1
ANNUAL REPORT 2021 / 22  
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  
HIGHLIGHTS OF THE YEAR ............................... 3  
FINANCIAL HIGHLIGHTS AND RATIOS.............. 4  
CORPORATE INFORMATION ............................ 5  
MANAGEMENTS’ REVIEW ................................. 6  
MANAGEMENT STATEMENT .......................... 22  
INDEPENDENT AUDITOR’S REPORT................23  
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 .................................................... 29  
BALANCE SHEET ..............................................30  
BALANCE SHEET ..............................................31  
STATEMENT OF CHANGES IN EQUITY ............32  
CASH FLOW STATEMENT ................................34  
The products, inclusive software packages, are  
flexible and configurable, facilitating tailor-made  
customer solutions.  
OVERVIEW OF NOTES TO THE FINANCIAL  
STATEMENTS...................................................35  
NOTES ..............................................................36  
DEFINITION OF RATIOS ...................................41  
EXECUTIVE MANAGEMENT ............................ 62  
BOARD OF DIRECTORS ....................................63  
GLOSSARY ...................................................... 65  
More specifically, Rovsing offers, the following  
equipment solutions:  
Payload EGSE (Electrical Ground Support  
Equipment)  
Power & Launch EGSE  
Platform EGSE  
Instrument EGSE  
Avionics Test Beds  
Central Check-out Equipment  
Thermal EGSE  
Real-time Simulators  
In addition, Rovsing develops software solutions,  
including solutions based on specific customer  
specifications, and performs independent software  
verification/validation (ISVV) for critical space-  
related software developed by third parties.  
Rovsing also provides engineering support for large  
corporations in the space industry at various  
locations in Europe and in South America. For more  
than 15 years, Rovsing has been responsible for  
configuration control of ground installations at the  
European space base CSG in Kourou in French  
Guiana.  
The main customers of Rovsing are European and  
US-based space groups such as Airbus DS, Thales  
Alenia Space, OHB, Boeing, Lockheed Martin and  
their key sub-suppliers. The European Space  
Agency (ESA), NASA and various national space  
agencies are also among Rovsing’s customers.  
 
HIGHLIGHTS OF THE YEAR  
3
The financial year 2021/22 was in line with the adjusted guided expectations (Announcement no. 332),  
with a revenue amounting to DKK 27,0 million, compared to a revenue of DKK 27,5 million in 2020/21.  
The EBITDA amounts to DKK 1,1 million, compared to DKK 2,5 million in 2020/21.  
During 2021/22, the planned activities on the large Galileo 2nd Gen EGSE project were shifted  
significantly due to delayed incoming Customer requirement updates. In addition, NASA and ESA  
announced a 1-year overall postponement of the Mars Sample Return mission impacting equally  
Roving’s deliveries on this mission. Due to these shifts of deliveries, the Company was unable to recover  
the delayed revenue before the end of the financial year. Moving into next financial year, the overall  
contractual volume of the mentioned delayed projects has increased and both projects are expected to  
be back in full momentum.  
In 2021/22, Rovsing has continued to strengthen its market position based on the delivered  
performance and value, by supporting its customers as an important key supplier on major ongoing  
space missions, delivering test- and simulation systems, individual products, software solutions, ISVV  
and on-site engineering services.  
With a further increased order backlog as of today of DKK 42,2 million, Rovsing enters into financial  
year 2022/23 with a positive operational outlook, with larger ongoing projects entering the  
implementation phase the risk of delays due to changes is reduced. The addition of new commercial  
and institutional customers such as SITAEL, Astroscale, EUMETSAT and NASA-JPL speaks to the  
Company’s strengthened reputation and market position. In addition, the Company has a large project  
pipeline with many issued proposals in H2 of 2021/22 which still must be decided upon in H1 of 2022/23.  
The tender activity level remains at a high level within the industry with Rovsing continuing its focus on  
being agile, competitive and responsive to upcoming tenders and prospects as the industry continues  
to grow and demand for our products and services expands to parallel segments.  
Based on the strong order backlog and continued positive development in projected order intake, the  
revenue outlook for 2022/23 is expected to be in the range of DKK 31 to 33 million, with a positive  
EBITDA in the range of DKK 2,5 to 3,5 million.  
 
FINANCIAL HIGHLIGHTS AND RATIOS  
2017/18  
2018/19 2019/20  
2020/21  
2021/22  
INCOME STATEMENT  
DKK’000  
4
Revenue  
25,127  
28,184  
21,836  
27,535  
27,009  
Earnings before interest, taxes, depreciation and  
amortisation, EBITDA  
Operating profit (EBIT)  
-4,513  
-7,722  
341  
-2,929  
-863  
-5,322  
2,514  
-2,497  
1,147  
-714  
-1,553  
-9,912  
-767  
-1,188  
-6,810  
-918  
-1,047  
-1,551  
Financial income and expenses, net  
Profit/loss for the year  
-4,040  
-3,398  
BALANCE SHEET  
Non-current assets  
Current assets  
23,268  
12,634  
35,902  
18,210  
4,000  
20,209  
14,265  
34,474  
18,560  
4,080  
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  
Total assets  
Equity  
4,687  
5,529  
Non-current liabilities  
Current liabilities  
Total equity and liabilities  
13,692  
35,902  
11,834  
34,474  
15,437  
27,245  
10,869  
25,132  
18,903  
32,517  
CASH FLOW STATEMENT  
Cash flow from operating activities  
Cash flow from investing activities  
Cash flow from financing activities  
Total cash flow  
-11,032  
-1,578  
11,561  
-1,049  
11  
-1,040  
1,109  
81  
5,372  
-259  
-587  
-429  
1,002  
-13  
-4,779  
-2,102  
6,627  
-254  
-5,069  
44  
KEY FIGURES  
-18.0  
-30.7  
-39,1  
-0.03  
-0.02  
-0.04  
-
1.2  
-10.4  
-18.0  
-0.01  
-0.01  
-0.01  
-
-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  
-6.5  
-3.3  
-3.3  
-16.3  
-
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, %  
-
-
-
-
-
0.04  
0.04  
25.0  
41.9  
458  
458  
20.3  
38.1  
463  
471  
17-0  
24.9  
473  
473  
Equity per share, DKK  
Solvency, %  
50.7  
53.8  
380,140  
404,854  
429,844  
457,881  
Average number of shares (1,000 shares)  
Number of shares at year-end (1,000 shares)  
Comparable figures for 2017-18 and 2018-19 have not been restated following the implementation of IFRS 16  
as Rovsing has chosen to use the modified retrospective transition method.  
Rovsing’s financial year is from 1 July to 30 June.  
 
CORPORATE INFORMATION  
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  
Michael Hove (Chairman)  
Ulrich Beck  
Jakob Have  
Executive Management  
Hjalti Pall Thorvardarson, CEO  
Sigurd Hundrup, CFO  
Auditors  
KPMG  
Statsautoriseret Revisionspartnerselskab  
Dampfærgevej 28  
2100 København Ø  
Annual General Meeting  
The annual general meeting will be held on 24 October 2022 at 16:00 at Ejby Industrivej 38, 2600 Glostrup,  
Denmark.  
 
MANAGEMENTS’ REVIEW  
REVENUE AND RESULTS  
6
Revenue for 2021/22 amounted to DKK 27,0  
million, which is a slight decrease of DKK 0,5  
million, compared to the previous financial year.  
The Company’s earnings before interest, tax,  
depreciation and amortisation (EBITDA) amounted  
to DKK 1,1 million, a DKK 1,4 million reduction  
compared to the previous year.  
Tax for the year was DKK -0,2 million compared to  
DKK 0 million previous year.  
Management maintains  
a positive operational  
The profit/loss after tax was DKK -1,5 million, an  
improvement from a loss of DKK -3,4 million in  
2020/21.  
outlook for the coming years, based on the current  
order backlog. New programmes are in the tender  
phase in the industry both in commercial and as  
well in the institutional market segments while  
Rovsing continues to focus on being agile,  
competitive and responsive to our customer needs.  
Equity as per 30 June 2022 amounted to DKK 8,1  
million (30 June 2021: DKK 9,6 million).  
The realised revenue and EBITDA of DKK 27,0  
million and DKK 1,1 million, respectively were in  
line with the adjusted guidance to the market  
announced by the Company in March 2022  
(Announcement no. 332). Management views the  
2021/22 realised revenue and EBITDA as not  
satisfying in comparison to the original guidance to  
the market. The planned activities on the large  
Galileo 2nd Gen EGSE project were shifted  
significantly due to delayed incoming Customer  
requirement updates. In addition, NASA and ESA  
announced a 1-year overall postponement of the  
Mars Sample Return mission impacting equally  
Roving’s deliveries on this mission. Due to these  
significant shifts of deliveries, the Company was  
unable to recover the delayed revenue before the  
end of the financial year. Moving into next financial  
year, the overall contractual volume of the  
mentioned delayed projects has increased, as  
Rovsing has been tasked with adjusting the design  
and schedule of its EGSE(s) to accommodate the  
Customers changes to the requirements design  
baseline and project schedule. Impacts of such  
changes are covered by the Customer.  
The order intake during the financial year 2021/22  
has been lower compared to the order intake in  
2020/21. The lower order intake in 2021/22  
compared the last financial year is mainly driven by  
the fact that a lower number many tenders have  
been in decision phase during H1 of 2021/22 while  
the Company has been very active in submitting  
offers for new tenders during H2 of 2021/22 which  
will be decided in H1 of 2022/23. This has already  
proven right in the first couple of months of  
2022/23 with new contract awards contributing to  
order intake with DKK 11,6 million since 30/6-2022.  
DKKt  
ORDER INTAKE  
40.000  
35.000  
30.000  
25.000  
20.000  
15.000  
10.000  
5.000  
-
H1  
H2  
H1  
H2  
H1  
H2  
2019-20  
2020-21 2020-21 2021-22 2021-22  
Order backlog (DKK 31,1 million at 30/6-2022)  
remains at a high level compared to earlier periods.  
This reflects the efforts invested in sales and  
project proposals which have been intensified over  
the past years in connection with a steady increase  
in the general activity level of the industry. The  
figure below shows the order backlog exclusive of  
ongoing service contracts.  
 
package was submitted for the review of TAS-I by  
end of June for the remaining five EGSE(s) types  
making up the Power SCOE part of the G2G  
project. Achievement of this milestone had been  
delayed significantly due to changes to the G2G  
spacecraft design which then needed to be flown  
down to Rovsing as changed requirements.  
Following the conclusion of the EGSE design phase  
in Q1 2022/23 the MAIT phase will kick into high  
gear with the first deliveries of the Power SCOE  
expected in H2 of 2022/23.  
ORDER BACKLOG  
DKKt  
50.000  
45.000  
40.000  
35.000  
30.000  
25.000  
20.000  
15.000  
10.000  
5.000  
-
7
H2  
H1  
H2  
H1  
H2  
H1  
H2  
30-06-  
2019  
31-12-  
2019  
30-06-  
2020  
31-12-  
2020  
30-06-  
2021  
31-12-  
2021  
30-06-  
2022  
The evolution of the order backlog is in line with  
expectation as new key tenders have yet to be  
Rovsing finished in November 2021 the Test  
Readiness Review (TRR) for customer TAS-UK in  
connection with the Electrical Power Subsystem  
(EPS) SCOE for the FLEX programme. Following  
the positive review of the Test Results the FLEX  
EPS SCOE was delivered to TAS-UK in June  
together with the 2nd set of the PLATO EPS SCOE  
which was destined to the same TAS facility.  
decided. The Company maintains  
a strong  
competitive position in key market segments. At  
beg. of September 2022 this strong position is  
further showcased with an increase of the order  
backlog since 30/6-2022 to a current level of DKK  
42,2 million from new commercial and institutional  
contracts finalized in the first months of 2022/23.  
In November 2021 new orders were awarded to  
Rovsing by SITAEL S.p.A in Italy for EGSE and  
products to support their development of PLATiNO  
spacecrafts. With the addition of SITAEL to the  
Company’s customer base, showcases a further  
strengthening of our efforts in the commercial  
small-sat segment. Kick-Off was concluded in  
December, with a swift move to the Design Review  
held late January 2022, followed by the delivery of  
the ordered RO-5100 SAS Modules and RO-1010  
10A SLP Modules. The first Umbilical SCOE was  
delivered to SITAEL in June, mere 6 months after  
kick-off. The 2nd Umbilical SCOE was ready for  
testing in June as well, expected to be shipped in Q1  
of 2022/23. The project is a testimony of how  
swiftly the Rovsing team can deliver critical  
EGSE(s) by leveraging our building blocks  
approach.  
In line with the Company’s strategy, focus on  
growth and diversification will continue from  
increased activities in European commercial  
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 preferred collaborators of the  
major European Prime contractors in their efforts  
to capture upcoming mission within space  
exploration, earth observation, communication  
and other critical infrastructure.  
With our central roles within the Thales Alenia  
Space part of Galileo 2nd Generation (G2G)  
programme (Announcement no. 324), delivering  
multiple & recurring EGSE(s) to a flagship mission  
in Europe, the Company secured a vital cornerstone  
in our order backlog and future reference of the  
expertise and scope that Rovsing can deliver to its  
customers.  
Rovsing is responsible for performing the  
Independent Software Validation (ISVV) for Airbus  
DS Spain on the Solar wind Magnetosphere  
Ionosphere Link Explorer (SMILE) Payload Module  
PLM, a contract signed back in September 2020  
and running until autumn 2022. SMILE is a joint  
venture mission between the European Space  
Agency and the Chinese Academy of Sciences.  
The Rovsing team concluded successfully the first  
of the Critical Design Reviews (CDR) of the G2G  
EGSEs back in December 2021 together with the  
customer TAS-Italy. With the Service Module  
Simulator (SMS) CDR approved the Rovsing team  
begun the manufacturing, assembly, integration  
and test (MAIT) work for the SMS EGSE, a phase  
concluded with a successful Test Readiness Review  
(TRR) held in late May and early June. The  
acceptance test campaign and delivery of the SMS  
EGSE is expected in Q1 of 2022/23. The CDR data  
In late April 2022, Rovsing was contracted by the  
European Organisation for the Exploitation of  
Meteorological Satellites (EUMETSAT) to perform  
a study to evaluate the IVV processes and methods  
applied within EUMETSAT programmes. The Kick-  
Off of the project is scheduled for late August 2022  
due to availability of resources and material from  
EUMETSAT.  
 
Airbus DS in Toulouse led the winning consortium  
for the Mars Sample Return (MSR) Earth Return  
Orbiter (ERO) programme. Rovsing is a core  
consortium member, responsible for providing the  
Electrical Satellite Interface Simulator (E-SIS). The  
Critical Design Review of the E-SIS was concluded  
successfully with Airbus DS, ESA and NASA in  
October 2021. However, in February 2022 NASA  
and ESA announced a 1-year overall mission  
postponement in order to re-design and re-plan the  
whole MSR programme. The Rovsing part of the  
project is expected to resume activities in H1 of  
2022/23 with targeted first system deliveries in  
2023.  
subsequently delivered successfully in batches  
during the course of H2.  
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  
missions planned in the coming years with the aim  
of bringing humans back to the Moon. With the  
ESA and NASA commitment for three additional  
ESMs, Rovsing has been awarded service  
agreements to support the Artemis mission for the  
coming years.  
8
The overall North American market for  
commercial, military, and civil space remains a  
growth opportunity and strategic focus for the  
Company.  
In early June 2022, Rovsing signed a contract  
together with Critical Software to perform the ISVV  
of the MSR-ERO On-Board Computer (OBC)  
Guidance and Navigation Control (GNC) Software  
(SW), a project which is running from June 2022  
until end of 2024.  
Emerging space markets  
Rovsing continues to closely monitor emerging and  
ambitious space markets with their increasing  
space budgets. However, sales activities and  
inquiries from emerging markets have remained  
quieter in 2021/22, this can be attributed to the  
overall world situation where emerging markets  
and one-off programmes are more sensitive to the  
COVID-19 pandemic and supply chain disruptions  
than programmes of more established space  
nations.  
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. As part of the NASA Artemis and  
Lunar Gateway programmes, ESA has committed  
to providing 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 September  
2021 the third recurring MPCV-ESM PCDU EGSE in  
support of the upcoming ESMs was delivered to  
Leonardo in Milan.  
Product development and production  
Rovsing has continued focus on improving its  
product base and related logistics, production and  
testing environments. Improvements in value  
chain, heightening of quality and efficiency are a  
constant focus to improve the Company’s  
competitive advantage. With the new and  
improved Company headquarters the foundation  
for future improvements has been laid, allowing for  
further scaling of our operations and development.  
Together with Critical Software from Portugal,  
Rovsing submitted in H2 2021/22 the updated ESA  
handbook for Independent Software Verification  
and Validation. The project is expected to be  
finalized in H1 of 2022/23.  
Product development and feature improvements in  
the domains of both software and hardware remain  
key enablers for Rovsing abilities to deliver diverse  
market leading system solutions to customers.  
Rovsing´s onsite service business in Kourou remain  
in place with contracts running until ultimo 2022  
with high likelihood of a minimum one year  
extension.  
Rovsing’s strategic roadmap focuses on achieving  
increased scalability such that our already modular  
products can be better address the widening range  
of satellite architectures.  
The North American market  
Anticipating the increased focus on diverse  
deployments in the space segment, Rovsing’s  
development roadmap accommodates scaling  
down to smaller satellites and constellations as well  
as scaling up to higher power demands called upon  
by electrical propulsion enabled satellites and  
larger manned missions.  
Due to COVID-19, no customer or trade show visits  
to North America were possible during H1. Rovsing  
still proceeded to explore further opportunities  
with North American customers and responding to  
tenders. In November 2021 an order from NASA-  
JPL for three sets of Rovsing Power Front-End(s)  
and Latching Current Limiters was received and  
 
