AF CONSULT MANAGEMENT AS: årsregnskap 2005 vs 2004
Grew 45% on revenue
Summary
What changed
Comparing Årsregnskap 2005 with 2004 for AF CONSULT MANAGEMENT AS. Revenue 2.58m NOK → 3.73m NOK (+44.7%). Net result +805.1k NOK → +694.2k NOK. Equity 534.4k NOK → 228.6k NOK.
On the constructive side: revenue rose; operating result improved. Pressures included: net result weakened; equity eroded.
Also worth watching: thin equity buffer; payroll increased; book investments changed. All figures are taken from the published annual accounts for AF CONSULT MANAGEMENT AS.
At a glance
Scorecard
What improved
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↑
Revenue rose
Operating income / revenue moved from 2.58m NOK to 3.73m NOK (+44.7% YoY). Calculated
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↑
Operating result improved
Operating result +1.88m NOK → +2.55m NOK (op. margin 73.0% → 68.5%). Calculated
What deteriorated
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↓
Net result weakened
Net result +805.1k NOK → +694.2k NOK (net margin 31.3% → 18.6%). Calculated
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↓
Equity eroded
Book equity 534.4k NOK → 228.6k NOK (equity ratio 10.0% → 3.3%). Calculated
Things to notice
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·
Thin equity buffer
Equity ratio is 3.3% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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·
Payroll increased
Salary cost 375.1k NOK → 794.5k NOK (15% → 21% of revenue). Calculated
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·
Book investments changed
Investment / intangible book value 3.90m NOK → 6.56m NOK. Reported fact