ADP AS: årsregnskap 2017 vs 2016
Shrank 21% on revenue, stronger earnings
approved 2018-05-28; registry 2018-07-03; journal 2018 607942
Summary
What changed
Comparing Årsregnskap 2017 with 2016 for ADP AS. Revenue 21.76m NOK → 17.16m NOK (-21.2%). Net result +2 290 NOK → +777.2k NOK. Equity 390.4k NOK → 167.6k NOK.
On the constructive side: net result improved. Pressures included: revenue fell; operating result weakened; equity eroded.
Also worth watching: thin equity buffer; cogs fell. All figures are taken from the published annual accounts for ADP AS.
At a glance
Scorecard
What improved
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↑
Net result improved
Net result +2 290 NOK → +777.2k NOK (net margin 0.0% → 4.5%). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 21.76m NOK to 17.16m NOK (-21.2% YoY). Calculated
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↓
Operating result weakened
Operating result +3.06m NOK → +1.07m NOK (op. margin 14.1% → 6.3%). Calculated
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↓
Equity eroded
Book equity 390.4k NOK → 167.6k NOK (equity ratio 7.2% → 2.9%). Calculated
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↓
Cash fell
Bank deposits 4.05m NOK → 2.26m NOK (-44.1% YoY). Calculated
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↓
Payroll up without matching revenue
Salary cost 5.82m NOK → 5.88m NOK (27% → 34% of revenue). Calculated
Things to notice
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·
Thin equity buffer
Equity ratio is 2.9% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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·
COGS fell
COGS / varekostnad 10.94m NOK → 8.06m NOK (-26.3% YoY). Calculated