Jotun Reports Earnings Increase
Wednesday, September 25, 2013

In the first eight months of 2013, the Jotun Group reported sales of paint and powder coatings of NOK 8 174 million. This is an increase from NOK 7 686 million in the same period last year. The increase of 6% is in particular driven by larger sales in Middle East and Central Asia. The Group’s operating profit for the period from January to the end of August was NOK 1 050 million, an increase of 18% compared to last year.

Key operational highlights
•   Revenue increase of 6%
•   Both volume in sales and gross margin have improved compared to 2012, as a result of stable raw material prices and good product mix management
•   Several new market entries, including Myanmar, Bangladesh and Morocco

Sales within the Marine segment are declining as a result of the contraction in the newbuilding market. The market is not expected to pick up in the short-term.

Long-term focus and investments
Jotun’s total investments were NOK 489 million for the year’s first eight months. Major investments included:
•   Construction of new factories in Russia and Brazil
•   Completion of a new production facility in Qingdao, China

Solid financial position
Jotun’s equity ratio was 52% at the end of August 2013. The company has sufficient liquidity and little net interest bearing debt.

Commenting on the results, Morten Fon, Jotun’s President and CEO, said, “We are satisfied that Jotun is successful in delivering continued increase in sales and improved margins in an ever-changing world.”

“Raw materials represent approximately 60% of our total costs. It is therefore important for Jotun that the outlook for raw material prices is stable.”

“Jotun has invested almost NOK 500 million in new properties, plants and equipment. This level of investments is in line with our strategy, and is essential for Jotun for future growth.”

Outlook for the remainder of the year
“Jotun is well positioned in key growth economies. This position will, based on our organic growth strategy, contribute to continued increased sales. Capacity building, innovations and developing personnel makes Jotun well positioned for the future.”

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