A. HØVIK EIENDOM AS: årsregnskap 2005 vs 2004
Grew 11% on revenue, weaker earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2005 with 2004 for A. HØVIK EIENDOM AS. Revenue 3.25m NOK → 3.59m NOK (+10.6%). Net result +340.4k NOK → +269.2k NOK. Equity 11.46m NOK → 13.09m NOK.
On the constructive side: revenue rose; equity strengthened; payroll decreased. Pressures included: operating result weakened; net result weakened; cash fell.
Also worth watching: sharp cash drawdown; paid-in equity reduced; book investments changed. All figures are taken from the published annual accounts for A. HØVIK EIENDOM AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 3.25m NOK to 3.59m NOK (+10.6% YoY). Calculated
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Equity strengthened
Book equity 11.46m NOK → 13.09m NOK (equity ratio 26.5% → 24.2%). Calculated
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Payroll decreased
Salary cost 8 714 NOK → 7 NOK (0% → 0% of revenue). Calculated
What deteriorated
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Operating result weakened
Operating result +2.40m NOK → +1.96m NOK (op. margin 73.8% → 54.6%). Calculated
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Net result weakened
Net result +340.4k NOK → +269.2k NOK (net margin 10.5% → 7.5%). Calculated
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Cash fell
Bank deposits 7.96m NOK → 227.4k NOK (-97.1% YoY). Calculated
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Current ratio dropped below 1×
Current ratio 1.49× → 0.96× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
Things to notice
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Sharp cash drawdown
Cash fell by more than 60% YoY (7.96m NOK → 227.4k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Paid-in equity reduced
Paid-in equity fell 10.00m NOK → 5.23m NOK — check capital reduction, conversion, or reclassification. Interpretation
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Book investments changed
Investment / intangible book value 4 566 NOK → 2 804 NOK. Reported fact