ACTIVE GOLF AS: årsregnskap 2003 vs 2002
Shrank 21% on revenue, stronger earnings, fresh owner capital
Summary
What changed
Comparing Årsregnskap 2003 with 2002 for ACTIVE GOLF AS. Revenue 1.90m NOK → 1.49m NOK (-21.5%). Net result +86.0k NOK → +255.7k NOK. Equity 600.0k NOK → 155.8k 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 ACTIVE GOLF AS.
At a glance
Scorecard
What improved
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Operating result improved
Operating result +259.9k NOK → +436.72m NOK (op. margin 13.7% → 29295.4%). Calculated
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Net result improved
Net result +86.0k NOK → +255.7k NOK (net margin 4.5% → 17.2%). Calculated
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Owners injected capital
Paid-in equity rose 50.0k NOK → 100.0k NOK (+50.0k NOK). Reported fact
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Payroll decreased
Salary cost 487.6k NOK → 311.1k NOK (26% → 21% of revenue). Calculated
What deteriorated
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Revenue fell
Operating income / revenue moved from 1.90m NOK to 1.49m NOK (-21.5% YoY). Calculated
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Equity eroded
Book equity 600.0k NOK → 155.8k NOK (equity ratio 51.7% → 12.9%). Calculated
Things to notice
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COGS fell
COGS / varekostnad 1.27m NOK → 990.5k NOK (-22.3% YoY). Calculated