ROVSING A/S 1
ANNUAL REPORT 2022 / 23
Rovsing A/S | Ejby Industrivej 38 | Phone: | www.rovsing.dk | CVR: |
DK-2600 Glostrup | +45 44 200 800 | info@rovsing.dk | 16 13 90 84 |
PROFILE
Rovsing A/S (Rovsing) develops, manufactures and delivers systems for functional and electrical testing of spacecrafts (primarily satellites) and their payloads.
Rovsing products and systems are used for testing of spacecraft sub-systems, including external communication connections and instruments.
The Company's products are modular and are sold either on a stand-alone basis or used as modules in system solutions, customized for the specific spacecraft application. In connection with the configuration of system solutions, third parties' products are also used, and software is configured for the individual spacecraft needs.
The products, inclusive software packages, are flexible and configurable, facilitating tailor-made customer solutions.
More specifically, Rovsing offers, the following equipment solutions:
Power & Launch EGSE (Electrical Ground
Support Equipment)
Payload EGSE
Platform EGSE
Instrument EGSE
Avionics Test Beds
Central Check-out Equipment
Thermal EGSE
Real-time Simulators
In addition, Rovsing develops software solutions, including solutions based on specific customer specifications, and performs independent software verification/validation (ISVV) for critical space- related software developed by third parties.
Rovsing also provides engineering support for large corporations in the space industry at various locations in Europe and in South America. For more than 15 years, Rovsing has been responsible for configuration control of ground installations at the European space base CSG in Kourou in French Guiana.
The main customers of Rovsing are European and US-based space groups such as Airbus DS, Thales Alenia Space, OHB, Boeing, Lockheed Martin and their key sub-suppliers. The European Space Agency (ESA), NASA and various national space agencies are also among Rovsing's customers.
LIST OF CONTENTS
2 | ||
MANAGEMENTS' REVIEW | 6 | |
MANAGEMENT STATEMENT | 23 | |
INDEPENDENT AUDITOR'S REPORT | 24 | |
INCOME AND COMPREHENSIVE INCOME | ||
STATEMENT | 28 | |
BALANCE SHEET | 29 | |
BALANCE SHEET | 30 | |
STATEMENT OF CHANGES IN EQUITY ... | 31 | |
CASH FLOW STATEMENT | 33 | |
OVERVIEW OF NOTES TO THE FINANCIAL | ||
STATEMENTS | 34 | |
NOTES | 35 | |
DEFINITION OF RATIOS AND NON- | ||
FINANCIAL MEASURES | 40 | |
EXECUTIVE MANAGEMENT | 63 | |
BOARD OF DIRECTORS | 64 | |
GLOSSARY | 66 |
HIGHLIGHTS OF THE YEAR
3
• The financial year 2022/23 was in line with the adjusted guided expectations (Announcement no. 344), with a revenue amounting to DKK 28,3 million, compared to a revenue of DKK 27,0 million in 2021/22.
• The EBITDA amounts to DKK 1,0 million, compared to DKK 1,1 million in 2021/22.
• The H1 2022/23 revenues and EBITDA were negatively impacted by programme delays, impacting the realised performance in 2022/23. Furthermore, supply chain prices remained volatile throughout the financial year.
• The current order backlog is at a high level of DKK 65,7 million (2021/22 DKK 31,1 million), with an order intake in 2022/23 of DKK 59,5 million (2021/22 DKK 11,2 million). The current order backlog is diverse, ranging across several different missions and customers in both institutional, commercial and military space. A higher number of parallel projects, with many kicked-off late in 2022/23, provides a positive operational outlook and robustness against external factors moving forward.
In order to realise the backlog, Rovsing has expanded the organization with additional resources towards the end of 2022/23 and will continue upscale as needed to meet expectations. Given the growth perspectives, the Company for the moment is exploring various options to strengthen its capital structure.
• Our team has supported a wide range of customers during 2022/23, delivering test- and simulation systems, individual products, software solutions, ISVV and on-site engineering services. The market position of Rovsing within the segment has been further strengthened by new contracts from a diverse range of customers such as Airbus DS, Thales Alenia Space, Astroscale, EUMETSAT and Jena-Optronik in support of missions such as CIMR, ROSE-L, CRISTAL, LSTM, Mars Sample Return, ELSA-M, FLEX, FORUM and ARIEL.
