A/S SØRENSEN OG BALCHEN: årsregnskap 2014 vs 2013
Grew 5% on revenue, stronger earnings, cash halved-plus
approved 2015-02-27; registry 2015-07-23; journal 2015 627741
Summary
What changed
Comparing Årsregnskap 2014 with 2013 for A/S SØRENSEN OG BALCHEN. Revenue 406.58m NOK → 427.87m NOK (+5.2%). Net result +69.79m NOK → +121.00m NOK. Equity 401.77m NOK → 233.36m NOK.
On the constructive side: revenue rose; net result improved. Pressures included: operating result weakened; equity eroded; cash fell.
Also worth watching: sharp cash drawdown; payroll increased; cogs moved. All figures are taken from the published annual accounts for A/S SØRENSEN OG BALCHEN.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 406.58m NOK to 427.87m NOK (+5.2% YoY). Calculated
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Net result improved
Net result +69.79m NOK → +121.00m NOK (net margin 17.2% → 28.3%). Calculated
What deteriorated
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↓
Operating result weakened
Operating result +87.48m NOK → +10.28m NOK (op. margin 21.5% → 2.4%). Calculated
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↓
Equity eroded
Book equity 401.77m NOK → 233.36m NOK (equity ratio 85.3% → 40.7%). Calculated
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↓
Cash fell
Bank deposits 193.73m NOK → 2.39m NOK (-98.8% YoY). Calculated
Things to notice
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Sharp cash drawdown
Cash fell by more than 60% YoY (193.73m NOK → 2.39m NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 1.34bn NOK → 5.43bn NOK (329% → 1268% of revenue). Calculated
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COGS moved
COGS / varekostnad 198.78m NOK → 222.60m NOK (+12.0% YoY). Calculated
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Book investments changed
Investment / intangible book value 12.7k NOK → 13.13m NOK. Reported fact