
5.4 LEASES
Right-of-Use assets
(NOK million) Land Buildings
Machinery, vehicles
and equipment Total
Cost
Balance as of 1 January 2019 21 8 24 53
Additions - - 9 9
Balance as of 31 December 2019 21 8 33 63
Additions - - 9 9
Balance as of 31 December 2020 21 9 42 72
Depreciation and impairment
Balance as of 1 January 2019 - - - 0
Depreciation -2 -2 -10 -13
Balance as of 31 December 2019 -2 -2 -10 -13
Depreciation -2 -2 -10 -14
Balance as of 31 December 2020 -4 -3 -20 -27
Net book value
Balance as of 31 December 2020 18 5 22 45
Balance as of 31 December 2019 20 7 23 50
(NOK thousand) 31.12.2020 31.12.2019
Non-current 34 38
Current 12 13
Total 46 50
Lease liability is classified as interest-bearing debt, see Note 4.1.
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Jotun A/S
Undiscounted lease liabilities and maturity of cash outflows:
(NOK million) 31.12.2020 31.12.2019
Less than 1 year 13 15
1-2 years 9 11
2-3 years 8 7
3-4 years 5 5
4-5 years 3 4
More than 5 years 13 15
Total undiscounted lease liabilities 51 57
Amounts recognised in the consolidated income statement:
(NOK million) 2020 2019
Leases
Depreciation of Right-of-Use assets 14 13
Interest expense 2 2
Other lease expenses recognised in the income statement:
Expenses relating to short-term leases 1 4
Expenses relating to lease of low value assets 1 1
Expenses related to variable payments 12 14
Total 29 34
The total cash outflow related to lease of Right-of-Use asset was NOK 15 million (2019: 14 million).
The portfolio of short-term leases does not vary significantly from year to year.
Jotun Annual Report 2020 I 63