1
ANNUAL REPORT 2024 / 25  
Rovsing A/S  
Ejby Industrivej 38  
DK-2600 Glostrup  
Phone:  
www.rovsing.dk  
info@rovsing.dk  
CVR:  
+45 44 200 800  
16 13 90 84  
 
PROFILE  
LIST OF CONTENTS  
Rovsing A/S (Rovsing) develops, manufactures and  
delivers systems for functional and electrical  
testing of critical infrastructure such as spacecrafts  
(primarily satellites) and their payloads.  
PROFILE........................................................ 2  
HIGHLIGHTS OF THE YEAR........................ 3  
2
STRATEGY ACCELERATION AND  
INCREASED AMBITIONS............................. 3  
Rovsing products and systems are used for testing  
FINANCIAL HIGHLIGHTS AND RATIOS...... 4  
CORPORATE INFORMATION...................... 5  
MANAGEMENTS’ REVIEW........................... 6  
MANAGEMENT STATEMENT .................... 25  
INDEPENDENT AUDITOR'S REPORT....... 26  
of  
key  
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  
mission applications. In connection with the  
configuration of system solutions, third parties’  
products are also used, and software is configured  
for the individual spacecraft needs.  
INCOME AND COMPREHENSIVE INCOME  
STATEMENT ............................................... 31  
BALANCE SHEET ....................................... 32  
BALANCE SHEET ....................................... 33  
STATEMENT OF CHANGES IN EQUITY ... 34  
CASH FLOW STATEMENT......................... 36  
The products, inclusive software packages, are  
flexible and configurable, facilitating tailor-made  
customer solutions.  
OVERVIEW OF NOTES TO THE FINANCIAL  
STATEMENTS............................................. 37  
More specifically, Rovsing offers the following  
equipment solutions:  
NOTES......................................................... 38  
DEFINITION OF RATIOS AND NON-  
FINANCIAL MEASURES............................. 43  
Power & Launch EGSE (Electrical Ground  
Support Equipment)  
Payload EGSE  
Platform EGSE  
Instrument EGSE  
EXECUTIVE MANAGEMENT...................... 65  
BOARD OF DIRECTORS............................ 66  
GLOSSARY ................................................. 68  
Avionics Test Beds  
Central Check-out Equipment  
Thermal EGSE  
Real-time Simulators  
Earth Observation Services (partnerships)  
In addition, Rovsing develops software solutions,  
including solutions based on specific customer  
specifications, and performs independent software  
verification/validation (ISVV) for critical mission  
related software developed by third parties.  
Rovsing also provides engineering services for large  
corporations in the space & defense industry at  
various locations in Europe.  
Rovsing works on the development of high level  
down-stream services and remote services  
providing system and software know-how. The  
main customers of Rovsing are European and US-  
based Large System Integrator (LSI) such as Airbus  
DS, Thales Alenia Space, OHB, Boeing and their  
key sub-suppliers. The European Space Agency  
(ESA), NASA and various national space agencies  
are also among Rovsing’s customers.  
Cover photo: Rovsing A/S & ESA. First image of the full Earth disc from  
the Meteosat Third Generation Imager.  
 
HIGHLIGHTS OF THE YEAR  
For Rovsing, 2024/25 has been a stabilization year, maintaining the activity level at a similar level as  
last business year, when YoY revenue growth was 39%. In line with the 2023/24 strategy, the Company  
has explored and engaged in opportunities for partnerships and expansion as well as reaching out to  
new entrants into the market.  
3
The order backlog at 30 June 2025 stands at DKK 39,7 million (2023/24: DKK 38,8 million) with an order  
intake during 2024/25 of DKK 37,8 million (2023/24 DKK 10,3 million). Rovsing’s current portfolio of  
contracts is diverse, ranging across several different missions and customers in both institutional and  
commercial space. The industry outlook continues to progress positively with large EU and European  
national missions moving forward to the next tendering phase where Rovsing remains a key-supplier  
supporting the ambitions of all major European prime contractors.  
During the financial year 2024/25, the revenue amounted to DKK 37,0 million (DKK 39,3 million in  
2023/24), which is a decrease of 5,7 % (DKK -2,2 million) while still stabilizing revenue on a high level  
compared to recent years.  
EBITDA amounted to DKK 1,3 million (DKK 2,9 million in 2023/24) or a decrease of DKK 1,6 million. The  
2024/25 EBITDA is impacted by one-time effects related to the replanning of two larger projects.  
Rovsing has projects that have been delayed for extensive periods by their customers. These delays  
incur an increase in material costs and effort due to inflation in the same period. Rovsing expects to  
have those impacts settled with the customers. Until settlement is reached proceeds cannot be  
quantified and are therefore not included.  
STRATEGY ACCELERATION AND INCREASED AMBITIONS  
Rovsing is building on a solid turnaround and stable European foundation to accelerate global growth  
within the Space and Defense segments. With the Company’s strong positions in ESA and EU space  
programs, the Company is looking to expand further into high-potential markets while pursuing a  
selective buy-and-build strategy. The focus is to strengthen the core Space business and extend into  
adjacent Defense markets where our expertise in mission-critical testing and software validation  
provides clear synergies.  
By combining organic growth, strategic acquisitions, and customer-driven innovation, Rovsing is  
positioned to scale faster, broaden our market reach, and deliver sustainable long-term value to  
shareholders and stakeholders alike.  
To support the strategic ambitions the Company will carry out an already fully subscribed directed  
share issue, by key investors, members of the Board of Directors and Management, to provide  
additional financing to support the strategy and allow the necessary investments & due diligence for  
facilitating a substantial financing round aimed at clear buy-and-build targets during 2026.  
At the upcoming Annual General Assembly, the aim is that the Board of Directors will be strengthened  
further with the addition of proposed new members Lars Ankjer and Christian Klarskov.  
Based on the current order backlog for Rovsing core business, the revenue outlook for 2025/26 is  
expected to be in the range of DKK 37,0 to 41,0 million, with a positive EBITDA in the range of DKK 1,0  
to 3,0 million.  
 
FINANCIAL HIGHLIGHTS AND RATIOS  
2020/21  
2021/22  
2022/23  
2023/24  
2024/25  
INCOME STATEMENT  
DKK’000  
4
Revenue  
27,535  
27,009  
28,335  
39,258  
37,024  
Earnings before interest, taxes, depreciation and  
amortisation, EBITDA  
Operating profit (EBIT)  
2,514  
-2,497  
1,147  
-714  
970  
-960  
2,948  
964  
1,318  
-988  
-918  
-1,047  
-1,551  
-1,239  
-1,727  
-1,209  
166  
-1,259  
-2,885  
Financial income and expenses, net  
Profit/ Loss for the year  
-3,398  
BALANCE SHEET  
Non-current assets  
Current assets  
14,053  
11,079  
25,132  
9,576  
16,501  
16,016  
32,517  
8,085  
16,685  
16,505  
33,190  
6,622  
17,367  
17,974  
35,341  
10,179  
5,202  
18,247  
16,879  
35,126  
10,754  
3,821  
Total assets  
Equity  
4,687  
5,529  
2,973  
Non-current liabilities  
Current liabilities  
Total equity and liabilities  
10,869  
25,132  
18,903  
32,517  
23,595  
33,190  
19,960  
35,341  
20,551  
35,126  
CASH FLOW STATEMENT  
Cash flow from operating activities  
Cash flow from investing activities  
Cash flow from financing activities  
Total cash flow  
-587  
-429  
1,002  
-13  
-4,779  
-2,102  
6,627  
-254  
6,598  
-1,693  
-4,858  
47  
1,116  
-1,506  
356  
-365  
-1,469  
1,835  
1
-34  
KEY FIGURES  
9.1  
-9.1  
-14.7  
-7.3  
-6.5  
-22.1  
-
4.2  
-2.6  
-17.6  
-3.3  
-3.3  
-16.3  
-
3.4  
-3.4  
-24.1  
-3.6  
-3.6  
-8.1  
-
7.5  
2.5  
2.1  
0.3  
0.3  
2.3  
-
3.6  
-2.7  
-28.5  
-4.7  
-4.7  
0.9  
EBITDA margin, %  
EBIT margin, %  
Return on equity, %  
Earnings per share (EPS)  
Earnings per share (EPS D)  
Cash flow per share (CFPS)  
Dividends per share of DKK  
Pay-out ratio, %  
-
-
-
-
-
-
20.3  
38.1  
463  
471  
17.1  
24.9  
473  
473  
13.9  
20.0  
475  
476  
17.8  
28.8  
523  
571  
15.7  
30.6  
609  
685  
Equity per share, DKK  
Solvency, %  
Average number of shares (1,000 shares)  
Number of shares at year-end (1,000 shares)  
Rovsing’s financial year is from 1 July to 30 June.  
 
CORPORATE INFORMATION  
5
The Company  
Rovsing A/S  
Ejby Industrivej 38  
2600 Glostrup, Denmark  
Phone:  
Fax:  
Website:  
+45 44 200 800  
+45 44 200 801  
www.rovsing.dk  
info@rovsing.dk  
E-mail:  
Company reg. (CVR) no.:  
Date of incorporation:  
16 13 90 84  
20 May 1992  
Municipality of registered office:  
Glostrup, Denmark  
Board of Directors  
Ulrich Beck (Chairman)  
Carsten Jørgensen  
Kim Brangstrup  
Michael Lumholt  
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 21 October 2025 at 16:00 at Ejby Industrivej 38, 2600 Glostrup,  
Denmark.  
 
MANAGEMENTS’ REVIEW  
REVENUE AND RESULTS  
6
Revenue for 2024/25 amounted to DKK 37,0  
million, which is a decrease of DKK 2,2 million,  
compared to the previous financial year.  
Gross profit for the period amounted to DKK 25,3  
million compared to DKK 26,5 million in 2023/24.  
The Company’s earnings before interest, tax,  
depreciation and amortisation (EBITDA) amounted  
to DKK 1,3 million, a DKK 1,6 million decrease  
compared to the previous year.  
Earnings before interest and tax (EBIT) amounted  
to DKK -1,0 million (DKK 1,0 million in 2023/24).  
Tax for the year was DKK 0,6 million compared to  
DKK -0,4 million the previous year.  
The loss after tax was DKK 2,9 million, compared to  
a profit of DKK 0,2 million in 2023/24.  
During H1 2024/25, the Company made replanning  
of two larger projects which concluded that the  
remaining recurring deliveries would require more  
effort to complete them than originally planned  
while also cost of materials had increased  
compared to budget due to inflation. These  
changes can largely be attributed to earlier delays  
and the need for redesign introduced by the  
customer. Rovsing expects to have these additional  
impacts settled with the customers but will not  
take any proceeds into account until settlement is  
reached.  
Equity as per 30 June 2025 amounted to DKK 10,7  
million (30 June 2024: DKK 10,2 million).  
Cash flow from operating activities for the period  
amounted to DKK -0,4 million compared to DKK  
1,1 million in 2023/24. Net cash flow from investing  
activities amounted to DKK -1,5 million (2023/24:  
DKK -1,5 million). Cash flow from financing  
activities amounted to DKK 1,8 million (2023/24:  
DKK 0,4 million) while net cash flow for the period  
amounted to DKK 0 million (2023/24: DKK 0  
million).  
The Rovsing team has worked to mitigate already  
incurred delays during H2 of 2024/25, achieving  
deliveries of numerous customer milestones as well  
as EGSE and product deliveries. With the higher  
activity level and need to produce larger quantities  
of the Company’s products to stock, the working  
capital has been challenged, limiting the  
momentum at times as the Company’s credit  
facilities have remained at level compared with  
recent years.  
In March 2025 the Company announced  
(announcement 377) that a successful directed  
share issue was completed resulting in proceeds of  
DKK 4,0 million to support the continued high level  
of activity and to back up the strategy to seek new  
business opportunities.  
The Company aims to have a small new contract in  
place in 2026 to cover remaining 1 FTE staff  
obligation at CSG Kourou.  
Rovsing is building on a solid turnaround and stable  
European foundation to accelerate global growth  
within the Space and Defense segments. With the  
Company’s strong positions in ESA and EU space  
programs, the Company is looking to expand  
further into high-potential markets while pursuing  
a selective buy-and-build strategy. The focus is to  
strengthen the core Space business and extend into  
adjacent Defense markets where our expertise in  
mission-critical testing and software validation  
provides clear synergies.  
The realised revenue and EBITDA of DKK 37,0  
million and DKK 1,3 million, respectively were in  
line with the lower end of the adjusted guidance to  
the market announced by the Company in February  
2025 (Announcement no. 375).  
 
By combining organic growth, strategic  
acquisitions, and customer-driven innovation,  
Rovsing is positioned to scale faster, broaden our  
market reach, and deliver sustainable long-term  
value to shareholders and stakeholders alike.  
7
Order backlog and order intake  
Rovsing maintains a strong market position within  
its core activities. The continuation of a varied and  
stable order backlog at the end of 2024/25 enables  
a foundation to continue the process to further  
strengthen the Company’s position and to build  
further profitable growth in a growing space &  
defense industry with a look to market expansion  
and initiatives aimed at building new revenue  
streams.  
During 2024/25, Rovsing has been successful in  
acquiring new contracts from a broad range of  
customers such as The Exploration Company,  
Airbus DS, Thales Alenia Space, SITAEL and ESA.  
In support of missions such as NyX, EnVision and  
Artemis.  
In line with the Company’s strategy, focus on  
growth and diversification will continue from  
increased activities in European commercial and  
defense programmes as well as maintained focus  
on the USA and emerging markets, leveraging our  
core competencies.  
Order backlog remains at a stable level DKK 39,71  
million (2023/24 DKK 38,8 million), reflecting the  
efforts invested in sales, product and project  
proposals as well as industry activity level. The  
figure below shows the order backlog.  
OPERATIONAL REVIEW  
Strategic focus areas  
In line with Rovsing strategy, the Company has  
sought to expand its operational reach via strategic  
partnerships as showcased with the November  
2024 signing of  
a
strategic collaboration  
agreement with Marble Imaging AG from Bremen,  
Germany. The aim is to develop joint services  
utilizing Earth Observation (EO) data focused on  
Environmental and Security Applications. Rovsing  
has during 2024/25 sought to establish key  
stakeholder interest and built the first Danish use  
cases and developments, work that will continue  
during 2025/26.  
With a stable book to bill ratio around 1, there is a  
solid foundation for the Company’s core activities  
to work on and utilize as platform for further  
development of the Company’s business  
segments.  
As part of the strategic market expansion efforts,  
the Company has explored benefits and business  
cases for different establishment configurations  
within the European Union (EU) and USA. Rovsing  
is starting the process of establishing subsidiaries in  
two EU countries with the aim of further  
contributing to the Company’s growth and market  
access. This process was not completed by 30 June  
2025 and will continue during 2025/26.  
The order intake during financial year 2024/25 was  
DKK 37,8 million (2023/24 DKK 10,3 million), a  
strong improvement compared to previous year.  
Order intake can be cyclic following the overall  
tender and execution cycle of the industry. Rovsing  
expects further increase in tender activity during  
2025/26, in institutional, commercial and defense  
segments.  
The European market  
Rovsing continues to be a key player within the  
European institutional space market, holding a  
position as one of the key level 1 suppliers of the  
1
Order back-log is defined as the remaining value of work in  
progress and product sales to be recognised as revenue in  
future periods.  
 
major European Prime contractors in their efforts  
to capture upcoming missions within space  
exploration, earth observation, communication  
and other critical infrastructure as showcased by  
our ongoing contracts across the spectrum of  
missions withing Science, Exploration, Earth  
Observation, Telecoms and Defense.  
2024/25, the first UMB SCOE delivered by mid-  
February and the two others during summer 2025.  
The European Commission Copernicus programme  
provides vital data from satellites which help  
address challenges such as urbanisation, food  
security, rising sea levels, diminishing polar ice,  
natural disasters and, of course, climate change.  
Rovsing has contributed to many of the current  
suite of Sentinel satellite missions. Looking to the  
future, the capabilities of the Copernicus space  
component will be enhanced by six new satellites  
(CO2M, LSTM, CHIME, ROSE-L, CIMR and  
CRISTAL), currently being developed by ESA and  
built by European industry. Rovsing has already  
secured multiple contracts and is working on 4 out  
of 6 satellites with different primes (LSTM, ROSE-  
L, CIMR and CRISTAL). The tendering phase for the  
continuation of the Sentinel missions under the  
Copernicus space component has also begun, with  
Rovsing already responding to several tenders.  
8
The Rovsing team continued work on the large  
Galileo Second Generation (G2G) EGSEs project for  
customer Thales Alenia Space (TAS) Italy. Several  
deliveries and milestones were completed during  
2024/25. The project is in a recurring system  
delivery phase. However, during the financial year  
replanning showed that due to the already incurred  
extensive delays on the programme, the efforts  
needed to complete the project and with increased  
cost of materials since the contract start, the  
impact on projected profitability is negatively  
impacted. The Company seeks to have these  
additional costs recovered by the customer and  
expects to have an agreement in place before final  
deliveries in 2025/26.  
Airbus DS selected Rovsing to deliver the Power  
SCOEs as well as the Power Front-Ends for the  
Copernicus CRISTAL and LSTM missions. The 2  
sets of Power Front-End systems were shipped to  
Airbus DS in 2023. The 1st set for the Power SCOE  
project was successfully delivered to Airbus DS in  
Germany in early September 2024. And the 2nd set  
delivered to Airbus DS Spain in December 2024.  
The Mars Sample Return (MSR) Earth Return  
Orbiter (ERO) Electrical Satellite Interface  
Simulator (E-SIS) for Airbus DS has seen several  
stoppage periods due to programme level changes  
for the MSR mission. The E-SIS systems are  
completed and are being stored by Rovsing until  
the needed MSR mission changes are agreed by  
ESA and NASA.  
In June 2023, Rovsing and customer TAS-I  
conducted the successful Kick-off of the CIMR  
UMB/COTE SCOE project, however due to  
progamme changes the project has been on hold  
but is expected to resume during 2025/26.  
Rovsing is performing the Independent SW  
Validation  
&
Verification (ISVV) of the Jena-  
Optronik LIDAR, for the MSR-ERO mission. In  
addition, Rovsing has an ISVV contract performing  
the OBC-GNC ISVV with our partner Critical  
Software. The ISVV projects on MSR-ERO are  
expected to be completed in 2025.  
The ROSE-L Power EGSEs were awarded to  
Rovsing by TAS-I in July 2023. The project was on  
hold awaiting changes from the customer until the  
autumn of 2024. The PDR was concluded  
successfully in March 2024. The CDR has been  
conducted, and the first deliveries are expected  
during 2025/26.  
Rovsing involvement as key contributor to the MSR  
programme for the E-SIS and multiple ISVV tasks  
showcases the capabilities and reliability of  
Rovsing on flagship ESA and NASA exploration  
programmes.  
Rovsing is supporting Airbus DS on the ARIEL  
mission by providing the Satellite Interface  
Simulators (SIS). The two reduced sets were  
delivered in early 2024. The two full sets completed  
their test campaigns during the summer and the  
first shipped in the autumn. The final set was  
shipped to Airbus DS during March 2025.  
For the PLATiNO programme and customer  
SITAEL S.p.A in Italy, Rovsing has delivered UMB  
SCOE systems but remained to deliver a MiniCOTE  
system, the system was ready, pending harness  
definitions from the customer. This remaining  
system was finally delivered during summer 2025.  
SITAEL contracted Rovsing with further deliveries  
of SAS and SLP products the first set of which was  
delivered during the summer 2024 with remaining  
sets delivered in autumn 2024 and beginning of  
2025. A follow-on contract for additional UMB  
SCOEs was awarded to Rovsing with deliveries in  
Rovsing has in August 2024 delivered the FORUM  
Platform Emulator SCOE to OHB. FORUM is an  
ESA mission which will measure Earth’s outgoing  
radiation in the far-infrared part of the  
electromagnetic spectrum that has never been  
measured from space before. Rovsing has a 2nd  
 
