2) Return on capital employed % = 3) Operating margin % = Profit on ordinary activities 4) Return on equity % = x 100 verage equity Profit on ordinary activities before taxation + financial costs verage total assets - non-interest-bearing liabilities Operating profit Sales and other operating income x 100 xĤ JOTUN WORDWIDE Ribbon cutting during the Grand Opening in January 2006 declared the Jotun Coatings factory in Zhangjiagang, China, officially opened. minority interests) Equity/assets ratio (%) verage number of employees in group, including share in joint ventures Number of employees in group, including 100 per cent in joint ventures per DEFINITIONS OF KEY FIGURES 1) Return of assets % = Profit on ordinary activities before taxation + financial costs verage total assets x 100 Jotun s Mammut, a lead-free coating designed specially for steel structures, is used on the Eiffel Tower. (Figures include shares in joint ventures and are in USD million) SES Sales and other operating income Export ratio (%) PROFIT Operating profit Profit on ordinary activities before taxation Net cash flow from operating activities PROFITBIITY Return on assets (%) 1) Return on capital employed (%) 2) Operating margin (%) 3) Return on equity (%) 4) YER-END FINNCI POSITION Total assets Capital expenditure Equity (incl. Care is a value cherished by Jotun, signalling a willingness to help and support others and the fact that we protect our internal and external environment. The long-term relationship between Jotun, our colleagues and customers underlines the trust placed in our products and our people. It ties Jotun s global activities together and is reflected in our basic values: oyalty, Care, Respect and Boldness. It is characterised by a sense of closeknit family, an enterprising spirit, a desire to work together and shared success. From the very beginning this kind, charismatic gentleman inspired a unique corporate culture that is maintained to this day. 80 years ago Jotun was founded by Odd Gleditsch sr. provided a sound foundation ensuring we can uphold our values with regard to owners, customers Group key figures and employees in the years to come. Innovation because innovative concepts ensure growth and continued market leadership. Profitability because profit is proof that we create value. Position because we are committed to being a leading player in the markets we select. Supporting these values, we have four focus elements PPPI which serve as the benchmark in our day-to-day operations: People because our staff contribute to Jotun becoming the best company in the industry. Through the success of these endeavours we provide a solid bedrock for the company s future. We are proactive, we initiate and nurture change and we are enthusiastic in seeking new opportunities in developing markets. Boldness is the foundation on which Jotun s success has been built and this value is just as important today. Jotun build diverse teams with respect for cultural and gender differences, we are honest and fair, and we respect laws and regulations. Major investments Respect is a key value for Jotun s continuing global success. Ullebø 36 DIRECTORS REPORT 41 Profit and loss account 42 Balance sheetģ GROUP KEY FIGURES Jotun protects property 2005 was Jotun s best year yet. Opedal John Jørgensen Rune Molteberg Britt Paulsen Halvor Stenstadvold 33 Innovation 34 Improved performance 36 Directors report *Member of extended group management Erling Fredrik Sørhaug Egil M. Eger Thore Kristiansen Fredrikke Eger Bjørn Ole Gleditsch Thomas Gleditsch Odd Inge Høyland 25 JOTUN POWDER COTINGS 30 People 31 Position 32 Profitability Torkild Nordberg Dag J. Støle* contents 4 Jotun protects property 5 Group key figures 6 global leader 21 JOTUN COTINGS 8 Milestones BUSINESS DEVEOPMENT Tor Hatlo-Johansen* 9 80 years of growth 13 Jotun Dekorativ 17 Jotun Paints BORD OF DIRECTORS Odd Gleditsch d.y., Chairman Einar brahamsen CORPORTE SSEMBY Olav Christensen, Chairman Birger mundsen 21 Jotun Coatings 25 Jotun Powder Coatings 28 Focus elements (PPPI) Richard rnesen Terje V. aberg JOTUN COTINGS Esben Hersve JOTUN POWDER COTINGS Knut Øivind Malmin 17 JOTUN PINTS HUMN RESOURCES Merete spaas* COMMUNICTION Elisabeth M. 2 THE JOTUN GROUP PRESIDENT & CEO Morten Fon 13 JOTUN DEKORTIV FINNCE, IT, EG udun Røneid JOTUN DEKORTIV Bjørn Naglestad JOTUN PINTS Erik R.
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