Back to contents >
5.5 RELATED PARTIES
Two parties are deemed to be related if one party can influence the decisions of the other. During 2021, goods
and services were purchased and sold to various related parties in which Jotun A/S holds a 100 per cent or less
equity interest. Investments in subsidiaries are presented in Note 5.6, investments in associates and joint ventures
are presented in Note 5.7 and shareholder and dividend information are presented in Note 5.8 to the consolidated
financial statements.
The transactions between related parties are sales and purchases of finished goods, raw materials and technical
services. Jotun A/S also has considerable royalty income from Jotun entities. Joint expenses are distributed in
accordance with agreed cost contribution arrangements. Internal trading within the Group is carried out in
accordance with arm’s length principles.
Purchases of services from the Group companies are mainly related to global and regional functions included in
the cost contribution arrangement. In addition, Jotun A/S purchases research and development services from
Jotun entities. Parts of the research and development costs are capitalised, see Note 3.1.
The amounts of these transactions are shown in the table below.
2021
(NOK million)
Sales of
goods to
Purchases
of goods
from
Other
revenue
from
Cost
contribution
income
Purchases
of services
from
Interests on
loans to
Group companies 1 166 323 790 572 384 79
Associates and joint ventures 108 82 282 161 224 1
Total 1 274 405 1 072 733 609 79
2020
(NOK million)
Sales of
goods to
Purchases
of goods
from
Other
revenue
from
Cost
contribution
income
Purchases
of services
from
Interests
on loans to
Group companies 1 089 233 750 563 375 121
Associates and joint ventures 112 30 277 175 258 -
Total 1 201 264 1 027 738 633 121
Intercompany balances are disclosed in the table below.
Subsidiaries Associates / Joint ventures
(NOK million) 31.12.2021 31.12.2020 31.12.2021 31.12.2020
Non-current assets
Other non-current receivables 2 063 2 323 1 1
Total non-current assets 2 063 2 323 1 1
Current assets
Trade receivables 589 601 106 98
Other current receivables 173 230 - -
Total current assets 762 831 106 98
Total assets 2 825 3 154 107 99
Trade creditors 116 94 26 25
Other short term liabilities 498 676 308 265
Total liabilities 613 770 333 290
Jotun A/S
64 I Jotun Annual Report 2021