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Carlsberg AS
Buy, Hold or Sell?

Let's analyse Carlsberg AS together

PenkeI guess you are interested in Carlsberg AS. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Carlsberg AS. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Carlsberg AS (30 sec.)










What can you expect buying and holding a share of Carlsberg AS? (30 sec.)

How much money do you get?

How much money do you get?
$3.24
When do you have the money?
1 year
How often do you get paid?
100.0%

What is your share worth?

Current worth
$5.64
Expected worth in 1 year
$-2.22
How sure are you?
50.0%

+ What do you gain per year?

Total Gains per Share
$-4.63
Return On Investment
-16.7%

For what price can you sell your share?

Current Price per Share
$27.68
Expected price per share
$25.39 - $29.57
How sure are you?
50%

1. Valuation of Carlsberg AS (5 min.)




Live pricePrice per Share (EOD)

$27.68

Intrinsic Value Per Share

$11.07 - $20.23

Total Value Per Share

$16.71 - $25.87

2. Growth of Carlsberg AS (5 min.)




Is Carlsberg AS growing?

Current yearPrevious yearGrowGrow %
How rich?$3.7b$5b-$1.3b-34.8%

How much money is Carlsberg AS making?

Current yearPrevious yearGrowGrow %
Making money-$5.9b$1.1b-$7.1b-120.1%
Net Profit Margin-55.4%11.6%--

How much money comes from the company's main activities?

3. Financial Health of Carlsberg AS (5 min.)




What can you expect buying and holding a share of Carlsberg AS? (5 min.)

Welcome investor! Carlsberg AS's management wants to use your money to grow the business. In return you get a share of Carlsberg AS.

What can you expect buying and holding a share of Carlsberg AS?

First you should know what it really means to hold a share of Carlsberg AS. And how you can make/lose money.

Speculation

The Price per Share of Carlsberg AS is $27.68. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

  • The fundamentals: the financial health trends of Carlsberg AS.
  • The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
  • The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Carlsberg AS, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

  • You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $5.64. Based on the TTM, the Book Value Change Per Share is $-1.97 per quarter. Based on the YOY, the Book Value Change Per Share is $-3.07 per quarter.
  • You may receive quarterly/yearly dividend in the form of additional shares.
  • You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.81 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Carlsberg AS.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 $% of Price per Share$% of Price per Share$% of Price per Share$% of Price per Share$% of Price per Share
Usd Eps-8.94-32.3%-8.94-32.3%-0.23-0.8%-0.98-3.5%-0.28-1.0%
Usd Book Value Change Per Share-1.97-7.1%-1.97-7.1%-3.07-11.1%-0.69-2.5%-0.79-2.9%
Usd Dividend Per Share0.812.9%0.812.9%0.742.7%0.712.5%0.501.8%
Usd Total Gains Per Share-1.16-4.2%-1.16-4.2%-2.33-8.4%0.010.1%-0.29-1.0%
Usd Price Per Share25.10-25.10-26.50-29.61-24.40-
Price to Earnings Ratio-2.81--2.81--113.78--9.71--1.24-
Price-to-Total Gains Ratio-21.70--21.70--11.36-70.50-45.23-
Price to Book Ratio4.45-4.45-3.48-3.50-2.75-
Price-to-Total Gains Ratio-21.70--21.70--11.36-70.50-45.23-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share27.68
Number of shares36
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share0.810.71
Usd Book Value Change Per Share-1.97-0.69
Usd Total Gains Per Share-1.160.01
Gains per Quarter (36 shares)-41.630.53
Gains per Year (36 shares)-166.522.14
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
1117-283-177102-99-8
2233-566-344203-199-6
3350-849-511305-298-4
4466-1132-678406-398-2
5583-1416-845508-4970
6699-1699-1012610-5972
7816-1982-1179711-6964
8933-2265-1346813-7966
91049-2548-1513914-8958
101166-2831-16801016-99510

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %
 Trailing 12 Months3Y5 Year10 YearALLTIME
  % % % % %
Earnings Per Share0.01.00.00.0%1.02.00.033.3%3.02.00.060.0%7.03.00.070.0%19.03.00.086.4%
Book Value Change Per Share0.01.00.00.0%1.02.00.033.3%2.03.00.040.0%3.07.00.030.0%11.011.00.050.0%
Dividend per Share1.00.00.0100.0%3.00.00.0100.0%5.00.00.0100.0%10.00.00.0100.0%16.00.06.072.7%
Total Gains per Share0.01.00.00.0%1.02.00.033.3%3.02.00.060.0%5.05.00.050.0%13.09.00.059.1%

Fundamentals of Carlsberg AS

About Carlsberg AS

Carlsberg A/S produces and sells beer and other beverage products in Denmark, China, the United Kingdom, and internationally. The company offers core, craft, and specialty beers; soft drinks; and alcohol-free brews under various brands. The company was founded in 1847 and is headquartered in Copenhagen, Denmark.

Fundamental data was last updated by Penke on 2024-05-15 02:14:03.

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is operating efficient.
The company is less efficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is unable to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

Valuation

Valuation Details
 Compared to previous yearCompared to industry
Based on the equity, the company is fair priced.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is underpriced.

1.1. Profitability of Carlsberg AS.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit Carlsberg AS earns for each $1 of revenue.

  • Above 10% is considered healthy but always compare Carlsberg AS to the Beverages - Brewers industry mean.
  • A Net Profit Margin of -55.4% means that $-0.55 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Carlsberg AS:

  • The MRQ is -55.4%. The company is making a huge loss. -2
  • The TTM is -55.4%. The company is making a huge loss. -2
Trends
Current periodCompared to+/- 
MRQ-55.4%TTM-55.4%0.0%
TTM-55.4%YOY11.6%-67.1%
TTM-55.4%5Y-2.6%-52.8%
5Y-2.6%10Y0.7%-3.3%
1.1.2. Return on Assets

Shows how efficient Carlsberg AS is using its assets to generate profit.

  • Above 5% is considered healthy but always compare Carlsberg AS to the Beverages - Brewers industry mean.
  • -36.5% Return on Assets means that Carlsberg AS generated $-0.36 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Carlsberg AS:

  • The MRQ is -36.5%. Using its assets, the company is very inefficient in making profit. -2
  • The TTM is -36.5%. Using its assets, the company is very inefficient in making profit. -2
Trends
Current periodCompared to+/- 
MRQ-36.5%TTM-36.5%0.0%
TTM-36.5%YOY7.1%-43.6%
TTM-36.5%5Y-2.7%-33.8%
5Y-2.7%10Y-0.4%-2.4%
1.1.3. Return on Equity

Shows how efficient Carlsberg AS is using its investors money to generate profit.

  • Above 15%-20% is considered healthy but always compare Carlsberg AS to the Beverages - Brewers industry mean.
  • -175.6% Return on Equity means Carlsberg AS generated $-1.76 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Carlsberg AS:

  • The MRQ is -175.6%. Using its investors money, the company is very inefficient in making profit. -2
  • The TTM is -175.6%. Using its investors money, the company is very inefficient in making profit. -2
Trends
Current periodCompared to+/- 
MRQ-175.6%TTM-175.6%0.0%
TTM-175.6%YOY25.7%-201.2%
TTM-175.6%5Y-20.8%-154.8%
5Y-20.8%10Y-7.9%-12.9%

1.2. Operating Efficiency of Carlsberg AS.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Carlsberg AS is operating .

  • Measures how much profit Carlsberg AS makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare Carlsberg AS to the Beverages - Brewers industry mean.
  • An Operating Margin of 15.9% means the company generated $0.16  for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Carlsberg AS:

  • The MRQ is 15.9%. The company is operating efficient. +1
  • The TTM is 15.9%. The company is operating efficient. +1
Trends
Current periodCompared to+/- 
MRQ15.9%TTM15.9%0.0%
TTM15.9%YOY16.0%-0.1%
TTM15.9%5Y16.1%-0.2%
5Y16.1%10Y15.1%+1.0%
1.2.2. Operating Ratio

Measures how efficient Carlsberg AS is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Beverages - Brewers industry mean).
  • An Operation Ratio of 0.86 means that the operating costs are $0.86 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Carlsberg AS:

  • The MRQ is 0.856. The company is less efficient in keeping operating costs low.
  • The TTM is 0.856. The company is less efficient in keeping operating costs low.
Trends
Current periodCompared to+/- 
MRQ0.856TTM0.8560.000
TTM0.856YOY0.851+0.006
TTM0.8565Y0.847+0.009
5Y0.84710Y0.857-0.010

1.3. Liquidity of Carlsberg AS.

1.3. Liquidity
1.3.1. Current Ratio

Measures if Carlsberg AS is able to pay off Short-term Debt.

  • Above 1.5 is considered healthy (always compare to Beverages - Brewers industry mean).
  • A Current Ratio of 0.64 means the company has $0.64 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Carlsberg AS:

  • The MRQ is 0.639. The company is unable to pay all its short-term debts. -2
  • The TTM is 0.639. The company is unable to pay all its short-term debts. -2
Trends
Current periodCompared to+/- 
MRQ0.639TTM0.6390.000
TTM0.639YOY0.703-0.063
TTM0.6395Y0.616+0.023
5Y0.61610Y0.599+0.018
1.3.2. Quick Ratio

Measures if Carlsberg AS is able to pay off Short-term Debt but only using the most liquid assets.

  • Above 1 is considered healthy but always compare Carlsberg AS to the Beverages - Brewers industry mean.
  • A Quick Ratio of 0.50 means the company can pay off $0.50 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Carlsberg AS:

  • The MRQ is 0.499. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.499. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.499TTM0.4990.000
TTM0.499YOY0.308+0.191
TTM0.4995Y0.389+0.110
5Y0.38910Y0.337+0.052

1.4. Solvency of Carlsberg AS.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

Measures how much % of Carlsberg AS assets are financed with debt.

  • Below 1 (100%) is considered healthy but always compare Carlsberg AS to Beverages - Brewers industry mean.
  • A Debt to Asset Ratio of 0.77 means that Carlsberg AS assets are financed with 77.0% credit (debt) and the remaining percentage (100% - 77.0%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of Carlsberg AS:

  • The MRQ is 0.770. The company is just able to pay all its debts by selling its assets.
  • The TTM is 0.770. The company is just able to pay all its debts by selling its assets.
Trends
Current periodCompared to+/- 
MRQ0.770TTM0.7700.000
TTM0.770YOY0.699+0.071
TTM0.7705Y0.669+0.101
5Y0.66910Y0.629+0.039
1.4.2. Debt to Equity Ratio

Measures if Carlsberg AS is able to pay off its debts by using shareholders equity.

  • Below 2 is considered healthy but always compare Carlsberg AS to the Beverages - Brewers industry mean.
  • A Debt to Equity ratio of 370.5% means that company has $3.71 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Carlsberg AS:

  • The MRQ is 3.705. The company is unable to pay all its debts with equity. -1
  • The TTM is 3.705. The company is unable to pay all its debts with equity. -1
Trends
Current periodCompared to+/- 
MRQ3.705TTM3.7050.000
TTM3.705YOY2.527+1.178
TTM3.7055Y2.338+1.367
5Y2.33810Y1.938+0.400

2. Market Valuation of Carlsberg AS

2.1. Earnings Per Share
2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Carlsberg AS generates.

  • Above 15 is considered overpriced but always compare Carlsberg AS to the Beverages - Brewers industry mean.
  • A PE ratio of -2.81 means the investor is paying $-2.81 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Carlsberg AS:

  • The EOD is -3.097. Based on the earnings, the company is expensive. -2
  • The MRQ is -2.808. Based on the earnings, the company is expensive. -2
  • The TTM is -2.808. Based on the earnings, the company is expensive. -2
Trends
Current periodCompared to+/- 
EOD-3.097MRQ-2.808-0.289
MRQ-2.808TTM-2.8080.000
TTM-2.808YOY-113.776+110.967
TTM-2.8085Y-9.709+6.901
5Y-9.70910Y-1.243-8.466
2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Carlsberg AS:

  • The EOD is 17.156. Based on how much money comes from the company's main activities, the company is underpriced. +1
  • The MRQ is 15.555. Based on how much money comes from the company's main activities, the company is underpriced. +1
  • The TTM is 15.555. Based on how much money comes from the company's main activities, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD17.156MRQ15.555+1.601
MRQ15.555TTM15.5550.000
TTM15.555YOY13.542+2.013
TTM15.5555Y17.352-1.797
5Y17.35210Y20.379-3.027
2. Book Value per Share
2.3. Price to Book Ratio

Measures if the stock price of Carlsberg AS is to cheap or to expensive compared to its book value.

  • At or below 1 is considered healthy (always compare to Beverages - Brewers industry mean).
  • A PB ratio of 4.45 means the investor is paying $4.45 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Carlsberg AS:

  • The EOD is 4.906. Based on the equity, the company is fair priced.
  • The MRQ is 4.449. Based on the equity, the company is fair priced.
  • The TTM is 4.449. Based on the equity, the company is fair priced.
Trends
Current periodCompared to+/- 
EOD4.906MRQ4.449+0.458
MRQ4.449TTM4.4490.000
TTM4.449YOY3.483+0.965
TTM4.4495Y3.500+0.949
5Y3.50010Y2.752+0.748
2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Carlsberg AS compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share---1.966-1.9660%-3.075+56%-0.691-65%-0.794-60%
Book Value Per Share--5.6425.6420%7.608-26%8.704-35%9.189-39%
Current Ratio--0.6390.6390%0.703-9%0.616+4%0.599+7%
Debt To Asset Ratio--0.7700.7700%0.699+10%0.669+15%0.629+22%
Debt To Equity Ratio--3.7053.7050%2.527+47%2.338+58%1.938+91%
Dividend Per Share--0.8100.8100%0.743+9%0.706+15%0.504+61%
Eps---8.937-8.9370%-0.233-97%-0.982-89%-0.275-97%
Free Cash Flow Per Share--1.6131.6130%1.957-18%1.731-7%1.413+14%
Free Cash Flow To Equity Per Share--1.9141.9140%-0.225+112%0.433+342%0.211+807%
Gross Profit Margin--1.4501.4500%-1.119+177%-0.875+160%-1.885+230%
Intrinsic Value_10Y_max--20.226--------
Intrinsic Value_10Y_min--11.068--------
Intrinsic Value_1Y_max--1.892--------
Intrinsic Value_1Y_min--1.350--------
Intrinsic Value_3Y_max--5.789--------
Intrinsic Value_3Y_min--3.872--------
Intrinsic Value_5Y_max--9.808--------
Intrinsic Value_5Y_min--6.172--------
Market Cap18368919224.320+9%16654796451.32816654796451.3280%17585187518.976-5%19650230974.259-15%17158093719.630-3%
Net Profit Margin---0.554-0.5540%0.116-576%-0.026-95%0.007-8228%
Operating Margin--0.1590.1590%0.160-1%0.161-1%0.151+5%
Operating Ratio--0.8560.8560%0.851+1%0.847+1%0.8570%
Pb Ratio4.906+9%4.4494.4490%3.483+28%3.500+27%2.752+62%
Pe Ratio-3.097-10%-2.808-2.8080%-113.776+3951%-9.709+246%-1.243-56%
Price Per Share27.680+9%25.09725.0970%26.499-5%29.611-15%24.399+3%
Price To Free Cash Flow Ratio17.156+9%15.55515.5550%13.542+15%17.352-10%20.379-24%
Price To Total Gains Ratio-23.936-10%-21.702-21.7020%-11.362-48%70.496-131%45.234-148%
Quick Ratio--0.4990.4990%0.308+62%0.389+28%0.337+48%
Return On Assets---0.365-0.3650%0.071-614%-0.027-93%-0.004-99%
Return On Equity---1.756-1.7560%0.257-784%-0.208-88%-0.079-96%
Total Gains Per Share---1.156-1.1560%-2.332+102%0.015-7892%-0.290-75%
Usd Book Value--3743904600.0003743904600.0000%5048578800.000-26%5775985920.000-35%6585398640.000-43%
Usd Book Value Change Per Share---1.966-1.9660%-3.075+56%-0.691-65%-0.794-60%
Usd Book Value Per Share--5.6425.6420%7.608-26%8.704-35%9.189-39%
Usd Dividend Per Share--0.8100.8100%0.743+9%0.706+15%0.504+61%
Usd Eps---8.937-8.9370%-0.233-97%-0.982-89%-0.275-97%
Usd Free Cash Flow--1070725600.0001070725600.0000%1298567400.000-18%1149008960.000-7%992922060.000+8%
Usd Free Cash Flow Per Share--1.6131.6130%1.957-18%1.731-7%1.413+14%
Usd Free Cash Flow To Equity Per Share--1.9141.9140%-0.225+112%0.433+342%0.211+807%
Usd Market Cap18368919224.320+9%16654796451.32816654796451.3280%17585187518.976-5%19650230974.259-15%17158093719.630-3%
Usd Price Per Share27.680+9%25.09725.0970%26.499-5%29.611-15%24.399+3%
Usd Profit---5930575200.000-5930575200.0000%1189808200.000-598%-382692800.000-94%-8985720.000-100%
Usd Revenue--10699259000.00010699259000.0000%10216531000.000+5%9739677160.000+10%9475892480.000+13%
Usd Total Gains Per Share---1.156-1.1560%-2.332+102%0.015-7892%-0.290-75%
 EOD+4 -4MRQTTM+0 -0YOY+12 -245Y+10 -2610Y+16 -20

