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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