BORGESTAD ASA: årsregnskap 2013 vs 2012
Shrank 85% on revenue, stronger earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2013 with 2012 for BORGESTAD ASA. Revenue 4.60m NOK → 712.2k NOK (-84.5%). Net result +3 376 NOK → +19.9k NOK. Equity 297.5k NOK → 465.7k NOK.
On the constructive side: operating result improved; net result improved; equity strengthened. Pressures included: revenue fell; cash fell; current ratio dropped below 1×.
Also worth watching: sharp cash drawdown; paid-in equity reduced; book investments changed. All figures are taken from the published annual accounts for BORGESTAD ASA.
At a glance
Scorecard
What improved
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Operating result improved
Operating result -21.47m NOK → -16.6k NOK (op. margin -466.7% → -2.3%). Calculated
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Net result improved
Net result +3 376 NOK → +19.9k NOK (net margin 0.1% → 2.8%). Calculated
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Equity strengthened
Book equity 297.5k NOK → 465.7k NOK (equity ratio 50.9% → 65.4%). Calculated
What deteriorated
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Revenue fell
Operating income / revenue moved from 4.60m NOK to 712.2k NOK (-84.5% YoY). Calculated
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Cash fell
Bank deposits 27.23m NOK → 527.0k NOK (-98.1% YoY). Calculated
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Current ratio dropped below 1×
Current ratio 1.23× → 0.23× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
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COGS moved
COGS / varekostnad 255.2k NOK → 310.5k NOK (+21.7% YoY). Calculated
Things to notice
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Sharp cash drawdown
Cash fell by more than 60% YoY (27.23m NOK → 527.0k NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Paid-in equity reduced
Paid-in equity fell 26.87m NOK → 96.7k NOK — check capital reduction, conversion, or reclassification. Interpretation
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Book investments changed
Investment / intangible book value 3.18m NOK → 672.26m NOK. Reported fact