FJORD DEFENCE GROUP ASA: årsregnskap 2020 vs 2019
Shrank 93% on revenue, stronger earnings, cash halved-plus
approved 2021-06-23; registry 2021-07-19; journal 2021 478177
Summary
What changed
Comparing Årsregnskap 2020 with 2019 for FJORD DEFENCE GROUP ASA. Revenue 611.77m NOK → 42.43m NOK (-93.1%). Net result -402.73m NOK → -5.45m NOK. Equity 5.88m NOK → -4 506 NOK.
On the constructive side: operating result improved; net result improved. 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 improved
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Operating result improved
Operating result -336.34m NOK → -10.46m NOK (op. margin -55.0% → -24.7%). Calculated
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Net result improved
Net result -402.73m NOK → -5.45m NOK (net margin -65.8% → -12.8%). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 611.77m NOK to 42.43m NOK (-93.1% YoY). Calculated
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↓
Equity eroded
Book equity 5.88m NOK → -4 506 NOK (equity ratio 1101.1% → -0.0%). Calculated
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↓
Cash fell
Bank deposits 11.55m NOK → 195.0k NOK (-98.3% YoY). Calculated
Things to notice
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Thin equity buffer
Equity ratio is -0.0% 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 (11.55m NOK → 195.0k 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 419.19m NOK → 39.29m NOK — check capital reduction, conversion, or reclassification. Interpretation
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COGS fell
COGS / varekostnad 4.98bn NOK → 39.96m NOK (-99.2% YoY). Calculated
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Book investments changed
Investment / intangible book value 16.01m NOK → 2.25m NOK. Reported fact