Cash flow Norden

Equities

DNORD

DK0060083210

Marine Freight & Logistics

Market Closed - Nasdaq Copenhagen Other stock markets 11:20:00 2025-12-04 EST			5-day change	1st Jan Change
266.00 ^DKK	+0.08%		+5.39%	+25.24%

10-31	Kepler Withdraws Buy Recommendation for D/S Norden	FW
10-31	Kepler Cheuvreux Downgrades D/S Norden to Hold (Buy), Raises Target Price to 278 Danish Kroner (274)	FW

49f26004efa7efaad8687aae96f1.O6vomif64Q8pVXtp8JMgUl66DEyRrgYcZwJqsB60qBQ.beOw3GPKpkFQJRUfxPx6NAzdXxr_g3BWCmQ15UzB0EULzamqSaqMeB0BMg

Published financial data: NORDEN

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2.6B	3.55B	5.31B	3.69B	4.04B
Other Revenues, Total	-	-	-	-	-
Total Revenues	2.6B	3.55B	5.31B	3.69B	4.04B
Cost of Goods Sold, Total	2.17B	2.91B	3.97B	2.91B	3.55B
Gross Profit	427M	643M	1.34B	778M	490M
Selling General & Admin Expenses, Total	93.1M	117M	207M	116M	74.2M
Depreciation & Amortization - (IS)	202M	281M	441M	334M	313M
Other Operating Expenses	-8.2M	-6.7M	-27.7M	-17.6M	-16.5M
Other Operating Expenses, Total	287M	392M	620M	433M	371M
Operating Income	140M	251M	718M	345M	119M
Interest Expense, Total	-30.2M	-35M	-50.5M	-53.2M	-41.8M
Interest And Investment Income	1M	300K	12.3M	35.6M	18M
Net Interest Expenses	-29.2M	-34.7M	-38.2M	-17.6M	-23.8M
Income (Loss) On Equity Invest.	-3M	1.1M	2.8M	-800K	-100K
Currency Exchange Gains (Loss)	2M	-	-1.2M	4.5M	-4.4M
Other Non Operating Income (Expenses)	500K	-100K	-300K	1.7M	-300K
EBT, Excl. Unusual Items	110M	217M	681M	333M	90.5M
Merger & Related Restructuring Charges	-	-	-	-600K	-200K
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-18.2M	7.7M	79.4M	79M	82M
Asset Writedown	500K	-14.4M	-8.9M	-1.2M	1.3M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	92.7M	211M	752M	410M	174M
Income Tax Expense	6.7M	6.2M	8.4M	10.1M	10.9M
Earnings From Continuing Operations	86M	204M	744M	400M	163M
Net Income to Company	86M	204M	744M	400M	163M
Net Income - (IS)	86M	204M	744M	400M	163M
Net Income to Common Incl Extra Items	86M	204M	744M	400M	163M
Net Income to Common Excl. Extra Items	86M	204M	744M	400M	163M
Per Share Items
Net EPS - Basic	2.22	5.45	21.19	12.38	5.32
Basic EPS - Continuing Operations	2.22	5.45	21.19	12.38	5.32
Basic Weighted Average Shares Outstanding	38.78M	37.51M	35.09M	32.31M	30.58M
Net EPS - Diluted	2.22	5.42	21.1	12.3	5.3
Diluted EPS - Continuing Operations	2.22	5.42	21.1	12.3	5.3
Diluted Weighted Average Shares Outstanding	38.91M	37.7M	35.3M	32.46M	30.69M
Normalized Basic EPS	1.78	3.62	12.14	6.44	1.85
Normalized Diluted EPS	1.77	3.6	12.07	6.41	1.84
Dividend Per Share	1.48	2.75	12.93	6.67	1.11
Payout Ratio	16.98	25.92	50.6	77.21	44.56
Supplemental Items
EBITDA	189M	294M	748M	384M	163M
EBITA	140M	251M	718M	352M	127M
EBIT	140M	251M	718M	345M	119M
EBITDAR	1.03B	1.66B	2.61B	1.62B	1.89B
Effective Tax Rate - (Ratio)	7.23	2.94	1.12	2.46	6.28
Normalized Net Income	69M	136M	426M	208M	56.56M
Interest on Long-Term Debt	30.2M	23.9M	32.3M	31.4M	31.5M
Supplemental Operating Expense Items
Net Rental Expense, Total	839M	1.36B	1.87B	1.24B	1.73B
Imputed Operating Lease Interest Expense	310M	439M	803M	743M	1.02B
Imputed Operating Lease Depreciation	530M	923M	1.06B	494M	707M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	941K	1.13M	1.4M	1.89M	1.74M
Total Stock-Based Compensation	941K	1.13M	1.4M	1.89M	1.74M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	332M	411M	842M	557M	267M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	332M	411M	842M	557M	267M
Accounts Receivable, Total	154M	257M	330M	284M	396M
Other Receivables	31.4M	42.6M	123M	116M	100M
Notes Receivable	-	-	-	-	7.5M
Total Receivables	185M	299M	454M	399M	504M
Inventory	65.8M	117M	134M	112M	137M
Prepaid Expenses	70.2M	136M	139M	116M	-
Other Current Assets, Total	17.1M	151M	110M	134M	70M
Total Current Assets	670M	1.11B	1.68B	1.32B	978M
Gross Property Plant And Equipment	1.6B	1.93B	1.87B	1.68B	1.94B
Accumulated Depreciation	-485M	-619M	-838M	-775M	-874M
Net Property Plant And Equipment	1.11B	1.31B	1.03B	908M	1.07B
Long-term Investments	11.5M	10M	-	12.7M	13.9M
Goodwill	-	-	-	35.3M	44.6M
Other Intangibles, Total	-	-	-	15.2M	12.9M
Loans Receivable Long-Term	-	-	-	-	5.2M
Other Long-Term Assets, Total	28.5M	20.4M	46.1M	54M	134M
Total Assets	1.82B	2.45B	2.76B	2.34B	2.25B
Liabilities
Accounts Payable, Total	131M	226M	280M	262M	270M
Short-term Borrowings	-	13.9M	-	-	-
Current Portion of Long-Term Debt	37.6M	39.9M	21M	73.5M	2.3M
Current Portion of Leases	142M	338M	276M	266M	244M
Current Income Taxes Payable	1.4M	-	300K	6.6M	8.4M
Unearned Revenue Current, Total	57.5M	89.4M	84.6M	102M	68.9M
Other Current Liabilities	56.8M	82.4M	246M	174M	74.8M
Total Current Liabilities	427M	790M	907M	883M	669M
Long-Term Debt	282M	401M	169M	5.9M	4.6M
Long-Term Leases	213M	270M	349M	257M	279M
Unearned Revenue Non Current	-	-	-	-	-
Other Non Current Liabilities	-	-	-	-	5M
Total Liabilities	922M	1.46B	1.42B	1.15B	958M
Common Stock, Total	6.5M	6.2M	5.9M	5.4M	5.1M
Retained Earnings	892M	1.02B	1.26B	1.23B	1.25B
Comprehensive Income and Other	4.1M	-31.2M	63.1M	-35.3M	41.3M
Total Common Equity	902M	993M	1.33B	1.2B	1.3B
Total Equity	902M	993M	1.33B	1.2B	1.3B
Total Liabilities And Equity	1.82B	2.45B	2.76B	2.34B	2.25B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	37.81M	36.76M	33.75M	31.57M	29.95M
ECS Total Common Shares Outstanding	37.81M	36.76M	33.75M	31.57M	29.95M
Book Value / Share	23.87	27.02	39.43	37.95	43.31
Tangible Book Value	902M	993M	1.33B	1.15B	1.24B
Tangible Book Value Per Share	23.87	27.02	39.43	36.35	41.39
Total Debt	675M	1.06B	815M	602M	530M
Net Debt	344M	652M	-27.5M	44.6M	264M
Debt Equivalent Oper. Leases	6.72B	10.89B	14.93B	9.9B	13.82B
Equity Method Investments, Total	11.5M	10M	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Machinery, Total	1.02B	913M	663M	596M	802M
Full Time Employees	1.23K	1.05K	425	466	483
Accumulated Allowance for Doubtful Accounts (Supple)	2M	8.4M	16.1M	19.4M	30.1M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	86M	204M	744M	400M	163M
Depreciation & Amortization - CF	202M	296M	450M	328M	305M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	6.4M	8M
Depreciation & Amortization, Total	202M	296M	450M	334M	313M
(Gain) Loss From Sale Of Asset	18.2M	-7.7M	-79.4M	-79M	-82M
Asset Writedown & Restructuring Costs	-	-	-	1.2M	-1.3M
(Income) Loss On Equity Investments - (CF)	3M	-1.1M	2.8M	-800K	100K
Other Operating Activities, Total	49.6M	39.1M	42.8M	87M	91.3M
Change In Accounts Receivable	27.9M	-170M	-90.7M	45.3M	13.6M
Change In Inventories	14.7M	-51.3M	-17.1M	22.1M	-25.3M
Change In Accounts Payable	-1M	158M	198M	-17.7M	-3.1M
Change in Unearned Revenues	-	-	-	17.3M	-33M
Change in Other Net Operating Assets	-4.3M	-32.9M	93.3M	-139M	-20.9M
Cash from Operations	396M	434M	1.34B	671M	415M
Capital Expenditure	-99M	-248M	-328M	-350M	-472M
Sale of Property, Plant, and Equipment	52M	160M	574M	389M	363M
Cash Acquisitions	-	-	-	-69.6M	-10.3M
Investment in Marketable and Equity Securities, Total	-	-2.4M	-175M	-26.5M	230M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-12.6M	8.5M	-3.5M
Other Investing Activities, Total	1.9M	93.1M	-	-	18M
Cash from Investing	-45.1M	2.6M	57.9M	-48.4M	127M
Long-Term Debt Issued, Total	132M	516M	60.6M	-	625M
Total Debt Issued	132M	516M	60.6M	-	625M
Long-Term Debt Repaid, Total	-292M	-664M	-672M	-479M	-1.04B
Total Debt Repaid	-292M	-664M	-672M	-479M	-1.04B
Issuance of Common Stock	-	6.6M	4.2M	-	-
Repurchase of Common Stock	-24M	-33.1M	-130M	-128M	-69.3M
Common Dividends Paid	-14.6M	-53M	-376M	-309M	-72.5M
Common & Preferred Stock Dividends Paid	-14.6M	-53M	-376M	-309M	-72.5M
Other Financing Activities, Total	-29.2M	-34.7M	-38.2M	-17.6M	-41.8M
Cash from Financing	-228M	-262M	-1.15B	-933M	-602M
Foreign Exchange Rate Adjustments	1.5M	-2.4M	-100K	-1.3M	-400K
Net Change in Cash	124M	172M	249M	-312M	-60.1M
Supplemental Items
Cash Interest Paid	30.2M	35M	50.5M	53.2M	41.8M
Cash Income Tax Paid (Refund)	4.4M	7.6M	8.1M	3.8M	9.1M
Levered Free Cash Flow	194M	-29.91M	619M	179M	-180M
Unlevered Free Cash Flow	213M	-8.03M	650M	212M	-154M
Change In Net Working Capital	-21.3M	214M	-78.2M	-9.9M	71.9M
Net Debt Issued / Repaid	-160M	-148M	-612M	-479M	-418M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.91	7.34	17.24	8.46	3.24
Return on Total Capital	5.7	8.64	21.37	10.94	4.1
Return On Equity %	9.76	21.57	63.98	31.65	13.04
Return on Common Equity	9.76	21.57	63.98	31.65	13.04
Margin Analysis
Gross Profit Margin %	16.43	18.1	25.19	21.07	12.13
SG&A Margin	3.58	3.31	3.89	3.15	1.84
EBITDA Margin %	7.26	8.29	14.08	10.41	4.04
EBITA Margin %	5.39	7.07	13.52	9.52	3.15
EBIT Margin %	5.39	7.07	13.52	9.35	2.95
Income From Continuing Operations Margin %	3.31	5.76	14	10.84	4.03
Net Income Margin %	3.31	5.76	14	10.84	4.03
Net Avail. For Common Margin %	3.31	5.76	14	10.84	4.03
Normalized Net Income Margin	2.66	3.83	8.02	5.64	1.4
Levered Free Cash Flow Margin	7.46	-0.84	11.64	4.84	-4.46
Unlevered Free Cash Flow Margin	8.19	-0.23	12.24	5.74	-3.81
Asset Turnover
Asset Turnover	1.46	1.66	2.04	1.45	1.76
Fixed Assets Turnover	2.32	2.93	4.54	3.81	4.09
Receivables Turnover (Average Receivables)	16.05	17.3	18.1	12.03	10.15
Inventory Turnover (Average Inventory)	29.68	31.81	31.63	23.66	28.46
Short Term Liquidity
