Notes for
the Group
The notes are grouped into five sections and contain
relevant financial information as well as a description
of the accounting policies applied for the respective
accounts included in the individual note.
01 Basis of Preparation
1.1 Accounting policies 20
1.2 New accounting policies 20
1.3 Estimates and judgements 20
1.4 Events after the balance sheet date 20
02 Results for the Year
2.1 Operating revenue 22
2.2 Payroll expenses 23
2.3 Other operating expenses 23
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03 Invested Capital and Working Capital Items
Jotun Group
3.1 Overview 26
3.2 Intangible assets 27
3.3 Property, plant and equipment 28
3.4 Inventories 30
3.5 Trade and other receivables 30
3.6 Other current liabilities 31
3.7 Provisions 31
3.8 Contingent liabilities 32
3.9 Contractual obligations and guarantees 32
04Capital Structure and Financial Items
4.1 Interest-bearing debt 34
4.2 Cash and cash equivalents 35
4.3 Net financial items 35
4.4 Financial risk management 36
05Other Disclosures
5.1 Taxation 38
5.2 Pensions and other long-term employee benefits 40
5.3 Remunerations 41
5.4 Leases 42
5.5 Associates and joint ventures 44
5.6 Related parties 45
5.7 Subsidiaries 45
5.8 Share capital and shareholder information 46
5.9 Details of financial assets and liabilities 47
5.10 Alternative performance measures 49
Jotun Annual Report 2021 I 19