3.2. Fundamental Score

Let's check the fundamental score of Carlsberg AS based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-15-3.097
Price to Book Ratio (EOD)Between0-14.906
Net Profit Margin (MRQ)Greater than0-0.554
Operating Margin (MRQ)Greater than00.159
Quick Ratio (MRQ)Greater than10.499
Current Ratio (MRQ)Greater than10.639
Debt to Asset Ratio (MRQ)Less than10.770
Debt to Equity Ratio (MRQ)Less than13.705
Return on Equity (MRQ)Greater than0.15-1.756
Return on Assets (MRQ)Greater than0.05-0.365
Total2/10 (20.0%)

3.3. Technical Score

Let's check the technical score of Carlsberg AS based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5051.335
Ma 20Greater thanMa 5027.667
Ma 50Greater thanMa 10027.155
Ma 100Greater thanMa 20026.517
OpenGreater thanClose27.720
Total5/5 (100.0%)



Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

 2019-12-312020-12-312021-12-312022-12-312023-12-31
Short-term Investments  -171,42725,445-145,982-10,323-156,30520,211-136,094461,209325,114
Net Income  955,133-78,371876,762118,646995,408194,4001,189,808-7,120,383-5,930,575



Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in DKK. All numbers in thousands.

Summary
Total Assets111,831,000
Total Liabilities86,082,000
Total Stockholder Equity23,234,000
 As reported
Total Liabilities 86,082,000
Total Stockholder Equity+ 23,234,000
Total Assets = 111,831,000

Assets

Total Assets111,831,000
Total Current Assets30,198,000
Long-term Assets81,633,000
Total Current Assets
Cash And Cash Equivalents 13,382,000
Short-term Investments 2,236,000
Net Receivables 7,934,000
Inventory 5,811,000
Other Current Assets 835,000
Total Current Assets  (as reported)30,198,000
Total Current Assets  (calculated)30,198,000
+/-0
Long-term Assets
Property Plant Equipment 24,405,000
Goodwill 38,315,000
Intangible Assets 10,785,000
Long-term Assets Other 6,318,000
Long-term Assets  (as reported)81,633,000
Long-term Assets  (calculated)79,823,000
+/- 1,810,000

Liabilities & Shareholders' Equity

Total Current Liabilities47,230,000
Long-term Liabilities38,852,000
Total Stockholder Equity23,234,000
Total Current Liabilities
Short-term Debt 8,338,000
Short Long Term Debt 7,872,000
Accounts payable 22,159,000
Other Current Liabilities 14,737,000
Total Current Liabilities  (as reported)47,230,000
Total Current Liabilities  (calculated)53,106,000
+/- 5,876,000
Long-term Liabilities
Long term Debt 29,428,000
Capital Lease Obligations 1,801,000
Long-term Liabilities Other 314,000
Long-term Liabilities  (as reported)38,852,000
Long-term Liabilities  (calculated)31,543,000
+/- 7,309,000
Total Stockholder Equity
Common Stock2,747,000
Retained Earnings 23,306,000
Other Stockholders Equity -2,819,000
Total Stockholder Equity (as reported)23,234,000
Total Stockholder Equity (calculated)23,234,000
+/-0
Other
Capital Stock2,747,000
Cash and Short Term Investments 13,382,000
Common Stock Shares Outstanding 136,089
Current Deferred Revenue1,996,000
Liabilities and Stockholders Equity 111,831,000
Net Debt 25,719,000
Net Invested Capital 60,534,000
Net Working Capital -17,032,000
Property Plant and Equipment Gross 60,668,000
Short Long Term Debt Total 39,101,000



Balance Sheet

Currency in DKK. All numbers in thousands.

