Ski Code K AS
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Score · fiscal year 2023
28of 100
How to read this: the company is ahead of 16 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 18,159 of 21,549 · What are Morning company classes?
Place in the whole sector: 22,883 of 27,046 · Eiendom
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 45 and resilience 10 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Ski Code K AS is 22 points below the median for companies in the Morning class Micro in the same sector in 2023.
Median score 50 among 21,547 companies.
Against companies in the Morning class Micro in the same sector in 2023: operating margin 60.5% (median 46.0%) and equity ratio −4.9% (median 27.5%).
How it has gone · 2023–2025
Revenue rose by 3 % from 2023 to 2025, to 7.2 MNOK. The operating margin rose from 60.5% in 2023 to 65.0% in 2025. The equity ratio rose from −4.9% in 2023 to 12.1% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Worth a closer look
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −4.9% (median 27.5%).
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) 0.3 (median 1.7); Financial costs as a share of debt 6.5% (median 4.5%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −117.2% (median 22.8%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 6.5% of the debt in 2023. The policy rate averaged 3.54 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
- critical Negative equity
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 15.2%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 45 | weight 40% |
|---|---|---|
| Solidity | 0 | weight 20% |
| Liquidity | 46 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 12 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 7 MNOK | 2 MNOK |
| Operating margin | 60.5% | 46.0% |
| Profit margin | −117.2% | 22.8% |
| Return on assets | 2.3% | 7.0% |
| Equity ratio | −4.9% | 27.5% |
| Debt-to-equity | – | 2.20 |
| Current ratio | 1.20 | 1.38 |
| Revenue growth | – | 5.6% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 28, Ski Code K AS does better than 16% of companies in the Morning class Micro in the same sector (21,549 companies) in 2023.
Score 2023–2025
- Ski Code K AS
- Median: companies in the Morning class Micro in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
6 days | 47 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
0 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
−1.6% | −13.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
59.0% | 54.1% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
0.3 | 1.7 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
6.5% | 4.5% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
99.9% | 83.0% | |
Net working capital (current assets less bank deposits less current liabilities): −0.1 MNOK.
Of the financial costs of 12.3 MNOK, 12.3 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro in the same sector in 2023. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
What the numbers say
Ski Code K AS had an operating margin of 60.5% and an equity ratio of −4.9% in 2023, and ranks 22,883 of 27,046 in Eiendom.
This text is generated automatically from the 2023 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | not meaningful |
| EV/EBIT | 19.2 | debt above value |
| P/B | 0.7 | not meaningful |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 80 MNOK |
| Enterprise value after the size adjustment | 80 MNOK |
| Less net debt (rough figure) | 190 MNOK |
| Equity value | debt above value |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt. Net debt is 236% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
The multiples are from the listed industry that matches the NACE code (68.2): R.E.I.T..
Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Questions and answers
How profitable is Ski Code K AS?
The operating margin was 60.5% in 2023, against a median of 46.0% among companies in the Morning class Micro in the same sector. Return on assets was 2.3%. The company made a loss before tax.
How solid is Ski Code K AS?
The equity ratio was −4.9% in 2023 (median 27.5%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Ski Code K AS like?
The current ratio was 1.20 in 2023 (median 1.38).
How does Ski Code K AS compare in Eiendom?
Ski Code K AS ranks 22,883 of 27,046 in Eiendom for 2023. Among companies in the Morning class Micro it is number 18,159 of 21,549.
Group structure · 2025
43 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 100% of the shares in Vatne Capital AS. Persons are not shown by name.
Group accounts. Vatne Capital AS for 2024: index 47 of 100, number 119 of 205 groups. See the group accounts
The group in figures
- Sectors
- Eiendom (39 companies), Handel (2 companies), Overnatting og servering (1 company), Annen tjenesteyting (1 company) 43 of 43 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 31 in all. Oslo 31 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 8 companies: Dyrskuevegen 46 AS, Vatne Living AS, Bogstadveien 64 AS, Vatne Prosjekt 3 AS, Heftye Vin AS, Kirkeveien 114 AS …
- Loss
- 27 companies: Vatne Art AS, Vatne Capital AS, Newco Bogstadveien 3-7 AS, Restaurant Heftye AS, Dyrskuevegen 46 AS, Rjtg Eiendom AS …
- Changed 2024–2025
- 6 companies left, among them: Colosseum Park Syd AS.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
From the Central Coordinating Register
- Org. no.
- 929108485
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Investering i aksjer og andre eierandeler i andre selskaper og foretak, investering i fast eiendom samt all annen virksomhet som hermed står i forbindelse.
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 25 March 2022 4 years in operation
- Share capital
- 0.04 MNOK
- Business address
- Munkedamsveien 62A, 0270 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Former names
- Ski Code K og L AS until 2023
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 4 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Vatne Living AS (100%)
Ultimate owner: private person
The owner: the majority owner Vatne Living AS (holds 100%) had negative equity in 2024. made a loss in 2024. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Vatne Living AS · 100.0%
The company is new in the shareholder register in 2025.
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Is this your company? Suggest changes or add information
Figures last fetched 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 28 | 44 | 40 | |
| Rank | 22,883 | 18,652 | 21,773 | |
| Operating margin | 60.5% | 60.3% | 65.0% | |
| Return on assets | 2.3% | 3.0% | 3.3% | |
| Equity ratio | −4.9% | 13.2% | 12.1% | |
| Current ratio | 1.20 | 0.04 | 0.29 | |
| Revenue growth | – | 23.5% | −16.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 6.9 MNOK | 8.6 MNOK | 7.2 MNOK |
| Operating profit | 4.2 MNOK | 5.2 MNOK | 4.7 MNOK |
| Profit before tax | −8.1 MNOK | −8.2 MNOK | −5.5 MNOK |
| Tax expense | 0.2 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −8.3 MNOK | −8.2 MNOK | −5.5 MNOK |
| Financial expenses | 12.3 MNOK | 13.3 MNOK | 10.2 MNOK |
| Total assets | 181.1 MNOK | 174.5 MNOK | 144.2 MNOK |
| Current assets | 0.3 MNOK | 0.5 MNOK | 0.2 MNOK |
| Equity | −8.9 MNOK | 23.0 MNOK | 17.4 MNOK |
| Retained earnings | −8.9 MNOK | – | – |
| Total liabilities | 190.0 MNOK | 151.5 MNOK | 126.7 MNOK |
| Current liabilities | 0.2 MNOK | 14.4 MNOK | 0.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 5312707.
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