AGNAR AS: årsregnskap 2003 vs 2002
Shrank 41% on revenue, weaker earnings
Summary
What changed
Comparing Årsregnskap 2003 with 2002 for AGNAR AS. Revenue 391.4k NOK → 231.0k NOK (-41.0%). Net result -57.1k NOK → -71.9k NOK. Equity 76.5k NOK → 4 552 NOK.
On the constructive side: operating result improved. Pressures included: revenue fell; net result weakened; equity eroded.
Also worth watching: thin equity buffer. All figures are taken from the published annual accounts for AGNAR AS.
At a glance
Scorecard
What improved
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↑
Operating result improved
Operating result -81.1k NOK → -41.8k NOK (op. margin -20.7% → -18.1%). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 391.4k NOK to 231.0k NOK (-41.0% YoY). Calculated
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↓
Net result weakened
Net result -57.1k NOK → -71.9k NOK (net margin -14.6% → -31.1%). Calculated
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↓
Equity eroded
Book equity 76.5k NOK → 4 552 NOK (equity ratio 56.9% → 6.3%). Calculated
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↓
Payroll up without matching revenue
Salary cost 2 002 NOK → 16.5k NOK (1% → 7% of revenue). Calculated
Things to notice
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·
Thin equity buffer
Equity ratio is 6.3% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation