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INCOME STATEMENT
(NOK million) Note 2021 2020
Operating revenue 2.1, 5.5 4 208 4 049
Cost of goods sold 5.5 -1 960 -1 832
Payroll expense 2.2, 5.2 -1 092 -1 108
Other operating expenses 2.3, 5.4, 5.5 -710 -692
Depreciation, amortisation and impairment 3.1, 3.2, 5.4 -303 -228
Operating profit 143 189
Dividend from subsidiaries 812 852
Dividend from associates and joint ventures 654 644
Net financial items 4.3, 4.4, 5.4, 5.5 -129 -517
Profit before tax 1 480 1 168
Income tax expense 5.1 -239 -197
Profit for the year 1 241 970
STATEMENT OF COMPREHENSIVE INCOME
(NOK million) Note 2021 2020
Profit for the year 1 241 970
Other comprehensive income not to be reclassified to profit or loss in
subsequent periods:
Actuarial gain / loss (-) on defined benefit pension plans (net of tax) 5.2 -10 -3
Other comprehensive income for the year, net of tax -10 -3
Total comprehensive income for the year 1 231 967
STATEMENT OF FINANCIAL POSITION
(NOK million) Note 31.12.2021 31.12.2020
ASSETS
Non-current assets
Deferred tax assets 5.1 144 132
Other intangible assets 3.1 590 563
Property, plant and equipment 3.2, 5.4 2 263 2 283
Investments in subsidiaries 5.6 3 487 3 164
Investments in associates and joint ventures 5.7 318 318
Share investments 5.8 8 8
Other non-current financial receivables 4.1, 4.4, 5.4, 5.5 2 084 2 345
Total non-current assets 8 894 8 812
Current assets
Inventories 3.3 633 524
Trade and other receivables 3.4, 5.5 1 059 1 105
Cash and cash equivalents 4.1, 4.2 1 400 995
Total current assets 3 093 2 624
Total assets 11 987 11 436
EQUITY AND LIABILITIES
Equity
Share capital 5.9 103 103
Other equity 6 683 6 050
Total equity 6 786 6 153
Non-current liabilities
Pension liability 5.2 201 169
Provisions 3.6, 3.7 138 276
Interest-bearing debt 4.1 2 198 2 428
Total non-current liabilities 2 537 2 873
Current liabilities
Interest-bearing debt 4.1 819 570
Trade and other payables 5.5 519 449
Tax payable 5.1 68 23
Other current liabilities 3.5, 3.6, 4.1, 5.5 1 259 1 369
Total current liabilities 2 665 2 410
Total liabilities 5 201 5 284
Total equity and liabilities 11 987 11 436
Sandefjord, Norway, 15 February 2022
The Board of Directors
Jotun A/S
Morten Fon
President & CEO
Odd Gleditsch d.y.
Chairman
Jannicke Nilsson
Einar Abrahamsen
Nicolai A. Eger
Bjørg Engevik Nilsen
Camilla Hagen Sørli
Terje Andersen
Per Kristian Aagaard
Jotun A/S
52 I Jotun Annual Report 2021