W. Giertsen AS
ASActiveOrg 911958821Nygårdsviken 1, 5165 LaksevågInstallation of insulation· NACE 4323Est. 1922 · 104 years old1-4 employeeshttps://www.giertsenhall.no
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Overview
W. Giertsen AS is a Norwegian AS based in Laksevåg, operating in the Installation of insulation sector. Incorporated in 1922, the company reported revenue of NOK 17.0m in its latest annual filing.
Revenue 2024
17M NOK
−38% vs 2023
EBITDA margin
−3.5 %
−106% vs 2023
Net profit 2024
2.3M NOK
-63% vs 2023
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
57.4 %
StrongAmong the 40% highest rated companies in the industry
20202024
Liquidity ratioCurrent assets ÷ Short-term debt
0.5×
Very weakAmong the 20% lowest rated companies in the industry
20202024
Return on assets (ROA)Net profit ÷ Total assets × 100
1.9 %
AverageAround the average of companies in the same industry
20202024
EBITDA — year on year
NOK millionsKey figures
Annual report 2024| Revenue | 17M NOK | -38% |
| EBITDA | -0.6M NOK | -106% |
| Net profit | 2.3M NOK | -63% |
| Total assets | 120M NOK | +1% |
| Equity | 68.9M NOK | +3% |
| Employees | — | — |
Company information
Legal name
W. GIERTSEN AS
Org number
911958821
Legal form
Aksjeselskap
NACE code
4323 · Installation of insulation
Founded
25 February 1922 · 104 years
Share capital
NOK 10,000,000
Employees
1-4
VAT registered
Yes
Audit selected
No
Last report
2024-12-31
Financial year
January – December
Company purpose
Støtte og oppfølging av selskap i konsernet, samt forretningsutvikling og investering i nye virksomheter. I tillegg annen virksomhet som naturlig faller sammen med dette.
(no translation available)
Contact
Address
Nygårdsviken 1, 5165 Laksevåg
Phone
+47 90 53 46 08
Email
post@giertsen.no
Website
https://www.giertsenhall.no
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Financial development
In its most recent annual report (2024), W. Giertsen AS reported revenue of NOK 17.0m, a decrease of 38% on the year before. The figures on this page draw on 5 annual filings covering 2020 to 2024. The bottom line showed a net profit of NOK 2.3m, and the EBITDA margin stood at -3.5%.
At the end of 2024, equity financed 57.4% of the balance sheet, and current assets covered short-term debt 0.5 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 16,974 | 27,239 | 17,013 | 15,270 | 14,744 |
| Staff expenses | -12,920 | -12,295 | -11,525 | -10,926 | -7,415 |
| EBITDA | -592 | 10,753 | 1,947 | 2,147 | 5,225 |
| Depreciation & amort. | -235 | -265 | -131 | -75 | -8 |
| EBIT | -827 | 10,488 | 1,816 | 2,072 | 5,217 |
| Net financials | 2,840 | -2,113 | 3,364 | 21,630 | 56 |
| Profit before tax | 2,013 | 8,375 | 5,180 | 23,702 | 5,273 |
| Tax | -313 | 2,122 | 129 | 1,448 | 868 |
| Net profit | 2,326 | 6,253 | 5,051 | 22,254 | 4,405 |
Balance sheet
NOK thousands| Item | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total assets | 119,970 | 118,652 | 130,509 | 106,526 | 90,102 |
| Equity | 68,877 | 66,551 | 60,299 | 55,248 | 38,998 |
| Long-term debt | 6,672 | 25,272 | 28,472 | 23,347 | 30,347 |
| Short-term debt | 44,421 | 26,827 | 41,737 | 27,930 | 20,758 |
| Total debt | 51,093 | 52,099 | 70,209 | 51,277 | 51,105 |
Financial ratios
5-year trendEBITDA margin
-3.5 %
20202024
Equity ratio
57.4 %
StrongAmong the 40% highest rated companies in the industry
20202024
Return on equity
3.4 %
WeakAmong the 40% lowest rated companies in the industry
20202024
Net profit margin
13.7 %
Very strongAmong the 20% highest rated companies in the industry
20202024
Asset turnover
0.14×
WeakAmong the 30% lowest rated companies in the industry
20202024
Debt / equity
0.74×
StrongAmong the 40% highest rated companies in the industry
20202024
Sector performance
27 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginVery strong
Among the 20% highest rated companies in the 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 marginWeak
Among the 30% lowest rated companies in the 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 marginVery strong
Among the 20% highest rated companies in the industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Weak
Among the 40% lowest rated companies in the 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)Weak
Among the 40% lowest rated companies in the 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)Weak
Among the 40% lowest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioWeak
Among the 40% lowest 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 ratioVery weak
Among the 20% lowest rated companies in the 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 ratioVery weak
Among the 20% 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 ratioVery weak
Among the 20% 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 equityVery strong
Among the 20% highest rated companies in the 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 capitalVery weak
Among the 20% lowest rated companies in the 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 weak
Among the 10% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioStrong
Among the 40% highest rated companies in the industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioStrong
Among the 30% highest rated companies in the industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityStrong
Among the 40% highest rated companies in the industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityStrong
Among the 40% highest 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 debtWeak
Among the 40% lowest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageWeak
Among the 40% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 10% 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 turnoverWeak
Among the 30% lowest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
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 equityAverage
Around the average of companies in the same industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtAverage
Around the average of companies in the same industry
The size of this year's increase or decrease in the company's debt.
Inventory turnoverNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
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.
Annual reports & filings
- 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
- Annual report 2020Filed via Brønnøysundsregistrene · Period 2020-01-01 – 2020-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|
Former (1)
FM Chief Executive Officer | Chief Executive Officer | 2016 – 2025 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (3) | ||
WJ Board of Directors | Board of Directors | 2024 |
HM Chairman | Chairman | 2024 |
RD Board of Directors | Board of Directors | 2021 |
Former (2)
FM Board of Directors | Board of Directors | 2016 – 2026 |
AD Board of Directors | Board of Directors | 2016 – 2021 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 75% | 75% | 2020 | |
| Company | 15% | 15% | 2020 | |
| Individual | 4% | 4% | 2020 | |
| Company | 4% | 4% | 2020 | |
| Individual | 2% | 2% | 2020 |
Related companies
Company hierarchy
W. Giertsen AS (this company)
Schenke AS100% ownedSimen Vatne Produkter AS60% ownedIslandgarden As90.1% ownedHiq Brands As85.4% ownedRemote Inspection AS91% ownedW. Giertsen Services AS100% ownedW. Giertsen Tunnel AS96% ownedW. Giertsen Vannteknologi AS91.1089% ownedBoard network connections
Board members of W. Giertsen AS also hold positions in 40 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Frank Mohn | Chief Executive Officer | 16 companiesMany roles |
| Wilhelm Jens Giertsen | Board of Directors | 16 companiesMany roles |
| Rikke De Besche Giertsen | Board of Directors | 5 companies |
| Hans Middelthon | Chairman | 2 companies |
| Anita Dugdale De Besche Giertsen | Board of Directors | 1 company |
Frequently asked questions
What is the Org number of W. Giertsen AS?
W. Giertsen AS is registered with Brønnøysundsregistrene under Org 911958821.
What is the revenue of W. Giertsen AS?
W. Giertsen AS reported revenue of NOK 17.0m in 2024.
Who is the chairman of W. Giertsen AS?
Hans Middelthon chairs the board of W. Giertsen AS, in role since 2024.
Where is W. Giertsen AS headquartered?
W. Giertsen AS's registered address is Nygårdsviken 1.