Historical information
2022 2023 2024
Assumptions
Income statement
Revenue Growth (%) 12.0% 9.5%
Cost of Goods Sold (% of sales) 36.0% 38.7% 40.6%
SG&A (% of sales) 12.1% 12.5% 14.0%
Other operating expenses (% of sales) 6.0% 6.7% 7.5%
Depreciation & Amortization (% of beginning PP&E) 30.2% 32.4% 31.3%
Interest expense (% of average debt) 3.1% 3.0% 3.0%
Tax Rate (% of PBT) 19.5% 20.1% 20.0%
Balance Sheet
Accounts Receivable (Days) 20 19 20
Inventory (Days) 70 62 64
Accounts Payable (Days) 33 32 32
Capex (m) (3,500) (3,250) (3,000)
Debt Issuance (Repayment) (m) 200 - -
Equity Issued (Repaid) (m) - - -
Estimates
2025 2026 2027 2028 2029
6.5% 6.0% 5.5% 5.5% 4.0%
38.4% 38.4% 38.4% 38.4% 38.4%
12.9% 12.9% 12.9% 12.9% 12.9%
6.7% 6.7% 6.7% 6.7% 6.7%
30.0% 30.0% 30.0% 30.0% 30.0%
3.0% 3.0% 3.0% 3.0% 3.0%
23.0% 23.0% 23.0% 23.0% 23.0%
20 20 20 20 20
64 64 64 64 64
32 32 32 32 32
(4,000) (3,750) (3,750) (3,500) (3,500)
250 250 (750) (500) -
- - - (1,250) -
Historical information Estimates
All figs in USDm 2022 2023 2024 2025 2026
Income Statement
Revenue 12,134 13,590 14,881
Cost of Goods Sold (COGS) (4,368) (5,259) (6,042)
Gross Profit 7,766 8,331 8,839
SG&A (1,468) (1,699) (2,083)
Other operating expenses (728) (911) (1,116)
EBITDA 5,570 5,721 5,640
Depreciation & Amortization (1,510) (2,265) (2,496)
EBIT 4,060 3,457 3,144
Interest expense (93) (96) (96)
Profit before tax 3,967 3,361 3,048
Taxes (773) (675) (610)
Profit after tax 3,193 2,685 2,438
Dividend payments 0 0 0
Retained earnings 3,193 2,685 2,438 - -
Estimates
2027 2028 2029
- - -
Historical information Estima
All figs in USDm 2022 2023 2024 2025
Balance Sheet
Cash 15,124 16,766 18,490
Accounts Receivable 664 722 834
Inventory 832 897 1,054
Property & Equipment 6,990 7,975 8,479
Total Assets 23,610 26,360 28,857
Accounts Payable 400 465 524
Debt 3,200 3,200 3,200
Total Liabilities 3,600 3,665 3,724
Equity Capital 10,000 10,000 10,000
Retained Earnings 10,010 12,695 15,133
Shareholder's Equity 20,010 22,695 25,133
Total Liabilities & Equity 23,610 26,360 28,857
Check OK OK OK OK
- - - -
Estimates
2026 2027 2028 2029
OK OK OK OK
- - - -
0
Historical information
All figs in USDm 2022 2023 2024 2025
Cash Flow Statement
Profit after tax 3,193 2,685 2,438
Add: Depreciation & Amortization 1,510 2,265 2,496
Add/(sub) Changes in Working Capital (134) (58) (210)
CFO 4,569 4,892 4,724
Capex (3,500) (3,250) (3,000)
CFI (3,500) (3,250) (3,000)
Dividend outflow
Issuance (repayment) of debt 200 - -
Issuance (repayment) of equity - - -
CFF 200 - -
Net Increase (decrease) in Cash 1,269 1,642 1,724 -
Opening Cash Balance 13,855 15,124 16,766 18,490
Net Increase (decrease) in Cash 1,269 1,642 1,724 -
Closing Cash Balance 15,124 16,766 18,490 18,490
Estimates
2026 2027 2028 2029
- - - -
18,490 18,490 18,490 18,490
- - - -
18,490 18,490 18,490 18,490
Historical information Estimates
All figs in USDm 2022 2023 2024 2025 2026
Debt schedule
Debt & Interest Schedule
Debt Opening 3,000 3,200 3,200
Issuance (repayment) 200 - -
Debt Closing 3,200 3,200 3,200
Interest Expense (93) (96) (96)
Estimates
2027 2028 2029
Historical information Estimates
All figs in USDm 2022 2023 2024 2025 2026
PP&E schedule
Depreciation Schedule
PPE Opening 5,000 6,990 7,975
Add: Capex 3,500 3,250 3,000
Less: Depreciation (1,510) (2,265) (2,496)
PPE Closing 6,990 7,975 8,479
Estimates
2027 2028 2029
Historical information Estimates
All figs in USDm 2022 2023 2024 2025 2026 2027
Working Capital Schedule
Accounts Receivable 664 722 834
Inventory 832 897 1,054
Accounts Payable 400 465 524
Net Working Capital (NWC) 1,096 1,154 1,364
Change in NWC (58) (210)
Turnover ratios
Accounts Receivable
Inventory
Accounts Payable
Estimates
2028 2029
