A1 SECURITY AS: årsregnskap 2011 vs 2010
Shrank 11% on revenue, stronger earnings
approved 2012-06-29; registry 2012-08-25; journal 2012 649941
Summary
What changed
Comparing Årsregnskap 2011 with 2010 for A1 SECURITY AS. Revenue 6.07m NOK → 5.40m NOK (-11.0%). Net result +37.3k NOK → +252.9k NOK. Equity -103.6k NOK → -356.4k NOK.
On the constructive side: operating result improved; net result improved; cash rose. Pressures included: revenue fell; equity eroded; payroll up without matching revenue.
Also worth watching: thin equity buffer. All figures are taken from the published annual accounts for A1 SECURITY AS.
At a glance
Scorecard
What improved
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Operating result improved
Operating result +47.6k NOK → +303.3k NOK (op. margin 0.8% → 5.6%). Calculated
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Net result improved
Net result +37.3k NOK → +252.9k NOK (net margin 0.6% → 4.7%). Calculated
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Cash rose
Bank deposits 118.5k NOK → 250.7k NOK (+111.5% YoY). Calculated
What deteriorated
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Revenue fell
Operating income / revenue moved from 6.07m NOK to 5.40m NOK (-11.0% YoY). Calculated
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Equity eroded
Book equity -103.6k NOK → -356.4k NOK (equity ratio -7.7% → -28.7%). Calculated
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Payroll up without matching revenue
Salary cost 2 NOK → 3.00m NOK (0% → 56% of revenue). Calculated
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COGS moved
COGS / varekostnad 457.0k NOK → 589.7k NOK (+29.0% YoY). Calculated
Things to notice
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Thin equity buffer
Equity ratio is -28.7% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation