Havro 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 Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin −9.2% Weaker than the industry Industry: 46.0%
- Returns · return on assets −1.2% Weaker than the industry Industry: 7.0%
- Solidity · equity ratio −2.8% Weaker than the industry Industry: 27.5%
- Liquidity · current ratio 2.19 Better than the industry Industry: 1.38
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
11of 100
How to read this: the company is ahead of 4 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 20,791 of 21,549 · What are Morning company classes?
Place in the whole sector: 26,130 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 10 and resilience 13 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Havro AS is 39 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 −9.2% (median 46.0%) and equity ratio −2.8% (median 27.5%).
How it has gone · 2023–2025
Revenue rose by 20 % from 2023 to 2025, to 1.6 MNOK. The operating margin rose from −9.2% in 2023 to 52.4% in 2025. The equity ratio rose from −2.8% in 2023 to 1.0% 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 | 1.4 MNOK | 1.6 MNOK | 1.6 MNOK |
| Operating profit | −0.1 MNOK | 0.6 MNOK | 0.8 MNOK |
| Net profit | −0.7 MNOK | 0.0 MNOK | 0.4 MNOK |
| Total assets | 10.1 MNOK | 10.1 MNOK | 10.2 MNOK |
| Equity | −0.3 MNOK | −0.3 MNOK | 0.1 MNOK |
| Total liabilities | 10.3 MNOK | 10.4 MNOK | 10.1 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.
- 998716632
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Utvikling, salg og utleie av eiendom og andre produkter som naturlig faller sammen med dette, herunder å delta i andre selskaper med lignende virksomhet, kjøp og salg av aksjer, eller på annen måte gjøre seg interessert i andre foretagender.
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 24 July 2012 14 years in operation
- Share capital
- 0.06 MNOK
- Business address
- Høvikvegen 26, 6694 FOLDFJORDEN (AURE)
- Municipality
- Aure rank 5–15 of 28 in KOSTRA group 6
- Audit
- Audit opted out from 15 August 2012
- Latest accounts filed
- 2025
- VAT registered
- No
- Website
- www.havro.no
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 −2.8% (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) −0.2 (median 1.7); Financial costs as a share of debt 5.6% (median 4.5%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −51.4% (median 22.8%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −9.2% (median 46.0%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.6% 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
- 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 | 10 | weight 40% |
|---|---|---|
| Solidity | 0 | weight 20% |
| Liquidity | 63 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 14 | 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 | 1 MNOK | 2 MNOK |
| Operating margin | −9.2% | 46.0% |
| Profit margin | −51.4% | 22.8% |
| Return on assets | −1.2% | 7.0% |
| Equity ratio | −2.8% | 27.5% |
| Debt-to-equity | – | 2.20 |
| Current ratio | 2.19 | 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 11, Havro AS does better than 4% of companies in the Morning class Micro in the same sector (21,549 companies) in 2023.
Score 2023–2025
- Havro 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. |
16 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. |
−6.2% | −13.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
80.9% | 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. |
−0.2 | 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. |
5.6% | 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. |
98.6% | 83.0% | |
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): −0.1 MNOK.
Of the financial costs of 0.6 MNOK, 0.6 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
Havro AS had an operating margin of −9.2% and an equity ratio of −2.8% in 2023, and ranks 26,130 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 | not meaningful |
| P/B | 0.7 | not meaningful |
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 Havro AS?
The operating margin was −9.2% in 2023, against a median of 46.0% among companies in the Morning class Micro in the same sector. Return on assets was −1.2%. The company made a loss before tax.
How solid is Havro AS?
The equity ratio was −2.8% in 2023 (median 27.5%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Havro AS like?
The current ratio was 2.19 in 2023 (median 1.38).
How does Havro AS compare in Eiendom?
Havro AS ranks 26,130 of 27,046 in Eiendom for 2023. Among companies in the Morning class Micro it is number 20,791 of 21,549.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 8 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2
- Largest owner
- 50.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 50%
- Stortiset Holding AS · 50.0%
- Terningen Holding AS · 50.0%
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 10 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 11 | 43 | 45 | |
| Rank | 26,130 | 19,223 | 18,631 | |
| Operating margin | −9.2% | 40.7% | 52.4% | |
| Return on assets | −1.2% | 6.3% | 8.4% | |
| Equity ratio | −2.8% | −3.3% | 1.0% | |
| Current ratio | 2.19 | 2.05 | 1.46 | |
| Revenue growth | – | 14.8% | 4.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.4 MNOK | 1.6 MNOK | 1.6 MNOK |
| Operating profit | −0.1 MNOK | 0.6 MNOK | 0.8 MNOK |
| Profit before tax | −0.7 MNOK | 0.0 MNOK | 0.2 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | −0.2 MNOK |
| Net profit | −0.7 MNOK | 0.0 MNOK | 0.4 MNOK |
| Financial expenses | 0.6 MNOK | 0.7 MNOK | 0.7 MNOK |
| Total assets | 10.1 MNOK | 10.1 MNOK | 10.2 MNOK |
| Current assets | 0.3 MNOK | 0.4 MNOK | 0.2 MNOK |
| Equity | −0.3 MNOK | −0.3 MNOK | 0.1 MNOK |
| Retained earnings | −0.3 MNOK | −0.4 MNOK | 0.0 MNOK |
| Total liabilities | 10.3 MNOK | 10.4 MNOK | 10.1 MNOK |
| Current liabilities | 0.1 MNOK | 0.2 MNOK | 0.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 10 November 2026, accounts id 5171311.
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