Income statement
(NOK THOUSAND) Note 2019 2018
Operating revenue 2.1,5.5 3 624 682 3 382 926
Cost of goods sold 5.5 -1 597 421 -1 595 853
Payroll expenses 2.2,5.2 -991 162 -913 040
Other operating expenses 2.3,5.4,5.5 -850 497 -862 457
Depreciation, amortisation and impairment 3.1,3.2,5.4 -174 312 -150 548
Operating profit 11 290 -138 972
Dividend from subsidiaries 524 616 839 467
Dividend from associates and joint ventures 572 887 376 405
Net financial items 4.3,4.4,5.4,5.5 -296 210 -182 814
Profit before tax 812 583 894 086
Income tax expense 5.1 -173 565 -167 204
Profit for the year 639 018 726 882
Statement of comprehensive income
(NOK THOUSAND) Note 2019 2018
Profit for the year 639 018 726 882
Other comprehensive income not to be reclassified to profit
or loss in subsequent periods:
Actuarial gain / loss (-) on defined benefit pension plans (net of tax) 5.2 3 573 -2 246
Other comprehensive income for the year, net of tax 3 573 -2 246
Total comprehensive income for the year 642 591 724 635
Statement of financial position
(NOK THOUSAND) Note 31.12.2019 31.12.2018
ASSETS
Non-current assets
Deferred tax assets 5.1 166 826 134 956
Other intangible assets 3.1 755 712 485 401
Property, plant and equipment 3.2,5.4 2 096 760 1 422 706
Investments in subsidiaries 5.6 3 063 886 2 928 868
Investments in associates and joint ventures 5.7 318 453 318 453
Other investments 5.8 8 728 8 728
Other non-current receivables 4.1,4.4,5.4,5.5 2 397 867 2 575 091
Total non-current assets 8 808 232 7 874 204
Current assets
Inventories 3.3 504 734 496 437
Trade and other receivables 3.4,5.5 912 984 1 107 376
Cash and cash equivalents 4.1,4.2 724 898 213 813
Total current assets 2 142 616 1 817 626
Total assets 10 950 848 9 691 830
EQUITY AND LIABILITIES
Equity
Share capital 5.9 102 600 102 600
Other equity 5 630 060 5 414 969
Total equity 5 732 660 5 517 569
Non-current liabilities
Pension liability 5.2 152 447 142 086
Provisions 3.6,3.7 235 991 39 237
Interest-bearing debt 4.1,4.4 3 006 641 2 123 274
Total non-current liabilities 3 395 079 2 304 596
Current liabilities
Interest-bearing debt 4.1 175 454 315 728
Trade and other payables 5.5 418 285 448 017
Tax payable 5.1 75 101 52 429
Other current liabilities 3.5,4.1,5.5 1 154 269 1 053 490
Total current liabilities 1 823 109 1 869 664
Total liabilities 5 218 188 4 174 261
Total equity and liabilities 10 950 848 9 691 830
Sandefjord, Norway, 13 February 2020
The Board of Directors
Jotun A/S
Odd Gleditsch d.y.
Chairman
Richard Arnesen
Einar Abrahamsen
Nicolai A. Eger
Birger Amundsen
Peter Arne Ruzicka
Terje Andersen
Per Kristian Aagaard Morten Fon
President & CEO
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JOTUN A/S
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