AB-M AS: årsregnskap 2004 vs 2003
Stronger earnings
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for AB-M AS. Revenue 3.92m NOK → 3.95m NOK (+0.8%). Net result +65.7k NOK → +110.9k NOK. Equity 116.5k NOK → -5 611 NOK.
On the constructive side: revenue rose; operating result improved; net result improved. Pressures included: equity eroded.
Also worth watching: thin equity buffer; payroll increased; cogs moved. All figures are taken from the published annual accounts for AB-M AS.
At a glance
Scorecard
What improved
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↑
Revenue rose
Operating income / revenue moved from 3.92m NOK to 3.95m NOK (+0.8% YoY). Calculated
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↑
Operating result improved
Operating result +65.2k NOK → +196.8k NOK (op. margin 1.7% → 5.0%). Calculated
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↑
Net result improved
Net result +65.7k NOK → +110.9k NOK (net margin 1.7% → 2.8%). Calculated
What deteriorated
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↓
Equity eroded
Book equity 116.5k NOK → -5 611 NOK (equity ratio 21.3% → -0.9%). Calculated
Things to notice
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·
Thin equity buffer
Equity ratio is -0.9% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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·
Payroll increased
Salary cost 6 NOK → 283.1k NOK (0% → 7% of revenue). Calculated
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·
COGS moved
COGS / varekostnad 3.28m NOK → 3.29m NOK (+0.4% YoY). Calculated