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National Oilwell Varco Denmark I/S
Priorparken 480, 2605 Brøndby, CVR 24255298
Virksomhedsform
Interessentskab
Etableret
1999
Størrelse
Store
Ansatte
693
Omsætning
1.360
MDKK
Bruttofortj.
541
MDKK
Primært resultat (EBIT)
591.612
DKK
Årets resultat
670
MDKK
Egenkapital
1.147
MDKK
Reklamebeskyttet virksomhed
Denne virksomhed er reklamebeskyttet. Det betyder bl.a. at oplysningerne ikke må bruges til reklamehenvendelser. annonce
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Rang Årets resultat
Rang i branche
1/70
"Top 10%"
Rang i Danmark
266/343.513
"Top 10%"
Direktion top 3
Alexandra Salgado Besse 1 | CEO |
Martha Maria Smorenburg de Haas 1 | Direktør |
Bestyrelse top 3
Trevor Brian Martin 2 | Bestyrelsesformand |
Christopher Paul O´Neil 3 | Næstformand |
Tegningsregler
Virksomheden tegnes af den samlede bestyrelse, eller bestyrelsesformanden alene, eller bestyrelsesnæstformanden i forening med et andet bestyrelsesmedlem, eller bestyrelsesnæstformanden i forening med en direktør, eller to direktører i forening.
Stamoplysninger baseret på CVR
Navn | National Oilwell Varco Denmark I/S |
Binavne | Floating Production Flexibles National Oilwell Varco Denmark I/S, Nov Flexibles National Oilwell Varco Denmark I/S Vis mere |
CVR | 24255298 |
Adresse | Priorparken 480, 2605 Brøndby |
Branche | Fremstilling af plader, ark, rør og slanger samt profiler af plast [222100] |
Etableret | 01-07-1999 (24 år) |
Første regnskabsperiode | 01-07-1999 til 31-12-1999 |
Virksomhedsform | Interessentskab |
Antal ansatte | 660 (årsværk:625) |
Reklamebeskyttelse | Ja |
Revisor | Ey Godkendt Revisionspartnerselskab siden 10-09-2020 |
Regnskabsperiode | 01-01 til 31-12 |
Bankforbindelse | DNB Bank |
Vedtægter seneste | 30-09-2021 |
Medlem af brancherne
- Fremstilling af plader, ark, rør og slanger samt profiler af plastNACE6 indeholdende 83 virk.
- Fremstilling af plastprodukterNACE3 indeholdende 608 virk.
- Fremstilling af gummi- og plastprodukterNACE2 indeholdende 665 virk.
- FremstillingsvirksomhedNACE1 indeholdende 26.277 virk.
Formål
Interessentskabets formål er at producere, markedsføre og sælge fleksible undersøiske rørledninger til offshore-sektoren samt andre rør, som interessenterne måtte blive enige om skal produceres, markedsføres og sælges af interessentskabet. Så vidt muligt skal den af interessentskabet anvendte teknologi ejes af interessentskabet selv, og interessentskabet skal løbende udvikle denne teknologi.
Regnskab
2022 | 2021 | 2020 | |
---|---|---|---|
Valuta/enhed | 000' DKK | 000' DKK | 000' DKK |
Omsætning | 1.359.930 +21% | 1.119.668 -10% | 1.245.708 +9% |
Bruttofortjeneste | 540.555 +76% | 307.358 -22% | 395.788 +24% |
Årets resultat | 669.907 - | -165.407 - | -397.705 - |
Egenkapital | 1.147.396 -42% | 1.967.260 -8% | 2.132.667 -16% |
Balance | 1.737.856 -30% | 2.480.537 -7% | 2.679.111 -11% |
Ledelsesberetning
Financial review
The company's income statement for the year ended 31 December 2022 shows a net profit of 669.9 million DKK, and the balance sheet at 31. December 2022 shows an equity of 1,147.4 million DKK.
In 2022, National Oilwell Varco Denmark I/S realized revenue of 1,360 million DKK compared to revenue of 1,119 million DKK in 2021, equivalent to a increase of 21.5%.
The profit for the year before amortization and depreciation amounts to 50,2 million DKK compared to a loss of 146 million DKK in 2021.
The net profit for 2022 amounts to 669.9 million DKK compared to a net loss of 165 million DKK in 2021.
The net profit for 2022 has been affected by the non-recurrent event of the sale of its shares in NOV Flexibles Holding ApS, which generated a profit of 488 million DKK. Additionally the Company has distributed extraordinary dividends for 1,123 million DKK which were paid out by offsetting intercompany receivables, which has lowered the balance sheet total.
The revenue for 2022 was 2.6% above the expectations compared to the highest part of the expected range, and EBITDA was 243% above expectations compared to the highest part of the expected range. The earnings were positively impacted by certain events such as: 1) bad-debt release due to customer resuming long overdue payments, 2) non-refundable payment from a customer to secure a production slot. This additional income is in line with a growing market demand resulting in an increased willingness from our customers to accelerate payments. Further, we saw higher reel rental revenue than expected, as well as strong execution of projects resulting in margin improvements. In relation to what had been forecasted, Management considers 2022 EBITDA result to be satisfactory.
The company has launched new initiatives to improve the profitability in the future. Management believes these will materialize in the coming years and help the company improve its profits.
Project related risks
On a current basis the company evaluates the need for provisions for technical risks on the individual projects.
Customer contracts typically contain a late-delivery clause enabling day fines of up to 10% of the contract value. If the production schedules indicate delays, the need to make provision is evaluated on a case-by-case basis.