 Trend2023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-31
> Total Assets 
46,523,000
46,712,000
56,731,000
62,359,000
58,451,000
61,220,000
143,306,000
134,515,000
144,232,000
147,714,000
153,965,000
151,138,000
136,983,000
124,901,000
126,906,000
114,251,000
117,700,000
123,120,000
118,816,000
126,383,000
115,341,000
111,831,000
111,831,000115,341,000126,383,000118,816,000123,120,000117,700,000114,251,000126,906,000124,901,000136,983,000151,138,000153,965,000147,714,000144,232,000134,515,000143,306,00061,220,00058,451,00062,359,00056,731,00046,712,00046,523,000
   > Total Current Assets 
15,923,000
16,750,000
12,934,000
14,928,000
13,972,000
14,907,000
19,118,000
14,841,000
15,523,000
18,786,000
21,135,000
20,134,000
18,643,000
17,076,000
16,978,000
15,252,000
18,086,000
17,948,000
18,996,000
23,091,000
34,249,000
30,198,000
30,198,00034,249,00023,091,00018,996,00017,948,00018,086,00015,252,00016,978,00017,076,00018,643,00020,134,00021,135,00018,786,00015,523,00014,841,00019,118,00014,907,00013,972,00014,928,00012,934,00016,750,00015,923,000
       Cash And Cash Equivalents 
3,986,000
5,165,000
1,758,000
2,240,000
2,490,000
2,249,000
2,857,000
2,734,000
2,735,000
3,145,000
5,760,000
3,714,000
2,418,000
3,131,000
3,502,000
3,462,000
5,589,000
5,222,000
8,093,000
8,344,000
8,163,000
13,382,000
13,382,0008,163,0008,344,0008,093,0005,222,0005,589,0003,462,0003,502,0003,131,0002,418,0003,714,0005,760,0003,145,0002,735,0002,734,0002,857,0002,249,0002,490,0002,240,0001,758,0005,165,0003,986,000
       Short-term Investments 
-2,090,000
-2,136,000
-1,613,000
109,000
8,000
34,000
7,000
17,000
34,000
24,000
21,000
0
0
0
0
0
0
-1,179,000
-1,004,000
-1,075,000
-936,000
2,236,000
2,236,000-936,000-1,075,000-1,004,000-1,179,00000000021,00024,00034,00017,0007,00034,0008,000109,000-1,613,000-2,136,000-2,090,000
       Net Receivables 
0
0
0
0
0
0
0
0
0
0
0
9,679,000
1,568,755
1,249,218
8,251,000
6,818,000
7,189,000
7,199,000
5,521,000
8,236,000
7,786,000
7,934,000
7,934,0007,786,0008,236,0005,521,0007,199,0007,189,0006,818,0008,251,0001,249,2181,568,7559,679,00000000000000
       Inventory 
2,780,000
2,675,000
2,878,000
2,866,000
3,220,000
3,818,000
5,317,000
3,601,000
4,191,000
4,350,000
4,541,000
4,762,000
4,498,000
3,817,000
3,963,000
3,834,000
4,435,000
4,751,000
4,613,000
5,391,000
5,718,000
5,811,000
5,811,0005,718,0005,391,0004,613,0004,751,0004,435,0003,834,0003,963,0003,817,0004,498,0004,762,0004,541,0004,350,0004,191,0003,601,0005,317,0003,818,0003,220,0002,866,0002,878,0002,675,0002,780,000
       Other Current Assets 
9,157,000
8,910,000
8,298,000
9,713,000
8,254,000
8,806,000
10,937,000
8,489,000
8,563,000
11,267,000
10,813,000
11,658,000
11,727,000
10,128,000
9,513,000
7,956,000
8,062,000
776,000
769,000
1,120,000
20,368,000
835,000
835,00020,368,0001,120,000769,000776,0008,062,0007,956,0009,513,00010,128,00011,727,00011,658,00010,813,00011,267,0008,563,0008,489,00010,937,0008,806,0008,254,0009,713,0008,298,0008,910,0009,157,000
   > Long-term Assets 
30,600,000
29,962,000
43,797,000
47,431,000
44,479,000
46,313,000
124,188,000
119,674,000
128,709,000
128,928,000
132,830,000
131,004,000
118,340,000
107,825,000
109,928,000
98,999,000
99,614,000
105,172,000
99,820,000
103,292,000
81,092,000
81,633,000
81,633,00081,092,000103,292,00099,820,000105,172,00099,614,00098,999,000109,928,000107,825,000118,340,000131,004,000132,830,000128,928,000128,709,000119,674,000124,188,00046,313,00044,479,00047,431,00043,797,00029,962,00030,600,000
       Property Plant Equipment 
20,850,000
19,131,000
20,519,000
20,355,000
20,367,000
22,109,000
34,043,000
31,825,000
32,420,000
31,848,000
