NEKKAR ASA: årsregnskap 2011 vs 2010
Grew 16% on revenue, returned to profit
approved 2012-05-31; registry 2012-07-07; journal 2012 510472
Summary
What changed
Comparing Årsregnskap 2011 with 2010 for NEKKAR ASA. Revenue 24.35m NOK → 28.14m NOK (+15.6%). Net result -252.75m NOK → +22.90m NOK. Equity 621.58m NOK → 18.62m NOK.
On the constructive side: revenue rose; operating result improved; turned profitable. Pressures included: equity eroded; current ratio dropped below 1×.
Also worth watching: thin equity buffer; payroll increased; cogs moved. All figures are taken from the published annual accounts for NEKKAR ASA.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 24.35m NOK to 28.14m NOK (+15.6% YoY). Calculated
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Operating result improved
Operating result -48.27m NOK → -11.79m NOK (op. margin -198.2% → -41.9%). Calculated
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Turned profitable
Net result flipped from a loss of 252.75m NOK to a profit of 22.90m NOK. Calculated
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Cash rose
Bank deposits 5.24m NOK → 114.24m NOK (+2080.6% YoY). Calculated
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Owners injected capital
Paid-in equity rose 413.4k NOK → 422.7k NOK (+9 363 NOK). Reported fact
What deteriorated
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↓
Equity eroded
Book equity 621.58m NOK → 18.62m NOK (equity ratio 42.0% → 1.3%). Calculated
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↓
Current ratio dropped below 1×
Current ratio 349.87× → 0.00× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
Things to notice
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Thin equity buffer
Equity ratio is 1.3% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Payroll increased
Salary cost 5.62m NOK → 5.73m NOK (23% → 20% of revenue). Calculated
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COGS moved
COGS / varekostnad -168.0k NOK → 54.0k NOK (+132.1% YoY). Calculated