FORUM contract with OHB, for the Thermal EGSE  
which is was designed, built and tested during  
2024/25 after requirement changes introduced by  
OHB during 2023/24. The FORUM Thermal EGSE is  
currently awaiting delivery to OHB in September  
2025.  
stations in Low Earth Orbit and beyond.  
This collaboration marks another exciting step for  
Rovsing as we contribute to this visionary space  
transportation solution by performing Independent  
Software Verification and Validation (ISVV)  
services, ensuring mission-critical software  
reliability and compliance with the highest industry  
standards. The contract work is of considerable size  
and expected to run until end of 2028.  
9
In June 2023, TAS-I awarded Rovsing with a  
contract for supplying  
a
Power SCOE for  
a
domestic European Military satellite SICRAL-3. The  
delivery of UMB/COTE SCOE, BatSim/BCE SCOE  
and SAS SCOE were completed during summer  
2024 with the remaining SCOEs and set 2 deliveries  
conducted during autumn 2024 and until end of Q3  
2024/25. All systems have been delivered and are in  
use at the customer.  
Our onsite service business in CSG Kourou ended  
ultimo 2023. Rovsing decided to ramp down the  
activities at CSG and during 2023/24 conducted the  
process of offloading the team and operations  
related to the previous activity. The Company has  
retained one employee which has been under  
education and training during 2024/25, preparing  
for an upcoming tender. Rovsing remains open to  
exploring new activities for CSG Kourou, given a  
profitable setup.  
Rovsing has continued support for the Artemis  
missions with the Orion Multi-Purpose Crew  
Vehicle (MPCV) European Service Module (ESM).  
Four Solar Array Wing Front End Equipment (SAW  
FEE) systems are deployed, two with Airbus DS in  
Bremen and Ariane Group in Les Mureaux, one with  
Lockheed Martin in Colorado for the Integrated  
Test Lab and the fourth with NASA at the Kennedy  
Space Center. Three MPCV-ESM PCDU EGSE have  
also been delivered to Leonardo in Milan. As part of  
the NASA Artemis and Lunar Gateway  
programmes, ESA has committed to providing  
additional ESMs. In this connection Rovsing is  
continuing to provide key engineering support both  
remote & onsite as well as spare parts and  
upgrades.  
The North American market  
Rovsing participated in the Danish pavilion hosted  
during the 50th installment of the Space  
Symposium conference in Colorado, USA during  
April 2025. The conference was a success in  
broadening our reach and contacts and follow-ups  
have been ongoing. Rovsing expects to participate  
in the next installment as well.  
As a supplier of various EGSE to the European  
Service Module (ESM) for the Orion Crew Capsule,  
Rovsing remains a vital partner for the Artemis  
programme with the aim of bringing humans back  
to the Moon.  
In 2024, Rovsing was awarded by Airbus DS in  
Germany the contract to deliver the Simulation  
Front-End for the GRACE-C mission. The  
manufacturing readiness review was successfully  
completed in June 2024. The Simulation Front-End  
design review, manufacturing and testing has been  
completed during 2024/25. The delivery is  
expected to be completed in September 2025  
following the final integration and testing of  
Customer Furnished Items.  
Rovsing participates with related service  
agreements for the coming years and was awarded  
in H1 2024/25 a follow-on order for the 5th SAW FEE  
system for delivery to the Kennedy Space Center  
(KSC). The work on the system is already underway  
with delivery expected before end of 2025.  
The overall North American market for  
commercial, military, and civil space remains a  
growth opportunity and strategic focus for the  
Company while monitoring closely the changing  
landscape with the new administration in the USA.  
TAS-Italy awarded Rovsing with a contract to  
deliver several Satellite Interface Simulators for the  
ESA EnVision mission in March 2025. The PDR  
milestone for the project was achieved already in  
May and work for the CDR was almost complete in  
June when several changes were introduced. The  
CDR is now scheduled to be completed during Q1  
of 2025/26, with deliveries to follow during the  
year.  
Emerging space markets  
During 2024/25, market research has been  
conducted into the Indian space sector as well as  
further research into the middle eastern space  
sector. Several inquiries and dialog have been  
conducted about potential product and system  
deliveries during the financial year.  
In May 2025, Rovsing signed a contract with The  
Exploration Company to support their Nyx vehicle  
program a modular and reusable space vehicle  
designed to deliver cargo to and from space  
 
Rovsing continues to closely monitor emerging and  
ambitious space markets with their increasing  
space budgets, with the target of acquiring new  
customers in coming years.  
Organisation and management  
By the end of the financial year 2024/25, Rovsing  
employed a total of 31 employees, counted on a  
full-time-equivalent basis. Most employees were  
employed at the Company’s head office in  
Denmark.  
10  
Product development, production and strategic  
initiatives  
At the Company’s annual general meeting in  
October 2024 Kim Brangstrup, Jean Marcel  
Dühring, Michael Lumholt, Carsten Jørgensen and  
Ulrich Beck were reelected to the Board of  
Directors and Ulrich Beck continued in the role of  
Chairman.  
Improvements in the value chain, continuous  
improvements in quality and efficiency are a  
constant success factor to improve the Company’s  
competitive advantage. During 2024/25, Rovsing  
has continued to invest efforts into improving its  
product base with next generation products and  
new additions to the portfolio. Improvements to  
logistics, inventory, production and testing  
environments have also been applied.  
Jean Marcel Dühring decided for personal reasons  
to step down from the Board of Directors of  
Rovsing of 28th of April 2025 (Announcement no  
382).  
Rovsing’s strategic roadmap focuses on achieving  
increased scalability such that our already modular  
products can better address the expanding range of  
satellite architectures. During 2024/25, efforts  
related to product development and feature  
improvements in the domains of both software and  
hardware have continued as these are key enablers  
for the Company’s abilities to deliver diverse  
market leading system solutions to customers. In  
line with the strategic roadmap Rovsing conducted  
co-financing studies and development projects in  
cooperation with ESA.  
World events  
The war in Ukraine and the war in Israel and Gaza  
as continued to be a major disruption event  
affecting the global prices, lead-times and financial  
stability.  
The new administration in the USA with changed  
focus, views and methods across many sectors and  
policies is followed with sharp focus. Impacts when  
encountered are discussed with our partners and  
mutual solutions to overcome barriers sought and  
mitigate risks.  
During 2024/25 Rovsing has applied for further  
funding and support under IPTF, GSTP and ARTES  
programmes for further development activities.  
The ARTES programme application was accepted  
and a new project for next generation development  
of our Second Level Protection (SLP) product line  
has been approved and kicked off with ESA in early  
2025. An application for further development of a  
Leasing based scalable EGSE under IPTF has been  
accepted and kick off with ESA is expected to  
happen in October 2025.  
Changes in geopolitical environment can also give  
rise to opportunities for Rovsing.  
Management continues to monitor the situation  
and implement appropriate actions to minimize  
any potential business impacts moving forward.  
Incentive schemes  
At the end of the financial year 2024/25 there were  
0 warrants and no active share-based incentive  
scheme. For additional information about the  
Company’s share-based incentive schemes, please  
see note 6 to the financial statements.  
Rovsing holds an ISO9001 certification,  
a
procedural environment, ensuring quality and  
knowledge sharing. Benefits in workflow related to  
the Company’s improved headquarters, allow for  
further scaling of our operations and development.  
The Board of Directors consider share-based  
incentive schemes as relevant and effective  
incentives that allow the Company to reward good  
performance, retain key persons and at the same  
time secure alignment of interests between  
managers and shareholders. Therefore, it is  
expected that share-based incentives, such as  
warrants, will be used also in the future as part of  
the compensation packages for members of the  
staff, management and members of the Board of  
Directors.  
During 2024/25 Rovsing has intensified efforts  
related to further opportunities, matching the  
Company’s expertise, concerning mainly Defence  
and Critical Infrastructures on Danish and European  
level to broaden the scope of business in close  
cooperation with Prime Contractors and other  
potential partners.  
 
faster, broaden our customer base, and increase  
resilience.  
ROVSING’S STRATEGY  
Rovsing has a position as a key agile high-tech SME  
in the Space & Defense Industry. Our mission is to  
provide our customers with the innovative test and  
simulations products, systems and services they  
require, for supporting their critical path, which is  
constantly challenged by the need to innovate,  
Agility and Customer-Centric Innovation  
Rovsing’s reputation rests on our ability to stay  
agile and customer-focused. Our clientsfrom  
space agencies and institutions to LSIsvalue our  
capacity to deliver tailored, innovative solutions  
with speed and precision at quality and cost. This  
agility, combined with deep technical expertise,  
sets us apart and reinforces long-term customer  
trust.  
11  
optimise and overcome internal  
challenges.  
&
external  
Accelerating Growth on a Strong Foundation  
Rovsing has successfully completed its turnaround  
and is now entering a new phase of accelerated  
growth. Building on a stable European core, our  
strategy focuses on delivering sustained organic  
growth while expanding globally into high-  
potential markets in the USA, Middle East, and  
APAC. At the same time, we are strengthening our  
position through a focused buy-and-build strategy,  
targeting complementary companies in the Space  
segment and adjacent Defense activities that  
leverage our proven expertise in test systems, test  
products, and Independent Software Validation &  
Verification (ISVV).  
People as the Driver of Growth  
Our employees’ knowledge and commitment are  
central to Rovsing’s success. We remain dedicated  
to fostering an agile, inclusive, and innovative  
culture that empowers our people to thrive and  
grow. Investing in talent is key to driving  
innovation, strengthening execution, and securing  
the long-term success of our strategy.  
Delivering Sustainable Value  
Rovsing is positioned for sustainable growth,  
combining organic development with strategic  
acquisitions. A solid order backlog, a growing  
international pipeline, and  
a
reputation for  
reliability and innovation form the foundation for  
Leadership in Europe as a Growth Platform  
As an agile high-tech SME in the Space & Defense  
industry, Rovsing remains a trusted supplier to  
leading European institutions and Large-Scale  
Integrators (LSIs/OEMs). Our strong track record  
across major ESA and EU space programs provides  
a solid platform for continued expansion. We will  
maintain and grow these relationships by  
delivering high-quality, innovative solutions, while  
investing further in R&D, AI/ML integration, and  
resilient supply chains to anticipate and meet  
evolving market needs.  
scaling the business. We will continue transparent  
engagement  
with  
customers,  
partners,  
shareholders, and the financial community to  
ensure alignment and build long-term trust.  
Looking Ahead  
Rovsing’s future is defined by three priorities:  
Maintain leadership in Europe as  
trusted systems, service and product  
supplier.  
Accelerate through buy-and-build,  
strengthening our core in Space and  
extending into the Defense segment.  
Expand globally with targeted growth  
leveraging our core offerings to further  
markets.  
a
Expanding International Reach  
With a stabilized core business, Rovsing is scaling  
internationally. We are establishing a stronger  
presence in the USA, Middle East, and APAC by  
adapting our proven offerings to local demands,  
forging strategic partnerships, and capitalizing on  
emerging opportunities in both institutional and  
commercial Space & Defense markets. Our goal is  
to replicate and expand upon our European success  
to become a recognized global player.  
With this strategy, Rovsing is well-positioned to  
deliver sustained value for customers and  
shareholders while cementing its role as a leading  
European systems house with global reach.  
Buy-and-Build Strategy & New Verticals  
To accelerate growth, Rovsing is pursuing  
a
selective buy-and-build strategy. We are actively  
evaluating acquisitions and partnerships that  
enhance our core capabilities in space testing while  
opening new opportunities in adjacent Defense  
verticals, where our competencies in mission-  
critical test and validation solutions are highly  
relevant. This dual-track strategy allows us to scale  
 
FINANCIAL REVIEW  
Income statement  
Balance sheet  
Revenue amounted to DKK 37,0 million in 2024/25,  
a decrease of DKK 2,2 million, on 2023/24 revenue.  
Gross profit amounted to DKK 25,3 million  
compared to DKK 26,5 million in 2023/24 and  
EBITDA amounted to DKK 1,3 million compared to  
DKK 2,9 million in 2023/24.  
Assets  
12  
At the end of 2024/25, total assets amounted to  
DKK 35,1 million, against DKK 35,3 million at 30  
June 2024.  
Intangible assets amounted to DKK 13,3 million at  
30 June 2025 compared to DKK 12,5 million on 30  
June 2024. Depreciations and amortisations  
amounted to DKK 2,3 million, DKK 1,0 million  
related to completed development projects of the  
EGSE Platform.  
The negative development in EBITDA in 2024/25 is  
primarily attributable to replanning of 2 larger  
projects affecting both revenue and EBITDA. Both  
projects will require more effort for the remaining  
deliveries than originally planned, but also higher  
cost of materials due to increase in material cost  
(inflation). Rovsing looks for a recovery of those  
impacts with the customer side.  
Deferred tax assets amounted to DKK 1,0 million  
after a reassessment of DKK 1,1 million during  
2024/25 (2023/24 DKK 2,1 million).  
Other external expenses of DKK 3,4 million  
(2023/24 DKK 3,2 million) are in line with  
expectation.  
Inventories amounted to DKK 4,3 million compared  
to DKK 5,2 million in 2023/24.  
At 30 June 2025, trade receivables and contract  
work in progress combined amounted to DKK 11,5  
million, which is DKK 0,6 million higher than  
previous year.  
Depreciation, amortisation and impairment  
amounted to DKK 2,3 million in 2024/25, against  
DKK 2,0 million in 2023/24.  
Financial items  
Overall, net financial expenses amounted to DKK  
1,3 million compared to DKK 1,2 million in 2023/24.  
Current assets amounted to DKK 16,9 million  
compared to DKK 18,0 million in the previous year.  
Liabilities and equity  
Profit/loss before tax  
Equity amounted to DKK 10,8 million at 30 June  
2025, against DKK 10,2 million at 30 June 2024. The  
year-over-year change of DKK 0,6 million is mainly  
due to a capital increase of total DKK 4,0 and the  
loss for year of DKK -2,9 million.  
The Company recorded a loss before tax of DKK -  
2,2 million in 2024/25 compared to DKK 0,2 million  
in the year before.  
Tax  
Tax for the year amounted to DKK -0,6 million in  
2024/25, compared to 0,4 million in the preceding  
financial year. The tax consists of current tax  
(income) of DKK 0,5 million, which relates to  
reimbursement under section 8x of the Danish Tax  
Assessment Act (TAA), and DKK -1,1 million from a  
reassessment of the deferred tax asset. The  
deferred net tax asset amounts to DKK 1,0 million  
at 30 June 2025. Rovsing expects to be able to  
utilize the tax asset within the next 3 years.  
Cash flow statement  
Cash flow from operations:  
Total cash flow from operations were net cash 0f  
DKK 0,4 million in 2024/25, against a net cash of  
DKK 2,1 million in the preceding year.  
Cash flow from operating activities:  
Net interest payables were DKK -1,3 million  
compared to DKK -1,2 million in 2023/24. Cash flow  
from operating activities of DKK -0,4 million in  
2024/25 compared to DKK 1,1 million in 2023/24.  
Profit/loss for the year and comprehensive  
income  
The Company reported a loss for 2024/25 of DKK  
2,9 million, against a profit of DKK 0,2 million in the  
preceding financial year.  
Cash flow from investing activities:  
In 2024/25 the Company has invested DKK -1,4  
million in further development of the EGSE  
Platform and  
a
development project partly  
financed by ESA (2023/24 net DKK -1,4 million).  
Cash flow from financing activities:  
Cash flow from financing was DKK 1,8 million vs.  
DKK 0,4 million in 2023/24.  
 
