HAVILA SHIPPING ASA: årsregnskap 2018 vs 2017
Shrank 7% on revenue, returned to profit, cash halved-plus
approved 2019-04-29; registry 2019-07-11; journal 2019 683669
Summary
What changed
Comparing Årsregnskap 2018 with 2017 for HAVILA SHIPPING ASA. Revenue 363.93m NOK → 337.20m NOK (-7.3%). Net result -1140285000.77bn NOK → +15 NOK. Equity 967.08m NOK → -235.13m NOK.
On the constructive side: turned profitable; current ratio back above 1×; owners injected capital. Pressures included: revenue fell; operating result weakened; equity eroded.
Also worth watching: thin equity buffer; sharp cash drawdown; book investments changed. All figures are taken from the published annual accounts for HAVILA SHIPPING ASA.
At a glance
Scorecard
What improved
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Turned profitable
Net result flipped from a loss of 1140285000.77bn NOK to a profit of 15 NOK. Calculated
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Current ratio back above 1×
Current ratio 0.92× → 704.40×. Calculated
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Owners injected capital
Paid-in equity rose 1.10m NOK → 1.33bn NOK (+1.33bn NOK). Reported fact
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Payroll decreased
Salary cost 13.30m NOK → 13.28m NOK (4% → 4% of revenue). Calculated
What deteriorated
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Revenue fell
Operating income / revenue moved from 363.93m NOK to 337.20m NOK (-7.3% YoY). Calculated
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Operating result weakened
Operating result -249.31m NOK → -931.00m NOK (op. margin -68.5% → -276.1%). Calculated
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Equity eroded
Book equity 967.08m NOK → -235.13m NOK (equity ratio 54.2% → -38.8%). Calculated
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Cash fell
Bank deposits 45.98m NOK → 11.75m NOK (-74.4% YoY). Calculated
Things to notice
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Thin equity buffer
Equity ratio is -38.8% 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 (45.98m NOK → 11.75m NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Book investments changed
Investment / intangible book value 1.85m NOK → 1 850 NOK. Reported fact