ABENA NORGE AS: årsregnskap 2004 vs 2003
Grew 30% on revenue, weaker earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for ABENA NORGE AS. Revenue 36.07m NOK → 46.94m NOK (+30.1%). Net result -120.5k NOK → -3.99m NOK. Equity -1.64m NOK → -5.63m NOK.
On the constructive side: revenue rose. Pressures included: operating result weakened; net result weakened; equity eroded.
Also worth watching: thin equity buffer; sharp cash drawdown; payroll increased. All figures are taken from the published annual accounts for ABENA NORGE AS.
At a glance
Scorecard
What improved
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↑
Revenue rose
Operating income / revenue moved from 36.07m NOK to 46.94m NOK (+30.1% YoY). Calculated
What deteriorated
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↓
Operating result weakened
Operating result +143.6k NOK → -3.99m NOK (op. margin 0.4% → -8.5%). Calculated
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↓
Net result weakened
Net result -120.5k NOK → -3.99m NOK (net margin -0.3% → -8.5%). Calculated
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↓
Equity eroded
Book equity -1.64m NOK → -5.63m NOK (equity ratio -10.2% → -31.7%). Calculated
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↓
Cash fell
Bank deposits 1.88m NOK → 647.8k NOK (-65.5% YoY). Calculated
Things to notice
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·
Thin equity buffer
Equity ratio is -31.7% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Sharp cash drawdown
Cash fell by more than 60% YoY (1.88m NOK → 647.8k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 3.98m NOK → 6.89m NOK (11% → 15% of revenue). Calculated
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COGS moved
COGS / varekostnad 27.39m NOK → 38.00m NOK (+38.7% YoY). Calculated