Funding of the Company’s operations  
In 2024/25 Rovsing carried out a directed shares  
issue, where the Company raised DKK 4,0 million to  
support the continued high level of activity and to  
back up the strategy to seek new business  
opportunities.  
EVENTS AFTER THE REPORTING PERIOD  
After the Balance Sheet date, Jyske Bank has  
confirmed that it is willing and able to extend the  
credit facility for 2025/26. It has been agreed that  
further installments on the loan with EIFO have  
been postponed until October 2026. The  
convertible bond loan of DKK 1,9 million, which  
matures in January 2026, has been confirmed by  
both bond lender and the Company, that both are  
willing and able to prolong the loan for an  
additional 1 year until January 2027. These events  
have not affected the Company's financial  
position.  
13  
The credit facility with Jyske Bank has remained at  
a level of DKK 4,0 million during 2024/25 and the  
EIFO loan of DKK 2,5 million due in 2028 has been  
reduced with DKK 0,2 million during 2024/25 via  
installments. An agreement has been made with  
EIFO to postpone further installments on the loan  
until October 2026 to support the strategy of the  
Company. It has been confirmed that Jyske Bank is  
willing and able to extend the credit facility for  
2025/26  
No other events have occurred after the balance  
sheet date.  
The bond-loan of DKK 1,9 million expires in January  
2026, but the bond lender Kim Brangstrup (board  
member) and the Company are both willing and  
able to prolong this convertible loan with an  
additional 1 year until January 2027.  
SIGNIFICANT ACCOUNTING JUDGEMENTS  
AND ESTIMATION UNCERTAINTIES  
For a description of items involving significant  
judgements in applying the Company’s’ accounting  
policies and estimation uncertainties related to the  
Company’s liabilities, see note 2 to the financial  
statements.  
Under the current rules for listed companies,  
Rovsing may issue new shares for up to 30% of the  
Company's existing share capital within a period of  
12 months. Within this framework, the size of a  
potential capital increase will be assessed relative  
to the immediate liquidity requirement, the capital  
aspects of the Company’s strategy and investor  
appetite for buying Rovsing shares.  
Should Rovsing carry out a capital increase, the  
contributed capital would be expected to be used  
partly for investing in commercial initiatives aimed  
at consolidating the Company’s growth and  
competitiveness and as a general liquidity buffer.  
Reference is made to the section on the Company’s  
risk factors, which describes risk associated with  
the Company's liquidity.  
DIVIDENDS  
The Board of Directors recommends to the annual  
general meeting that no dividend be declared in  
respect of the 2025/26 financial year.  
OUTLOOK FOR 2025/26  
Considering the above developments, the  
Company’s strategy, the current order backlog and  
the expected order intake for 2025/26. The  
expected key figures for financial year 2025/26 are  
a revenue of around DKK 37 - 41 million and an  
EBITDA of around DKK 2,0 - 3,0 million.  
 
SHAREHOLDER INFORMATION  
Rovsing’s shares are listed on Nasdaq OMX  
Copenhagen and traded under the abbreviation  
ROV and ISIN code DK0061152170. The Company’s  
share capital has a total nominal value of tDKK  
6,848 and is divided into 684,797 shares of DKK 10  
each. No shares carry any special rights.  
Authorities granted to the Board of Directors  
Authorities granted to the Board of Directors are  
set out in articles 5 and 6 of the articles of  
association.  
14  
The articles of association are found on the  
Company’s website www.rovsing.dk under  
”Investor relations” and ”Corporate Governance”.  
Outstanding shares  
Beginning of year  
Capital increase  
End of year  
No. of shares  
570,512  
114,285  
Financial reporting to shareholders  
684,797  
The Company publishes an Annual Report, an  
interim half year Report and interim Management  
Statements in Q1 and Q3. These reports and  
statements are published through NASDAQ OMX  
Copenhagen.  
Share price  
The highest and lowest prices of Rovsing shares in  
2024/25 were DKK 90.0 and 32.6 respectively. At  
the end of the financial year, the share price was  
DKK 72,5. At 30 June 2025, Rovsing had a market  
capitalisation of DKK 49,6 million.  
Annual General Meeting  
The annual general meeting of Rovsing will be held  
on 21 October 2025 at 16:00 at the Company's  
premises at Ejby Industrivej 38, DK-2600 Glostrup.  
The general meeting shall be convened by the  
Board of Directors not more than five weeks and  
not less than three weeks before the general  
meeting by publication of an announcement to  
NASDAQ OMX Copenhagen, on the Company’s  
website www.rovsing.dk and by e-mail to  
shareholders recorded in the register of  
shareholders who have so requested.  
Share liquidity  
The average daily turnover in 2024/25 was 2,482  
shares with an average of 19 transactions per day,  
which was higher than last year (2023/24 average  
daily shares traded 962 and average 7 transactions  
per day)  
Shareholders  
Rovsing has a total of 2,481 registered shareholders  
as per 30 June 2025. 93,6 % of the shares in Rovsing  
are registered in the name of the holder.  
The table below shows the composition of  
Rovsing’s shareholders.  
Amendments to articles of association  
Resolutions on any amendment to the articles of  
association shall be passed by a majority of two-  
thirds of the votes cast as well as of the voting share  
capital represented at the general meeting.  
Proposals to amend the articles of association must  
be submitted in writing to the Company not later  
than six weeks before the date of the general  
meeting.  
Shareholders  
Kim Brangstrup  
Ankjer Holding A/S  
Other shareholders  
Total  
No. of shares  
88,046  
%
12,9  
10,1  
77.0  
69,210  
527,541  
684,797  
100.0  
Employee shares  
No employee shares were granted in 2024/25.  
Current Warrant scheme  
There is no current warrant programme, as the  
warrant programme mentioned in the Annual  
Report 2023/24 has ended December 2024 and no  
warrants were executed.  
Dividend policy  
Historically, the Company has paid dividends and  
made distributions, but the Board of Directors  
presently has no plans to pay dividends or make  
distributions in the foreseeable future.  
 
Financial calendar  
16 September 2025, publication of Annual Report  
2024/25.  
Announcement no 379  
14 March 2025  
15  
21 October 2025, Annual General Meeting in  
Rovsing A/S regarding financial year 2024/25.  
Change in capital of large shareholder  
11 November 2025, publication of Interim  
Management Statement Q1 2025/26.  
Announcement no 378  
13 March 2025  
17 February 2026, publication of Interim Report for  
H1 2025/26.  
Trading in Rovsing A/S shares by board members,  
executives and associated persons  
12 May 2026, publication of Interim Management  
Statement for Q3 2025/26.  
Announcement no 377  
06 March 2025  
15 September 2026, publication of Annual Report  
2025/26.  
Completion of Share Issue  
20 October 2026, Annual General Meeting in  
Rovsing A/S regarding financial year 2025/26.  
Announcement no 376  
05 March 2025  
Issued Company Announcements  
Announcement no 385  
09 July 2025  
Directed Share Issue  
Announcement no 375  
Financial Calendar 2025/26  
20 February 2025  
Interim Management Report first half year 2024/25  
Announcement no 384  
05 June 2025  
Announcement no 374  
Change in capital of large shareholder  
27 November 2024  
Rovsing and Marble Imaging Announce Strategic  
Partnership to Develop Earth Observation Services  
Announcement no 383  
13 May 2025  
Rovsing A/S releases its Interim Management  
Statement covering Q3 2024/25  
Announcement no 373  
12 November 2024  
Rovsing A/S releases its Interim Management  
Statement covering Q1 2024/25  
Announcement no 382  
28 April 2025  
Change to the Board of Directors  
Announcement no 372  
22 October 2024  
Announcement no 381  
14 March 2025  
Minutes of Annual General Meeting  
Manager´s transactions  
Announcement no 371  
30 September 2024  
Announcement no 380  
14 March 2025  
Notice and the complete proposals for the Annual  
General Meeting of Rovsing A/S  
Major shareholder announcement  
 
Announcement no 370  
20 September 2024  
Trading in Rovsing A/S shares by board members,  
executives and associated persons  
16  
Announcement no 369  
18 September 2024  
Trading in Rovsing A/S shares by board members,  
executives and associated persons  
Announcement no 368  
17 September 2024  
Rovsing A/S releases its Annual Report 2023/24  
Registrar  
Computershare A/S  
Kongevejen 418  
DK-2840 Holte  
Investor relations contacts  
Hjalti Pall Thorvardarson, CEO  
Tel: +45 53 39 18 88  
E-mail: hpt@rovsing.dk  
 
recommended to establish  
a
nomination  
CORPORATE GOVERNANCE  
committee. Due to the size of the Company, the  
Board of Directors has decided that the functions of  
a nomination committee will be undertaken by the  
Company’s Chairman in collaboration with the  
other board members.  
Rovsing’s Board of Directors regularly reviews the  
Company’s corporate governance and strives to  
follow the recommendations of the Committee on  
17  
Corporate  
https://corporategovernance.dk  
Governance.  
According  
recommendations, the Board of Directors is  
recommended to establish remuneration  
committee. Due to the size of the Company, the  
Board of Directors has decided that the functions of  
a remuneration committee will be undertaken by  
the full Board of Directors as the board members  
are deemed to possess the requisite knowledge  
and experience to do so.  
to  
section  
3.4.5  
of  
the  
The Company has resolved not to follow all the  
recommendations of the Committee of Corporate  
Governance, as the Board of Directors finds it  
appropriate to organize the Company’s  
governance differently in some respects due to  
Rovsing’s specific circumstances and respective  
size.  
a
Certain of the recommendations with which the  
Board of Directors has resolved not to comply with,  
are described below. For a full report on the status  
of the Company’s compliance with the  
recommendations, please refer to the corporate  
governance report published on Rovsing’s website  
under ”Investor Relations” and ”Corporate  
Governance”.  
Recommendation regarding evaluation of the  
work of the Board of Directors and the Executive  
Board  
According  
to  
section  
3.5.1  
of  
the  
recommendations, the Board of Directors is  
recommended to establish an evaluation  
procedure for an annual assessment of the overall  
board and individual members. The Board’s self-  
evaluation is organised based on the numbers and  
the needs of the Company.  
https://rovsing.dk/wp-  
content/uploads/2025/09/Corporate_governance_  
2024-25.pdf  
Recommendation regarding election of vice-  
chairman  
Recommendation regarding remuneration in the  
form of share options  
According  
to  
section  
2.2.1  
of  
the  
According  
to  
section  
4.1.3  
of  
the  
recommendations, the Board of Directors is  
recommended to appoint a vice-chairman. Due to  
the limited size of the Company, the Board of  
Directors has not considered it necessary so far to  
appoint a vice-chairman.  
recommendations, the remuneration of the Board  
of Directors should not include share options. The  
Board of Directors at Rovsing does not follow this  
recommendation as members of the Board of  
Directors were participants in the Company’s  
incentive warrant programme, which expired in  
October 2024.  
Recommendation regarding the composition  
and organization of the Board of Directors  
According  
to  
section  
3.1.2  
of  
the  
recommendations, the Board of Directors annually  
should discuss the Company’s activities to ensure  
the relevant level of diversity for the Company in its  
management levels and develops and adopt a  
diversity policy. The Chairman of the Board of  
Directors assesses in consultation with the  
Executive Board what competencies the Board of  
Directors must have and recommend suitable  
candidates for election at the General Meeting. The  
Board of Directors currently consist of four  
members, all males. Their appointment was made  
during the financial year and there are no  
immediate plans for replacement of current board  
members.  
Management and organisation  
Rovsing has two management bodies the Board  
of Directors and the Executive Management. The  
general meeting elects the Board of Directors,  
which acts as the supreme authority of the  
Company between general meetings. The Board of  
Directors is the supervisory management body of  
the Company, which undertakes the employment  
of the Executive Management. The role of the  
Board of Directors is to supervise the Company's  
activities, development and management. The  
Executive Management is in charge of the day-to-  
day management and operation of the Company  
and must comply with the guidelines given by the  
Board of Directors.  
Recommendation regarding board committees  
Pursuant to the Company’s articles of association,  
the Board of Directors must be composed of three  
According  
to  
section  
3.4.4  
of  
the  
recommendations, the Board of Directors is  
 
to seven members. The Board of Directors is  
currently composed of four members, elected for a  
term of one year. The aim is for the Board of  
Directors to be composed of persons who possess  
the necessary skills for performing their duties and  
have an in-depth understanding of the Company’s  
business affairs. In this respect, the Board of  
Directors considers the following skills to be  
important: Insight into the institutional and  
commercial aerospace market, experience in  
development, manufacturing and sale of advanced  
test equipment, experience in international project  
sales and the related legal aspects, necessary  
financial expertise in financial and statutory  
aspects of a listed company and management  
experience from a listed company.  
activities is to prevent, detect and correct any  
errors or irregularities. The activities have been  
integrated in Rovsing’s accounting and reporting  
procedures. These activities include procedures for  
18  
verification,  
authorization,  
approval,  
reconciliation, result analysis, IT application  
controls, and general IT controls.  
Detailed monthly accounting data are prepared,  
analysed and monitored at entity and Company  
level. Rovsing’s integrated IT controls and general  
controls contribute to ensuring that the financial  
statements give a true and fair view. Reporting  
instructions, including estimation and close-of-  
month procedures, are updated and implemented  
on a regular basis. Combined with other policies,  
these are available to all relevant employees.  
The Board members’ shareholdings through  
controlled companies and/or held personally are  
set out on page 65-66.  
Any control weaknesses identified by internal  
control or external auditors are presented to the  
Board of Directors, which oversees that  
Management implements the necessary measures  
to remedy the weaknesses in a timely manner.  
The remuneration of the Board of Directors for  
2024/25 was unchanged at DKK 100,000. The  
Chairman receives 200% of the basic fee.  
The remuneration of the Executive Management  
consists of a fixed salary and incentive programmes  
in the form of a possible cash bonus and warrants.  
The weighting of the individual remuneration  
elements is intended to support the Company's  
positive performance in the short and long term.  
The cash bonus is performance-based relative to  
the annual budget to promote the Executive  
Management’s focus on both revenue and costs.  
The vesting of warrants is based on the CEO’s and  
CFO’s employment with the Company and is  
described in more detail in note 6 to the financial  
statements.  
Internal control and risk management  
Rovsing’s internal control systems and procedures  
in relation to financial reporting are to contribute to  
ensuring that the financial statements give a true  
and fair view of the Company’s financial position  
and are free from material misstatement.  
Rovsing’s Board of Directors is responsible for the  
establishment and approval of an effective internal  
control and follow-up system for purposes of the  
Company’s risk management, including relevant  
guidelines, policies and significant accounting  
principles.  
The Executive Management is responsible for risk  
management and maintaining an efficient control  
system, considering applicable legislation and  
other internal guidelines and procedures. Risk  
management is focused on risk identification,  
probability and impact assessment, and risk  
mitigation measures. The purpose of control  
 
but due to the limited scope of its operations, the  
Company has not otherwise found it necessary to  
conduct human rights related due diligence. In  
2024/25, the result of these efforts was that no  
human rights violations were found in Rovsing. The  
Company expects to continue and where  
appropriate, expand, these efforts in the future.  
CSR, HUMAN RIGHTS AND CLIMATE  
CHANGE MITIGATION  
Description of Rovsing’s business model  
Operationally, the structure is that there is only one  
company that operates with a high degree of  
operational independence.  
19  
The majority of revenue is generated in Europe and  
derives from sales of products and systems for  
functional and electrical testing of spacecrafts  
(primarily satellites) and their payloads for  
professional clients. The Company has no sales to  
individuals. The Company's activities are generally  
conducted in accordance with internationally  
recognized quality standards.  
Social and employee relations  
In Rovsing, we believe that results are created  
through people. We strive to be a responsible  
employer that ensures proper employment,  
healthy and safe working conditions and  
motivating work environment for our employees.  
a
The Company translates these principles into  
action, inter alia, through the development and  
maintenance of employees' knowledge and skills,  
to ensure that the company continues to have a  
high efficiency, that innovative products and  
solutions can be produced and that the products  
manufactured are competitive in the selected  
markets. The presence of the necessary  
qualifications is ensured, among other things  
through targeted training of employees as well as  
collaboration with external partners.  
The Company’s purchasing of components  
comprises  
a
very large number of products  
purchased from suppliers primarily in Denmark and  
Europe. The hallmark of these products is that they  
are manufactured by reputable high-quality  
technical manufacturers.  
Due to the Company’s size and short chain of  
command, the Company has decided to align  
corporate responsibility efforts with the key risks  
identified, and has no formalized KPIs on human  
The Company has identified employees not feeling  
motivated by working at Rovsing as the most  
significant social- and employee-related risk. This  
is, however, not currently the case. No social and  
employee-related violations were found in  
Rovsing.  
rights,  
social  
and  
employee  
relations,  
anticorruption and business ethics and  
environment and climate change. However, the  
Company does address corporate responsibility  
based on internationally recognized principles, as  
described below.  
We justify lack of motivation as the biggest  
employee-related risk with the fact that lack of  
motivation can have a knock-on effect on other  
colleagues and create a bad atmosphere among  
colleagues. Lack of motivation can also lead to  
shorter periods of employment and higher turnover  
among the staff.  
Human Rights  
Rovsing supports and respects the international  
human rights contained in the Convention on  
Human Rights. This means, among other things,  
that the Company works to ensure equal  
opportunities regardless of gender, religion, origin  
or sexual orientation. The Company does not  
accept forced labour or child labour.  
To maintain employee motivation Rovsing weights  
to give its employees the right job content and the  
opportunity to take on tasks that can develop their  
personality and areas of responsibility.  
The Company endorses employees' free choice of  
trade unions and respect their right to participate in  
collective bargaining, in accordance with applicable  
laws and standards in respective countries  
regarding working hours and wages.  
As Rovsing employed 31 FTEs on average in  
2024/25, the Company has not yet found it  
necessary to establish any processes for social and  
employee-related due diligence. See also section  
on Corporate Governance for ratios. The Company  
expects to continue and where appropriate,  
expand, these efforts in the future.  
The Company has identified the risk of  
discrimination against employees as the most  
significant risk in relation to human rights. This can  
affect our ability to attract and retain employees as  
well as affect our reputation.  
Anti-corruption and business ethics  
Rovsing has zero tolerance for corruption and  
bribery. Over the years, we have built a reputation  
as a company that maintains a high degree of  
The Company translates human rights principles  
into action by communicating them to employees  
and monitoring that the principles are observed,  
 
integrity and ethical conduct. We combat all forms  
of corruption, including bribery and facilitation  
payments, by informing our employees of our zero-  
tolerance approach to bribery and corruption.  
personal data or transactions with private  
customers. Processing of personal data is therefore  
of very limited extent for the purposes of  
administration of customers and suppliers.  
Internally for HR administration the processing of  
employee personal data follows the given  
regulations pertaining to the area. Data is not  
obtained or harvested without prior consent and  
not shared with third-parties. New employees are  
instructed in the policy, and Management regularly  
assesses whether further measures are needed.  
20  
We have identified the risk of employees using gifts  
or other means to unduly influence a stakeholder as  
the main risk related to bribery and corruption. This  
may also be the case if one of our employees is  
unduly influenced by a stakeholder. Both cases  
could have consequences for our reputation.  
Due to the limited scope of its operations, the  
Company has not yet found it necessary to  
establish processes for anti-bribery and corruption  
due diligence. No corruption and bribery offenses  
have been found or reported in Rovsing in 2024/25,  
and the Company plans to continue and where  
appropriate, expand, these efforts in the future.  
The board has assessed that the group's handling  
of sensitive data has not reached a level that makes  
it relevant for the group to formulate specific  
policies in this area. The board continuously  
monitors developments and assesses the need on  
an ongoing basis.  
Environment and climate  
It is the Company’s goal to strive for a production  
that limits the climate impact through the use of  
environmentally friendly processes. This includes  
choice of materials that are as reusable as possible,  
but also that the various processes are gentle on  
the environment.  
We believe that the most significant climate- and  
environment-related risk would be if we use  
materials in our production that unnecessarily  
harm the environment. Furthermore, it can be a  
risk if our production of products has processes or  
approaches that may unduly impact the  
environment. We are aware that this risk can have  
consequences for the local environment as well as  
have consequences for our reputation.  
The Company’s climate and environment-related  
processes  
entail,  
that  
environmental  
considerations are included as part of the  
company's innovation processes and business  
strategy. During the financial year, the Company  
explored different areas of opportunity regarding  
reducing the environmental impact. Specifically,  
the Company analyzed the materials used within  
the production, in order to try and identify more  
environmentally friendly solutions. Unfortunately,  
no dedicated measurable results have been  
identified as a result of the efforts, but the  
Company expects to continue and where  
appropriate, expand, these efforts in the future.  
Data ethics  
Rovsing, is in compliance with the regulations  
related to data ethics and the processing of  
personal data. The Company is purely a business-  
to-business company with no link to processing of  
 
RISK FACTORS  
The risk factors below are not listed in any order of  
priority according to significance or probability. It is  
not possible to quantify the significance to Rovsing  
of each individual risk factor as each of the risk  
factors mentioned below may materialise  
individually or simultaneously to a greater or lesser  
degree and have a material adverse effect on  
Rovsing’s business, operating profit and financial  
position.  
the space industry to maintain its good relations  
with these Prime Contractors. There can be no  
assurance of this, and the opposite scenario could  
lead to a loss of future orders and materially affect  
the Company’s future earnings and results.  
21  
Technological developments may impair the  
Company's competitiveness  
Even though the Company is not dependent on  
individual technologies or processes, technological  
developments may occur in the future which may  
impair the Company’s competitiveness, including if  
the Company's fails to maintain a certain level of  
investment in the maintenance and development  
of its current intellectual property rights or faces  
difficulty to source parts.  
For financial risks refer to Note 22.  
RISKS RELATED TO THE COMPANY  
The Company’s earnings expectations are  
subject to considerable uncertainty  
The Company’s expectations for the future are  
based on a number of assumptions. If these  
assumptions are not met, in whole or in part, the  
Company’s future results may deviate considerably  
from the expectations, which may have a material  
adverse effect on the Company’s operations,  
results and financial position.  
Tenders may be unsuccessful  
The Company’s large customers launch a limited  
number of calls for tenders a year. The outcome of  
these tenders can have a significant impact on the  
Company’s revenue, earnings and future  
competitiveness. The outcome of such tenders  
depends on various factors which are beyond the  
Company's control, including the quality and price  
offered by the other tenderers. As there are only a  
limited number of tenders, there is a risk of losing  
more than expected or them all, which will  
materially affect the Company's future results.  
Liquidity risk  
The Company’s liquidity position has historically in  
some months been supported by Jyske Bank if  
large milestones payments have shifted.  
Management assesses that there are several  
options to ensure sufficient liquidity position.  
Lack of contract opportunities due to fully  
allocated return quota  
Liquidity problems due to late payment by  
customers  
For each ESA programme, a ratio applies to the  
aggregate contract amount permitted in each  
participating member state. There is a risk that  
other Danish businesses are awarded large  
contracts under a programme that it can reduce  
Rovsing’s contract opportunities under that  
programme.  
As payments are linked to milestone achievement  
and acceptance, late payments by customers can  
occur from time to time due to customer internal  
process delays. Such delays may adversely affect  
the Company’s liquidity and increase the risks  
related thereto, as discussed above. Delayed  
deliveries to or approvals from customers may have  
a similar effect.  
Risk of infringement of intellectual property  
rights  
The Company is dependent on a few large  
customers  
Rovsing’s products are developed from scratch,  
despite this, there is a risk that the products will  
infringe third party rights, including patent rights.  
Such infringement may involve substantial claims  
from the rightsholders and/or cause rightsholders  
to obtain injunctions against supply of the products  
containing the infringing material, which may  
materially affect Rovsing’s results.  
Rovsing is dependent on a few large and long-  
standing customers. The European Space Agency,  
ESA (end customer), typically delegates the overall  
responsibility for a space programme to the largest  
European space companies Airbus Defense &  
Space, Thales Alenia Space or OHB (”Prime  
Contractors”) – through contracts.  
Fixed-price contracts may involve losses  
Although, when awarding a contract to a Prime  
Contractor, ESA also requires an open competitive  
process in the selection of subcontractors, it is  
crucial for the Company’s future development in  
Although Rovsing has switched to basing its  
deliveries on standard products, Rovsing remains a  
development business which, in some tenders,  
must prepare estimates of the resources and  
 
production cost required to perform the individual  
contracts. There is risk that Rovsing  
partially related actions and rules come up on short  
notice and are subject to intergovernmental  
discussions, Rovsing intends to anticipate such  
potential risks and short-term measures as well in  
line with the customer and supply base. However,  
there remains a risk, that tariffs etc. might be a  
volatile factor in the market with long-term  
projects.  
a
underestimates the (development) costs and/or the  
production cost (price of components) associated  
with existing or future projects and therefore  
cannot achieve the budgeted contribution margins  
and/or incur losses in connection with projects.  
22  
Insufficient insurance cover  
There is no guarantee that the insurance cover  
acquired is sufficient to compensate for a loss  
arising due to a claim, including especially a product  
liability claim. The Company applies rigorous  
quality standards and assurance of its products and  
systems and strives to minimise its exposure by  
way of its general terms of sale and delivery and its  
commercial liability and product liability insurance.  
But there is no certainty that all potential situations  
could have been anticipated or agreed in such a way  
as to prevent an error from having a negative  
impact on the Company’s earnings.  
Accumulation of application know-how may be  
affected by lack of recruitment  
The Company’s strategy is initially to accumulate  
market knowledge, technical skills and marketing  
skills in the global aerospace market, primarily  
through recruitment at the board, management,  
engineer and sales level. When entering new  
market areas, the headcount will increase with a  
resulting risk that capacity adjustment problems  
may arise.  
There is a risk that the Company will not succeed in  
balancing the capacity to ensure coherence  
between the contracts concluded and availability of  
sufficient capacity in terms of both quality and  
quantity, which may affect the Company’s future  
revenue and results.  
In addition, a loss for which the Company is liable or  
jointly liable may potentially damage the  
Company’s opportunities to enter into future  
contracts, as the Company’s business concept  
involves protecting customers against such losses.  
The Company is dependent on key persons  
Wrong assessment of market penetration time  
and demand in new markets  
As  
a
knowledge-based business, the future  
development of the Company relies on  
contributions from current and future employees.  
The Company’s employees are its greatest asset.  
The Company’s ability to attract, retain and  
develop talented employees is therefore  
considered essential to the Company’s future  
activities, results and financial position.  
Penetration of new markets involves a number of  
uncertainties not least in terms of market  
penetration time. The Company has significant  
references from the space industry but does not yet  
possess detailed knowledge of all markets as  
regards applications. Both the penetration time  
and the fact that services provided by the Company  
are often competing with internal resources of  
other companies, are subject to uncertainty. These  
factors may materially affect the Company’s future  
revenue and earnings.  
The Company’s development to date in respect of  
management, development and marketing has  
been driven extensively by individuals. A loss of one  
or more of these employees may have a material  
adverse effect on the Company’s business.  
However, there can be no assurance that this will  
not happen.  
Trade restrictions may impact future business  
A delivery to one market, e.g. the Chinese market,  
may affect the possibilities for supplying to other  
markets, e.g. the USA. Rovsing monitors the  
evolution of the trade and political conflicts  
between countries which are key players in the  
global space markets as well as the evolution in  
trade restrictions such as taxes and tariffs.  
Restrictions on export bonds to certain countries  
can impact the Company’s ability to enter into new  
business markets.  
Unsatisfactory contribution margins of products  
and services may impact results  
The Company’s earnings rely strongly on its ability  
to secure satisfactory contribution margins of its  
contracts.  
The contribution margin depends on the  
Company’s ability to maintain a high level of  
expertise within its product areas and its  
possibilities for reusing product developments and  
Further to trade restrictions and as well in the  
context of ongoing discussions on tariffs and taxes,  
the company might be exposed by the scope of  
their international projects and supply chains. As  
maintaining  
a
stable cost base for the  
manufacturing of the Company’s products. A lack  
of the same will have negative consequences.  
 
Company’s activities, results and financial position.  
Changes to the geographical return rules may  
affect the Company’s earnings. Lastly, stricter  
enforcement of the rules, e.g. so that the four large  
countries (France, Germany, Italy and Great  
Britain) of ESA’s 22-member states gain a larger  
portion of the contracts, will make the market  
conditions much more difficult. This also involves a  
risk to the Company’s future development in the  
European space industry.  
Capitalised development costs, product rights  
and/or tax assets may be written off  
In its annual report for 2024/25, Rovsing capitalised  
development costs of DKK 1,2 million hereafter  
totaling DKK 12,5 million. The deferred tax asset  
has been reassessed during 2024/25 and reduced  
with DKK 1,1 from previous year. There is a risk that  
the products developed cannot be sold to the  
extent expected and/or that the Company does not  
generate a profit in the coming financial years, and  
that the capitalised development costs, product  
rights and/or tax asset will be written off in  
connection with future financial statements. Such a  
scenario will affect Rovsing’s results and balance  
sheet.  
23  
At a meeting of ministers in November 2022,  
Denmark confirmed its continued ESA  
membership and participation in optional  
programmes for the period 2023 - 2025 for an  
aggregate amount of DKK 734 million. This  
combined with the mandatory membership fee  
brings Denmark’s contribution to ESA programmes  
to approximately DKK 245 million a year, which is  
largely unchanged on the years before.  
Exchange rate risk  
In the space industry, the Company’s contracts are  
primarily concluded in EUR or USD. As the Danish  
krone is pegged to the Euro, the exchange rate risk  
in this connection is low. However, exchange rate  
risk occurs while the Company enters into contracts  
in USD.  
Rovsing and Danish space industry partners  
continued to push for increased contributions from  
Denmark during 2024/25 as the growth and  
development potential of the industry is largely  
linked with the contributions, whereas these also  
have a return multiplier effect of 8 (eight) for the  
Danish economy according to OECD estimates.  
This effort has borne the fruit that the current  
government has included an increase for the  
Danish contributions to the ESA budget by DKK 125  
million in both 2024 and 2025. This is a significant  
increase which will give positive effects for the  
Danish space industry. However, still more  
investment is needed should Denmark keep up  
with the development in surrounding EU countries  
we compare ourselves with.  
INDUSTRY SPECIFIC RISK  
Competitors may drive the Company out of the  
market  
The Company is competing in an ever-changing  
market with a large number of development  
businesses in Europe, including a few in Denmark.  
As the Company's customers increasingly use  
standard products, there is a risk that one or more  
competitors develop competing standard products  
which become market leading. This and/or the  
general competition from other development  
businesses may entail a substantial reduction of the  
Company’s revenue and may in that case materially  
affect the Company’s results going forward.  
A renewed commitment from Denmark to ESA is  
expected to be announced this autumn, in  
connection with an updated Danish space strategy  
and the Governments financial budget. All  
indications are that the Danish contributions will at  
minimum remain on par with those in 2024.  
Aerospace market may be affected by ESA  
membership  
The Company’s market segment mainly consists of  
the institutional European aerospace market and  
exclusively exists owing to Denmark’s ESA  
membership.  
Hence, there are currently no signs that Denmark is  
about to withdraw from the ESA collaboration and  
rather renewed focus on the need for a strong  
space sector to support Danish interests and foster  
the growth of the space sector and associated  
industry.  
The same applies for funding from the EU, where  
Rovsing is eligible because of Denmark’s  
membership in the EU and institutions like EDA.  
The geographical return rules of ESA are a recurring  
topic and leading up to the ESA Ministerial  
Conference in 2025 there will be dialog regarding  
the renewal and improvements to the return rules.  
However, it is not expected that the return rules will  
be fully abolished or that ESA will apply the return  
rule more arbitrarily in the future, but there is no  
If Denmark terminates its membership or reduces  
its contribution considerably, a very substantial  
part of Rovsing’s market will cease to exist, and this  
will have  
a
very significant impact on the  
 
guarantee of that. There is a risk that changed  
political priorities may materially affect the  
member states’ funding of ESA programmes,  
which in that case will affect the Company’s  
prospective income and have a materially adverse  
impact on results.  
24  
ESA contracts involve a process in which the  
individual companies that have submitted bids for  
the individual project are assessed, and the  
individual project participants are subsequently  
selected. A kick-off meeting is held where the  
selected project participant receives approval to  
commence the project, but the actual contract is  
signed at a later point in time. This process involves  
a risk that the contracts are never signed and that  
only the approved part is completed. Rovsing has  
never experienced a situation where a kicked off  
contract was not completed, but there is no  
guarantee that this will not happen. In that case,  
such a process may involve substantial losses for  
the Company.  
Warranty costs  
In connection with the development and delivery of  
Rovsing’s high-tech solutions, extensive testing is  
often conducted in collaboration with customers.  
However, there is a risk that the products contain  
defects that are not detected during testing. This  
may subsequently result in warranty costs.  
Historically, Rovsing has not incurred any  
significant warranty cost related to product  
performance.  
 
MANAGEMENT STATEMENT  
25  
The Board of Directors and the Executive Management have today considered and adopted the annual report  
of Rovsing A/S for the financial year 1 July 2024 to 30 June 2025. The financial statements have been prepared  
in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and Danish  
disclosure requirements for listed companies. The Management's review is also presented in accordance with  
Danish disclosure requirements for listed companies.  
We consider the accounting policies applied to be appropriate. Accordingly, the financial statements give a true  
and fair view of the Company’s assets, liabilities and financial position at 30 June 2025 and of the Company's  
activities and cash flows for the financial year 1 July 2024 to 30 June 2025.  
We believe that the Management’s review includes a fair review of developments in the Company’s activities  
and finances, results for the year and the Company’s financial position in general as well as a fair description of  
the principal risks and uncertainties to which the Company is exposed.  
We recommend that the annual report be approved at the Annual General Meeting.  
Glostrup, 16 September 2025  
EXECUTIVE MANAGEMENT  
Hjalti Pall Thorvardarson (CEO)  
Sigurd Hundrup (CFO)  
BOARD OF DIRECTORS  
Ulrich Beck (Chairman)  
Carsten Jørgensen  
Kim Brangstrup  
Michael Lumholt  
 
INDEPENDENT AUDITOR'S REPORT  
TO THE SHAREHOLDERS OF ROVSING A/S  
26  
OPINION  
In our opinion, the consolidated financial statements and the Company financial statements give a true and fair  
view of the Company's assets, liabilities and financial position at 30 June 2025 and of the results of the  
Company's operations and cash flows for the financial year 1 July 2024 30 June 2025 in accordance with the  
IFRS Accounting Standards as adopted by the EU and additional requirements in the Danish Financial  
Statements Act.  
Our opinion is consistent with our long-form audit report to the Board or Directors and the Audit Committee.  
Audited financial statements  
Rovsing A/S' financial statements for the financial year 1 July 2024 30 June 2025 comprise the income  
statement, statement of comprehensive income, balance sheet, statement of changes in equity, statement of  
cash flows and notes, including summary of material accounting policy information, for the Company (the  
financial statements). The financial statements are prepared in accordance with the IFRS Accounting Standards  
as adopted by the EU and additional requirements in the Danish Financial Statements Act.  
BASIS FOR OPINION  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional  
requirements applicable in Denmark.  
Our responsibilities under those standards and requirements are further described in the "Auditor's  
responsibilities for the audit of the financial statements" section of our report.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our  
opinion.  
Independence  
We are independent of the Company in accordance with the International Ethics Standards Board for  
Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical  
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with  
these requirements and the IESBA Code.  
We declare, to the best of our knowledge and belief, that we have not provided any prohibited non-audit  
services, as referred to in Article 5(1) of the Regulation (EU) 537/2014 and that we remained independent in  
conducting the audit.  
We were appointed auditors of Rovsing A/S for the first time on 25 October 2021 for the financial year 2021/22.  
We have been re-appointed by resolutions passed by the annual general meeting for a total uninterrupted  
engagement period of 4 years up to and including the financial year ending 30 June 2025.  
KEY AUDIT MATTERS  
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit  
of the financial statements for the 2024/25 financial year. These matters were addressed in the context of our  
audit of the financial statements as a whole, and in the forming of our opinion thereon. We do not provide a  
separate opinion on these matters.  
 
