13 September 2019

Announcement no. 295

Rovsing A/S releases its Annual Report 2018/19

The Board of Directors of Rovsing A/S (Rovsing), has today approved the Annual Report for the financial year 2018/19.

Highlights of the financial year – Significant improvement in EBITDA and Cash Flow

  • The financial year 2018/19 was in line with the guided expectations, with a revenue amounting to DKK 28,2 million, compared to a revenue of DKK 25,1 million in 2017/18 corresponding to an increase of DKK 3,1 million. The increase in revenue is a result of the positive development in the Company’s activity level
  • The EBITDA amounts to DKK 0,3 million, which is a significant improvement of DKK 4,9 million compared to 2017/18. The positive development is driven by a combination of reduced fixed costs, reduced staff costs and a focus on improving the efficiency of the ongoing projects execution and overall planning
  • Net cash flows from operating activities amounts to DKK 0 million in 2018/19 compared to DKK -11,0 in 2017/18, primarily driven by improved working capital and the improved result for the year
  • The improved financial performance is a direct result of the strategy launched in March 2018, where the turnaround process was initiated
  • In 2018/19, Rovsing has continued to support its Customers as an important member of all major ongoing ESA missions, delivering test- and simulation systems, individual products, software solutions, ISVV and on-site engineering services
  • In line with the Company’s strategy, increased focus on emerging markets and USA has continued, with deliveries to Boeing and by securing the contract for Turksat 6A EPS EGSE. This marks a significant milestone for Rovsing to develop further business opportunities
  • In order to strengthen the capital structure, Rovsing has during 2018/19 carried out capital increases raising a total amount of DKK 4,6 million. The capital increases have been subscribed by way of conversion of debt from a Convertible Credit Facility and by a directed share issue. Following the capital increases, Rovsing has fully repaid the Convertible Credit Facility (DKK 2,6 million)
  • In conclusion, the Company has continued its positive development, which is reflected in improved key figures and overall performance. In line with Rovsing’s strategy, 2018/19 has been a vital step in strengthening the Company’s foundation for future growth
  • The revenue outlook for 2019/20 is expected to be in the range of DKK 28 to 30 million with an EBITDA of DKK 1 to DKK 2 million


Further information:

Hjalti Pall Thorvardarson, CEO. Tel. +45 53 39 18 88. Email: hpt@rovsing.dk
Michael Hove, Chairman of the Board of Directors. Tel: +45 28 12 66 09