SOLSTAD OFFSHORE ASA: årsregnskap 2021 vs 2020
Shrank 83% on revenue, weaker earnings, cash halved-plus
approved 2022-05-30; registry 2022-07-09; journal 2022 610638
Summary
What changed
Comparing Årsregnskap 2021 with 2020 for SOLSTAD OFFSHORE ASA. Revenue 77.17m NOK → 12.95m NOK (-83.2%). Net result +821.99m NOK → +91.81m NOK. Equity 328.05m NOK → 422.0k NOK.
On the constructive side: operating result improved; current ratio back above 1×; payroll decreased. Pressures included: revenue fell; net result weakened; equity eroded.
Also worth watching: sharp cash drawdown; paid-in equity reduced; book investments changed. All figures are taken from the published annual accounts for SOLSTAD OFFSHORE ASA.
At a glance
Scorecard
What improved
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Operating result improved
Operating result -95.44m NOK → +216.0k NOK (op. margin -123.7% → 1.7%). Calculated
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Current ratio back above 1×
Current ratio 0.34× → 210.73×. Calculated
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Payroll decreased
Salary cost 10.05m NOK → 2.21m NOK (13% → 17% of revenue). Calculated
What deteriorated
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↓
Revenue fell
Operating income / revenue moved from 77.17m NOK to 12.95m NOK (-83.2% YoY). Calculated
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Net result weakened
Net result +821.99m NOK → +91.81m NOK (net margin 1065.1% → 708.9%). Calculated
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↓
Equity eroded
Book equity 328.05m NOK → 422.0k NOK (equity ratio 62.9% → 68.5%). Calculated
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↓
Cash fell
Bank deposits 6.56m NOK → 379.0k NOK (-94.2% YoY). Calculated
Things to notice
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Sharp cash drawdown
Cash fell by more than 60% YoY (6.56m NOK → 379.0k 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 11.25bn NOK → 9.25m NOK — check capital reduction, conversion, or reclassification. Interpretation
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Book investments changed
Investment / intangible book value 457.03m NOK → 575.2k NOK. Reported fact