ADP AS: årsregnskap 2015 vs 2014
Weaker earnings
approved 2016-02-23; registry 2016-04-11; journal 2016 360860
Summary
What changed
Comparing Årsregnskap 2015 with 2014 for ADP AS. Revenue 15.75m NOK → 16.02m NOK (+1.8%). Net result +1.43m NOK → +2 127 NOK. Equity 508.6k NOK → 100.0k NOK.
On the constructive side: revenue rose; operating result improved; cash rose. Pressures included: net result weakened; equity eroded; current ratio dropped below 1×.
Also worth watching: thin equity buffer; payroll increased; cogs fell. All figures are taken from the published annual accounts for ADP AS.
At a glance
Scorecard
What improved
-
↑
Revenue rose
Operating income / revenue moved from 15.75m NOK to 16.02m NOK (+1.8% YoY). Calculated
-
↑
Operating result improved
Operating result +2.03m NOK → +3.01m NOK (op. margin 12.9% → 18.8%). Calculated
-
↑
Cash rose
Bank deposits 2.56m NOK → 3.58m NOK (+40.0% YoY). Calculated
What deteriorated
-
↓
Net result weakened
Net result +1.43m NOK → +2 127 NOK (net margin 9.1% → 0.0%). Calculated
-
↓
Equity eroded
Book equity 508.6k NOK → 100.0k NOK (equity ratio 12.7% → 1.7%). Calculated
-
↓
Current ratio dropped below 1×
Current ratio 1.01× → 0.94× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
Things to notice
-
·
Thin equity buffer
Equity ratio is 1.7% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
-
·
Payroll increased
Salary cost 4.27m NOK → 4.83m NOK (27% → 30% of revenue). Calculated
-
·
COGS fell
COGS / varekostnad 7.75m NOK → 6.41m NOK (-17.2% YoY). Calculated
-
·
Book investments changed
Investment / intangible book value 384.9k NOK → 10.0k NOK. Reported fact