123 274 1 835 204
Current interest-bearing debt
Certificate loans, unsecured – 100 000
Bond 155 000 –
Instalments on bank debt (NIB), unsecured 160 728 151 855
Other current interest-bearing liabilities (cash pool) 122 651 157 497
Total 438 378 409 352
Total interest-bearing debt 2 561 652 2 244 556
Interest-bearing receivables
Non-current interest-bearing receivables 2 575 091 2 588 836
Current interest-bearing receivables 315 398 296 630
Cash and cash equivalents 213 813 395 141
Total 3 104 302 3 280 607
71
13 Funding and borrowings
Cash flow from Jotun’s 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 1 216 million in dividends from Jotun Group in
2018, compared to NOK 1 599 million in 2017.
(NOK THOUSAND) 31.12.2018 31.12.2017
Net interest-bearing receivables / liabilities (–) 542 650 1 036 051
Of the non-current bonds, NOK 400 million is due for payment
in 2021, NOK 500 million is due in 2022 and the remaining
NOK 500 million is due in 2024.
Jotun has a USD 101.8 million loan from the Nordic Investment
Bank (NIB) where USD 83.3 million is long term and USD 18.5
million is short term as of 31.12.2018. Down payment of the
loan will be made semi-annually from 2019 until final maturity
in 2024. The instalments for 2019 are presented as current
interest-bearing debt.
The non-current interest-bearing receivables consist mainly of
intercompany loans to subsidiaries, joint ventures and associated
companies.
The current interest-bearing receivables consist mainly of Jotun
subsidiaries drawings in the Jotun Group’s cash pool.
See Jotun Group’s note 16 for further information about
funding and borrowings, including loan covenants.
14 Other current liabilities
(NOK THOUSAND) 2018 2017
Liabilities to subsidiaries, joint ventures and associated companies 410 978 611 617
Public charges and holiday pay 106 019 139 767
Other accrued expenses 156 795 134 483
Total 673 792 885 867
Other accrued expenses are related to bonuses to employees, royalty, interests and other accrued expenses.