any potential business impacts from volatile  
external factors.  
Organisation and management  
By the end of the financial year 2021/22, Rovsing  
employed a total of 23 employees, counted on a  
full-time-equivalent basis. Most employees were  
employed at the Company’s head office in  
Denmark, but the Company also has employees in  
Kourou, French Guiana, where they provide  
support and consultancy services.  
Incentive schemes  
9
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 2021/22 there were  
58,300 warrants. For additional information about  
the Company’s share-based incentive schemes,  
please see note 6 to the financial statements on  
page 45-46.  
At the Company’s annual general meeting in  
October 2021 Michael Hove, Jakob Have and Ulrich  
Beck were reelected to the Board of Directors.  
Major global events and impacts  
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 more in the future as part of  
the compensation packages for members of the  
staff, management and members of the Board of  
Directors.  
The COVID-19 pandemic continued to be a major  
disruption event in both personal and professional  
lives of all in H1 of 2021/22, while finally the effects  
on day to day life subsided in H2. At Rovsing an  
active business continuity plan to address the  
COVID-19 situation has been in place to ensure  
continuous evaluation of the business based on  
supply chain, internal resources, progress and  
governmental guidelines.  
The global supply chain pressure on the electronic  
component market which started with COVID-19  
continued to draw focus with price and lead-time  
increases, a situation which remained volatile in  
2021/22, especially with the additional crisis with  
the war in Ukraine in February 2022 and tense  
global situation on trade and logistics, including  
China. Until now impacts on ongoing projects have  
been kept to a minimum by the Rovsing team with  
utilization of existing stock, which the Company  
secured earlier in 2021, as well as coupled with  
good cooperation with suppliers. Rovsing  
continues to seek ways to mitigate the challenging  
situation with our supply chain and customers in  
the current volatile environment.  
The Company has utilized the governmental  
COVID-19 help packages related to delayed A-skat  
and AM-contribution and granted VAT loan.  
Repayment has started and will follow the  
governmental stipulated deadlines, with the last  
payment due ultimo April 2023.  
Rovsing does not rely on suppliers or partners from  
either Ukraine or Russia and is therefore not  
directly impacted from the ongoing war in Ukraine.  
However, the impacts on the world economic  
situation with increasing inflation, energy prices  
and other uncertainties is a factor that can cause  
significant impact with short notice.  
Management continues to monitor the situation  
closely and take appropriate actions to minimize  
 
requires intense involvement and engagement  
from the employees. This means not only going the  
extra mile to ensure our customers satisfaction but  
also invoke that same mindset in the onboarding of  
new employees while keeping our minds open to  
new ideas and improvements arising from new  
dynamics.  
ROVSING’S STRATEGY  
With 2021/22 the expected growth at the beginning  
of the financial year failed to materialise due to  
significant delays in major projects caused by lack  
of stable technical inputs from the customer and  
10  
replanning.  
Despite  
the  
disappointing  
development in terms of targeted growth there are  
positive steps realised in the strategic plan  
strengthening the Company’s position as a key  
agile high-tech SME in the Space & Defense  
Industry. Rovsing’s mission is to provide our  
customers with the innovative test and simulations  
products and systems they require, for supporting  
their critical path, which is constantly challenged by  
the need to innovate, optimise and overcome  
internal & external challenges.  
Rovsing’s success is based on the talent of the  
employees, and we strive to make the working  
environment agile and inclusive, providing  
flexibility to our employee’s needs. We maintain a  
high level of trust that the same flexibility flows  
back to ensure we overcome the challenges at hand  
and that the commitment to improve and grow as  
both engineers and as a Company, is a shared vision  
between the entire staff.  
Strengthening our Strategic position and  
Growth  
Rovsing has successfully built further on its wide  
range of contracts and activities during 2021/22.  
This, together with the further growing track  
record and the ongoing stable and good reputation  
An Agile and Customer focused High-Tech SME  
Rovsing has further expended its established track  
record, being involved as a reliable supplier in  
almost every major European Institutional Space  
programme, looking back as well as forward  
towards new opportunities. The Company is  
positioned as a first or second tier supplier to all  
European Large-Scale Integrators (LSIs/OEMs).  
provides  
a baseline to ensure and carry on  
expanding the Company’s competitive position in  
an evolving competitive market environment,  
driven by time-to-market, cost structure and  
quality. Rovsing continuously works on improving  
its basis of quality and competitiveness in order to  
meet and exceed the market needs.  
Rovsing operates as a focused technology and  
customer driven SME. Our customers from Space  
Agencies and Institutions to LSIs act in a dynamic  
and challenging high-tech environment. Rovsing  
has the expertise to provide first class products and  
services to ensure seamless performance for our  
customers critical systems and infrastructure. Our  
customers are to a large extent requirements and  
process driven and have difficulties with swiftly  
adapting and anticipating challenges. Herein lays  
Rovsing’s asset, being an agile, dynamic expert, we  
can anticipate, react and create solutions in hours  
or days which would normally bind our customers  
for weeks or months.  
Our marketplace is  
a rapidly growing global  
market, where the strategic importance of both  
Space and Defence systems have proven their  
importance and both current & future potential in  
the current geo-political environment. Critical  
infrastructure stretches across many domains and  
where there are critical systems there is a need for  
Rovsing’s expertise. Establishing solid and growing  
footprints beyond the European institutional  
environment by further building our foothold in  
commercial missions, as well as the institutional US  
and emerging markets remains essential together  
with developing and investing in our product and  
service portfolio with focus on a harmonized,  
scalable offerings which can support both new and  
traditional aerospace customers.  
With best-in-class services, cost-effective and  
efficient products and systems, we evoke customer  
satisfaction and trust. By continuing our R&D focus  
and anticipating the technical developments and  
challenges, which our customers face now and, in  
the years, to come, we are able to center our  
product developments at the heart of their critical  
path in test and simulation capabilities.  
Rovsing understands and acts in a way that our  
Strategic Programme must develop and increase  
the Company’s value. This requires continuous  
interaction with customers, suppliers and the  
Skills and Expertise  
Rovsing is driven by the expertise and engagement  
of our employees, this is the core of the Company.  
With the new Company facilities and the  
investments accomplished in those facilities in  
2021/22 there has been laid a foundation for further  
efficiency and cost optimization. Meeting our goals  
shareholders  
and  
financial  
community.  
Management and the Board of Directors are  
committed to facilitate the reputation of trust and  
growth into the future of Rovsing.  
 
FINANCIAL REVIEW  
amounted to DKK 0,7 million, DKK 0,7 million  
associated with further development of the SAS  
Platform and DKK 0,1 million related to new ERP  
system.  
Income statement  
Revenue amounted to DKK 27,0 million in 2021/22,  
an decrease of DKK 0,5 million, on 2021/22  
revenue. Gross profit amounted to DKK 21,1 million  
compared to DKK 20,2 million in 2020/21 and  
EBITDA amounted to DKK 1,1 million compared to  
DKK 2,5 million in 2020/21.  
11  
Deferred tax assets amounted to DKK 2,1 million  
and is unchanged compared to previous year.  
Inventories amounted to DKK 4,3 million compared  
to DKK 2,4 million in 2020/21.  
The negative development in EBITDA in 2021/22 is  
primarily driven by delayed project inputs from  
customers in 2021/22, causing delayed progress.  
At 30 June 2022, trade receivables and contract  
work in progress combined amounted to DKK 10,4  
million, which is DKK 3,0 million higher than  
previous year.  
Other external expenses of DKK 2,2 million  
(2020/21 DKK 2,0 million) are in line with  
expectation.  
Current assets amounted to DKK 16,0 million, a  
smaller increase from DKK 11,1 million at 30 June  
2021.  
Depreciation, amortisation and impairment  
amounted to DKK 1,9 million in 2021/22, against  
DKK 5,0 million in 2020/21.  
Liabilities and equity  
Financial items  
Overall, net financial expenses amounted to DKK  
1,0 million compared to DKK 0,9 million in 2020/21.  
Equity amounted to DKK 8,1 million at 30 June  
2022, against DKK 9,6 million at 30 June 2021. The  
year-over-year change of DKK 1,5 million is due to  
loss on comprehensive income of DKK 1,5 million.  
Profit/loss before tax  
The Company recorded a loss before tax of DKK 1,8  
million in 2021/22 compared to DKK -3,4 million in  
the year before.  
Cash flow statement  
Cash flow from operations:  
Total cash flow from operations were net cash 0f  
DKK -3,7 million in 2021/22, against a net cash of  
DKK 0,3 million in the preceding year. Cash flow  
from operations before changes in working capital  
of DKK 1,2 million is offset by an increase in  
working capital requirements of DKK -4,9 million in  
2021/22.  
Tax  
Tax for the year amounted to DKK 0,2 million in  
2021/21, compared to a cost of DKK 0 million in the  
preceding financial year. The tax consists of current  
tax (income) of DKK 0,2 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 2022.  
Rovsing expects to be able to utilize the tax asset  
within the next five years.  
Cash flow from operating activities:  
Net interest payables were DKK -1,0 million  
compared to DKK -0,9 million in 2020/21. Cash flow  
from operating activities of DKK -4,8 million in  
2021/22 compared to DKK -0,6 million in 2020/21.  
Profit/loss for the year and comprehensive  
income  
The Company reported a loss for 2021/22 of DKK  
1,6 million, against a loss of DKK 3,4 million in the  
preceding financial year.  
Cash flow from investing activities:  
In 2021/22 the Company has invested DKK 0,7  
million in further development of the SAS Platform  
(2020/21 net DKK 0,4 million) and DKK 0,1 million  
related to a new ERP system.  
Balance sheet  
Cash flow from financing activities:  
Assets  
Cash flow from financing was DKK 6,6 million vs.  
DKK 1,0 million in 2020/21. The draw on the two  
credit facilities in Jyske Bank increased with DKK  
5,0 million in 2021/22 reflecting an increase in  
working capital requirement.  
At the end of 2021/22, total assets amounted to  
DKK 32,5 million, against DKK 25,1 million at 30  
June 2021.  
Intangible assets amounted to DKK 11,1 million at  
30 June 2022 compared to DKK 10,9 million on 30  
June 2021. Depreciations and amortisations  
 
Funding of the Company’s operations  
further growth and new developments. The  
contract has a length of 5 years and has been  
recognized as a lease under IFRS 16.  
In 2020/21 Rovsing, Jyske Bank and EKF agreed on  
an additional credit facility where one specific  
project (FLEX EPS SCOE) with the customer Thales  
Alenia Space in the UK is funded with a guarantee  
backed-up by EKF. This project has been delivered  
during 2021/22 and the credit has been repaid in  
full.  
12  
SIGNIFICANT ACCOUNTING ESTIMATES  
For a description of items involving significant  
recognition and measurement uncertainties, see  
note 2 to the financial statements.  
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 19, 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 2021/22 financial year.  
OUTLOOK FOR 2022/23  
Considering the above developments, the  
Company’s strategy, the current order backlog and  
the expected order intake for 2022/23  
management expects for the financial year 2022/23  
a revenue of around DKK 31 - 33 million and an  
EBITDA of around DKK 2,5 - 3,5 million.  
EVENTS AFTER THE REPORTING PERIOD  
After the balance sheet date, no events have  
occurred that materially affect the Company's  
financial position other than the events described  
in the Management’s review.  
NEW & IMPROVED COMPANY LOCATION  
As of 23rd of August 2021, Rovsing has started  
operations in a new and improved location at Ejby  
Industrivej 34-38 in Glostrup. The new facilities  
provide the Company with larger and more suited  
lab, production and development facilities, which  
already have proven  
a vast improvement in  
organization and execution of ongoing projects and  
forms a basis supporting the Company’s projected  
 
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  
23,662 and is divided into 473,241 shares of DKK 50  
each. No shares carry any special rights.  
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.  
13  
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.  
Outstanding shares  
Beginning of year  
Capital increase  
No. of shares  
471,349  
1,892  
473,241  
End of year  
The articles of association are found on the  
Company’s website www.rovsing.dk under  
”Investor relations” and ”Corporate Governance”.  
Share price  
The highest and lowest prices of Rovsing shares in  
2021/22 were DKK 125 and 52 respectively. At the  
end of the financial year, the share price was DKK  
60. At 30 June 2022, Rovsing had a market  
capitalisation of DKK 28,4 million.  
Financial reporting to shareholders  
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 liquidity  
The average daily turnover in 2021/22 was 1,684  
shares with an average of 15 transactions per day.  
Annual General Meeting  
The annual general meeting of Rovsing will be held  
on 24 October 2022 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.  
Shareholders  
Rovsing has  
shareholders. 94.1 % of the shares in Rovsing are  
registered in the name of the holder.  
The table below shows the composition of  
Rovsing’s shareholders.  
a
total of 2,935 registered  
Shareholders  
No. of  
shares  
%
CATPEN A/S  
Jean Dühring  
Other shareholders  
Total  
31,372  
27,775  
6.63  
5.87  
414,094  
87.50  
473,241  
100.0  
Amendments to articles of association  
Resolutions on any amendment to the articles of  
association shall be passed by a majority of two-  
thirds of the votes cast as well as of the voting share  
capital represented at the general meeting.  
Proposals to amend the articles of association must  
be submitted in writing to the Company not later  
than six weeks before the date of the general  
meeting.  
Employee shares  
No employee shares were granted in 2021/22.  
Current Warrant scheme  
In the period until 27 October 2022, 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 2,750,000 in the Company, correspond-  
ing to 55,000 warrants of DKK 50 each. In addition,  
there remains 3,300 warrants issued under the  
previous authorization totaling 58,300 outstanding  
warrants.  
 
Financial calendar  
Announcement no 325 - 10 September 2021  
Rovsing A/S releases its Annual Report 2020/21  
19 September 2022, publication of Annual Report  
for 2021/22.  
14  
24 October 2022, Annual General Meeting  
regarding financial year 2021/22.  
Announcement no 324 - 09 August 2021  
Contract award for Galileo 2nd Generation  
14 November 2022, publication of Interim  
Management Statement for Q1 2022/23.  
21 February 2023, publication of Interim Report for  
H1 2022/23.  
Announcement no 323 - 28 June 2021  
Financial Calendar 2021/22  
16 May 2023, publication of Interim Management  
Statement for Q3 2022/23.  
Registrar  
8 September 2023, publication of Annual Report for  
2022/23.  
Computershare A/S  
Kongevejen 418  
DK-2840 Holte  
24 October 2023, Annual General Meeting  
regarding financial year 2022/23.  
Investor relations contacts  
Hjalti Pall Thorvardarson, CEO  
Tel: +45 53 39 18 88  
Issued Company Announcements  
Announcement no 334 - 27 July 2022  
Financial Calendar 2022/23  
E-mail: hpt@rovsing.dk  
Announcement no 333 - 16 May 2022  
Interim Management Statement covering Q3  
2021/22  
Announcement no 332 - 30 March 2022  
Changed Outlook for the financial year 2021/22  
Announcement no 331 - 21 February 2022  
Interim Report first half year 2021/22  
Announcement no 330 - 28 December 2021  
Change in capital of large shareholder  
Announcement no 329 - 12 November 2021  
Interim Management Statement covering Q1  
2021/22  
Announcement no 328 - 25 October 2021  
Minutes of General Meeting  
Announcement no 327 - 01 October 2021  
Notice to Annual General Meeting 2021  
Announcement no 326 - 28 September 2021  
Capital increase in Rovsing A/S  
 
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  
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  
2022, woman accounted for 17% of the total  
workforce (June 2021 9%). It is the Company’s goal  
to continuously increase the diversity of the  
workforce.  
15  
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.  
Recommendation regarding board committees  
According  
recommendations, the Board of Directors is  
recommended to establish nomination  
to  
section  
3.4.4  
of  
the  
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  
a
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.  
the  
Company’s  
compliance  
with  
the  
recommendations, please refer to the corporate  
governance report published on Rovsing’s website  
under ”Investor Relations” and ”Corporate  
Governance”.  
content/uploads/2022/09/Corporate_governance_  
2021-22.pdf  
https://rovsing.dk/wp-  
According  
recommendations, the Board of Directors is  
recommended to establish remuneration  
to  
section  
3.4.5  
of  
the  
a
Recommendation regarding election of vice-  
chairman  
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.  
According  
to  
section  
2.2.1  
of  
the  
recommendations, the Board of Directors is  
recommended to appoint a vice-chairman. Due to  
the limited size of the Company, the Board of  
Directors has not considered it necessary so far to  
appoint a vice-chairman.  
Recommendation regarding evaluation of the  
work of the Board of Directors and the Executive  
Board  
Recommendation regarding the composition  
and organization of the Board of Directors  
According  
to  
section  
3.1.2  
of  
the  
According  
to  
section  
3.5.1  
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 three  
members, all males. Their appointment was made  
before the beginning of the financial year and there  
are no immediate plans for replacement of current  
board members.  
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.  
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 the Board of Directors are all  
participants in the Company’s incentive warrant  
programme.  
It is the goal that the underrepresented gender,  
presently female, should have at least one seat in  
the Board, equivalent to 33 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 2021/22. The Board will work to achieve  
 
Management and organisation  
Internal control and risk management  
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.  
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.  
16  
Rovsing’s Board of Directors is responsible for the  
establishment and approval of an effective internal  
control and follow-up system for purposes of the  
Company’s risk management, including relevant  
guidelines, policies and significant accounting  
principles.  
The Executive Management is responsible for risk  
management and maintaining an efficient control  
system, considering applicable legislation and  
other internal guidelines and procedures. Risk  
management is focused on risk identification,  
probability and impact assessment, and risk  
mitigation measures. The purpose of control  
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  
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 three 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.  
verification,  
authorization,  
approval,  
reconciliation, result analysis, IT application  
controls, and general IT controls.  
Detailed monthly accounting data are prepared,  
analysed and monitored at entity and Company  
level. Rovsing’s integrated IT controls and general  
controls contribute to ensuring that the financial  
statements give a true and fair view. Reporting  
instructions, including estimation and close-of-  
month procedures, are updated and implemented  
on a regular basis. Combined with other policies,  
these are available to all relevant employees.  
Any control weaknesses identified by internal  
control or external auditors are presented to the  
Board of Directors, which oversees that  
Management implements the necessary measures  
to remedy the weaknesses in a timely manner.  
The Board members’ shareholdings through  
controlled companies and/or held personally are  
set out on page 63-64.  
The remuneration of the Board of Directors for  
2021/22 was unchanged at DKK 100,000. The  
Chairman receives 200% of the basic fee.  
At the Company’s annual general meeting in  
October 2021 Michael Hove, Jakob Have and Ulrich  
Beck were reelected to the Board of Directors.  
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.  
 
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  
2021/22, 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  
17  
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.  
As Rovsing employed 26 FTEs on average in  
2021/22, the Company has not yet found it  
necessary to establish any processes for social and  
employee-related due diligence. The Company  
expects to continue and where appropriate,  
expand, these efforts in the future.  
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.  
Anti-corruption and business ethics  
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.  
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.  
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.  
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.  
The Company translates human rights principles  
into action by communicating them to employees  
 
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 2021/22,  
and the Company plans to continue and where  
appropriate, expand, these efforts in the future.  
18  
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. As of yet, no results have been identified  
as a result of the efforts, but the Company expects  
to continue and where appropriate, expand, these  
efforts in the future.  
Data ethics  
Rovsing, is in compliance with the regulations  
related to data ethics and the processing of  
personal data. 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 ate needed.  
 
