A/S Skog: årsregnskap 2012 vs 2011
Shrank 24% on revenue, weaker earnings
approved 2013-06-27; registry 2013-07-04; journal 2013 525313
Summary
What changed
Comparing Årsregnskap 2012 with 2011 for A/S Skog. Revenue 701.3k NOK → 531.4k NOK (-24.2%). Net result +144.7k NOK → +91.0k NOK. Equity 988.6k NOK → 79.7k NOK.
On the constructive side: cash rose. Pressures included: revenue fell; operating result weakened; net result weakened.
Also worth watching: thin equity buffer. All figures are taken from the published annual accounts for A/S Skog.
At a glance
Scorecard
What improved
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↑
Cash rose
Bank deposits 36.8k NOK → 47.8k NOK (+29.9% YoY). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 701.3k NOK to 531.4k NOK (-24.2% YoY). Calculated
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↓
Operating result weakened
Operating result +143.6k NOK → +51.1k NOK (op. margin 20.5% → 9.6%). Calculated
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↓
Net result weakened
Net result +144.7k NOK → +91.0k NOK (net margin 20.6% → 17.1%). Calculated
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↓
Equity eroded
Book equity 988.6k NOK → 79.7k NOK (equity ratio 78.7% → 6.9%). Calculated
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↓
Payroll up without matching revenue
Salary cost 120.9k NOK → 131.0k NOK (17% → 25% of revenue). Calculated
Things to notice
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·
Thin equity buffer
Equity ratio is 6.9% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation