ADAX NORGE AS: årsregnskap 2019 vs 2018
Grew 27% on revenue, stronger earnings, cash halved-plus
approved 2020-07-02; registry 2020-08-13; journal 2020 668776
Summary
What changed
Comparing Årsregnskap 2019 with 2018 for ADAX NORGE AS. Revenue 8.35m NOK → 10.59m NOK (+26.8%). Net result +149.6k NOK → +381.5k NOK. Equity 814.3k NOK → 1 195 NOK.
On the constructive side: revenue rose; operating result improved; net result improved. Pressures included: equity eroded; cash fell.
Also worth watching: thin equity buffer; sharp cash drawdown; payroll increased. All figures are taken from the published annual accounts for ADAX NORGE AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 8.35m NOK to 10.59m NOK (+26.8% YoY). Calculated
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Operating result improved
Operating result +202.9k NOK → +479.2k NOK (op. margin 2.4% → 4.5%). Calculated
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Net result improved
Net result +149.6k NOK → +381.5k NOK (net margin 1.8% → 3.6%). Calculated
What deteriorated
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↓
Equity eroded
Book equity 814.3k NOK → 1 195 NOK (equity ratio 21.9% → 0.1%). Calculated
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Cash fell
Bank deposits 2.28m NOK → 24.9k NOK (-98.9% YoY). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 0.1% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Sharp cash drawdown
Cash fell by more than 60% YoY (2.28m NOK → 24.9k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 747.7k NOK → 807.3k NOK (9% → 8% of revenue). Calculated
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COGS moved
COGS / varekostnad 5.92m NOK → 7.36m NOK (+24.4% YoY). Calculated