Contracts entered into by the company typically include a provision that the company will be indemnified for consequential losses caused by the use of the company’s products.
In the event of a breach of the contract obligations, the overall and cumulative liability of the company is normally limited to the contract amount or lower.
Currency related risks
Activities abroad result in earnings and equity to be affected by exchange rate and interest rate developments for a number of currencies. According to the company's policy the company may hedge commercial currency risks. Hedging takes place primarily through forward exchange hedge to hedge expected sales and purchases. The company does not engage in speculative currency positions.
Business related risks
National Oilwell Varco Denmark I/S is dependent upon the level of activity in the oil and gas industry, which is volatile and has caused, and may cause future fluctuations in our operating results.
The oil and gas industry historically has experienced significant volatility. The demand for National Oilwell Varco Denmark I/S products is dependent on the number of oil rigs in operation, the number of oil wells being drilled, and the debt ratio, and drilling characteristics/conditions of these wells’ reservoirs. The last of which ultimately drives the operating companies’ decision to not only produce but how the field will be produced, driving subsea infrastructure and architecture decisions.
The willingness of the oil operators to make capital expenditures to explore for and produce oil and the willingness of oilfield service companies to invest in capital equipment will continue to be influenced by numerous factors over which we have no control, the two most critical are capex spend (discipline) and one of these factors are the volatility of the oil prices. Expectations for future oil prices may will cause shifts in the strategies and expenditure levels of oil companies, drilling contractors, service companies, and subsea equipment companies. Particularly with respect to decisions when and how to purchase major capital equipment of the type National Oilwell Varco Denmark I/S manufactures. Oil prices, which are determined by the marketplace, may remain below a range that is acceptable to certain of our customers, which could continue the reduced demand for our products and have a material adverse effect on our financial condition, results of operations and cash flows. Consequently, sustained higher commodity pricing could enable a growth period that has a positive effect on these same business drivers.
The company's income statement for the year ended 31 December 2022 shows a net profit of 669.9 million DKK, and the balance sheet at 31. December 2022 shows an equity of 1,147.4 million DKK.
In 2022, National Oilwell Varco Denmark I/S realized revenue of 1,360 million DKK compared to revenue of 1,119 million DKK in 2021, equivalent to a increase of 21.5%.
The profit for the year before amortization and depreciation amounts to 50,2 million DKK compared to a loss of 146 million DKK in 2021.
The net profit for 2022 amounts to 669.9 million DKK compared to a net loss of 165 million DKK in 2021.
The net profit for 2022 has been affected by the non-recurrent event of the sale of its shares in NOV Flexibles Holding ApS, which generated a profit of 488 million DKK. Additionally the Company has distributed extraordinary dividends for 1,123 million DKK which were paid out by offsetting intercompany receivables, which has lowered the balance sheet total.
The revenue for 2022 was 2.6% above the expectations compared to the highest part of the expected range, and EBITDA was 243% above expectations compared to the highest part of the expected range. The earnings were positively impacted by certain events such as: 1) bad-debt release due to customer resuming long overdue payments, 2) non-refundable payment from a customer to secure a production slot. This additional income is in line with a growing market demand resulting in an increased willingness from our customers to accelerate payments. Further, we saw higher reel rental revenue than expected, as well as strong execution of projects resulting in margin improvements. In relation to what had been forecasted, Management considers 2022 EBITDA result to be satisfactory.
The company has launched new initiatives to improve the profitability in the future. Management believes these will materialize in the coming years and help the company improve its profits.
Project related risks
On a current basis the company evaluates the need for provisions for technical risks on the individual projects.
Customer contracts typically contain a late-delivery clause enabling day fines of up to 10% of the contract value. If the production schedules indicate delays, the need to make provision is evaluated on a case-by-case basis.
Contracts entered into by the company typically include a provision that the company will be indemnified for consequential losses caused by the use of the company’s products.
In the event of a breach of the contract obligations, the overall and cumulative liability of the company is normally limited to the contract amount or lower.
Currency related risks
Activities abroad result in earnings and equity to be affected by exchange rate and interest rate developments for a number of currencies. According to the company's policy the company may hedge commercial currency risks. Hedging takes place primarily through forward exchange hedge to hedge expected sales and purchases. The company does not engage in speculative currency positions.
Business related risks
National Oilwell Varco Denmark I/S is dependent upon the level of activity in the oil and gas industry, which is volatile and has caused, and may cause future fluctuations in our operating results.
The oil and gas industry historically has experienced significant volatility. The demand for National Oilwell Varco Denmark I/S products is dependent on the number of oil rigs in operation, the number of oil wells being drilled, and the debt ratio, and drilling characteristics/conditions of these wells’ reservoirs. The last of which ultimately drives the operating companies’ decision to not only produce but how the field will be produced, driving subsea infrastructure and architecture decisions.
The willingness of the oil operators to make capital expenditures to explore for and produce oil and the willingness of oilfield service companies to invest in capital equipment will continue to be influenced by numerous factors over which we have no control, the two most critical are capex spend (discipline) and one of these factors are the volatility of the oil prices. Expectations for future oil prices may will cause shifts in the strategies and expenditure levels of oil companies, drilling contractors, service companies, and subsea equipment companies. Particularly with respect to decisions when and how to purchase major capital equipment of the type National Oilwell Varco Denmark I/S manufactures. Oil prices, which are determined by the marketplace, may remain below a range that is acceptable to certain of our customers, which could continue the reduced demand for our products and have a material adverse effect on our financial condition, results of operations and cash flows. Consequently, sustained higher commodity pricing could enable a growth period that has a positive effect on these same business drivers.
15-06-2023