Key audit matters  
Revenue  
How our audit addressed the key audit matter  
27  
The Company delivers long term contracts, which  
typically extended over more than one financial year.  
Due to the nature of these contracts and in accordance  
with the accounting policies, the Company recognises  
and measures revenue from such long-term contracts  
over time based on the percentage of completion  
method.  
For the purpose of our audit, the procedures we carried  
out included the following:  
We have considered the appropriateness of the  
Company’s revenue recognition policy and  
assessed its compliance with IFRS 15 Revenue  
from Contracts with Customers.  
We have discussed with Management and  
evaluated the internal controls and procedures for  
the revenue recognition.  
The percentage of completion is calculated on the  
basis of the contract cost incurred at the balance sheet  
date in relation to the estimated total cost of the  
contract.  
We have discussed with Management the key  
judgements and estimates made related to the  
recognised revenue.  
The audit of the recognition and measurement has  
been considered a key audit matter as there is a risk  
that the estimated total costs the contract are not  
accurately estimated.  
We have performed retrospective reviews of  
realised contract costs to determine the historical  
accuracy of estimated total costs of the contracts  
in order to assess the quality of past estimates  
made by management..  
We refer to note 3 to the financial statements,  
regarding the disclosures related to revenue and note 1  
to the financial statements for the Company’s  
accounting policy.  
We have reconciled the terms in the contracts with  
customers to project calculations supporting the  
revenue recognition including contract value and  
the projected stages of completion for the  
contracts.  
We have reconciled the actual realised costs to the  
calculations of percentage of completion  
supporting the revenue recognition and the  
estimated total costs of the project to the latest  
updated projections approved by Management.  
We have assessed the reasonableness of the used  
assumptions of total cost to complete for all  
contracts by reconciling the used amounts to the  
latest approved forecasts, inquiring Management,  
inspecting the developed assumptions and  
assessing the appropriateness of their scope  
including considerations of actuals and forecasts  
against the original budgets.  
In addition, we have assessed whether the  
disclosures; Note 3 Revenue in the financial  
statements meet the requirements of IFRS.  
Valuation of intangible assets  
Completed development projects represent DKK 12.5  
million corresponding to 35% of the Company’s assets.  
For the purpose of our audit, the procedures we carried  
out included the following:  
Management conducts annual impairment test to  
We obtained an understanding of the estimate and its  
determine whether the carrying amounts of recognised elements.  
completed development projects are considered to be  
We have assessed the valuation method against  
the requirements of the IFRS.  
impaired and, hence should be written down to the  
recoverable amount.  
We have discussed with Management and  
evaluated the design and implementation of  
internal controls and the procedures for preparing  
impairment tests and the budget and forecasts.  
Management determines the recoverable amount of  
the completed development projects using a  
discounted cash flow model (value in use).  
Key assumptions used in the impairment test are  
increase in revenue and margin and the applied  
discount rate.  
We have focused our audit on the appropriateness  
of models and the key assumptions used by  
Management to calculate the values in use and  
 
The audit of the recoverable amount has been  
considered a key audit matter as the determination of  
the recoverable value is associated with significant  
estimation uncertainty.  
assessed the consistency of the assumptions  
applied to internal and external information  
obtained.  
We assessed the reasonableness of the  
assumptions subject to significant uncertainty and  
subjectivity, such as projected revenue and  
terminal growth rate, by comparing them to the  
historic earnings and Management’s market  
expectations.  
28  
We refer to note 2 to the financial statements,  
regarding accounting estimate and the assessment of  
the valuation and note 1 to the financial statements for  
the Company’s accounting policy.  
We assessed the appropriateness of the discount  
rate applied and underlying assumptions by  
developing an independent expectation for key  
elements of the discount rate based on available  
market data.  
We have performed a sensitivity analysis for the  
significant assumptions in order to assess the  
impact of the changes to these assumptions on the  
valuation of the intangibles.  
We also assessed whether the disclosures of the  
intangible assets meet the requirements of IFRS.  
STATEMENT ON THE MANAGEMENT'S REVIEW  
Management is responsible for the Management's review.  
Our opinion on the financial statements does not cover the Management's review, and we do not express any  
form of assurance conclusion thereon.  
In connection with our audit of the financial statements, our responsibility is to read the Management's review  
and, in doing so, consider whether the Management's review is materially inconsistent with the financial  
statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.  
Moreover, it is our responsibility to consider whether the Management's review provides the information  
required by relevant law and regulations.  
Based on the work we have performed, we conclude that the Management's review is in accordance with the  
financial statements and has been prepared in accordance relevant law and regulations. We did not identify any  
material misstatement of the Management's review.  
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS  
Management is responsible for the preparation of financial statements that give a true and fair view in  
accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements in the  
Danish Financial Statements Act and for such internal control that Management determines is necessary to  
enable the preparation of financial statements that are free from material misstatement, whether due to fraud  
or error.  
In preparing the financial statements, Management is responsible for assessing the Company's ability to  
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going  
concern basis of accounting unless Management either intends to liquidate the Company or to cease operations,  
or has no realistic alternative but to do so.  
 
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS  
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free  
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our  
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in  
accordance with ISAs and the additional requirements applicable in Denmark will always detect a material  
misstatement when it exists. Misstatements may arise from fraud or error and are considered material if,  
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users  
taken on the basis of these financial statements.  
29  
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,  
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:  
identify and assess the risks of material misstatement of the financial statements, whether due to fraud or  
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is  
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material  
misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion,  
forgery, intentional omissions, misrepresentations or the override of internal control.  
obtain an understanding of internal control relevant to the audit in order to design audit procedures that  
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness  
of the Company's internal control.  
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates  
and related disclosures made by Management.  
conclude on the appropriateness of Management's use of the going concern basis of accounting in  
preparing the financial statements and, based on the audit evidence obtained, whether a material  
uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability  
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw  
attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures  
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the  
date of our auditor's report. However, future events or conditions may cause the Company to cease to  
continue as a going concern.  
evaluate the overall presentation, structure and contents of the financial statements, including the  
disclosures, and whether the financial statements represent the underlying transactions and events in a  
manner that gives a true and fair view.  
plan and perform the audit to obtain sufficient appropriate audit evidence regarding the financial  
information of the entities or business units within the Company as a basis for forming an opinion on the  
financial statements. We are responsible for the direction, supervision and review of the audit work  
performed for purposes of the audit. We remain solely responsible for our audit opinion.  
We communicate with those charged with governance regarding, among other matters, the planned scope and  
timing of the audit and significant audit findings, including any significant deficiencies in internal control that  
we identify during our audit.  
We also provide those charged with governance with a statement that we have complied with relevant ethical  
requirements regarding independence, and to communicate with them all relationships and other matters that  
may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate  
threats or safeguards applied.  
From the matters communicated to those charged with governance, we determine those matters that were of  
most significance in the audit of the financial statements of the current period and therefore the key audit  
matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure  
about the matter or when, in extremely rare circumstances, we determined that a matter should not be  
communicated in our report because the adverse consequences of doing so would reasonably be expected to  
outweigh the public interest benefits of such communication.  
 
REPORT ON COMPLIANCE WITH THE ESEF REGULATION  
As part of our audit of the Financial Statements of Rovsing A/S, we performed procedures to express an opinion  
on whether the annual report of Rovsing A/S for the financial year 1 July 2024 to 30 June 2025 with the file name  
[name of file33] is prepared, in all material respects, in compliance with the Commission Delegated Regulation  
(EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related  
to the preparation of the annual report in XHTML format.  
30  
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This  
responsibility includes the preparing of the annual report in XHTML format.  
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material  
respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report  
that includes our opinion. The procedures consist of testing whether the annual report is prepared in XHTML  
format.  
In our opinion, the annual report of Rovsing A/S for the financial year 1 July 2024 to 30 June 2025 with the file  
name ROVSING Annual Report 2024-2025_Final is prepared, in all material respects, in compliance with the  
ESEF Regulation.  
Copenhagen, 16 September 2025  
KPMG P/S  
Statsautoriseret Revisionspartnerselskab  
CVR no. 25 57 81 98  
Sara Carstensen  
State Authorised  
Public Accountant  
mne34191  
Ilhan Dogan  
State Authorised  
Public Accountant  
mne47842  
 
INCOME AND COMPREHENSIVE INCOME STATEMENT  
31  
2024/25  
2023/24  
Note  
3
INCOME AND COMPREHENSIVE INCOME STATEMENT  
DKK’000  
37,024  
-13,369  
1,673  
39,258  
-14,099  
1,304  
Revenue  
Changes in inventories and work materials used  
Work performed by the entity and capitalised  
25,328  
26,463  
Gross profit  
-3,388  
-20,622  
-3,169  
-20,346  
4
Other external expenses  
Staff costs  
5, 6  
Operating profit before depreciation and amortisation  
(EBITDA)  
1,318  
2,948  
-2,306  
-1,984  
7, 8  
Depreciation, amortisation and impairment  
-988  
964  
Operating loss (EBIT)  
16  
35  
9
Financial income  
-1,275  
-1,244  
10  
Financial expenses  
-2,247  
-638  
-245  
411  
Loss before tax  
11  
Tax on loss for the year  
Net profit  
-2,885  
-2,885  
166  
166  
Comprehensive income  
Allocation of loss and comprehensive income:  
-2,885  
166  
Shareholders of Rovsing A/S  
12  
Earnings per share  
-4.7  
-4.7  
0.3  
0.3  
Earnings per share (EPS Basic)  
Earnings per share (EPS-D)  
 
BALANCE SHEET  
2024/25  
2023/24  
Note  
BALANCE SHEET, ASSETS  
DKK’000  
32  
Non-current assets  
Intangible assets  
12,513  
0
12,277  
0
13  
13  
13  
Completed development projects  
Patents and licenses  
Development projects in progress  
836  
216  
13,349  
12,493  
Property, plant and equipment  
Right-of-Use assets  
Property, plant and equipment  
2,909  
484  
1,620  
700  
15  
14  
3,393  
2,320  
Other non-current assets  
504  
411  
Tax  
1,001  
2,143  
16  
Deferred tax  
1,505  
2,554  
18,247  
17,367  
Total non-current assets  
Current assets  
Inventories  
Trade receivables  
Contract work in progress  
Tax  
4,360  
4,460  
7,024  
411  
5,186  
6,909  
3,965  
470  
4
17  
18  
387  
221  
16  
1,178  
251  
15  
17  
Other receivables  
Prepayments  
Cash  
16,879  
35,126  
17,974  
35,341  
Total current assets  
TOTAL ASSETS  
 
BALANCE SHEET  
33  
2024/25  
2023/24  
Note  
BALANCE SHEET, EQUITY AND LIABILITIES  
DKK’000  
19  
Equity  
6,848  
5,316  
-1,410  
5,705  
4,820  
-346  
Share capital  
Reserves for development costs  
Retained earnings  
10,754  
10,179  
Total equity  
Non-current liabilities  
1,725  
0
2,096  
2,500  
1,912  
790  
20  
20  
15  
Other credit institutions  
Bond loans  
Lease liabilities  
3,821  
5,202  
Total non-current liabilities  
Current liabilities  
4,149  
927  
4,283  
807  
24  
15  
Credit institutions  
Lease liabilities  
1,912  
0
20  
18  
Bond loans  
8,684  
2,574  
1,678  
627  
9,118  
2,541  
3,211  
0
Prepayments from customers  
Trade payables  
Other payables  
21  
22  
Deferred income  
20,551  
24,372  
35,126  
19,960  
25,162  
35,341  
Total current liabilities  
Total liabilities  
TOTAL EQUITY AND LIABILITIES  
 
STATEMENT OF CHANGES IN EQUITY  
34  
RESERVES  
2023/24  
DKK’000  
SHARE  
CAPITAL  
FOR  
DEVELOP-  
MENT COSTS  
RETAINED  
EARNINGS  
TOTAL  
6,622  
4,129  
Equity at 1 July 2023  
23,811  
-21,318  
Comprehensive income for the  
period  
Comprehensive income  
0
0
0
166  
166  
0
Transferred between reserves  
691  
-691  
Total comprehensive income for  
the period  
0
691  
-525  
166  
Other transactions  
Capital decrease  
-19,049  
0
0
0
0
0
0
19,049  
2,345  
44  
0
3,288  
44  
Capital increase  
943  
Other adjustments  
Costs capital increase  
Warrants  
0
0
0
-197  
-197  
256  
256  
Total transactions with owners  
-18,106  
21,497  
3,391  
Equity at 30 June 2024  
5,705  
4,820  
-346  
10,179  
The reserves have been allocated in accordance with the Danish Companies Act.  
 
RESERVES  
FOR  
DEVELOP-  
2024/25  
DKK’000  
SHARE  
CAPITAL  
RETAINED  
EARNINGS  
35  
TOTAL  
10,179  
MENT COSTS  
4,820  
Equity at 1 July 2024  
5,705  
-346  
Comprehensive income for the  
period  
Comprehensive income  
0
0
0
-2,885  
-496  
-2,885  
0
Transferred between reserves  
496  
Total comprehensive income for  
the period  
0
496  
-3,381  
-2,885  
Other transactions  
Capital Increase  
1,143  
0
0
0
0
0
2,857  
-135  
4,000  
-135  
Costs capital increase  
Warrants  
0
-405  
2,317  
-405  
Total transactions with owners  
1,143  
3,460  
Equity at 30 June 2025  
6,848  
5,316  
-1,410  
10,754  
The reserves have been allocated in accordance with the Danish Companies Act.  
 
CASH FLOW STATEMENT  
2024/25  
-2,885  
2023/24  
166  
Note  
CASH FLOW STATEMENT  
DKK’000  
36  
Loss for the year  
Adjustment for non-cash operating items etc.:  
Depreciation, amortisation and impairment  
Other non-cash operating items, net  
Financial income  
2,306  
-404  
-16  
1,984  
240  
8
26  
9
-35  
1,275  
638  
1,244  
-411  
10  
11  
Financial expenses  
Tax on loss for the year  
Cash flows from operations before changes in working  
capital  
914  
3,188  
-489  
-1,073  
27  
Change in working capital  
425  
2,115  
Cash flow from operations  
Interest received  
Interest paid  
16  
-1,275  
35  
-1,244  
469  
210  
Refund of corporate tax (LL§8b)  
-365  
1,116  
Cash flow from operating activities  
-1,831  
406  
-1,408  
0
13  
14  
Acquisition of intangible assets  
Received development subsidies  
Acquisition of tangible assets  
-44  
-98  
-1,469  
-1,506  
Cash flow from investing activities  
-909  
0
3,811  
-932  
-135  
2,354  
-4,200  
3,332  
-933  
24  
24  
New bond loans and debt with credit institutions  
Repayment of bond loan  
Capital increase etc., net proceeds from issue  
Principal paid on lease  
-197  
Costs emission  
1,835  
1
356  
-34  
49  
Cash flow from financing activities  
Net cash flow for the period  
Cash, beginning of year  
15  
16  
15  
Cash, end of year  
 
OVERVIEW OF NOTES TO THE FINANCIAL STATEMENTS  
37  
Note  
1
Note  
15  
Accounting policies  
Leasing  
2
Accounting estimates and judgments  
Revenue  
16  
17  
Deferred tax  
3
Receivables  
4
Expenses  
18  
Contract work in progress  
Equity  
5
Staff costs  
19  
20  
21  
6
Share-based payment  
Research and development costs  
Depreciation, amortisation and impairment  
Financial income  
Loans  
7
Other payables  
8
22  
23  
Deferred income  
9
Contingent assets and liabilities  
Financial risks and financial instruments  
Contingent assets and liabilities  
Non-cash transactions  
Working capital changes  
Related party transactions  
Events after the reporting period  
10  
11  
12  
13  
14  
Financial expenses  
24  
25  
26  
24  
28  
29  
Tax on profit/loss for the year  
Earnings per share  
Intangible assets  
Property, plant and equipment  
 
NOTES  
The difference between the exchange rate ruling at  
the balance sheet date and the exchange rate at the  
date when the receivable or payable arose or was  
recognised in the most recent financial statements  
is recognised in the income statement under  
financial income or expenses.  
38  
NOTE 1. ACCOUNTING POLICIES  
The annual report for 2024/25, which comprises the  
Company’s financial statements, has been  
prepared in accordance with International Financial  
Reporting Standards (IFRS) as adopted by the  
European Union and additional Danish disclosure  
requirements for class D companies for listed  
companies.  
Segments  
The Company consist of one segment as per the  
definition within IFRS 8, which constitute the entire  
Company, and as such the segment disclosures are  
prepared based on this assumption. Consequently,  
the Company has not been organized around  
differences in products and services, geographical  
areas, regulatory environment or otherwise.  
The accounting policies are consistent with those  
applied in 2023/24.  
The annual report is presented in DKK thousands  
(DKK ‘000).  
Relevant new accounting standards  
Applying materiality  
Management has assessed the impact of new or  
amended accounting standards and interpretations  
(IFRSs) issued by the IASB and IFRSs endorsed by  
the European Union effective on or after 1 July  
2024. Management assessed that application of  
these has not had a material impact on the  
amounts reported in these financial statements.  
The provisions in IFRS contain extensive disclosure  
requirements. The specific disclosures required  
according to IFRS are stated in the consolidated  
financial statements included in this Annual Report  
unless the disclosures concerned are considered  
irrelevant or immaterial for financial decisions  
made by the financial statement users.  
New standards and interpretations not yet  
adopted  
Going concern  
Management is required to decide whether the  
financial statements can be presented on a ‘going  
concern’ basis. Based on estimated future  
prospects, expectations of future cash flows,  
existence of credit facilities, etc., Management is of  
the opinion that the Company can continue  
operating for at least 12 months from the balance  
sheet date, for further see note 2 and 22.  
Management has assessed the impact of new or  
amended accounting standards and interpretations  
(IFRSs) issued by the IASB that have not yet  
become effective. Except for IFRS 18 Presentation  
and Disclosure in Financial Statements,  
Management does not anticipate any significant  
impact on future periods from the adoption of  
these amendments. Management expects in the  
accounting year 2025/26 to evaluate on the effect  
on IFRS 18.  
Foreign currency translation  
Rovsing uses DKK as its functional and presentation  
currency.  
On initial recognition, transactions denominated in  
foreign currency are translated at the exchange  
rate ruling on the transaction date. Foreign  
exchange differences arising between the  
exchange rate at the transaction date and at the  
date of payment are recognised in the income  
statement under financial income or expenses.  
Receivables, payables and other monetary items  
denominated in foreign currency are translated at  
the exchange rates ruling at the balance sheet date.  
 
