Annual Report 2015/16

 

The Board of Directors of SSBV-Rovsing A/S (Rovsing) has today approved the Annual Report for 2015/16.

 

Highlights:

 

• Rovsing achieved a growth in revenue of 36 % from DKK 19.6 m in 2014/15 to DKK 26.6 m in 2015/16.

 

• EBITDA was improved by DKK 1.2 m from DKK -3.3 m in 2014/15 to DKK -2.1 m in 2015/16. The result is negatively impacted by non-recurrent costs related to the bankruptcy of SSBV Space & Ground B.V and by the start of production of the newly developed SAS product.

 

• Revenue and EBITDA is accordance with earlier announced guidelines of revenue in the interval of DKK 24-28 m and EBIDTA in the interval of DKK -3 to 0 m.

 

• The profit for the year of DKK -11 m is impacted by an extraordinary write down of intangible assets of DKK 8.7 m. The write down relates to DSTE IPRs, which has been acquired earlier from SSBV Space & Ground B.V.

 

• In January 2016, Rovsing signed a subcontract with its US partner RT Logic concerning a test- and simulation system for Boeing Defence & Space. The subcontract has an estimated revenue of USD 1.58 m and may generate a turnover of up to USD 8 m in the years to come. The order itself is attractive and at the same time, it constitutes a decisive reference on the strategically important US market.

 

• Rovsing has finished the development of the Solar Array Simulator (SAS) and has received the final ESA approval. The product has been very well received in the marketplace and has already been decisive for obtaining significant orders from companies like Lockheed Martin, Airbus and Boeing.

   

• In December 2015, Rovsing’s partner SSBV Space & Ground B.V. filed for suspension of payments and was later declared bankrupt. Subsequently SSBV’s activities have been taken over by Celestia STS, with whom Rovsing has entered into an agreement concerning continuation of ongoing projects and future support when needed.

 

Outlook for 2016/17

• For the financial year 2016/17 revenue of DKK 32-35 m and EBITDA of DKK 0-2 m is expected.

   

 

The information above is an extract of the Company’s Annual Report for 2015/16 and cannot be considered as complete information. The full Annual Report can be downloaded on the Company website www.rovsing.dk under Investor Relations. 

 

 

Further information

SSBV-Rovsing A/S, Christian Bank, CEO; [email protected],