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1.1 ACCOUNTING POLICIES
The financial statements for Jotun A/S have been prepared in accordance with simplified IFRS pursuant to
section 3-9 of the Norwegian Accounting Act. This mainly implies that the financial statements are presented
in accordance with IFRS and the notes are presented in accordance with the requirements of the Norwegian
Accounting Act. The accounting policies for the Group therefore also apply to Jotun A/S.
Line items in the notes named Jotun entities comprise subsidiaries, associates and joint ventures.
Accounting policies estimates and judgements specific to Jotun A/S are incorporated into the individual notes.
For more information about accounting policies, see consolidated financial statements for the Group.
1.2 ESTIMATES AND JUDGEMENTS
In preparing the company’s financial statements, Management makes various accounting estimates and
assumptions that form the basis of the presentation, recognition and measurement of the company’s assets
and liabilities. See Note 1.3 to the consolidated statements.
1.3 EVENTS AFTER THE BALANCE SHEET DATE
No events have taken place after the balance sheet date that would have affected the financial statements, or
any assessments carried out.
2.1 OPERATING REVENUE
(NOK million) 2021 2020
Revenue from contracts with customers 1 801 1 783
Revenue from contracts with customers from Jotun entities 1 274 1 201
Total revenue from contracts with customers 3 075 2 984
Other revenue 61 39
Other revenue from Jotun entities 1 072 1 027
Total operating revenue 4 208 4 049
Other revenue includes among others royalty income, misc. grants and refunds and profit from sale of fixed assets.
Revenue from contracts with customers by segments
(NOK million) 2021 2020
Decorative 2 681 2 613
Marine 279 257
Protective 79 83
Powder 36 30
Total revenue from contracts with customers 3 075 2 984
Cost of Goods Sold 1 960 1 832
Gross Profit 1 115 1 152
Payment terms are based on agreements and local business practices, and are in general in the range of 30 to 60
days.
Jotun A/S
56 I Jotun Annual Report 2021