ADHAMA HOLDING AS: årsregnskap 2011 vs 2010
Grew 8% on revenue, weaker earnings
approved 2012-06-25; registry 2012-09-13; journal 2012 772080
Summary
What changed
Comparing Årsregnskap 2011 with 2010 for ADHAMA HOLDING AS. Revenue 22.60m NOK → 24.42m NOK (+8.1%). Net result +524.0k NOK → +325.6k NOK. Equity 992.6k NOK → 168.2k NOK.
On the constructive side: revenue rose; operating result improved; cash rose. Pressures included: net result weakened; equity eroded.
Also worth watching: thin equity buffer; paid-in equity reduced; cogs fell. All figures are taken from the published annual accounts for ADHAMA HOLDING AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 22.60m NOK to 24.42m NOK (+8.1% YoY). Calculated
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Operating result improved
Operating result +1.20m NOK → +4.63m NOK (op. margin 5.3% → 19.0%). Calculated
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Cash rose
Bank deposits 67.7k NOK → 606.8k NOK (+796.4% YoY). Calculated
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Payroll decreased
Salary cost 2.22m NOK → 1.73m NOK (10% → 7% of revenue). Calculated
What deteriorated
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Net result weakened
Net result +524.0k NOK → +325.6k NOK (net margin 2.3% → 1.3%). Calculated
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Equity eroded
Book equity 992.6k NOK → 168.2k NOK (equity ratio 12.4% → 2.4%). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 2.4% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Paid-in equity reduced
Paid-in equity fell 100.0k NOK → 164 NOK — check capital reduction, conversion, or reclassification. Interpretation
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COGS fell
COGS / varekostnad 17.25m NOK → 506 NOK (-100.0% YoY). Calculated
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Book investments changed
Investment / intangible book value 308.7k NOK → 107.7k NOK. Reported fact