AIRGENIC AS: årsregnskap 2013 vs 2012
Grew 18% on revenue, returned to profit, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2013 with 2012 for AIRGENIC AS. Revenue 4.61m NOK → 5.44m NOK (+18.0%). Net result -2 896 NOK → +143.9k NOK. Equity 895.0k NOK → 38.9k NOK.
On the constructive side: revenue rose; operating result improved; turned profitable. Pressures included: equity eroded; cash fell.
Also worth watching: thin equity buffer; sharp cash drawdown; payroll increased. All figures are taken from the published annual accounts for AIRGENIC AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 4.61m NOK to 5.44m NOK (+18.0% YoY). Calculated
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Operating result improved
Operating result +1 259 NOK → +161.6k NOK (op. margin 0.0% → 3.0%). Calculated
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Turned profitable
Net result flipped from a loss of 2 896 NOK to a profit of 143.9k NOK. Calculated
What deteriorated
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↓
Equity eroded
Book equity 895.0k NOK → 38.9k NOK (equity ratio 43.4% → 2.2%). Calculated
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↓
Cash fell
Bank deposits 2.26m NOK → 294.0k NOK (-87.0% YoY). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 2.2% 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 (2.26m NOK → 294.0k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 2.35m NOK → 2.52m NOK (51% → 46% of revenue). Calculated