SALMAR ASA: årsregnskap 2003 vs 2002
Grew 21% on revenue, stronger earnings, fresh owner capital
Summary
What changed
Comparing Årsregnskap 2003 with 2002 for SALMAR ASA. Revenue 11.90m NOK → 14.37m NOK (+20.8%). Net result -24.36m NOK → -4.73m NOK. Equity 28.81m NOK → 24.82m NOK.
On the constructive side: revenue rose; operating result improved; net result improved. Pressures included: equity eroded.
Also worth watching: thin equity buffer; payroll increased. All figures are taken from the published annual accounts for SALMAR ASA.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 11.90m NOK to 14.37m NOK (+20.8% YoY). Calculated
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Operating result improved
Operating result +163.2k NOK → +460.0k NOK (op. margin 1.4% → 3.2%). Calculated
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Net result improved
Net result -24.36m NOK → -4.73m NOK (net margin -204.8% → -32.9%). Calculated
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Owners injected capital
Paid-in equity rose 2.33m NOK → 3.07m NOK (+737.9k NOK). Reported fact
What deteriorated
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Equity eroded
Book equity 28.81m NOK → 24.82m NOK (equity ratio 5.1% → 4.7%). Calculated
Things to notice
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Thin equity buffer
Equity ratio is 4.7% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Payroll increased
Salary cost 5.24m NOK → 7.60m NOK (44% → 53% of revenue). Calculated