AD NAVIGATION AS: årsregnskap 2004 vs 2003
Grew 84392% on revenue, stronger earnings
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for AD NAVIGATION AS. Revenue 2 104 NOK → 1.78m NOK (+84391.8%). Net result +34.2k NOK → +107.0k NOK. Equity 7.15m NOK → 40.9k NOK.
On the constructive side: revenue rose; net result improved; cash rose. Pressures included: operating result weakened; equity eroded.
Also worth watching: thin equity buffer; paid-in equity reduced; cogs fell. All figures are taken from the published annual accounts for AD NAVIGATION AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 2 104 NOK to 1.78m NOK (+84391.8% YoY). Calculated
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Net result improved
Net result +34.2k NOK → +107.0k NOK (net margin 1624.9% → 6.0%). Calculated
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Cash rose
Bank deposits 438.1k NOK → 709.6k NOK (+62.0% YoY). Calculated
What deteriorated
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↓
Operating result weakened
Operating result +133.3k NOK → +131.9k NOK (op. margin 6335.6% → 7.4%). Calculated
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↓
Equity eroded
Book equity 7.15m NOK → 40.9k NOK (equity ratio 979.3% → 4.7%). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 4.7% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Paid-in equity reduced
Paid-in equity fell 113.7k NOK → 100.0k NOK — check capital reduction, conversion, or reclassification. Interpretation
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COGS fell
COGS / varekostnad 1.16m NOK → 1.01m NOK (-13.1% YoY). Calculated