ADDSECURE AS: årsregnskap 2004 vs 2003
Grew 10% on revenue
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for ADDSECURE AS. Revenue 12.92m NOK → 14.20m NOK (+9.9%). Net result -17.40m NOK → -18.44m NOK. Equity 215.1k NOK → -18.65m NOK.
On the constructive side: revenue rose; operating result improved; payroll decreased. Pressures included: net result weakened; equity eroded.
Also worth watching: thin equity buffer; paid-in equity reduced; cogs moved. All figures are taken from the published annual accounts for ADDSECURE AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 12.92m NOK to 14.20m NOK (+9.9% YoY). Calculated
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Operating result improved
Operating result -16.12m NOK → -13.27m NOK (op. margin -124.8% → -93.4%). Calculated
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Payroll decreased
Salary cost 9.38m NOK → 8.92m NOK (73% → 63% of revenue). Calculated
What deteriorated
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↓
Net result weakened
Net result -17.40m NOK → -18.44m NOK (net margin -134.6% → -129.8%). Calculated
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Equity eroded
Book equity 215.1k NOK → -18.65m NOK (equity ratio 1.3% → -170.0%). Calculated
Things to notice
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Thin equity buffer
Equity ratio is -170.0% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Paid-in equity reduced
Paid-in equity fell 3.74m NOK → 3.50m NOK — check capital reduction, conversion, or reclassification. Interpretation
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COGS moved
COGS / varekostnad 8.95m NOK → 10.70m NOK (+19.4% YoY). Calculated
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Book investments changed
Investment / intangible book value 194.9k NOK → 196.7k NOK. Reported fact