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CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(NOK million) Note 2022 2021 (NOK million) Note 2022 2021

Operating revenue 2.1 27 858 22 809 Profit for the year 2 167 2 111
Share of profit from associates and joint ventures 5.5 729 496
Cost of goods sold 2.1 -15 941 -12 480 Other comprehensive income not to be reclassified to profit
or loss in subsequent periods:
Payroll expenses 2.2 -3 686 -3 389
Actuarial gain/loss (-) on defined benefit pension plans (net of tax) 5.2 28 -8
Other operating expenses 2.3 -4 237 -3 421
Depreciation, amortisation and impairment 3.2, 3.3 -986 -876
Other comprehensive income to be reclassified to profit or
Operating profit 3 737 3 138 loss in subsequent periods:
Gain/loss (-) on hedge of net investments in foreign operations
Net financial items 4.3 -546 -248 (net of tax) 54 15

Profit before tax 3 191 2 890 Hyperinflation adjustment for the year ( and at 1 January) 5.10 319 -
Currency translation differences in foreign operations 274 -90

Income tax expense 5.1 -1 024 -779 Other comprehensive income for the year, net of tax 674 -83

Profit for the year 2 167 2 111

Total comprehensive income for the year 2 842 2 028

Profit for the year attributable to:

Equity holders of the parent company 2 056 1 998 Total comprehensive income attributable to:

Non-controlling interests 111 113 Equity holders of the parent company 2 766 1 913

Total 2 167 2 111 Non-controlling interests 76 115

Total 2 842 2 028

Operating revenue (NOK million)

Revenue growth (in %) Operating margin (in %)
27 858
22 809 3 489 3 737
19 652 21 070 3 138
17 660 2 320
1 361 16.6 %
13.8 % 13.4 %
22 % 11.8 %
11 % 7.7 %
8% 7% 8%

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

16 Jotun Annual Report 2022 Jotun Group

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(NOK million) Note 31.12.2022 31.12.2021 (NOK million) Note 31.12.2022 31.12.2021

ASSETS EQUITY AND LIABILITIES

Non-current assets Equity

Deferred tax assets 5.1 410 386 Share capital 5.8 103 103

Other intangible assets 3.2 831 765 Other equity 14 010 12 014

Property, plant and equipment 3.3, 5.4 8 144 7 612 Non-controlling interests 380 352

Investments in associates and joint ventures 5.5 1 674 1 419 Total equity 14 493 12 468

Share investments 5.9 6 9

Other non-current financial receivables 4.1, 5.9 85 67 Non-current liabilities

Total non-current assets 11 151 10 257 Pension liabilities 5.2 251 296
Deferred tax liabilities 5.1 107 73

Current assets Provisions 3.7 125 188

Inventories 3.4 4 821 4 034 Interest-bearing debt 4.1, 5.9 2 292 2 995

Trade and other receivables 3.5, 5.9 7 071 5 753 Other non-current liabilities 22 15

Cash and cash equivalents 4.2, 5.9 3 312 3 388 Total non-current liabilities 2 797 3 567

Total current assets 15 204 13 175

Current liabilities

Total assets 26 355 23 432 Interest-bearing debt 4.1 2 796 2 266

Trade payables 5.9 3 489 2 926
Tax payable 5.1 397 227
Other current liabilities 3.6, 3.7, 5.9 2 383 1 979
Total current liabilities 9 065 7 398
Total liabilities 11 862 10 964

Total equity and liabilities 26 355 23 432

Sandefjord, Norway, 14 February 2023

The Board of Directors
Jotun A/S

Odd Gleditsch d.y. Einar Abrahamsen Bjørg Engevik Nilsen Terje Andersen
Chairman

Jannicke Nilsson Nicolai A. Eger Camilla Hagen Sørli Per Kristian Aagaard Morten Fon
President & CEO

Jotun Group Jotun Annual Report 2022 17

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS

EQUITY HOLDERS OF THE PARENT COMPANY (NOK million) Note 2022 2021
Non-con-
Share Other Translation trolling Total Cash flow from operating activities
(NOK million) Note capital equity differences Total interests equity
Operating profit 3 737 3 138
Equity as of 1 January 2021 103 9 989 710 10 802 326 11 128 Adjustments to reconcile operating profit to net cash flows:
Dividends 5.8 -599 -599 -93 -691 Share of profit from associates and joint ventures 2.2. 5.5 -729 -496

Profit for the year 1 998 1 998 113 2 111 Dividend paid from associates and joint ventures 5.5 600 727
Depreciation, amortisation and impairment 3.2, 3.3 986 876
Other comprehensive income 7 -92 -85 2 -83
Change in accruals, provisions and other 154 152
Share capital increase - - - 4 4
Working capital adjustments:
Equity as of 31 December 2021 103 11 396 618 12 116 352 12 468 Change in trade and other receivables -1 318 -774
Dividends 5.8 -770 -770 -70 -840 Change in trade payables 564 591
Change in inventories -787 -1 156
Profit for the year 2 056 2 056 111 2 167
Cash generated from operating activities 3 207 3 059
Other comprehensive income 400 310 710 -36 674
Interest received 4.3 45 21
Share capital increase - - - 23 23
Interest paid 4.3 -397 -168
Equity as of 31 December 2022 103 13 083 927 14 113 380 14 493
Other financial items -162 -128
Income tax payments -885 -816
Net cash flow from operating activities 1 809 1 968

Cash flow from investing activities

Proceeds from sale of property, plant and equipment 441 80
Purchase of property, plant and equipment 3.3 -1 161 -1 260
Purchase of intangible assets 3.2 -119 -103
Net cash flow from investing activities -839 -1 283
Cash and Cash equivalents
3 388 Cash flow from financing activities
3 312
Share capital increase in non-controlling interests 23 4
2 956
Proceeds from borrowings 1 030 2 284
Repayment of borrowings -1 321 -1 672
1 903 Payment of principal portion of lease liabilities -149 -141
Dividend paid to equity holders of the parent company 5.8 -770 -599
1 012 Dividend paid to non-controlling interests -70 -93
Net cash flow from financing activities -1 257 -217

Net increase / decrease (-) in cash and cash equivalents -287 469

Cash and cash equivalents as of 1 January 4.2 3 388 2 956

2018 2019 2020 2021 2022
Net currency translation effect 48 -37
Inflation effect on cash 5.10 164 -
Cash and cash equivalents as of 31 December 4.2 3 312 3 388

18 Jotun Annual Report 2022 Jotun Group