AJBAS AS: årsregnskap 2003 vs 2002
Weaker earnings
Summary
What changed
Comparing Årsregnskap 2003 with 2002 for AJBAS AS. Revenue 3.08m NOK → 3.05m NOK (-0.8%). Net result +141.8k NOK → +83.0k NOK. Equity 194.7k NOK → 194.6k NOK.
On the constructive side: operating result improved; current ratio back above 1×. Pressures included: revenue fell; net result weakened; payroll up without matching revenue.
Also worth watching: thin equity buffer. All figures are taken from the published annual accounts for AJBAS AS.
At a glance
Scorecard
What improved
-
↑
Operating result improved
Operating result +269.2k NOK → +478.7k NOK (op. margin 8.8% → 15.7%). Calculated
-
↑
Current ratio back above 1×
Current ratio 0.58× → 1.73×. Calculated
What deteriorated
-
↓
Revenue fell
Operating income / revenue moved from 3.08m NOK to 3.05m NOK (-0.8% YoY). Calculated
-
↓
Net result weakened
Net result +141.8k NOK → +83.0k NOK (net margin 4.6% → 2.7%). Calculated
-
↓
Payroll up without matching revenue
Salary cost 564.5k NOK → 645.0k NOK (18% → 21% of revenue). Calculated
-
↓
COGS moved
COGS / varekostnad 1.75m NOK → 1.76m NOK (+0.5% YoY). Calculated
Things to notice
-
·
Thin equity buffer
Equity ratio is 4.8% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation