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5.5 ASSOCIATES AND JOINT VENTURES
The Group has investments in associates in the Middle East and joint ventures in North East Asia, involved in
production and sales of products within all the Group’s four segments. See Note 1.1 for accounting policy.
See Note 5.7 to the Parent Company Financial Statements for more information.
Overview of changes in investments in associates and joint ventures
31.12.2021 31.12.2020
(NOK million) Associates
Joint
ventures Total Associates
Joint
ventures Total
Investments as of 1 January 826 772 1 598 886 600 1 486
Share of profit 487 9 496 525 221 746
Exchange differences 42 10 53 -77 1 -75
Dividend -510 -217 -727 -508 -51 -559
Investments as of 31 December 845 575 1 419 826 772 1 598
Summary of financial information for the associates and joint ventures based on 100 per cent figures:
31.12.2021 31.12.2020
(NOK million) Associates
Joint
ventures Total Associates
Joint
ventures Total
Non-current assets 875 1 157 2 032 854 1 229 2 083
Current assets 2 300 2 089 4 389 2 048 2 101 4 150
Total assets 3 175 3 247 6 421 2 903 3 330 6 233
Equity 2 249 1 499 3 748 2 186 1 881 4 068
Non-current liabilities 197 137 334 225 165 390
Current liabilities 729 1 610 2 340 491 1 284 1 775
Total equity and liabilities 3 175 3 247 6 421 2 903 3 330 6 233
Revenues 4 969 3 054 8 023 4 901 3 633 8 533
Revenues - Jotun entities* 626 1 351 1 977 538 1 381 1 919
Total revenues 5 595 4 405 10 000 5 438 5 014 10 452
Profit for the year 1 221 20 1 241 1 300 453 1 752
* Subsidiaries, associates and joint ventures.
Share of profits from associates and joint ventures (NOK million)
In % of operating profit
537
2017
384
497
746
Investments in associated and joint ventures (NOK million)
In % of total assets
496
2018 2019 2020 2021
40 %
28 %
21 % 21 % 16 %
1 616
10 % 9 % 8 % 8 %
2017
1 533 1 486
1 598
1 419
6 %
2018 2019 2020 2021
Jotun Group
44 I Jotun Annual Report 2021