Effect from implementation of IFRS 16:
(NOK THOUSAND) 01.01.2019
Assets
Right-of-use-assets 53 018
Total 53 018
Liabilities
Interest-bearing debt (non-current) 40 166
Interest-bearing debt (current) 12 852
Total 53 018
Reconciliation of operational lease commitments and lease liability
(NOK THOUSAND)
Operating lease commitments as of 31 December 2018 (adjusted) 68 186
Less short-term and low value leases recognised on a straight line basis -7 391
Total 60 795
Discounted using the incremental borrowing rate -7 777
Lease liabilities as of 1 January 2019 53 018
5.5 Related parties
Two parties are deemed to be related if one party can influence the decisions of the other.
During 2019, goods and services were purchased and sold to various related parties in which Jotun
A/S holds a 100 per cent, or less equity interest. Investments in subsidiaries are presented in Note 5.6,
investments in associates and joint ventures are presented in Note 5.7 and shareholder and dividend
information are presented in Note 5.8 to the consolidated financial statements.
The transactions between related parties are sales and purchases of finished goods, raw materials and
technical services. Jotun A/S also has considerable royalty income from Jotun entities. Joint expenses are
distributed in accordance with agreed cost contribution arrangements. Internal trading within the Group
is carried out in accordance with arm’s length principles.
Purchases of services from the Group companies are mainly related to global and regional functions
included in the cost contribution arrangement. In addition, Jotun A/S purchases research and
development services from Jotun entities. Parts of the research and development costs are capitalised,
see Note 3.1.
The amount of these transactions is shown in the table below.
2019
(NOK THOUSAND)
Sales of
goods to
Purchases
of goods
from
Other
revenue
from
Cost
Contribution
income
Back to Notes for the Parent Company
Purchases
of services
from
Interests on
loans to
Group companies 981 990 272 286 588 912 545 883 366 593 146 547
Joint ventures and associates 117 707 41 179 301 570 137 059 257 863 -
Total 1 099 697 313 465 890 482 682 942 624 456 146 547
2018
(NOK THOUSAND)
Sales of
goods to
Purchases
of goods
from
Other
revenue
from
Cost
Contribution
income
Purchases
of services
from
Interests
on loans to
Group companies 897 411 310 631 484 254 491 252 326 795 133 585
Joint ventures and associates 102 715 7 558 244 441 132 302 227 609 -
Total 1 000 126 318 189 728 695 623 553 554 405 133 585
Intercompany balances are disclosed in the table below.
Subsidiaries Associates / Joint ventures
(NOK THOUSAND) 31.12.2019 31.12.2018 31.12.2019 31.12.2018
Non-current assets
Other non-current receivables 2 374 009 2 551 254 1 382 1 361
Total non-current assets 2 374 009 2 551 254 1 382 1 361
Current assets
Trade receivables 418 137 452 046 114 844 97 068
Other current receivables 197 944 413 439 - -
Total current assets 616 081 865 485 114 844 97 068
Total assets 2 990 090 3 416 739 116 226 98 429
Current liabilities
Trade creditors 89 601 127 101 19 334 12 904
Other short term liabilities 228 602 123 971 320 508 278 678
Total liabilities 318 203 251 072 339 842 291 582
JOTUN A/S
66