AS Formvac
ASActiveOrg 9117540376218 HellesyltProcessing and finishing of plastic products· NACE 2225Est. 1962 · 63 years old15 employeeshttps://www.formvac.no
Loading company…
Overview
AS Formvac is a Norwegian AS based in Hellesylt, operating in the Processing and finishing of plastic products sector. Incorporated in 1962, the company has 15 employees and reported revenue of NOK 16.8m in its latest annual filing.
Revenue 2025
16.8M NOK
+3% vs 2024
EBITDA margin
7.7 %
−11% vs 2024
Net profit 2025
0.7M NOK
-28% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
42.5 %
AverageAround the average of companies in the same industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
1.7×
AverageAround the average of companies in the same industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
5.5 %
AverageAround the average of companies in the same industry
20212025
EBITDA — year on year
NOK thousandsKey figures
Annual report 2025| Revenue | 16.8M NOK | +3% |
| EBITDA | 1.3M NOK | -11% |
| Net profit | 0.7M NOK | -28% |
| Total assets | 13M NOK | +53% |
| Equity | 5.5M NOK | +52% |
| Employees | 15 | — |
Company information
Legal name
AS FORMVAC
Org number
911754037
Legal form
Aksjeselskap
NACE code
Founded
29 December 1962 · 63 years
Share capital
—
Employees
15 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Daglig leder alene.
Contact
Risika for professionals
Risika provides regulated workflow tools for finance, procurement and compliance teams that need monitoring, alerts and an API.
Financial development
In its most recent annual report (2025), AS Formvac reported revenue of NOK 16.8m, an increase of 3% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net profit of NOK 714.4k, and the EBITDA margin stood at 7.7%.
At the end of 2025, equity financed 42.5% of the balance sheet, and current assets covered short-term debt 1.7 times.
Financials
Revenue
NOK millionsEBITDA
NOK thousandsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 16,771 | 16,320 | 13,551 | 15,823 | 12,648 |
| Staff expenses | -7,354 | -7,307 | -6,720 | -7,578 | -5,990 |
| EBITDA | 1,296 | 1,449 | 119 | 482 | 894 |
| Depreciation & amort. | -222 | -127 | -129 | -398 | -388 |
| EBIT | 1,074 | 1,322 | -10 | 84 | 506 |
| Net financials | -158 | -55 | -168 | -105 | -82 |
| Profit before tax | 916 | 1,267 | -178 | -20 | 424 |
| Tax | 202 | 280 | -277 | -26 | 7 |
| Net profit | 714 | 987 | 99 | 6 | 417 |
Get a credit rating – not just the numbers
Financial statements show the past. Risika gives you a score and a recommended credit limit, so you know what the numbers mean for your risk.
Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 13,009 | 8,501 | 6,746 | 6,598 | 6,787 |
| Equity | 5,533 | 3,649 | 2,662 | 1,663 | 1,656 |
| Long-term debt | 3,570 | 0 | 152 | 1,387 | 2,026 |
| Short-term debt | 3,907 | 4,852 | 3,932 | 3,548 | 3,105 |
| Total debt | 7,476 | 4,852 | 4,084 | 4,935 | 5,131 |
Financial ratios
5-year trendEBITDA margin
7.7 %
20212025
Equity ratio
42.5 %
AverageAround the average of companies in the same industry
20212025
Return on equity
12.9 %
AverageAround the average of companies in the same industry
20212025
Net profit margin
4.3 %
AverageAround the average of companies in the same industry
20212025
Asset turnover
1.29×
AverageAround the average of companies in the same industry
20212025
Debt / equity
1.35×
AverageAround the average of companies in the same industry
20212025
Sector performance
28 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginAverage
Around the average of companies in the same industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginAverage
Around the average of companies in the same industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginAverage
Around the average of companies in the same industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Average
Around the average of companies in the same industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Average
Around the average of companies in the same industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Average
Around the average of companies in the same industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Strong
Among the 40% highest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioStrong
Among the 40% highest rated companies in the industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioAverage
Around the average of companies in the same industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioWeak
Among the 30% lowest rated companies in the industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioWeak
Among the 40% lowest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityAverage
Around the average of companies in the same industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalAverage
Around the average of companies in the same industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioVery strong
Among the 20% highest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioAverage
Around the average of companies in the same industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioAverage
Around the average of companies in the same industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityAverage
Around the average of companies in the same industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityWeak
Among the 40% lowest rated companies in the industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtAverage
Around the average of companies in the same industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtStrong
Among the 40% highest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageStrong
Among the 40% highest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtWeak
Among the 40% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginAverage
Around the average of companies in the same industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverAverage
Around the average of companies in the same industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Inventory turnoverStrong
Among the 30% highest rated companies in the industry
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Equity to contributed capitalAverage
Around the average of companies in the same industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityVery strong
Among the 20% highest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtVery weak
Among the 20% lowest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Annual reports & filings
- Annual report 2025Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
SI Chief Executive Officer | Chief Executive Officer | 2023 |
Former (1)
KS Chief Executive Officer | Chief Executive Officer | 2010 – 2023 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (3) | ||
SI Board of Directors | Board of Directors | 2023 |
PO Chairman | Chairman | 2026 |
MS Board of Directors | Board of Directors | 2026 |
Former (3)
KS Board of Directors | Board of Directors | 2023 – 2026 |
LM Chairman | Chairman | 2023 – 2026 |
MS Chairman | Chairman | 2010 – 2023 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 100% | 100% | 2025 | |
| Company | 100% | 100% | 2023 |
One in three Danish companies experiences fraud
Sound familiar? See how to strengthen your defences and catch suspicious changes in ownership and management in time.
Related companies
Company hierarchy
Rempro As
AS Formvac Board network connections
Board members of AS Formvac also hold positions in 76 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Mads Søyland Bakjord | Board of Directors | 27 companiesMany roles |
| Kjell Sindre Opsvik | Chief Executive Officer | 17 companiesMany roles |
| Leif Magne Klubbenes | Chairman | 10 companiesMany roles |
| Marit Sæten Opsvik | Chairman | 8 companiesMany roles |
| Stein Inge Rem | Chief Executive Officer | 7 companiesMany roles |
| Per Olav Langaker | Chairman | 7 companiesMany roles |
Frequently asked questions
What is the Org number of AS Formvac?
AS Formvac is registered with Brønnøysundsregistrene under Org 911754037.
What is the revenue of AS Formvac?
AS Formvac reported revenue of NOK 16.8m in 2025.
How many employees does AS Formvac have?
AS Formvac employs 15 people as of the latest annual report.
Who is the CEO of AS Formvac?
Stein Inge Rem is the CEO of AS Formvac, in role since 2023.
Who is the chairman of AS Formvac?
Per Olav Langaker chairs the board of AS Formvac, in role since 2026.