A SÆTHER COMPAGNIET AS: årsregnskap 2003 vs 2002
Shrank 50% on revenue, stronger earnings
Summary
What changed
Comparing Årsregnskap 2003 with 2002 for A SÆTHER COMPAGNIET AS. Revenue 1.66m NOK → 825.0k NOK (-50.3%). Net result +121.6k NOK → +181.7k NOK. Equity 241.7k NOK → 423.4k NOK.
On the constructive side: net result improved; equity strengthened. Pressures included: revenue fell; operating result weakened; current ratio dropped below 1×.
Also worth watching: book investments changed. All figures are taken from the published annual accounts for A SÆTHER COMPAGNIET AS.
At a glance
Scorecard
What improved
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Net result improved
Net result +121.6k NOK → +181.7k NOK (net margin 7.3% → 22.0%). Calculated
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↑
Equity strengthened
Book equity 241.7k NOK → 423.4k NOK (equity ratio 20.9% → 33.6%). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 1.66m NOK to 825.0k NOK (-50.3% YoY). Calculated
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↓
Operating result weakened
Operating result +448.1k NOK → +222.4k NOK (op. margin 27.0% → 27.0%). Calculated
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↓
Current ratio dropped below 1×
Current ratio 1.42× → 0.48× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
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↓
Payroll up without matching revenue
Salary cost 1.09m NOK → 3.46m NOK (66% → 419% of revenue). Calculated
Things to notice
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Book investments changed
Investment / intangible book value 282 NOK → 50.0k NOK. Reported fact