Cash flow Norden

Equities

DNORD

DK0060083210

Marine Freight & Logistics

Market Closed - Nasdaq Copenhagen Other stock markets 11:20:00 2026-04-17 EDT			5-day change	1st Jan Change
288.60 ^DKK	+1.76%		+1.76%	+14.52%

04-08	Norden: Hormuz remains uncertain despite ceasefire - BN	FW
04-03	D/s Norden: Market volatility support

4e26ba.hfwZ2ERIFaoUm0avPzhKO4_i0NPFE4E4YNYN4gp6GP8.6M40mgcAUMZn7QLnWlEpDP7QmZqEWcVcF4Bqt39PWYjCtn2xfCFK_WH2Hw

Published financial data: NORDEN

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	3.55B	5.31B	3.69B	4.04B	3.13B
Other Revenues, Total	-	-	-	-	-
Total Revenues	3.55B	5.31B	3.69B	4.04B	3.13B
Cost of Goods Sold, Total	2.91B	3.97B	2.91B	3.55B	2.66B
Gross Profit	643M	1.34B	778M	490M	465M
Selling General & Admin Expenses, Total	117M	207M	116M	74.2M	99.5M
Depreciation & Amortization - (IS)	281M	441M	334M	313M	296M
Other Operating Expenses	-6.7M	-27.7M	-17.6M	-16.5M	-18.1M
Other Operating Expenses, Total	392M	620M	433M	371M	377M
Operating Income	251M	718M	345M	119M	88.2M
Interest Expense, Total	-35M	-50.5M	-53.2M	-41.8M	-37M
Interest And Investment Income	300K	12.3M	35.6M	18M	11.1M
Net Interest Expenses	-34.7M	-38.2M	-17.6M	-23.8M	-25.9M
Income (Loss) On Equity Invest.	1.1M	2.8M	-800K	-100K	-100K
Currency Exchange Gains (Loss)	-	-1.2M	4.5M	-4.4M	5.6M
Other Non Operating Income (Expenses)	-100K	-300K	1.7M	-300K	700K
EBT, Excl. Unusual Items	217M	681M	333M	90.5M	68.5M
Merger & Related Restructuring Charges	-	-	-600K	-200K	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	7.7M	79.4M	79M	82M	70.3M
Asset Writedown	-14.4M	-8.9M	-1.2M	1.3M	-
EBT, Incl. Unusual Items	211M	752M	410M	174M	139M
Income Tax Expense	6.2M	8.4M	10.1M	10.9M	18.5M
Earnings From Continuing Operations	204M	744M	400M	163M	120M
Net Income to Company	204M	744M	400M	163M	120M
Net Income - (IS)	204M	744M	400M	163M	120M
Net Income to Common Incl Extra Items	204M	744M	400M	163M	120M
Net Income to Common Excl. Extra Items	204M	744M	400M	163M	120M
Per Share Items
Net EPS - Basic	5.45	21.19	12.38	5.32	4.12
Basic EPS - Continuing Operations	5.45	21.19	12.38	5.32	4.12
Basic Weighted Average Shares Outstanding	37.51M	35.09M	32.31M	30.58M	29.2M
Net EPS - Diluted	5.42	21.1	12.3	5.3	4.1
Diluted EPS - Continuing Operations	5.42	21.1	12.3	5.3	4.1
Diluted Weighted Average Shares Outstanding	37.7M	35.3M	32.46M	30.69M	29.34M
Normalized Basic EPS	3.62	12.14	6.44	1.85	1.47
Normalized Diluted EPS	3.6	12.07	6.41	1.84	1.46
Dividend Per Share	2.75	12.93	6.67	1.11	1.26
Payout Ratio	25.92	50.6	77.21	44.56	29.51
Supplemental Items
EBITDA	294M	748M	384M	163M	130M
EBITA	251M	718M	352M	127M	94.4M
EBIT	251M	718M	345M	119M	88.2M
EBITDAR	1.66B	2.61B	1.62B	1.89B	1.3B
Effective Tax Rate - (Ratio)	2.94	1.12	2.46	6.28	13.33
Normalized Net Income	136M	426M	208M	56.56M	42.81M
Interest on Long-Term Debt	23.9M	32.3M	31.4M	31.5M	34.3M
Supplemental Operating Expense Items
Net Rental Expense, Total	1.36B	1.87B	1.24B	1.73B	1.17B
Imputed Operating Lease Interest Expense	439M	803M	743M	1.02B	534M