31,991,000
33,482,000
28,748,000
26,678,000
25,810,000
24,325,000
25,394,000
27,886,000
26,299,000
26,648,000
23,679,000
24,405,000
24,405,00023,679,00026,648,00026,299,00027,886,00025,394,00024,325,00025,810,00026,678,00028,748,00033,482,00031,991,00031,848,00032,420,00031,825,00034,043,00022,109,00020,367,00020,355,00020,519,00019,131,00020,850,000
       Goodwill 
5,224,000
5,140,000
17,955,000
0
0
0
0
0
0
0
53,914,000
57,032,000
52,546,000
50,270,000
52,864,000
50,497,000
50,929,000
52,908,000
50,492,000
52,484,000
38,453,000
38,315,000
38,315,00038,453,00052,484,00050,492,00052,908,00050,929,00050,497,00052,864,00050,270,00052,546,00057,032,00053,914,000000000017,955,0005,140,0005,224,000
       Long Term Investments 
0
0
0
0
0
0
0
0
0
0
0
3,771,000
694,860
680,413
0
0
0
0
0
0
0
0
00000000680,413694,8603,771,00000000000000
       Intangible Assets 
407,000
356,000
524,000
20,672,000
21,279,000
21,205,000
84,678,000
81,611,000
87,813,000
89,041,000
37,302,000
34,863,000
29,208,000
22,650,000
23,872,000
17,296,000
15,939,000
16,897,000
15,569,000
15,991,000
10,770,000
10,785,000
10,785,00010,770,00015,991,00015,569,00016,897,00015,939,00017,296,00023,872,00022,650,00029,208,00034,863,00037,302,00089,041,00087,813,00081,611,00084,678,00021,205,00021,279,00020,672,000524,000356,000407,000
       Long-term Assets Other 
7,000
165,000
124,000
1,693,000
1,270,000
1,555,000
1,878,000
2,011,000
2,208,000
1,679,000
2,100,000
4,452,000
6,408,000
6,530,000
5,772,000
5,218,000
5,659,000
5,543,000
501,000
6,247,000
6,459,000
6,318,000
6,318,0006,459,0006,247,000501,0005,543,0005,659,0005,218,0005,772,0006,530,0006,408,0004,452,0002,100,0001,679,0002,208,0002,011,0001,878,0001,555,0001,270,0001,693,000124,000165,0007,000
> Total Liabilities 
29,237,000
28,806,000
40,625,000
42,863,000
39,464,000
41,276,000
82,555,000
70,366,000
74,603,000
76,085,000
80,315,000
79,639,000
80,986,000
77,670,000
73,256,000
64,726,000
69,811,000
77,085,000
75,454,000
77,627,000
80,619,000
86,082,000
86,082,00080,619,00077,627,00075,454,00077,085,00069,811,00064,726,00073,256,00077,670,00080,986,00079,639,00080,315,00076,085,00074,603,00070,366,00082,555,00041,276,00039,464,00042,863,00040,625,00028,806,00029,237,000
   > Total Current Liabilities 
15,115,000
14,350,000
13,019,000
20,405,000
18,371,000
17,211,000
25,600,000
24,960,000
27,047,000
26,543,000
27,535,000
34,391,000
26,523,000
29,759,000
34,150,000
25,066,000
34,481,000
33,311,000
28,449,000
43,282,000
48,747,000
47,230,000
47,230,00048,747,00043,282,00028,449,00033,311,00034,481,00025,066,00034,150,00029,759,00026,523,00034,391,00027,535,00026,543,00027,047,00024,960,00025,600,00017,211,00018,371,00020,405,00013,019,00014,350,00015,115,000
       Short-term Debt 
5,839,000
4,985,000
3,355,000
8,213,000
6,556,000
3,869,000
5,291,000
3,322,000
3,959,000
1,875,000
3,352,000
9,525,000
1,835,000
4,549,000
9,067,000
849,000
7,233,000
4,112,000
959,000
6,167,000
5,781,000
8,338,000
8,338,0005,781,0006,167,000959,0004,112,0007,233,000849,0009,067,0004,549,0001,835,0009,525,0003,352,0001,875,0003,959,0003,322,0005,291,0003,869,0006,556,0008,213,0003,355,0004,985,0005,839,000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
39,656,000
294,223
660,623
9,067,000
849,000
7,233,000
3,688,000
561,000
5,792,000
5,391,000
7,872,000
7,872,0005,391,0005,792,000561,0003,688,0007,233,000849,0009,067,000660,623294,22339,656,00000000000000
       Accounts payable 
3,652,000
4,173,000
4,074,000
4,513,000
5,147,000
5,833,000
7,993,000
7,929,000
9,385,000
11,021,000
11,862,000
12,927,000
12,031,000
12,260,000
13,497,000
13,474,000
16,199,000
17,149,000
16,598,000
20,642,000
21,917,000
22,159,000
22,159,00021,917,00020,642,00016,598,00017,149,00016,199,00013,474,00013,497,00012,260,00012,031,00012,927,00011,862,00011,021,0009,385,0007,929,0007,993,0005,833,0005,147,0004,513,0004,074,0004,173,0003,652,000
       Other Current Liabilities 
4,977,000
4,573,000
4,675,000
6,398,000
6,015,000
6,818,000
11,360,000
12,206,000
12,657,000
11,781,000
11,147,000
10,878,000
11,372,000
11,613,000
9,914,000
9,221,000
10,171,000
9,388,000
8,690,000
14,181,000
19,422,000
14,737,000
14,737,00019,422,00014,181,0008,690,0009,388,00010,171,0009,221,0009,914,00011,613,00011,372,00010,878,00011,147,00011,781,00012,657,00012,206,00011,360,0006,818,0006,015,0006,398,0004,675,0004,573,0004,977,000
   > Long-term Liabilities 
14,122,000
14,456,000
27,606,000
22,458,000
21,093,000
24,065,000
56,955,000
45,406,000
47,556,000
49,542,000
52,780,000
45,248,000
54,463,000
47,911,000
39,106,000
39,660,000
35,330,000
43,774,000
47,005,000
34,345,000
31,872,000
38,852,000
38,852,00031,872,00034,345,00047,005,00043,774,00035,330,00039,660,00039,106,00047,911,00054,463,00045,248,00052,780,00049,542,00047,556,00045,406,00056,955,00024,065,00021,093,00022,458,00027,606,00014,456,00014,122,000
       Other Liabilities 
0
0
0
0
0
0
0
0
0
0
0
16,429,000
2,635,983
2,391,048
17,969,000
16,301,000
18,580,000
22,839,000
17,714,000
11,590,000
9,007,000
0
09,007,00011,590,00017,714,00022,839,00018,580,00016,301,00017,969,0002,391,0482,635,98316,429,00000000000000
> Total Stockholder Equity
4,386,000
4,646,000
12,714,000
16,440,000
16,207,000
17,298,000
50,291,000
54,829,000
64,248,000
65,866,000
70,261,000
67,811,000
52,437,000
43,489,000
50,811,000
46,930,000
45,302,000
43,448,000
39,308,000
43,941,000
31,902,000
23,234,000
23,234,00031,902,00043,941,00039,308,00043,448,00045,302,00046,930,00050,811,00043,489,00052,437,00067,811,00070,261,00065,866,00064,248,00054,829,00050,291,00017,298,00016,207,00016,440,00012,714,0004,646,0004,386,000
   Common Stock
1,278,000
1,278,000
1,526,000
1,526,000
1,526,000
1,526,000
3,051,000
3,051,000
3,051,000
3,051,000
3,051,000
3,051,000
3,051,000
3,051,000
3,051,000
3,051,000
3,051,000
3,051,000
2,963,000
2,905,000
2,837,000
2,747,000
2,747,0002,837,0002,905,0002,963,0003,051,0003,051,0003,051,0003,051,0003,051,0003,051,0003,051,0003,051,0003,051,0003,051,0003,051,0003,051,0001,526,0001,526,0001,526,0001,526,0001,278,0001,278,000
   Retained Earnings 
8,235,000
8,195,000
12,504,000
14,285,000
15,740,000
17,198,000
60,709,000
63,594,000
68,253,000
71,555,000
73,686,000
78,515,000
80,392,000
75,885,000
77,261,000
77,364,000
79,088,000
74,049,000
77,169,000
78,853,000
70,776,000
23,306,000
23,306,00070,776,00078,853,00077,169,00074,049,00079,088,00077,364,00077,261,00075,885,00080,392,00078,515,00073,686,00071,555,00068,253,00063,594,00060,709,00017,198,00015,740,00014,285,00012,504,0008,195,0008,235,000
   Capital Surplus 0000000000000000000000
   Treasury Stock0000000000000000000000
   Other Stockholders Equity 
-5,127,000
-4,827,000
-1,316,000
629,000
-1,059,000
-1,426,000
-13,469,000
-11,816,000
-7,056,000
-8,740,000
-6,476,000
-13,755,000
-31,006,000
-35,447,000
-29,501,000
-33,485,000
-36,837,000
-33,652,000
-40,824,000
-37,817,000
-41,711,000
-2,819,000
-2,819,000-41,711,000-37,817,000-40,824,000-33,652,000-36,837,000-33,485,000-29,501,000-35,447,000-31,006,000-13,755,000-6,476,000-8,740,000-7,056,000-11,816,000-13,469,000-1,426,000-1,059,000629,000-1,316,000-4,827,000-5,127,000



Balance Sheet

Currency in DKK. All numbers in thousands.




Cash Flow

Currency in DKK. All numbers in thousands.




Income Statement

Currency in DKK. All numbers in thousands.