ADECCO NORGE AS: årsregnskap 2020 vs 2019
Shrank 21% on revenue, cash halved-plus
approved 2021-05-28; registry 2021-07-10; journal 2021 465863
Summary
What changed
Comparing Årsregnskap 2020 with 2019 for ADECCO NORGE AS. Revenue 2.38bn NOK → 1.87bn NOK (-21.4%). Net result -47.57m NOK → -43.70m NOK. Equity 202.53m NOK → 158.84m NOK.
On the constructive side: net result improved; current ratio back above 1×; payroll decreased. Pressures included: revenue fell; operating result weakened; equity eroded.
Also worth watching: sharp cash drawdown; paid-in equity reduced; book investments changed. All figures are taken from the published annual accounts for ADECCO NORGE AS.
At a glance
Scorecard
What improved
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Net result improved
Net result -47.57m NOK → -43.70m NOK (net margin -2.0% → -2.3%). Calculated
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Current ratio back above 1×
Current ratio 0.00× → 1060.91×. Calculated
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Payroll decreased
Salary cost 1.74bn NOK → 1.39bn NOK (73% → 74% of revenue). Calculated
What deteriorated
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Revenue fell
Operating income / revenue moved from 2.38bn NOK to 1.87bn NOK (-21.4% YoY). Calculated
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Operating result weakened
Operating result +16.29m NOK → -9.57m NOK (op. margin 0.7% → -0.5%). Calculated
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↓
Equity eroded
Book equity 202.53m NOK → 158.84m NOK (equity ratio 25.1% → 23.1%). Calculated
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Cash fell
Bank deposits 188.25m NOK → 211.5k NOK (-99.9% YoY). Calculated
Things to notice
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Sharp cash drawdown
Cash fell by more than 60% YoY (188.25m NOK → 211.5k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Paid-in equity reduced
Paid-in equity fell 202.53m NOK → 158.84m NOK — check capital reduction, conversion, or reclassification. Interpretation
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Book investments changed
Investment / intangible book value 167.15m NOK → 97.92m NOK. Reported fact