Section 03
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
Jotun Group
28.7 %
Operating working
capital / revenue
2019: 30.0 %
12 846
Capital employed
(NOK million)
2019: 12 416
1 407
Investments in intangible
and fixed assets
(NOK million)
2019: 1 464
Due to the heightened uncertainty following the
COVID-19 pandemic, Jotun intensified its focus
on managing liquidity and working capital.
Overall, operating working capital in per cent
of revenue decreased to 28.7 per cent. This
improvement was achieved through reductions
in both customer receivables and inventories
relative to revenue.
By working closely with suppliers, Jotun was able
to maintain delivery of products to customers
during the pandemic without significant
interruptions or buildup of inventories. Effective
collection of customer receivables was achieved,
among other, through increased use of
electronic invoicing and payment solutions.
The increase in capital employed is mainly driven
by investments in new production facilities in
Vietnam and Egypt, facility upgrades in Norway
and the Czech Republic, construction of a new
regional headquarter and R&D facility in Dubai
and finalisation of the new headquarters and
R&D centre in Norway.
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Jotun Annual Report 2020 I 25