ADNOVA AS: årsregnskap 2003 vs 2002
Grew 168% on revenue, stronger earnings
Summary
What changed
Comparing Årsregnskap 2003 with 2002 for ADNOVA AS. Revenue 26.5k NOK → 71.2k NOK (+168.5%). Net result -134.9k NOK → -4 524 NOK. Equity -147.3k NOK → -151.8k NOK.
On the constructive side: revenue rose; operating result improved; net result improved. Pressures included: equity eroded.
Also worth watching: thin equity buffer. All figures are taken from the published annual accounts for ADNOVA AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 26.5k NOK to 71.2k NOK (+168.5% YoY). Calculated
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Operating result improved
Operating result -195.2k NOK → -7 930 NOK (op. margin -736.4% → -11.1%). Calculated
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Net result improved
Net result -134.9k NOK → -4 524 NOK (net margin -509.1% → -6.4%). Calculated
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Payroll decreased
Salary cost 9 069 NOK → 0 NOK (34% → 0% of revenue). Calculated
What deteriorated
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Equity eroded
Book equity -147.3k NOK → -151.8k NOK (equity ratio -67.2% → -88.7%). Calculated
Things to notice
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Thin equity buffer
Equity ratio is -88.7% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation