Affinity Projects 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
Key facts
Is the company run well?
Five key figures against companies in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Returns · return on assets −248.8% Weaker than the industry Industry: 9.1%
- Solidity · equity ratio −248.5% Weaker than the industry Industry: 32.9%
- Liquidity · current ratio 2.32 Better than the industry Industry: 1.45
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2023
Not enough data: Revenue not reported
Based on the annual accounts for 2023
How it has gone · 2023–2025
Revenue rose by 247 % from 2024 to 2025, to 9.2 MNOK. The operating margin rose from −4.4% in 2024 to 4.1% in 2025. The equity ratio rose from −248.5% in 2023 to −100.1% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | 2.6 MNOK | 9.2 MNOK |
| Operating profit | −3.1 MNOK | −0.1 MNOK | 0.4 MNOK |
| Net profit | −3.0 MNOK | −0.4 MNOK | 0.6 MNOK |
| Total assets | 1.2 MNOK | 1.1 MNOK | 2.8 MNOK |
| Equity | −2.9 MNOK | −3.3 MNOK | −2.8 MNOK |
| Total liabilities | 4.1 MNOK | 4.5 MNOK | 5.5 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 930155136
- Legal form
- AS
- Sector
- Transport og lagring (52.311)
- Purpose
- Skipsmegling, samt kjøp og salg av tjenester som står i forbindelse med dette.
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 2.4 MNOK (2023).
- Founded
- 1 October 2022 4 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Cort Adelers gate 16, 0254 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Former names
- Nfh 221046 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
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 −248.5% (median 32.9%).
- 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) −119.3 (median 4.1); Financial costs as a share of debt 0.6% (median 1.9%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin – (median 3.8%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.6% 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
- watch Revenue not reported
- 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 2.3%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating margin | – | 4.6% |
| Profit margin | – | 3.8% |
| Return on assets | −248.8% | 9.1% |
| Equity ratio | −248.5% | 32.9% |
| Debt-to-equity | – | 1.64 |
| Current ratio | 2.32 | 1.45 |
| Revenue growth | – | 15.3% |
The median and “ahead of” refer to companies in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
Score 2023–2025
- Affinity Projects AS
- Median: companies 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. |
– | 49 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 | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
– | −4.0% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
97.2% | 43.6% | |
| 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. |
−119.3 | 4.1 | |
| 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. |
0.6% | 1.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
87.6% | 13.7% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Net working capital (current assets less bank deposits less current liabilities): −0.5 MNOK.
The median and the bar refer to companies 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.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| Returns | |||
| Return on equity (ROE) Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity. |
– | 17.9% | |
| Return on capital employed (ROCE) Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed. |
−466.2% | 14.3% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
– | 3.1% | |
| Asset turnover (revenue over assets) Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split. |
– | 1.91 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
– | 2.64 | |
| Debt and financing | |||
| Net debt in times operating result Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive. |
– | −0.8 | |
| Fixed-asset cover Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt. |
– | 1.40 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
2.32 | 1.42 | |
| Quality and resilience | |||
| Effective tax rate Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions. |
– | 22.0% | |
| Operating leverage Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive. |
– | 0.2 | |
| Payroll costs over revenue Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business. |
– | 32.4% | |
| Revenue safety margin How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower. |
– | 20.3% | |
| Cash runway (months) Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months. |
6 mo. | 19 mo. | |
The operating result is not positive, so net debt over operating result and the safety margin are not calculated.
The median and the bar are for companies in the same sector in 2023. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate
What the numbers say
Affinity Projects AS had an equity ratio of −248.5% in 2023. The company is not ranked: revenue not reported.
This text is generated automatically from the 2023 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 19.6 | not meaningful |
| EV/EBIT | 17.7 | not meaningful |
| P/B | 1.8 | not meaningful |
The multiples are from the listed industry that matches the NACE code (52): Transportation.
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
Figures you will not find in any register
We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate
- Implied dividend (net payout)
- Equity moved as the result implied in 2025.
Over 2 years it equals 0% of the sum of the results.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair is under 60.
- 0 of 2 on the board are 60 or older.
- What the largest owner can do alone
- The largest owner holds 51.0% of the shares, more than half. The owner can alone secure decisions by ordinary majority (Companies Act § 5-17) and alone stop decisions that need two thirds (§ 5-18), but cannot alone secure them.
The owner is a foreign company.
Applies to the largest single owner in the shareholder register (2025). The articles can limit voting rights and owners can vote together, and we cannot see either. Ownership through other companies is not counted.
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
Questions and answers
How profitable is Affinity Projects AS?
The operating margin was – in 2023, against a median of 4.6% among companies in the same sector. Return on assets was −248.8%. The company made a loss before tax.
How solid is Affinity Projects AS?
The equity ratio was −248.5% in 2023 (median 32.9%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Affinity Projects AS like?
The current ratio was 2.32 in 2023 (median 1.45).
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 5 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 51.0%
- Split
- companies 100% · private persons 0% · foreign 100%
- Group chain
- Ultimate owner: AFFINITY SHIPPING INT. LTD
- AFFINITY SHIPPING INT. LTD (United Kingdom) · 51.0%
- AFFINITY AND BEYOND LLP (United Kingdom) · 49.0%
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 | – | 12 | 50 | |
| Rank | – | 4,569 | 2,600 | |
| Operating margin | – | −4.4% | 4.1% | |
| Return on assets | −248.8% | −3.4% | 20.6% | |
| Equity ratio | −248.5% | −290.1% | −100.1% | |
| Current ratio | 2.32 | 0.26 | 0.50 | |
| Revenue growth | – | – | 246.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | 2.6 MNOK | 9.2 MNOK |
| Operating profit | −3.1 MNOK | −0.1 MNOK | 0.4 MNOK |
| Profit before tax | −3.0 MNOK | −0.4 MNOK | 0.6 MNOK |
| Tax expense | – | – | – |
| Net profit | −3.0 MNOK | −0.4 MNOK | 0.6 MNOK |
| Financial expenses | 0.0 MNOK | 0.4 MNOK | – |
| Total assets | 1.2 MNOK | 1.1 MNOK | 2.8 MNOK |
| Current assets | 1.2 MNOK | 1.1 MNOK | 2.8 MNOK |
| Equity | −2.9 MNOK | −3.3 MNOK | −2.8 MNOK |
| Retained earnings | −3.0 MNOK | −3.4 MNOK | −2.8 MNOK |
| Total liabilities | 4.1 MNOK | 4.5 MNOK | 5.5 MNOK |
| Current liabilities | 0.5 MNOK | 4.5 MNOK | 5.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 5364019.