Jotun Group News

Norwegian paints and coatings company Jotun Group announced that  it signed a memorandum of understanding with the world’s largest shipyards for a new type of marine paint that reduces solvent emissions by up to 90 percent.A memorandum of understanding has been signed with Korean Hyundai Heavy Industries (HHI). This is the starting point of a closer cooperation and the use of a new, innovative solvent-free primer.The signing took place between Jotun's chairman Odd Gleditch (Jr). and HHI's Chief Executive Ka Sam-Hyun during the South Korean President's state visit to Norway in June. South Korea's Minister of Industry Yunmo Song attended the signing ceremony."The partnership with Jotun will allow HHI…

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. 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. Jotun’s total investments were NOK 489 million for the year’s first eight months. Jotun’s equity ratio was 52% at the end of August 2013. The company has sufficient liquidity and little net interest bearing debt.

Jotun reported that high levels of activity worldwide in shipbuilding, oil and gas projects and a highly active construction industry in the Middle East made 2007 the company’s best year ever. In 2007, the Jotun Group had an operating income of more than $1.7b, which is $211m higher than for 2006. before tax was $151.4m. "Last year was an absolute high point for Jotun. We are extremely pleased to deliver the best sales and profits in Jotun's history. negative affect on sales and profits," said Morten Fon, president and CEO. In Scandinavia, sales volume increased in 2007, but an increasing number of own-brands in the market and a change in distribution structure in the trade have pressed margins.

more than for the same period in 2003. last year. more closely reflected the group's growth. Profit in 2003 was one of the biggest in Jotun's history. materials and reduced margins. total can be maintained at a satisfactory level and similar to last year. Middle East and South-East Asia. companies were higher than the previous year. in the Middle East. systems for mixing colors in stores. this area. year. influence on the division's profit. time and will not give rapid financial results. Norway. In Europe activity varied. in the USA sales increased.

The Jotun group generated sales of NOK 4,260 million in the first eight months of 2004, up NOK 496 million on the same period last year. The group recorded profit on ordinary activities before taxation of NOK 468 million, against NOK 379 million in 2003. "We're very pleased with our results so far this year, in terms of both sales and earnings," says CEO Knut Almestrand, adding that good progress was made in most business areas, the exception being marine coatings, which is continuing to battle with weak earnings. Each year Jotun invests substantial amounts in existing and new markets and in the development of new products. A further NOK 150 million was invested in fixed assets during the first eight months of this year.

The Jotun group has four profitable months behind it and concludes the period with higher turnover, higher volumes and higher profits than for the same period in 2005. "It is pleasing to see turnover continue to increase in 2006 as well, and the profit for the first four months bodes well for the rest of the year," said Morten Fon, President and CEO of the Jotun group. The positive developments from 2005 have continued in 2006, and during the first four months of the year Jotun had sales and operating income of NOK 2.4 billion, NOK 333 million higher than for the same period in 2005. The group's ordinary profit before tax was NOK 220 million, compared with NOK 163 million in 2005.

record results. operating income totalled NOK NOK 4 619 million. continuing high price of raw materials. recorded by Jotun. are contributing to the pressure on margins. increase on last year's corresponding figure of NOK 468 million. from NOK 464 million in 2004. continue to invest in new and existing production facilities. construction of new production units in China and Indonesia.