FRED. OLSEN SEAWIND ASA: årsregnskap 2004 vs 2003
Grew 1605% on revenue, stronger earnings, cash halved-plus
Summary
What changed
Comparing Årsregnskap 2004 with 2003 for FRED. OLSEN SEAWIND ASA. Revenue 628.5k NOK → 10.72m NOK (+1605.2%). Net result +5.53m NOK → +6.68m NOK. Equity 295.49m NOK → 38.81m NOK.
On the constructive side: revenue rose; net result improved; owners injected capital. Pressures included: equity eroded; cash fell.
Also worth watching: thin equity buffer; book investments changed. All figures are taken from the published annual accounts for FRED. OLSEN SEAWIND ASA.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 628.5k NOK to 10.72m NOK (+1605.2% YoY). Calculated
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Net result improved
Net result +5.53m NOK → +6.68m NOK (net margin 879.9% → 62.3%). Calculated
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Owners injected capital
Paid-in equity rose 291.30m NOK → 538.81m NOK (+247.51m NOK). Reported fact
What deteriorated
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↓
Equity eroded
Book equity 295.49m NOK → 38.81m NOK (equity ratio 70.0% → 7.1%). Calculated
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↓
Cash fell
Bank deposits 5.93m NOK → 2.88m NOK (-51.5% YoY). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 7.1% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Book investments changed
Investment / intangible book value 413.34m NOK → 400.76m NOK. Reported fact