FJORD DEFENCE GROUP ASA: årsregnskap 2018 vs 2017
Shrank 31% on revenue, cash halved-plus
approved 2019-03-28; registry 2019-06-15; journal 2019 417194
Summary
What changed
Comparing Årsregnskap 2018 with 2017 for FJORD DEFENCE GROUP ASA. Revenue 2.49m NOK → 1.71m NOK (-31.4%). Equity 176.74m NOK → 764.0k NOK.
Pressures included: revenue fell; equity eroded; cash fell.
Also worth watching: thin equity buffer; sharp cash drawdown; paid-in equity reduced. All figures are taken from the published annual accounts for FJORD DEFENCE GROUP ASA.
At a glance
Scorecard
What deteriorated
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Revenue fell
Operating income / revenue moved from 2.49m NOK to 1.71m NOK (-31.4% YoY). Calculated
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Equity eroded
Book equity 176.74m NOK → 764.0k NOK (equity ratio 55.8% → 5.1%). Calculated
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Cash fell
Bank deposits 28.16m NOK → 10.48m NOK (-62.8% YoY). Calculated
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Current ratio dropped below 1×
Current ratio 584.94× → 0.78× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
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Payroll up without matching revenue
Salary cost 1 022 NOK → 987.0k NOK (0% → 58% of revenue). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 5.1% 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 (28.16m NOK → 10.48m 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 175.81m NOK → 121.00m NOK — check capital reduction, conversion, or reclassification. Interpretation
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Book investments changed
Investment / intangible book value 208.43m NOK → 3.88m NOK. Reported fact