5.4 LEASES
Right-of-Use assets
(NOK million) Land Buildings
Machinery, vehicles
and equipment Total
Cost
Balance as of 1 January 2020 21 8 33 63
Additions - - 9 9
Balance as of 31 December 2020 21 9 42 72
Additions 6 13 21 40
Balance as of 31 December 2021 27 22 63 112
Depreciation and impairment
Balance as of 1 January 2020 -2 -2 -10 -13
Depreciation -2 -2 -10 -14
Balance as of 31 December 2020 -4 -3 -20 -27
Depreciation -2 -2 -12 -17
Balance as of 31 December 2021 -6 -6 -32 -44
Net book value
Balance as of 31 December 2021 21 16 31 69
Balance as of 31 December 2020 18 5 22 45
Lease liability as of 31 December
(NOK million) 31.12.2021 31.12.2020
Non-current 53 34
Current 16 12
Total 70 46
Lease liability is classified as interest-bearing debt, see Note 4.1.
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Undiscounted lease liabilities and maturity of cash outflows:
(NOK million) 31.12.2021 31.12.2020
Less than 1 year 18 13
1-2 years 16 9
2-3 years 13 8
3-4 years 9 5
4-5 years 6 3
More than 5 years 14 13
Total undiscounted lease liabilities 76 51
Amounts recognised in the consolidated income statement:
(NOK million) 2021 2020
Leases
Depreciation of Right-of-Use assets 17 14
Interest expense 2 2
Other lease expenses recognised in the income statement:
Expenses relating to short-term leases 3 1
Expenses relating to lease of low value assets 1 1
Expenses related to variable payments 15 12
Total 37 29
The total cash outflow related to lease of Right-of-Use asset was NOK 19 million (2020: 15 million).
The portfolio of short-term leases does not vary significantly from year to year.
Jotun A/S
Jotun Annual Report 2021 I 63