Income Statement Var Energi

Stocks

VAR

NO0011202772

Oil & Gas Exploration and Production

Market Closed - Oslo Bors Other stock markets 15:45:00 10/07/2026 BST			5-day change	1st Jan Change
42.06 ^NOK	-1.43%		+2.66%	+27.45%

07-10	Nordea cuts its target price for Var Energi to 50 Norwegian kroner (52), reiterates buy	FW
07-09	Vår Energi ASA Reports Sales Volumes for the Second Quarter and First Half of 2026	CI

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Published financial data: VAR ENERGI

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Revenues	6.04B	9.78B	6.82B	7.37B	7.97B
Other Revenues, Total	-	-1K	-1K	-	-100K
Total Revenues	6.04B	9.78B	6.82B	7.37B	7.97B
Cost of Goods Sold, Total	1.19B	1.02B	1.01B	1.27B	1.12B
Gross Profit	4.86B	8.76B	5.81B	6.1B	6.85B
Selling General & Admin Expenses, Total	-	-	-	-	-
Exploration / Drilling Costs, Total	51.25M	41.46M	86.49M	72.51M	71.9M
Depreciation & Amortization - (IS)	1.7B	1.45B	1.42B	1.92B	2.71B
Impairment of Oil, Gas & Mineral Properties - (IS)	5.89M	30.6M	326M	132M	-522M
Other Operating Expenses	280M	319M	357M	377M	388M
Other Operating Expenses, Total	2.04B	1.84B	2.19B	2.5B	2.65B
Operating Income	2.81B	6.92B	3.61B	3.61B	4.2B
Interest Expense, Total	-102M	-25.92M	-20.76M	-358K	-171M
Interest And Investment Income	13.32M	-	11.32M	25.03M	19.8M
Net Interest Expenses	-88.92M	-25.92M	-9.44M	24.67M	-152M
Currency Exchange Gains (Loss)	-142M	-397M	-46.7M	-370M	432M
Other Non Operating Income (Expenses)	-85.83M	15.16M	-4.71M	-15.89M	-14M
EBT, Excl. Unusual Items	2.5B	6.51B	3.55B	3.24B	4.47B
Restructuring Charges	-	-	-	-	-16M
Merger & Related Restructuring Charges	-	-	-11.64M	-17.13M	-
Impairment of Goodwill	-203M	-236M	-	-127M	-188M
Gain (Loss) On Sale Of Assets	2.23M	300K	15.32M	43.26M	-
Asset Writedown	202M	-422M	-200M	135M	44M
Legal Settlements	-	-	-	-	-
Other Unusual Items	128K	-	-	34.48M	-
EBT, Incl. Unusual Items	2.5B	5.86B	3.36B	3.31B	4.31B
Income Tax Expense	1.88B	4.92B	2.75B	2.99B	3.46B
Earnings From Continuing Operations	622M	936M	610M	327M	846M
Net Income to Company	622M	936M	610M	327M	846M
Net Income - (IS)	622M	936M	610M	327M	846M
Preferred Dividend and Other Adjustments	-	-	8.22M	61.81M	66.2M
Net Income to Common Incl Extra Items	622M	936M	602M	265M	780M
Net Income to Common Excl. Extra Items	622M	936M	602M	265M	780M
Per Share Items
Net EPS - Basic	0.25	0.38	0.24	0.11	0.31
Basic EPS - Continuing Operations	0.25	0.38	0.24	0.11	0.31
Basic Weighted Average Shares Outstanding	2.49B	2.5B	2.5B	2.5B	2.5B
Net EPS - Diluted	0.25	0.38	0.24	0.11	0.31
Diluted EPS - Continuing Operations	0.25	0.38	0.24	0.11	0.31
