Cash flow Nel ASA

Equities

NEL

NO0010081235

Renewable Energy Equipment & Services

Market Closed - Oslo Bors Other stock markets 10:45:00 2025-12-05 am EST			5-day change	1st Jan Change
2.320 ^NOK	+0.09%		-2.85%	-14.20%

11:27am	State Energy Ministers Push for Rapid Hydrogen Expansion	DP
Nov. 10	Nel ASA Enters into an Agreement with GreenH to Be the Technology Provider for the Enova-Supported Projects in Kristiansund and Slagentangen	CI

44ac1.JN4EYU1F_I_eOvapYjNDZGl1KRQ14t6c-dc1IxbvaOs.E51IPgY0ve6tYLzZAEQ5PCo-QmdMq5z2vOdtZE6mGttgrj03fSzR1uZUpw

Published financial data: NEL ASA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	578M	753M	915M	1.68B	1.39B
Other Revenues, Total	-	-	-	-	-
Total Revenues	578M	753M	915M	1.68B	1.39B
Cost of Goods Sold, Total	394M	552M	595M	873M	518M
Gross Profit	184M	201M	319M	808M	872M
Selling General & Admin Expenses, Total	303M	434M	613M	749M	578M
Depreciation & Amortization - (IS)	91.29M	103M	171M	224M	216M
Other Operating Expenses	148M	244M	486M	537M	467M
Other Operating Expenses, Total	542M	782M	1.27B	1.51B	1.26B
Operating Income	-357M	-581M	-951M	-702M	-389M
Interest Expense, Total	-4.41M	-4.03M	-11.17M	-17.57M	-16.48M
Interest And Investment Income	14.36M	19.74M	72.2M	168M	128M
Net Interest Expenses	9.94M	15.7M	61.04M	150M	111M
Income (Loss) On Equity Invest.	1.24M	-35K	-	-3.71M	-
Currency Exchange Gains (Loss)	-11.97M	-3.53M	56.46M	16.43M	13.57M
Other Non Operating Income (Expenses)	22.42M	63K	4.78M	6.2M	3.04M
EBT, Excl. Unusual Items	-336M	-568M	-829M	-532M	-262M
Impairment of Goodwill	-	-	-296M	-	-
Gain (Loss) On Sale Of Investments	1.63B	-1.11B	-30.61M	-342M	-2.65M
Gain (Loss) On Sale Of Assets	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	1.25B	-1.68B	-1.19B	-873M	-264M
Income Tax Expense	-16.36M	-16.98M	-15.83M	-17.34M	-6.55M
Earnings From Continuing Operations	1.26B	-1.67B	-1.17B	-855M	-258M
Earnings Of Discontinued Operations	-	-	-	-	13.29M
Net Income to Company	1.26B	-1.67B	-1.17B	-855M	-244M
Net Income - (IS)	1.26B	-1.67B	-1.17B	-855M	-244M
Net Income to Common Incl Extra Items	1.26B	-1.67B	-1.17B	-855M	-244M
Net Income to Common Excl. Extra Items	1.26B	-1.67B	-1.17B	-855M	-258M
Per Share Items
Net EPS - Basic	0.92	-1.14	-0.76	-0.52	-0.15
Basic EPS - Continuing Operations	0.92	-1.14	-0.76	-0.52	-0.15
Basic Weighted Average Shares Outstanding	1.37B	1.46B	1.54B	1.65B	1.67B
Net EPS - Diluted	0.91	-1.14	-0.76	-0.52	-0.15
Diluted EPS - Continuing Operations	0.91	-1.14	-0.76	-0.52	-0.15
Diluted Weighted Average Shares Outstanding	1.39B	1.46B	1.54B	1.65B	1.67B
Normalized Basic EPS	-0.15	-0.24	-0.34	-0.2	-0.1
Normalized Diluted EPS	-0.15	-0.24	-0.34	-0.2	-0.1
American Depositary Receipts Ratio (ADR)	30	30	30	30	30
Supplemental Items
EBITDA	-281M	-494M	-801M	-510M	-203M
EBITA	-297M	-515M	-869M	-591M	-309M
EBIT	-357M	-581M	-951M	-702M	-389M
EBITDAR	-280M	-492M	-801M	-508M	-201M
Total Revenues (As Reported)	652M	798M	994M	1.77B	1.49B
Effective Tax Rate - (Ratio)	-1.31	1.01	1.33	1.99	2.48
Total Current Taxes	-8.9M	-9.58M	-7.73M	-8.51M	-
Total Deferred Taxes	-7.45M	-7.4M	-8.1M	-8.83M	-6.55M
Normalized Net Income	-210M	-355M	-518M	-333M	-163M
Interest Capitalized	5.18M	5.9M	-	-	-
Interest on Long-Term Debt	8.79M	8.79M	10.47M	14.81M	17.71M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	61.25M	74.3M	143M	150M	114M
Net Rental Expense, Total	334K	2.14M	240K	1.13M	2.1M
Imputed Operating Lease Interest Expense	192K	1.22M	113K	656K	1.07M
Imputed Operating Lease Depreciation	142K	919K	127K	470K	1.03M
Maintenance & Repair Expenses, Total	-	-	10.57M	16.28M	13.72M
Stock-Based Comp., SG&A Exp. (Total)	8.6M	8.9M	7.6M	4.2M	2.7M
Stock-Based Comp., Other (Total)	-	600K	742K	-	-
Total Stock-Based Compensation	8.6M	9.5M	8.34M	4.2M	2.7M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	2.33B	2.72B	3.14B	3.36B	1.88B
Short Term Investments	1.73B	608M	547M	24.01M	2.26M
Total Cash And Short Term Investments	4.07B	3.33B	3.69B	3.39B	1.88B
Accounts Receivable, Total	229M	390M	557M	862M	725M
Other Receivables	13.11M	7.9M	34.04M	41.62M	32.03M
Total Receivables	243M	398M	591M	904M	757M
Inventory	237M	328M	505M	704M	532M
Prepaid Expenses	18.54M	55.53M	147M	215M	231M
Other Current Assets, Total	28.46M	31.2M	48.79M	167M	10.5M
Total Current Assets	4.59B	4.14B	4.98B	5.38B	3.41B
Gross Property Plant And Equipment	471M	746M	1B	1.63B	2.05B
Accumulated Depreciation	-92.49M	-122M	-214M	-329M	-388M
Net Property Plant And Equipment	378M	624M	785M	1.31B	1.66B
Long-term Investments	64.75M	93.14M	253M	159M	203M
Goodwill	620M	615M	366M	375M	412M
Other Intangibles, Total	472M	529M	569M	640M	617M
Other Long-Term Assets, Total	8.37M	2.05M	348K	568K	159K
Total Assets	6.14B	6.01B	6.95B	7.86B	6.3B
Liabilities
Accounts Payable, Total	81.57M	133M	202M	205M	111M
Accrued Expenses, Total	54.63M	59.04M	87.34M	141M	140M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	14.29M	19.92M	30.44M	38.07M	44.48M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue Current, Total	193M	361M	672M	715M	583M
Other Current Liabilities	87.52M	132M	200M	229M	123M
Total Current Liabilities	431M	705M	1.19B	1.33B	1B
Long-Term Debt	39.29M	23.19M	22.43M	22.46M	-
Long-Term Leases	77.12M	114M	170M	199M	216M
Unearned Revenue Non Current	63.6M	69.54M	64.05M	66.24M	69.28M
Deferred Tax Liability Non Current	55.14M	48.54M	45.53M	38.44M	34.81M
