5.3 Remunerations
Remuneration of the President & CEO
(NOK THOUSAND) Ordinary salary Bonus Benefits in kind Pension cost Total
President & CEO 5 553 808 276 2 597 9 234
The President & CEO is part of a pension scheme that includes a mutual opportunity to discontinue
employment in whole or in part up to five years earlier than a stipulated retirement age of 67 years.
Jotun A/S has no obligation to give the President & CEO or the Chairman of the Board special
remuneration upon discontinuance or change of employment or office. Should the President & CEO’s
employment discontinue, his contract has a clause stipulating that a one-year “competition quarantine”
may be imposed with compensation. The President & CEO has a notice period of six months.
Jotun A/S has not given any loans or guarantees to the President & CEO, the Chairman of the Board,
or to any shareholders or members of Jotun A/S Management, the Board of Directors or Corporate
Assembly.
Remuneration of the Board of Directors and Corporate Assembly
(NOK THOUSAND) 2019 2018
Board of Directors 3 384 2 820
Corporate Assembly 173 165
Total 3 557 2 985
Shares controlled by members of the Board of Directors and Jotun A/S Management are
specified in Note 5.8 to the consolidated financial statement.
External auditor remuneration
(NOK THOUSAND) 2019 2018
Statutory audit 3 103 3 001
Other attestation services 740 587
Tax services 48 339
Total 3 890 3 927
5.4 Leases
Right-of-Use assets
(NOK THOUSAND) Land Buildings
Machinery, vehicles
and equipment Total
Cost
Balance as of 1 January 2019 21 397 8 003 23 617 53 018
Additions - 204 9 456 9 660
Balance as of 31 December 2019 21 397 8 207 33 074 62 677
Depreciation and impairment
Balance as of 1 January 2019 - - - -
Depreciation -1 783 -1 617 -9 716 -13 116
Balance as of 31 December 2019 -1 783 -1 617 -9 716 -13 116
Net book value
Balance as of 31 December 2019 19 614 6 590 23 358 49 562
Lease liability as of 31 December:
(NOK THOUSAND) 2019
Current 12 853
Non-current 37 534
Total 50 386
Lease liability is classified as interest bearing debt, see Note 4.1.
Undiscounted lease liabilities and maturity of cash outflows:
(NOK THOUSAND) Total
Less than 1 year 14 503
1-2 years 11 143
2-3 years 6 719
3-4 years 5 493
4-5 years 4 030
More than 5 years 14 876
Total undiscounted lease liabilities as of 31 December 2019 56 763
Amounts recognised in the income statement:
(NOK THOUSAND) 2019
Leases:
Depreciation of Right-of-Use assets 13 116
Interest expense 1 964
Other lease expenses recognised in the income statement:
Expenses relating to short-term leases 4 151
Expenses relating to lease of low value assets 783
Expenses related to variable payments 13 861
Total 33 875
Total cash outflow relating to leases was NOK 14.25 million for the period.
The portfolio of short-term leases does not vary significantly from year to year.
Back to Notes for the Parent Company
JOTUN A/S
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