Cash flow Norden

Equities

DNORD

DK0060083210

Marine Freight & Logistics

Real-time Estimate Cboe Europe Other stock markets 10:55:00 2024-09-19 am EDT			5-day change	1st Jan Change
280.40 ^DKK	+2.49%		+6.85%	-13.46%

Sep. 03	Dampskibsselskabet Norden A/S completed the acquisition of Norlat Shipping Ltd As.	CI
Aug. 08	D/S NORDEN : Lower net loss in Freight Services & Trading

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Published financial data: NORDEN

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	2.58B	2.6B	3.55B	5.31B	3.69B
Other Revenues, Total	-	-	-	-	-
Total Revenues	2.58B	2.6B	3.55B	5.31B	3.69B
Cost of Goods Sold, Total	2.31B	2.17B	2.91B	3.97B	2.91B
Gross Profit	279M	427M	643M	1.34B	778M
Selling General & Admin Expenses, Total	77.5M	93.1M	117M	207M	116M
Depreciation & Amortization - (IS)	157M	202M	281M	441M	334M
Other Operating Expenses	-15.7M	-8.2M	-6.7M	-27.7M	-17.6M
Other Operating Expenses, Total	219M	287M	392M	620M	433M
Operating Income	60M	140M	251M	718M	345M
Interest Expense, Total	-36.7M	-30.2M	-35M	-50.5M	-53.2M
Interest And Investment Income	1.5M	1M	300K	12.3M	35.6M
Net Interest Expenses	-35.2M	-29.2M	-34.7M	-38.2M	-17.6M
Income (Loss) On Equity Invest.	-200K	-3M	1.1M	2.8M	-800K
Currency Exchange Gains (Loss)	3.6M	2M	-	-1.2M	4.5M
Other Non Operating Income (Expenses)	-1.1M	500K	-100K	-300K	1.7M
EBT, Excl. Unusual Items	27.1M	110M	217M	681M	333M
Merger & Related Restructuring Charges	-	-	-	-	-600K
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-3.6M	-18.2M	7.7M	79.4M	79M
Asset Writedown	600K	500K	-14.4M	-8.9M	-1.2M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	24.1M	92.7M	211M	752M	410M
Income Tax Expense	4.9M	6.7M	6.2M	8.4M	10.1M
Earnings From Continuing Operations	19.2M	86M	204M	744M	400M
Net Income to Company	19.2M	86M	204M	744M	400M
Net Income - (IS)	19.2M	86M	204M	744M	400M
Net Income to Common Incl Extra Items	19.2M	86M	204M	744M	400M
Net Income to Common Excl. Extra Items	19.2M	86M	204M	744M	400M
Per Share Items
Net EPS - Basic	0.48	2.22	5.45	21.19	12.38
Basic EPS - Continuing Operations	0.48	2.22	5.45	21.19	12.38
Basic Weighted Average Shares Outstanding	39.65M	38.78M	37.51M	35.09M	32.31M
Net EPS - Diluted	0.48	2.22	5.42	21.1	12.3
Diluted EPS - Continuing Operations	0.48	2.22	5.42	21.1	12.3
Diluted Weighted Average Shares Outstanding	39.69M	38.91M	37.7M	35.3M	32.46M
Normalized Basic EPS	0.43	1.78	3.62	12.14	6.44
Normalized Diluted EPS	0.43	1.77	3.6	12.07	6.41
Dividend Per Share	0.38	1.48	2.75	12.93	6.67
Payout Ratio	62.5	16.98	25.92	50.6	77.21
Supplemental Items
EBITDA	105M	189M	294M	748M	384M
EBITA	60M	140M	251M	718M	352M
EBIT	60M	140M	251M	718M	345M
EBITDAR	1.14B	1.03B	1.66B	2.61B	1.62B
Effective Tax Rate - (Ratio)	20.33	7.23	2.94	1.12	2.46
Normalized Net Income	16.94M	69M	136M	426M	208M
Interest on Long-Term Debt	36.7M	30.2M	23.9M	32.3M	31.4M
Supplemental Operating Expense Items
Net Rental Expense, Total	1.04B	839M	1.36B	1.87B	1.24B
Imputed Operating Lease Interest Expense	632M	310M	439M	803M	743M
Imputed Operating Lease Depreciation	407M	530M	923M	1.06B	494M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	957K	941K	1.13M	1.4M	1.89M
Total Stock-Based Compensation	957K	941K	1.13M	1.4M	1.89M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	209M	332M	411M	842M	557M
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	209M	332M	411M	842M	557M
Accounts Receivable, Total	170M	154M	257M	330M	284M
Other Receivables	37.7M	31.4M	42.6M	123M	116M
Total Receivables	208M	185M	299M	454M	399M
Inventory	80.5M	65.8M	117M	134M	112M
Prepaid Expenses	68.4M	70.2M	136M	139M	116M
Other Current Assets, Total	6.1M	17.1M	151M	110M	134M
Total Current Assets	572M	670M	1.11B	1.68B	1.32B
Gross Property Plant And Equipment	1.49B	1.6B	1.93B	1.87B	1.68B
Accumulated Depreciation	-362M	-485M	-619M	-838M	-775M
Net Property Plant And Equipment	1.12B	1.11B	1.31B	1.03B	908M
Long-term Investments	11.9M	11.5M	10M	-	12.7M
Goodwill	-	-	-	-	35.3M
Other Intangibles, Total	-	-	-	-	15.2M
Other Long-Term Assets, Total	35.3M	28.5M	20.4M	46.1M	54M
Total Assets	1.74B	1.82B	2.45B	2.76B	2.34B
Liabilities
Accounts Payable, Total	118M	131M	226M	280M	262M
Short-term Borrowings	-	-	13.9M	-	-
Current Portion of Long-Term Debt	34.9M	37.6M	39.9M	21M	73.5M
Current Portion of Leases	132M	142M	338M	276M	266M
Current Income Taxes Payable	-	1.4M	-	300K	6.6M
Unearned Revenue Current, Total	73.5M	57.5M	89.4M	84.6M	102M
Other Current Liabilities	58.5M	56.8M	82.4M	246M	174M
Total Current Liabilities	416M	427M	790M	907M	883M
Long-Term Debt	268M	282M	401M	169M	5.9M
Long-Term Leases	199M	213M	270M	349M	257M
Unearned Revenue Non Current	-	-	-	-	-
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	883M	922M	1.46B	1.42B	1.15B
Common Stock, Total	6.7M	6.5M	6.2M	5.9M	5.4M
Retained Earnings	843M	892M	1.02B	1.26B	1.23B
Comprehensive Income and Other	8.9M	4.1M	-31.2M	63.1M	-35.3M
Total Common Equity	859M	902M	993M	1.33B	1.2B
Total Equity	859M	902M	993M	1.33B	1.2B
Total Liabilities And Equity	1.74B	1.82B	2.45B	2.76B	2.34B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	39.31M	37.81M	36.76M	33.75M	31.57M
ECS Total Common Shares Outstanding	39.31M	37.81M	36.76M	33.75M	31.57M
Book Value / Share	21.85	23.87	27.02	39.43	37.95
Tangible Book Value	859M	902M	993M	1.33B	1.15B
Tangible Book Value Per Share	21.85	23.87	27.02	39.43	36.35
Total Debt	634M	675M	1.06B	815M	602M
Net Debt	424M	344M	652M	-27.5M	44.6M
Debt Equivalent Oper. Leases	8.31B	6.72B	10.89B	14.93B	9.9B
Equity Method Investments, Total	11.9M	11.5M	10M	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Machinery, Total	1.05B	1.02B	913M	663M	596M
Full Time Employees	1.11K	1.23K	1.05K	425	466
Accumulated Allowance for Doubtful Accounts (Supple)	4.6M	2M	8.4M	16.1M	19.4M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	19.2M	86M	204M	744M	400M
Depreciation & Amortization - CF	157M	202M	296M	450M	328M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	6.4M
Depreciation & Amortization, Total	157M	202M	296M	450M	334M
(Gain) Loss From Sale Of Asset	3.6M	18.2M	-7.7M	-79.4M	-79M
Asset Writedown & Restructuring Costs	-	-	-	-	1.2M
(Income) Loss On Equity Investments - (CF)	200K	3M	-1.1M	2.8M	-800K
Other Operating Activities, Total	50.1M	49.6M	39.1M	42.8M	87M
Change In Accounts Receivable	6.4M	27.9M	-170M	-90.7M	45.3M
Change In Inventories	6.7M	14.7M	-51.3M	-17.1M	22.1M
Change In Accounts Payable	400K	-1M	158M	198M	-17.7M
Change in Unearned Revenues	-	-	-	-	17.3M
Change in Other Net Operating Assets	37M	-4.3M	-32.9M	93.3M	-139M
Cash from Operations	280M	396M	434M	1.34B	671M
Capital Expenditure	-146M	-99M	-248M	-328M	-350M
Sale of Property, Plant, and Equipment	98.3M	52M	160M	574M	389M
Cash Acquisitions	-	-	-	-	-69.6M
Investment in Marketable and Equity Securities, Total	3.9M	-	-2.4M	-175M	-26.5M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-12.6M	8.5M
Other Investing Activities, Total	-47.2M	1.9M	93.1M	-	-
Cash from Investing	-90.9M	-45.1M	2.6M	57.9M	-48.4M
Long-Term Debt Issued, Total	219M	132M	516M	60.6M	-
Total Debt Issued	219M	132M	516M	60.6M	-
Long-Term Debt Repaid, Total	-371M	-292M	-664M	-672M	-479M
Total Debt Repaid	-371M	-292M	-664M	-672M	-479M
Issuance of Common Stock	-	-	6.6M	4.2M	-
Repurchase of Common Stock	-9.4M	-24M	-33.1M	-130M	-128M
Common Dividends Paid	-12M	-14.6M	-53M	-376M	-309M
Common & Preferred Stock Dividends Paid	-12M	-14.6M	-53M	-376M	-309M
Other Financing Activities, Total	-38.2M	-29.2M	-34.7M	-38.2M	-17.6M
Cash from Financing	-211M	-228M	-262M	-1.15B	-933M
Foreign Exchange Rate Adjustments	-700K	1.5M	-2.4M	-100K	-1.3M
Net Change in Cash	-22.3M	124M	172M	249M	-312M
Supplemental Items
Cash Interest Paid	39.7M	30.2M	35M	50.5M	53.2M
Cash Income Tax Paid (Refund)	7.6M	4.4M	7.6M	8.1M	3.8M
Levered Free Cash Flow	23.32M	194M	-29.91M	619M	179M
Unlevered Free Cash Flow	46.26M	213M	-8.03M	650M	212M
Change In Net Working Capital	3.2M	-21.3M	214M	-78.2M	-9.9M
Net Debt Issued / Repaid	-152M	-160M	-148M	-612M	-479M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.34	4.91	7.34	17.24	8.46
Return on Total Capital	2.83	5.7	8.64	21.37	10.94
Return On Equity %	2.28	9.76	21.57	63.98	31.65
Return on Common Equity	2.28	9.76	21.57	63.98	31.65
Margin Analysis
Gross Profit Margin %	10.79	16.43	18.1	25.19	21.07
SG&A Margin	3	3.58	3.31	3.89	3.15
EBITDA Margin %	4.08	7.26	8.29	14.08	10.41
EBITA Margin %	2.32	5.39	7.07	13.52	9.52
EBIT Margin %	2.32	5.39	7.07	13.52	9.35
Income From Continuing Operations Margin %	0.74	3.31	5.76	14	10.84
Net Income Margin %	0.74	3.31	5.76	14	10.84
Net Avail. For Common Margin %	0.74	3.31	5.76	14	10.84
Normalized Net Income Margin	0.66	2.66	3.83	8.02	5.64
Levered Free Cash Flow Margin	0.9	7.46	-0.84	11.64	4.84
Unlevered Free Cash Flow Margin	1.79	8.19	-0.23	12.24	5.74
Asset Turnover
Asset Turnover	1.61	1.46	1.66	2.04	1.45
Fixed Assets Turnover	2.63	2.32	2.93	4.54	3.81
Receivables Turnover (Average Receivables)	14.57	16.05	17.3	18.1	12.03
Inventory Turnover (Average Inventory)	27.49	29.68	31.81	31.63	23.66
Short Term Liquidity
Current Ratio	1.37	1.57	1.41	1.85	1.49
Quick Ratio	1	1.21	0.9	1.43	1.08
Operating Cash Flow to Current Liabilities	0.67	0.93	0.55	1.48	0.76
Days Sales Outstanding (Average Receivables)	25.06	22.81	21.1	20.17	30.35
Days Outstanding Inventory (Average Inventory)	13.28	12.33	11.47	11.54	15.42
Average Days Payable Outstanding	18.77	21.12	22.03	23.12	34.16
Cash Conversion Cycle (Average Days)	19.57	14.03	10.55	8.59	11.62
Long Term Solvency
Total Debt/Equity	73.78	74.84	106.95	61.23	50.24
Total Debt / Total Capital	42.46	42.8	51.68	37.98	33.44
LT Debt/Equity	54.38	54.93	67.52	38.9	21.94
Long-Term Debt / Total Capital	31.29	31.42	32.63	24.12	14.6
Total Liabilities / Total Assets	50.7	50.54	59.51	51.71	48.89
EBIT / Interest Expense	1.63	4.64	7.17	14.22	6.49
EBITDA / Interest Expense	5.91	11.32	15.62	23.13	12.77
(EBITDA - Capex) / Interest Expense	1.93	8.05	8.53	16.63	6.19
Total Debt / EBITDA	2.92	1.97	1.94	0.7	0.89
Net Debt / EBITDA	1.96	1.01	1.19	-0.02	0.07
Total Debt / (EBITDA - Capex)	8.93	2.78	3.56	0.97	1.83
Net Debt / (EBITDA - Capex)	5.98	1.41	2.18	-0.03	0.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.27	0.54	36.72	49.57	-30.5
Gross Profit, 1 Yr. Growth %	110.66	53.18	50.6	108.15	-41.88
EBITDA, 1 Yr. Growth %	45.38	79.03	55.66	153.99	-49.2