ADELFIA AS: årsregnskap 2020 vs 2019
Shrank 89% on revenue, stronger earnings
approved 2021-03-24; registry 2021-04-19; journal 2021 209722
Summary
What changed
Comparing Årsregnskap 2020 with 2019 for ADELFIA AS. Revenue 809.8k NOK → 87.0k NOK (-89.3%). Net result +556.6k NOK → +985.8k NOK. Equity 11.56m NOK → 10 NOK.
On the constructive side: net result improved; cash rose; current ratio back above 1×. Pressures included: revenue fell; operating result weakened; equity eroded.
Also worth watching: thin equity buffer. All figures are taken from the published annual accounts for ADELFIA AS.
At a glance
Scorecard
What improved
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Net result improved
Net result +556.6k NOK → +985.8k NOK (net margin 68.7% → 1133.1%). Calculated
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Cash rose
Bank deposits 180.3k NOK → 448.7k NOK (+148.8% YoY). Calculated
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Current ratio back above 1×
Current ratio 0.25× → 1.22×. Calculated
What deteriorated
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Revenue fell
Operating income / revenue moved from 809.8k NOK to 87.0k NOK (-89.3% YoY). Calculated
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Operating result weakened
Operating result +704.3k NOK → +256.3k NOK (op. margin 87.0% → 294.6%). Calculated
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Equity eroded
Book equity 11.56m NOK → 10 NOK (equity ratio 2327.9% → 0.0%). Calculated
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Payroll up without matching revenue
Salary cost 3 NOK → 764.5k NOK (0% → 879% of revenue). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 0.0% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation