AHLSELL NORGE AS: årsregnskap 2004 vs 2003
Grew 29% on revenue, weaker earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for AHLSELL NORGE AS. Revenue 663.97m NOK → 857.59m NOK (+29.2%). Net result -40.83m NOK → -60.81m NOK. Equity 10.11bn NOK → 10.13bn NOK.
On the constructive side: revenue rose; equity strengthened; current ratio back above 1×. Pressures included: operating result weakened; net result weakened; cash fell.
Also worth watching: sharp cash drawdown; payroll increased; cogs moved. All figures are taken from the published annual accounts for AHLSELL NORGE AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 663.97m NOK to 857.59m NOK (+29.2% YoY). Calculated
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Equity strengthened
Book equity 10.11bn NOK → 10.13bn NOK (equity ratio 1705.3% → 1685.8%). Calculated
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Current ratio back above 1×
Current ratio 0.98× → 1.02×. Calculated
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Owners injected capital
Paid-in equity rose 111.98m NOK → 128.82m NOK (+16.84m NOK). Reported fact
What deteriorated
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Operating result weakened
Operating result -37.99m NOK → -50.53m NOK (op. margin -5.7% → -5.9%). Calculated
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Net result weakened
Net result -40.83m NOK → -60.81m NOK (net margin -6.1% → -7.1%). Calculated
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Cash fell
Bank deposits 18.17m NOK → 106.9k NOK (-99.4% YoY). Calculated
Things to notice
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Sharp cash drawdown
Cash fell by more than 60% YoY (18.17m NOK → 106.9k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 5.10bn NOK → 5.13bn NOK (769% → 599% of revenue). Calculated
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COGS moved
COGS / varekostnad 4.49bn NOK → 4.62bn NOK (+3.1% YoY). Calculated