Balance Sheet Nel ASA

Equities

NEL

NO0010081235

Renewable Energy Equipment & Services

Market Closed - Oslo Bors Other stock markets 10:45:00 2025-01-13 am EST			5-day change	1st Jan Change
2.101 ^NOK	-25.63%		-26.46%	-22.30%

04:39pm	Norway's Nel Trims Workforce, Production Capacity Amid Weak Market Demand	MT
02:46pm	Nel implements cuts and temporarily stops production at Alkaline in Herøya	FW

2d8be857306a4c75acb706cf28a6a3.HU5cVXn8WtKXmj9yIp9NssS60no1VallI9Q6fKeSwMw.axFsHzuaYqeu4AwoRKkc9YHUhBRbEOIJeb1MJP7Uip1YPiUSCJo86tjgWA

Published financial data: NEL ASA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	519M	578M	753M	915M	1.68B
Other Revenues, Total	-	-	-	-	-
Total Revenues	519M	578M	753M	915M	1.68B
Cost of Goods Sold, Total	342M	394M	552M	595M	873M
Gross Profit	177M	184M	201M	319M	808M
Selling General & Admin Expenses, Total	218M	303M	434M	613M	749M
Depreciation & Amortization - (IS)	75.5M	91.29M	103M	171M	224M
Other Operating Expenses	137M	148M	244M	486M	537M
Other Operating Expenses, Total	430M	542M	782M	1.27B	1.51B
Operating Income	-254M	-357M	-581M	-951M	-702M
Interest Expense, Total	-4.72M	-4.41M	-4.03M	-11.17M	-17.57M
Interest And Investment Income	9.52M	14.36M	19.74M	72.2M	168M
Net Interest Expenses	4.8M	9.94M	15.7M	61.04M	150M
Income (Loss) On Equity Invest.	-29.79M	1.24M	-35K	-	-3.71M
Currency Exchange Gains (Loss)	-1.35M	-11.97M	-3.53M	56.46M	16.43M
Other Non Operating Income (Expenses)	-290K	22.42M	63K	4.78M	6.2M
EBT, Excl. Unusual Items	-280M	-336M	-568M	-829M	-532M
Impairment of Goodwill	-	-	-	-296M	-
Gain (Loss) On Sale Of Investments	1.77M	1.63B	-1.11B	-30.61M	-342M
Gain (Loss) On Sale Of Assets	1.21M	6.37M	2.25M	-	-
Asset Writedown	-	-71.67M	-4.5M	-30.86M	-1.97M
Insurance Settlements	-	-	-	-	4.08M
Other Unusual Items	-	14.66M	-	-	-
EBT, Incl. Unusual Items	-277M	1.25B	-1.68B	-1.19B	-873M
Income Tax Expense	-7.53M	-16.36M	-16.98M	-15.83M	-17.34M
Earnings From Continuing Operations	-270M	1.26B	-1.67B	-1.17B	-855M
Net Income to Company	-270M	1.26B	-1.67B	-1.17B	-855M
Net Income - (IS)	-270M	1.26B	-1.67B	-1.17B	-855M
Net Income to Common Incl Extra Items	-270M	1.26B	-1.67B	-1.17B	-855M
Net Income to Common Excl. Extra Items	-270M	1.26B	-1.67B	-1.17B	-855M
Per Share Items
Net EPS - Basic	-0.22	0.92	-1.14	-0.76	-0.52
Basic EPS - Continuing Operations	-0.22	0.92	-1.14	-0.76	-0.52
Basic Weighted Average Shares Outstanding	1.2B	1.37B	1.46B	1.54B	1.65B
Net EPS - Diluted	-0.22	0.91	-1.14	-0.76	-0.52
Diluted EPS - Continuing Operations	-0.22	0.91	-1.14	-0.76	-0.52
Diluted Weighted Average Shares Outstanding	1.2B	1.39B	1.46B	1.54B	1.65B
Normalized Basic EPS	-0.15	-0.15	-0.24	-0.34	-0.2
Normalized Diluted EPS	-0.15	-0.15	-0.24	-0.34	-0.2
American Depositary Receipts Ratio (ADR)	30	30	30	30	30
Supplemental Items
EBITDA	-188M	-281M	-494M	-801M	-510M
EBITA	-202M	-297M	-515M	-869M	-591M
EBIT	-254M	-357M	-581M	-951M	-702M
EBITDAR	-188M	-280M	-492M	-801M	-508M
