ADRENALIN AS: årsregnskap 2013 vs 2012
Grew 54% on revenue, cash halved-plus
approved 2014-06-30; registry 2014-07-09; journal 2014 558209
Summary
What changed
Comparing Årsregnskap 2013 with 2012 for ADRENALIN AS. Revenue 6.17m NOK → 9.51m NOK (+54.0%). Net result +749 NOK → +6 300 NOK. Equity 902.7k NOK → 103.4k NOK.
On the constructive side: revenue rose; operating result improved; net result improved. Pressures included: equity eroded; cash fell; current ratio dropped below 1×.
Also worth watching: thin equity buffer; sharp cash drawdown; payroll increased. All figures are taken from the published annual accounts for ADRENALIN AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 6.17m NOK to 9.51m NOK (+54.0% YoY). Calculated
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Operating result improved
Operating result +4.39m NOK → +7.97m NOK (op. margin 71.1% → 83.8%). Calculated
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Net result improved
Net result +749 NOK → +6 300 NOK (net margin 0.0% → 0.1%). Calculated
What deteriorated
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↓
Equity eroded
Book equity 902.7k NOK → 103.4k NOK (equity ratio 10.3% → 1.0%). Calculated
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↓
Cash fell
Bank deposits 2.69m NOK → 76.8k NOK (-97.1% YoY). Calculated
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Current ratio dropped below 1×
Current ratio 1.03× → 0.89× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
Things to notice
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Thin equity buffer
Equity ratio is 1.0% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Sharp cash drawdown
Cash fell by more than 60% YoY (2.69m NOK → 76.8k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 3 NOK → 4.23m NOK (0% → 45% of revenue). Calculated
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Book investments changed
Investment / intangible book value 318.0k NOK → 636.0k NOK. Reported fact