• Based on the strong order backlog and continued positive development in the Space Industry, the revenue outlook for 2022/23 is expected to be in the range of DKK 37,0 to 41,0 million, with a positive EBITDA in the range of DKK 3,5 to 4,5 million.
FINANCIAL HIGHLIGHTS AND RATIOS
INCOME STATEMENT | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | 4 |
DKK'000 | ||||||
Revenue | 28,184 | 21,836 | 27,535 | 27,009 | 28,335 | |
Earnings before interest, taxes, depreciation and | ||||||
amortisation, EBITDA | 341 | -863 | 2,514 | 1,147 | 970 | |
Operating profit (EBIT) | -2,929 | -5,322 | -2,497 | -714 | -960 | |
Financial income and expenses, net | -767 | -1,188 | -918 | -1,047 | -1,239 | |
Loss for the year | -4,040 | -6,810 | -3,398 | -1,551 | -1,727 | |
BALANCE SHEET | ||||||
Non-current assets | 20,209 | 17,997 | 14,053 | 16,501 | 16,685 | |
Current assets | 14,265 | 9,248 | 11,079 | 16,016 | 16,505 | |
Total assets | 34,474 | 27,245 | 25,132 | 32,517 | 33,190 | |
Equity | 18,560 | 11,423 | 9,576 | 8,085 | 6,622 | |
Non-current liabilities | 4,080 | 386 | 4,687 | 5,529 | 2,973 | |
Current liabilities | 11,834 | 15,437 | 10,869 | 18,903 | 23,595 | |
Total equity and liabilities | 34,474 | 27,245 | 25,132 | 32,517 | 33,190 |
CASH FLOW STATEMENT
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Total cash flow
11 | 5,372 | -587 | -4,779 | 6,598 |
-1,040 | -259 | -429 | -2,102 | -1,693 |
1,109 | -5,069 | 1,002 | 6,627 | -4,858 |
81 | 44 | -13 | -254 | 47 |
KEY FIGURES
EBITDA margin, % | 1.2 | -4.0 | 9.1 | 4.2 | 3.4 |
EBIT margin, % | -10.4 | -24.4 | -9.1 | -2.6 | -3.4 |
Return on equity, % | -18.0 | -28.8 | -14.7 | -17.6 | -24.1 |
Earnings per share (EPS) | -0.01 | -14.9 | -7.3 | -3.3 | -3.6 |
Earnings per share (EPS D) | -0.01 | -13.2 | -6.5 | -3.3 | -3.6 |
Cash flow per share (CFPS) | -0.01 | -5.7 | -22.1 | -16.3 | -8.1 |
Dividends per share of DKK | - | - | - | - | - |
Pay-out ratio, % | - | - | - | - | - |
Equity per share, DKK | 0.04 | 25.0 | 20.3 | 17.1 | 13.9 |
Solvency, % | 53.8 | 41.9 | 38.1 | 24.9 | 20.0 |
Average number of shares (1,000 shares) | 429,844 | 458 | 463 | 473 | 475 |
Number of shares at year-end (1,000 shares) | 457,881 | 458 | 471 | 473 | 476 |
Comparable figures for 2018-19 have not been restated following the implementation of IFRS 16 as Rovsing has chosen to use the modified retrospective transition method.
Rovsing's financial year is from 1 July to 30 June.
CORPORATE INFORMATION
The Company
Rovsing A/S
5
Ejby Industrivej 38
2600 Glostrup, Denmark
Phone: | +45 | 44 200 800 |
Fax: | +45 | 44 200 801 |
Website: | www.rovsing.dk | |
E-mail: | info@rovsing.dk |
Company reg. (CVR) no.: | 16 13 90 84 |
Date of incorporation: | 20 May 1992 |
Municipality of registered office: | Glostrup, Denmark |
Board of Directors
Michael Hove (Chairman)
Ulrich Beck
Jakob Færch Bendtsen
Executive Management
Hjalti Pall Thorvardarson, CEO
Sigurd Hundrup, CFO
Auditors
KPMG
Statsautoriseret Revisionspartnerselskab
Dampfærgevej 28
2100 København Ø
Annual General Meeting
The annual general meeting will be held on 24 October 2023 at 16:00 at Ejby Industrivej 38, 2600 Glostrup, Denmark.
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Disclaimer
Rovsing A/S published this content on 19 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2023 11:10:04 UTC.
