Right-of-Use assets:
(NOK million) Land Buildings
Machinery,
vehicles and
equipment Total
Cost
Balance as of 1 January 2020 313 228 182 723
Additions 1 92 73 165
Disposals -24 -17 -11 -51
Reclassifications 28 1 -1 28
Foreign currency translation effect -3 -7 -4 -14
Balance as of 31 December 2020 315 297 239 852
Additions 20 125 81 226
Disposals - -3 -7 -10
Reclassifications -1 1 -1 -1
Foreign currency translation effect 5 -6 -12 -12
Balance as of 31 December 2021 339 414 301 1 055
Amortisation and impairment
Balance as of 1 January 2020 -10 -62 -59 -131
Depreciation -10 -70 -71 -152
Depreciation on disposals 2 5 11 18
Impairment - - - -
Reclassifications - -1 1 -
Foreign currency translation effect 1 8 4 12
Balance as of 31 December 2020 -17 -120 -115 -252
Depreciation -10 -71 -67 -148
Depreciation on disposals - 2 6 7
Impairment - - - -
Reclassifications 1 1 -1 1
Foreign currency translation effect - 1 4 5
Balance as of 31 December 2021 -26 -186 -174 -387
Net book value
Balance as of 31 December 2021 313 228 127 668
Balance as of 31 December 2020 298 177 124 600
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Lease liability as of 31 December
(NOK million) 31.12.2021 31.12.2020
Non-current 399 327
Current 123 116
Total 522 443
Undiscounted lease liabilities and maturity of cash outflows
(NOK million) 31.12.2021 31.12.2020
Less than 1 year 146 135
1-2 years 105 92
2-3 years 69 60
3-4 years 48 34
4-5 years 35 25
More than 5 years 340 288
Total undiscounted lease liabilities 742 634
Amounts recognised in the consolidated income statement:
(NOK million) 2021 2020
Leases
Depreciation of Right-of-Use assets 148 152
Impairment of Right-of-Use assets - -
Interest expense 26 26
Other lease expenses recognised in the income statement:
Expenses relating to short-term leases 14 21
Expenses relating to lease of low value assets 8 9
Expenses related to variable payments 24 21
Rent concession - Covid-19 pandemic - -
Total 220 229
Total cash outflow relating to lease of Right-of-Use assets was NOK 168 million for the period.
The portfolio of short-term leases does not vary significantly from year to year.
Jotun Group
Jotun Annual Report 2021 I 43