1
ANNUAL REPORT 2023 / 24  
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 spacecrafts (primarily satellites) and their  
payloads.  
PROFILE........................................................ 2  
LIST OF CONTENTS..................................... 2  
HIGHLIGHTS OF THE YEAR........................ 3  
FINANCIAL HIGHLIGHTS AND RATIOS...... 4  
CORPORATE INFORMATION...................... 5  
MANAGEMENTS’ REVIEW........................... 6  
MANAGEMENT STATEMENT .................... 26  
INDEPENDENT AUDITOR'S REPORT....... 27  
2
Rovsing products and systems are used for testing  
of spacecraft sub-systems, including external  
communication connections and instruments.  
The Company’s products are modular and are sold  
either on a stand-alone basis or used as modules in  
system solutions, customized for the specific  
spacecraft application. In connection with the  
configuration of system solutions, third parties’  
products are also used, and software is configured  
for the individual spacecraft needs.  
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...................... 66  
BOARD OF DIRECTORS............................ 67  
GLOSSARY ................................................. 69  
Avionics Test Beds  
Central Check-out Equipment  
Thermal EGSE  
Real-time Simulators  
In addition, Rovsing develops software solutions,  
including solutions based on specific customer  
specifications, and performs independent software  
verification/validation (ISVV) for critical space-  
related software developed by third parties.  
Rovsing also provides engineering support for large  
corporations in the space industry at various  
locations in Europe.  
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: ESA. First image of the full Earth disc from the Meteosat  
Third Generation Imager.  
 
HIGHLIGHTS OF THE YEAR  
3
During the financial year 2023/24, the revenue amounted to DKK 39,3 million (DKK 28,3 million in  
2022/23), which is an increase of 39 % (DKK 10,9 million) and the highest revenue in recent history of  
Rovsing A/S.  
The EBITDA amounts to DKK 2,9 million (DKK 1,0 million in 2022/23) or an increase of DKK 1,9 million.  
The EBIT for the financial year 2023/24 amounts to DKK 1,0 million (DKK -1,0 million in 2022/23) and  
the net profit for the year amounts to DKK 0,2 million (DKK -1,7 million in 2022/23), a culmination of  
the turnaround process for Rovsing A/S, achieving a positive net result for first time in many years.  
The order backlog at 30 June 2024 stands at a solid DKK 38,8 million (2022/23: DKK 65,7 million). While  
the order intake for 2023/24 is lower at DKK 10,2 million (2022/23: DKK 59,5 million), this reflects the  
industry's long lead times to order and the cyclic nature of mission phases. The space sector continues  
to grow, and our diverse order backlog, across multiple missions and customers in both institutional  
and commercial space, supports a positive operational outlook, offering resilience against external  
factors through a high number of parallel projects. During the initial months of 2024/25, the order  
intake has been DKK 9,8 million.  
In order to realise the backlog and keep up with the growing activities, Rovsing has been strengthening  
the organization and operations with additional resources during the financial year and will continue to  
scale as needed to meet growth expectations in 2024/25.  
In early 2024, the Company implemented key improvements, including strengthening the capital  
structure and reducing debt and financial costs. To support sustainable growth, a new Board of  
Directors was appointed, bringing a diverse range of financial, market, and strategic expertise. This  
new leadership is committed to advancing Rovsing A/S’s strategy, enhancing communication, and  
driving operational performance to elevate the company to its next stage of development.  
Rovsing is actively transitioning from turnaround to growth, with a sharp focus on operational stability  
and sustained growth in Europe. The Company is pursuing further expansion into new markets and  
exploring strategic opportunities in new and adjacent verticals, leveraging its core strengths in test  
systems, products, and software validation services to drive future success.  
Our team has supported a wide range of customers during 2023/24, delivering test- and simulation  
systems, individual products, software solutions, ISVV and engineering services for customers such as  
OHB, Airbus DS, Thales Alenia Space, Boeing, ESA and Jena-Optronik in support of major missions  
such as Galileo 2nd Generation, SIC3, FORUM, GRACE-C, CRISTAL, LSTM and ARIEL to name a few.  
Rovsing´s current onsite service business in CSG Kourou ended ultimo 2023. The Company decided to  
adjust the capacity, transferring employees with the aim of closing the previous activities. Therefore,  
the Company has had one-time expenses which negatively impacted EBITDA for the financial year  
2023/24.  
Based on the strong order backlog and continued positive development in Rovsing A/S, the revenue  
outlook for 2024/25 is expected to be in the range of DKK 40,0 to 42,0 million, with a positive EBITDA  
in the range of DKK 3,0 to 4,0 million and a positive EBIT in the range of DKK 1,0 to 2,0 million.  
 
FINANCIAL HIGHLIGHTS AND RATIOS  
2019/20  
2020/21  
2021/22  
2022/23  
2023/24  
INCOME STATEMENT  
DKK’000  
4
Revenue  
21,836  
27,535  
27,009  
28,335  
39,258  
Earnings before interest, taxes, depreciation and  
amortisation, EBITDA  
Operating profit (EBIT)  
-863  
-5,322  
2,514  
-2,497  
1,147  
-714  
970  
-960  
2,948  
964  
-1,188  
-6,810  
-918  
-1,047  
-1,551  
-1,239  
-1,727  
-1,209  
166  
Financial income and expenses, net  
Profit/ Loss for the year  
-3,398  
BALANCE SHEET  
Non-current assets  
Current assets  
17,997  
9,248  
27,245  
11,423  
386  
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  
Total assets  
Equity  
4,687  
5,529  
2,973  
Non-current liabilities  
Current liabilities  
Total equity and liabilities  
15,437  
27,245  
10,869  
25,132  
18,903  
32,517  
23,595  
33,190  
19,960  
35,341  
CASH FLOW STATEMENT  
Cash flow from operating activities  
Cash flow from investing activities  
Cash flow from financing activities  
Total cash flow  
5,372  
-259  
-587  
-429  
1,002  
-13  
-4,779  
-2,102  
6,627  
-254  
6,598  
-1,693  
-4,858  
47  
1,116  
-1,506  
356  
-5,069  
44  
-34  
KEY FIGURES  
-4.0  
-24.4  
-28.8  
-14.9  
-13.2  
-5.7  
-
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  
-
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, %  
-
-
-
-
-
25.0  
41.9  
458  
458  
20.3  
38.1  
463  
471  
17.1  
24.9  
473  
473  
13.9  
20.0  
475  
476  
17.8  
28.8  
523  
571  
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  
Jean Marcel Dühring  
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 22 October 2024 at 16:00 at Ejby Industrivej 38, 2600 Glostrup,  
Denmark.  
 
MANAGEMENTS’ REVIEW  
REVENUE AND RESULTS  
6
Revenue for 2023/24 amounted to DKK 39,3  
million, which is an increase of DKK 10,9 million,  
compared to the previous financial year.  
Gross profit for the period amounted to DKK 26,5  
million compared to DKK 20,7 million in 2022/23.  
The Company’s earnings before interest, tax,  
depreciation and amortisation (EBITDA) amounted  
to DKK 2,9 million, a DKK 1,9 million increase  
compared to the previous year.  
Earnings before interest and tax (EBIT) amounted  
to DKK 1,0 million (DKK -1,0 million in 2022/23).  
Tax for the year was DKK -0,4 million compared to  
DKK -0,5 million the previous year.  
The profit after tax was DKK 0,2 million, compared  
to DKK -1,7 million in 2022/23.  
With a diverse order backlog of projects, the  
Rovsing team has had ample projects to tackle  
during 2023/24 and could shift focus if faced with  
lacking inputs or delays from customers. With the  
increased activity level, recruiting and scaling of the  
organization has been carried out throughout the  
financial year to match the capacity to the  
increased activity level.  
Equity as per 30 June 2024 amounted to DKK 10,2  
million (30 June 2023: DKK 6,6 million).  
Cash flow from operating activities for the period  
amounted to DKK 1,1 million compared to DKK  
6,6 million in 2022/23. Net cash flow from investing  
activities amounted to DKK -1,5 million (2022/23:  
DKK -1,7 million). Cash flow from financing  
activities amounted to DKK 0,4 million (2022/23:  
DKK -4,9 million) while net cash flow for the period  
amounted to DKK 0 million (2022/23: DKK 0  
million).  
The positive net result of the financial year 2023/24  
is a key mark to the completion of Rovsing A/S´  
turnaround. With record revenue and EBITDA and  
first positive net profit in many years, the Company  
transitions towards strengthening its base  
operations while pursuing strategic initiatives to  
further grow and improve the performance and  
foster increased shareholder value.  
In December 2023, the Company repaid in full  
existing bond loans of DKK 4,2 million and in  
January 2024 the Company announced  
(announcement 358) that a successful share issue  
was completed resulting in proceeds of DKK 3,0  
million and later in January (announcement 359)  
the Company announced that a bond loan of DKK  
2,2 million was secured, whereby the refinancing  
was completed with lowered debt.  
Changes to the Board of Directors  
In February 2024 (announcement 364) the  
Company announced that a new Board of Directors  
had been appointed with former Chairman Michael  
Hove and board member Jakob Færch Bendtsen  
stepping down, giving room to new competencies  
and experience to help strengthen the strategy,  
performance and communication of Rovsing’s  
continued journey. The new board members  
elected were Kim Brangstrup, Jean Marcel Dühring,  
Michael Lumholt and Carsten Jørgensen while  
Ulrich Beck continued and took on the role of  
Chairman.  
Due to closing down of the Company’s onsite  
service business at CSG Kourou in H2 of 2023/24  
there are one-time negative effects to the realised  
EBITDA of DKK -0,5 million in 2023/24.  
The realised revenue and EBITDA of DKK 39,3  
million and DKK 2,9 million, respectively were in  
line with the upper end of the adjusted guidance to  
the market announced by the Company in February  
2024 (Announcement no. 365).  
 