Total Revenues (As Reported)	570M	652M	798M	994M	1.77B
Effective Tax Rate - (Ratio)	2.72	-1.31	1.01	1.33	1.99
Total Current Taxes	-	-8.9M	-9.58M	-7.73M	-8.51M
Total Deferred Taxes	-7.53M	-7.45M	-7.4M	-8.1M	-8.83M
Normalized Net Income	-175M	-210M	-355M	-518M	-333M
Interest Capitalized	1.21M	5.18M	5.9M	-	-
Interest on Long-Term Debt	5.01M	8.79M	8.79M	10.47M	14.81M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	61.41M	61.25M	74.3M	143M	150M
Net Rental Expense, Total	190K	334K	2.14M	240K	1.13M
Imputed Operating Lease Interest Expense	103K	192K	1.22M	113K	656K
Imputed Operating Lease Depreciation	87.16K	142K	919K	127K	470K
Maintenance & Repair Expenses, Total	-	-	-	10.57M	16.28M
Stock-Based Comp., SG&A Exp. (Total)	10.27M	8.6M	8.9M	7.6M	4.2M
Stock-Based Comp., Other (Total)	-	-	600K	742K	-
Total Stock-Based Compensation	10.27M	8.6M	9.5M	8.34M	4.2M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	526M	2.33B	2.72B	3.14B	3.36B
Short Term Investments	-	1.73B	608M	547M	24.01M
Total Cash And Short Term Investments	526M	4.07B	3.33B	3.69B	3.39B
Accounts Receivable, Total	220M	229M	390M	557M	862M
Other Receivables	7.49M	13.11M	7.9M	34.04M	41.62M
Total Receivables	228M	243M	398M	591M	904M
Inventory	205M	237M	328M	505M	704M
Prepaid Expenses	25.29M	18.54M	55.53M	147M	215M
Other Current Assets, Total	5.91M	28.46M	31.2M	48.79M	167M
Total Current Assets	990M	4.59B	4.14B	4.98B	5.38B
Gross Property Plant And Equipment	311M	471M	746M	1B	1.63B
Accumulated Depreciation	-55.14M	-92.49M	-122M	-214M	-329M
Net Property Plant And Equipment	256M	378M	624M	785M	1.31B
Long-term Investments	56.36M	64.75M	93.14M	253M	159M
Goodwill	609M	620M	615M	366M	375M
Other Intangibles, Total	509M	472M	529M	569M	640M
Other Long-Term Assets, Total	9.73M	8.37M	2.05M	348K	568K
Total Assets	2.43B	6.14B	6.01B	6.95B	7.86B
Liabilities
Accounts Payable, Total	92.2M	81.57M	133M	202M	205M
Accrued Expenses, Total	36.69M	54.63M	59.04M	87.34M	141M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	12.07M	14.29M	19.92M	30.44M	38.07M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	147M	193M	361M	672M	715M
Other Current Liabilities	51.98M	87.52M	132M	200M	229M
Total Current Liabilities	340M	431M	705M	1.19B	1.33B
Long-Term Debt	40.85M	39.29M	23.19M	22.43M	22.46M
Long-Term Leases	79.12M	77.12M	114M	170M	199M
Unearned Revenue Non Current	59.02M	63.6M	69.54M	64.05M	66.24M
Deferred Tax Liability Non Current	63.34M	55.14M	48.54M	45.53M	38.44M
Other Non Current Liabilities	1.32M	2.14M	8.45M	7.1M	4.86M
Total Liabilities	584M	668M	968M	1.5B	1.66B
Common Stock, Total	244M	282M	292M	313M	334M
Additional Paid In Capital	2.09B	4.37B	5.6B	7.1B	8.66B
Retained Earnings	-575M	694M	-972M	-2.14B	-3B
Treasury Stock	-14K	-79K	-81K	-84K	-84K
Comprehensive Income and Other	87.9M	126M	122M	182M	200M
Total Common Equity	1.85B	5.47B	5.04B	5.45B	6.2B
Total Equity	1.85B	5.47B	5.04B	5.45B	6.2B
