Det Østasiatiske Kompagni (OKEAC) H2 2024 earnings summary

Executive summary

• 2024 results met expectations for dividends, operations, and liquidity, but TPA faced a significant loss due to high raw material prices and Chinese competition, while ELV showed improved performance and stable dividend flow.

• Net loss for the year was DKK 2.9m (2023: DKK -1.4m), with dividends from investments totaling DKK 1.6m and year-end liquidity at DKK 9.4m.

• No ordinary dividend proposed for 2024; continued active engagement in minority investments and no asset sales expected in 2025.

Financial highlights

• EBIT for 2024 was DKK -2.7m (2023: DKK -2.4m); net financial income DKK 0.7m (2023: DKK 1.0m); share of associates' result DKK -0.8m (2023: DKK 0.5m).

• Total assets at year-end DKK 36.5m (2023: DKK 38.2m); equity DKK 36.4m (2023: DKK 38.2m); liquidity DKK 9.4m (2023: DKK 10.4m).

• Cash flow from operations DKK -2.1m (2023: DKK -2.2m); cash flow from investments DKK 1.0m (2023: DKK 0.0m); total cash flow DKK -1.1m (2023: DKK -2.2m).

• EPS was DKK -291.4 (2023: DKK -140.7); book value per share DKK 3,658 (2023: DKK 3,839); market value DKK 102m (2023: DKK 115m).

Outlook and guidance

• 2025 EBIT expected at DKK -2.7m; dividends from Asian minority investments expected at DKK 0.9m; year-end liquidity forecast at DKK 7.5m.

• No asset sales anticipated in 2025; challenging market for TPA continues, with uncertainty over future dividends from Thailand, while ELV dividend stream is rising.