ADDSECURE AS: årsregnskap 2003 vs 2002
Shrank 26% on revenue, stronger earnings
Summary
What changed
Comparing Årsregnskap 2003 with 2002 for ADDSECURE AS. Revenue 17.41m NOK → 12.92m NOK (-25.8%). Net result -22.79m NOK → -17.40m NOK. Equity 11.61m NOK → 215.1k NOK.
On the constructive side: operating result improved; net result improved; payroll decreased. Pressures included: revenue fell; equity eroded; current ratio dropped below 1×.
Also worth watching: thin equity buffer; paid-in equity reduced; cogs fell. All figures are taken from the published annual accounts for ADDSECURE AS.
At a glance
Scorecard
What improved
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Operating result improved
Operating result -24.05m NOK → -16.12m NOK (op. margin -138.2% → -124.8%). Calculated
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Net result improved
Net result -22.79m NOK → -17.40m NOK (net margin -131.0% → -134.6%). Calculated
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Payroll decreased
Salary cost 11.77m NOK → 9.38m NOK (68% → 73% of revenue). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 17.41m NOK to 12.92m NOK (-25.8% YoY). Calculated
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↓
Equity eroded
Book equity 11.61m NOK → 215.1k NOK (equity ratio 47.8% → 1.3%). Calculated
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Current ratio dropped below 1×
Current ratio 1.73× → 0.77× — short-term liabilities now exceed liquid/current assets on the published lines. 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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Paid-in equity reduced
Paid-in equity fell 11.61m NOK → 3.74m NOK — check capital reduction, conversion, or reclassification. Interpretation
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COGS fell
COGS / varekostnad 14.84m NOK → 8.95m NOK (-39.6% YoY). Calculated
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Book investments changed
Investment / intangible book value 598.4k NOK → 194.9k NOK. Reported fact