A/S Hørtefossen: årsregnskap 2006 vs 2005
Weaker earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2006 with 2005 for A/S Hørtefossen. Revenue 5.50m NOK → 5.49m NOK (-0.1%). Net result +900.4k NOK → +505.8k NOK. Equity 2.58m NOK → 3.09m NOK.
On the constructive side: equity strengthened; payroll decreased. Pressures included: revenue fell; operating result weakened; net result weakened.
Also worth watching: sharp cash drawdown; headcount (årsverk) changed. All figures are taken from the published annual accounts for A/S Hørtefossen.
At a glance
Scorecard
What improved
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↑
Equity strengthened
Book equity 2.58m NOK → 3.09m NOK (equity ratio 50.7% → 53.4%). Calculated
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↑
Payroll decreased
Salary cost 2.00m NOK → 2 006 NOK (36% → 0% of revenue). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 5.50m NOK to 5.49m NOK (-0.1% YoY). Calculated
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↓
Operating result weakened
Operating result +716.3k NOK → +682.4k NOK (op. margin 13.0% → 12.4%). Calculated
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↓
Net result weakened
Net result +900.4k NOK → +505.8k NOK (net margin 16.4% → 9.2%). Calculated
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↓
Cash fell
Bank deposits 2.60m NOK → 521.5k NOK (-80.0% YoY). Calculated
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↓
COGS moved
COGS / varekostnad 1.99m NOK → 2.08m NOK (+4.4% YoY). Calculated
Things to notice
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·
Sharp cash drawdown
Cash fell by more than 60% YoY (2.60m NOK → 521.5k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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·
Headcount (årsverk) changed
Reported FTEs 7 → 5. Reported fact