5.6 RELATED PARTIES
Two parties are deemed to be related if one party can influence the decisions of the other.
During 2021, goods and services were purchased and sold to various related parties in which the Group holds a 50
per cent or less equity interest. Investments in associates and joint ventures are presented in Note 5.5, shareholder
and dividend information are presented in Note 5.8.
The transactions between related parties are mainly sales and purchases of finished goods. Joint expenses are
distributed in accordance with agreed cost contribution arrangements.
Outstanding balances at the year-end are unsecured and there have been no guarantees provided or received for
any related party receivables or payables. As of 31 December 2021, the Group has not recorded any impairment of
receivables relating to amounts owed by related parties (2020: NOK 0). This assessment is undertaken each financial
year by examining the financial position of the related party and the market in which the related party operates.
The amount of these transactions is shown in the table below.
2021
(NOK million)
Sales of
goods to
Purchases
of goods
from
Other
revenue
from Loans to
Interests on
loan to
Other
current
liabilities
Trade and
other
receivables
Joint ventures 750 566 143 - 1 137 178
Associates 149 523 174 1 - 165 82
Total 899 1 089 316 1 1 302 261
2020
(NOK million)
Sales of
goods to
Purchases
of goods
from
Other
revenue
from Loans to
Interests on
loan to
Other
current
liabilities
Trade and
other
receivables
Joint ventures 766 550 144 - - 102 171
Associates 125 441 177 1 - 120 76
Total 891 992 321 1 - 222 246
Details on remuneration and shares held for the Board of Directors and Group Management is described in Notes
5.3 and 5.8. Besides remuneration and shares, the Group has not identified any transactions with the Board of
Directors or key management personnel during 2021.
5.7 SUBSIDIARIES
For the list of subsidiaries included in the consolidated accounts, refer to Note 5.6 to the Parent Company Financial
Statements.
Jotun Group
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Jotun Annual Report 2021 I 45