Total Liabilities And Equity	2.43B	6.14B	6.01B	6.95B	7.86B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.22B	1.41B	1.46B	1.56B	1.67B
ECS Total Common Shares Outstanding	1.22B	1.41B	1.46B	1.56B	1.67B
Book Value / Share	1.51	3.89	3.45	3.49	3.71
Tangible Book Value	729M	4.38B	3.89B	4.52B	5.18B
Tangible Book Value Per Share	0.6	3.11	2.67	2.89	3.1
Total Debt	132M	131M	157M	223M	260M
Net Debt	-394M	-3.94B	-3.17B	-3.46B	-3.13B
Debt Equivalent Oper. Leases	1.52M	2.67M	17.13M	1.92M	9.01M
Equity Method Investments, Total	3.8M	1.29M	2.3M	2.89M	100K
Account Code - Inventory Valuation	3	6	6	6	6
Inventories - Raw Materials, Total	153M	37.14M	68.43M	51.48M	115M
Inventories - Work In Process, Total	40.01M	51.19M	92.13M	121M	170M
Inventories - Finished Goods, Total	12.97M	153M	188M	346M	431M
Buildings, Total	142M	143M	120M	125M	135M
Machinery, Total	75.28M	94.91M	125M	560M	653M
Full Time Employees	310	390	500	571	669
Accumulated Allowance for Doubtful Accounts (Supple)	28.02M	1.05M	1.18M	2.27M	31.56M
Order Backlog	513M	981M	1.23B	2.61B	2.46B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-270M	1.26B	-1.67B	-1.17B	-855M
Depreciation & Amortization - CF	24.21M	30.61M	37.92M	88.86M	113M
Amortization of Goodwill and Intangible Assets - (CF)	51.29M	60.68M	65.2M	82.62M	110M
Depreciation & Amortization, Total	75.5M	91.29M	103M	171M	224M
Asset Writedown & Restructuring Costs	-	71.66M	4.5M	327M	1.97M
Stock-Based Compensation (CF)	-	7.68M	9K	8.34M	4.03M
Other Operating Activities, Total	-12.33M	-1.64B	1.1B	25.95M	340M
Change In Accounts Receivable	-74.67M	81.88M	-110M	145M	-262M
Change In Inventories	-70.43M	-31.9M	-91.34M	-176M	-199M
Change In Accounts Payable	22.72M	-10.63M	51.39M	68.78M	3.12M
Change in Other Net Operating Assets	120M	-43.81M	160M	-89.73M	73.77M
Cash from Operations	-209M	-216M	-449M	-691M	-670M
Capital Expenditure	-119M	-149M	-258M	-160M	-574M
Sale of Property, Plant, and Equipment	-	-	26.06M	-	-
Cash Acquisitions	-	26.02M	-	-	-
Divestitures	1.65M	-19.83M	-	-	-
Sale (Purchase) of Intangible assets	-	-83.66M	-119M	-118M	-166M
Investment in Marketable and Equity Securities, Total	-10.93M	-68.43M	-22.52M	-124M	93.02M
Other Investing Activities, Total	-5.98M	1K	-	-	-
Cash from Investing	-134M	-294M	-374M	-403M	-647M
Long-Term Debt Issued, Total	-	16.4M	-	-	-
Total Debt Issued	-	16.4M	-	-	-
Long-Term Debt Repaid, Total	-10.86M	-13.24M	-19.93M	-16.29M	-27.31M
Total Debt Repaid	-10.86M	-13.24M	-19.93M	-16.29M	-27.31M
Issuance of Common Stock	546M	2.38B	1.26B	1.55B	1.61B
Other Financing Activities, Total	-15.62M	-72.71M	-19.24M	-34.59M	-40.16M
Cash from Financing	519M	2.31B	1.22B	1.49B	1.54B
Foreign Exchange Rate Adjustments	86K	3.48M	-2.94M	14.46M	-376K
Miscellaneous Cash Flow Adjustments	-1K	-	-	-	-
Net Change in Cash	176M	1.81B	390M	416M	225M
Supplemental Items
Cash Interest Paid	4.72M	4.41M	3.68M	11.17M	15.46M
Levered Free Cash Flow	-243M	-329M	-648M	-703M	-1.53B
Unlevered Free Cash Flow	-240M	-326M	-646M	-696M	-1.52B
