ADAX NORGE AS: årsregnskap 2015 vs 2014
Shrank 15% on revenue, stronger earnings
approved 2016-04-07; registry 2016-07-27; journal 2016 745934
Summary
What changed
Comparing Årsregnskap 2015 with 2014 for ADAX NORGE AS. Revenue 13.83m NOK → 11.82m NOK (-14.5%). Net result +395.4k NOK → +789.9k NOK. Equity 3.93m NOK → 103.3k NOK.
On the constructive side: operating result improved; net result improved; cash rose. Pressures included: revenue fell; equity eroded; current ratio dropped below 1×.
Also worth watching: thin equity buffer; cogs fell. All figures are taken from the published annual accounts for ADAX NORGE AS.
At a glance
Scorecard
What improved
-
↑
Operating result improved
Operating result +864.0k NOK → +1.07m NOK (op. margin 6.2% → 9.0%). Calculated
-
↑
Net result improved
Net result +395.4k NOK → +789.9k NOK (net margin 2.9% → 6.7%). Calculated
-
↑
Cash rose
Bank deposits 5.43m NOK → 5.56m NOK (+2.4% YoY). Calculated
What deteriorated
-
↓
Revenue fell
Operating income / revenue moved from 13.83m NOK to 11.82m NOK (-14.5% YoY). Calculated
-
↓
Equity eroded
Book equity 3.93m NOK → 103.3k NOK (equity ratio 57.4% → 1.5%). Calculated
-
↓
Current ratio dropped below 1×
Current ratio 2.23× → 0.99× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
-
↓
Payroll up without matching revenue
Salary cost 1.10m NOK → 45.90m NOK (8% → 388% of revenue). Calculated
Things to notice
-
·
Thin equity buffer
Equity ratio is 1.5% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
-
·
COGS fell
COGS / varekostnad 9.35m NOK → 8.20m NOK (-12.2% YoY). Calculated