Imputed Operating Lease Depreciation	923M	1.06B	494M	707M	633M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	1.13M	1.4M	1.89M	1.74M	4.81M
Total Stock-Based Compensation	1.13M	1.4M	1.89M	1.74M	4.81M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	411M	842M	557M	267M	382M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	411M	842M	557M	267M	382M
Accounts Receivable, Total	257M	330M	284M	396M	334M
Other Receivables	42.6M	123M	116M	100M	77.2M
Notes Receivable	-	-	-	7.5M	4.8M
Total Receivables	299M	454M	399M	504M	416M
Inventory	117M	134M	112M	137M	106M
Prepaid Expenses	136M	139M	116M	-	-
Other Current Assets, Total	151M	110M	134M	70M	26.8M
Total Current Assets	1.11B	1.68B	1.32B	978M	931M
Gross Property Plant And Equipment	1.93B	1.87B	1.68B	1.94B	2.08B
Accumulated Depreciation	-619M	-838M	-775M	-874M	-810M
Net Property Plant And Equipment	1.31B	1.03B	908M	1.07B	1.27B
Long-term Investments	10M	-	12.7M	13.9M	15.2M
Goodwill	-	-	35.3M	44.6M	44.6M
Other Intangibles, Total	-	-	15.2M	12.9M	6.7M
Loans Receivable Long-Term	-	-	-	5.2M	-
Other Long-Term Assets, Total	20.4M	46.1M	54M	134M	102M
Total Assets	2.45B	2.76B	2.34B	2.25B	2.37B
Liabilities
Accounts Payable, Total	226M	280M	262M	270M	191M
Short-term Borrowings	13.9M	-	-	-	-
Current Portion of Long-Term Debt	39.9M	21M	73.5M	2.3M	28.8M
Current Portion of Leases	338M	276M	266M	244M	227M
Current Income Taxes Payable	-	300K	6.6M	8.4M	16.4M
Unearned Revenue Current, Total	89.4M	84.6M	102M	68.9M	69.1M
Other Current Liabilities	82.4M	246M	174M	74.8M	48.3M
Total Current Liabilities	790M	907M	883M	669M	581M
Long-Term Debt	401M	169M	5.9M	4.6M	-
Long-Term Leases	270M	349M	257M	279M	508M
Other Non Current Liabilities	-	-	-	5M	5M
Total Liabilities	1.46B	1.42B	1.15B	958M	1.09B
Common Stock, Total	6.2M	5.9M	5.4M	5.1M	4.9M
Retained Earnings	1.02B	1.26B	1.23B	1.25B	1.3B
Comprehensive Income and Other	-31.2M	63.1M	-35.3M	41.3M	-25.1M
Total Common Equity	993M	1.33B	1.2B	1.3B	1.28B
Total Equity	993M	1.33B	1.2B	1.3B	1.28B
Total Liabilities And Equity	2.45B	2.76B	2.34B	2.25B	2.37B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	36.76M	33.75M	31.57M	29.95M	28.64M
ECS Total Common Shares Outstanding	36.76M	33.75M	31.57M	29.95M	28.64M
Book Value / Share	27.02	39.43	37.95	43.31	44.61
Tangible Book Value	993M	1.33B	1.15B	1.24B	1.23B
Tangible Book Value Per Share	27.02	39.43	36.35	41.39	42.82
Total Debt	1.06B	815M	602M	530M	764M
Net Debt	652M	-27.5M	44.6M	264M	382M
Debt Equivalent Oper. Leases	10.89B	14.93B	9.9B	13.82B	9.33B
Equity Method Investments, Total	10M	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Machinery, Total	913M	663M	596M	802M	944M
Full Time Employees	1.05K	425	466	483	473
Accumulated Allowance for Doubtful Accounts (Supple)	8.4M	16.1M	19.4M	30.1M	19.3M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	204M	744M	400M	163M	120M
Depreciation & Amortization - CF	296M	450M	328M	305M	290M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	6.4M	8M	6.2M
Depreciation & Amortization, Total	296M	450M	334M	313M	296M
(Gain) Loss From Sale Of Asset	-7.7M	-79.4M	-79M	-82M	-70.3M
Asset Writedown & Restructuring Costs	-	-	1.2M	-1.3M	-
(Income) Loss On Equity Investments - (CF)	-1.1M	2.8M	-800K	100K	100K
Other Operating Activities, Total	39.1M	42.8M	87M	91.3M	105M
Change In Accounts Receivable	-170M	-90.7M	45.3M	13.6M	62M
Change In Inventories	-51.3M	-17.1M	22.1M	-25.3M	31.7M
Change In Accounts Payable	158M	198M	-17.7M	-3.1M	-75.9M
Change in Unearned Revenues	-	-	17.3M	-33M	200K
Change in Other Net Operating Assets	-32.9M	93.3M	-139M	-20.9M	-91.1M
Cash from Operations	434M	1.34B	671M	415M	378M
Capital Expenditure	-248M	-328M	-350M	-472M	-630M
Sale of Property, Plant, and Equipment	160M	574M	389M	363M	585M
Cash Acquisitions	-	-	-69.6M	-10.3M	-3.2M
Investment in Marketable and Equity Securities, Total	-2.4M	-175M	-26.5M	230M	1.1M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-12.6M	8.5M	-3.5M	-5M
Other Investing Activities, Total	93.1M	-	-	18M	11.1M
Cash from Investing	2.6M	57.9M	-48.4M	127M	-41.4M
Long-Term Debt Issued, Total	516M	60.6M	-	625M	204M
Total Debt Issued	516M	60.6M	-	625M	204M
Long-Term Debt Repaid, Total	-664M	-672M	-479M	-1.04B	-317M
Total Debt Repaid	-664M	-672M	-479M	-1.04B	-317M
Issuance of Common Stock	6.6M	4.2M	-	-	-
Repurchase of Common Stock	-33.1M	-130M	-128M	-69.3M	-42.6M
Common Dividends Paid	-53M	-376M	-309M	-72.5M	-35.5M
Common & Preferred Stock Dividends Paid	-53M	-376M	-309M	-72.5M	-35.5M
Other Financing Activities, Total	-34.7M	-38.2M	-17.6M	-41.8M	-37M
Cash from Financing	-262M	-1.15B	-933M	-602M	-228M
Foreign Exchange Rate Adjustments	-2.4M	-100K	-1.3M	-400K	6.7M
Net Change in Cash	172M	249M	-312M	-60.1M	116M
Supplemental Items
Cash Interest Paid	35M	50.5M	53.2M	41.8M	37M
Cash Income Tax Paid (Refund)	7.6M	8.1M	3.8M	9.1M	10.5M
Levered Free Cash Flow	-29.91M	619M	179M	-180M	-232M
Unlevered Free Cash Flow	-8.03M	650M	212M	-154M	-209M
Change In Net Working Capital	214M	-78.2M	-9.9M	71.9M	-65.5M
Net Debt Issued / Repaid	-148M	-612M	-479M	-418M	-113M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.34	17.24	8.46	3.24	2.38
Return on Total Capital	8.64	21.37	10.94	4.1	2.85
Return On Equity %	21.57	63.98	31.65	13.04	9.34
Return on Common Equity	21.57	63.98	31.65	13.04	9.34
Margin Analysis
Gross Profit Margin %	18.1	25.19	21.07	12.13	14.89
SG&A Margin	3.31	3.89	3.15	1.84	3.18
EBITDA Margin %	8.29	14.08	10.41	4.04	4.18
EBITA Margin %	7.07	13.52	9.52	3.15	3.02
EBIT Margin %	7.07	13.52	9.35	2.95	2.82
Income From Continuing Operations Margin %	5.76	14	10.84	4.03	3.85
Net Income Margin %	5.76	14	10.84	4.03	3.85
Net Avail. For Common Margin %	5.76	14	10.84	4.03	3.85
Normalized Net Income Margin	3.83	8.02	5.64	1.4	1.37
Levered Free Cash Flow Margin	-0.84	11.64	4.84	-4.46	-7.42
Unlevered Free Cash Flow Margin	-0.23	12.24	5.74	-3.81	-6.68
Asset Turnover
Asset Turnover	1.66	2.04	1.45	1.76	1.35
Fixed Assets Turnover	2.93	4.54	3.81	4.09	2.67
Receivables Turnover (Average Receivables)	17.3	18.1	12.03	10.15	8.56
Inventory Turnover (Average Inventory)	31.81	31.63	23.66	28.46	21.89
Short Term Liquidity
Current Ratio	1.41	1.85	1.49	1.46	1.6
Quick Ratio	0.9	1.43	1.08	1.14	1.37