Diluted Weighted Average Shares Outstanding	2.49B	2.5B	2.5B	2.5B	2.5B
Normalized Basic EPS	0.63	1.63	0.89	0.81	1.12
Normalized Diluted EPS	0.63	1.63	0.89	0.81	1.12
Dividend Per Share	-	0.43	0.45	0.42	0.48
Payout Ratio	152.84	82.76	181.9	334.94	145.47
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	4.59B	8.46B	5.16B	5.75B	6.48B
EBITA	2.91B	7.02B	3.71B	3.72B	4.35B
EBIT	2.81B	6.92B	3.61B	3.61B	4.2B
EBITDAR	4.6B	8.47B	5.19B	-	-
Total Revenues (As Reported)	6.07B	9.83B	6.85B	7.45B	8.1B
Effective Tax Rate - (Ratio)	75.11	84.01	81.82	90.13	80.35
Current Domestic Taxes	1.16B	3.87B	1.74B	1.67B	2.6B
Total Current Taxes	1.16B	3.87B	1.74B	1.67B	2.6B
Deferred Domestic Taxes	713M	1.05B	1B	1.32B	864M
Total Deferred Taxes	713M	1.05B	1B	1.32B	864M
Normalized Net Income	1.56B	4.07B	2.22B	2.03B	2.79B
Interest Capitalized	49.03M	131M	252M	358M	220M
Interest on Long-Term Debt	81.31M	27.11M	20.22M	14.14M	34.4M
Non-Cash Pension Expense	-	-	-	1.8M	800K
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	32.18M	31.54M	34.98M	38.68M	45.2M
Exploration/Drilling Costs	51.25M	41.46M	86.49M	72.51M	71.9M
Net Rental Expense, Total	18M	4M	36M	-	-
Imputed Operating Lease Interest Expense	4M	1.21M	24.43M	-	-
Imputed Operating Lease Depreciation	14M	2.79M	11.57M	-	-
Stock-Based Comp., Other (Total)	-	-	-	1.85M	2.1M
Total Stock-Based Compensation	-	-	-	1.85M	2.1M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Cash And Equivalents	224M	445M	735M	279M	700M
Total Cash And Short Term Investments	224M	445M	735M	279M	700M
Accounts Receivable, Total	746M	796M	363M	373M	207M
Other Receivables	-	-	102M	116M	117M
Total Receivables	746M	796M	465M	490M	324M
Inventory	301M	266M	252M	241M	336M
Prepaid Expenses	8.3M	30.67M	53.44M	16.77M	39.8M
Other Current Assets, Total	272M	183M	154M	240M	364M
Total Current Assets	1.55B	1.72B	1.66B	1.27B	1.76B
Gross Property Plant And Equipment	20.16B	20.76B	23.09B	25B	31.33B
Accumulated Depreciation	-4.68B	-6.02B	-7.78B	-8.07B	-11.12B
Net Property Plant And Equipment	15.49B	14.74B	15.31B	16.94B	20.22B
Long-term Investments	853K	763K	739K	19.78M	14M
Goodwill	2.53B	2.02B	1.96B	2.99B	3.36B
Other Intangibles, Total	305M	319M	360M	647M	769M
Other Long-Term Assets, Total	1.81M	531K	745K	11.69M	24.4M
Total Assets	19.88B	18.8B	19.29B	21.87B	26.15B
Liabilities
Accounts Payable, Total	422M	369M	329M	356M	478M
Accrued Expenses, Total	5.31M	50.75M	84.41M	102M	49.6M
Current Portion of Long-Term Debt	333M	500M	-	-	99.6M
Current Portion of Leases	109M	99.31M	99.26M	70.4M	133M
Current Income Taxes Payable	801M	1.78B	964M	682M	1.32B
Other Current Liabilities	827M	512M	647M	686M	834M
Total Current Liabilities	2.5B	3.31B	2.12B	1.9B	2.91B
Long-Term Debt	4.49B	2.45B	3.15B	5.08B	5.84B
Long-Term Leases	216M	113M	17.66M	141M	115M
Unearned Revenue Non Current	10.85M	9.26M	8.54M	7.48M	8.1M
Pension & Other Post Retirement Benefits	-	-	-	15.46M	12.9M
Deferred Tax Liability Non Current	7.8B	8.13B	8.94B	10.5B	12.62B
Other Non Current Liabilities	3.39B	3.3B	3.28B	3.39B	4.08B
Total Liabilities	18.41B	17.32B	17.52B	21.04B	25.59B
Common Stock, Total	45.97M	45.97M	45.97M	45.97M	46M
Additional Paid In Capital	2.64B	1.87B	758M	-	-
Retained Earnings	-	-	-	-	-
Comprehensive Income and Other	-1.22B	-433M	964M	787M	514M
Total Common Equity	1.47B	1.48B	1.77B	833M	560M
Total Equity	1.47B	1.48B	1.77B	833M	560M
Total Liabilities And Equity	19.88B	18.8B	19.29B	21.87B	26.15B
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	0.59	0.59	0.39	0.01	-0.1
Tangible Book Value	-1.36B	-857M	-550M	-2.8B	-3.57B
Tangible Book Value Per Share	-0.55	-0.34	-0.54	-1.44	-1.75
Total Debt	5.15B	3.17B	3.26B	5.29B	6.19B
Net Debt	4.93B	2.72B	2.53B	5.02B	5.49B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	5.94M	-1.9M
Debt Equivalent Oper. Leases	144M	32M	288M	-	-
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	42.6M	42.28M	52.38M	41.48M	58.5M
Inventories - Others	259M	224M	224M	222M	303M
Full Time Employees	938	977	1.06K	1.39K	1.43K
Part Time Employees	12	11	11	15	-

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	622M	936M	610M	327M	846M
Depreciation & Amortization - CF	1.7B	1.45B	1.42B	1.91B	2.71B
Amortization of Goodwill and Intangible Assets - (CF)	94.73M	94.24M	98.76M	117M	145M
Impairment of Oil, Gas & Mineral Properties - (CF)	5.89M	30.6M	40.93M	132M	-522M
Depreciation & Amortization, Total	1.81B	1.57B	1.56B	2.16B	2.33B
(Gain) Loss From Sale Of Asset	-2.23M	31.72M	-24.53M	-80.35M	10.8M
Asset Writedown & Restructuring Costs	982K	658M	526M	-8.52M	144M
Other Operating Activities, Total	2.27B	2.61B	373M	803M	1.09B
Change In Inventories	-440M	-155M	395M	141M	213M
Change in Other Net Operating Assets	184M	25.06M	-22M	62.24M	-34.9M
Cash from Operations	4.44B	5.68B	3.42B	3.41B	4.61B
Capital Expenditure	-2.58B	-2.59B	-2.64B	-2.87B	-2.82B
Sale of Property, Plant, and Equipment	24.4M	300K	13.6M	90.75M	-
Cash Acquisitions	-2.21M	-	-	-1.39B	-182M
Sale (Purchase) of Intangible assets	-295K	-	-	-	-
Other Investing Activities, Total	-70.42M	-70.32M	-40.69M	-66.79M	-116M
Cash from Investing	-2.63B	-2.66B	-2.67B	-4.24B	-3.12B
Long-Term Debt Issued, Total	4.49B	2.46B	1.46B	1.97B	2.59B
Total Debt Issued	4.49B	2.46B	1.46B	1.97B	2.59B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-5.38B	-4.43B	-594M	-82.67M	-2.11B