Order backlog and order intake  
Rovsing maintains a strong market position within  
its core activities. A varied and stable order backlog  
at the end of 2023/24 is a solid foundation to  
continue the process to further strengthen the  
Company’s position and to build further profitable  
growth in a growing space industry with a look to  
market expansion and initiatives aimed at building  
new revenue streams.  
7
Order backlog remains at a high-level DKK 38,81  
million (2022/23 DKK 65,7 million), reflecting the  
continued efforts invested in sales, product and  
project proposals as well as a continued increase in  
industry activity. The figure below shows the order  
backlog.  
In line with the Company’s strategy, focus on  
growth and diversification will continue from  
increased activities in European commercial and  
military programmes as well as maintained focus  
on the USA and emerging markets, leveraging our  
core competencies.  
OPERATIONAL REVIEW  
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  
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.  
With a stable book to bill ratio of 1, the Company  
has been strengthening the organisation to meet  
the increased activity level and number of active  
parallel customer projects.  
During 2023/24, the Rovsing team continued work  
on the Galileo Second Generation (G2G) EGSEs,  
implementing the changes to the baseline for the  
customer Thales Alenia Space (TAS) Italy. The  
BatSim/BCE system went through successful CDR  
and TRR milestones in H1 and successful test  
campaign in H2 and is now awaiting delivery. The  
UMB SCOE sets #2 and #3 were successfully  
assembled, tested and delivered to TAS-I this  
summer. The remaining SCOE sets are expected to  
be delivered during 2024/25, with resolution of the  
newest changes currently being finalized.  
The order intake in the financial year 2023/24 has  
been lower than in the previous year as the number  
of successful and outstanding tenders was lower  
due to lower demand where our customers in H1  
were preparing the coming missions for the  
tendering phase. Rovsing has seen a steep increase  
in tender activity to in H2, providing proposal to  
customers in institutional, commercial and defence  
segments, an activity increase that is expected to  
continue in H1 of 2024/25.  
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. Rovsing has finalized the two  
E-SIS systems and invoiced the contract before the  
summer of 2024. Delivery is pending updates from  
the customer regarding further MSR changes,  
which will be handles via separate contract change  
notice.  
During 2023/24, Rovsing has been successful in  
acquiring new contracts from a diverse range of  
customers such as OHB, Airbus DS, Thales Alenia  
Space, SITAEL and Jena-Optronik. In support of  
missions such as SICRAL-3, Mars Sample Return,  
CIMR, FORUM and GRACE-C.  
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.  
 
Following the successful completion of the MSR-  
ERO Startracker contract, Jena-Optronik awarded  
December 2023. The CDR for the Power SCOE  
project was successfully conducted in July 2023 and  
the TRR in April/May 2024. The 1st set of Power  
SCOE racks has been fully tested and will ship to  
Airbus DS early September. With the test  
campaign for the 2nd set and delivery planned  
before end of 2024.  
Rovsing with  
a
follow up contract for the  
Independent SW Validation & Verification (ISVV) of  
the LIDAR, also for the MSR-ERO mission, an  
activity which was started beginning of H2. In  
addition, the Company has an ISVV contract  
related to the MSR-ERO programme performing  
the OBC-GNC ISVV with our partner Critical  
Software, a contract that is expected to run until  
the end of 2024.  
8
In June 2023, Rovsing and 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 for entire 2023/24. Project  
is expected to resume during 2024/25.  
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.  
The ROSE-L Power EGSEs were awarded to  
Rovsing by TAS-I in July 2023. The PDR was  
concluded successfully in March 2024. The project  
has been on hold awaiting changes from the  
customer and is expected to resume in the autumn  
of 2024.  
For the PLATiNO programme and customer  
SITAEL S.p.A in Italy, Rovsing has delivered UMB  
SCOE systems but remains to deliver a MiniCOTE  
system, the system is ready, pending harness  
definitions from the customer. SITAEL has  
contracted Rovsing with further deliveries of SAS  
and SLP products the first set of which was  
delivered during the summer 2024 with remaining  
sets in autumn and beginning of 2025. Recently, a  
follow-on contract for additional UMB SCOEs was  
awarded to Rovsing with deliveries in 2024/25.  
Rovsing is supporting Airbus DS on the ARIEL  
mission by providing the Satellite Interface  
Simulators (SIS). The assembly and integration of  
the first two sets being completed with a TRR in  
August 2023 and deliveries in early 2024 of the two  
reduced sets. The two full sets completed their test  
campaigns during the summer and are expected to  
ship in September.  
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 is being 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). Tendering phase for the  
continuation of the Sentinel missions under the  
Copernicus space component have also begun,  
with Rovsing already answering several tenders.  
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. The Platform  
Emulator SCOE project was kicked-off in January  
2023 and completed the CDR milestone in June  
2023. Changes to the requirements were  
introduced and the delivery has shifted to summer  
2024 to accommodate these. OHB has in July 2023  
awarded Rovsing with a 2nd FORUM contract, for  
the Thermal EGSE which is scheduled to be  
delivered during 2024/25 after requirement  
changes introduced by OHB during 2023/24.  
In June 2023, TAS-I awarded Rovsing with a  
contract for supplying  
a
Power SCOE for  
a
domestic European Military satellite SICRAL-3. The  
kick-off was conducted successfully in early July  
2023 with the CDR completed successfully in end of  
H1. During H2 the production was in full swing with  
delivery of UMB/COTE SCOE, BatSim/BCE SCOE  
and SAS SCOE during summer 2024 with the  
remaining SCOEs and set 2 deliveries scheduled for  
before the end of 2024.  
Rovsing resumed work in the autumn of 2023 on  
the CRISTAL Boot SW Validation contract for TAS-  
F, with the work being concluded successfully  
before end of the financial year 2023/24.  
Airbus DS selected Rovsing to deliver the Power  
SCOEs as well as the Power Front-Ends for the  
Copernicus CRISTAL and LSTM missions. The first  
Power Front-End delivery was shipped to Airbus DS  
in August 2023 and the second set delivered  
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 an  
additional three ESMs. In this connection Rovsing is  
continuing to provide engineering support both  
remote & onsite as well as spare parts and possible  
upgrades.  
in two batches, the final one in January 2024  
following a training visit by the customer to our  
facilities in Glostrup.  
9
During 2023/24, market research has been  
conducted into the Indian space sector as well as  
further research into the middle-eastern space  
sector.  
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.  
Product development, production and strategic  
initiatives  
In January 2024, Rovsing was awarded by Airbus  
DS the contract to deliver the Simulation Front-End  
for the GRACE-C mission. The manufacturing  
readiness review was successfully completed in  
June 2024 with the system expected to be delivered  
during 2024/25.  
Improvements in the value chain, continuous  
improvements of quality and efficiency are a  
constant success factor to improve the Company’s  
competitive advantage. During 2023/24, 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.  
Our current onsite service business in CSG Kourou  
ended ultimo 2023. Rovsing decided to ramp down  
the activities at CSG and during H2 conducted the  
process of offloading the team and operations  
related to the previous activity. The Company  
remains open to exploring new activities for CSG  
Kourou, given a profitable setup.  
For product development and research activities,  
the Company tries to leverage co-financing where  
possible.  
The North American market  
During H2, Rovsing delivered SLP products to  
Boeing in California, in support of their satellite test  
facilities, fulfilling an order awarded in H1 2023/24.  
Rovsing’s strategic roadmap focuses on achieving  
increased scalability such that our already modular  
products can better address the expanding range of  
satellite architectures. In 2023/24, 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 has obtained co-  
financing studies and development projects in  
cooperation with ESA during 2023/24 under the  
GSTP programme and applied for further funding  
under IPTF, GSTP and ARTES programmes for  
further development activities.  
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  
mission 1 which flew successfully to the moon and  
back during the fall 2022. Further Artemis missions  
are planned in the coming years with the aim of  
bringing humans back to the Moon. With a long-  
term commitment of NASA and ESA for additional  
ESM / Service Modules, Rovsing participates with  
related service agreements for the coming years  
and has towards the end of H2 provided offers for  
additional recurring EGSE system to support  
increased parallel activities for the Artemis  
missions.  
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 overall North American market for  
commercial, military, and civil space remains a  
growth opportunity and strategic focus for the  
Company.  
During 2023/24 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  
Emerging space markets  
In H1 2023/24, Rovsing was awarded the first  
product orders from South Korea. Deliveries were  
 
cooperation with Prime Contractors and other  
potential partners.  
the compensation packages for members of the  
staff, management and members of the Board of  
Directors.  
Organisation and management  
10  
By the end of the financial year 2023/24, Rovsing  
employed a total of 28 employees, counted on a  
full-time-equivalent basis. Most employees were  
employed at the Company’s head office in  
Denmark.  
At the Company’s annual general meeting in  
October 2023 Michael Hove, Ulrich Beck and Jakob  
Færch Bendtsen were reelected to the Board of  
Directors.  
At the Company’s extraordinary general meeting in  
February 2024 former Chairman Michael Hove and  
board member Jakob Færch Bendtsen stepped  
down and new board members were elected: Kim  
Brangstrup, Jean Marcel Dühring, Michael Lumholt  
and Carsten Jørgensen while Ulrich Beck continues  
and took on the role of Chairman.  
World events  
The war in Ukraine and the situation in Israel and  
Gaza has continued to affect the global prices,  
lead-times and financial stability. At Rovsing an  
active business continuity plan to address the  
volatile situation has been in place since the  
COVID-19 pandemic in order to ensure continuous  
evaluation of the business based on supply chain,  
internal resources, progress and governmental  
guidelines.  
Management continues to monitor the situation  
and take appropriate actions to minimize any  
potential business impacts moving forward.  
Incentive schemes  
Rovsing has, to a certain degree, used share-based  
incentive schemes as part of compensation  
packages for members of the Board of Directors,  
members of the management team and other staff.  
At the end of the financial year 2023/24 there were  
23,660 warrants. For additional information about  
the Company’s share-based incentive schemes,  
please see note 6 to the financial statements on  
page 47-48.  
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  
 
Exploring Strategic Opportunities and New  
Verticals  
ROVSING’S STRATEGY  
In addition to our geographic expansion, Rovsing is  
focused on exploring strategic opportunities that  
align with our core competencies. We are actively  
evaluating new verticals where our expertise in  
turn-key test systems, test products, and  
independent software validation and verification  
can create value. This includes identifying and  
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,  
11  
optimise and overcome internal  
challenges.  
&
external  
pursuing  
potential  
strategic  
acquisitions,  
partnerships, or investments that can enhance our  
capabilities and drive growth in related sectors.  
Building on Stability and Pursuing Global  
Growth  
Agility and Customer Focus  
Rovsing’s success is built on our ability to remain  
agile and customer focused. In a dynamic and  
Rovsing has successfully completed its turnaround  
process and is now entering a new phase focused  
on maintaining stable and organic growth in our  
core business across Europe, while actively  
pursuing expansion into high-potential markets in  
the USA, Middle East, and APAC regions. With a  
solid foundation established, our strategy is to  
continue delivering exceptional value to our  
customers while strategically exploring new  
opportunities that leverage our core competencies  
in turn-key test systems, test products, and  
Independent Software Validation and Verification.  
challenging  
high-tech  
environment,  
our  
customers, from Space Agencies and Institutions to  
LSIs, rely on us to deliver innovative solutions that  
support their critical systems and infrastructure.  
Our ability to rapidly anticipate, react, and create  
solutions that would typically take weeks or  
months for others to develop is a key differentiator,  
driving customer satisfaction and trust.  
Empowering Our People  
The expertise and engagement of our employees  
remain at the heart of Rovsing’s success. As we  
grow, we are committed to maintaining an agile  
and inclusive working environment that fosters  
Maintaining Leadership in Europe  
As a key agile high-tech SME in the Space &  
Defense Industry, Rovsing will continue to  
strengthen its position as a trusted supplier within  
the European market. We have a proven track  
record in supporting major European Institutional  
Space programs and remain committed to our role  
as a first or second-tier supplier to all European  
Large-Scale Integrators (LSIs/OEMs). Our focus in  
Europe is to maintain and enhance our  
relationships with key customers, ensuring  
consistent, high-quality delivery of innovative  
products and services that meet their evolving  
needs. Here, we continue our investments into  
R&D, Machine Learning and AI as well as in robust  
and resilient supply chain optimizations, such that  
our value proposition matches and anticipates the  
markets evolving needs..  
innovation,  
flexibility,  
and  
continuous  
improvement. We believe that empowering our  
employees and nurturing their talent is essential for  
achieving our strategic objectives and ensuring the  
long-term success of the company.  
Sustainable Growth and Strategic  
Communication  
Rovsing is committed to sustainable growth, both  
organically and through strategic initiatives. Our  
stable order backlog, growing market presence,  
and ongoing reputation for quality and innovation  
provide a solid foundation for future expansion. We  
will continue to engage in regular and transparent  
communication with our customers, suppliers,  
shareholders, and the financial community to  
ensure alignment and build trust as we execute our  
growth strategy.  
Expanding into New Markets  
With our core business stabilized, Rovsing is now  
positioned to pursue growth initiatives in new  
geographical markets, including the USA, Middle  
East, and APAC regions. These markets represent  
significant opportunities for growth, and we are  
actively working to establish a strong presence by  
leveraging our expertise in test systems and  
software validation. We aim to replicate our  
European success by adapting our offerings to  
meet the specific demands of these regions,  
building strategic partnerships, and capitalizing on  
emerging opportunities.  
As Rovsing moves forward, our focus is clear: to  
maintain our leadership in the European market,  
expand into new and promising regions, and  
explore strategic opportunities that leverage our  
core strengths. By staying true to our commitment  
to agility, innovation, and customer satisfaction,  
we are well-positioned to deliver sustained value to  
our customers and shareholders alike, driving  
Rovsing into its next phase of growth and success.  
 
FINANCIAL REVIEW  
amounted to DKK 2,0 million, DKK 0,9 million  
related to completed development projects of the  
EGSE Platform.  
Income statement  
Revenue amounted to DKK 39,3 million in 2023/24,  
an increase of DKK 10,9 million, on 2022/23  
revenue. Gross profit amounted to DKK 26,5  
million compared to DKK 20,7 million in 2022/23  
and EBITDA amounted to DKK 2,9 million  
compared to DKK 1,0 million in 2022/23.  
12  
Deferred tax assets amounted to DKK 2,1 million  
and are unchanged compared to previous year.  
Inventories amounted to DKK 5,2 million compared  
to DKK 4,7 million in 2022/23.  
The positive development in EBITDA in 2023/24 is  
driven by a higher activity compared to previous  
year.  
At 30 June 2024, trade receivables and contract  
work in progress combined amounted to DKK 10,9  
million, which is DKK 1,6 million higher than  
previous year.  
Other external expenses of DKK 3,2 million  
(2022/23 DKK 2,4 million) are in line with  
expectation.  
Current assets amounted to DKK 17,4 million  
compared to DKK 16,9 million in the previous year.  
Depreciation, amortisation and impairment  
amounted to DKK 2,0 million in 2023/24, against  
DKK 1,9 million in 2022/23.  
Liabilities and equity  
Equity amounted to DKK 10,2 million at 30 June  
2024, against DKK 6,6 million at 30 June 2023. The  
year-over-year change of DKK 3,6 million is mainly  
due to two capital increase of total DKK 3,3.  
Financial items  
Overall, net financial expenses amounted to DKK  
1,2 million compared to DKK 1,2 million in 2022/23.  
Profit/loss before tax  
In December 2023, it was decided at an  
Extraordinary General Assembly (announcement  
355) to reduce the nominal value per share from  
DKK 50 to DKK 10 and at the same time to make a  
capital reduction with a total nominal value of DKK  
19,0 million with the aim of covering the carried  
forward loss.  
The Company recorded a loss before tax of DKK 0,2  
million in 2023/24 compared to DKK -2,2 million in  
the year before.  
Tax  
Tax for the year amounted to DKK 0,4 million in  
2023/24, compared to 0,5 million in the preceding  
financial year. The tax consists of current tax  
(income) of DKK 0,4 million, which relates to  
reimbursement under section 8x of the Danish Tax  
Assessment Act (TAA). The deferred net tax asset  
amounts to DKK 2,1 million at 30 June 2024.  
Rovsing expects to be able to utilize the tax asset  
within the next five years.  
Cash flow statement  
Cash flow from operations:  
Total cash flow from operations were net cash 0f  
DKK 2,1 million in 2023/24, against a net cash of  
DKK 7,8 million in the preceding year.  
Cash flow from operating activities:  
Net interest payables were DKK -1,2 million  
compared to DKK -1,2 million in 2022/23. Cash flow  
from operating activities of DKK 1,1 million in  
2023/24 compared to DKK 6,6 million in 2022/23.  
Profit/loss for the year and comprehensive  
income  
The Company reported a profit for 2023/24 of DKK  
0,2 million, against a loss of DKK 1,7 million in the  
preceding financial year.  
Cash flow from investing activities:  
In 2023/24 the Company has invested DKK -1,4  
million in further development of the EGSE  
Platform (2022/23 net DKK -1,6 million).  
Balance sheet  
Assets  
At the end of 2023/24, total assets amounted to  
DKK 35,3 million, against DKK 33,2 million at 30  
June 2023.  
Cash flow from financing activities:  
Cash flow from financing was DKK 0,4 million vs.  
DKK -4,9 million in 2022/23.  
Intangible assets amounted to DKK 12,5 million at  
30 June 2024 compared to DKK 12,0 million on 30  
June 2023. Depreciations and amortisations  
 
Funding of the Company’s operations  
policies and estimation uncertainties related to the  
Company’s liabilities, see note 2 to the financial  
statements.  
In 2023/24 Rovsing carried out a refinancing of a  
bond loan of DKK 4,2 million, which was due and  
replaced with two capital increases of total DKK 3,3  
million and a new convertible bond loan of DKK 1,9  
million. The refinancing & directed share issues  
improved the Company’s working capital with DKK  
1,0 million. In 2022/23 Rovsing, Jyske Bank and  
EIFO agreed on a credit facility of DKK 2,5 million  
(due in 2028) to support the investment in the  
Company’s inventory of own products and to  
secure working capital requirements to fulfill the  
high order back-log.  
13  
Under the current rules for listed companies,  
Rovsing may issue new shares for up to 20% of the  
Company's existing share capital within a financial  
year. 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 on page 22, 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 2023/24 financial year.  
OUTLOOK FOR 2024/25  
Considering the above developments, the  
Company’s strategy, the current order backlog and  
the expected order intake for 2024/25. The  
expected key figures for financial year 2024/25 are  
a revenue of around DKK 40 - 42 million and an  
EBITDA of around DKK 3,0 - 4,0 million and a  
positive EBIT in the range of DKK 1,0 2,0 million.  
EVENTS AFTER THE REPORTING PERIOD  
After the balance sheet date, no events have  
occurred that materially affect the Company's  
financial position.  
SIGNIFICANT ACCOUNTING JUDGEMENTS  
AND ESTIMATION UNCERTAINTIES  
For a description of items involving significant  
judgements in applying the Companys’ accounting  
 
