SECTION 3
The notes in this section provide details of the assets and related liabilities
that form the basis for the Group’s activities.
Invested Capital and
Working Capital Items
In 2019, Jotun increased its efforts to improve
working capital, through process optimisation and
improved follow-up of customer credits.
While accounts receivable and inventories relative
to operating revenue were reduced, tightening
of supplier payment terms resulted in operating
working capital in per cent of revenue remaining
unchanged.
The increase in capital employed is mainly driven by
investments in a new headquarter and R&D centre in
Sandefjord, Norway, as well as new production and
warehouse facilities in Egypt and Vietnam.
30.0 %
Operating working
capital / revenue
2018: 30.0 %
12 416
Capital employed
(NOK million)
2018: 11 156
1 464
Investments in intangible
and fixed assets
(NOK million)
2018: 1 089
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