Total Debt Repaid	-5.38B	-4.43B	-594M	-82.67M	-2.11B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-950M	-775M	-1.11B	-1.1B	-1.23B
Common & Preferred Stock Dividends Paid	-950M	-775M	-1.11B	-1.1B	-1.23B
Other Financing Activities, Total	-	-161M	-215M	-344M	-369M
Cash from Financing	-1.83B	-2.9B	-459M	448M	-1.12B
Foreign Exchange Rate Adjustments	-19.37M	106M	-2.55M	-68.08M	52.6M
Miscellaneous Cash Flow Adjustments	-	-	-	2K	100K
Net Change in Cash	-48.82M	221M	290M	-456M	421M
Supplemental Items
Cash Interest Paid	142M	161M	215M	344M	369M
Cash Income Tax Paid (Refund)	-164M	2.69B	2.46B	2.52B	2.06B
Levered Free Cash Flow	1.96B	4.19B	834M	1.28B	2.86B
Unlevered Free Cash Flow	2.02B	4.21B	847M	1.28B	2.97B
Change In Net Working Capital	-1.05B	-904M	333M	262M	-830M
Net Debt Issued / Repaid	-885M	-1.97B	865M	1.89B	479M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	8.76	22.42	11.86	10.95	10.94
Return on Total Capital	24.72	76.47	46.68	40.39	40.61
Return On Equity %	37.36	62.48	37.56	25.16	121.57
Return on Common Equity	37.36	62.48	37.05	20.4	112.06
Margin Analysis
Gross Profit Margin %	80.34	89.57	85.2	82.79	85.98
SG&A Margin	-	-	-	-	-
EBITDA Margin %	75.87	86.54	75.64	77.96	81.32
EBITA Margin %	48.12	71.73	54.48	50.49	54.55
EBIT Margin %	46.55	70.77	53.03	48.91	52.74
Income From Continuing Operations Margin %	10.29	9.57	8.95	4.44	10.63
Net Income Margin %	10.29	9.57	8.95	4.44	10.63
Net Avail. For Common Margin %	10.29	9.57	8.83	3.6	9.79
Normalized Net Income Margin	25.82	41.62	32.58	27.5	35.05
Levered Free Cash Flow Margin	32.43	42.87	12.23	17.39	35.95
Unlevered Free Cash Flow Margin	33.49	43.04	12.42	17.39	37.3
Asset Turnover
Asset Turnover	0.3	0.51	0.36	0.36	0.33
Fixed Assets Turnover	0.39	0.65	0.45	0.46	0.43
Receivables Turnover (Average Receivables)	13.25	12.68	11.76	20.03	27.46
Inventory Turnover (Average Inventory)	4.07	3.6	3.9	5.15	3.87
Short Term Liquidity
Current Ratio	0.62	0.52	0.78	0.67	0.61
Quick Ratio	0.39	0.37	0.56	0.41	0.35
Operating Cash Flow to Current Liabilities	1.78	1.72	1.61	1.8	1.58
Days Sales Outstanding (Average Receivables)	27.54	28.78	31.04	18.27	13.29
Days Outstanding Inventory (Average Inventory)	89.77	101.46	93.56	71.07	94.4
Average Days Payable Outstanding	102.1	146.56	127.97	99.58	125.65
Cash Conversion Cycle (Average Days)	15.21	-16.33	-3.37	-10.24	-17.96
Long Term Solvency
Total Debt/Equity	349.89	213.64	184.58	635.91	1.11K
Total Debt / Total Capital	77.77	68.12	64.86	86.41	91.7
LT Debt/Equity	319.87	173.19	178.97	627.46	1.06K
Long-Term Debt / Total Capital	71.1	55.22	62.89	85.26	88.25
Total Liabilities / Total Assets	92.59	92.12	90.83	96.19	97.86
EBIT / Interest Expense	27.52	267.02	174.14	10.07K	24.51
EBITDA / Interest Expense	45.17	327.69	249.41	16.12K	38.12
(EBITDA - Capex) / Interest Expense	19.89	227.65	122.17	8.09K	21.67
Total Debt / EBITDA	1.12	0.37	0.63	0.92	0.95
Net Debt / EBITDA	1.07	0.32	0.49	0.87	0.84
Total Debt / (EBITDA - Capex)	2.53	0.54	1.29	1.83	1.67
Net Debt / (EBITDA - Capex)	2.42	0.46	1	1.73	1.48
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	110.67	61.84	-30.31	8.16	8.05
Gross Profit, 1 Yr. Growth %	154.43	75.07	-33.71	5.1	12.21
EBITDA, 1 Yr. Growth %	169.45	78.79	-35.98	4.85	12.71
EBITA, 1 Yr. Growth %	43.29K	129.47	-43.78	0.24	16.74
EBIT, 1 Yr. Growth %	-4.25K	133.63	-44.48	-0.24	16.5
Earnings From Cont. Operations, 1 Yr. Growth %	-138.21	43.1	-34.83	-46.4	158.76
Net Income, 1 Yr. Growth %	-138.21	43.1	-34.83	-46.4	158.76
Normalized Net Income, 1 Yr. Growth %	4.39K	146.22	-41.66	-8.71	37.7
Diluted EPS Before Extra, 1 Yr. Growth %	-138.17	44.27	-35.71	-55.93	194.08
Accounts Receivable, 1 Yr. Growth %	349.39	6.76	-54.43	2.84	-44.56
Inventory, 1 Yr. Growth %	6.4	-11.79	-5.38	-4.04	39.27
Net Property, Plant and Equip., 1 Yr. Growth %	-1.53	-4.84	3.89	10.61	19.37
Total Assets, 1 Yr. Growth %	-1.88	-5.06	2.62	13.37	19.56
Tangible Book Value, 1 Yr. Growth %	14.91	-35.12	-35.8	409.45	27.29
Common Equity, 1 Yr. Growth %	-20.62	-2.26	19.33	-52.91	-32.73
Cash From Operations, 1 Yr. Growth %	154.51	24.06	-39.8	-0.36	35.19
Capital Expenditures, 1 Yr. Growth %	42.65	0.33	1.85	8.84	-1.91
Levered Free Cash Flow, 1 Yr. Growth %	-224.32	131.74	-78.82	10.41	133.48
Unlevered Free Cash Flow, 1 Yr. Growth %	-237.42	119.32	-78.58	9.21	142.05
Dividend Per Share, 1 Yr. Growth %	-	-	5.01	-7.04	15.49
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	46.24	84.65	6.2	-13.18	8.1
Gross Profit, 2 Yr. CAGR %	54.81	114.26	7.72	-16.53	8.6
EBITDA, 2 Yr. CAGR %	62.73	123.03	4.36	-15.52	8.71
EBITA, 2 Yr. CAGR %	103.9	3.14K	10.21	-24.93	8.18
EBIT, 2 Yr. CAGR %	111.26	910.93	10.45	-25.58	7.81
Earnings From Cont. Operations, 2 Yr. CAGR %	47.69	-24.13	-3.43	-40.9	17.77
Net Income, 2 Yr. CAGR %	47.69	-24.13	-3.43	-40.9	17.77
Normalized Net Income, 2 Yr. CAGR %	88.3	982.38	15.9	-27.02	12.12
Diluted EPS Before Extra, 2 Yr. CAGR %	47.69	-24.17	-3.69	-46.77	13.84
Accounts Receivable, 2 Yr. CAGR %	20.59	119.03	-30.25	-31.54	-24.49
Inventory, 2 Yr. CAGR %	23.86	-3.12	-8.64	-4.71	15.62
Net Property, Plant and Equip., 2 Yr. CAGR %	10.34	-3.2	-0.57	7.2	14.91
Total Assets, 2 Yr. CAGR %	14.53	-3.68	-1.3	7.86	16.42
Tangible Book Value, 2 Yr. CAGR %	-9.73	-15.04	-35.46	80.85	154.65
Common Equity, 2 Yr. CAGR %	-23.41	-10.63	8	-25.04	-43.72
Cash From Operations, 2 Yr. CAGR %	80.67	80.51	-13.58	-22.55	16.06
