Cash flow Var Energi

Equities

VAR

NO0011202772

Oil & Gas Exploration and Production

Real-time Oslo Bors Other stock markets 13:25:47 19/09/2024 BST			5-day change	1st Jan Change
33.22 ^NOK	+2.09%		+1.47%	+3.30%

09-17	Equinor Prepares to Begin Production at New Norwegian Oil Field by Year-End	DJ
09-17	Equinor Anchors FPSO Vessel at Barents Sea Oilfield Ahead of Production Start-up	MT

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Published financial data: VAR ENERGI

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	24.87B	26.95B	6.04B	9.78B	6.82B
Other Revenues, Total	-	-	-	-1K	-1K
Total Revenues	24.87B	26.95B	6.04B	9.78B	6.82B
Cost of Goods Sold, Total	6.96B	7.18B	1.19B	1.02B	1.01B
Gross Profit	17.91B	19.77B	4.86B	8.76B	5.81B
Selling General & Admin Expenses, Total	1.25B	2.54B	-	-	-
Exploration / Drilling Costs, Total	932M	740M	51.25M	41.46M	86.49M
Depreciation & Amortization - (IS)	9.01B	15.23B	1.7B	1.45B	1.42B
Impairment of Oil, Gas & Mineral Properties - (IS)	-	-	5.89M	30.6M	-
Other Operating Expenses	1.17B	1.4B	280M	319M	369M
Other Operating Expenses, Total	12.36B	19.92B	2.04B	1.84B	1.88B
Operating Income	5.55B	-147M	2.81B	6.92B	3.93B
Interest Expense, Total	-677M	-1.64B	-102M	-25.92M	-18.35M
Interest And Investment Income	117M	299M	13.32M	-	11.32M
Net Interest Expenses	-560M	-1.34B	-88.92M	-25.92M	-7.03M
Currency Exchange Gains (Loss)	1.21B	2.57B	-142M	-397M	-46.7M
Other Non Operating Income (Expenses)	1K	-152M	-85.83M	15.16M	-7.12M
EBT, Excl. Unusual Items	6.2B	933M	2.5B	6.51B	3.87B
Impairment of Goodwill	-	-	-203M	-236M	-
Gain (Loss) On Sale Of Assets	161M	9.47M	2.23M	300K	15.32M
Asset Writedown	573M	-8.65B	202M	-422M	-526M
Legal Settlements	-138M	-168M	-	-	-
Other Unusual Items	-	-641M	128K	-	-
EBT, Incl. Unusual Items	6.8B	-8.51B	2.5B	5.86B	3.36B
Income Tax Expense	4.29B	-2.95B	1.88B	4.92B	2.75B
Earnings From Continuing Operations	2.51B	-5.57B	622M	936M	610M
Net Income to Company	2.51B	-5.57B	622M	936M	610M
Net Income - (IS)	2.51B	-5.57B	622M	936M	610M
Preferred Dividend and Other Adjustments	-	-	-	-	8.22M
Net Income to Common Incl Extra Items	2.51B	-5.57B	622M	936M	602M
Net Income to Common Excl. Extra Items	2.51B	-5.57B	622M	936M	602M
Per Share Items
Net EPS - Basic	1.01	-2.23	0.25	0.38	0.24
Basic EPS - Continuing Operations	1.01	-2.23	0.25	0.38	0.24
Basic Weighted Average Shares Outstanding	2.5B	2.5B	2.49B	2.5B	2.5B
Net EPS - Diluted	1.01	-2.23	0.25	0.38	0.24
Diluted EPS - Continuing Operations	1.01	-2.23	0.25	0.38	0.24
Diluted Weighted Average Shares Outstanding	2.5B	2.5B	2.49B	2.5B	2.5B
Normalized Basic EPS	1.55	0.23	0.63	1.63	0.97
Normalized Diluted EPS	1.55	0.23	0.63	1.63	0.97
Dividend Per Share	-	-	-	0.43	0.45
Payout Ratio	585.99	-78.74	152.84	82.76	181.9
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	15.26B	15.97B	4.59B	8.46B	5.43B
EBITA	6.16B	1.19B	2.91B	7.02B	4.03B
EBIT	5.55B	-147M	2.81B	6.92B	3.93B
EBITDAR	-	-	4.6B	8.47B	5.47B
Total Revenues (As Reported)	25.12B	27.03B	6.07B	9.83B	6.85B
Effective Tax Rate - (Ratio)	63.07	34.64	75.11	84.01	81.82
Current Domestic Taxes	-	-	1.16B	3.87B	1.74B
Total Current Taxes	2.31B	-11.57B	1.16B	3.87B	1.74B
Deferred Domestic Taxes	-	-	713M	1.05B	1B
Total Deferred Taxes	1.98B	8.62B	713M	1.05B	1B