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  
5,751 and is divided into 570,512 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  
476,228  
94,284  
Financial reporting to shareholders  
570,512  
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  
2023/24 were DKK 53.5 and 33.8 respectively. At  
the end of the financial year, the share price was  
DKK 36.8. At 30 June 2024, Rovsing had a market  
capitalisation of DKK 21,0 million.  
Annual General Meeting  
The annual general meeting of Rovsing will be held  
on 22 October 2024 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 2023/24 was 962  
shares with an average of 7 transactions per day.  
Shareholders  
Rovsing has a total of 2,471 registered shareholders  
as per 30 June 2024. 95.1 % 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  
Shareholders  
Kim Brangstrup  
Jean Marcel Dühring  
CATPEN A/S  
Other shareholders  
Total  
No. of shares  
74,846  
%
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.  
13.1  
8.3  
5.5  
47,558  
31,372  
416,736  
570,512  
73.1  
100.0  
Employee shares  
No employee shares were granted in 2023/24.  
Current Warrant scheme  
The Board of Directors is authorized to issue  
warrants for board members and/or employees.  
The Board of Directors may issue warrants with a  
nominal value up to DKK 1,183,300 in the Company,  
corresponding to 23,660 warrants of DKK 10 each.  
At 30 June 2023 all 23,660 warrants are issued  
under the current warrant programme. The vesting  
of the warrant programme ends in October 2024.  
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  
17 September 2024, publication of Annual Report  
Correction of Company Announcement no 359 and  
Rovsing A/S to issue new shares in a direct issue  
2023/24.  
15  
22 October 2024, Annual General Meeting in  
Rovsing A/S regarding financial year 2023/24.  
Announcement no 361  
22 January 2024  
12 November 2024, publication of Interim  
Management Statement Q1 2024/25.  
Notice and the complete proposals for  
Extraordinary General Meeting of Rovsing A/S  
20 February 2025, publication of Interim Report  
for H1 2024/25.  
Announcement no 360  
19 January 2024  
13 May 2025, publication of Interim Management  
Statement for Q3 2024/25.  
Change in capital of large shareholder  
16 September 2025, publication of Annual Report  
2024/25.  
Announcement no 359  
21 October 2025, Annual General Meeting in  
Rovsing A/S regarding financial year 2024/25.  
12 January 2024  
Refinancing of bond loan  
Issued Company Announcements  
Announcement no 358  
Announcement no 367  
9 January 2024  
27 August 2024  
Result of share issue  
Financial Calendar 2024/25  
Announcement no 357  
Announcement no 366  
4 January 2024  
14 May 2024  
Share emission  
Interim Management Statement covering Q3  
2023/24  
Announcement no 356  
30 December 2023  
Announcement no 365  
Repayment of Bond loans  
20 February 2024  
Announcement no 355  
Interim Management Report first half year  
2023/24  
14 December 2023  
Minutes of the Extraordinary General Meeting  
Announcement no 364  
13 February 2024  
Announcement no 354  
Minutes of Extraordinary General Assembly  
23 November 2023  
Trading in Rovsing A/S shares by board members,  
executives and associated persons  
Announcement no 363  
8 February 2024  
Announcement no 353  
Rovsing A/S issues a convertible note to an  
existing shareholder  
22 November 2023  
Notice and the complete proposals for the  
Extraordinary General Meeting of Rovsing A/S  
Announcement no 362  
26 January 2024  
 
Announcement no 352  
22 November 2023  
16  
Initial steps to improve the Company’s capital  
structure  
Announcement no 351  
14 November 2023  
Interim Management Statement covering Q1  
2023/24  
Announcement no 350  
24 October 2023  
Minutes of General Meeting  
Announcement no 349  
2 October 2023  
Notice and the complete proposals for the Annual  
General Meeting of Rovsing A/S  
Announcement no 348  
19 September 2023  
Rovsing A/S releases its Annual Report 2022/23  
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  
 
It is the goal that the underrepresented gender,  
presently female, should have at least one seat in  
the Board, equivalent to 20 pct. of the Board of  
Directors. This is however only possible whenever a  
replacement in any of the positions becomes  
relevant, and the goal is therefore presently not  
fulfilled in 2023/24. The Board will work to achieve  
female representation once new Board members  
are appointed, no later than within 2026.  
CORPORATE GOVERNANCE  
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.  
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.  
2023/24  
Board of Directors  
Total number of members  
Underrepresented gender in %  
Minimum target number in %  
The year in which target number is  
fulfilled  
5
0%  
20%  
Certain of the recommendations with which the  
Board of Directors has resolved not to comply are  
described below. For a full report on the status of  
2026  
Other Management levels  
Total number of members  
Underrepresented gender in %  
Minimum target number in %  
the  
Company’s  
compliance  
with  
the  
7
recommendations, please refer to the corporate  
governance report published on Rovsing’s website  
under ”Investor Relations” and ”Corporate  
14%  
29%  
Governance”.  
content/uploads/2024/09/Corporate_governance_  
2023-24.pdf  
https://rovsing.dk/wp-  
As Rovsing employs fewer than 50 employees, the  
Company is not required to have policies for gender  
parity at the other management levels, cf. the  
Danish Financial Statements Act § 99. At 30 June  
2024, woman accounted for 12% of the total  
workforce (June 2023 15%). It is the Company’s  
goal to continuously increase the diversity of the  
workforce.  
Recommendation regarding election of vice-  
chairman  
According  
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.  
to  
section  
2.2.1  
of  
the  
Recommendation regarding board committees  
According  
recommendations, the Board of Directors is  
recommended to establish nomination  
to  
section  
3.4.4  
of  
the  
a
Recommendation regarding the composition  
and organization of the Board of Directors  
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.  
According  
to  
section  
3.1.2  
of  
the  
recommendations, the Board of Directors annually  
should discuss the Company’s activities to ensure a  
diversity relevant to 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 five  
members, all males. Their appointment was made  
during the financial year and there are no  
immediate plans for replacement of current board  
members.  
According  
recommendations, the Board of Directors is  
recommended to establish remuneration  
to  
section  
3.4.5  
of  
the  
a
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.  
Recommendation regarding evaluation of the  
work of the Board of Directors and the Executive  
Board  
Rovsing is supposed to fulfill the requirements of  
section 99 b of the Danish Financial Statements  
Act.  
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.  
providing new competencies and experience to  
help strengthen the strategy, performance and  
communication of Rovsing’s continued journey.  
The new board members elected are Kim  
Brangstrup, Jean Marcel Dühring, Michael Lumholt  
and Carsten Jørgensen while Ulrich Beck continues  
and takes on the role of Chairman  
18  
Recommendation regarding remuneration in the  
form of share options  
According  
to  
section  
4.1.3  
of  
the  
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 expires in  
October 2024.  
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.  
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.  
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.  
Pursuant to the Company’s articles of association,  
the Board of Directors must be composed of three  
to seven members. The Board of Directors is  
currently composed of five 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, and  
management experience from a listed company.  
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  
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  
verification,  
authorization,  
approval,  
reconciliation, result analysis, IT application  
controls, and general IT controls.  
The Board members’ shareholdings through  
controlled companies and/or held personally are  
set out on page 66-68.  
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  
The remuneration of the Board of Directors for  
2023/24 was unchanged at DKK 100,000. The  
Chairman receives 200% of the basic fee.  
In February 2024 the Company announced that a  
new Board of Directors had been appointed,  
 
on a regular basis. Combined with other policies,  
these are available to all relevant employees.  
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.  
19  
 
The Company translates human rights principles  
into action by communicating them to employees  
and monitoring that the principles are observed,  
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  
2023/24, 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  
The following section is compiled in accordance  
with the Danish financial statements act section  
99A.  
20  
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.  
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 28 FTEs on average in  
2023/24, 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 on page 16 for ratios in  
compliance with the Danish Financial Statements  
Act § 99. The Company expects to continue and  
where appropriate, expand, these efforts in the  
future.  
The Company has identified the risk of  
discrimination against employees to be 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  
Data 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  
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.  
Rovsing, is in compliance with the regulations  
related to data ethics and the processing of  
personal data. As the Company is a purely a  
business-to-business company with no link to  
processing of 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.  
21  
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 2023/24,  
and the Company plans to continue and where  
appropriate, expand, these efforts in the future.  
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.  
 