Other Non Current Liabilities	2.14M	8.45M	7.1M	4.86M	5.26M
Total Liabilities	668M	968M	1.5B	1.66B	1.33B
Common Stock, Total	282M	292M	313M	334M	334M
Additional Paid In Capital	4.37B	5.6B	7.1B	8.66B	7.6B
Retained Earnings	694M	-972M	-2.14B	-3B	-3.24B
Treasury Stock	-79K	-81K	-84K	-84K	-84K
Comprehensive Income and Other	126M	122M	182M	200M	287M
Total Common Equity	5.47B	5.04B	5.45B	6.2B	4.98B
Total Equity	5.47B	5.04B	5.45B	6.2B	4.98B
Total Liabilities And Equity	6.14B	6.01B	6.95B	7.86B	6.3B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.41B	1.46B	1.56B	1.67B	1.67B
ECS Total Common Shares Outstanding	1.41B	1.46B	1.56B	1.67B	1.67B
Book Value / Share	3.89	3.45	3.49	3.71	2.98
Tangible Book Value	4.38B	3.89B	4.52B	5.18B	3.95B
Tangible Book Value Per Share	3.11	2.67	2.89	3.1	2.36
Total Debt	131M	157M	223M	260M	260M
Net Debt	-3.94B	-3.17B	-3.46B	-3.13B	-1.62B
Debt Equivalent Oper. Leases	2.67M	17.13M	1.92M	9.01M	16.79M
Equity Method Investments, Total	1.29M	2.3M	2.89M	100K	100K
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	37.14M	68.43M	51.48M	115M	66.84M
Inventories - Work In Process, Total	51.19M	92.13M	121M	170M	103M
Inventories - Finished Goods, Total	153M	188M	346M	431M	376M
Buildings, Total	143M	120M	125M	135M	39.71M
Machinery, Total	94.91M	125M	560M	653M	1.35B
Full Time Employees	390	500	571	669	397
Accumulated Allowance for Doubtful Accounts (Supple)	1.05M	1.18M	2.27M	31.56M	77.01M
Order Backlog	981M	1.23B	2.61B	2.46B	1.61B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.26B	-1.67B	-1.17B	-855M	-244M
Depreciation & Amortization - CF	30.61M	37.92M	88.86M	113M	136M
Amortization of Goodwill and Intangible Assets - (CF)	60.68M	65.2M	82.62M	110M	80.01M
Depreciation & Amortization, Total	91.29M	103M	171M	224M	216M
Asset Writedown & Restructuring Costs	71.66M	4.5M	327M	1.97M	-
Stock-Based Compensation (CF)	7.68M	9K	8.34M	4.03M	2.77M
Other Operating Activities, Total	-1.64B	1.1B	25.95M	340M	12.58M
Change In Accounts Receivable	81.88M	-110M	145M	-262M	84.12M
Change In Inventories	-31.9M	-91.34M	-176M	-199M	-110M
Change In Accounts Payable	-10.63M	51.39M	68.78M	3.12M	-68.38M
Change in Other Net Operating Assets	-43.81M	160M	-89.73M	73.77M	-135M
Cash from Operations	-216M	-449M	-691M	-670M	-242M
Capital Expenditure	-149M	-258M	-160M	-574M	-534M
Sale of Property, Plant, and Equipment	-	26.06M	-	-	-
Cash Acquisitions	26.02M	-	-	-	-
Divestitures	-19.83M	-	-	-	-
Sale (Purchase) of Intangible assets	-83.66M	-119M	-118M	-166M	-146M
Investment in Marketable and Equity Securities, Total	-68.43M	-22.52M	-124M	93.02M	98.4M
Other Investing Activities, Total	1K	-	-	-	-
Cash from Investing	-294M	-374M	-403M	-647M	-582M
