ADVANTEK ENGINEERING AS: årsregnskap 2021 vs 2020
Grew 10% on revenue, stronger earnings, cash halved-plus
registry 2022-06-11; journal 2022 390063
Summary
What changed
Comparing Årsregnskap 2021 with 2020 for ADVANTEK ENGINEERING AS. Revenue 48.23m NOK → 52.91m NOK (+9.7%). Net result +3.17m NOK → +4.17m NOK. Equity 2.69m NOK → 267.8k 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; cogs moved. All figures are taken from the published annual accounts for ADVANTEK ENGINEERING AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 48.23m NOK to 52.91m NOK (+9.7% YoY). Calculated
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Operating result improved
Operating result +4.23m NOK → +5.62m NOK (op. margin 8.8% → 10.6%). Calculated
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Net result improved
Net result +3.17m NOK → +4.17m NOK (net margin 6.6% → 7.9%). Calculated
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Payroll decreased
Salary cost 19.51m NOK → 17.62m NOK (40% → 33% of revenue). Calculated
What deteriorated
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Equity eroded
Book equity 2.69m NOK → 267.8k NOK (equity ratio 17.4% → 1.2%). Calculated
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Cash fell
Bank deposits 3.00m NOK → 883.2k NOK (-70.5% YoY). Calculated
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Current ratio dropped below 1×
Current ratio 1.15× → 0.98× — 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 1.2% 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 (3.00m NOK → 883.2k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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COGS moved
COGS / varekostnad 14.55m NOK → 17.01m NOK (+16.9% YoY). Calculated
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Book investments changed
Investment / intangible book value 765.4k NOK → 514.2k NOK. Reported fact