hours are expensed as they occur and are  
considered immaterial.  
NOTES  
Other operating income  
Revenue  
Other operating income includes grants, which are  
recognised in step with completion of the activity  
eligible for grant.  
39  
Income from the sale of goods and services is  
recognised in the income statement when each of  
the separate performance obligations are satisfied.  
Revenue is recognised excluding VAT and taxes and  
net of discounts related to sales. Each revenue type  
is subject to the 5-step model which includes:  
Identification of contract, separation of  
performance obligations in each contract,  
determining the transaction price, allocation of  
price to identified performance obligations and  
recognition of revenue.  
Other external costs  
Other external costs comprise expenses for  
distribution, sale, marketing, administration,  
premises, etc.  
Warrants  
For equity-settled stock options and warrants, the  
fair value is measured at the grant date and  
recognised in the income statement under staff  
costs over the vesting period. The balancing item is  
recognised directly in equity.  
Revenue from contracts with customers is  
recognised when control of the goods or services  
are transferred to our customers at an amount that  
reflects the transaction price to which we expect to  
be entitled in exchange for these goods or services.  
On initial recognition of the stock options and  
warrants, the number of options and warrants  
expected to vest is estimated. Subsequently,  
adjustment is made only for changes in the number  
of employees estimated to become entitled to  
options or warrants.  
Revenue from projects, products, and services  
(with the exception of sale of service hours) is  
recognised over time, using the cost-to-cost  
method, when we have no alternative use for the  
goods or services to be delivered and we have an  
enforceable right to payment for work completed.  
The fair value is determined according to the Black-  
Scholes method.  
If we do have an alternative use for the goods or  
services to be delivered, e.g. products with a low  
degree of customisation, such sales will be  
recognised at the point in time when control  
transfers to the customer, usually upon delivery.  
Financial income and expenses  
Financial income and expenses include interest  
income and expenses, exchange gains and losses  
on securities, payables and transactions in foreign  
currencies, amortisation of financial assets and  
liabilities. Borrowing costs attributable to  
qualifying assets are included in the cost of these  
assets.  
The percentage of completion for projects is  
determined on the basis of expenses incurred to  
date for engineering hours etc. associated with  
developing, manufacturing and installing the  
product relative to the expected overall expenses  
of the projects.  
Tax  
Tax on the profit/loss for the year, consisting of the  
year’s current tax, movements in deferred tax and  
any prior-year adjustments, is recognised in the  
income statement as regards the amount that can  
be attributed to the profit/loss for the year and  
posted in other comprehensive income or directly  
in equity as regards the amount that can be  
attributed to movements in equity.  
Payment terms on the majority of the contract  
milestones are between 30 days - end of month plus  
45 days.  
Production costs, external  
Other operating costs include cost of goods sold  
and other external costs incurred to generate the  
revenue for the year.  
Deferred tax is measured in accordance with the  
balance sheet liability method on all temporary  
differences between the carrying amount and the  
tax base of assets and liabilities.  
Warranty costs  
In connection with the development and delivery of  
Rovsing’s high-tech solutions, extensive testing is  
often conducted in collaboration with customers.  
However, there is a risk that the products contain  
defects that are not detected during testing. This  
may subsequently result in warranty costs, these  
The tax value of tax losses carried forward is  
included in the statement of the deferred tax if the  
loss is likely to be utilised.  
 
useful lives are assessed annually and adjusted, if  
appropriate, at each balance sheet date. Gains or  
losses on the disposal or removal of assets are  
recognised in the income statement under the  
same items as the related assets.  
NOTES  
Deferred tax is measured on the basis of the tax  
regulations and rates that apply at the balance  
sheet date and are expected to apply at the time  
when the deferred tax is expected to crystallise as  
current tax.  
40  
Impairment of intangible assets  
Development projects in progress are tested for  
impairment annually by comparing the carrying  
amounts of the assets with their recoverable  
amounts. Other development projects are  
reviewed on an ongoing basis to determine  
whether there are any indications of impairment in  
excess of the amount provided for by normal  
depreciation. If there is an indication that an asset  
may be impaired, it is tested for impairment.  
Changes in deferred tax due to changes in the tax  
rates are recognised in the income statement as  
regards the share that relates to the net profit or  
loss for the year, whereas the share that relates to  
entries directly in equity is taken to other  
comprehensive income or directly to equity.  
Intangible assets  
Intangible assets recognised in the balance sheet  
are measured at the lower of cost less accumulated  
amortisation and the recoverable amount.  
If the carrying amount of development projects  
exceeds their recoverable amount, the carrying  
amount is written down to the recoverable amount.  
Investments in development comprise costs and  
wages directly attributable to the Company’s  
development activities.  
Property, plant and equipment  
Items of property, plant and equipment are  
measured at cost less accumulated depreciation.  
Depreciation is charged on a straight-line basis over  
the expected useful lives of the assets.  
Development projects which are clearly defined  
and identifiable, where the level of technical  
utilisation, sufficient resources and a potential  
future market or business opportunity for the  
Company can be demonstrated, and where the  
intention is to manufacture, market or utilise the  
project, are recognised as intangible assets if the  
cost can be reliably measured, and there is  
sufficient certainty that the future earnings can  
cover production and sales costs, administrative  
expenses and investments in development.  
Tools and equipment and software are depreciated  
over three to five years.  
Rental and lease matters  
Assets and liabilities arising from a lease are initially  
measured on a present value basis. Lease liabilities  
include the net present value of the payments,  
which are fixed or variable dependent on an index  
or a rate.  
After completion of the development work,  
development costs are amortised on a straight-line  
basis over the estimated useful life.  
The lease payments are discounted using the  
implied interest rate of the lease. If that rate cannot  
be readily determined, which is generally the case  
for leases in Rovsing, the lessee’s incremental  
borrowing rate is used, being the rate that the  
individual lessee would have to pay to borrow the  
funds necessary to obtain an asset of similar value  
to the right-of-use asset in a similar economic  
environment with similar terms, security and  
conditions.  
Grants received to cover capitalised development  
costs are recognised as reduction in the cost of the  
development asset when the development asset is  
ready for use and is recognised in the profit & loss  
as the developed asset is amortised.  
Other development costs are recognised in the  
income statement as incurred.  
When adjustments to lease payments based on an  
index or rate take effect, the lease liability is  
reassessed and adjusted against the lease asset.  
Service components are excluded from the lease  
liability.  
The usual amortisation period is three to ten years.  
Acquired rights are amortised over ten years.  
Software is measured at cost less accumulated  
depreciation.  
Lease payments are allocated between principal  
and finance costs. The finance costs are charged to  
Software is depreciated using the straight-line  
method over its expected useful life, estimated at  
three to five years. The assets’ residual values and  
 
trade receivables do not contain a significant  
financing component. ECL is determined based on  
days past due and credit risk in groupings of  
customer segments.  
NOTES  
profit or loss over the lease period so as to produce  
constant periodic rate of interest on the  
a
41  
remaining balance of the liability for each period.  
Contract work in progress  
Right-of-use assets are measured at cost  
comprising the amount of the initial measurement  
of lease liability, any lease payments made at or  
before the commencement date less any lease  
incentives received, any initial direct costs, and any  
restoration costs.  
Contract work in progress is measured at the selling  
price of the production performed. The selling price  
is calculated with due consideration to costs of  
completion as basis for estimation of delivered  
performance obligations, adjusted for any  
ascertained losses.  
Right-of-use assets are generally depreciated over  
the shorter of the asset’s useful life and the lease  
On-account payments received are deducted from  
the item contract work in progress. On account  
payments received over and beyond the completed  
part of the project are calculated separately for  
each contract and recognised in the item  
prepayments from customers.  
term on  
a
straight-line basis. If Rovsing is  
reasonably certain to exercise a purchase option,  
the right-of-use asset is depreciated over the  
underlying asset’s useful life.  
Payments associated with short-term leases and all  
leases of low-value assets are recognised as an  
expense in profit or loss. Short-term leases are  
leases with a lease term of 12 months or less. Low-  
value assets comprise IT-equipment and  
Prepayments  
Prepayments comprise costs incurred relating to  
subsequent financial years.  
Equity  
small items of office furniture.  
Reserve for development costs. The reserve for  
internal development costs comprises capitalized  
development costs. This reserve cannot be used for  
dividends or distributions, or to cover losses. If the  
recognized development costs are sold or  
otherwise excluded from the company’s  
operations, the reserve will be dissolved and  
transferred directly to the distributable reserves  
under equity. If the recognized development costs  
are written down, the part of the reserve  
corresponding to the write-down of the  
development costs will be reserved. If a write-down  
of development costs is subsequently reserved, the  
reserve will be re-established. The reserve is  
calculated net of tax and reduced by amortization  
of capitalized development costs on an ongoing  
basis.  
Impairment of property, plant and equipment  
Depreciable assets are reviewed on an ongoing  
basis to determine any indications of impairment in  
excess of what is expressed in the normal  
depreciation of assets. If there is an indication that  
an asset may be impaired, it is tested for  
impairment. Where the recoverable amount is  
lower than the carrying amount, the value is written  
down to the lower recoverable amount.  
Inventories  
Inventories are measured at the lower of cost in  
accordance with the FIFO (first in, first out) method  
and the net realisable value. Goods for resale are  
measured at cost, comprising the purchase price  
plus delivery costs.  
Pension obligations  
Contributions to defined contribution plans are  
expensed as incurred.  
The net realisable value of inventories is calculated  
as the sales amount less costs of completion and  
costs necessary to make the sale and is determined  
taking into account marketability, obsolescence  
and development in expected selling price.  
Other provisions  
Other provisions are recognised when, as  
a
consequence of an event occurring before or at the  
balance sheet date, the Company has a legal or  
constructive obligation, and it is probable that  
there may be an outflow of economic benefits to  
meet the obligation.  
Receivables  
Receivables are measured at amortised cost.  
Provision is made for bad debts. The company's  
revenue is generated on relatively few customers  
and in recent periods there have been no losses on  
receivables. The company applies the simplified  
approach to measure expected credit losses as  
 
NOTES  
42  
Current and non-current liabilities  
Current liabilities, which comprise loans, trade  
payables, bond loans and other payables, are  
measured at amortised cost.  
Deferred income  
Deferred income comprises payments received  
relating to income in subsequent financial years.  
Cash flow statement  
The Company’s cash flow statement shows the  
cash flows for the year, broken down by operating,  
investing and financing activities, and the year's  
changes in cash and cash equivalents as well as cash  
and cash equivalents at the beginning and end of  
the year.  
Cash flows from operating activities are calculated  
indirectly as the profit or loss for the year, adjusted  
for non-cash operating items, financial items paid  
and tax paid.  
Working capital includes current assets less current  
liabilities, exclusive of the items included in cash.  
Cash flows from investing activities comprise the  
acquisition and disposal of intangible assets,  
property, plant and equipment and financial assets  
as well as the purchase of short-term securities.  
Cash flows from financing activities comprise the  
raising of loans and repayment of loans and  
contribution of capital through share issues.  
Cash and cash equivalents comprise deposits with  
banks.  
 
DEFINITION OF RATIOS AND NON-FINANCIAL MEASURES  
43  
Ratio  
Explanation  
No. of shares, end of period  
The total number of outstanding shares at any given time,  
exclusive of the Company’s treasury shares.  
Cash flow per share (DKK)  
Cash flows from operating activities divided by average number  
of shares.  
EBITDA margin (profit margin before  
depreciation and amortisation) (%)  
Earnings before interest, tax depreciation and amortisation as a  
percentage of revenue.  
EBIT margin (profit margin) (%)  
Equity ratio  
Earnings before interest and tax as a percentage of revenue.  
Equity, end of year, as a percentage of total assets.  
Return on equity (%)  
Profit/loss for the year after tax divided by average equity.  
Average no. of outstanding shares (1,000) Average number of outstanding shares at any given time.  
Net asset value per share (DKK)  
Payout ratio (%)  
Equity at year-end divided by number of shares at year-end.  
Total dividends distributed divided by profit/loss for the year.  
Earnings per share (DKK)  
The Company’s share of profit/loss for the year divided by  
average no. of shares.  
Solvency ratio (%)  
Traditional way of expressing the Company’s financial strength.  
Dividend per share of DKK 10  
Order back-log  
Dividend payment in Danish kroner per share.  
The remaining value of contracts to be recognised as revenue in  
future periods.  
 
NOTES  
with both assets. The assumptions used when  
preparing the impairment tests were:  
NOTE 2. ACCOUNTING JUDGEMENTS AND  
ESTIMATION UNCERTAINTIES  
44  
- Revenue is for 2025/26 based on current order  
back log (approx. 70% secured) and incoming of  
new orders from pipeline, and for 2026/27 revenue  
is based on a combination of order back log and  
estimated revenue. Revenue for 2027/28 and  
onwards is based on estimated growth rates of  
average 10 %.  
- Cost and expenses assumptions are based on  
empirical data from 2024/25 and then inflated as  
this is considered representative for the future.  
- WACC amounts to 11% (2023/24: 11%)  
When preparing the financial statements, the use  
of reasonable estimates and judgments is an  
essential part. Given the uncertainties inherent in  
our business activities, Management makes a  
number of accounting estimates and judgments.  
The estimates and judgments are based on  
assumptions which form the basis for recognition  
and measurement of our assets, liabilities, cash  
flows and related disclosures. Estimates are  
regularly reassessed.  
- Terminal growth 1% (2023/24: 1%). Management  
believes that the growth rate is reasonable based  
on demand within the space industry.  
Key accounting estimates are expectations of the  
future based on assumptions, that to the extent  
possible are supported by historical experience,  
customer demands, competitor actions and other  
reasonable expectations. Estimates, by their  
nature, are associated with uncertainty and  
unpredictability. The actual amounts may differ  
from the amounts estimated as more detailed  
information becomes available. Management  
believe that the estimates are reasonable,  
appropriate and the most likely outcome of future  
events under the given circumstances.  
The value in use amounts were calculated as future  
free cash flows based on budgets for 2024/25 and  
forecasts for the following years incorporating the  
assumptions used in the financial budgets. The  
forecast period amounted to 5 years.  
Any reasonable possible change in the key  
assumptions on which the recoverable amount is  
based would not cause the carrying amount to  
exceed the recoverable amount.  
Key accounting judgments are made when  
applying accounting policies. Key accounting  
judgments are judgments made, that can have a  
significant impact on recognition, classification and  
disclosures of amounts in the financial statements.  
Development projects in progress are subject to an  
annual impairment test. Development projects in  
progress amounts to DKK 836 thousand and no  
impairment has been recognized.  
Intangible assets  
Contract work in progress  
For each project, Management assesses whether  
the criteria for recognition as intangible assets are  
met. Completed development projects and product  
rights are tested annually for indication of  
impairment. If impairment is identified, an  
impairment test is performed for the individual  
development projects.  
Contract work in progress include non-invoiced  
services with a value of DKK 38,8 million (2023/24:  
DKK 32,0 million), which is recognised on the basis  
of an assessment of the percentage of completion  
of the delivered service. The selling price is  
measured based on the stage of completion and  
the total estimated income from the individual  
contracts in progress. Usually, the stage of  
completion is determined as the ratio of actual to  
total budgeted consumption of resources. Contract  
work in progress for Fixed Priced contracts is  
measured at the selling price of work completed at  
the balance sheet date, and the selling price is  
calculated on the basis of contracted income and  
the determined stage of completion. Stage of  
completion is determined making estimates of  
future hours and other project costs.  
The carrying amount of completed development  
projects is DKK 12,513 thousand (2023/24: DKK  
12,277 thousand). The completed development  
projects are related to the development of the  
EGSE Platform which consists of Power Systems  
and Power Products such as SAS (Solar Array  
Simulator) and SLP (Second Level Protection). The  
EGSE Platform constitutes the company’s only  
CGU. An impairment test was prepared for this  
CGU and the recoverable amounts were estimated  
to be higher than the carrying amounts for all  
assets. The most significant assumptions are the  
revenue back log, cost and expenses associated  
 
NOTES  
Funding in 2025/26  
For further see note 16.  
Funding in 2025/26 is based on a cash flow forecast  
with positive cash flow from operations together  
with a continuation of the existing short-term  
funding facility provided by Jyske Bank. In addition,  
the funding in 2025/26 is based on the convertible  
bond loan of DKK 1,9 million, which is due 12  
January 2026, but have after the balance sheet date  
been prolonged with 1 year until January 2027.  
45  
During 2023/24 Rovsing, Jyske Bank and EIFO  
(earlier Vækstfonden) agreed on a 6-year loan of  
DKK 2,5 million to secure the necessary working  
capital to handle several major projects at the same  
time. In the first two years the loan is without  
repayments. Even though there have been  
installments of DKK 0,2 million in 2024/25 an  
agreement between Rovsing, EIFO and Jyske Bank  
had been made to postpone any further  
installments until October 2026.  
Under the current rules for listed companies,  
Rovsing may issue new shares for up to 30% of the  
Company's existing share capital within a 12 month  
period. Within this framework, the size of a  
potential capital increase will be assessed relative  
to the immediate liquidity requirements.  
In recent years, the company has succeeded in  
raising temporary loans to supplement the credit  
line in Jyske Bank to cover the need for working  
capital when necessary.  
Based on this, the financial statement has been  
prepared based on a going concern assumption.  
Deferred tax  
Rovsing recognises deferred tax assets, including  
the value of tax-loss carry forwards, if Management  
considers it likely that there will be sufficient  
taxable income in future.  
Management has as of 30 June 2025 reassessed the  
deferred tax asset and the value of the deferred tax  
asset has been written down with DKK 1,1 million  
to DKK 1,0 million as per 30 June 2025. The  
assessment is to a large extend backed up by the  
strong order back log for 2025/26, which has  
secured a large part of the year 2025/26 budget  
already and provided a basis for future growth, as  
well as future prospects form a growing industry  
where demand within the space industry has  
increased significantly over the last few years.  
 
