ACE GOLF AS: årsregnskap 2004 vs 2003
Shrank 72% on revenue, stronger earnings, fresh owner capital
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for ACE GOLF AS. Revenue 139.7k NOK → 39.6k NOK (-71.6%). Net result -168.8k NOK → -125.4k NOK. Equity 303.7k NOK → 100.4k NOK.
On the constructive side: operating result improved; net result improved; owners injected capital. Pressures included: revenue fell; equity eroded.
Also worth watching: cogs fell. All figures are taken from the published annual accounts for ACE GOLF AS.
At a glance
Scorecard
What improved
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Operating result improved
Operating result -179.1k NOK → -137.9k NOK (op. margin -128.1% → -347.8%). Calculated
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Net result improved
Net result -168.8k NOK → -125.4k NOK (net margin -120.8% → -316.2%). Calculated
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Owners injected capital
Paid-in equity rose 100.0k NOK → 100.00bn NOK (+100.00bn NOK). Reported fact
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Payroll decreased
Salary cost 199.8k NOK → 87.1k NOK (143% → 220% of revenue). Calculated
What deteriorated
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Revenue fell
Operating income / revenue moved from 139.7k NOK to 39.6k NOK (-71.6% YoY). Calculated
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Equity eroded
Book equity 303.7k NOK → 100.4k NOK (equity ratio 46.6% → 25.4%). Calculated
Things to notice
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COGS fell
COGS / varekostnad 36.6k NOK → 20.9k NOK (-42.8% YoY). Calculated