AD METAM AS: årsregnskap 2004 vs 2003
Shrank 15% on revenue, fresh owner capital
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for AD METAM AS. Revenue 12.66m NOK → 10.76m NOK (-15.0%). Equity 715.3k NOK → 75.3k NOK.
On the constructive side: owners injected capital. Pressures included: revenue fell; operating result weakened; equity eroded.
Also worth watching: thin equity buffer; cogs fell. All figures are taken from the published annual accounts for AD METAM AS.
At a glance
Scorecard
What improved
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↑
Owners injected capital
Paid-in equity rose 377.9k NOK → 881.9k NOK (+504.0k NOK). Reported fact
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 12.66m NOK to 10.76m NOK (-15.0% YoY). Calculated
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↓
Operating result weakened
Operating result +1.66m NOK → +89.1k NOK (op. margin 13.1% → 0.8%). Calculated
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↓
Equity eroded
Book equity 715.3k NOK → 75.3k NOK (equity ratio 10.8% → 1.3%). Calculated
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↓
Payroll up without matching revenue
Salary cost 2.78m NOK → 3.26m NOK (22% → 30% of revenue). Calculated
Things to notice
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·
Thin equity buffer
Equity ratio is 1.3% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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·
COGS fell
COGS / varekostnad 5.97m NOK → 5.49m NOK (-8.1% YoY). Calculated