Normalized Net Income	3.88B	583M	1.56B	4.07B	2.42B
Interest Capitalized	-	-	49.03M	131M	252M
Interest on Long-Term Debt	-	2.34B	81.31M	27.11M	20.22M
Non-Cash Pension Expense	16.35M	-214M	-	-	-
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	-	237M	32.18M	31.54M	34.98M
Exploration/Drilling Costs	774M	740M	51.25M	41.46M	86.49M
Net Rental Expense, Total	-	-	18M	4M	36M
Imputed Operating Lease Interest Expense	-	-	4M	1.21M	24.21M
Imputed Operating Lease Depreciation	-	-	14M	2.79M	11.79M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.79B	2.32B	224M	445M	735M
Total Cash And Short Term Investments	1.79B	2.32B	224M	445M	735M
Accounts Receivable, Total	4.52B	1.42B	746M	796M	363M
Other Receivables	544M	5.65B	-	-	102M
Total Receivables	5.06B	7.07B	746M	796M	465M
Inventory	1.73B	2.42B	301M	266M	252M
Prepaid Expenses	41.84M	208M	8.3M	30.67M	53.44M
Other Current Assets, Total	5.37B	1.45B	272M	183M	154M
Total Current Assets	14B	13.47B	1.55B	1.72B	1.66B
Gross Property Plant And Equipment	187B	210B	20.16B	20.76B	23.09B
Accumulated Depreciation	-75.28B	-98.57B	-4.68B	-6.02B	-7.78B
Net Property Plant And Equipment	112B	111B	15.49B	14.74B	15.31B
Long-term Investments	7.52M	7.52M	853K	763K	739K
Goodwill	5.67B	5.3B	2.53B	2.02B	1.96B
Other Intangibles, Total	1.69B	1.89B	305M	319M	360M
Other Long-Term Assets, Total	70.2M	22.98M	1.81M	531K	745K
Total Assets	134B	132B	19.88B	18.8B	19.29B
Liabilities
Accounts Payable, Total	2.23B	2.16B	422M	369M	329M
Accrued Expenses, Total	380M	184M	5.31M	50.75M	84.41M
Current Portion of Long-Term Debt	1.8B	-	333M	500M	-
Current Portion of Leases	19.89M	20.39M	109M	99.31M	99.26M
Current Income Taxes Payable	10.11B	225M	801M	1.78B	964M
Other Current Liabilities	8.94B	6.51B	827M	512M	647M
Total Current Liabilities	23.47B	9.09B	2.5B	3.31B	2.12B
Long-Term Debt	40.46B	47.64B	4.49B	2.45B	3.15B
Long-Term Leases	177M	176M	216M	113M	17.66M
Unearned Revenue Non Current	103M	103M	10.85M	9.26M	8.54M
Pension & Other Post Retirement Benefits	227M	-	-	-	-
Deferred Tax Liability Non Current	16.72B	25.34B	7.8B	8.13B	8.94B
Other Non Current Liabilities	30.23B	37.59B	3.39B	3.3B	3.28B
Total Liabilities	111B	120B	18.41B	17.32B	17.52B
Common Stock, Total	399M	399M	45.97M	45.97M	45.97M
Additional Paid In Capital	21.15B	16.74B	2.64B	1.87B	758M
Retained Earnings	711M	-	-	-	-
Comprehensive Income and Other	-150M	-5.1B	-1.22B	-433M	964M
Total Common Equity	22.11B	12.03B	1.47B	1.48B	1.77B
Total Equity	22.11B	12.03B	1.47B	1.48B	1.77B
Total Liabilities And Equity	134B	132B	19.88B	18.8B	19.29B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.5B	2.5B	2.5B	2.5B	2.5B
ECS Total Common Shares Outstanding	2.5B	2.5B	2.5B	2.5B	2.5B
Book Value / Share	8.86	4.82	0.59	0.59	0.71
Tangible Book Value	14.75B	4.84B	-1.36B	-857M	-550M
Tangible Book Value Per Share	5.91	1.94	-0.55	-0.34	-0.22
Total Debt	42.46B	47.84B	5.15B	3.17B	3.26B
Net Debt	40.66B	45.51B	4.93B	2.72B	2.53B
Debt Equivalent of Unfunded Proj. Benefit Obligation	227M	-	-	-	-
Debt Equivalent Oper. Leases	-	-	144M	32M	288M
Account Code - Inventory Valuation	3	3	6	6	6
Inventories - Finished Goods, Total	182M	428M	42.6M	42.28M	52.38M
Inventories - Others	1.55B	1.99B	259M	224M	224M
Full Time Employees	900	901	938	977	1.06K
Part Time Employees	-	-	12	11	11

