ACCESS ADVENTURES AS: årsregnskap 2004 vs 2003
Grew 126% on revenue, weaker earnings
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for ACCESS ADVENTURES AS. Revenue 504.2k NOK → 1.14m NOK (+125.7%). Net result +84.1k NOK → +43.5k NOK. Equity 63.1k NOK → 19.6k NOK.
On the constructive side: revenue rose; current ratio back above 1×. Pressures included: operating result weakened; net result weakened; equity eroded.
Also worth watching: thin equity buffer; payroll increased; cogs moved. All figures are taken from the published annual accounts for ACCESS ADVENTURES AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 504.2k NOK to 1.14m NOK (+125.7% YoY). Calculated
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Current ratio back above 1×
Current ratio 0.51× → 3.52×. Calculated
What deteriorated
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↓
Operating result weakened
Operating result +110.7k NOK → +54.2k NOK (op. margin 22.0% → 4.8%). Calculated
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↓
Net result weakened
Net result +84.1k NOK → +43.5k NOK (net margin 16.7% → 3.8%). Calculated
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↓
Equity eroded
Book equity 63.1k NOK → 19.6k NOK (equity ratio 25.8% → 5.2%). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 5.2% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Payroll increased
Salary cost 4 358 NOK → 88.8k NOK (1% → 8% of revenue). Calculated
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COGS moved
COGS / varekostnad 34.0k NOK → 916.9k NOK (+2599.7% YoY). Calculated