A PAULSEN & SØNNER AS: årsregnskap 2003 vs 2002
Grew 58% on revenue, weaker earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2003 with 2002 for A PAULSEN & SØNNER AS. Revenue 4.17m NOK → 6.60m NOK (+58.2%). Net result +118.1k NOK → +15.7k NOK. Equity 2.10m NOK → 2.12m NOK.
On the constructive side: revenue rose; equity strengthened; owners injected capital. Pressures included: operating result weakened; net result weakened; cash fell.
Also worth watching: sharp cash drawdown; book investments changed. All figures are taken from the published annual accounts for A PAULSEN & SØNNER AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 4.17m NOK to 6.60m NOK (+58.2% YoY). Calculated
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Equity strengthened
Book equity 2.10m NOK → 2.12m NOK (equity ratio 42.1% → 46.0%). Calculated
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Owners injected capital
Paid-in equity rose 62.5k NOK → 125.0k NOK (+62.5k NOK). Reported fact
What deteriorated
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Operating result weakened
Operating result +378.0k NOK → +154.8k NOK (op. margin 9.1% → 2.3%). Calculated
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Net result weakened
Net result +118.1k NOK → +15.7k NOK (net margin 2.8% → 0.2%). Calculated
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Cash fell
Bank deposits 14.64m NOK → 13 NOK (-100.0% YoY). Calculated
Things to notice
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Sharp cash drawdown
Cash fell by more than 60% YoY (14.64m NOK → 13 NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Book investments changed
Investment / intangible book value 13.3k NOK → 105.0k NOK. Reported fact