Org.nr 935 333 156 2010 → 2011 Year-over-year analysis

ADECCO NORGE AS: årsregnskap 2011 vs 2010

Shrank 22% on revenue, cash halved-plus

approved 2012-05-15; registry 2012-09-06; journal 2012 727198

Summary

What changed

Comparing Årsregnskap 2011 with 2010 for ADECCO NORGE AS. Revenue 2.44bn NOK → 1.91bn NOK (-21.8%). Equity 338.45m NOK → 301.58m NOK.

Pressures included: revenue fell; operating result weakened; equity eroded.

Also worth watching: sharp cash drawdown. All figures are taken from the published annual accounts for ADECCO NORGE AS.

At a glance

Revenue

2.44bn NOK 1.91bn NOK

-21.8%

Operating result

+47.32m NOK -105.75m NOK

-323.5%

Net result

+29.32m NOK n/m

—

Equity

338.45m NOK 301.58m NOK

-10.9%

Cash

110.95m NOK 25.19m NOK

-77.3%

Total assets

1.29bn NOK 1.00bn NOK

-22.5%

↓
Revenue fell

Operating income / revenue moved from 2.44bn NOK to 1.91bn NOK (-21.8% YoY). Calculated
↓
Operating result weakened

Operating result +47.32m NOK → -105.75m NOK (op. margin 1.9% → -5.5%). Calculated
↓
Equity eroded

Book equity 338.45m NOK → 301.58m NOK (equity ratio 26.2% → 30.1%). Calculated
↓
Cash fell

Bank deposits 110.95m NOK → 25.19m NOK (-77.3% YoY). Calculated
↓
Payroll up without matching revenue

Salary cost 8.80m NOK → 453.17m NOK (0% → 24% of revenue). Calculated

·
Sharp cash drawdown

Cash fell by more than 60% YoY (110.95m NOK → 25.19m NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation