Interim Report Q3 2015/16

The Board of Directors of SSBV-Rovsing A/S (Rovsing) today approved the Interim Report for Q3 (1 January 2016 - 31 March 2016) of the financial year 2015/16. The Interim Report is not audited.

In Q3 2015/16, the revenue was DKK 6.4 mio. (Q3 2014/15: DKK 5.6 mio.) and the EBITDA was DKK 0.6 mio. (Q3 2014/15: DKK minus 0.4 mio.).

The revenue year to date (1 July 2015 - 31 March 2016) was DKK 18.6 mio. (YTD 2014/15: DKK 14.3 mio.) and EBITDA year to date was DKK minus 1.1 mio. (YTD 2014/15: DKK minus 1.3 mio.).

The Revenue and EBITDA YTD are, as described in the Interim Report for H1 2015/16, impacted negatively by recovery costs induced by the bankruptcy of the major DSTE technology partner SSBV Space & Ground BV (the Netherlands) and change of the CEO.

Market development

In January 2016, Rovsing signed the development and delivery agreement with our US partner RT Logic to provide Boeing Aerospace, Los Angeles (USA) with a set of electric power test and simulation systems. (See announcement no. 225). While Rovsing provides the major part of the system engineering and equipment, RT Logic will add own products, local installation, training, and maintenance services.

Rovsing's share in the contract has a value of 1.58 M$ (1.37 M€) and contains a significant number of Solar Array Simulator (SAS) and Second Level Protection (SLP) products.

The contract holds the option to procure some 15 more systems over the next 2 financial years to deliver functional testing systems for Boeing's commercial telecom satellite's final assembly line and the offered options could yield a turnover of up to 8 M$ (6.94 M€). The contract is considered to be a breakthrough in Rovsing's endeavor to open the U.S. market for the company's products. The activities on the US market will complement the existing business in Europe and pave Rovsing's way into the largest satellite market in the world.

Products - development and maintenance

As described in the Interim Report for H1 2015/16, the development of the Solar Array Simulator (SAS) is to be finalized and testing documentation to be approved by ESA in spring 2016. The actual status is that the last of three qualification phases is agreed with ESA to be finished in June 2016 with documented proof that all findings of the previous functional tests have been implemented as agreed.  

Integration and testing of several Power SCOE systems is well underway for planned deliveries in Q4 2015/16. No major Power SCOE contracts are expected in Q4 2015/16.

The company has finalized an agreement with a new Dutch partner, Celestia STS, having taken over the business and know-how of SSBV Space & Ground, regarding the continuation of ongoing and future DSTE projects. The agreement will mean a major ramp-up of manufacturing activities of DSTE systems in Q4 2015/16

Also the kickoff of a significant SAS upgrade activity under contract with ESA is expected in Q4 2015/16.

Outlook for 2015/16

For the financial year 2015/16, the Company maintains the previously announced expectations to the turnover in the range of DKK 24-28 mio. and an EBITDA in the range of DKK 0 to minus 3 mio.

Further information

SSBV-Rovsing A/S, Christian Bank, CEO: Phone +45 44 200 802 or Dan Bång, CFO: Phone +45 20 305 320

Vedhæftede filer:

Announcement232_Permed_3Q1516_ENG_Final.pdf