Change In Net Working Capital	48.3M	-29.89M	18.26M	2.59M	569M
Net Debt Issued / Repaid	-10.86M	3.16M	-19.93M	-16.29M	-27.31M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-7.25	-5.22	-5.98	-9.18	-5.92
Return on Total Capital	-8.8	-5.89	-6.73	-10.94	-7.23
Return On Equity %	-15.75	34.5	-31.73	-22.33	-14.68
Return on Common Equity	-15.75	34.5	-31.73	-22.33	-14.68
Margin Analysis
Gross Profit Margin %	34.04	31.88	26.74	34.92	48.06
SG&A Margin	42.04	52.39	57.69	67	44.53
EBITDA Margin %	-36.21	-48.54	-65.55	-87.58	-30.32
EBITA Margin %	-38.98	-51.32	-68.44	-94.96	-35.16
EBIT Margin %	-48.86	-61.81	-77.1	-103.99	-41.74
Income From Continuing Operations Margin %	-51.96	218.19	-221.33	-128.02	-50.87
Net Income Margin %	-51.96	218.19	-221.33	-128.02	-50.87
Net Avail. For Common Margin %	-51.96	218.19	-221.33	-128.02	-50.87
Normalized Net Income Margin	-33.74	-36.3	-47.17	-56.64	-19.8
Levered Free Cash Flow Margin	-46.78	-56.82	-86.07	-76.85	-91.01
Unlevered Free Cash Flow Margin	-46.22	-56.34	-85.74	-76.09	-90.36
Asset Turnover
Asset Turnover	0.24	0.14	0.12	0.14	0.23
Fixed Assets Turnover	2.65	1.82	1.5	1.3	1.61
Receivables Turnover (Average Receivables)	3.08	2.57	2.43	1.93	2.37
Inventory Turnover (Average Inventory)	2.01	1.78	1.95	1.43	1.45
Short Term Liquidity
Current Ratio	2.91	10.66	5.88	4.18	4.05
Quick Ratio	2.21	10	5.29	3.59	3.23
Operating Cash Flow to Current Liabilities	-0.61	-0.5	-0.64	-0.58	-0.5
Days Sales Outstanding (Average Receivables)	118.6	142.35	150.15	188.96	154.07
Days Outstanding Inventory (Average Inventory)	181.25	205.47	187.1	255.35	252.59
Average Days Payable Outstanding	71.47	74.67	60.89	79.17	69.18
Cash Conversion Cycle (Average Days)	228.38	273.15	276.36	365.14	337.49
Long Term Solvency
Total Debt/Equity	7.15	2.39	3.11	4.09	4.19
Total Debt / Total Capital	6.67	2.33	3.01	3.93	4.02
LT Debt/Equity	6.5	2.13	2.71	3.53	3.58
Long-Term Debt / Total Capital	6.06	2.08	2.63	3.4	3.43
Total Liabilities / Total Assets	24.03	10.89	16.12	21.59	21.12
EBIT / Interest Expense	-53.78	-81.05	-144.07	-85.2	-39.93
EBITDA / Interest Expense	-37.77	-60.35	-118.48	-69.84	-27.19
(EBITDA - Capex) / Interest Expense	-62.98	-94.03	-182.57	-84.22	-59.84
Total Debt / EBITDA	-0.74	-0.49	-0.33	-0.29	-0.54
Net Debt / EBITDA	2.21	14.79	6.65	4.44	6.55
Total Debt / (EBITDA - Capex)	-0.44	-0.32	-0.21	-0.24	-0.25
Net Debt / (EBITDA - Capex)	1.33	9.49	4.31	3.68	2.97
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.53	11.42	30.22	21.48	83.75
Gross Profit, 1 Yr. Growth %	14.25	4.34	9.25	63.14	152.88
EBITDA, 1 Yr. Growth %	42.83	49.36	75.85	62.3	-36.4
EBITA, 1 Yr. Growth %	41.47	46.72	73.65	68.55	-31.96
EBIT, 1 Yr. Growth %	29.34	40.97	62.41	63.86	-26.25
Earnings From Cont. Operations, 1 Yr. Growth %	42.83	-567.87	-232.09	-29.74	-26.98
Net Income, 1 Yr. Growth %	42.83	-567.87	-232.09	-29.74	-26.98
Normalized Net Income, 1 Yr. Growth %	41.88	19.85	69.24	45.86	-35.78
Diluted EPS Before Extra, 1 Yr. Growth %