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.51B	-5.57B	622M	936M	610M
Depreciation & Amortization - CF	8.93B	14.59B	1.7B	1.45B	1.42B
Amortization of Goodwill and Intangible Assets - (CF)	609M	1.34B	94.73M	94.24M	98.76M
Impairment of Oil, Gas & Mineral Properties - (CF)	158M	182M	5.89M	30.6M	-
Depreciation & Amortization, Total	9.7B	16.11B	1.81B	1.57B	1.52B
(Gain) Loss From Sale Of Asset	-160M	-9.47M	-2.23M	31.72M	-24.53M
Asset Writedown & Restructuring Costs	-573M	8.65B	982K	658M	526M
Other Operating Activities, Total	1.86B	-7.58B	2.27B	2.61B	414M
Change In Inventories	-1.36B	2.46B	-440M	-155M	395M
Change in Other Net Operating Assets	-	-	184M	25.06M	-22M
Cash from Operations	11.98B	14.07B	4.44B	5.68B	3.42B
Capital Expenditure	-11.08B	-16.82B	-2.58B	-2.59B	-2.64B
Sale of Property, Plant, and Equipment	1.27B	9.47M	24.4M	300K	13.6M
Cash Acquisitions	-28.67B	-286M	-2.21M	-	-
Sale (Purchase) of Intangible assets	-	-	-295K	-	-
Other Investing Activities, Total	-	-	-70.42M	-70.32M	-40.69M
Cash from Investing	-38.47B	-17.09B	-2.63B	-2.66B	-2.67B
Long-Term Debt Issued, Total	34.47B	9.78B	4.49B	2.46B	1.46B
Total Debt Issued	34.47B	9.78B	4.49B	2.46B	1.46B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-271M	-1.83B	-5.38B	-4.43B	-594M
Total Debt Repaid	-271M	-1.83B	-5.38B	-4.43B	-594M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-14.71B	-4.38B	-950M	-775M	-1.11B
Common & Preferred Stock Dividends Paid	-14.71B	-4.38B	-950M	-775M	-1.11B
Other Financing Activities, Total	-	1K	-	-161M	-215M
Cash from Financing	19.49B	3.57B	-1.83B	-2.9B	-459M
Foreign Exchange Rate Adjustments	19.21M	-15.74M	-19.37M	106M	-2.55M
Net Change in Cash	-6.99B	533M	-48.82M	221M	290M
Supplemental Items
Cash Interest Paid	-	-	142M	161M	215M
Cash Income Tax Paid (Refund)	-	3.68B	-164M	2.69B	2.46B
Levered Free Cash Flow	-4.6B	-13.34B	1.96B	4.19B	991M
Unlevered Free Cash Flow	-4.17B	-12.32B	2.02B	4.21B	1B
Change In Net Working Capital	6.27B	11.53B	-1.05B	-904M	333M
Net Debt Issued / Repaid	34.2B	7.95B	-885M	-1.97B	865M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.22	-0.07	8.76	22.42	12.89
Return on Total Capital	7.55	-0.15	24.72	76.47	50.74
Return On Equity %	11.5	-32.6	37.36	62.48	37.56
Return on Common Equity	11.5	-32.6	37.36	62.48	37.05
Margin Analysis
Gross Profit Margin %	72.03	73.35	80.34	89.57	85.2
SG&A Margin	5.03	9.43	-	-	-
EBITDA Margin %	61.35	59.25	75.87	86.54	79.65
EBITA Margin %	24.78	4.43	48.12	71.73	59.09
EBIT Margin %	22.34	-0.55	46.55	70.77	57.64
Income From Continuing Operations Margin %	10.1	-20.65	10.29	9.57	8.95
Net Income Margin %	10.1	-20.65	10.29	9.57	8.95
Net Avail. For Common Margin %	10.1	-20.65	10.29	9.57	8.83
Normalized Net Income Margin	15.59	2.16	25.82	41.62	35.47
Levered Free Cash Flow Margin	-18.49	-49.51	32.43	42.87	14.54
Unlevered Free Cash Flow Margin	-16.79	-45.72	33.49	43.04	14.71
Asset Turnover
Asset Turnover	0.23	0.2	0.3	0.51	0.36
Fixed Assets Turnover	0.28	0.24	0.39	0.65	0.45
Receivables Turnover (Average Receivables)	7.52	9.07	13.25	12.68	11.76
Inventory Turnover (Average Inventory)	5.57	3.46	4.07	3.6	3.9
Short Term Liquidity
Current Ratio	0.6	1.48	0.62	0.52	0.78
Quick Ratio	0.29	1.03	0.39	0.37	0.56
Operating Cash Flow to Current Liabilities	0.51	1.55	1.78	1.72	1.61
Days Sales Outstanding (Average Receivables)	48.52	40.33	27.54	28.78	31.04
Days Outstanding Inventory (Average Inventory)	65.5	105.68	89.77	101.46	93.56
Average Days Payable Outstanding	92.98	101.95	102.1	146.56	127.97
Cash Conversion Cycle (Average Days)	21.03	44.06	15.21	-16.33	-3.37
Long Term Solvency
Total Debt/Equity	192.01	397.63	349.89	213.64	184.58
Total Debt / Total Capital	65.75	79.9	77.77	68.12	64.86
LT Debt/Equity	183.8	397.46	319.87	173.19	178.97
Long-Term Debt / Total Capital	62.94	79.87	71.1	55.22	62.89
Total Liabilities / Total Assets	83.44	90.88	92.59	92.12	90.83
EBIT / Interest Expense	8.21	-0.09	27.52	267.02	214.13
EBITDA / Interest Expense	22.54	9.76	45.17	327.69	297.05
(EBITDA - Capex) / Interest Expense	6.17	-0.52	19.89	227.65	153.11
Total Debt / EBITDA	2.78	3	1.12	0.37	0.6
Net Debt / EBITDA	2.67	2.85	1.07	0.32	0.46
Total Debt / (EBITDA - Capex)	10.17	-56.31	2.53	0.54	1.16
Net Debt / (EBITDA - Capex)	9.74	-53.57	2.42	0.46	0.9
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	12.45	8.24	110.67	61.84	-30.31
Gross Profit, 1 Yr. Growth %	-1.51	10.75	154.43	75.07	-33.71
EBITDA, 1 Yr. Growth %	-7.74	4.66	169.45	78.79	-35.71
EBITA, 1 Yr. Growth %	-27.84	-80.62	43.29K	129.47	-42.68
EBIT, 1 Yr. Growth %	-32.67	-102.65	-4.25K	133.63	-43.32
Earnings From Cont. Operations, 1 Yr. Growth %	5.56	-321.67	-138.21	43.1	-34.83
Net Income, 1 Yr. Growth %	5.56	-321.67	-138.21	43.1	-34.83
Normalized Net Income, 1 Yr. Growth %	-23.5	-84.96	4.39K	146.22	-40.62
Diluted EPS Before Extra, 1 Yr. Growth %	5.56	-321.67	-138.17	44.27	-35.71
Accounts Receivable, 1 Yr. Growth %	116.08	-68.58	349.39	6.76	-54.43
Inventory, 1 Yr. Growth %	125.85	39.65	6.4	-11.79	-5.38
Net Property, Plant and Equip., 1 Yr. Growth %	65.96	-0.7	-1.53	-4.84	3.89
Total Assets, 1 Yr. Growth %	62.45	-1.15	-1.88	-5.06	2.62
Tangible Book Value, 1 Yr. Growth %	-28.89