Capital Expenditures, 2 Yr. CAGR %	43.36	19.63	1.09	5.28	3.33
Levered Free Cash Flow, 2 Yr. CAGR %	93.78	63.1	-32.12	-42.93	57.04
Unlevered Free Cash Flow, 2 Yr. CAGR %	106.65	69.07	-33.58	-43.04	59.07
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-1.2	3.61
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	34.03	57	33.44	6.85	-6.61
Gross Profit, 3 Yr. CAGR %	32.99	69.1	44.91	6.84	-7.88
EBITDA, 3 Yr. CAGR %	34.68	76.16	44.7	6.68	-7
EBITA, 3 Yr. CAGR %	44.22	123.84	721.32	6.78	-13.02
EBIT, 3 Yr. CAGR %	44.3	130.7	276.5	6.77	-13.59
Earnings From Cont. Operations, 3 Yr. CAGR %	32.05	54.31	-27.88	-20.64	-3.31
Net Income, 3 Yr. CAGR %	32.05	54.31	-27.88	-20.64	-3.31
Normalized Net Income, 3 Yr. CAGR %	39.46	117.9	299.82	7.04	-9.82
Diluted EPS Before Extra, 3 Yr. CAGR %	32.05	54.31	-28.23	-25.78	-5.9
Accounts Receivable, 3 Yr. CAGR %	46.47	20.18	29.79	-20.61	-36.19
Inventory, 3 Yr. CAGR %	51.32	14.81	-3.88	-7.13	8.15
Net Property, Plant and Equip., 3 Yr. CAGR %	26.42	9.02	-0.89	3.02	11.11
Total Assets, 3 Yr. CAGR %	28.69	11.53	-1.62	3.37	11.63
Tangible Book Value, 3 Yr. CAGR %	-16.63	-16.97	-22.62	28.5	60.87
Common Equity, 3 Yr. CAGR %	-15.57	-12.93	-1.59	-18.11	-27.7
Cash From Operations, 3 Yr. CAGR %	35.26	67.18	25.17	-9.38	-6.75
Capital Expenditures, 3 Yr. CAGR %	65.42	32.11	13.38	3.61	2.83
Levered Free Cash Flow, 3 Yr. CAGR %	-10.09	107.89	-19.13	-10.85	-10.06
Unlevered Free Cash Flow, 3 Yr. CAGR %	-9.31	114.97	-16.84	-12.58	-9.08
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	4.08
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	43.58	25.6	27.46	22.66
Gross Profit, 5 Yr. CAGR %	-	47.78	26.49	31.18	29.12
EBITDA, 5 Yr. CAGR %	-	51.4	25.89	33.75	30.65
EBITA, 5 Yr. CAGR %	-	83.52	34.54	46.99	265.06
EBIT, 5 Yr. CAGR %	-	86.47	34.75	49.13	128.3
Earnings From Cont. Operations, 5 Yr. CAGR %	-	47.08	21.07	8.16	-12.25
Net Income, 5 Yr. CAGR %	-	47.08	21.07	8.16	-12.25
Normalized Net Income, 5 Yr. CAGR %	-	89.62	34.76	42.82	140.43
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	20.75	3.73	-13.68
Accounts Receivable, 5 Yr. CAGR %	-	32.4	11.96	-1.27	4.51
Inventory, 5 Yr. CAGR %	-	47.27	27.19	9.64	3.49
Net Property, Plant and Equip., 5 Yr. CAGR %	-	25.99	18.12	11.42	5.15
Total Assets, 5 Yr. CAGR %	-	30.45	18.94	13.23	5.23
Tangible Book Value, 5 Yr. CAGR %	-	9.47	-23.1	16.64	24.61
Common Equity, 5 Yr. CAGR %	-	20.92	-3.61	-15.62	-21.3
Cash From Operations, 5 Yr. CAGR %	-	42.07	17.03	26.44	21.45
Capital Expenditures, 5 Yr. CAGR %	-	47.14	39.71	24.13	9.25
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-18.67	25.93	12.68
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-18.52	28.39	15.07