ACAPULKA AS: årsregnskap 2004 vs 2003
Grew 10% on revenue, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for ACAPULKA AS. Revenue 828.4k NOK → 908.3k NOK (+9.6%). Net result -63.0k NOK → -67.2k NOK. Equity 77.5k NOK → -144.7k NOK.
On the constructive side: revenue rose; payroll decreased. Pressures included: operating result weakened; net result weakened; equity eroded.
Also worth watching: thin equity buffer; cogs moved. All figures are taken from the published annual accounts for ACAPULKA AS.
At a glance
Scorecard
What improved
-
↑
Revenue rose
Operating income / revenue moved from 828.4k NOK to 908.3k NOK (+9.6% YoY). Calculated
-
↑
Payroll decreased
Salary cost 122.0k NOK → 89.1k NOK (15% → 10% of revenue). Calculated
What deteriorated
-
↓
Operating result weakened
Operating result -50.2k NOK → -60.5k NOK (op. margin -6.1% → -6.7%). Calculated
-
↓
Net result weakened
Net result -63.0k NOK → -67.2k NOK (net margin -7.6% → -7.4%). Calculated
-
↓
Equity eroded
Book equity 77.5k NOK → -144.7k NOK (equity ratio 23.1% → -51.4%). Calculated
-
↓
Cash fell
Bank deposits 69.3k NOK → 3 770 NOK (-94.6% YoY). Calculated
-
↓
Current ratio dropped below 1×
Current ratio 1.92× → 1.00× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
Things to notice
-
·
Thin equity buffer
Equity ratio is -51.4% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
-
·
COGS moved
COGS / varekostnad 287.0k NOK → 392.4k NOK (+36.7% YoY). Calculated