Current Ratio	1.57	1.41	1.85	1.49	1.46
Quick Ratio	1.21	0.9	1.43	1.08	1.14
Operating Cash Flow to Current Liabilities	0.93	0.55	1.48	0.76	0.62
Days Sales Outstanding (Average Receivables)	22.81	21.1	20.17	30.35	36.07
Days Outstanding Inventory (Average Inventory)	12.33	11.47	11.54	15.42	12.86
Average Days Payable Outstanding	21.12	22.03	23.12	34.16	27.24
Cash Conversion Cycle (Average Days)	14.03	10.55	8.59	11.62	21.7
Long Term Solvency
Total Debt/Equity	74.84	106.95	61.23	50.24	40.88
Total Debt / Total Capital	42.8	51.68	37.98	33.44	29.02
LT Debt/Equity	54.93	67.52	38.9	21.94	21.86
Long-Term Debt / Total Capital	31.42	32.63	24.12	14.6	15.51
Total Liabilities / Total Assets	50.54	59.51	51.71	48.89	42.47
EBIT / Interest Expense	4.64	7.17	14.22	6.49	2.85
EBITDA / Interest Expense	11.32	15.62	23.13	12.77	10.34
(EBITDA - Capex) / Interest Expense	8.05	8.53	16.63	6.19	-0.94
Total Debt / EBITDA	1.97	1.94	0.7	0.89	1.23
Net Debt / EBITDA	1.01	1.19	-0.02	0.07	0.61
Total Debt / (EBITDA - Capex)	2.78	3.56	0.97	1.83	-13.56
Net Debt / (EBITDA - Capex)	1.41	2.18	-0.03	0.14	-6.74
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.54	36.72	49.57	-30.5	9.43
Gross Profit, 1 Yr. Growth %	53.18	50.6	108.15	-41.88	-36.99
EBITDA, 1 Yr. Growth %	79.03	55.66	153.99	-49.2	-57.44
EBITA, 1 Yr. Growth %	133.5	78.59	186.06	-51.05	-63.79
EBIT, 1 Yr. Growth %	133.5	78.59	186.06	-51.94	-65.44
Earnings From Cont. Operations, 1 Yr. Growth %	347.92	137.79	263.57	-46.19	-59.34
Net Income, 1 Yr. Growth %	347.92	137.79	263.57	-46.19	-59.34
Normalized Net Income, 1 Yr. Growth %	307.38	96.03	213.43	-51.13	-72.77
Diluted EPS Before Extra, 1 Yr. Growth %	362	144.41	290.74	-41.71	-56.91
Accounts Receivable, 1 Yr. Growth %	-9.31	66.69	28.71	-14.16	-0.97
Inventory, 1 Yr. Growth %	-18.26	77.96	14.6	-16.47	22.57
Net Property, Plant and Equip., 1 Yr. Growth %	-0.77	17.45	-21.33	-11.84	17.39
Total Assets, 1 Yr. Growth %	4.73	34.45	12.3	-14.93	-3.8
Tangible Book Value, 1 Yr. Growth %	5.06	10.06	33.97	-13.77	8.04
Common Equity, 1 Yr. Growth %	5.06	10.06	33.97	-9.98	8.28
Cash From Operations, 1 Yr. Growth %	41.18	9.57	209.5	-50.05	-38.07
Capital Expenditures, 1 Yr. Growth %	-32.15	150.4	32.35	6.58	34.83
Levered Free Cash Flow, 1 Yr. Growth %	731.19	-115.41	-2.17K	-71.52	-201.03
Unlevered Free Cash Flow, 1 Yr. Growth %	359.83	-103.77	-8.19K	-67.84	-172.79
Dividend Per Share, 1 Yr. Growth %	293.95	86.14	369.67	-48.39	-83.36
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.88	17.24	43	1.95	-12.79
Gross Profit, 2 Yr. CAGR %	79.63	51.88	77.05	9.99	-39.48
EBITDA, 2 Yr. CAGR %	61.33	67.16	98.83	14.23	-53.54
EBITA, 2 Yr. CAGR %	122.89	104.57	126.03	18.33	-57.94
EBIT, 2 Yr. CAGR %	122.89	104.57	126.03	17.25	-59.28
Earnings From Cont. Operations, 2 Yr. CAGR %	72.8	226.36	194.03	39.87	-53.22
Net Income, 2 Yr. CAGR %	72.8	226.36	194.03	39.87	-53.22
Normalized Net Income, 2 Yr. CAGR %	115.83	183.23	147.88	23.76	-63.56
Diluted EPS Before Extra, 2 Yr. CAGR %	76.73	236.03	208.46	50.92	-49.88
Accounts Receivable, 2 Yr. CAGR %	-8.76	22.95	46.47	5.11	9.51
Inventory, 2 Yr. CAGR %	-13.13	20.61	42.81	-2.16	1.19
Net Property, Plant and Equip., 2 Yr. CAGR %	14.85	7.95	-3.87	-16.72	1.73
Total Assets, 2 Yr. CAGR %	11.63	18.66	22.88	-2.26	-9.54
Tangible Book Value, 2 Yr. CAGR %	4.48	7.53	21.43	7.48	-3.48
Common Equity, 2 Yr. CAGR %	4.48	7.53	21.43	9.82	-1.27
Cash From Operations, 2 Yr. CAGR %	400.63	24.37	84.15	24.34	-44.38
Capital Expenditures, 2 Yr. CAGR %	-30.34	30.35	82.05	18.77	19.88
Levered Free Cash Flow, 2 Yr. CAGR %	8.04	13.25	78.5	144.36	-46.42
Unlevered Free Cash Flow, 2 Yr. CAGR %	16.73	-58.32	74.7	413.48	-51.66
Dividend Per Share, 2 Yr. CAGR %	119.58	170.8	195.68	55.69	-70.69
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	12.6	13.11	27.16	12.43	4.39
Gross Profit, 3 Yr. CAGR %	54.04	69.38	68.7	22.14	-8.65
EBITDA, 3 Yr. CAGR %	40.46	59.56	92.17	26.64	-17.85
EBITA, 3 Yr. CAGR %	75.63	107.27	128.76	35.73	-20.3
EBIT, 3 Yr. CAGR %	75.63	107.27	128.76	34.91	-22.01
Earnings From Cont. Operations, 3 Yr. CAGR %	51.84	92.21	238.32	66.94	-7.34
Net Income, 3 Yr. CAGR %	51.84	92.21	238.32	66.94	-7.34
Normalized Net Income, 3 Yr. CAGR %	70.21	109.33	192.96	44.27	-25.33
Diluted EPS Before Extra, 3 Yr. CAGR %	54.01	96.9	252.92	77.01	-0.62
Accounts Receivable, 3 Yr. CAGR %	7.49	11.54	24.84	22.57	15.57
Inventory, 3 Yr. CAGR %	-0.93	10.33	18.57	19.43	5.47
Net Property, Plant and Equip., 3 Yr. CAGR %	14.57	15.71	-2.85	-6.6	-6.62
Total Assets, 3 Yr. CAGR %	11.22	18.77	16.51	8.7	-2.78
Tangible Book Value, 3 Yr. CAGR %	2.65	6.31	15.71	8.33	7.66
Common Equity, 3 Yr. CAGR %	2.65	6.31	15.71	9.9	9.3
Cash From Operations, 3 Yr. CAGR %	298.32	201.7	68.54	19.21	-1.44
Capital Expenditures, 3 Yr. CAGR %	-2.55	6.71	31.01	52.3	23.9
Levered Free Cash Flow, 3 Yr. CAGR %	40	-43.52	198.23	-2.75	81.91
Unlevered Free Cash Flow, 3 Yr. CAGR %	49.59	-62.8	141.33	-0.18	167.58
Dividend Per Share, 3 Yr. CAGR %	-	107.82	225.36	65.24	-26.11
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.37	22.96	23.9	8.51	9.35
Gross Profit, 5 Yr. CAGR %	62.39	70.48	62.86	42.52	11.95
EBITDA, 5 Yr. CAGR %	52.58	57.27	61.49	39.59	9.15
EBITA, 5 Yr. CAGR %	25.1	67.61	94.42	65.64	16.2
EBIT, 5 Yr. CAGR %	25.1	67.61	94.42	65.03	14.7
Earnings From Cont. Operations, 5 Yr. CAGR %	-21.3	35.01	97.79	69.26	53.33
Net Income, 5 Yr. CAGR %	-21.3	35.01	97.79	69.26	53.33
Normalized Net Income, 5 Yr. CAGR %	9.88	213.23	98	69.64	27.27
Diluted EPS Before Extra, 5 Yr. CAGR %	-20.63	36.83	103.34	76.9	61.66
Accounts Receivable, 5 Yr. CAGR %	9.1	23.24	21.65	8.92	18.47
Inventory, 5 Yr. CAGR %	8.58	21.59	14.67	5.15	11.29
Net Property, Plant and Equip., 5 Yr. CAGR %	4	12.35	6.8	1.45	-1.04
Total Assets, 5 Yr. CAGR %	2.6	13.53	15.74	9.86	5.29
Tangible Book Value, 5 Yr. CAGR %	1.06	4.39	9.78	6.77	7.61
Common Equity, 5 Yr. CAGR %	1.06	4.39	9.78	7.7	8.59
Cash From Operations, 5 Yr. CAGR %	38.79	40.33	192.56	111.63	8.17
Capital Expenditures, 5 Yr. CAGR %	-9.1	26.61	25.13	11.38	26.44
Levered Free Cash Flow, 5 Yr. CAGR %	12.85	-19.1	54.34	1.47	50.5
Unlevered Free Cash Flow, 5 Yr. CAGR %	16.9	-36.25	59.22	6.3	27.18
Dividend Per Share, 5 Yr. CAGR %	-	-	-	85.14	24.22