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.  
lead to a loss of future orders and materially affect  
the Company’s future earnings and results.  
19  
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 an sufficient liquidity position.  
The Company is in the final steps of becoming ISO-  
certified, a process that should be finalized latest by  
end of 2022. A small remaining risk of being  
rejected for lack of ISO-certification as supplier to  
certain customers in the commercial space  
industry, and this may have a negative impact on  
the Company’s future development opportunities.  
Liquidity problems due to late payment by  
customers  
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.  
Lack of contract opportunities due to fully  
allocated return quota  
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.  
The Company is dependent on a few large  
customers  
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.  
Risk of infringement of intellectual property  
rights  
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.  
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  
assurance of this, and the opposite scenario could  
 
Fixed-price contracts may involve losses  
Accumulation of application know-how may be  
affected by lack of recruitment  
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  
The Company’s strategy is initially to accumulate  
market knowledge, technical skills and marketing  
skills in the global aerospace market, primarily  
through recruitment at the board, management,  
engineer and sales level. When entering new  
market areas, the headcount will increase with a  
resulting risk that capacity adjustment problems  
may arise.  
20  
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.  
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 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  
situations have been 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  
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.  
maintaining  
a
stable cost base for the  
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 2021/22, Rovsing capitalised  
development costs of DKK 0,7 million hereafter  
totaling DKK 11,1 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  
Restrictions on export bonds to certain countries  
can impact the Company’s ability to enter into new  
business markets.  
 
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.  
aggregate amount of DKK 360 million. This  
combined with the mandatory membership fee  
brings Denmark’s contribution to ESA programmes  
to approximately DKK 240 million a year, which is  
largely unchanged on the years before.  
21  
The upcoming ministerial meeting is foreseen in  
November 2022, and to date no indications have  
arisen that Denmark will withdraw from ESA.  
Rovsing and Danish space industry partners  
continue to push for increased contributions from  
Denmark as the growth and development potential  
of the industry is largely linked with the  
contributions, whereas these also have a return  
Exchange rate risk  
In the space industry, the Company’s contracts are  
primarily concluded in EUR or USD. As the Danish  
krone is pegged to the Euro, the exchange rate risk  
in this connection is low. However, exchange rate  
risk occurs while the Company enters into contracts  
in USD.  
multiplier effect of  
8 (eight) for the Danish  
economy according to OECD estimates.  
INDUSTRY SPECIFIC RISK  
Hence, there are currently no signs that Denmark is  
about to withdraw from the ESA collaboration.  
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.  
Nor are there any signs that the geographical  
return rules will be abolished or that ESA will apply  
the return rule more arbitrarily in the future, but  
there is not 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 material adverse  
impact on results.  
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.  
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,  
such a process may involve substantial losses for  
the Company.  
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.  
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 (Great Britain, France, Italy and  
Germany) 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.  
Warranty costs  
In connection with the development and delivery of  
Rovsing’s high-tech solutions, extensive testing is  
often conducted in collaboration with customers.  
However, there is a risk that the products contain  
defects that are not detected during testing. This  
may subsequently result in warranty costs.  
Historically, Rovsing has not incurred any  
significant warranty cost related to product  
performance.  
At a meeting of ministers in November 2019,  
Denmark confirmed its continued ESA  
membership and participation in optional  
programmes for the period 2020 - 2022 for an  
 
MANAGEMENT STATEMENT  
22  
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 2021 to 30 June 2022. 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 2022 and of the Company's  
activities and cash flows for the financial year 1 July 2021 to 30 June 2022.  
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, 9 September 2022  
EXECUTIVE MANAGEMENT  
Hjalti Pall Thorvardarson (CEO)  
Sigurd Hundrup (CFO)  
BOARD OF DIRECTORS  
Michael Hove (Chairman)  
Jakob Have  
Ulrich Beck  
 
INDEPENDENT AUDITOR’S REPORT  
23  
To the Shareholders of Rovsing A/S  
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 2022 and of the results of the Company's operations and cash flows for the financial year 1  
July 2021 30 June 2022 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 or Directors and the Audit Committee.  
Audited financial statements  
Rovsing A/S financial statements for the financial year 1 July 2021 30 June 2022 comprise the income  
statement, statement of comprehensive income, balance sheet, statement of changes in equity, statement of  
cash flows 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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements  
applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and  
requirements.  
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.  
 
Independent auditor's report  
We were appointed auditors of Rovsing A/S at the annual general meeting on 25 October 2021 for the financial  
year ending 30 June 2022.  
24  
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 financial year 1 July 2021 30 June 2022. 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 10.9 million For the purpose of our audit, the procedures we carried out  
corresponding to 34% of the Company’s assets.  
included the following:  
Management conducts annual impairment test to determine  
whether the carrying amounts of recognised completed  
development projects are considered to be impaired and,  
hence, should be written down to the recoverable amount.  
We have discussed with Management and evaluated the  
internal controls and procedures for preparing  
impairment tests and the budget and forecasts.  
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.  
Management determines the recoverable amount of the  
completed development projects using a discounted cash flow  
model (value in use).  
Key assumptions used in the impairment test are increase in  
revenue and margin and the applied discount rate.  
We have 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 typically For the purpose of our audit, the procedures we carried out  
extend over more than one financial year. Due to the nature of included the following:  
these contracts and in accordance with the accounting policies,  
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 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.  
Reference is made to note 3 to the financial statements and the  
accounting policies.  
We have performed retrospective reviews of realised  
contract costs to determine the historical accuracy of  
estimated total costs of the contracts.  
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.  
25  
 
Independent auditor's report  
STATEMENT ON THE MANAGEMENT'S REVIEW  
Management is responsible for the Management's review.  
26  
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.  
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.  
 
Independent auditor's report  
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.  
27  
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 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.  
 
Independent auditor's report  
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.  
28  
We also provide those charged with governance with a statement that we have complied with relevant ethical  
requirements regarding independence, and communicate to them all relationships and other matters that  
may reasonably be thought to bear on our independence, and where applicable, related safeguards.  
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.  
Copenhagen, 9 September 2022  
KPMG P/S  
Statsautoriseret Revisionspartnerselskab  
CVR no. 25 57 81 98  
Morten Høgh-Petersen  
State Authorised  
Public Accountant  
mne34283  
Simon Vinberg Andersen  
State Authorised  
Public Accountant  
mne35458  
 
INCOME AND COMPREHENSIVE INCOME STATEMENT  
29  
2021/22  
2020/21  
Note  
3
INCOME AND COMPREHENSIVE INCOME STATEMENT  
DKK’000  
27,009  
-6,686  
731  
27,535  
-7,672  
339  
Revenue  
Changes in inventories and work materials used  
Work performed by the entity and capitalised  
21,054  
20,202  
Gross profit/loss  
-2,159  
-17,748  
-2,016  
-15,672  
4
Other external expenses  
Staff costs  
5, 6  
Operating profit before depreciation and amortisation  
(EBITDA)  
1,147  
2,514  
-1,861  
-5,011  
7, 8  
Depreciation, amortisation and impairment  
-714  
-2,497  
Operating profit/loss (EBIT)  
44  
8
9
Financial income  
-1,091  
-926  
10  
Financial expenses  
-1,761  
210  
-3,415  
17  
Profit/loss before tax  
Tax on profit/loss for the year  
Net profit  
11  
-1,551  
-1,551  
-3,398  
-3,398  
Comprehensive income  
Allocation of profit/loss and comprehensive income:  
-1,551  
-3,398  
Shareholders of Rovsing A/S  
12  
Earnings per share  
-3,3  
-3,3  
-7,3  
-6,5  
Earnings per share (EPS Basic)  
Earnings per share (EPS-D)  
 
BALANCE SHEET  
2021/22  
2020/21  
Note  
BALANCE SHEET, ASSETS  
DKK’000  
30  
Non-current assets  
Intangible assets  
10,890  
0
10,832  
13  
13  
13  
Completed development projects  
Patents and licenses  
Development projects in progress  
0
90  
206  
11,096  
10,922  
Property, plant and equipment  
Right-of-Use assets  
Property, plant and equipment  
2,026  
1,026  
913  
0
15  
14  
3,052  
913  
Other non-current assets  
210  
75  
Tax  
2,143  
2,143  
16  
Deferred tax  
2,353  
2,218  
16,501  
14,053  
Total non-current assets  
Current assets  
Inventories  
Trade receivables  
Contract work in progress  
Tax  
4,274  
7,758  
2.638  
75  
2,396  
4,630  
2,737  
0
4
17  
18  
900  
369  
2
906  
154  
256  
17  
Other receivables  
Prepayments  
Cash  
16,016  
32,517  
11,079  
25,132  
Total current assets  
TOTAL ASSETS  
 
BALANCE SHEET  
31  
2021/22  
2020/21  
Note  
BALANCE SHEET, EQUITY AND LIABILITIES  
DKK’000  
19  
Equity  
23,662  
3,139  
-18,716  
23,568  
2,892  
-16,884  
Share capital  
Reserves for development costs  
Retained earnings  
8,085  
9,576  
Total equity  
Non current liabilities  
4,200  
1,329  
4,200  
487  
20  
15  
Bond loans  
Lease liabilities  
5,529  
4,687  
Total non-current liabilities  
Current liabilities  
8,261  
723  
3,181  
393  
24  
15  
Credit institutions  
Lease liabilities  
2,169  
3,337  
2,289  
2,124  
0
VAT loan  
Prepayments from customers  
Trade payables  
1,014  
623  
5,658  
18  
21  
Other payables  
18,903  
24,432  
32,517  
10,869  
15,556  
25,132  
Total current liabilities  
Total liabilities  
TOTAL EQUITY AND LIABILITIES  
 
STATEMENT OF CHANGES IN EQUITY  
32  
RESERVES  
2020/21  
DKK’000  
SHARE  
CAPITAL  
FOR  
DEVELOP-  
MENT COSTS  
RETAINED  
EARNINGS  
TOTAL  
11,422  
3,039  
Equity at 1 July 2020  
22,894  
-14,511  
Comprehensive income for the  
period  
Comprehensive income  
0
0
0
-3,398  
147  
-3,398  
0
Transferred between reserves  
-147  
Total comprehensive income for  
the period  
0
-147  
-3,251  
-3,398  
Other transactions  
Capital increase  
674  
0
0
0
0
902  
-24  
1,576  
-24  
Costs capital increase  
Total transactions with owners  
674  
878  
1,552  
Equity at 30 June 2021  
23,568  
2,892  
-16,884  
9,576  
The reserves have been allocated in accordance with the Danish Companies Act.  
 
