Right-of-Use assets:
(NOK THOUSAND) Land Buildings
Machinery,
vehicles and
equipment Total
Cost
Balance as of 1 January 2019 318 186 189 873 123 940 632 000
Additions - 40 075 57 226 97 301
Terminations -9 175 -2 750 -1 064 -12 988
Foreign currency translation effect 3 819 1 167 1 950 6 936
Balance as of 31 December 2019 312 831 228 366 182 053 723 250
Depreciation and impairment
Balance as of 1 January 2019 - - - -
Depreciation -9 686 -59 119 -58 256 -127 062
Impairment - -4 894 - -4 894
Foreign currency translation effect 35 2 127 -920 1 241
Balance as of 31 December 2019 -9 652 -61 886 -59 177 -130 714
Net book value
Balance as of 31 December 2019 303 180 166 480 122 876 592 535
Lease liability as of 31 December
(NOK THOUSAND) 31.12.2019
Non-current 334 006
Current 111 311
Total 445 317
Undiscounted lease liabilities and maturity of cash outflows
(NOK THOUSAND) Total
Less than 1 year 134 807
1-2 years 100 524
2-3 years 59 285
3-4 years 35 615
4-5 years 22 065
More than 5 years 302 858
Total undiscounted lease liabilities as of 31 December 2019 655 154
Back to Notes for the Group
Amounts recognised in the consolidated income statement:
(NOK THOUSAND) 2019
Leases
Depreciation of Right-of-Use assets 127 062
Impairment of Right-of-Use assets 4 894
Interest expense 29 868
Other lease expenses recognised in the income statement:
Expenses relating to short-term leases 26 117
Expenses relating to lease of low value assets 7 236
Expenses related to variable payments 24 127
Total 219 304
Total cash outflow relating to leases was NOK 179 million for the period.
The portfolio of short-term leases does not vary significantly from year to year.
Effect from implementation of IFRS 16:
When recognising right-of-use assets as part of the implementation of the new standard, prepaid or
accrued lease payments have been reclassified as right-of-use assets. The effect on the balance sheet
from the implementation is illustrated below.
(NOK THOUSAND) 01.01.2019
Assets
Right-of-use assets 632 000
Property, plant and equipment -104 871
Other receivables (prepayments) -18 585
Total 508 544
Liabilities
Interest-bearing debt (non-current) 394 059
Interest-bearing debt (current) 114 485
Total 508 544
Reconciliation of operational lease commitments and leases liability
(NOK THOUSAND)
Operating lease commitments as of 31 December 2018 (adjusted) 775 113
Less short-term and low value leases recognised on a straight line basis -54 547
Total 720 565
Discounted using the incremental borrowing rate -234 949
Adjustments as a result of a different treatment of extension and termination options 22 927
Lease liabilities as of 1 January 2019 508 544
JOTUN GROUP
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