3.2 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprises various types of tangible fixed assets. A major part of the amount
reclassified from Construction in progress in 2020 relates to the new headquarters and R&D centre in Norway
which was finalised and taken into use in 2020.
See Note 5.4 for further information related to Right-of-Use assets.
(NOK million) Land Buildings
Electrical
installations
Machinery,
vehicles and
equipment
Construction
in progress
Right-of-
Use assets Total
Cost
Balance as of 1 January 2019 46 682 129 982 760 - 2 598
Additions 1 203 73 23 390 10 700
Disposals - - - -6 - - -6
Reclassifications - - - - 39 53 92
Balance as of 31 December 2019 47 885 202 999 1 189 63 3 385
Additions - 108 89 51 98 9 355
Disposals - - - -42 - - -42
Reclassifications - 588 326 210 -1 124 - -
Balance as of 31 December 2020 47 1 580 617 1 218 163 72 3 698
Depreciation and impairment
Balance as of 1 January 2019 - -419 -64 -693 - - -1 175
Depreciation - -20 -14 -71 - -13 -118
Disposals - - - 5 - - 5
Balance as of 31 December 2019 - -438 -78 -758 - -13 -1 288
Depreciation - -32 -35 -84 - -14 -166
Disposals - - - 38 - - 38
Balance as of 31 December 2020 - -471 -114 -804 - -27 -1 416
Net book value
Balance as of 31 December 2020 47 1 110 504 414 163 45 2 283
Balance as of 31 December 2019 47 446 124 241 1 189 50 2 097
Estimated useful life indefinite 25-33 years 10-14 years 3-10 years
3.3 INVENTORIES
(NOK million) 31.12.2020 31.12.2019
Raw materials 198 184
Finished goods 339 333
Allowance for obsolete goods -13 -12
Total 524 505
3.4 TRADE AND OTHER RECEIVABLES
(NOK million) 31.12.2020 31.12.2019
Accounts receivable 79 99
Account receivables - Jotun entities 699 533
Total accounts receivable 778 632
Other receivables external 97 83
Other receivables - Jotun entities 230 198
Total 1 105 913
The change in allowance for bad debt is shown in the following table:
(NOK million) 2020 2019
Balance as of 1 January 80 45
Allowances for bad debt made during the period -3 36
Realised losses for the year -32 -
Balance as of 31 December 45 80
Ageing of accounts receivable as of 31 December was as follows:
(NOK million) 31.12.2020 31.12.2019
Not due 652 516
Less than 30 days 42 59
30-60 days -1 18
60-90 days 3 7
More than 90 days 126 113
Allowance for bad debt* -45 -80
Total 778 632
* Allowances related to receivables from Jotun entities represent NOK 39 million (2019: NOK 74 million).
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Jotun A/S
58 I Jotun Annual Report 2020