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.  
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.  
22  
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.  
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 a 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  
the space industry to maintain its good relations  
with these Prime Contractors. There can be no  
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  
a
risk that Rovsing  
 
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 incurs losses in connection with projects.  
engineer and sales level. When entering new  
market areas, the headcount will increase with a  
resulting risk that capacity adjustment problems  
may arise.  
23  
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.  
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.  
The Company is dependent on key persons  
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.  
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’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.  
Wrong assessment of market penetration time  
and demand in new markets  
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.  
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  
maintaining  
a
stable cost base for the  
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 both countries which are key players in  
the global space markets as well as the evolution in  
trade restrictions. Restrictions on export bonds to  
certain countries can impact the Company’s ability  
to enter into new business markets.  
manufacturing of the Company’s products. A lack  
of the same will have negative consequences.  
Capitalised development costs, product rights  
and/or tax assets may be written off  
In its annual report for 2023/24, Rovsing capitalised  
development costs of DKK 1,4 million hereafter  
totaling DKK 12,3 million. The deferred tax asset is  
DKK 2,1 million and unchanged 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.  
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,  
 
Exchange rate risk  
Rovsing and Danish space industry partners  
continued to push for increased contributions from  
Denmark during 2023/24 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.  
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.  
24  
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.  
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.  
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.  
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  
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.  
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  
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.  
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 an 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,  
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.  
 
such a process may involve substantial losses for  
the Company.  
Warranty costs  
25  
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  
26  
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 2023 to 30 June 2024. 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 2024 and of the Company's  
activities and cash flows for the financial year 1 July 2023 to 30 June 2024.  
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, 17 September 2024  
EXECUTIVE MANAGEMENT  
Hjalti Pall Thorvardarson (CEO)  
Sigurd Hundrup (CFO)  
BOARD OF DIRECTORS  
Ulrich Beck (Chairman)  
Kim Brangstrup  
Jean Marcel Dühring  
Carsten Jørgensen  
Michael Lumholt  
 
INDEPENDENT AUDITOR'S REPORT  
TO THE SHAREHOLDERS OF ROVSING A/S  
27  
OPINION  
In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial  
position at 30 June 2024 and of the results of the Company's operations and cash flows for the financial year 1  
July 2023 30 June 2024 in accordance with the International Financial Reporting 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 of Directors and the Audit Committee.  
Audited financial statements  
Rovsing A/S' financial statements for the financial year 1 July 2023 30 June 2024 comprise the income  
statement, statement of comprehensive income, balance sheet, statement of changes in equity, statement of  
cash flow and notes, including summary of significant accounting policies, for the Company (the financial  
statements).  
The financial statements are prepared in accordance with the International Financial Reporting 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  
2021/2022. We have been re-appointed by resolutions passed by the annual general meeting for a total  
uninterrupted engagement period of 3 year up to and including the financial year ending 30 June 2024.  
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 2023/24 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  
How our audit addressed the key audit matter  
Valuation of intangible assets  
Completed development projects represent DKK 12.3 For the purpose of our audit, the procedures we carried  
million corresponding to 35% of the Company’s assets.  
out included the following:  
Management conducts annual impairment test to  
determine whether the carrying amounts of recognised  
completed development projects are considered to be  
We have discussed with Management and  
evaluated the internal controls and procedures for  
 
impaired and, hence, should be written down to the  
recoverable amount.  
preparing impairment tests and the budget and  
forecasts.  
Management determines the recoverable amount of  
We have focused our audit on the appropriateness  
of models and the key assumptions used by  
Management to calculate the values in use and  
assessed the consistency of the assumptions  
applied to internal and external information  
obtained.  
the completed development projects using  
discounted cash flow model (value in use).  
a
28  
Key assumptions used in the impairment test are  
increase in revenue and margin and the applied discount  
rate.  
We have assessed the documentation that  
supports the key assumptions applied and  
challenged management’s use of these  
assumptions.  
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.  
In addition, we have assessed whether the disclosures;  
Note 13 Intangible Assets in the financial  
statements meet the requirements of IFRS.  
Reference is made to note 13 to the financial  
statements and the accounting policies.  
Revenue recognition  
The Company delivers long term contracts, which For the purpose of our audit, the procedures we carried  
typically extend over more than one financial year. Due out included the following:  
to the nature of these contracts and in accordance with  
We have considered the appropriateness of the  
Company’s revenue recognition policy and  
assessed its compliance with IFRS 15 Revenue from  
Contracts with Customers.  
the accounting policies, the Company recognises and  
measures revenue from such long-term contracts over  
time based on the percentage of completion method.  
The percentage of completion is calculated on the basis  
of the contract costs incurred at the balance sheet date  
in relation to the estimated total cost of the contract.  
We have discussed with Management and  
evaluated the internal controls and procedures for  
the revenue recognition.  
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 discussed with Management the key  
judgements and estimates made related to the  
recognised revenue.  
We have performed retrospective reviews of  
realised contract costs to determine the historical  
accuracy of estimated total costs of the contracts.  
Reference is made to note 3 to the financial statements  
and the accounting policies.  
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.  
In addition, we have assessed whether the disclosures;  
Note 3 Revenue in the financial statements 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 under the Danish Financial Statements Act.  
 
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 with the requirements of the Danish Financial  
Statement Act. We did not identify any material misstatement of the Management's review.  
29  
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 International Financial Reporting 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.  
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,  
we exercise professional judgement and maintain professional skepticism 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.  
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.  
30  
Copenhagen, 17 September 2024  
KPMG  
Statsautoriseret Revisionspartnerselskab  
CVR no. 25 57 81 98  
Sara Carstensen  
State Authorised  
Public Accountant  
mne34191  
 
INCOME AND COMPREHENSIVE INCOME STATEMENT  
31  
2023/24  
2022/23  
Note  
3
INCOME AND COMPREHENSIVE INCOME STATEMENT  
DKK’000  
39,258  
-14,099  
1,304  
28,335  
-8,759  
1,092  
Revenue  
Changes in inventories and work materials used  
Work performed by the entity and capitalised  
26,463  
20,668  
Gross profit  
-3,169  
-20,346  
-2,428  
-17,270  
4
Other external expenses  
Staff costs  
5, 6  
Operating profit before depreciation and amortisation  
(EBITDA)  
2,948  
970  
-1,984  
-1,930  
7, 8  
Depreciation, amortisation and impairment  
964  
-960  
Operating loss (EBIT)  
35  
50  
9
Financial income  
-1,244  
-1,289  
10  
Financial expenses  
-245  
411  
-2,199  
472  
Loss before tax  
11  
Tax on loss for the year  
Net profit  
166  
166  
-1,727  
-1,727  
Comprehensive income  
Allocation of loss and comprehensive income:  
166  
-1,727  
Shareholders of Rovsing A/S  
12  
Earnings per share  
0.3  
0.3  
-3.6  
-3.6  
Earnings per share (EPS Basic)  
Earnings per share (EPS-D)  
 
BALANCE SHEET  
2023/24  
2022/23  
Note  
BALANCE SHEET, ASSETS  
DKK’000  
32  
Non-current assets  
Intangible assets  
12,277  
0
11,763  
0
13  
13  
13  
Completed development projects  
Patents and licenses  
Development projects in progress  
216  
206  
12,493  
11,969  
Property, plant and equipment  
Right-of-Use assets  
Property, plant and equipment  
1,620  
700  
1,257  
846  
15  
14  
2,320  
2,103  
Other non-current assets  
411  
470  
Tax  
2,143  
2,143  
16  
Deferred tax  
2,554  
2,613  
17,367  
16,685  
Total non-current assets  
Current assets  
Inventories  
Trade receivables  
Contract work in progress  
Tax  
5,186  
6,909  
3,965  
470  
4,647  
5,836  
3,439  
210  
4
17  
18  
1,178  
251  
15  
473  
1,851  
49  
17  
Other receivables  
Prepayments  
Cash  
17,974  
35,341  
16,505  
33,190  
Total current assets  
TOTAL ASSETS  
 
BALANCE SHEET  
33  
2023/24  
2022/23  
Note  
BALANCE SHEET, EQUITY AND LIABILITIES  
DKK’000  
19  
Equity  
5,705  
4,820  
-346  
23,811  
4,129  
-21,318  
Share capital  
Reserves for development costs  
Retained earnings  
10,179  
6,622  
Total equity  
Non-current liabilities  
2,500  
1,912  
790  
2,500  
0
473  
20  
20  
15  
Other credit institutions  
Bond loans  
Lease liabilities  
5,202  
2,973  
Total non-current liabilities  
Current liabilities  
4,283  
807  
3,841  
854  
24  
15  
Credit institutions  
Lease liabilities  
0
4,200  
20  
18  
Bond loans  
9,118  
2,541  
3,211  
8,885  
2,621  
3,194  
Prepayments from customers  
Trade payables  
Other payables  
21  
19,960  
25,162  
35,341  
23,595  
26,568  
33,190  
Total current liabilities  
Total liabilities  
TOTAL EQUITY AND LIABILITIES  
 
STATEMENT OF CHANGES IN EQUITY  
34  
RESERVES  
2022/23  
DKK’000  
SHARE  
CAPITAL  
FOR  
DEVELOP-  
MENT COSTS  
RETAINED  
EARNINGS  
TOTAL  
8,085  
3,139  
Equity at 1 July 2022  
23,662  
-18,716  
Comprehensive income for the  
period  
Comprehensive income  
0
0
0
-1,727  
-990  
-1,727  
0
Transferred between reserves  
990  
Total comprehensive income for  
the period  
0
990  
-2,717  
-1,727  
Other transactions  
Capital increase  
149  
0
0
0
0
0
0
23  
-2  
172  
-2  
Other adjustments  
Costs capital increase  
Warrants  
0
-55  
149  
115  
-55  
149  
264  
0
Total transactions with owners  
149  
Equity at 30 June 2023  
23,811  
4,129  
-21,318  
6,622  
The reserves have been allocated in accordance with the Danish Companies Act.  
 
RESERVES  
FOR  
DEVELOP-  
2023/24  
DKK’000  
SHARE  
CAPITAL  
RETAINED  
EARNINGS  
35  
TOTAL  
6,622  
MENT COSTS  
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.  
 
