A C Landgraff AS: årsregnskap 1999 vs 1998
Stronger earnings, cash halved-plus, fresh owner capital
Summary
What changed
Comparing Årsregnskap 1999 with 1998 for A C Landgraff AS. Revenue 37.56m NOK → 39.31m NOK (+4.7%). Net result +7.20m NOK → +8.85m NOK. Equity 11.90m NOK → -10.75m NOK.
On the constructive side: revenue rose; operating result improved; net result improved. Pressures included: equity eroded; cash fell; current ratio dropped below 1×.
Also worth watching: thin equity buffer; sharp cash drawdown; payroll increased. All figures are taken from the published annual accounts for A C Landgraff AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 37.56m NOK to 39.31m NOK (+4.7% YoY). Calculated
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Operating result improved
Operating result +11.42m NOK → +12.25m NOK (op. margin 30.4% → 31.2%). Calculated
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Net result improved
Net result +7.20m NOK → +8.85m NOK (net margin 19.2% → 22.5%). Calculated
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Owners injected capital
Paid-in equity rose -50.0k NOK → 250.0k NOK (+300.0k NOK). Reported fact
What deteriorated
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Equity eroded
Book equity 11.90m NOK → -10.75m NOK (equity ratio 41.8% → -36.3%). Calculated
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Cash fell
Bank deposits 18.31m NOK → 2.50m NOK (-86.4% YoY). Calculated
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Current ratio dropped below 1×
Current ratio 1.57× → -1.45× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
Things to notice
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Thin equity buffer
Equity ratio is -36.3% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Sharp cash drawdown
Cash fell by more than 60% YoY (18.31m NOK → 2.50m NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 2.35m NOK → 2.41m NOK (6% → 6% of revenue). Calculated
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COGS moved
COGS / varekostnad 21.53m NOK → 22.41m NOK (+4.1% YoY). Calculated