1.1 ACCOUNTING POLICIES
The financial statements for Jotun A/S have been prepared in accordance with simplified IFRS pursuant to
section 3-9 of the Norwegian Accounting Act. This mainly implies that the financial statements are presented
in accordance with IFRS and the notes are presented in accordance with the requirements of the Norwegian
Accounting Act. The accounting policies for the Group therefore also apply to Jotun A/S.
Line items in the notes named Jotun entities comprise subsidiaries, associates and joint ventures.
Accounting policies estimates and judgements specific to Jotun A/S are incorporated into the individual notes.
For more information about accounting policies, see consolidated financial statement for the Group.
1.2 ESTIMATES AND JUDGEMENTS
In preparing the company’s financial statements, Management makes various accounting estimates and
assumptions that form the basis of the presentation, recognition and measurement of the company’s assets
and liabilities. See Note 1.3 to the consolidated statements.
1.3 EVENTS AFTER THE BALANCE SHEET DATE
No events have taken place after the balance sheet date that would have affected the financial statements, or
any assessments carried out.
2.1 OPERATING REVENUE
(NOK million) 2020 2019
Revenue from contracts with customers 1 783 1 589
Revenue from contracts with customers from Jotun entities 1 201 1 100
Total revenue from contracts with customers 2 984 2 689
Other revenue 39 44
Other revenue from Jotun entities 1 027 891
Total operating revenue 4 049 3 625
Other revenue includes among others royalty income, misc. grants and refunds and profit from sale of fixed assets.
Revenue from contracts with customers by segments
(NOK million) 2020 2019
Decorative 2 613 2 254
Marine 257 298
Protective 83 105
Powder 30 32
Total revenue from contracts with customers 2 984 2 689
Cost of Goods Sold 1 832 1 597
Gross Profit 1 152 1 091
Payment terms are based on agreements and local business practices, and are in general in the range of 30 to 60
days.
Back to contents >
Jotun A/S
56 I Jotun Annual Report 2020