Long-Term Debt Issued, Total	16.4M	-	-	-	-
Total Debt Issued	16.4M	-	-	-	-
Long-Term Debt Repaid, Total	-13.24M	-19.93M	-16.29M	-27.31M	-24.09M
Total Debt Repaid	-13.24M	-19.93M	-16.29M	-27.31M	-24.09M
Issuance of Common Stock	2.38B	1.26B	1.55B	1.61B	-
Other Financing Activities, Total	-72.71M	-19.24M	-34.59M	-40.16M	-642M
Cash from Financing	2.31B	1.22B	1.49B	1.54B	-666M
Foreign Exchange Rate Adjustments	3.48M	-2.94M	14.46M	-376K	1.63M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	1.81B	390M	416M	225M	-1.49B
Supplemental Items
Cash Interest Paid	4.41M	3.68M	11.17M	15.46M	16.48M
Levered Free Cash Flow	-329M	-648M	-703M	-1.53B	-588M
Unlevered Free Cash Flow	-326M	-646M	-696M	-1.52B	-577M
Change In Net Working Capital	-29.89M	18.26M	2.59M	569M	-127M
Net Debt Issued / Repaid	3.16M	-19.93M	-16.29M	-27.31M	-24.09M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-5.22	-5.98	-9.18	-5.92	-3.44
Return on Total Capital	-5.89	-6.73	-10.94	-7.23	-4.16
Return On Equity %	34.5	-31.73	-22.33	-14.68	-4.61
Return on Common Equity	34.5	-31.73	-22.33	-14.68	-4.61
Margin Analysis
Gross Profit Margin %	31.88	26.74	34.92	48.06	62.75
SG&A Margin	52.39	57.69	67	44.53	41.57
EBITDA Margin %	-48.54	-65.55	-87.58	-30.32	-14.58
EBITA Margin %	-51.32	-68.44	-94.96	-35.16	-22.26
EBIT Margin %	-61.81	-77.1	-103.99	-41.74	-28.02
Income From Continuing Operations Margin %	218.19	-221.33	-128.02	-50.87	-18.54
Net Income Margin %	218.19	-221.33	-128.02	-50.87	-17.58
Net Avail. For Common Margin %	218.19	-221.33	-128.02	-50.87	-18.54
Normalized Net Income Margin	-36.3	-47.17	-56.64	-19.8	-11.76
Levered Free Cash Flow Margin	-56.82	-86.07	-76.85	-91.01	-42.28
Unlevered Free Cash Flow Margin	-56.34	-85.74	-76.09	-90.36	-41.54
Asset Turnover
Asset Turnover	0.14	0.12	0.14	0.23	0.2
Fixed Assets Turnover	1.82	1.5	1.3	1.61	0.94
Receivables Turnover (Average Receivables)	2.57	2.43	1.93	2.37	1.75
Inventory Turnover (Average Inventory)	1.78	1.95	1.43	1.45	0.84
Short Term Liquidity
Current Ratio	10.66	5.88	4.18	4.05	3.4
Quick Ratio	10	5.29	3.59	3.23	2.63
Operating Cash Flow to Current Liabilities	-0.5	-0.64	-0.58	-0.5	-0.24
Days Sales Outstanding (Average Receivables)	142.35	150.15	188.96	154.07	208.95
Days Outstanding Inventory (Average Inventory)	205.47	187.1	255.35	252.59	436.82
Average Days Payable Outstanding	74.67	60.89	79.17	69.18	167.19
Cash Conversion Cycle (Average Days)	273.15	276.36	365.14	337.49	478.58
Long Term Solvency
Total Debt/Equity	2.39	3.11	4.09	4.19	5.22
Total Debt / Total Capital	2.33	3.01	3.93	4.02	4.96
LT Debt/Equity	2.13	2.71	3.53	3.58	4.33
Long-Term Debt / Total Capital	2.08	2.63	3.4	3.43	4.12