Operating Cash Flow to Current Liabilities	0.55	1.48	0.76	0.62	0.65
Days Sales Outstanding (Average Receivables)	21.1	20.17	30.35	36.07	42.65
Days Outstanding Inventory (Average Inventory)	11.47	11.54	15.42	12.86	16.68
Average Days Payable Outstanding	22.03	23.12	34.16	27.24	32.05
Cash Conversion Cycle (Average Days)	10.55	8.59	11.62	21.7	27.27
Long Term Solvency
Total Debt/Equity	106.95	61.23	50.24	40.88	59.78
Total Debt / Total Capital	51.68	37.98	33.44	29.02	37.41
LT Debt/Equity	67.52	38.9	21.94	21.86	39.77
Long-Term Debt / Total Capital	32.63	24.12	14.6	15.51	24.89
Total Liabilities / Total Assets	59.51	51.71	48.89	42.47	46.12
EBIT / Interest Expense	7.17	14.22	6.49	2.85	2.38
EBITDA / Interest Expense	15.62	23.13	12.77	10.34	10.38
(EBITDA - Capex) / Interest Expense	8.53	16.63	6.19	-0.94	-6.65
Total Debt / EBITDA	1.94	0.7	0.89	1.23	1.99
Net Debt / EBITDA	1.19	-0.02	0.07	0.61	0.99
Total Debt / (EBITDA - Capex)	3.56	0.97	1.83	-13.56	-3.1
Net Debt / (EBITDA - Capex)	2.18	-0.03	0.14	-6.74	-1.55
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	36.72	49.57	-30.5	9.43	-22.63
Gross Profit, 1 Yr. Growth %	50.6	108.15	-41.88	-36.99	-5.04
EBITDA, 1 Yr. Growth %	55.66	153.99	-49.2	-57.44	-19.99
EBITA, 1 Yr. Growth %	78.59	186.06	-51.05	-63.79	-25.61
EBIT, 1 Yr. Growth %	78.59	186.06	-51.94	-65.44	-25.82
Earnings From Cont. Operations, 1 Yr. Growth %	137.79	263.57	-46.19	-59.34	-26.06
Net Income, 1 Yr. Growth %	137.79	263.57	-46.19	-59.34	-26.06
Normalized Net Income, 1 Yr. Growth %	96.03	213.43	-51.13	-72.77	-24.14
Diluted EPS Before Extra, 1 Yr. Growth %	144.41	290.74	-41.71	-56.91	-22.64
Accounts Receivable, 1 Yr. Growth %	66.69	28.71	-14.16	-0.97	-15.65
Inventory, 1 Yr. Growth %	77.96	14.6	-16.47	22.57	-23.07
Net Property, Plant and Equip., 1 Yr. Growth %	17.45	-21.33	-11.84	17.39	19.34
Total Assets, 1 Yr. Growth %	34.45	12.3	-14.93	-3.8	5.18
Tangible Book Value, 1 Yr. Growth %	10.06	33.97	-13.77	8.04	-1.06
Common Equity, 1 Yr. Growth %	10.06	33.97	-9.98	8.28	-1.5
Cash From Operations, 1 Yr. Growth %	9.57	209.5	-50.05	-38.07	-8.96
Capital Expenditures, 1 Yr. Growth %	150.4	32.35	6.58	34.83	33.64
Levered Free Cash Flow, 1 Yr. Growth %	-115.41	-2.17K	-71.52	-201.03	28.76
Unlevered Free Cash Flow, 1 Yr. Growth %	-103.77	-8.19K	-67.84	-172.79	35.58
Dividend Per Share, 1 Yr. Growth %	86.14	369.67	-48.39	-83.36	13.25
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.24	43	1.95	-12.79	-7.99
Gross Profit, 2 Yr. CAGR %	51.88	77.05	9.99	-39.48	-22.65
EBITDA, 2 Yr. CAGR %	67.16	98.83	14.23	-53.54	-41.68
EBITA, 2 Yr. CAGR %	104.57	126.03	18.33	-57.94	-48.14
EBIT, 2 Yr. CAGR %	104.57	126.03	17.25	-59.28	-49.41
Earnings From Cont. Operations, 2 Yr. CAGR %	226.36	194.03	39.87	-53.22	-45.17
Net Income, 2 Yr. CAGR %	226.36	194.03	39.87	-53.22	-45.17
Normalized Net Income, 2 Yr. CAGR %	183.23	147.88	23.76	-63.56	-54.6
Diluted EPS Before Extra, 2 Yr. CAGR %	236.03	208.46	50.92	-49.88	-42.26
Accounts Receivable, 2 Yr. CAGR %	22.95	46.47	5.11	9.51	-8.61
Inventory, 2 Yr. CAGR %	20.61	42.81	-2.16	1.19	-2.9
Net Property, Plant and Equip., 2 Yr. CAGR %	7.95	-3.87	-16.72	1.73	18.36
Total Assets, 2 Yr. CAGR %	18.66	22.88	-2.26	-9.54	0.59
Tangible Book Value, 2 Yr. CAGR %	7.53	21.43	7.48	-3.48	3.39
Common Equity, 2 Yr. CAGR %	7.53	21.43	9.82	-1.27	3.28
Cash From Operations, 2 Yr. CAGR %	24.37	84.15	24.34	-44.38	-24.91
Capital Expenditures, 2 Yr. CAGR %	30.35	82.05	18.77	19.88	34.23
Levered Free Cash Flow, 2 Yr. CAGR %	13.25	78.5	144.36	-46.42	14.09
Unlevered Free Cash Flow, 2 Yr. CAGR %	-58.32	74.7	413.48	-51.66	-0.62
Dividend Per Share, 2 Yr. CAGR %	170.8	195.68	55.69	-70.69	-56.59
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	13.11	27.16	12.43	4.39	-16.2
Gross Profit, 3 Yr. CAGR %	69.38	68.7	22.14	-8.65	-29.68
EBITDA, 3 Yr. CAGR %	59.56	92.17	26.64	-17.85	-44.33
EBITA, 3 Yr. CAGR %	107.27	128.76	35.73	-20.3	-49.16
EBIT, 3 Yr. CAGR %	107.27	128.76	34.91	-22.01	-50.3
Earnings From Cont. Operations, 3 Yr. CAGR %	92.21	238.32	66.94	-7.34	-45.51
Net Income, 3 Yr. CAGR %	92.21	238.32	66.94	-7.34	-45.51
Normalized Net Income, 3 Yr. CAGR %	109.33	192.96	44.27	-25.33	-53.5
Diluted EPS Before Extra, 3 Yr. CAGR %	96.9	252.92	77.01	-0.62	-42.08
Accounts Receivable, 3 Yr. CAGR %	11.54	24.84	22.57	15.57	0.38
Inventory, 3 Yr. CAGR %	10.33	18.57	19.43	5.47	-7.65
Net Property, Plant and Equip., 3 Yr. CAGR %	15.71	-2.85	-6.6	-6.62	7.29
Total Assets, 3 Yr. CAGR %	18.77	16.51	8.7	-2.78	-4.88
Tangible Book Value, 3 Yr. CAGR %	6.31	15.71	8.33	7.66	-2.68
Common Equity, 3 Yr. CAGR %	6.31	15.71	9.9	9.3	-1.35
Cash From Operations, 3 Yr. CAGR %	201.7	68.54	19.21	-1.44	-34.45
Capital Expenditures, 3 Yr. CAGR %	6.71	31.01	52.3	23.9	24.3
Levered Free Cash Flow, 3 Yr. CAGR %	-43.52	198.23	-2.75	81.91	-28.21
Unlevered Free Cash Flow, 3 Yr. CAGR %	-62.8	141.33	-0.18	167.58	-31.81
Dividend Per Share, 3 Yr. CAGR %	107.82	225.36	65.24	-26.11	-54.01
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	22.96	23.9	8.51	9.35	3.77
Gross Profit, 5 Yr. CAGR %	70.48	62.86	42.52	11.95	1.74
EBITDA, 5 Yr. CAGR %	57.27	61.49	39.59	9.15	-7.16
EBITA, 5 Yr. CAGR %	67.61	94.42	65.64	16.2	-7.66
EBIT, 5 Yr. CAGR %	67.61	94.42	65.03	14.7	-8.9
Earnings From Cont. Operations, 5 Yr. CAGR %	35.01	97.79	69.26	53.33	6.94
Net Income, 5 Yr. CAGR %	35.01	97.79	69.26	53.33	6.94
Normalized Net Income, 5 Yr. CAGR %	213.23	98	69.64	27.27	-9.19
Diluted EPS Before Extra, 5 Yr. CAGR %	36.83	103.34	76.9	61.66	13.08
Accounts Receivable, 5 Yr. CAGR %	23.24	21.65	8.92	18.47	16.76
Inventory, 5 Yr. CAGR %	21.59	14.67	5.15	11.29	9.94
Net Property, Plant and Equip., 5 Yr. CAGR %	12.35	6.8	1.45	-1.04	2.68
Total Assets, 5 Yr. CAGR %	13.53	15.74	9.86	5.29	5.38
Tangible Book Value, 5 Yr. CAGR %	4.39	9.78	6.77	7.61	6.33
Common Equity, 5 Yr. CAGR %	4.39	9.78	7.7	8.59	7.2
Cash From Operations, 5 Yr. CAGR %	40.33	192.56	111.63	8.17	-0.92
Capital Expenditures, 5 Yr. CAGR %	26.61	25.13	11.38	26.44	44.8
Levered Free Cash Flow, 5 Yr. CAGR %	-19.1	54.34	1.47	50.5	3.63
Unlevered Free Cash Flow, 5 Yr. CAGR %	-36.25	59.22	6.3	27.18	-0.39
Dividend Per Share, 5 Yr. CAGR %	-	-	85.14	24.22	-3.19