RESERVES  
FOR  
DEVELOP-  
2021/22  
DKK’000  
SHARE  
CAPITAL  
RETAINED  
EARNINGS  
33  
TOTAL  
9,576  
MENT COSTS  
2,892  
Equity at 1 July 2021  
23,568  
-16,884  
Comprehensive income for the  
period  
Comprehensive income  
0
0
0
-1,551  
-247  
-1,551  
0
Transferred between reserves  
247  
Total comprehensive income for  
the period  
0
247  
-1,798  
-1,551  
Other transactions  
Capital increase  
94  
0
0
0
0
0
-34  
-34  
94  
-34  
60  
Costs capital increase  
Total transactions with owners  
94  
Equity at 30 June 2022  
23,662  
3.139  
-18,716  
8,085  
The reserves have been allocated in accordance with the Danish Companies Act.  
 
CASH FLOW STATEMENT  
2021/22  
-1,551  
2020/21  
-3,398  
Note  
CASH FLOW STATEMENT  
DKK’000  
34  
Profit/loss for the year  
Adjustment for non-cash operating items etc.:  
Depreciation, amortisation and impairment  
Other non-cash operating items, net  
Financial income  
1,861  
-7  
-44  
5,011  
0
8
25  
9
-8  
1,091  
-210  
926  
-17  
10  
11  
Financial expenses  
Tax on profit/loss for the year  
Cash flows from operations before changes in working  
capital  
1,140  
2,514  
-4,872  
-2,182  
26  
Change in working capital  
-3,732  
332  
Cash flow from operations  
Interest receivable  
Interest payable  
44  
-1,091  
8
-926  
-4,779  
-586  
Cash flow from operating activities  
-851  
-1,251  
-429  
0
13  
14  
Acquisition of intangible assets  
Acquisition of tangible assets  
-2,102  
-429  
Cash flow from investing activities  
5,080  
0
2,169  
95  
-683  
-34  
4,956  
-4,200  
35  
1,575  
-1,340  
-24  
23  
23  
New bond loans and debt with credit institutions  
Repayment of bond loan  
Other debt  
Capital increase, net proceeds from issue  
Principal paid on lease  
Costs emission  
6,627  
-254  
256  
2
1,002  
-13  
Cash flow from financing activities  
Net cash flow for the period  
Cash, beginning of year  
268  
256  
Cash, end of year  
 
OVERVIEW OF NOTES TO THE FINANCIAL STATEMENTS  
35  
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  
Bond 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  
date of payment are recognised in the income  
statement under financial income or expenses.  
36  
NOTE 1. ACCOUNTING POLICIES  
The annual report for 2021/22, 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.  
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.  
The accounting policies are consistent with those  
applied in 2020/21.  
The annual report is presented in DKK thousands  
(DKK ‘000).  
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.  
Relevant new accounting standards  
The annual report is presented in accordance with  
the standards (IFRS/IAS) and interpretations  
(IFRIC) applicable for financial years beginning on 1  
July 2020 or later.  
In the current year, the Company has applied a  
number of amendments to IFRS Standards and  
Interpretations issued by the International  
Accounting Standards Board (IASB) and adopted  
by the EU that are effective for an annual period  
that begins on or after 30 June 2020. Their adoption  
has not had any material impact on the disclosures  
or on the amounts reported in these financial  
statements.  
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.  
Going concern  
New standards and interpretations not yet  
adopted  
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.  
The IASB has issued a number of new amended  
standards and interpretations that are not  
mandatory for the financial statements for  
2022/23. Some of which have not yet been  
endorsed by the EU. Rovsing A/S expects to adopt  
the standards and interpretations when they  
become mandatory. None of these are expected to  
have a significant impact on recognition and  
measurement but may lead to further disclosures in  
the notes.  
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  
 
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  
37  
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 line  
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, the  
number of options 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  
38  
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.  
39  
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  
40  
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  
41  
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 50  
Dividend payment in Danish kroner per share.  
 
NOTES  
The assumptions used when preparing the  
impairment tests were:  
NOTE 2. ACCOUNTING ESTIMATES AND  
JUDGMENTS  
42  
- Revenue is for 2022/23 based on current order  
back log, which is secured, and for 2023/24 revenue  
is based on a combination of order back log and  
estimated revenue. Revenue for 2024/25 and  
onwards is based on estimated growth rates of  
average 20 %.  
- Cost and expenses assumptions are based on  
empirical data from 2021/22 and then inflated as  
this is considered representative for the future.  
- WACC amounts to 11% (2021/22: 9%)  
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% (2020/21: 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 2022/23 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 206 thousand and no  
impairment has been recognized.  
Contract work in progress  
Intangible assets  
Contract work in progress include non-invoiced  
services with a value of DKK 28,3 million (2020/21:  
DKK 10,2 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.  
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.  
The carrying amount of completed development  
projects is DKK 10,890 thousand (2020/21: DKK  
10,832 thousand). The completed development  
projects are related to the development of the SAS  
Platform which consists of Power Systems and  
Power Products such as SAS (Solar Array  
Simulator) and SLP (Second Level Protection). The  
SAS 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 with both assets.  
 
NOTES  
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.  
Funding in 2021/22  
The income statement shows a loss for the year of  
DKK 1,6 million and the Company has lost above  
50% of its registered share capital. Funding in  
2022/23 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 2022/23 is based on the convertible bond  
loan of DKK 4,2 million, which was refinanced in  
December 2020 and is due 31 December 2023. If the  
loan is repaid before 31 December 2023 the loan is  
repaid at a rate of 108.  
43  
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 2022 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 2021/22, which has  
secured a significant part of the 2022/23 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.  
During 2021/22 Rovsing, Jyske Bank and EKF  
collaborated on a loan facility, guaranteed by EKF,  
to finance a major project for the customer Thales  
Alenia Space UK, which helps to secure the  
necessary working capital to handle several major  
projects at the same time. This collaboration is  
expected to continue in 2022/23 on new incoming  
projects.  
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.  
For further see note 16.  
 
NOTES  
44  
2021/22  
2020/21  
3
REVENUE  
DKK’000  
Developed products and systems  
Software Verifications (ISVV)  
On-site Engineering Services  
22,718  
376  
3,915  
21,400  
1,528  
4,607  
27,009  
27,535  
GEOGRAPHIC MARKETS  
DKK’000  
EU  
UK  
23,088  
3,664  
257  
15,318  
9,556  
2,661  
Outside EU  
27,009  
27,535  
Revenue from three customers were in the interval from 10%-38% of the total revenue in 2021/22. In 2020/21  
revenue, included in Developed products and system, from three customers were in the interval from 10%-  
25% of the total revenue in 2020/21. The order backlog as of 30 June 2022 was DKK 30,6 million, of which a  
significant part is expected to be recognised in 2022/23  
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.  
2021/22  
2020/21  
4 EXPENSES  
Audit fee expenses  
DKK’000  
Audit of financial statements  
Audit fee for other services  
232  
0
220  
0
232  
220  
Inventory  
DKK’000  
Raw materials and consumables  
Work in progress  
Finished goods and goods for resale  
826  
3,091  
357  
840  
1,199  
357  
4,274  
2,396  
 
NOTES  
45  
2021/22  
2020/21  
5 STAFF COSTS  
DKK’000  
Wages and salaries  
Pension contribution  
Other social security costs  
Other staff costs  
15,589  
871  
1,051  
237  
13,829  
705  
919  
219  
17,748  
15,672  
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  
2,155  
0
193  
400  
0
2,114  
0
152  
430  
0
Average number of full-time employees  
26  
24  
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 6 months’ notice.  
No remuneration has been agreed in connection with the CEO/CFO’s potential resignation, and there are  
no special severance provisions for the CEO/CFO in connection with a takeover of the Company.  
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 option 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 and CFO. The  
programme comprises a total of 55,000 warrants. Each warrant entitles the holder to buy one share of  
DKK 50 each in Rovsing A/S. In addition, there are 3,300 warrants issued under the previous authorization  
totaling 58,300 outstanding warrants. No amounts are paid or payable by the recipient on receipt of the  
option. The options carry neither rights to dividends nor voting rights.  
The outstanding warrants for the CEO and CFO equals 2.2% 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 10.299 warrants were vested after 12 month (Oct. 2018), 24 month (Oct. 2019) and  
36 months (Oct. 2020), respectively. The warrants are issued with an exercise price of DKK 75 each. The  
vesting of the warrants was subject to continued employment in the Company.  
 