CASH FLOW STATEMENT  
2023/24  
166  
2022/23  
-1,727  
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  
1,984  
240  
1,930  
149  
-50  
8
25  
9
-35  
1,244  
-411  
1,289  
-472  
10  
11  
Financial expenses  
Tax on loss for the year  
Cash flows from operations before changes in working  
capital  
3,188  
1,119  
-1,073  
6,643  
26  
Change in working capital  
2,115  
7,762  
Cash flow from operations  
Interest received  
Interest paid  
35  
-1,244  
50  
-1,289  
210  
75  
Refund of corporate tax (LL§8x)  
1,116  
6,598  
Cash flow from operating activities  
-1,408  
-98  
-1,644  
-49  
13  
14  
Acquisition of intangible assets  
Acquisition of tangible assets  
-1,506  
-1,693  
Cash flow from investing activities  
2,354  
-4,200  
0
3,332  
-933  
-197  
-1,920  
0
-2,169  
172  
-886  
-55  
23  
23  
New bond loans and debt with credit institutions  
Repayment of bond loan  
Other debt  
Capital increase etc., net proceeds from issue  
Principal paid on lease  
Costs emission  
356  
-34  
49  
-4,858  
47  
Cash flow from financing activities  
Net cash flow for the period  
Cash, beginning of year  
2
15  
49  
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  
19  
20  
21  
Contract work in progress  
Equity  
5
Staff costs  
6
Share-based payment  
Research and development costs  
Depreciation, amortisation and impairment  
Financial income  
Loans  
7
Other payables  
8
22  
23  
24  
25  
26  
27  
Financial risks and financial instruments  
Contingent assets and liabilities  
Collateral  
9
10  
11  
12  
13  
14  
Financial expenses  
Tax on profit/loss for the year  
Earnings per share  
Non-cash transactions  
Working capital changes  
Related party transactions  
Events after the reporting period  
Intangible assets  
Property, plant and equipment  
28  
 
NOTES  
38  
NOTE 1. ACCOUNTING POLICIES  
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 annual report for 2023/24, 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.  
The accounting policies are consistent with those  
applied in 2022/23.  
Applying materiality  
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.  
The annual report is presented in DKK thousands  
(DKK ‘000).  
Relevant new accounting standards  
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  
2023. Management assessed that application of  
these has not had a material impact on the  
amounts reported in these financial statements.  
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.  
New standards and interpretations not yet  
adopted  
Management has assessed the impact of new or  
amended accounting standards and interpretations  
(IFRSs) issued by the IASB that has not yet become  
effective. Management does not anticipate any  
significant impact on future periods from the  
adoption of these amendments  
Foreign currency translation  
Rovsing uses DKK as it’s 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.  
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.  
 
Warrants  
NOTES  
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  
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.  
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.  
The fair value is determined according to the Black-  
Scholes method.  
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.  
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.  
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.  
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.  
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.  
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.  
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.  
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.  
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 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.  
Other operating income  
Other operating income includes grants, which are  
recognised in step with completion of the activity  
eligible for grant.  
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.  
Other external costs  
Other external costs comprise expenses for  
distribution, sale, marketing, administration,  
premises, etc.  
 
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.  
NOTES  
Intangible assets  
40  
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  
profit or loss over the lease period so as to produce  
Software is depreciated using the straight-line  
method over its expected useful life, estimated at  
three to five years. The assets’ residual values and  
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.  
a
constant periodic rate of interest on the  
remaining balance of the liability for each period.  
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.  
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  
Right-of-use assets are generally depreciated over  
the shorter of the asset’s useful life and the lease  
term on  
a
straight-line basis. If Rovsing is  
reasonably certain to exercise a purchase option,  
 
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.  
NOTES  
the right-of-use asset is depreciated over the  
underlying asset’s useful life.  
41  
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.  
small items of office furniture.  
Equity  
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.  
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.  
Pension obligations  
Contributions to defined contribution plans are  
expensed as incurred.  
Other provisions  
Other provisions are recognised when, as  
a
Receivables  
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 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  
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.  
Current and non-current liabilities  
Current liabilities, which comprise loans, trade  
payables, bond loans and other payables, are  
measured at amortised cost.  
Contract work in progress  
Deferred income  
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.  
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  
 
NOTES  
42  
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 2024/25 based on current order  
back log (approx. 90% secured) and incoming of  
new orders from pipeline, and for 2025/26 revenue  
is based on a combination of order back log and  
estimated revenue. Revenue for 2026/27 and  
onwards is based on estimated growth rates of  
average 10 %.  
- Cost and expenses assumptions are based on  
empirical data from 2023/24 and then inflated as  
this is considered representative for the future.  
- WACC amounts to 11% (2022/23: 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% (2022/23: 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 2023/24 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 216 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 32,0 million (2022/23:  
DKK 58,6 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 12,277 thousand (2022/23: DKK  
11,763 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  
 
For further see note 16.  
NOTES  
Funding in 2024/25  
45  
Funding in 2024/25 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 2024/25 is based on the convertible  
bond loan of DKK 1,9 million, which is due 12  
January 2026.  
During 2022/23 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.  
Under the current rules for listed companies,  
Rovsing may issue new shares for up to 20% of the  
Company's existing share capital within a financial  
year. 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 2024 prepared an  
assessment, which is based on budgets and  
business plans for a period of 5 years. The  
assessment is to a large extend backed up by the  
strong order back log for 2023/24, which has  
secured a large part of the year 2024/25 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  
2023/24  
2022/23  
3
REVENUE  
DKK’000  
Developed products and systems  
Software Verifications (ISVV)  
On-site Engineering Services  
34,613  
2,625  
2,020  
23,117  
2,247  
2,971  
39,258  
28,335  
GEOGRAPHIC MARKETS  
DKK’000  
EU  
UK  
34,515  
3,463  
1,280  
21,205  
6,854  
276  
Outside EU  
39,258  
28,335  
Revenue from three customers were in the interval from 8%-47% of the total revenue in 2023/24. Revenue  
from three customers in 2022/23 were in the interval from 10%-26% of the total revenue in 2022/23. The order  
backlog as of 30 June 2024 was DKK 38,8 million, of which a high share is expected to be recognised in  
2024/25.  
Revenue from products, systems and services is recognised over time, using the cost-to-cost method.  
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.  
2023/24  
2022/23  
4
EXPENSES  
Audit fee expenses  
DKK’000  
Audit of financial statements  
Audit fee for other services  
325  
0
248  
0
325  
248  
Inventory  
DKK’000  
Raw materials and consumables  
Work in progress  
595  
4,591  
744  
3,903  
5,186  
4,647  
 
NOTES  
47  
2023/24  
2022/23  
5
STAFF COSTS  
DKK’000  
Wages and salaries  
Pension contribution  
Other social security costs  
Share based payments  
18,397  
906  
15,167  
915  
1,039  
149  
787  
256  
20,346  
17,270  
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  
2,215  
97  
210  
437  
115  
2,200  
57  
208  
400  
67  
Average number of full-time employees  
28  
25  
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, re 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 has a warrant incentive programme for the Company’s Board of Directors, CEO, CFO and  
employees. The programme comprises a total of 23,660 warrants granted in November 2022. Each  
warrant entitles the holder to buy one share of DKK 10 each in Rovsing A/S. No amounts are paid or  
payable by the recipient on receipt of the warrant. The warrants carry neither rights to dividends nor  
voting rights.  
The outstanding warrants for the CEO and CFO equals 1.6% of the share capital if all warrants are  
exercised. The vesting of warrants for the CEO and CFO is based on employment with the Company. For  
the CEO and CFO all 8,991 warrants are vested equally over 24 months beginning October 2022. The  
warrants are issued with an exercise price of DKK 57.8 each. The vesting of the warrants are subject to  
continued employment in the Company.  
 
48  
NOTES  
The outstanding warrants for the Board of Directors equal 1.2% of the share capital if all warrants are  
exercised. For the Board of Directors all 6,987 warrants are vested after 24 month (Sep. 2024). For other  
employees all 4,022 are vested after 24 months (Sep. 2024). The warrants are issued with an exercise price  
of DKK 57.8 each. Exercise of warrants expires 1 January 2025. The subscription period is 4 weeks unless  
the Board of Directors decides otherwise. Options are forfeited if the employee leaves the Group before  
the options vest.  
At 30 June 2024 18,262 warrants are fully vested. In 2023/24 the costs recognised in the income statement  
relating to warrants is tDKK 256.  
Specification of outstanding warrants:  
Exercis  
e price  
per  
warrant  
Executive  
Management  
Other  
Not  
Board of  
Total  
employees allocate Directors  
d
Number of exercisable  
options:  
Outstanding at 1 July 2021  
10,299  
5,796  
5,796  
4,022  
0
0
42,205  
58,300  
75  
57  
Outstanding as at 30 June  
2022  
10,299  
0
42,205  
58,300  
Outstanding as at 30 June  
2023  
8,991  
0
10,6473  
23,660  
Granted during the year  
Expired during the year  
0
0
0
0
0
0
0
0
0
Outstanding at 30 June  
2024  
8,991  
4,022  
0
3,660  
6,987  
23,660  
57  
Excercisable as at 30 June  
2024  
0
0
0
0
Excercisable as at June 2023  
0
0
0
0
0
The fair value at grant date is independently determined using the Black-Scholes model that takes into account  
the exercise price, the term of the option, the share price at grant date and expected price volatility of the  
underlying share, the expected dividend yield, the risk-free interest rate for the term of the option, and the  
correlations and volatilities of the peer group companies.  
The model inputs for options granted included:  
options are granted when a minimum of shares are held during the vesting period. Vested  
options are exercisable for a period of three months after vesting.  
exercise price: DKK 57.8  
 
49  
NOTES  
grant date: 25 November 2022  
expiry date: 24 October 2024  
share price at grant date: DKK 59  
expected price volatility of the company’s shares: 58%  
expected dividend yield: 0%  
risk-free interest rate: 3%  
Fair value of warrants at the time of grant is DKK 0,5 million.  
2023/24  
2022/23  
7
RESEARCH AND DEVELOPMENT COSTS  
DKK’000  
Research and development costs incurred  
1,869  
2,137  
Development costs recognised as intangible assets  
Amortisation and impairment of recognised  
development costs  
-1,408  
-1,644  
884  
771  
Development costs for the year recognised in the  
income statement  
1,345  
1,264  
 
NOTES  
50  
DEPRECIATION, AMORTISATION AND  
IMPAIRMENT  
2023/24  
2022/23  
8
DKK’000  
Amortisation, completed development projects  
Amortisation, patents and licenses  
Depreciation, leasing  
884  
0
856  
244  
771  
0
931  
228  
Depreciation, other fixtures and fittings, tools and equipment  
1,984  
1,930  
2023/24  
2022/23  
9
FINANCIAL INCOME  
DKK’000  
Exchange rate adjustments  
35  
35  
50  
50  
2023/24  
2022/23  
10 FINANCIAL EXPENSES  
DKK’000  
Interest, banks, etc.  
Interest leasing  
1,025  
50  
1,128  
81  
Exchange rate adjustments  
169  
80  
1,244  
1,289  
 
NOTES  
51  
2023/24  
2022/23  
11 TAX ON PROFIT/LOSS FOR THE YEAR  
DKK’000  
Current tax  
Adjustment previous year  
Deferred tax  
411  
0
0
470  
2
0
Tax on profit/loss for the year  
Computed tax of loss before tax  
411  
472  
22%  
22%  
2023/24  
2022/23  
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:  
54  
484  
Unrecognised deferred tax asset  
337  
-56  
123  
-4  
-43  
411  
26  
-52  
0
2
12  
472  
Other non-deductible costs  
Deductable research expensenses LL § 8B  
Adjustment previous year and other adj.  
Tax on cost charged to equity  
Tax for the year  
2023/24  
2022/23  
12 EARNINGS PER SHARE  
DKK’000  
Profit/loss for the year  
166  
-1,727  
Average number of issued shares (1,000)  
Average number of warrants (1,000)  
523  
18  
475  
9
Earnings per share, (EPS Basic)  
Earnings per share, (EPS diluted)  
0.3  
0.3  
-3.6  
-3.6  
 
NOTES  
52  
13  
INTANGIBLE ASSETS  
Develop-  
ment  
and projects in  
Completed Patents  
development  
projects licenses  
2023/24  
progress  
Total  
DKK’000  
Cost at 1 July 2023  
Additions  
Reclassification  
34,824 22,350  
1,398  
206  
1,408  
-1,398  
216  
57,380  
1,408  
0
0
36,222 22,350  
Cost at 30 June 2024  
58,788  
Amortisation and impairment at 1 July  
-23,061 -22,350  
0
-45,411  
2023  
Amortisation  
Impairment  
-884  
0
0
0
0
0
-884  
0
Amortisation and impairment at 30 June  
2024  
-23,945 -22,350  
12,277  
0
-46,295  
12,493  
0
216  
Carrying amount at 30 June 2024  
All intangible assets are considered to have a limited useful life.  
At 30 June 2024, Completed development projects comprise the internally generated project EGSE  
Platform with a carrying amount of DKK 12,277 thousand (30 June 2023: DKK 11,763 thousand).  
At 30 June 2024, 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 2023/24.  
 
NOTES  
53  
13 INTANGIBLE ASSETS  
Develop-  
ment  
Patents and projects in  
Completed  
development  
projects  
2022/23  
licenses  
progress  
Total  
DKK’000  
33,180  
22,350  
206  
Cost at 1 July 2022  
55,736  
0
1,644  
34,824  
0
0
1,644  
-1,644  
206  
Additions  
Reclassification  
Cost at 30 June 2023  
1,644  
0
57,380  
22,350  
-22,290  
-771  
0
-22,350  
0
0
0
Amortisation and impairment at 1 July 2022  
Amortisation  
Impairment  
-44,640  
-771  
0
0
0
-23,061  
11,763  
-22,350  
0
0
Amortisation and impairment at 30 June 2023  
Carrying amount at 30 June 2023  
-45,411  
11,969  
206  
 
NOTES  
54  
PROPERTY, PLANT AND  
EQUIPMENT  
14  
2023/24  
2022/23  
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  
1,907  
98  
1,858  
49  
0
0
Cost at 30 June  
2,005  
1,907  
Depreciation and  
impairment at 1 July  
-1,061  
-832  
Depreciation for the year  
Disposals  
-244  
0
-229  
0
Depreciation and impairment at 30 June  
Carrying amount at 30 June  
-1,305  
700  
-1,061  
846  
 
NOTES  
55  
15 RIGHT OF USE ASSET  
2023/24  
Property  
lease  
Other  
leases  
Total  
DKK’000  
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  
2022/23  
1,006  
60  
Cost at 1 July 2022  
Effect of modification to lease terms  
Additions  
4,115  
101  
5,121  
162  
0
0
0
1,066  
Cost at 30 June 2023  
4,216  
5,283  
-497  
0
-282  
-779  
Depreciations at 1 July 2022  
Effect of modification to lease terms  
Depreciations  
-2,598  
0
-648  
-3,246  
-3,095  
0
-931  
-4,026  
Depreciations at 30 June 2023  
287  
Right of Use asset at 30 June 2023  
970  
1,257  
 
NOTES  
56  
15 LEASE LIABILITIES  
Property  
lease  
Other  
leases  
2023/24  
Total  
DKK’000  
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  
2022/23  
430  
0
Lease liabilities at 1 July 2022  
Additions  
1,622  
0
2,052  
0
26  
60  
-294  
Interest leases liabilities  
Adjustments to lease terms  
Lease payments  
55  
101  
-673  
81  
161  
-967  
222  
Lease liabilities at 30 June 2023  
1,105  
1,327  
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 2024, the Company is committed to DKK 807 thousand (30 June 2023: DKK 854 thousand) for short-  
term leases. Interest expenses on the lease liability in the income statement for 2023/24 amounts to DKK 50  
thousand (2022/23: DKK 81 thousand).  
MATURITY  
Between Between Between  
Up to  
12  
months  
1 and 2  
years  
2 and 3  
years  
3 and 4  
years  
Total  
DKK’000  
473  
777  
0
13  
0
0
1,327  
1,597  
Lease liabilities 1 July 2023  
Lease liabilities 30 June 2024  
854  
807  
The amounts recognized impact the operating cash outflow by DKK 50 thousand (2022/23: DKK 81 thousand)  
as well as the cash outflow from financing activities by DKK 933 thousand (2022/23: DKK 886 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.  
 
NOTES  
57  
2023/24  
2022/23  
16 DEFERRED TAX  
DKK ‘000  
Deferred tax asset at 1 July  
Change in deferred tax for the year  
Prior period adjustment  
2,143  
-337  
0
2,143  
-27  
0
Unrecognised deferred tax asset  
337  
27  
Write-down of tax asset pursuant to expected realisation (3-5  
years)  
0
0
Deferred tax asset at 30 June  
2,143  
2,143  
Deferred tax in the Company is specified as follows:  
2023/24  
-2,048  
244  
2022/23  
-1,932  
190  
Intangible assets  
Tangible assets  
Equipment and lease  
-5  
15  
Current assets (work in progress)  
Tax loss carry-forwards  
Non-recognised share of tax asset  
-3,894  
19,215  
-11,369  
-2,414  
17,849  
-11,565  
Deferred tax asset at 30 June  
2,143  
2,143  
Utilisation of the tax losses is not time-limited. The tax losses are expected to be utilised in future  
positive earnings within a five-year period. The recognition of the deferred tax assets is based on a  
significant increase in the company’s order backlog, which as of 30 June 2024 was DKK 38,8 million  
(2022/23 DKK 65,8 million).  
The tax losses carried forward amounts to DKK 87,384 thousand (2022/23: DKK 81,815 thousand).  
 
NOTES  
58  
2023/24  
2022/23  
17 RECEIVABLES  
DKK’000  
Trade receivables*  
Write-downs to cover losses  
6,909  
0
5,836  
0
6,909  
1,178  
5,836  
473  
Other receivables  
8,087  
6,309  
Receivables for which no write-downs have been made to  
cover losses:  
Due within 1-30 days*  
Due within 30-90 days*  
Due after 90 days  
6,418  
1,380  
289  
4,459  
1,521  
329  
8,087  
6,309  
*) At the end of August 2024 90% of trade receivables due  
within 1-90 days has been received.  
2023/24  
2022/23  
Carrying amount of receivables by currency:  
DKK  
EUR  
USD  
252  
7,835  
0
343  
5,938  
28  
8,087  
6,309  
2023/24  
2022/23  
CONTRACT WORK IN  
PROGRESS  
18  
DKK’000  
59,382  
-64,535  
-5,153  
Contract work in progress, selling price  
Invoiced contract work in progress  
33,772  
-39,218  
-5,446  
recognised as follows:  
3,965  
9,118  
Contract work in progress (assets)  
Prepayments, customers (liability)  
3,439  
8,885  
-5,153  
-5,446  
22,800  
Contract work in progress at cost  
41,683  
The remaining value of contracts to be recognised as revenue in future periods is DKK 37,951 thousand (30 June  
2023 DKK 65,740 thousand). No material adjustments have been made to the contract balances neither in this  
financial year nor in the previous financial year.  
 
