A HØNSEN SJÅFØRSKOLE AS: årsregnskap 2005 vs 2004
Stronger earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2005 with 2004 for A HØNSEN SJÅFØRSKOLE AS. Revenue 5.80m NOK → 5.78m NOK (-0.3%). Net result +30.5k NOK → +74.3k NOK. Equity 357.3k NOK → 431.6k NOK.
On the constructive side: operating result improved; net result improved; equity strengthened. Pressures included: revenue fell; cash fell; cogs moved.
Also worth watching: thin equity buffer; sharp cash drawdown. All figures are taken from the published annual accounts for A HØNSEN SJÅFØRSKOLE AS.
At a glance
Scorecard
What improved
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Operating result improved
Operating result +202.4k NOK → +302.5k NOK (op. margin 3.5% → 5.2%). Calculated
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Net result improved
Net result +30.5k NOK → +74.3k NOK (net margin 0.5% → 1.3%). Calculated
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Equity strengthened
Book equity 357.3k NOK → 431.6k NOK (equity ratio 10.0% → 9.8%). Calculated
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Payroll decreased
Salary cost 2.11m NOK → 2.07m NOK (36% → 36% of revenue). Calculated
What deteriorated
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Revenue fell
Operating income / revenue moved from 5.80m NOK to 5.78m NOK (-0.3% YoY). Calculated
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Cash fell
Bank deposits 3.88m NOK → 515.1k NOK (-86.7% YoY). Calculated
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COGS moved
COGS / varekostnad 96.0k NOK → 598.0k NOK (+523.2% YoY). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 9.8% 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 (3.88m NOK → 515.1k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation