Annual Report 2024 DK Company 58 / 82 d financial statements Optimisation of capital structure The Company’s management assesses on a current basis whether the Group’s capital structure is in accordance with the interests of the Company and its shareholders. The overall goal is to ensure a capital structure that supports long-term economic growth while maximising return to the Group’s stakeholders by optimising the relationship between equity and debt. The Group’s overall strategy remains unchanged compared to last year. The Group's capital structure consists of debt that includes call loans from the Company's credit institutions, includ- ing lease liabilities, as well as cash and equity. The Company's Board of Directors continuously reviews the Group's capital structure and assesses the Group's costs of capital and the risks associated with each type of capital. The Group’s objective is to operate with gearing in the range of -0.5 - 2.5 measured as the ratio of net interest-bearing debt and profit/loss b efore depreciation, amortisation and financial income and expenses. Such gearing is determined as follows: Credit institutions Cash Net interest-bearing debt Profit before depreciation, amortisation and financial income and expenses Gearing 2024 472,396 -386,983 85,413 717,628 0.1 2023 555,145 -216,029 339,116 674,594 0.5 Another financial benchmark is the solvency ratio, which is calculated as follows: Equity excluding minorities Total assets Solvency ratio (%) 1,265,392 3,030,411 41.8 1,050,426 2,877,657 36.5 A third financial benchmark is the borrowing base, which is calculated as follows: Net interest-bearing debt Inventories Trade receivables Trade payables Borrowing base 85,413 1,212,225 299,081 -680,239 831,067 0.1 339,116 1,047,806 505,321 -537,931 1,015,196 0.3
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