Total Liabilities / Total Assets	10.89	16.12	21.59	21.12	21.05
EBIT / Interest Expense	-81.05	-144.07	-85.2	-39.93	-23.63
EBITDA / Interest Expense	-60.35	-118.48	-69.84	-27.19	-10.49
(EBITDA - Capex) / Interest Expense	-94.03	-182.57	-84.22	-59.84	-42.91
Total Debt / EBITDA	-0.49	-0.33	-0.29	-0.54	-1.5
Net Debt / EBITDA	14.79	6.65	4.44	6.55	9.35
Total Debt / (EBITDA - Capex)	-0.32	-0.21	-0.24	-0.25	-0.37
Net Debt / (EBITDA - Capex)	9.49	4.31	3.68	2.97	2.29
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.42	30.22	21.48	83.75	2.97
Gross Profit, 1 Yr. Growth %	4.34	9.25	63.14	152.88	40.76
EBITDA, 1 Yr. Growth %	49.36	75.85	62.3	-36.4	-20.26
EBITA, 1 Yr. Growth %	46.72	73.65	68.55	-31.96	-7.83
EBIT, 1 Yr. Growth %	40.97	62.41	63.86	-26.25	-12.72
Earnings From Cont. Operations, 1 Yr. Growth %	-567.87	-232.09	-29.74	-26.98	-54.49
Net Income, 1 Yr. Growth %	-567.87	-232.09	-29.74	-26.98	-71.43
Normalized Net Income, 1 Yr. Growth %	19.85	69.24	45.86	-35.78	-1.66
Diluted EPS Before Extra, 1 Yr. Growth %	-506.26	-225.39	-33.27	-31.71	-55.32
Accounts Receivable, 1 Yr. Growth %	4.08	70.07	42.77	54.77	-15.93
Inventory, 1 Yr. Growth %	15.54	38.52	53.62	39.52	-24.47
Net Property, Plant and Equip., 1 Yr. Growth %	47.58	64.93	25.98	66.22	27.45
Total Assets, 1 Yr. Growth %	152.47	-2.11	15.71	13.04	-19.76
Tangible Book Value, 1 Yr. Growth %	500.73	-11.01	15.93	14.78	-23.82
Common Equity, 1 Yr. Growth %	196.13	-7.86	8.15	13.73	-19.69
Cash From Operations, 1 Yr. Growth %	8.1	108.19	53.65	-3.03	-63.93
Capital Expenditures, 1 Yr. Growth %	197.6	73.88	-37.86	257.41	-6.86
Levered Free Cash Flow, 1 Yr. Growth %	33.28	97.25	8.47	117.61	-57.06
Unlevered Free Cash Flow, 1 Yr. Growth %	33.76	98.15	7.81	118.22	-57.53
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	12.97	20.45	25.77	49.41	23.26
Gross Profit, 2 Yr. CAGR %	9.18	6.77	31.64	103.11	65.23
EBITDA, 2 Yr. CAGR %	46.06	62.07	68.94	1.6	-49.71
EBITA, 2 Yr. CAGR %	44.07	59.61	71.08	7.09	-40.32
EBIT, 2 Yr. CAGR %	35.03	51.31	63.13	9.93	-36.02
Earnings From Cont. Operations, 2 Yr. CAGR %	158.51	148.6	-3.66	-28.37	-53.1
Net Income, 2 Yr. CAGR %	158.51	148.6	-3.66	-28.37	-54.32
Normalized Net Income, 2 Yr. CAGR %	30.4	42.42	57.12	-3.22	-43.84
Diluted EPS Before Extra, 2 Yr. CAGR %	124.85	125.7	-8.53	-32.49	-55.01
Accounts Receivable, 2 Yr. CAGR %	40.11	33.04	55.82	48.65	14.07
Inventory, 2 Yr. CAGR %	32.63	26.51	45.87	46.4	2.66
Net Property, Plant and Equip., 2 Yr. CAGR %	67.11	56.01	44.14	44.71	45.55
Total Assets, 2 Yr. CAGR %	77.65	57.2	6.42	14.37	-4.76
Tangible Book Value, 2 Yr. CAGR %	202.29	131.21	1.57	15.36	-6.49
Common Equity, 2 Yr. CAGR %	86.1	65.19	-0.17	10.91	-4.43
Cash From Operations, 2 Yr. CAGR %	22.95	50.02	78.85	22.06	-40.85
Capital Expenditures, 2 Yr. CAGR %	74.93	127.48	3.94	49.02	82.45
Levered Free Cash Flow, 2 Yr. CAGR %	46.43	62.14	46.27	53.64	-8.57
Unlevered Free Cash Flow, 2 Yr. CAGR %	45.98	62.8	46.16	53.38	-8.93
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	28.12	18.45	20.79	42.71	22.66
Gross Profit, 3 Yr. CAGR %	18.29	9.21	21.83	63.64	64.53
EBITDA, 3 Yr. CAGR %	51.21	55.38	62.15	21.99	-25.68
EBITA, 3 Yr. CAGR %	36.32	53.32	62.54	25.81	-15.64
EBIT, 3 Yr. CAGR %	45.04	43.6	55.38	25.2	-12.46
Earnings From Cont. Operations, 3 Yr. CAGR %	188.69	106.67	63.15	-12.16	-46.33
Net Income, 3 Yr. CAGR %	188.69	106.67	63.15	-12.16	-47.27
Normalized Net Income, 3 Yr. CAGR %	39.23	42.24	43.56	16.6	-22.8
Diluted EPS Before Extra, 3 Yr. CAGR %	143.84	85.08	50.36	-17.02	-48.69
Accounts Receivable, 3 Yr. CAGR %	21.6	49.46	36.21	55.47	22.93
Inventory, 3 Yr. CAGR %	19.57	34.56	34.97	43.72	17.42
Net Property, Plant and Equip., 3 Yr. CAGR %	57.81	66.38	45.28	51.16	38.71
Total Assets, 3 Yr. CAGR %	51.5	45.64	41.94	8.59	1.62
Tangible Book Value, 3 Yr. CAGR %	131.65	101.09	83.68	5.8	0.46
Common Equity, 3 Yr. CAGR %	57.14	47.22	43.44	4.26	-0.41
Cash From Operations, 3 Yr. CAGR %	24.08	46.54	51.22	45.84	-18.69
Capital Expenditures, 3 Yr. CAGR %	59.59	74.58	47.6	56.89	27.41
Levered Free Cash Flow, 3 Yr. CAGR %	28.27	61.72	41.81	66.98	-3.21
Unlevered Free Cash Flow, 3 Yr. CAGR %	27.97	61.63	41.9	67.05	-3.66
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	45.55	50.22	27.18	29.98	21.77
Gross Profit, 5 Yr. CAGR %	31.76	39.88	23.46	39.19	37.62
EBITDA, 5 Yr. CAGR %	153.25	61.04	58.07	31.1	1.52
EBITA, 5 Yr. CAGR %	145.41	61.5	49.29	32.82	8.87
EBIT, 5 Yr. CAGR %	81.39	60.03	52.02	29.04	8.96
Earnings From Cont. Operations, 5 Yr. CAGR %	125.31	97.25	86.11	35.27	-0.91
Net Income, 5 Yr. CAGR %	125.31	97.25	86.11	35.27	-1.96
Normalized Net Income, 5 Yr. CAGR %	64.68	55.44	46.12	21.94	-1.37
Diluted EPS Before Extra, 5 Yr. CAGR %	85.35	69.32	64.73	23.64	-7.2
Accounts Receivable, 5 Yr. CAGR %	36.46	61.68	34.28	49.13	26.88
Inventory, 5 Yr. CAGR %	73.64	55.38	29.47	39.18	20.97
Net Property, Plant and Equip., 5 Yr. CAGR %	87.01	68.57	52.19	57.35	45.39
Total Assets, 5 Yr. CAGR %	49.72	51.09	31.54	32.22	21
Tangible Book Value, 5 Yr. CAGR %	68.75	70.81	66.57	61.01	40.21
Common Equity, 5 Yr. CAGR %	49.55	49.65	31.06	31.45	21.93
Cash From Operations, 5 Yr. CAGR %	41.69	67.42	43.62	36.21	3.88
Capital Expenditures, 5 Yr. CAGR %	203.09	52.64	34.44	63.87	60.66
Levered Free Cash Flow, 5 Yr. CAGR %	103.8	66.48	35.19	58.44	18.97
Unlevered Free Cash Flow, 5 Yr. CAGR %	104.86	66.61	34.96	58.28	18.84