STATEMENT OF CHANGES IN EQUITY
(NOK million) Note Share capital Other equity Total equity
Equity as of 1 January 2019 103 5 415 5 518
Dividends 5.9 -428 -428
Profit for the year 639 639
Other comprehensive income 5.2 4 4
Equity as of 31 December 2019 103 5 630 5 733
Dividends 5.9 -547 -547
Profit for the year 970 970
Other comprehensive income 5.2 -3 -3
Equity as of 31 December 2020 103 6 050 6 153
STATEMENT OF CASH FLOWS
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Jotun A/S
(NOK million) Note 2020 2019
Cash flow from operating activities
Operating profit 189 11
Adjustments to reconcile operating profit to net cash flows:
Gain / loss on sale of fixed assets 3.2 -15 -
Depreciation, amortisation and impairment 3.1, 3.2 231 175
Impairment of shares 5.6 421 443
Change in accruals, provisions and other -138 163
Working capital adjustments:
Change in trade and other receivables -139 112
Change in trade payables 30 -28
Change in inventories -19 -8
Cash generated from operating activities 560 867
Dividend from subsidiaries, associates and joint ventures 1 495 1 098
Interest received 4.3, 5.5 131 163
Interest paid 4.3 -74 -95
Other financial items 4.3 -574 -364
Income tax payments 5.1 -208 -181
Net cash flow from operating activities 1 331 1 487
Cash flows used for investing activities
Proceeds from sale of property, plant and equipment 3.2 252 -
Purchase of property, plant and equipment 3.2 -346 -691
Purchase of intangible assets 3.1 -106 -366
Investments in subsidiaries, associates and joint ventures 5.6,5.7 -520 -578
Net cash flow used for investing activities -721 -1 634
Cash flows from financing activities
Repayment (-) / proceeds in group account system (cash pool) 5.5 401 254
Cash payments for new lending 4.4, 5.5 - 151
Repayment (-) / proceeds from borrowings 4.1 -180 693
Payment of principal portion of lease liability 5.4 -14 -12
Dividend paid 5.9 -547 -428
Net cash flow from financing activities -340 658
Net increase / decrease (-) in cash and cash equivalents 271 511
Cash and cash equivalents as of 1 January 4.2 725 214
Cash and cash equivalents as of 31 December 4.2 995 725
Jotun Annual Report 2020 I 53