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3.2 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment comprises various types of tangible fixed assets.
See Note 5.4 for further information related to Right-of-Use assets.
(NOK million) Land Buildings
Electrical
installations
Machinery,
vehicles and
equipment
Construction
in progress
Right-of-
Use assets Total
Cost
Balance as of 1 January 2020 47 885 202 999 1 189 63 3 385
Additions - 108 89 51 98 9 355
Disposals - - - -42 - - -42
Reclassifications - 588 326 210 -1 124 - -
Balance as of 31 December 2020 47 1 580 617 1 218 163 72 3 698
Additions - 9 2 50 137 40 237
Disposals - -103 -2 -57 - - -162
Balance as of 31 December 2021 47 1 487 617 1 212 300 112 3 774
Depreciation and impairment
Balance as of 1 January 2020 - -438 -78 -758 - -13 -1 288
Depreciation - -32 -35 -84 - -14 -166
Disposals - - - 38 - - 38
Balance as of 31 December 2020 - -471 -114 -804 - -27 -1 416
Depreciation - -49 -64 -94 - -17 -224
Disposals - 95 1 45 - - 141
Impairment - -11 - - - - -12
Balance as of 31 December 2021 - -437 -177 -854 - -44 -1 511
Net book value
Balance as of 31 December 2021 47 1 050 440 358 300 69 2 263
Balance as of 31 December 2020 47 1 110 504 414 163 45 2 283
Estimated useful life unlimited
25-33
years
10-14
years
3-10
years
3.3 INVENTORIES
(NOK million) 31.12.2021 31.12.2020
Raw materials 265 198
Finished goods 382 339
Allowance for obsolete goods -14 -13
Total 633 524
3.4 TRADE AND OTHER RECEIVABLES
(NOK million) 31.12.2021 31.12.2020
Accounts receivable 75 79
Accounts receivable - Jotun entities 695 699
Total accounts receivable 770 778
Other receivables external 117 97
Other receivables - Jotun entities 173 230
Total 1 059 1 105
The change in allowance for bad debt is shown in the following table:
(NOK million) 2021 2020
Balance as of 1 January 45 80
Allowances for bad debt made during the period 21 -3
Realised losses for the year -26 -32
Balance as of 31 December 40 45
Ageing of accounts receivable as of 31 December was as follows:
(NOK million) 31.12.2021 31.12.2020
Not due 618 652
Less than 30 days 53 42
30-60 days 24 -1
60-90 days 20 3
More than 90 days 93 126
Allowance for bad debt* -40 -45
Total 770 778
* Allowances related to receivables from Jotun entities represent NOK 39 million (2020: NOK 39 million).
Jotun A/S
58 I Jotun Annual Report 2021