NOTES  
59  
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. Rovsing holds 64 of the  
Company’s own shares with a nominal value of DKK 640. The Company’s solvency ratio stood at 28.8  
at 30 June 2024 (30 June 2023: 20.0).  
Share capital  
2023/24  
2022/23  
Development in no. of shares  
No. of shares, beginning of year  
Issue of new shares  
476  
94  
473  
3
No. of shares (1,000), end of year  
571  
476  
Share capital, DKK’000  
5,705  
23,811  
The share capital is divided into 570,370 shares with a nominal value of DKK 10 each (2022/2023:  
476,228 shares with a nominal value of DKK 50 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. Presently  
there are 18,262 vested warrants.  
20 LOANS  
In December 2023 the Company repaid convertible bond loans of DKK 4,2 million, which were due 31  
December 2023. In January 2024, a new convertible bond loan of DKK 2,2 million was secured with a due  
date 12 January 2026. In February 2024, DKK 0,3 million of the bond loan of DKK 2,2 million was converted  
into shares with a remaining bond loan of DKK 1,9 million which 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%.  
Furthermore, see note 27 for transactions with related parties.  
 
NOTES  
60  
21 OTHER PAYABLES  
DKK’000  
2023/24  
2022/23  
Staff costs  
1,593  
1,618  
1,877  
1,317  
Other payables  
3,211  
3,194  
FINANCIAL RISKS AND FINANCIAL  
INSTRUMENTS  
22  
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 or USD. 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 2023/24 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.  
Foreign currency exposure in thousands:  
Nominal position  
Cash and  
receivables  
Financial  
liabilities  
EUR/USD  
receivables/payables)  
6,909  
1,026  
15  
0
EUR (cash)  
6,924  
1,026  
Interest rate risk  
The Company had net payables to credit institutions of DKK 6,783 thousand at 30 June 2024. The debt  
carries a floating interest rate based on the money market rate. Interest rates paid on payables to credit  
institutions in 2023/24 was 10.4% and 12.8%. 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%.  
Based on recognised financial assets and liabilities at 30 June 2024, without considering repayments,  
loans raised and the like in 2023/24, 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.  
 
NOTES  
61  
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.  
The Company's financial assets liabilities fall due as follows:  
Due  
Due  
2023/24  
within 1 between 1 Due after  
Carrying  
amount  
year and 5 years  
5 years  
Total  
DKK’000  
0
0
0
0
0
0
0
0
Cash  
Trade receivables  
Other receivables (current)  
Other receivables (non-current)  
Total loans and receivables  
15  
6,909  
1,648  
0
15  
6,909  
1,648  
411  
15  
6,909  
1,648  
411  
411  
411  
8,572  
8,983  
8,983  
0
-2,500  
-1,912  
-790  
0
0
0
0
0
0
0
Credit institutions, floating rate  
Other credit institutions  
Bond loan  
Leasing  
Trade payables  
-4,283  
-4,283  
-2,500  
-1,912  
-4,283  
-2,500  
-1,912  
0
0
-807  
-2,541  
-3,211  
-1,597  
-2,541  
-3,211  
-1,597  
-2,541  
-3,211  
0
Other payables  
Financial liabilities measured  
at amortised cost  
-16,044  
-10,842  
-5,202  
0
-16,044  
 
Due  
62  
NOTES  
2022/23  
Due within  
between 1 Due after 5  
1 year and 5 years  
Carrying  
amount  
years  
Total  
DKK’000  
0
0
0
0
0
0
0
0
Cash  
Trade receivables  
Other receivables (current)  
Other receivables (non-current)  
Total loans and receivables  
49  
5,836  
683  
49  
5,836  
683  
470  
7,038  
49  
5,836  
683  
470  
7,038  
0
470  
470  
6,568  
0
0
0
0
Credit institutions, floating rate  
VAT loan  
Bond loan  
Leasing  
Trade payables  
-3,841  
0
-4,200  
-854  
-2,621  
-3,194  
-3,841  
-2,500  
-4,200  
-1,327  
-2,621  
-3,194  
-3,841  
-2,500  
-4,452  
-1,327  
-2,621  
-3,194  
-2,500  
0
0
0
0
-473  
0
0
Other payables  
Financial liabilities measured at  
amortised cost  
-2,500  
-14,710  
-473  
-17,683  
-17,935  
Cash resources and financing facilities  
On 8 February 2024, the Company obtained financing of DKK 1,912 thousand through a convertible loan.  
The Company has access to bank financing facilities of DKK 4,000 thousand (30 June 2023: DKK 5,000  
thousand).  
Proceeds Repayments  
Loans 1 July  
2023  
from  
of  
Other non-  
cash items  
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  
 
NOTES  
63  
Proceeds Repayments  
Other  
Loans 1 July  
2022  
from  
borrowings  
of non-cash  
Loans 30  
June 2023  
2022/23  
borrowings  
items  
DKK’000  
2,500  
-4,075  
-2,169  
-725  
0
-345  
Credit institutions, floating rate  
VAT loan  
Lease liabilities  
Bond loan  
Credit institutions, EKF floating rate  
Total loans  
7,916  
2,169  
2,052  
4,200  
345  
0
0
0
0
0
0
6,341  
0
1,327  
4,200  
0
0
0
0
0
2,500  
-7,314  
16,682  
11,868  
23 CONTINGENT ASSETS AND LIABILITIES  
The Company, as part of its activities enters into various contracts that can include obligations normal  
for the industry.  
24 COLLATERAL  
A floating charge in the amount of DKK 11,75 million has been issued as collateral for credit facilities  
with a credit institution. The floating charge comprises a charge on rights pursuant to the Danish  
Patents Act, the Danish Trademarks Act, the Danish Design Act, the Danish Utility Models Act, the  
Danish Registered Designs Act, the Danish Copyright Act and the Danish Act on Protection of the  
Topographies of Semiconductor Products. Furthermore, the floating charge comprises tools,  
inventories and unsecured claims arising from the sale of goods and services. The total carrying amount  
of the floating charge was DKK 26,4 million at 30 June 2024.  
 
NOTES  
64  
25 NON-CASH TRANSACTIONS  
2023/24  
2022/23  
DKK’000  
Warrant cost expensed  
Financial items  
256  
-16  
149  
0
240  
149  
26 WORKING CAPITAL CHANGES  
2023/24  
2022/23  
DKK’000  
Inventories  
-539  
-1,073  
-526  
0
-373  
1,922  
-801  
0
Trade receivables  
Contract work in progress  
Tax receivables  
Other receivables  
Prepaid expenses  
Prepayments from customers  
Trade payables  
-705  
1,600  
233  
-80  
17  
427  
-1,482  
5,548  
332  
Other payables  
1,070  
-1,073  
6,643  
 
NOTES  
65  
27 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.  
As noted above, no transactions have been made with related parties except previously mentioned  
bond loans.  
28 EVENTS AFTER THE REPORTING PERIOD  
After the balance sheet date, no events have occurred that materially affect the Company's financial  
position.  
 
EXECUTIVE MANAGEMENT  
66  
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.  
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 14 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 2024: 1,750 shares.  
Number of warrants at 30 June 2024: 4,046.  
Shareholding at 30 June 2024: 1,951 shares.  
Number of warrants at 30 June 2024: 4,945.  
 
CARSTEN JØRGENSEN (BORN 1961)  
BOARD OF DIRECTORS  
67  
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, in Senior  
Management positions as for Strategy,  
international Sales and Business Development,  
International Compliance Officer, transnational  
Merger Integration or as Chief Financial and  
Main directorships:  
Information  
Officer.  
Various  
Financial  
Part of the space committee of Denmark  
establishing the DK space strategy and  
financial prioritizations.  
Management positions at operations, engineering  
program and corporate level. M&A, Transaction  
Management and Industrial Strategy projects.  
In the Eurospace council and president for  
the financial committee.  
Program member of the Eurospace DASIA  
conference  
Main directorships:  
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 2024: 0 shares.  
Number of warrants at 30 June 2024: 0.  
Certified Board Member and Financial  
Expert (by Deutsche Börse AG), Member of  
related associations  
Independent of Rovsing and the executive  
management: Yes  
Independent of major shareholders as of today: Yes  
Shareholding at 30 June 2024: 3,382 shares.  
Number of warrants at 30 June 2024: 2,662.  
 
Owner and Chairman of PNN Medical A/S  
Board member of Nordenergie A/S  
JEAN MARCEL DÜHRING (BORN 1971)  
68  
Independent of Rovsing and the executive  
management: Yes  
Independent of major shareholders as of today: Yes  
Shareholding at 30 June 2024: 74,846 shares.  
Number of warrants at 30 June 2024: 0.  
Elected to the Board of Directors in February 2024.  
Educational background: BSc in Business  
Administration and Commercial Law from  
Copenhagen Business School (CBS).  
MICHAEL LUMHOLT (BORN 1969)  
Jean Marcel Dühring is a former financial reporter  
and editor-in-chief, and has, among other things,  
produced numerous financial market reports for  
daily newspapers Berlingske Tidende and Politiken.  
Main directorships:  
Founder and owner of JMD Holding ApS  
Elected to the Board of Directors in 2024.  
Independent of Rovsing and the executive  
management: Yes  
Educational Background: MSc., Ph.D. in Electrical  
Engineering, Technical University of Denmark.  
Independent of major shareholders as of today: Yes  
Shareholding at 30 June 2024: 47,558 shares.  
Number of warrants at 30 June 2024: 0.  
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 (BORN 1952)  
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  
Member of the Committee on Research  
and Education at The Confederation of  
Danish Industries  
Elected to the Board of Directors in February 2024.  
Educational background: Niels Brock Business  
School and courses in finance/stock exchange from  
City of London Polytechnics.  
Independent of Rovsing and the executive  
management: Yes  
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.  
Independent of major shareholders as of today: Yes  
Shareholding at 30 June 2024: 0 shares.  
Number of warrants at 30 June 2024: 0.  
Main directorships:  
Founder and Managing Partner of Brancor  
Capital Partners ApS  
 
GLOSSARY  
69  
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  
 
70  
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