EIDESVIK OFFSHORE ASA: årsregnskap 2009 vs 2008
Returned to profit, cash halved-plus
approved 2010-05-20; registry 2010-07-15; journal 2010 510701
Summary
What changed
Comparing Årsregnskap 2009 with 2008 for EIDESVIK OFFSHORE ASA. Revenue 55.9k NOK → 55.0k NOK (-1.6%). Net result -603.61m NOK → +1.09bn NOK. Equity 7.41bn NOK → 7.35m NOK.
On the constructive side: operating result improved; turned profitable; owners injected capital. Pressures included: revenue fell; equity eroded; cash fell.
Also worth watching: thin equity buffer; sharp cash drawdown. All figures are taken from the published annual accounts for EIDESVIK OFFSHORE ASA.
At a glance
Scorecard
What improved
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Operating result improved
Operating result -10.24m NOK → -8.18m NOK (op. margin -18312.9% → -14870.9%). Calculated
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Turned profitable
Net result flipped from a loss of 603.61m NOK to a profit of 1.09bn NOK. Calculated
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Owners injected capital
Paid-in equity rose 1.89m NOK → 2.00m NOK (+112.4k NOK). Reported fact
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 55.9k NOK to 55.0k NOK (-1.6% YoY). Calculated
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↓
Equity eroded
Book equity 7.41bn NOK → 7.35m NOK (equity ratio 1232.5% → 1.7%). Calculated
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Cash fell
Bank deposits 58.11m NOK → 7.14m NOK (-87.7% YoY). Calculated
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Payroll up without matching revenue
Salary cost 328.6k NOK → 11.34m NOK (588% → 20614% of revenue). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 1.7% 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 (58.11m NOK → 7.14m NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation