2TAL AS: årsregnskap 2004 vs 2003
Stronger earnings, fresh owner capital
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for 2TAL AS. Revenue 15.66m NOK → 14.88m NOK (-5.0%). Net result +203.2k NOK → +873.0k NOK. Equity 711.7k NOK → 584.7k NOK.
On the constructive side: operating result improved; net result improved; owners injected capital. Pressures included: revenue fell; equity eroded.
Also worth watching: thin equity buffer; cogs fell. All figures are taken from the published annual accounts for 2TAL AS.
At a glance
Scorecard
What improved
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Operating result improved
Operating result +407.2k NOK → +639.8k NOK (op. margin 2.6% → 4.3%). Calculated
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Net result improved
Net result +203.2k NOK → +873.0k NOK (net margin 1.3% → 5.9%). Calculated
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Owners injected capital
Paid-in equity rose 600 NOK → 600.0k NOK (+599.4k NOK). Reported fact
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Payroll decreased
Salary cost 6.35m NOK → 4.69m NOK (41% → 32% of revenue). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 15.66m NOK to 14.88m NOK (-5.0% YoY). Calculated
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Equity eroded
Book equity 711.7k NOK → 584.7k NOK (equity ratio 21.4% → 9.6%). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 9.6% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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COGS fell
COGS / varekostnad 7.12m NOK → 6.06m NOK (-14.9% YoY). Calculated