NOTES  
46  
2024/25  
2023/24  
3
REVENUE  
DKK’000  
Developed products and systems  
Software Verifications (ISVV)  
On-site Engineering Services  
34,590  
1,783  
651  
34,613  
2,625  
2,020  
37,024  
39,258  
GEOGRAPHIC MARKETS  
DKK’000  
EU  
UK  
36,269  
613  
34,515  
3,463  
1,280  
Outside EU  
142  
37,024  
39,258  
Revenue from 4 customers was in the interval from 13%-41% of the total revenue in 2024/25, distributed on:  
Customer 1, 41%, Customer 2, 13%, Customer 3, 13%, Customer 4, 11%. Revenue from three customers in  
2023/24 was in the interval from 8%-47% of the total revenue in 2023/24. The order backlog as of 30 June 2025  
was DKK 39,7 million, of which appr. 65% - 70% is expected to be recognised as revenue in 2025/26.  
Revenue from systems and services is recognised over time, using the cost-to-cost method. Revenue from  
sales of product is recoqnised at a point in time amounts to DKK 2,3 million in 2024/25.  
The majority of the projects are sold as fixed price contracts and revenue from projects is usually recognised  
over time; applying the percentage of completion cost-to-cost method. A project contract will often entitle us  
to receive a down payment from the customer, followed by several milestone payments linked to a milestone  
progress plan. Upon completion and customer acceptance we will usually be entitled to the final payment.  
2024/25  
2023/24  
EXPENSES  
4
Audit fee expenses  
DKK’000  
Audit of financial statements  
350  
350  
325  
325  
Inventory  
DKK’000  
Raw materials and consumables  
Work in progress*  
595  
3,765  
595  
4,591  
4,360  
5,186  
*) An obsolescence assessment has been carried out on the inventory, which has lead to a write down of DKK  
0 thousand (2023/24: DKK 149 thousand)  
 
NOTES  
47  
2024/25  
2023/24  
5
STAFF COSTS  
DKK’000  
Wages and salaries  
Pension contribution  
Other social security costs  
Share based payments  
18,820  
1,115  
498  
18,397  
906  
787  
256  
189  
20,622  
20,346  
The item includes:  
Remuneration of the Executive Management  
Share-based payments, Executive Management  
Pension to the Executive Management  
Remuneration of the Board of Directors  
Share-based payments, Board of Directors  
2,467  
189  
226  
583  
0
2,215  
97  
210  
437  
115  
Average number of full-time employees  
30  
28  
The Company’s Executive Management has a bonus scheme based on achieved revenue and EBITDA. In  
addition, the Executive Management has a share-based incentive programme, under which warrants  
vest on the basis of the Executive Management member’s employment with the Company, ref. note 6.  
The service contract with the CEO and CFO may be terminated by the CEO/CFO giving three months’  
notice and by the Company giving 9 months’ notice.  
No remuneration has been agreed in connection with the CEO/CFO’s potential resignation. If the  
Company changes hands fully or potentially, merged, or activity is transferred to a new owner there is a  
severance provision for the CEO/CFO if this entails major organizational and or hierarchical changes.  
6 SHARE-BASED PAYMENT  
The expense for share-based payments is calculated under the provision for share-based payments in  
accordance with IFRS 2. The warrant program has been recognized as an equity program and measured  
at the fair value of the warrants at the time of granting using the Black-Scholes formula. The fair value is  
expensed on a straight-line basis over the vesting period.  
Rovsing A/S introduced a warrant incentive programme for the Company’s Board of Directors, CEO, CFO  
and employees in November 2022.The programme comprised a total of 23,660 warrants granted in  
November 2022. Each warrant entitled the holder to buy one share of DKK 10 each in Rovsing A/S.  
During 2024/25 the warrant program expired, without any warrants were executed. As a result there is no  
longer any active warrant program or outstanding warrants as of 30 June 2025.  
 
NOTES  
48  
Specification of outstanding warrants:  
Exercis  
e price  
per  
Executive  
Management  
Other  
Not  
Board of  
Total  
employees allocate Directors  
d
warrant  
Number of exercisable  
options:  
Outstanding at 1 July 2021  
10,299  
10,299  
8,991  
8,991  
0
5,796  
5,796  
4,022  
4,022  
0
0
0
0
0
0
42,205  
58,300  
75  
Outstanding as at 30 June  
2022  
42,205  
58,300  
Outstanding as at 30 June  
2023  
10,6473  
23,660  
57  
57  
Outstanding as at 30 June  
2024  
6,987  
23,660  
Granted during the year  
Expired during the year  
0
0
-8,991  
0
-4,022 -3,660  
-6,987  
-23,660  
Outstanding at 30 June  
2025  
0
0
0
0
0
0
0
0
0
0
0
0
Excercisable as at 30 June  
2025  
0
Excercisable as at June 2024  
0
 
NOTES  
49  
2024/25  
2023/24  
7
RESEARCH AND DEVELOPMENT COSTS  
DKK’000  
Research and development costs incurred  
2,292  
-1,831  
1,869  
-1,408  
Development costs recognised as intangible assets  
Amortisation and impairment of recognised  
development costs  
977  
884  
Development costs for the year recognised in the  
income statement  
1,438  
1,345  
DEPRECIATION, AMORTISATION AND  
IMPAIRMENT  
2024/25  
2023/24  
8
DKK’000  
Amortisation, completed development projects  
Amortisation, patents and licenses  
Depreciation, leasing  
977  
0
1,069  
260  
884  
0
856  
244  
Depreciation, other fixtures and fittings, tools and equipment  
2,306  
1,984  
2024/25  
2023/24  
9
FINANCIAL INCOME  
DKK’000  
Exchange rate adjustments  
16  
16  
35  
35  
2024/25  
2023/24  
10 FINANCIAL EXPENSES  
DKK’000  
Interest, banks, etc.  
Interest leasing  
1,022  
133  
1,025  
50  
Exchange rate adjustments  
120  
169  
1,275  
1,244  
 
NOTES  
50  
2024/25  
2023/24  
11 TAX ON PROFIT/LOSS FOR THE YEAR  
DKK’000  
Current tax  
Adjustment previous year  
Deferred tax  
504  
0
-1,142  
411  
0
0
Tax on profit/loss for the year  
Computed tax of loss before tax  
-638  
22%  
411  
22%  
2024/25  
2023/24  
Tax on profit/loss for the year is explained as follows:  
Computed tax 22% of profit/loss before tax for the year  
Tax effect of:  
494  
54  
Unrecognised deferred tax asset  
-1,290  
88  
40  
0
30  
-638  
337  
-56  
123  
-4  
-43  
411  
Other non-deductible costs  
Deductable research expenses LL§8B  
Adjustment previous year and other adj.  
Tax on cost charged to equity  
Tax for the year  
2024/25  
2023/24  
12 EARNINGS PER SHARE  
DKK’000  
Profit/loss for the year  
-2,885  
166  
Average number of issued shares (1,000)  
Average number of warrants (1,000)  
609  
0
523  
18  
Earnings per share, (EPS Basic)  
Earnings per share, (EPS diluted)  
-4.7  
-4.7  
0.3  
0.3  
 
NOTES  
51  
13  
INTANGIBLE ASSETS  
Complet  
ed Patents  
develop and  
Develop-  
ment  
ment licenses projects in  
2024/25  
projects  
progress  
Total  
DKK’000  
Cost at 1 July 2024  
Additions  
Reclassification  
36,222 22,350  
216  
1,831  
-1,211  
836  
58,788  
1,831  
2
0
0
1,213  
0
37,435 22,350  
Cost at 30 June 2025  
60,621  
Amortisation and impairment at 1 July 2024  
Amortisation  
Impairment  
-23,945 -22,350  
0
0
0
-46,295  
-977  
0
-977  
0
0
0
Amortisation and impairment at 30 June 2025 -24,922 -22,350  
12,513  
0
-47,272  
13,349  
0
836  
Carrying amount at 30 June 2025  
All intangible assets are considered to have a limited useful life.  
At 30 June 2025, completed development projects comprise the internally generated project EGSE  
Platform with a carrying amount of DKK 12,513 thousand (30 June 2024: DKK 12,277 thousand).  
At 30 June 2025, Management performed an impairment test of the carrying amount of intangible assets.  
Assets are written down to the lower of the recoverable amount and the carrying amount. The  
recoverable amount in this year’s test is based on the value in use of the expected cash flow on the basis  
of budgets and forecasts for the future.  
Reference is furthermore made to Note 2 on significant judgement and estimates regarding the  
impairment test for 2024/25.  
Impairment related to patents and licenses and no impairment on the development projects.  
 
NOTES  
52  
13 INTANGIBLE ASSETS  
Develop-  
ment  
licenses projects in  
progress  
Completed  
development  
projects  
Patents and  
2023/24  
Total  
DKK’000  
34,824  
22,350  
206  
Cost at 1 July 2023  
57,380  
1,408  
-1,398  
216  
Additions  
Reclassification  
Cost at 30 June 2024  
1,408  
0
58,788  
1,398  
36,222  
0
22,350  
-23,061  
-884  
0
-22,350  
0
0
0
Amortisation and impairment at 1 July 2023  
Amortisation  
Impairment  
-45,411  
-884  
0
0
0
Amortisation and impairment at 30 June 2024  
Carrying amount at 30 June 2024  
-23,945  
12,277  
-22,350  
0
0
-46,295  
12,493  
216  
 
NOTES  
53  
PROPERTY, PLANT AND  
EQUIPMENT  
14  
2024/25  
2023/24  
Other  
fixtures  
and  
Other  
fixtures  
and  
fittings,  
tools and  
fittings,  
tools and  
equipment equipment  
DKK’000  
Cost at 1 July  
Additions during the year  
Disposals at cost  
2,005  
44  
1,907  
98  
0
0
Cost at 30 June  
2,049  
2,005  
Depreciation and  
impairment at 1 July  
-1,305  
-1,061  
Depreciation for the year  
Disposals  
-260  
0
-244  
0
Depreciation and impairment at 30 June  
Carrying amount at 30 June  
-1,565  
484  
-1,305  
700  
 
NOTES  
54  
15 RIGHT OF USE ASSET  
2024/25  
Property  
lease  
Other  
leases  
Total  
DKK’000  
1,214  
138  
Cost at 1 July 2024  
Effect of modification to lease terms  
Additions  
5,343  
1,293  
927  
6,557  
1,431  
927  
0
1,352  
Cost at 30 June 2025  
7,563  
8,915  
-1,051  
0
-186  
-1,237  
Depreciations at 1 July 2024  
Effect of modification to lease terms  
Depreciations  
-3,886  
0
-883  
-4,769  
-4,937  
0
-1,069  
-6,006  
Depreciations at 30 June 2025  
115  
Right of Use asset at 30 June 2025  
2,794  
2,909  
2023/24  
1,066  
148  
0
Cost at 1 July 2023  
Effect of modification to lease terms  
Additions  
4,216  
1,126  
0
5,282  
1,275  
0
1,214  
Cost at 30 June 2024  
5,342  
6,557  
-779  
-56  
-216  
Depreciations at 1 July 2023  
Effect of modification to lease terms  
Depreciations  
-3,246  
0
-640  
-3,886  
-4,025  
-56  
-856  
-1,051  
Depreciations at 30 June 2024  
-4,937  
164  
Right of Use asset at 30 June 2024  
1,456  
1,620  
 
55  
NOTES  
15 LEASE LIABILITIES  
Property  
lease  
Other  
leases  
2024/25  
Total  
DKK’000  
143  
0
Lease liabilities at 1 July 2024  
Additions  
1,454  
927  
1,597  
927  
15  
138  
-169  
Interest leases liabilities  
Adjustments to lease terms  
Lease payments  
110  
1,293  
-888  
125  
1,431  
-1,057  
127  
Lease liabilities at 30 June 2025  
2,896  
3,023  
2023/24  
222  
0
Lease liabilities at 1 July 2023  
Additions  
1,105  
0
1,327  
0
17  
171  
-267  
Interest leases liabilities  
Adjustments to lease terms  
Lease payments  
33  
1,032  
-716  
50  
1,203  
-983  
143  
Lease liabilities at 30 June 2024  
1,454  
1,597  
The lease payments are discounted using an incremental borrowing rate which is calculated at 4.0% - 6.5%. The  
lease payments have been split into an interest cost and a repayment of the lease liability.  
At 30 June 2025, the Company is committed to DKK 927 thousand (30 June 2024: DKK 807 thousand) for short-  
term leases. Interest expenses on the lease liability in the income statement for 2024/25 amounts to DKK 133  
thousand (2023/24: DKK 50 thousand).  
MATURITY  
Between Between Between  
Up to  
12  
months  
1 and 2  
years  
2 and 3  
years  
3 and 4  
years  
Total  
DKK’000  
777  
927  
13  
1,169  
0
0
1,597  
3,023  
Lease liabilities 1 July 2024  
Lease liabilities 30 June 2025  
807  
927  
The amounts recognized impact the operating cash outflow by DKK 133 thousand (2023/24: DKK 50 thousand)  
as well as the cash outflow from financing activities by DKK 932 thousand (2023/24: DKK 933 thousand).  
The property leases in which the Company is the lessee contain variable lease payment terms that are linked to  
the development in the net price index. This price index has been incorporated in the recognition of the leases.  
 
NOTES  
56  
2024/25  
2023/24  
16 DEFERRED TAX  
DKK ‘000  
Deferred tax asset at 1 July  
Change in deferred tax for the year  
Prior period adjustment  
2,143  
148  
0
2,143  
-337  
0
Unrecognised deferred tax asset  
-148  
337  
Write-down of tax asset pursuant to expected realisation (3-5  
years)  
-1,142  
1,001  
0
Deferred tax asset at 30 June  
2,143  
Deferred tax in the Company is specified as follows:  
2024/25  
-2,234  
300  
2023/24  
-2,048  
244  
Intangible assets  
Tangible assets  
Equipment and lease  
25  
-5  
Current assets (work in progress)  
Tax loss carry-forwards  
Non-recognised share of tax asset  
-4,118  
19,601  
-12,572  
-3,894  
19,215  
-11,369  
Deferred tax asset at 30 June  
1,001  
2,143  
Utilisation of the tax losses is not time-limited. The tax losses are expected to be utilised in future  
positive earnings within 3-5 years. The recognition of the deferred tax assets is based on the  
Company’s order backlog, which as of 30 June 2025 was DKK 39,7 million (2024/25 DKK 38,8 million).  
The tax asset pursuant to expected realization during a 3 year period has been reassessed and has been  
written down with DKK 1,142 thousand to DKK 1,001 thousand.  
The tax losses carried forward amounts to DKK 89,098 thousand (2023/24: DKK 87,384 thousand).  
 
NOTES  
57  
2024/25  
2023/24  
17 RECEIVABLES  
DKK’000  
Trade receivables*  
Write-downs to cover losses**  
4,460  
0
6,909  
0
4,460  
387  
6,909  
1,178  
Other receivables  
4,847  
8,087  
Receivables for which no write-downs have been made to  
cover losses:  
Overdue and due within 1-30 days*  
Due within 30-90 days*  
Due after 90 days  
4,267  
290  
290  
6,418  
1,380  
289  
4,847  
8,087  
*) At the end of August 2025 77% of trade receivables due within 1-90 days has been received.  
**) Write-down to cover for losses is based on concrete assessments of the due date and other  
relevant information, including macro-economic conditions.  
2024/25  
2023/24  
Carrying amount of receivables by currency:  
DKK  
EUR  
USD  
387  
4,460  
0
252  
7,835  
0
4,847  
8,087  
2024/25  
2023/24  
CONTRACT WORK IN  
PROGRESS  
18  
DKK’000  
58,989  
-60,649  
-1,660  
Contract work in progress, selling price  
Invoiced contract work in progress  
59,382  
-64,535  
-5,153  
recognised as follows:  
7,024  
8,684  
Contract work in progress (assets)  
Prepayments, customers (liability)  
3,965  
9,118  
-1,660  
40,269  
-5,153  
Contract work in progress at cost  
41,683  
The remaining value of contracts to be recognised as revenue in future periods is DKK 39,749 thousand (30 June  
2024 DKK 37,951 thousand). No material adjustments have been made to the contract balances neither in this  
financial year nor in the previous financial year.  
 
NOTES  
58  
19 EQUITY  
Capital management  
The Company regularly assesses the need for adjusting the capital structure so that it complies with the  
applicable rules and matches the business foundation and scope of activity.  
Share capital  
2024/25  
2023/24  
Development in no. of shares  
No. of shares, beginning of year  
Issue of new shares  
571  
114  
476  
94  
No. of shares (1,000), end of year  
684  
571  
Share capital, DKK’000  
6,848  
5,705  
The share capital is divided into 684,797 shares with a nominal value of DKK 10 each (2023/24: 570,370  
shares with a nominal value of DKK 10 each). The shares are fully paid up, and no shares carry any  
special rights. No shares are subject to restrictions on transferability or voting rights.  
20 LOANS  
The Company has a convertible bond loan of DKK 1,9 million, which is due in January 2026. The Company  
and the bond-lender Kim Brangstrup (board member) are willing to extend the loan until January 2027. The  
loan carries an interest of 12% p.a. Fair value of financial liabilities is equal to the carrying amount. If the loan  
is repaid before maturity the Company must repay the loan at a rate of 108. The lender can choose to settle  
in cash or shares if the loan is repaid before maturity. At ordinary expiration on 12 January 2026, the loan is  
repaid at rate of 100.  
In October 2022 the Company entered into a 6-year loan agreement with EIFO (formerly Vækstfonden) of  
DKK 2,5 million with an interest of CIBOR 3 month + 9%. During 2024/25 there have been repayments of  
DKK0,4 million. In agreement with EIFO further installments are postponed until October 2026.  
Furthermore, see note 28 for transactions with related parties.  
 
