Section 03
The notes in this section provide details
of the assets and related liabilities that
form the basis for the Group’s activities.
Invested Capital and
Working Capital Items
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27.4 %
Operating working
capital / revenue
2020: 28.7 %
14 482
Capital employed
(NOK million)
2020: 12 846
1 344
Investments in intangible
and fixed assets
(NOK million)
2020: 1 407
Due to the persistent uncertainty stemming
from the ongoing pandemic, Jotun maintained
its focus on managing liquidity and working
capital throughout 2021. This helped bring down
operating working capital in per cent of revenue
to 27.4 per cent.
However, net operating working capital in
nominal values increased. This is mainly explained
by the extraordinary rise in raw material prices and
a strategic build-up of inventory due to disruptions
in the global supply chain. Despite various supply
chain challenges, Jotun was generally able to
maintain delivery of products to customers
without significant interruptions or delays.
The increase in capital employed, beyond the
rise in operating working capital, is driven by
investments in new production facilities in Egypt
and Vietnam, construction of a new regional
headquarter and R&D facility in Dubai and facility
upgrades in Norway.
Jotun Annual Report 2021 I 25