STATEMENT OF CHANGES IN EQUITY
(NOK million) Note Share capital Other equity Total equity
Equity as of 1 January 2020 103 5 630 5 733
Dividends 5.9 -547 -547
Profit for the year 970 970
Other comprehensive income 5.2 -3 -3
Equity as of 31 December 2020 103 6 050 6 153
Dividends 5.9 -599 -599
Profit for the year 1 241 1 241
Other comprehensive income 5.2 -10 -10
Equity as of 31 December 2021 103 6 683 6 786
STATEMENT OF CASH FLOWS
Jotun A/S
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(NOK million) Note 2021 2020
Cash flow from operating activities
Operating profit 143 189
Adjustments to reconcile operating profit to net cash flows:
Gain (-) / loss on sale of fixed assets 3.2 -41 -15
Depreciation, amortisation and impairment 3.1, 3.2 326 231
Change in accruals, provisions and other -52 -138
Working capital adjustments:
Change in trade and other receivables -16 -139
Change in trade payables 70 30
Change in inventories -109 -19
Cash generated from operating activities 320 139
Dividend from subsidiaries, associates and joint ventures 1 466 1 495
Interest received 4.3, 5.5 89 131
Interest paid 4.3 -43 -74
Other financial items 4.3 -19 -153
Income tax payments 5.1 -199 -208
Net cash flow from operating activities 1 615 1 331
Cash flows used for investing activities
Proceeds from sale of property, plant and equipment 3.2 50 252
Purchase of property, plant and equipment 3.2 -197 -346
Purchase of intangible assets 3.1 -98 -106
Investments in subsidiaries, associates and joint ventures 5.6, 5.7 -517 -520
Net cash flow used for investing activities -763 -721
Cash flows from financing activities
Repayment (-) / proceeds in group account system (cash pool) 5.5 -194 401
Cash payments for new lending 4.4, 5.5 366 -
Repayment (-) / proceeds from borrowings 4.1 -4 -180
Payment of principal portion of lease liabilities 5.4 -17 -14
Dividend paid 5.9 -599 -547
Net cash flow from financing activities -448 -340
Net increase / decrease (-) in cash and cash equivalents 405 271
Cash and cash equivalents as of 1 January 4.2 995 725
Cash and cash equivalents as of 31 December 4.2 1 400 995
Jotun Annual Report 2021 I 53