NOTES  
59  
21 OTHER PAYABLES  
DKK’000  
2024/25  
2023/24  
Staff costs  
1,719  
-41  
1,593  
1,618  
Other payables  
1,678  
3,211  
22 DEFERRED INCOME  
DKK’000  
2024/25  
2023/24  
Deferred income from ESA subsidies  
627  
627  
0
0
In the deferred income, the account includes grants received of DKK 627, which is related to development  
activities that pertain to development projects in-progress. The grants will be recognized as income, when the  
relevant development projects are depreciated.  
FINANCIAL RISKS AND FINANCIAL  
INSTRUMENTS  
23  
The Company is exposed to a number of financial risks, the most important of which are foreign currency  
and interest rate risk, liquidity risk and credit risk.  
The Company does not actively speculate in financial risk, and accordingly, the financial strategy aims  
exclusively to manage and mitigate financial risks that arise as a consequence of the Company’s  
operations, investments and financing.  
Foreign currency risk  
Most of the Company’s contracts are invoiced in EUR. As the Danish krone is pegged to EUR, the  
Company’s EUR risk is considered minimal. Risk attaching to USD is assessed in an ongoing process, as  
a result of which in 2024/25 the Company did not use financial instruments to hedge its foreign currency  
risk. The Company monitors developments in EUR/USD/DKK and regularly assesses whether to hedge  
its exposure to EUR and USD. As per 30 June 2025 there are no receivables and payables in USD.  
Foreign currency exposure in thousands:  
Nominal position  
Cash and  
receivables  
Financial  
liabilities  
EUR/USD  
(receivables/payables)  
4,460  
1,089  
7,024  
16  
0
0
Contract assets EUR/USD  
EUR (cash)  
11,500  
1,089  
 
60  
NOTES  
Interest rate risk  
The Company had net payables to credit institutions of DKK 5,874 thousand at 30 June 2025. The debt  
carries a floating interest rate based on the money market rate. Interest rates paid on payables to credit  
institutions in 2024/25 was 8.9% and 10.9%. In the period 1 July until 30 June the Company had net  
payables to bond holder of DKK 1,912 thousand with a fixed interest rate of 12%.  
Variable interest:  
Based on recognised financial assets and liabilities at 30 June 2025, without considering repayments,  
loans raised and the like in 2024/25, a 1% increase in interest rates would raise the Company's expenses  
by DKK 0,1 million. A 1% decline in interest rates would result in a correspondingly lower interest  
expense.  
The Company has not used financial instruments to hedge expected developments in interest rates.  
Liquidity risk  
Significant, unforeseen liquidity fluctuations are primarily associated with the commercial risks referred  
to in the section “Risk factors” and breaching of milestones in contracts. The Company aims to have  
sufficient cash resources to allow it to operate adequately in case of unforeseen fluctuations in liquidity  
and if necessary, the Company will ensure additional loan facilities. The Company regularly assesses its  
cash resources relative to budgets and forecasts for cash flows in future periods.  
Credit risk  
As a result of the Company's operations and funding activities, the Company is exposed  
to credit risk. The Company’s credit risks are related to trade receivables – see note 17,  
and cash. No credit risk is considered to exist in relation to cash as the counterparty is  
Jyske Bank. Payables to the counterparty exceed cash deposits with the counterparty.  
Most of the Company's revenue derives from ESA space industry projects. ESA  
(European Space Agency) is the joint-European development organisation for various  
space programmes. ESA's 22-member states (including Denmark) together funds the  
activities of ESA. The credit risk associated with ESA is considered minimal. The  
remaining part of the Company’s revenue derives from large, well-consolidated  
international companies, for which the credit risk is considered minimal.  
 
NOTES  
61  
The Company's financial assets liabilities fall due as follows:  
Due  
Due  
Due within 1 between 1 after 5  
year and 5 years years  
Carrying Contractual  
Total amount commitment  
2024/25  
DKK’000  
0
0
0
0
0
0
0
Cash  
Trade receivables  
Other receivables (current)  
Other receivables (non-  
current)  
16  
4,460  
798  
16  
4,460  
798  
16  
4,460  
798  
0
0
0
0
504  
504  
504  
0
Total loans and  
receivables  
504  
0
5,274  
5,778  
5,778  
0
Credit institutions, floating  
rate  
0
0
-3,616  
-3,616  
-3,616  
-4,014  
-533  
-1,912  
-927  
-2,574  
-1,678  
-1,725  
0
0
0
0
0
-2,258  
-1,912  
-3,023  
-2,574  
-1,678  
-2,258  
-1,912  
-3,023  
-2,574  
-1,678  
-2,506  
-2,141  
Other credit institutions  
Bond loan  
Leasing  
Trade payables  
Other payables  
0
-2,096  
0
0
0
0
0
Financial liabilities  
measured at amortised  
cost  
-15,061  
-11,240  
-3,821  
0
-15,061  
-8,661  
Contrac  
tual  
Carrying commit  
Due  
Due  
after 5  
years  
2023/24  
Due within 1 between 1  
year and 5 years  
Total amount  
ment  
DKK’000  
0
0
0
0
0
0
0
Cash  
Trade receivables  
Other receivables (current)  
Other receivables (non-  
current)  
15  
6,909  
1,648  
15  
6,909  
1,648  
15  
6,909  
1,648  
0
0
0
0
411  
411  
411  
0
Total loans and  
receivables  
470  
0
8,572  
8,983  
8,983  
0
Credit institutions, floating  
rate  
0
0
-4,283  
-4,283  
-4,283  
-4,754  
-2,500  
-1,912  
-790  
0
0
0
0
0
0
VAT loan  
Bond loan  
Leasing  
0
0
-2,500  
-1,912  
-1,597  
-2,541  
-3,211  
-2,500  
-1,912  
-1,597  
-2,541  
-3,211  
0
-2,122  
-807  
-2,541  
-3,211  
0
0
Trade payables  
0
Other payables  
Financial liabilities  
measured at amortised  
cost  
0
-10,842  
-5,202  
-16,044 -16,044  
-6,876  
 
62  
NOTES  
Cash resources and financing facilities  
The Company has access to bank financing facilities of DKK 4,000 thousand (30 June 2024: DKK 4,000  
thousand).  
Proceeds Repayments  
Loans 1 July  
2024  
from  
of  
Other non-  
cash items  
Loans 30  
June 2025  
2024/25  
borrowings  
borrowings  
DKK’000  
0
0
0
0
-909  
-932  
0
Credit institutions, floating rate  
Lease liabilities  
Bond loan  
6,783  
1,597  
1,912  
0
2,358  
0
5,874  
3,023  
1,912  
-1,841  
Total loans  
10,292  
2,358  
10,809  
Proceeds Repayments  
Other  
items  
Loans 1 July  
2023  
from  
of non-cash  
Loans 30 June  
2024  
2023/24  
borrowings  
borrowings  
DKK’000  
442  
0
1,912  
2,354  
0
-983  
-4,200  
-5,183  
Credit institutions, floating rate  
Lease liabilities  
Bond loan  
6,341  
1,327  
4,200  
0
1,253  
0
6,783  
1,597  
1,912  
Total loans  
11,868  
1,253  
10,292  
24 CONTINGENT ASSETS AND LIABILITIES  
The Company, as part of its activities enters into various contracts that can include obligations normal  
for the industry.  
 
63  
NOTES  
25 COLLATERAL  
A floating charge in the amount of DKK 9,25 million has been issued as collateral for credit facilities  
with a credit institution. The floating charge comprises:  
Fuels and other auxiliary materials  
Operating equipment and supplies  
Stocks of raw materials, semi-finished products and finished goods  
Goodwill, domain names and rights under the Patent Act, the Trademark Act, the Design Act,  
the Utility Model Act, the Design Act, the Copyright Act and the Act on the Protection of  
Semiconductor Product Designs  
Motor vehicles that are not or have been previously registered  
Simple receivables arising from the sale of goods and services  
The total carrying amount of the floating charge was DKK 22,7 million at 30 June 2025.  
26 NON-CASH TRANSACTIONS  
2024/25  
2023/24  
DKK’000  
Warrant cost expensed  
Financial items  
-405  
0
256  
-16  
-405  
240  
27 WORKING CAPITAL CHANGES  
2024/25  
2023/24  
DKK’000  
Inventories  
826  
2,449  
-3,059  
791  
30  
-434  
31  
-539  
-1,073  
-526  
-705  
1,600  
233  
Trade receivables  
Contract work in progress  
Other receivables  
Prepaid expenses  
Prepayments from customers  
Trade payables  
-80  
Other payables  
-1,123  
17  
-489  
-1,073  
 
NOTES  
64  
28 RELATED PARTY TRANSACTIONS  
The Company has during the financial year 2023/24 entered into a loan agreement with the Board  
Member Kim Brangstrup (since February 2024). The loan agreement with Kim Brangstrup constitutes  
an amount of DKK 1,9 million and carries an interest of 12% p.a.  
The Company’s related parties comprise the members of the Board of Directors and Executive  
Management as well as these persons’ close family members. Further, related parties comprise  
companies in which the above-mentioned persons have significant interests.  
Michael Lumholt (Board member) has, during 2024/25, performed consultancy work for the Company  
for DKK 250 thousand in connection with applications for business subsidies in relation with the  
Company’s built up of Earth Observation services business area.  
29 EVENTS AFTER THE REPORTING PERIOD  
After the Balance Sheet date, Jyske Bank has confirmed that it is willing and able to extend the credit  
facility for 2025/26. It has been agreed that further installments on the loan with EIFO have been  
postponed until October 2026. The convertible bond loan of DKK 1,9 million, which matures in January  
2026, has been confirmed by both bond lender and the Company, that both are willing and able to  
prolong the loan for an additional 1 year until January 2027. These events have not affected the  
Company's financial position.  
No other events have occurred after the balance sheet date.  
 
EXECUTIVE MANAGEMENT  
65  
HJALTI P. THORVARDARSON (BORN 1987)  
SIGURD HUNDRUP (BORN 1965)  
CEO of Rovsing A/S since March 2018.  
CFO of Rovsing A/S since September 2017.  
Educational background: Computer & Electronics  
Engineer (B.Eng) from Copenhagen University  
College of Engineering (now DTU) and an Executive  
Master of Business Administration from Quantic  
School of Business and Technology.  
Educational background: MSc. EBA. Finance,  
Accounting from Copenhagen Business School.  
Sigurd has extensive experience and a proven track  
record from many years as CFO. His strong finance  
professional skills provide essential contribution to  
the Company’s day to day Management, reporting,  
organizational development, financial analysis and  
finance administration.  
Hjalti has an extensive and proven track record  
within the Space industry from the past 15 years.  
His knowledge of Rovsing operations and product  
& service offerings as well as customer contact is  
deeply rooted in his engagement with the  
Company since 2010, working in various roles,  
starting as Hardware Engineer, Senior Project  
Manager and Head of Systems & Services.  
Shareholding at 30 June 2025: 4,770 shares.  
Number of warrants at 30 June 2025: 0.  
Shareholding at 30 June 2025: 5,391 shares.  
Number of warrants at 30 June 2025: 0.  
 
CARSTEN JØRGENSEN (BORN 1961)  
BOARD OF DIRECTORS  
66  
ULRICH BECK (BORN 1964)  
Elected to the Board of Directors in February 2024.  
Educational background: Holds a MSc. in Computer  
Science from University of Copenhagen. MBA  
studies at Henley London.  
Elected to the Board of Directors in October 2017.  
Took over the chairmanship in February 2024.  
Carsten Jørgensen started his career in CRI making  
software for the first Danish satellite. Became  
department head and in 2004 became Senior Vice  
President in Terma with responsibility for all space  
activities. This embraces both the space and  
ground segment with activities comprising  
software, hardware, and services. Responsible for  
establishing Terma space companies in various  
countries. Left Terma mid-2023.  
Member of the industrial Expert Group for Space  
Defence and Aerospace for the European  
Commission (DG DEFIS). As  
a
financial and  
industrial expert, Ulrich has more than 30 years of  
experience and expertise in Aerospace, Defense  
and Space Industry, having held various Senior  
Management  
positions  
within  
Financial  
Management at operations, engineering program  
and corporate level. M&A, Transaction  
Management and Industrial Strategy projects.  
Main directorships:  
Part of the space committee of Denmark  
establishing the DK space strategy and  
financial prioritizations.  
Since April 2025, Ulrich Beck is Chief Financial  
Officer for Services at Windmultiplikator GmbH  
with Semco Maritime GmbH.  
In the Eurospace council and president for  
the financial committee.  
Main directorships:  
Program member of the Eurospace DASIA  
conference  
Member of the Board of Directors of Access  
e.V. and Access Technology GmbH  
Vice-President of the Board of DGLR  
German Society for Aerospace and Space  
Senior Member of AIAA American Institute of  
Aerospace and Aeronautics  
Member of the Board of the Financial  
Experts Association (ecoDA Member),  
Germany  
Independent of Rovsing and the executive  
management: Yes  
Independent of major shareholders as of today: Yes  
Shareholding at 30 June 2025: 0 shares.  
Certified Board Member and Financial  
Expert (by Deutsche Börse AG), Member of  
related associations  
Number of warrants at 30 June 2025: 0.  
Independent of Rovsing and the executive  
management: Yes  
Independent of major shareholders as of today: Yes  
Shareholding at 30 June 2025: 3,382 shares.  
Number of warrants at 30 June 2025: 0.  
 
KIM BRANGSTRUP (BORN 1952)  
MICHAEL LUMHOLT (BORN 1969)  
67  
Elected to the Board of Directors in February 2024.  
Elected to the Board of Directors in 2024.  
Educational background: Niels Brock Business  
School and courses in finance/stock exchange from  
City of London Polytechnics.  
Educational Background: MSc., Ph.D. in Electrical  
Engineering, Technical University of Denmark.  
Michael Lumholt has worked his entire career in the  
Danish space sector. In the most recent 14 years,  
Michael has been CEO for TICRA, which has a  
market leading position in the international space  
market within antenna modelling software. He has  
in-depth knowledge of developing and selling high-  
end-products to the international space industry as  
a Danish SME (small and medium-sized company).  
Kim Brangstrup has as an investor specialized  
within the fields of renewable energy, med. tech.  
and healthcare. He has more than 25 years of  
professional experience in the financial markets.  
Main directorships:  
Founder and Managing Partner of Brancor  
Capital Partners ApS  
Owner and Chairman of PNN Medical A/S  
Board member of Nordenergie A/S  
Main directorships:  
Member of the Supervisory Board of the  
Danish Technological Institute  
Member of the Advisory Board of the  
National Centre for the Development of  
Mathematics Education  
Independent of Rovsing and the executive  
management: Yes  
Member of the Committee on Research  
and Education at The Confederation of  
Danish Industries  
Independent of major shareholders as of today: Yes  
Shareholding at 30 June 2025: 88,046 shares.  
Number of warrants at 30 June 2025: 0.  
Independent of Rovsing and the executive  
management: Yes  
Independent of major shareholders as of today: Yes  
Shareholding at 30 June 2025: 2,000 shares.  
Number of warrants at 30 June 2025: 0.  
 
GLOSSARY  
68  
Term  
Explanation  
Application  
CDR  
Specific use of a product  
Critical Design Review  
Check-out system  
Critical software  
System for testing and controlling a satellite or instrument  
Software, the failure or breakdown of which may cause loss of  
life, loss of spacecraft or loss of performance of the planned  
task, or software for which error rectification may prove very  
costly.  
Counter-purchase obligation  
Obligation on a non-Danish supplier of defense material to the  
Danish Armed Forces to buy defense-related equipment from  
Danish companies.  
DSTE  
EGSE  
ESA  
Digital Simulation & Test Equipment  
Electrical Ground Support Equipment  
The European Space Agency  
ESTEC  
EU  
EUMETSAT  
European Space Research and Technology Centre  
The European Union  
European Organisation for the Exploitation of Meteorological  
Satellites  
Galileo  
European satellite navigation system similar to the GPS system  
in the USA  
Industrial collaboration agreement  
Agreement signed by non-Danish suppliers of defense material  
to Denmark with the Danish Enterprise and Construction  
Agency to ensure that the supplier undertakes in return to  
acquire defense material manufactured by Danish companies.  
Independent verification and validation of software  
Kick-Off meeting to start up a project  
Measurement, Acquisition, Simulation and Commanding  
The outsourcing of part of or a whole assignment with a  
subcontractor  
ISVV  
Kick-Off  
MASC  
Outsourcing  
Prime Contractor  
The company with the main responsibility for carrying out a  
major ESA/NASA/Commercial project  
Person in charge of carrying out a project  
Radio Frequently test equipment for testing satellite  
communication links  
Project manager  
RF Suitcase  
Power SCOE  
Special Checkout Equipment for testing satellite power  
systems  
SAS  
SCOE  
SIS  
Solar Array Simulator  
Special Check-Out Equipment  
Satellite Interface Simulator  
SLP  
TRR  
Second Level Protection  
Test Readiness Review  
 
69  
Rovsing A/S  
Ejby Industrivej 38  
2600 Glostrup, Denmark  
Company reg. (CVR) no. 16 13 90 84  
Tel: +45 +45 44 200 800  
Fax: (+45) 45 44 200 801  
Website: www.rovsing.dk