NOTES  
46  
The outstanding warrants for the Board of Directors equal 9.0% of the share capital if all warrants are  
exercised. For the Board of Directors all 42.205 warrants were vested after 12 month (Oct. 2018), 24  
month (Oct. 2019) and 36 months (Oct. 2020), respectively. The warrants are issued with an exercise price  
of DKK 75 each. Exercise of warrants has been extended from 36 to 57 months after the grant and thus  
expires September 2022. 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 2021 all warrants are fully vested. In 2021/22 the costs recognised in the income statement  
relating to warrants is DKK 0 (2020/21: DKK 0).  
Specification of outstanding  
warrants:  
Exercise  
price  
Executive  
Management  
Total  
Other  
employees allocated  
Not  
Board of  
Directors  
per  
warrant  
Number of  
exercisable  
options:  
Outstanding at 1  
July 2021  
10,299  
0
5,796  
0
0
42,205  
58,300  
75  
Reallocated in  
2021/22:  
0
0
0
0
0
0
0
0
Exercised  
Lapsed  
0
0
0
0
0
0
0
0
Outstanding at  
30 June 2021  
10,299  
5,796  
0
42,205  
58,300  
75  
2021/22  
2020/21  
7
RESEARCH AND DEVELOPMENT COSTS  
DKK’000  
Research and development costs incurred  
735  
429  
Development costs recognised as intangible assets  
Amortisation and impairment of recognised  
development costs  
-735  
-429  
677  
3,020  
Development costs for the year recognised in the  
income statement  
677  
3,020  
 
NOTES  
47  
DEPRECIATION, AMORTISATION AND  
IMPAIRMENT  
2021/22  
2020/21  
8
DKK’000  
Amortisation, completed development projects  
Amortisation, patents and licenses  
Impairment, patents and licenses  
Depreciation, leasing  
677  
0
0
959  
225  
3,020  
281  
516  
1,194  
0
Depreciation, other fixtures and fittings, tools and equipment  
1,861  
5,011  
2021/22  
2020/21  
9
FINANCIAL INCOME  
DKK’000  
Exchange rate adjustments  
44  
44  
8
8
2021/22  
2020/21  
10 FINANCIAL EXPENSES  
DKK’000  
Interest, banks, etc.  
Interest leasing  
Exchange rate adjustments  
925  
104  
62  
767  
90  
69  
1,091  
926  
 
NOTES  
48  
2021/22  
2020/21  
11 TAX ON PROFIT/LOSS FOR THE YEAR  
DKK’000  
Current tax  
Adjustment previous year  
Deferred tax  
210  
0
0
74  
-57  
0
Tax on profit/loss for the year  
210  
17  
Computed tax of profit/loss before tax  
22%  
22 %  
2021/22  
2020/21  
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:  
388  
751  
Unrecognised deferred tax asset  
-185  
0
- 622  
0
-117  
5
Other non-deductible costs  
Adjustment previous year and other adj.  
Tax on cost charged to equity  
Tax for the year  
0
7
210  
17  
2021/22  
2020/21  
12 EARNINGS PER SHARE  
DKK’000  
Profit/loss for the year  
-1,551  
-3,398  
Average number of issued shares (1,000)  
Average number of warrants (1,000)  
473  
58  
463  
58  
Earnings per share, (EPS Basic), of DKK 50 each  
Earnings per share, (EPS diluted), of DKK 50 each  
-3,3  
-3,3  
-7,3  
-6,5  
 
NOTES  
49  
13  
INTANGIBLE ASSETS  
Develop-  
ment  
and projects in  
Completed Patents  
development  
projects licenses  
2021/22  
progress  
Total  
DKK’000  
Cost at 1 July 2021  
Additions  
32,445 22,350  
90  
851  
54,885  
851  
0
0
735  
0
-735  
206  
Reclassification  
0
33,180 22,350  
Cost at 30 June 2022  
55,736  
Amortisation and impairment at 1 July  
-21,613 -22,350  
0
-43,963  
2021  
Amortisation  
Impairment  
-677  
0
0
0
0
0
-677  
0
Amortisation and impairment at 30 June  
2022  
-22,290 -22,350  
0
-44,640  
11,096  
10,890  
0
206  
Carrying amount at 30 June 2022  
All intangible assets are considered to have a limited useful life.  
At 30 June 2022, Completed development projects comprise the internally generated project SAS  
Platform with a carrying amount of DKK 10,890 thousand (30 June 2021: DKK 9,449 thousand) and the  
At 30 June 2022, 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 2021/22.  
 
50  
NOTES  
13 INTANGIBLE ASSETS  
Develop-  
ment  
Completed  
Patents and development projects in  
2020/21  
licenses  
projects  
progress  
Total  
DKK’000  
32,106  
0
Cost at 1 July 2020  
22,350  
54,456  
0
339  
32,445  
429  
-339  
90  
Additions  
Reclassification  
Cost at 30 June 2021  
0
0
429  
0
54,885  
22,350  
-18,593  
-3,020  
0
0
0
0
Amortisation and impairment at 1 July 2020  
Amortisation  
Impairment  
-21,554  
-281  
-40,147  
-3,301  
-515  
-515  
-21,613  
10,832  
0
Amortisation and impairment at 30 June 2021  
Carrying amount at 30 June 2021  
-22,350  
0
-43,963  
10,922  
90  
All intangible assets are considered to have a limited useful life.  
An impairment of DKK 516 thousand has been recognized in 2020/21 related to the DSTE product-line,  
which is expected to be partially phased out in the coming years, and consequently because this is not  
part of the future strategy of the Company and cash flows from this cannot be measured reliable there  
is no support for the carrying amount at 30 June 2021 and consequently an impairment has been made.  
The impairment has been recognized in the income statement in the financial statement captions  
“Impairment”.  
At 30 June 2021, Completed development projects comprise the internally generated project SAS with  
a carrying amount of DKK 9,449 thousand (30 June 2020: DKK 10,805 thousand) and the internally  
generated project PSCOE with a carrying amount of DKK 1,383 thousand (30 June 2020: DKK 2,708  
thousand).  
At 30 June 2021, 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 2020/21.  
 
NOTES  
51  
PROPERTY, PLANT AND  
EQUIPMENT  
14  
2021/22  
2020/21  
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  
607  
1,251  
0
607  
0
0
Cost at 30 June  
1,858  
607  
Depreciation and  
impairment at 1 July  
-607  
-607  
Depreciation for the year  
Disposals  
-225  
0
0
0
Depreciation and impairment at 30 June  
Carrying amount at 30 June  
-832  
-607  
0
1,026  
 
NOTES  
52  
15 RIGHT OF USE ASSET  
2021/22  
Property  
lease  
Other  
leases  
Total  
DKK’000  
1,006  
0
Cost at 1 July 2021  
Effect of modification to lease terms  
Additions  
2,043  
0
2,072  
4,115  
3,049  
0
2,072  
5,121  
0
1,006  
Cost at 30 June 2022  
-245  
0
-252  
-497  
Depreciations at 1 July 2021  
Effect of modification to lease terms  
Depreciations  
-1,891  
0
-707  
-2,598  
-2,136  
0
-959  
-3,095  
Depreciations at 30 June 2022  
509  
Right of Use asset at 30 June 2022  
1,517  
2,026  
15 LEASE LIABILITIES  
2021/22  
Property  
Other  
leases  
lease  
Total  
DKK’000  
677  
0
36  
0
-283  
Lease liabilities at 1 July 2021  
Additions  
Interest leases liabilities  
Effect of modification to lease terms  
Lease payments  
203  
2,071  
68  
-216  
-504  
880  
2,071  
104  
-216  
-787  
430  
Lease liabilities at 30 June 2022  
1,622  
2,052  
361  
483  
35  
137  
-339  
Lease liabilities at 1 July 2020  
Additions  
Interest leases liabilities  
Effect of modification to lease terms  
Lease payments  
1,239  
1,600  
483  
90  
137  
0
55  
0
-1,091  
-1,430  
677  
Lease liabilities at 30 June 2021  
203  
880  
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 2021, the Company is committed to DKK 779 thousand (30 June 2021: DKK 421 thousand) for short-  
term leases. Interest expenses on the lease liability in the income statement for 2021/22 amounts to DKK 104  
thousand (2020/21: DKK 90 thousand).  
 
NOTES  
53  
MATURITY  
Between Between Between  
Up to  
12  
months  
1 and 2  
years  
2 and 3  
years  
3 and 4  
years  
Total  
DKK’000  
242  
808  
219  
465  
27  
0
880  
2,052  
Lease liabilities 1 July 2021  
Lease liabilities 30 June 2022  
392  
779  
The amounts recognized impact the operating cash outflow by DKK 104 thousand (2020/21: DKK 90 thousand)  
as well as the cash outflow from financing activities by DKK 683 thousand (2020/21: DKK 1,340 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. There are no variable payments.  
2021/22  
2020/21  
16 DEFERRED TAX  
DKK ‘000  
Deferred tax asset at 1 July  
Change in deferred tax for the year  
Prior period adjustment  
-2,143  
-185  
0
-2,143  
-736  
0
Unrecognised deferred tax asset  
185  
736  
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:  
2021/22  
1,740  
-139  
2020/21  
1,702  
0
Intangible assets  
Tangible assets  
Equipment and lease  
Current assets  
Tax loss carry-forwards  
Non-recognised share of tax asset  
-6  
-83  
1,631  
-16,961  
11,592  
1,722  
-16,891  
11,407  
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 the company’s order backlog, which as of 30 June 2022 was DKK 30,6 million.  
The total value of tax losses carried forward amounts to DKK 77,096 thousand (2020/21: DKK 76,778  
thousand). Change in tax loss carry-forwards and current assets from 2020/21 to 2021/22 includes  
changes in dispositions when preparing the final tax return for 2020/21.  
 
NOTES  
54  
2021/22  
2020/21  
17 RECEIVABLES  
DKK’000  
Trade receivables*  
Write-downs to cover losses  
7,758  
0
4,630  
0
7,758  
900  
4,630  
906  
Other receivables  
8,658  
5,536  
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  
6,289  
1,399  
970  
3,015  
2,013  
508  
8,658  
5,536  
*) At the end of August 2022 98% of all trade receivables has  
been received.  
2021/22  
2020/21  
Carrying amount of receivables by currency:  
DKK  
EUR  
78  
8,580  
0
5,536  
8,658  
5,536  
2021/22  
2020/21  
CONTRACT WORK IN  
PROGRESS  
18  
DKK’000  
20,674  
-21,373  
Contract work in progress, selling price  
Invoiced contract work in  
progress  
22,819  
-21,096  
-699  
1,723  
recognised  
as follows:  
2,638  
3,337  
Contract work in progress (assets)  
Prepayments, customers (liability)  
2,737  
1,014  
-699  
1,723  
Contract work in progress at  
cost  
13,259  
13,564  
The remaining value of work in progress is DKK 29,028 thousand (30 June 2020 DKK 9,639 thousand). No  
material adjustments have been made to the contract balances neither in this financial year nor in the previous  
financial year.  
 
55  
NOTES  
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 1,259 of the  
Company’s own shares with a nominal value of DKK 62,950. The Company’s solvency ratio stood at  
24.9 at 30 June 2022 (30 June 2021: 38.1).  
Share capital  
2021/22  
2020/21  
Development in no. of shares (1,000)  
No. of shares, beginning of year  
Issue of new shares  
471  
2
458  
13  
No. of shares (1,000), end of year  
473  
471  
Share capital, DKK’000  
23,662  
23,568  
The share capital is divided into 473,241 shares with a nominal value of DKK 50 each (2020/2021: 471,349  
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 58,300 outstanding warrants.  
20 BOND LOANS  
In December 2020 the Company raised a convertible bond loan of DKK 4,2 million. The bond loans mature 31  
December 2023 with an interest of 12% pro anno. 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 at 31 December 2023, the loan is repaid at rate of 100.  
Furthermore, see note 27 for transactions with related parties.  
 
NOTES  
56  
21 OTHER PAYABLES  
DKK’000  
2021/22  
2020/21  
Staff costs  
2,010  
114  
3,016  
2,642  
Other payables  
2,124  
5,658  
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 2021/22 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)  
7,758  
685  
2
0
EUR (cash)  
7,760  
685  
Interest rate risk  
The Company had net payables to credit institutions of DKK 8,261 thousand at 30 June 2022. The debt  
carries a floating interest rate based on the money market rate. Interest rates paid on payables to credit  
institutions in 2021/22 was 7.0%. In the period 1 July until 30 June the Company had net payables to bond  
holders of DKK 4,200 thousand with a fixed interest rate of 12%.  
Based on recognised financial assets and liabilities at 30 June 2022, without considering repayments,  
loans raised and the like in 2021/22, 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  
57  
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 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 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  
2021/22  
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  
2
7,758  
975  
2
7,758  
975  
2
7,758  
975  
0
210  
210  
210  
210  
8,735  
8,945  
8,945  
0
0
0
0
0
0
0
Credit institutions, floating rate  
VAT loan  
Bond loan  
Leasing  
Trade payables  
-8,261  
-2,169  
0
-8,261  
-2,169  
-4,200  
-8,261  
-2,169  
-4,200  
0
-4,200  
-1,329  
0
-723  
-2,289  
-2,124  
-2,052  
-2,289  
-2,124  
-2,052  
-2,289  
-2,124  
0
Other payables  
Financial liabilities measured  
at amortised cost  
-21,095  
-15,566  
-5,529  
0
-21,095  
 
Due  
58  
NOTES  
2020/21  
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  
256  
4,630  
906  
256  
4,630  
906  
75  
5,867  
256  
4,630  
906  
75  
5,867  
0
75  
75  
5,792  
0
-4,200  
-487  
0
0
0
0
0
0
Credit institutions, floating rate  
Bond loan  
Leasing  
Trade payables  
Other payables  
-3,181  
0
-393  
-623  
-5,658  
-3,181  
-4,200  
-880  
-623  
-5,658  
-3,181  
-4,200  
-880  
-623  
-5,658  
0
Financial liabilities measured  
at amortised cost  
-9,855  
-4,687  
-14,542  
-14,542  
0
Cash resources and financing facilities  
On 16 December 2020, the Company obtained new financing of DKK 4,200 thousand through bond loans  
with 6 lenders.  
The Company has access to bank financing facilities of DKK 7,182 thousand (30 June 2021: DKK 7,346  
thousand).  
The facilities are subject to financial covenants and no breaches were encountered during the year.  
Proceeds Repayment  
from s of non-cash  
2021 borrowings borrowings  
Other  
2021/22  
Loans 1 July  
Loans 30  
items June 2022  
DKK’000  
6,357  
2,970  
0
0
-801  
Credit institutions, floating rate  
VAT loan  
Bond loan  
Credit institutions, EKF floating rate  
Total loans  
1,559  
0
4,200  
1,662  
7,421  
0
0
0
0
0
7,916  
2,169  
4,200  
345  
0
0
-1,317  
-2,118  
9,327  
14,630  
 
NOTES  
59  
Other  
non-  
cash  
Proceeds  
from Repayments  
2020 borrowings of borrowings  
2020/21  
Loans 1 July  
Loans 30  
items June 2021  
DKK’000  
0
4,200  
1,662  
5,862  
-906  
-4,165  
0
Credit institutions, floating rate  
Bond loan  
Credit institutions, EKF floating rate  
Total loans  
2,425  
4,165  
0
0
0
0
0
1,519  
4,200  
1,662  
7,381  
-5,071  
6,590  
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 9,25 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 24,8 million at 30 June 2022.  
 
NOTES  
60  
25 NON-CASH TRANSACTIONS  
2021/22  
2020/21  
DKK’000  
Financial items  
-7  
-7  
0
0
26 WORKING CAPITAL CHANGES  
2021/22  
2020/21  
DKK’000  
Inventories  
-1,878  
-3,128  
99  
51  
-2,381  
822  
Trade receivables  
Contract work in progress  
Tax receivables  
-211  
236  
Other receivables  
Prepaid expenses  
Prepayments from customers  
Trade payables  
6
-857  
286  
-1,772  
-22  
1,455  
-215  
2,323  
1,666  
-3,534  
Other payables  
-4,872  
-2,182  
 
NOTES  
61  
27 RELATED PARTY TRANSACTIONS  
The Company has during the financial year 2020/21 entered into a loan agreement with the Chairman  
of the Board of Directors Michael Hove. Michael Hove is part of the bond loan consortium consisting of  
6 companies offering a convertible bond loan of DKK 4,2 million with maturity 31 December 2023. The  
loan agreement with Michael Hove constitutes an amount of DKK 1 million and carries an interest of  
12% p.a.  
The Company’s related parties also 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 previous 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 other than the events described in the Management’s review.  
 
EXECUTIVE MANAGEMENT  
62  
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.  
Sigurd has extensive experience and 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 extensive and proven track record within  
the Space industry from the past 12 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 2022: 0 shares.  
Number of warrants at 30 June 2022: 3,811.  
Shareholding at 30 June 2022: 252 shares.  
Number of warrants at 30 June 2022: 6,488.  
 
BOARD OF DIRECTORS  
63  
MICHAEL HOVE (BORN 1971)  
JAKOB HAVE (BORN 1981)  
Elected to the Board of Directors in October 2017.  
Took over the chairmanship in January 2018.  
Elected to the Board of Directors in 2020.  
Previously member of the Board of Directors 2018  
to 2019.  
Position: Founder and owner of MH Investment  
ApS.  
Position: CEO - Nordic Compound Invest A/S  
Educational background: Cand. Merc.Aud  
Educational background from Copenhagen  
Business School as economist.  
Jakob has extensive experience and proven track  
record from many years as CFO.  
Main directorships:  
CEO Scandinavian Investment Group A/S  
Chairman of the board of directors of  
Antique 89 A/S  
Main directorships:  
CEO: Nordic Compound Invest A/S  
CEO: Nordic Compound A/S  
CEO: Nordic Compound Management A/S  
Board Member: Scandinavian Investment  
Group A/S  
Managing partner  
Investment ApS  
&
owner MH  
Managing partner SalesPartners A/S  
Independent of Rovsing and the executive  
management: Yes  
Independent of Rovsing and the executive  
management: Yes  
Independent of major shareholders as of today:  
Yes  
Independent of major shareholders as of today:  
Yes  
Shareholding at 30 June 2022: 11,566 shares.  
Number of warrants at 30 June 2022: 22,702.  
Shareholding at 30 June 2022: 0 shares.  
Number of warrants at 30 June 2022: 1,000.  
 
ULRICH BECK (BORN 1964)  
64  
Elected to the Board of Directors in October 2017.  
Until mid-2022: Airbus Vice President Finance,  
Director Finance and Commercial of a joint venture  
in Airbus Defense and Space.  
As a financial and industrial expert, Ulrich has had  
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  
Information  
Officer.  
Various  
Financial  
Management positions at operations, engineering  
program and corporate level. M&A, Transaction  
Management and Industrial Strategy projects.  
Main directorships:  
Member of the board of directors of Access  
e.V. and Access Technology GmbH, Institute  
for Material Sciences and Technology  
(associated with the RWTH Technical  
University of Aachen)  
Member 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  
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 2022: 2,482 shares.  
Number of warrants at 30 June 2022: 7,775.  
 
GLOSSARY  
65  
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  
ISVV (Independent Software Verification  
& Validation)  
Kick-Off  
MASC  
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  
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 Suitcases  
Power SCOE  
Special Checkout Equipment for testing satellite power  
systems  
SAS  
SLP  
Solar Array Simulator  
Second Level Protection  
 
66  
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