A/S Hørtefossen: årsregnskap 2005 vs 2004
Grew 8% on revenue, stronger earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2005 with 2004 for A/S Hørtefossen. Revenue 5.08m NOK → 5.50m NOK (+8.2%). Net result +132.3k NOK → +900.4k NOK. Equity 1.68m NOK → 2.58m NOK.
On the constructive side: revenue rose; operating result improved; net result improved. Pressures included: cash fell.
Also worth watching: sharp cash drawdown; payroll increased; cogs moved. All figures are taken from the published annual accounts for A/S Hørtefossen.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 5.08m NOK to 5.50m NOK (+8.2% YoY). Calculated
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Operating result improved
Operating result +232.0k NOK → +716.3k NOK (op. margin 4.6% → 13.0%). Calculated
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Net result improved
Net result +132.3k NOK → +900.4k NOK (net margin 2.6% → 16.4%). Calculated
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↑
Equity strengthened
Book equity 1.68m NOK → 2.58m NOK (equity ratio 19.5% → 50.7%). Calculated
What deteriorated
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↓
Cash fell
Bank deposits 6.61m NOK → 2.60m NOK (-60.6% YoY). Calculated
Things to notice
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Sharp cash drawdown
Cash fell by more than 60% YoY (6.61m NOK → 2.60m NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 2 004 NOK → 2.00m NOK (0% → 36% of revenue). Calculated
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COGS moved
COGS / varekostnad 1.73m NOK → 1.99m NOK (+15.2% YoY). Calculated
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Headcount (årsverk) changed
Reported FTEs 9 → 7. Reported fact