Right-of-Use assets:
(NOK million) Land Buildings
Machinery,
vehicles and
equipment Total
Cost
Balance as of 1 January 2019 318 190 124 632
Additions - 40 57 97
Disposals -9 -3 -1 -13
Reclassifications - - - -
Foreign currency translation effect 4 1 2 7
Balance as of 31 December 2019 313 228 182 723
Additions 1 92 73 165
Disposals -24 -17 -11 -51
Reclassifications 28 1 -1 28
Foreign currency translation effect -3 -7 -4 -14
Balance as of 31 December 2020 315 297 239 852
Amortisation and impairment
Balance as of 1 January 2019 - - - -
Depreciation -10 -59 -58 -127
Depreciation on disposals - - - -
Impairment - -5 - -5
Reclassifications - - - -
Foreign currency translation effect - 2 -1 1
Balance as of 31 December 2019 -10 -62 -59 -131
Depreciation -10 -70 -71 -152
Depreciation on disposals 2 5 11 18
Impairment - - - -
Reclassifications - -1 1 -
Foreign currency translation effect 1 8 4 12
Balance as of 31 December 2020 -17 -120 -115 -252
Net book value
Balance as of 31 December 2020 298 177 124 600
Balance as of 31 December 2019 303 166 123 593
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Jotun Group
Lease liability as of 31 December
(NOK million) 31.12.2020 31.12.2019
Non-current 327 334
Current 116 111
Total 443 445
Undiscounted lease liabilities and maturity of cash outflows
(NOK million) 31.12.2020 31.12.2019
Less than 1 year 135 135
1-2 years 92 101
2-3 years 60 59
3-4 years 34 36
4-5 years 25 22
More than 5 years 288 303
Total undiscounted lease liabilities 634 655
Amounts recognised in the consolidated income statement:
(NOK million) 2020 2019
Leases
Depreciation of Right-of-Use assets 152 127
Impairment of Right-of-Use assets - 5
Interest expense 26 30
Other lease expenses recognised in the income statement:
Expenses relating to short-term leases 21 26
Expenses relating to lease of low value assets 9 7
Expenses related to variable payments 21 24
Rent concession - COVID-19 pandemic - -
Total 229 219
Total cash outflow relating to lease of Right-of-Use assets was NOK 164 million for the period.
The portfolio of short-term leases does not vary significantly from year to year.
Jotun Annual Report 2020 I 43